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Former BB&T Chairman and CEO John Allison provides insight on the latest civil unrest from Athens to Oakland.
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-- from Oakland to con to Athens we stand at the edge of one world government.
Even the downfall of democracy itself.
By Robin -- have -- right to vote on their own future in that land cradle to grave entitlements.
And dependence on the government.
The elitist socialist bureaucrats gathering and -- France trample on the cradle of democracy itself.
Who knows what will happen next.
But it can't be very good shipped far west.
Oakland California.
Where the nation's fifth busiest shipping terminal is now back open for business after a tumultuous evening.
The Occupy Wall Street -- but one wild and Oakland last night.
Shutting down the pork.
They analyzing banks and running roughshod through whole -- of all places.
There were no arrests in Oakland.
Because the city's democratic mayor seems totally overwhelmed by the crisis and she'd probably agrees with these protesters the protesters -- they have the upper hand.
Since the mayor is sitting on our hands after initially ordering police to clear them out.
We wonder if this shift in tone from Wall Street -- from Occupy Wall Street was somehow enabled by the class warfare rhetoric from the president.
And his democratic allies -- wonder if this is just the beginning year where Americans who have every right to protest the government feeding the big bags cross the line.
When they occupy and destroy private property.
And the politics of the moment.
Are very divisive.
A scary time indeed America here to comment on this developing story and the harm the government causes when -- -- interferes with capitalism.
This former BP and BB and C chair and CEO John -- said John it's a pleasure welcome back to freedom watch.
Thank -- -- and be with you we we just watched terrible street scenes which -- I didn't tell you was Oakland California you might think was Athens Greece.
-- even Cairo Egypt.
Burning smashing looting and destroying.
Is that what protest has come to -- and before you answer.
I think you and I agree we defended the death the right of protesters to say what they want to assemble peaceably and to demand redress from the government.
But do we defend their right to occupy -- destroy private property.
Absolutely not.
I don't think it's surprising that the protesters have become wow they really don't know what their protests there really.
Just -- units.
Our current society.
You know in fundamental ways are against.
Individual rights and free markets and and -- and economic freedom.
And if it really understood what they were protests he may be in Washington DC not Oakland Wall Street.
Because -- capitalism is only possible.
When the government -- out five.
That's not -- -- and some does the government gazette -- -- sometimes the government.
Even forces favors upon banks and and other financial institutions that don't even want them you yourself.
Experienced that as the chair of I think the nineteenth largest bank in the country.
That's that's.
Good day that it won't control business unfortunately we've moved a lot -- -- state -- And and the government doesn't -- be responsible for -- business in the traditional socialist cents.
But this much more like.
A national socialism where they.
Control with a background and if they give you money read you wanted -- not mean that you that is an excuse to control your activities you know I don't control we cannot.
I wish that the protesters could hear you I can't envision you down there.
And lower Manhattan but I wish that they can hear you.
Because they are complaints should be directed at the governments that did this as well as -- the banks that received it.
Absolutely objectives if we had separation.
Business.
And study by we have of church and state this wouldn't be possible.
If the government couldn't go out -- neighbors then businesses wouldn't being get those that are not only within the businesses -- -- -- crony capitalism is one of the worst.
Enemies of free market penetration of -- but on the other hand is that the -- -- wouldn't be asking for what's called -- and economic term that the government.
Didn't give -- money.
Wanna ask everybody has I wanna changes -- -- -- -- for cutting off before we -- before we leave John.
To go to the next.
Guessed that the president is suggesting.
That the government somehow has the power.
To modify terms of mortgages.
That for people who can't pay back money they have barred from a bank to buy their house somehow the government will command.
And Alter the relationship between the borrower and the lender and the president claims that we'll save mortgages you have a different view of that don't you.
That is a massive redistribution.
Of wealth from home.
Banks and their shareholders.
And eventually their clients who have to type from that to -- words that are underwater it is not.
True that there's no cost to do in the -- These bonds that are backing these mortgages will be refinanced at lower interest rates and the people that own the bonds that could be a pension plan could it be some -- your.
People viewers pension plan they'll have less income -- it would have -- Headed -- had the government not changing rules that's just a redistribution of -- got it John -- it's a pleasure as always thanks for joining us.
Thank you.
