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Walter Williams explains why the class warfare rhetoric of Obama doesn’t do anything to further the cause of minorities and why instead they should ...
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-- President Obama pursue -- scorched earth campaign.
-- ramp up his divisive rhetoric and stir up jealousy.
Class warfare and even racial hatred.
All in an effort to get reelected.
My next guest says the president is already race -- And that if he truly one of minorities to succeed.
He'd embrace the concept that makes liberals angry and conservatives feel guilty it's called the power of greed.
Who just.
But award winning economics professor Walter Williams he's here from George Mason University professor Williams always a pleasure welcome back to freedom watch.
Hello -- judge how would the simple concept of greed.
Personal greed.
Help minorities in this country -- been discriminated against because of the color of their skin.
What what -- -- so when I -- -- I don't mean fraud misrepresentation.
And government favors I mean people trying to get as much as they can for themselves.
That is entrepreneurs.
Trying to make as much profits that they can -- for themselves.
Now when you when you're not pursuit of -- profits it penalizes.
Doing stupid things and making decisions based on race is not -- very Smart.
And indeed the kind of the people who want.
To promote racial discrimination and -- market.
They use government they -- government lulls to promote racial discrimination or to lower the cost racial discrimination that talk about my book -- and economics.
Laws such as the minimum wage -- the Davis Bacon Act.
And matter of fact if you look at.
At a country like South Africa doing the apartheid region angry that -- -- white racist unions whether major supporters of minimum wage laws.
-- products.
Tell me -- get give us an example professor Williams of have a minimum wage law.
Induces discrimination against blacks what what jobs might blacks have had had there been no minimum wage law.
Well if if you look back towards back in the 1920s.
And up -- 1930s.
Blacks -- Happily engage in construction.
And when there came the Davis Bacon Act which is a super minimum wage -- during the 1930s.
Blacks were virtually removed from construction single I think what the minimum wage law does it's that is to employers not.
No matter you must pay a certain -- no matter whom you'll -- and so employers who have a tasteful discrimination.
It lowers the cost they say look -- I must pay ten dollars and -- no matter whom are higher our -- the -- the kind of be part -- and so the minimum wage law.
Lowers the cost of racial discrimination.
When I was an undergraduate and college and -- freshman year course and economics.
-- -- a great collection of essays by and ran called the virtue of selfishness -- made the mistake and bring in the book home on Thanksgiving break and I left and I'm my nightstand my mother saw the book.
My good Catholic mother I thought she was gonna have a heart attack what are they making your read in school but of course she was talking about economic selfishness.
Which you're arguing as well is a virtue in the free market -- right.
That is right and in -- in a free market.
-- -- to -- get more you have -- somehow please your fellow man you have to satisfy your fellow man.
And those who make a lot of money in a free markets as some are talking -- crony capitalism.
It's evidence that they've done very well and -- their fellow man.
Professor Williams as only you can say thank you for being here it's always a pleasure.
The president waves his magic wand and how.
