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Overstock.com CEO: Need to Create Human, Financial Capital

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    Overstock.com CEO Patrick Byrne breaks down how he would fix the economy.

  • Duration 5:23
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Thank you very -- theater.

The DNC kicking off this week we're Democrats we'll tell voters how they plan to get the economy moving again we've got one CEO says he has some ideas and how to get America back on track -- -- dot com chairman.

And CEO joining us now with his ways to fix the economy Patrick always good to see -- thanks for covenant.

David -- -- -- I hate as you know Elizabeth Warren is going to be speaking tonight she famously that the person started that you didn't build that.

Speech and then the president sort of mimic that talk in saying -- and bill that as well why.

What are you may -- are Republicans made.

Do too much of that talk in that philosophy coming from the Democratic Party.

Oh I don't think so I think philosophy rules the world and will Elizabeth Warren why -- actually admire in some ways I admire her stance.

That she's.

Taken on Wall Street and understands the problem of oligarchy in this country but as so often the case for the left.

The left is often correct about the problems just generally wrong about what to do about the problems.

Her philosophy dates from a Harvard professor named John Rawls who was a fabulous.

Fabulous philosopher who wrote a book in the early seventies called -- theory of justice the whole point of which is today.

Look we as a society cooperate we we generate the surplus and our task is to figure out what's the right way to carve up that surplus.

Yeah and that has led to this very that's that's led to the tradition that Elizabeth Warren -- now the president or speaking from well.

US and for -- argue.

-- I was gonna say it was an entrepreneur running a business of what is.

The philosophy that you have seized upon that has kept you going through both good times and bad and do we need to be somehow.

Infusing that into the thought of many more Americans.

Well they -- woods they've my philosophy is I'm like there's Dilbert cartoons -- the pointy hair.

Bosses in the corner and thinks he knows everything but he really does everything.

I at least know I don't know everything my goal as a CEO is to push the information to my colleagues.

To the frontier and knowledge -- the economists would call -- the people who are on the front lines.

Should have the decisions in the metrics to make the best to -- that the information.

And metrics to make the best decisions they can.

I don't try to run things from the corner office and as a general philosophy.

That carries into how we should -- -- economic life.

We should not be trying to run things from Washington DC and turn the whole country into -- applicants to Washington DC.

But of course the political class.

That is in their interest for them to do that and hence this big -- -- over the last eighty years this shift.

In power away from individuals and free exchange of individuals.

And towards Washington DC being -- -- -- allow what they see as at with DC as the these surplus that they get to distribute among Americans -- really crazy.

Philosophy -- Patrick -- started not only Overstock.Com.

But I guy count at least three companies says sort of break out companies one owned by Berkshire Hathaway that you work.

Chair and CEO of so you you know -- the game you know how capital builds in capital develops.

How do we release capital in this country wet -- it's metaphysical capital real cash.

Well the -- good for you David the two most important things are.

Building human capital and financial capital and financial capitalist Wall Street.

And I've been on a dozen or times or more to talk run out of -- Wall Street but the real thing to fix our long term future -- human capital which means our school system.

And the thing that fixes that is is reorganizing its -- it's not a top down Soviet agricultural model.

But giving consumers in this case parents and students giving them choice.

And the way you give them choice is by giving them vouchers school to school choice is I think the -- and fixing Wall Street of the two most important things we have to do to get this country moving again.

Patrick -- you to -- as he watched both the Republican.

Convention and the Democratic Convention do you feel that one side or another has it right.

Well certainly the Republicans are correct on school choice the Democrats.

It's a strange issue is our friend Milton Friedman used to say the Democrats hold themselves out as the champions of the poor the underprivileged.

But on the single issue that would matter the most are on the wrong side and that is the issue of school choice so on that reason alone I am -- -- fault the democratic platform.

And the fact that the Republicans have embraced bold choice really for the first time in their platform.

Very candidly visibly Mitt Romney's.

-- -- I have some other questions about -- there the Republican candidate but the the fact that the Republicans are -- school choice.

Makes me -- inclined to -- towards them on the other hand I should mention that on the democratic side.

African Americans and Latinos support school choice by ratio of about 70%.

When he's weird issue that splits the the mainstream Democrats for minorities.

Another thing Milton used to spout cat while yeah it's this civil rights say it's the civil rights issue of the 21 century is school choice education.

-- -- Thank you fairly -- -- or he did get a doctorate in philosophy from Stamford so this guy goes philosophy is well yeah one of the few against it succeeds just.

Thank you very --

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