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What I'm thinking of is that there's a difference between the Wall Street mentality.
That that aspect of capitalism and then small and midsize business it was a different -- about seven or does it say they don't know too much of the bank and right that the -- don't have that and the private equity -- -- -- the way the point which -- -- -- of the free market -- was that -- I think -- less enthusiastic about it but at the same -- we both agree.
That a lot of these corporations.
Should never been bailed out by the government average that was really the probably middle class America was forced to bail out the millionaires and billionaires.
That was when we got.
It started way back when -- and it was at Lockheed Chrysler they point back to those cases.
About long range capital in 1998 that should have been let go and brunch it was a disaster -- was ignored it was on the books.
People like Jim Chaney and those who lost report -- that they do ignored this.
The accounting also don't forget the accounting companies will remember Arthur Anderson used to need a lot to me.
When that went down within -- I was shocked right into the -- -- -- -- the way of accounting exchange.
It's the transparency is gone the -- part of it is because of their relationship with government though again the government comes into play here it's the big guys can who can afford the million dollar lawyers and lobbyists and -- They're the ones who get the special kind of -- all of regulate drugs chase and a little guy's ball that the new financial regulation -- an example of that with the big guys the Goldman -- -- -- fight.
But the small and midsized banks are not their fault.
I'm not sure about that -- utility.
That's news to me I think if if you run a bank -- and what they called Vanilla thank you gonna do okay I think the Canadian banks.
We're a good example we were able to shoot the royal bank -- and they were before most open.
Whereas the goldmans and the mortgage had no interest in that decision.
And it's interesting to see that the Canadian banks pull through this crisis and -- their books were ordered they ran the dating game show to talk to Derek yeah and and writing bad books.
Lehman Brothers location points of Fannie -- -- Detroit by the way.
The -- -- government but it's toxic because the government and business -- in this collusion and on the large level too big to fail.
They scare you you gotta say that I said let him go don't get scared by the I think by now would have new banks if all these old banks clean them out including Goldman what if there's been a whole new set of Mexicans if they didn't actually need for banks to come into the system.
By now two years -- we start to have people -- -- -- psychologically you're growing up so I would rather have a small bank become big.
And -- find its way in this new system -- to support these big banks on medication basically with dollars I think you've got a great point it's funny that a free market guy like me and the guy -- now I -- get this -- I believe in markets can can tell us what's in there and distribute well I do I do but my father said capitalism doesn't work on paper but it works in reality it was a rough mr.
And it was believed it but it's been on it needs to have moderation capitalism and moderation -- -- so it.
No profit without production I think -- there's a truth about production that's been -- here.
If you take money you make money would money but it doesn't mean anything that's what the banks were doing -- issues so.
I think we lost what America was about which is productivity.
Well and if you say I associated business we are talking about as you were growing up -- associated business we get rich mentality.
That may be well be true for the Wall Street folks are talking about but.
For that 70% of America that is small and medium sized business that's not the case they put all of their profits back into their company they don't suck them out the -- the private equity for.
It wouldn't and also those private equity firm sold -- to the American motivate.
Those guys should go to jail for what their son if you -- know that that was -- those sub primes.
As well as programs sometimes were terrible the countrywide scandal and selling that chunk of the American people salute to endowments and salute.
To pension -- union pension funds teachers association.
I was wrong and then again countrywide -- the bailout from the government by Chris Dodd who was getting a little favor from countrywide is well on his mortgages so they got a bill that was a 300 dollar billion dollar bill.
Written just to take their toxic assets off the book.
You've appointment mean government when he gets into this money game it becomes very confusing -- -- and I don't agree with the bailout.
I think we have the government did get into the game went for it for the window ability Franklin Delano Roosevelt -- -- in the thirties and they put a set of regulations all of which were stripped.
That the commodities futures the modernization -- -- Robert Rubin this is responsible.
As anybody in the in the recent Treasury Secretary for Clinton so Summers by the -- has resigned and so is Alan Greenspan.
