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Economist: Wall Street Protestors ‘Incoherent’

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    Economist Thomas Sowell sounds off on the Wall Street protests.

  • Duration 6:04
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Special I'm now joined by -- true legend that brilliant economist Robert Thomas -- First on Fox Business interview his new book is called the Thomas -- reader in which the author clearly lays out his views on a lot of controversial issues.

Some of which we will talk about now professors also good to see again thank you for coming in.

Thank you we've been great pleasure great pleasure to have you -- -- I took I'm going to start with a quote of yours from the Thomas -- reader which is a -- I have to say it's a wonderful.

Collection not only of your columns but of longer essays -- such.

But this sort of reminded me of what's happening with these Wall Street protests and this is what -- said from the Thomas -- -- This is the age of complaining classes whether they are lawyers community activist radical feminist race hustlers are other squeaking wheels looking for oil.

No society ever thrived because it had a large and growing class of parasites.

Living off of those who produce is what we're hearing -- these Wall Street -- says protesters.

From this complaining class.

-- absolutely.

I cannot imagine when I was there -- that I would have enough money that I can afford to hang around and -- we thought.

About -- -- not doing any work about bring -- ago.

Well -- the incredible thing is there there are a lot of them are there to complain about capitalism and you see them on cellphones not to mention an iPhone.

A party you know -- that will -- you're -- The.

But the thing that gets strikes me about them wherever they -- -- interviewed via incoherent.

There there they have able tossed out of view scraps the rhetoric of a feel of a -- -- But that they can't tell you exactly what they want they can't tell you what what they're really complaining about over the that the world is not built within this specification.

Other than that they do have this sort of class warfare thing going -- and to a large extent who we are in the midst of something.

That was -- -- at least encouraged if not created by the current administration let me just play.

A collection of sound bites from the president that that kind of lead to that same mentality that we see a lot of these protests.

Please should pay higher rates.

Than millionaires -- -- millionaires and billionaires to pay their fair share.

Pay a little more and ask the wealthiest Americans biggest corporations to pay their fair share.

And by the -- I don't mind being called -- warrior for the working class.

-- -- -- -- -- -- -- don't want professor I mean you know.

Who have been sort of a class warfare -- another so many points that were were spoken out by the president there that He.

He puts out as though they were absolutes and I'm sure you take issue with -- Lugar for the first well of the -- those and the -- jobs still waiting for someone tell me.

What is the issue is that when He -- what it was that these difference any number.

Or even the give me some principle by which you might determine.

And really it reminds me of the old question asked the federal -- with the legendary labor leader.

Is that what is organized labor won these 71 word more.

And they think this year they've been more that's all they've been and what is the fair share of taxing the rich if we if we find out that in fact in New York State.

Up 40% of all the tax revenue comes from the top 1% how much more than 40% that they want to squeeze out of -- top 1%.

The other there were -- what makes it's also so.

False is that when you as you raise the taxes will be on some point.

People left high -- -- simply from the income somewhere else -- they go somewhere else.

And so you give -- -- the other the tax rate as high as you want.

Other -- millionaires and billionaires to have that when He shipments to China larger but He -- we over.

You know electronically audience out of a minute now so that I could actually end up paying at the people who gonna end up paying it.

Is the guy who owns the local barbershop dialed the odd way to store restaurant He can't move -- Who pay the highest.

Prices of all of people who are looking for jobs because the jobs will now be always pleased with that money and they can't just hop a plane -- go with these big jobs.

It's always the guy in the middle let's get squeeze the most business.

Absolutely.

So how -- the question comes if it's so obvious as what you're stating and what we've seen and in the evidence from the stats.

Where these people get these ideas word that that had been were all worse off because of capitals and then there's there's a little hint of that in your book.

That I picked out as well you say no small part of our social problems today.

Come from miss educated degree holders.

Who have nothing to contribute to the health of society but who are full of demands and indignation.

And resentment of those who are producing is that where these ideas come from.

Yes yes and I think the education as is pathetic when I when I see these people on whom.

I guess probably a 100000 -- -- -- have been expended their education cutting the public schools.

I wonder what what kind of return there when when when they are unable to put together a few coherent sentences to say what it is of a -- like specifically and what it is that they think ought to be done and why.

By the way your low balling the cost my daughters -- BC it's now about 60000 dollars a year or so all told is going to be a lot more than that -- if Heidi that's just the beginning.

But -- what that did the legitimate.

Issues that some of these people are talking about down at these Wall Street protests one of them would be Wall Street bailouts are not in favor of -- are you.

No I'm not not in favor of bailouts.

But.

I'm not in favor of bailouts in general because what they mean is this some people who live within their means that then forced.

To subsidize people who did live would've have been and that's true dollars -- what level between it and -- given country.

It's true people in Germany now be at the fact replies because the Greek government had all kinds of -- reckless spending and now the build the -- do.

We have a.

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