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Speaker 1: Welcome to How to Money. I'm Joel, and today I'm

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Speaker 1: talking capitalism for all, making the system work for everyone

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Speaker 1: with John Hope Bryant. Okay, so you might expect someone

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Speaker 1: who experienced homelessness as a kid to grow up angry

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Speaker 1: at the financial system. Well, instead, John Hobebriant, he set

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Speaker 1: out to understand it and to help more people succeed

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Speaker 1: within it. So he believes in financial literacy. He believes

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Speaker 1: that it's not just helpful, it's actually foundational to economic

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Speaker 1: opportunity and even to human dignity. John Hobrien, He's the founder,

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Speaker 1: He's the chairman and CEO of Operation Hope, which is

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Speaker 1: one of the nation's leading organizations focused on financial literacy,

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Speaker 1: credit access, and economic empowerment. So today we're talking about credit,

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Speaker 1: We're talking about economic mobility, entrepreneurship, what it really takes

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Speaker 1: to build a financial system that works for everyone. John

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Speaker 1: Hope Bryant, Welcome to How to Money. Thanks for joining me, Joe.

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Speaker 2: Nice to be with you, honor to be with you.

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Speaker 2: Heard good things about you. And this is a very

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Speaker 2: important conversation on the two hundred and fifty anniversary of

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Speaker 2: our nation. No one more important time to have a

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Speaker 2: conversation about who we want to be when we grow

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Speaker 2: up than now.

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Speaker 3: Yeah.

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Speaker 1: Yeah, still a young nation in so many ways, and

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Speaker 1: we have a lot of young listeners here, John, who

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Speaker 1: I think can benefit from your wisdom and your experience.

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Speaker 1: First question I got to ask you, because we ask

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Speaker 1: everyone who comes on the show, is what do you

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Speaker 1: like to di splur?

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Speaker 2: John?

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Speaker 1: What is the thing you're doing the smart stuff? You're

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Speaker 1: saving your investing for your future, but you got to

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Speaker 1: have like an outlet for spending that provides joy in

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Speaker 1: the here and now as well? What is that for you?

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Speaker 2: My racing simulator tell me about Well, I have a

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Speaker 2: full competitive auto racing license, which I don't get to

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Speaker 2: use very often because of my schedule, but I do

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Speaker 2: a lot.

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Speaker 3: Of track days.

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Speaker 2: I have of race cars at Atlanta Motorsports Park or

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Speaker 2: Atlanta Native so you know it's in Dawsonville, so it's

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Speaker 2: like a country club for race cars. And so I'm right.

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Speaker 2: We have a Conda ride on the straightaway and my

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Speaker 2: cars are underneath. And we have a racing simulator here

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Speaker 2: at my house that we have in South Atlanta and

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Speaker 2: North Faeeville, and so I was on it all day yesterday,

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Speaker 2: And that's if you want to call it a splurge,

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Speaker 2: it's I just got a diving certification when I was

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Speaker 2: in Maui, and that being underneath in the calm, blue

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Speaker 2: ocean was one form of freedom and release. And then

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Speaker 2: being on the road the next week in Dubai where

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Speaker 2: I could arrive and arrive and drive there because I

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Speaker 2: have this racing license, and to have do they have

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Speaker 2: Buddhism at one hundred and fifty miles an hour, which

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Speaker 2: is what I call motorsports, is.

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Speaker 3: Another form of calm.

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Speaker 2: Those two, if you want to call it, or splurges,

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Speaker 2: But really all money is his freedom, that's all it is.

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Speaker 2: And so I had the freedom now to do things

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Speaker 2: like that. But it's really not about the money, it's

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Speaker 2: about what it facilitates.

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Speaker 1: Yeah, well, John, you're an incredible entrepreneur, But it kind

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Speaker 1: of it wasn't obvious that that was going to be

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Speaker 1: the outcome of your life. When you look at your

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Speaker 1: family tree, what do you think prompted or connected made

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Speaker 1: that a possibility for you?

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Speaker 3: Pain?

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Speaker 2: Pain, suffering, problems, challenges. My mom and dad had built

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Speaker 2: wealth up. They came from the Deep South. My second

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Speaker 2: grade grandparents were slaves on both sides of my family tree.

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Speaker 2: My mother, my mother's mother owned a shotgun shock. Your

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Speaker 2: listeners can look up what that is. We won't waste

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Speaker 2: time on definitions. My second grade grandmother, my mother's side,

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Speaker 2: escaped slavery, bought up, built a house, and had a

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Speaker 2: border with no mortgage on the house border me in

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Speaker 2: a renter, so she was a free enterprise person. My grandmother,

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Speaker 2: to the extend that she could, was a free enterprise person.

