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France's finance minister has a message for European and American financial phone.
It's -- black -- says quote we want the system of guaranteed bonuses to stop but -- on broad.
Has a message for her stay out of our business aren't as president and executive -- -- I -- institute.
And he joins us now sell yeah -- be reasonable they're the ones that came up with a word bureaucrat right.
What's -- gonna say yeah.
Oppressing us -- -- over the would -- if they capitalism I would threw it back to those states.
But look if we do not want Europe's economy Europe's economy is an economy that's been running double digit unemployment rate.
For well over a decade we don't want France the United States.
I think we still want.
The free enterprise we want capitalism in America and the -- would like to destroyed in this country and make us look like them as what this administration unfortunately.
-- can't let me let me back up and say that Christine Lagarde the finance minister.
Is a big capitalist and has been in the past you know she she comes and she speaks at the New York Stock Exchange they all rushed to hear what she has to say.
You know some people -- say she has a point guaranteed bonuses it sort of gets so Dicey when the government those steps in and decides.
Who should and shouldn't get the bonuses right.
He looked government shouldn't be intervening here bonuses and compensation.
By the -- shareholders responsibility it's -- damn money some my money.
And I -- -- shareholder if I'm Michelle that can go to there have been a shareholder meeting I can vote them out why can't sell my shares.
Government should stay out of this not true government now owns a big chunk of these banks.
It should find a way to get out of that and and it's time that we stop.
Vilifying bankers you know this is an age old 2000 you'll have a that we get into any kind of -- -- let's hang the bankers.
This crisis was caused by the federal -- and by housing policy coming out of congress not coming out of to boardrooms of the bankers bankers who did bad things they -- -- -- -- to fail they should have been gone out of business and -- we wouldn't be talking about their bonuses.
Right now you're -- you know the argument can be made that we are more socialists now than the French are when you think of everything that we have done.
Is there is there a benchmark.
For the free market in this world anymore are we on the road to serfdom that I -- talked about.
I definitely think wonder what -- -- them and it's sad because he used to be that the rest of the world would look for America and we would lead by example everybody wanted to be.
Like America they wanted to be capitalist and because we have put ourselves Don and because we.
Have -- blame this crisis and capitalism instead of too much government and too much regulation it too much -- was -- As a consequence.
The rest of the world again he is using our example and moving away from capitalism you even seen at a place like China where -- -- If the US is gonna regulate the financial markets this much.
Well maybe we should move in that direction as well there really is no beacon of hope for free market felt they -- well eventually -- run out of other people's money so if if if the socialists think they're gonna control eventually they're not gonna have the cash.
The plane around and so we're gonna win in the end -- -- don't worry question is do they take us all down with them in the process while they haven't so far.
You're on -- -- to see you my friend thanks very much.
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