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Wall Street and NBA: Same Problems?

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  • Description

    How are financial disagreements are affecting both?

  • Duration 4:08
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This transcript is automatically generated

I didn't -- that declared myself immortal.

We are immortal he's got like night -- thing about like nine couriers in your on your umpteenth right now and I could arguably could use -- launch from our.

He's given -- advice different businesses now and now as writers strike never find lots website.

But you're still out there in the business world yes of that before we get your comment is -- right now we'll talk about the NBA because you actually really eloquently.

-- -- -- showed that the compares -- the NBA and our current government -- market is uncanny.

It might.

Yes it -- that the comparison of what these protesters are really wanted to go after they're going after the millionaires and billionaires are fighting over a lot of money and making a lot of small people unemployed.

That's what's going on in the NBA right now.

You've got owners and players from us -- -- four billion dollars.

In the people who lose out on this are your parking attendants you and your vendors at the arena the sports bars around -- These guys -- Vietnam slowly killed while these millionaires and billionaires are fighting over a lot of money and I don't think most people understand how you can't -- -- how to split four billion dollars an and -- question I guess is does anybody care I don't think anybody does you know the -- baseball went on strike in -- into was America's past time we lost that -- status to football.

And if He hadn't had the steroid era and He hadn't had a great home run race between Sammy Sosa and Mark Maguire.

People would have come back to ballparks you know -- the theory is that fans are always gonna come back that that's not necessarily so you've got college football right now -- extremely -- to get in FL which is the hottest sporting -- -- for.

There's no guarantee that they're gonna come back and watch these guys and we -- -- populist rage start setting yen and that they're realizing how -- just split four million dollars.

Most people don't understand this.

Do you that think that some of it has to do with the fact -- -- mini.

-- I I want to stick I don't put them -- about that but.

Some of them are pretty damn arrogant pretty not just out there as opposed to being the role models that we like to see in at least I think -- -- even baseball football this is -- Extremely simple to your seasons ago than the owners lost 350 million dollars last season I lost 300 million.

Now you have a four billion pot so whatever percentage is worth about forty million -- so owners need to take about eight to 9% more of this the take.

They had a 5050 agreement the players walked out and decided they wanted more came back and said no world renews normal we just said.

So the players are looking at it saying we're getting and giving up eight to 9% to the owners of that it's a monitoring a new what are the -- Lose -- the owners game.

The owners are saying we actually make more money by not having a season.

-- we have about losing money under this current collective bargaining agreement ridiculous it's ridiculous now there are few other topics with this there's a hard cap and the punitive tax ago right.

For -- the last four NBA champions have all exceeded that punitive a hard cap.

And -- get towards the tax -- news about a dollar 75 per who dollar over that tax.

-- -- Companies can afford that the rich teams can afford -- the point can't speculate -- that's right and the Dallas Mavericks last year the Miami Heat LA lakers people in the big markets can afford that.

The owners obviously want a hard cap the players obviously want -- soft cap.

That's to me is very minor compared of the of this is basically trying to figure out is what this revenue and that's the whole portion and that.

Commissioner stern I think -- done an excellent job.

Both with the NBA and with the negotiation He just -- a complete standstill right now has simply don't to deal by -- there won't cancel the Christmas game so they're looking at losing.

A total revenue but also looking at you know it's not it's not the argument -- -- -- fall He can't afford to go on strike at.

And they're gonna start losing the public -- again.

Do you and and the worst part about it to me is huge here in these stories about guys that Dwyane Wade in.

And I think it was Kobe -- as well talk about going overseas to play in Turkey where the hell they were talking about playing right so -- can make money.

Yeah doesn't not going to let -- He -- hearts can at least for the.

Guys anymore it's a very rare time where you have -- within -- show went on strike because of their go to Europe the market what magic piggy -- go to Italy right now make about 600000 dollars per game after taxes.

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