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Speaker 2: My mother owned seven homes and sold them. I owned

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Speaker 2: seven hundred. My father, my second great grandfather, protected Memphis,

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Speaker 2: Tennessee a fre Abraham Lincoln as part of the Emancipation Proclamation,

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Speaker 2: So had sort of justice in.

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Speaker 3: My bones from from an early age. Got it honest.

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Speaker 2: But he protected folks who weren't protecting them because, of course,

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Speaker 2: the Emancipation Proclamation was a call for those behind quote

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Speaker 2: enemy lines. Then my grandfather was Arby Smith, was a sharecropper,

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Speaker 2: so working land he didn't own that he would actually

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Speaker 2: never be able to control, but he worked it anyway

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Speaker 2: because he was industrious and wanted to do for himself.

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Speaker 3: My father was a businessman. I'm an entrepreneur.

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Speaker 2: My mom and dad took those bones, if you will,

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Speaker 2: brought them together. Initially it worked. They built a small

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Speaker 2: conglomerate of small businesses in south central Los Angeles. Apartment

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Speaker 2: building they bought for eighteen thousand dollars now worth eight

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Speaker 2: million dollars, a home gas station.

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Speaker 3: Anyway, they lost it all. They divorced over money.

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Speaker 2: Joe Number one calls her divorce in America's Money. Make

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Speaker 2: a long story short. I saw a murder when I

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Speaker 2: was six or seven years old. The guy who saved

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Speaker 2: my life. That was over money. My next door neighbor

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Speaker 2: was a drug dealer at the house. My mother bought

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Speaker 2: it with you know, she saved money and bought a house.

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Speaker 2: After the divorce in complet California, I tried to make

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Speaker 2: a friend. That friend was very smart, but didn't have

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Speaker 2: good parents like I did. Even though they were divorced,

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Speaker 2: they didn't make me a point of contention. They loved

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Speaker 2: me irrespective my dad had gave me says yes I can,

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Speaker 2: My mother sin said yes I am. She told me

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Speaker 2: she loved me every day in my life. This is

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Speaker 2: important to your question. So this best friend of mine

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Speaker 2: didn't have good role models anyway, He started hanging around

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Speaker 2: with the next door neighbor who was a drug dealer

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Speaker 2: that got killed together. So by the time I was

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Speaker 2: nine years old, I saw the death of our family

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Speaker 2: net worth. We lost that apartment building, lost all those assets.

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Speaker 3: I mentioned to.

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Speaker 2: You, because my dad was I couldn't make it, but

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Speaker 2: couldn't keep it, wouldn't ask my mother for help in

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Speaker 2: a relationship two plus twotion equal six, eight or ten.

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Speaker 2: Either you're better together or what are you doing? So

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Speaker 2: he didn't get that memo. So I got all these

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Speaker 2: lessons the hard way, Joe. Most people go to business school,

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Speaker 2: they go to you know, this life was my business

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Speaker 2: school was my master's class. And I got these lessons

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Speaker 2: and I only had to teach me once. And then

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Speaker 2: when I was nine years old, a banker came to

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Speaker 2: my classroom and taught me financial literacy. And he happened

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Speaker 2: to be Caucasian. And that's important because most experiences of

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Speaker 2: folks like me growing up with a person of Caucasian

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Speaker 2: was negative, a police officer throwing you against the patrol

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Speaker 2: car or something.

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Speaker 3: This was a positive experience.

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Speaker 2: And this banker came and taught me financial literacy from

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Speaker 2: Bank of America, and my teachers would buy the mail

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Speaker 2: order products that I bought, and so that I had

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Speaker 2: in my little briefcase with just my dreams in it.

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Speaker 2: I sell mail order. My teachers, who are also Caucasian

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Speaker 2: would buy them from me. So I had these positive

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Speaker 2: experiences around. You might call race relations. I didn't know

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Speaker 2: that's what it was. But I asked banker who came

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Speaker 2: in once a week for six weeks, what do you

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Speaker 2: do for a living, and how'd you get rich legally?

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Speaker 2: And I was dead serious, right, I mean, I'd never

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Speaker 2: met this. I mean, this guy's like a martian. Come

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Speaker 2: into my classroom. My mother could My mother had a

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Speaker 2: lunch break joel in two fifteen minute breaks and she

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Speaker 2: only came to school if I got in trouble. This

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Speaker 2: guy was there in the middle of the day, chilling right,

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Speaker 2: and he said he called that. He said, I'm on

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Speaker 2: a salary.

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Speaker 3: What's that?

