Also in this playlist...
This transcript is automatically generated
-- time on Michael Smith's first business executives are corrupt and greedy.
And here's a clip from the movie Syriana -- an oil tycoon celebrates.
Keep the sacred -- Corruption is what you want airplanes and landing here and -- -- -- -- was actually out in the street.
Is why we we.
It used to be a writer about movies -- all you're familiar with this is -- the new villain.
Is a businessman ballots have been a villain for thirty years I mean what's interesting as people forget that in the old days in Hollywood occasionally.
-- have businesspeople were very positive George Bailey.
The Jimmy Stewart character is a banker in and a wonderful life yet but -- -- this movie I mean that writing corruption is why we win.
What's fascinating to me John is I'm sure you learned in school we all studied a book called the theory of -- leisure class.
Which was 1904.
And indicted the leisure class and these people who were out there exploiting other people.
And and really had nothing to do except sit on their yachts and go -- -- -- their vacations.
There's no leisure class in America today I mean people who who are running corporations worked incredibly hard.
And and one of the things that's happened in this country and it's counter intuitive is that if you ask about leisure time.
The higher up on the income scale you go the less leisure time you have.
It's not as if people are lazy and and corrupt you -- to make money money you make money in this country -- working hard.
That's going to your missed number two when the rich get richer the poor get poor.
And perhaps the ultimate expression of this idea is in that movie Wall Street Michael Douglas playing Gordon -- and confronted by Charlie Sheen about why so much money.
How much is enough is not a question enough out.
-- a zero sum game somebody wins somebody lose.
Money is so -- lost -- made it's that -- transferred.
From one perception.
And this is a common myth and I see -- politicians and lawyers believe that the zero sum game if one person wins somebody else loses.
If that's true in their world if one wins somebody else loses but it's not.
True in business and now it's not it's only true in survivor.
You know we can get voted off the Iowa.
But it's not even true in sports by the way I mean the fact that the Yankees do well.
Helps all of baseball it helps the lesser teams about especially for lesser teams are playing -- Yankee Stadium but.
But the point about all of this is that if you believe that when the rich get richer the poor get poor.
Then you believe that creating wealth causes poverty.
And your immediate.
There's I mean it's it's it's that simple.
They affect people safe Bill Gates has fifty billion dollars we much have -- we must have -- yeah I hope I live in Seattle Bill Gates has created hundreds of thousands of jobs.
How do you create jobs other than somebody building a business and making money what are the things that I hate as they go after in the book is this term obscene profits.
There are no.
I'm seeing profit were -- -- good there are obscene losses in fact all losses are obscene and that's the one thing the business shouldn't do it doesn't help anybody.
It if you believe that when rich get richer the poor get poor.
This current economic downturn should illustrate that actually win the rich get.
Poorer it's not as if the poor get richer everybody -- -- we're in this together like it or not.
-- government is more fair and reliable than this.
Egg again this goes to the whole comparison of some treats people more fair and reliably.
That this is the suspicion of the profit motive.
The idea that if somebody is selflessly.
Serving me they're going to treat me better than somebody wants to make a -- that's intuitive.
But yeah but it's that if you think about it in your own life if somebody.
And if there's a mutual reward if somebody is benefiting from his interaction with -- -- her interaction with -- It's a far more reliable kind of interaction and someone comes at all -- I'm I'm in this only for you I'm totally selfless.
President Reagan used to say the ten scariest words in the English language are.
I'm from the government and I'm here to help you.
President Obama gave a speech at Arizona State University.
He spoke to business school graduates and these are people prepared for businesses some -- you'll follow conventional path to the corner office.
And some of you will follow a higher calling into the nonprofit sector.
We're eating -- all we have is not making a profit.
Some kind of higher calling than actually trying to build a business and create jobs.
This number for the current downturn means the death of capitalist.
It must be true road Newsweek ran this cover story saying we're all socialists now.
And this is a popular idea.
It well it is except not so popular anymore -- that capitalism has come roaring back now that one of the most under covered stories of our time.
Most of the banks.
But who took money in the TARP.
-- arrests have paid -- back and then you with interest.
That the truth feels a sense was is alive and government had to come -- rescue the evil.
Capitalist right and and that and then people have very very conflicted feelings about that obviously.
But that the truth is that they -- what you will find today is no one despite that Newsweek cover story.
Is embracing the term socialist everybody's running away from it and that's but he embraces it.
Not not so much I mean in fact John the action and I at point this out -- book he works for Newsweek he wrote that cover story world socialists now.
And then six months later he attacked conservatives for suggesting.
That there were socialists and the Obama administration.
As -- -- -- socialists and then I had horrible that conservatives say this socialist elements in the Obama.
And I'm bugged by the idea that the system collapsed because.
What collapse we had a correction a bubble.
Popped and if I asked people let me ask you.
How many do you remember what was the Dow Jones average in the year 1982.
Anybody remember here.
-- 8000 somebody guesses.
The truth was you know and without 2000 wasn't 780.
Sell -- from 88 to ten now it's gone from 800.
Had it happen without the bubble popping we'd say this is one of the greatest boom periods -- Or let's say this is this is one of the big lies is the the idea that because of capitalism were all suffering.
The improvement in the American standard of living and I have a lot of this information in my book we -- -- houses that are twice as large.
Poor people in America today people were officially in poverty.
Have a higher standard of living in terms of medical standards in terms of chances of going to college in terms of the way people live.
The middle class people did thirty years ago.
And it and it's an extraordinary achievement of technology.
And and profit -- and -- lets you bet thank you Michael Medved.
Filter by section