They let the country go and they believed in free market free market Diener and version does not work.
Infect your hero numbness in your -- and Alan Greenspan is a big devote to your Mandarin outside here.
He believes totally in premarket he told Brooke's report back in the -- late ninety's he said.
I don't believe you should prosecute fraud he says that -- in the great dialogue I don't -- I think the market will prosecute fraud and its -- I'll tell you one of my heroes was -- Freeman who served the biggest enemy of the free market is not the socialist.
It's the corporation that wants a free market for everybody except him -- -- agree with that that's -- correct -- Milton Friedman missed the -- with a lot of places because.
What he created he was -- apostle for a lot of for Ronald Reagan and I think.
There's a need for free market at the same time it has sent moderation in regulation -- Friedman was a big supporter of the -- dictatorship.
In the 1970s he went down there and he gave me great advice.
And it was working actually worked jointly work dictator you know I would probably their agreement there -- a lot of dictators that don't have free market policies and they don't work.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- By the way this whole thing about him being a socialist I got the figures from you may not agree with a -- 8% of the economy was nationalist 8% of the GDP that's not a lot.
At the end of the day you go to Venezuela you have bonds and that is what you can make under the guise -- -- 10% 12% in the -- up until about a year ago so.
That as well as very much -- working company's been in power.
They have pulled in about 700 billion dollars of revenue from oil.
And from taxable and the answer about where that money is going there's a lot of on his visit all caught on -- Is deals with all the governments and the rest of the governments -- Latin America -- -- there are -- Nicaragua Virgil I -- -- a lot.
He has these deals with Nicaragua where he gives 10 at half price of and that the gas that they pay in the street is twice what we pay for here and that's a Nicaraguan profits or Nicaragua and de Venezuela product is there a joint cooperation -- -- -- -- -- -- ridiculous controls price of gas in Nicaragua -- -- we're glad -- with waters it is.
-- -- -- it is one of the most corrupt non transparent places in Latin America -- well.
You're gonna get -- have a Venezuela before I ever did indeed owners say did you say it was is even more problem that's the whole -- it was terrible before I left Ireland -- they're trying to cut through the corruption by having only celebrity -- by sending a lot of the money from the development banks to his bank -- -- -- with myself.
On -- I already there.
He has discounted oil to elect a 160000.
American families is through cyclical it's a great PR effort it's working in Boston but it's a PR effort it's it's it's this much of -- money -- -- -- nobody talks about that what they do you're talking about.
Yeah I'm one of the few that we've we've talked about -- on -- well let's Haiti made promises and he's he's been a lot of pretty good that he does in terms of sending -- -- -- that's fine but he's a corrupt guy you're gonna get hurt if you think he's not OK I'll find out about -- right but finally -- on Wall Street what would you like folks the walk away with.
What is the is that sort of the moral as -- -- -- Trust between people human values the concept of what money can do to trust.
And I think kind of macro level it's our trust with things and that we trust -- -- -- about you -- Get 1% of that money in the bank may be one -- -- half maybe one of the court.
There's no relation to to -- -- -- word -- credit and trust by the way derived from the same Latin -- they -- insane things if you don't have -- -- bank which is a human values to -- -- micro level you see within -- all the six people in the -- they have to have trust with each other.
And that's the trust between a father daughter and a son in the moment and -- an appeal say it is that you feel that it.
A young couple the acting is superb W British either Shia LaBeouf is torn between telling the truth to his -- say.
And he doesn't at one point also doesn't he run false rumors on social -- -- about god but even short -- up doing the dirty stuff in the when he makes you do things you -- won't do you gonna do something on the bailout.
No I think that's a documentary it's great story that you do documentaries because it would.
Quantity and on -- open to a -- working and we can do it together and doing free market perspective in the country where I'm doing a twelve hour.
Untold history in that -- -- is committed showtime next year which I'm sure he'll look I'll be watching.
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