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Speaker 2: Where do you work? Bank of America? Where in a

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Speaker 2: sky creaper? Here's my business card? Sixteen floor it's no

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Speaker 2: sixteen flour in content, there's six floors in content, and

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Speaker 2: that's a.

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Speaker 3: Courthouse like boom. Who is this guy?

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Speaker 2: And he says, I'm a banker and I finance entrepreneurs,

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Speaker 2: and I said, I don't know what an entrepreneur is,

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Speaker 2: but it was legal, and you're financing it.

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Speaker 3: I'm going to be one.

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Speaker 2: And so later on I created a for profit and

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Speaker 2: a nonprofit now the largest of their kind in the country.

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Speaker 2: We've invested five billion dollars into mostly underserved economies, untapping

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Speaker 2: untapping human potential at scale. But the nonprofit is teaching

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Speaker 2: people how to get bank qualified at prime rates. Well

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Speaker 2: that's essentially, Joe, what that banker told me. I said,

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Speaker 2: So your job is a lend poor people money, and

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Speaker 2: all I have to.

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Speaker 3: Do is prove I can pay it back. Yes, okay,

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Speaker 3: I'm in.

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Speaker 2: So I became an entrepreneur and put the lixture out

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Speaker 2: of the candy business when I was ten years old,

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Speaker 2: so that my confidence went through the roof from that.

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Speaker 2: I was homeless when I was eighteen years old for

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Speaker 2: about six to eight months of my life, so you

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Speaker 2: can't fall from the floor. So by the time I

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Speaker 2: was twenty years old, man, I had all kinds of

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Speaker 2: experiences that a sixty year old would have. Most sixty

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Speaker 2: year olds don't have those those loble experiences, and so

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Speaker 2: I really had a sense that this system could work

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Speaker 2: for everybody. But it's what people don't know that they

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Speaker 2: don't know, but they think they know.

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Speaker 3: Right.

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Speaker 2: People can focus I want to get that money. We'll

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Speaker 2: get that bag, that cash with that dollar. This is

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Speaker 2: you say, you have a young listeners. They're focusing on this.

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Speaker 2: I want that dollar, I want that money. No, wrong,

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Speaker 2: it's an illusion. All money is in exchange of value.

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Speaker 2: You want to build wealth, and you build wealth in

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Speaker 2: your sleep. And one of those areas is entrepreneurship, business

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Speaker 2: right of course, home ownership, asset ownership. So it just

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Speaker 2: dawned on me. That's my last book, Financial Literacy for All.

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Speaker 2: This is my seventh book coming out now, Capitalism for All.

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Speaker 2: I've been giving people these sort of software upgrades along

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Speaker 2: the way.

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Speaker 3: The book Love Leadership was a philosophy on doing well

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Speaker 3: and doing good and.

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Speaker 2: How the poor can save Capitalism is sort of self

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Speaker 2: self described title, but people thought it was crazy when

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Speaker 2: I wrote that. But basically my rich phrase eat my

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Speaker 2: poor friends, do better, if only to stay rich because

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Speaker 2: the market is seventy percent. The biggest economy in the

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Speaker 2: world is seventy percent consumer spending seventy there's a lesson

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Speaker 2: we need to learn and think about right now.

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Speaker 3: The book the memo, Get the memo. That's what we

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Speaker 3: were talking about about what folks.

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Speaker 2: Don't know, they don't know up from nothing, my personal story,

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Speaker 2: financial literacy for all, getting people the bones of.

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Speaker 3: What they need.

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Speaker 2: And now, the most audacious, bold, disruptive idea I think

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Speaker 2: that has been injected in American DNA in a while

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Speaker 2: is that this thing that people are intimidated by or

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Speaker 2: resent but often don't understand. Even those who are participating

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Speaker 2: in it don't understand it. Think it's about making money and

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Speaker 2: it's about all themselves. This capitalism for all ethos is

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Speaker 2: the only thing that can save us, and it saved me.

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Speaker 2: So I came from this unlikely place and most of

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Speaker 2: the people who thought I was wasting my time in

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Speaker 2: the neighborhood I grew up with want to work for me.

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Speaker 2: Now four hundred employees.

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Speaker 1: By the way, and what made you? It sounds like

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Speaker 1: when I'm hearing I hear two things that came out

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Speaker 1: in your story. There's curiosity and there was some boldness.

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Speaker 1: And those are you were asking questions about how the

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Speaker 1: system worked that you didn't understand. You were getting nosy, right,

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Speaker 1: you were getting up in this guy's business to try

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Speaker 1: to figure out what, how did you thrive in this

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Speaker 1: environment that I don't really understand. It seems like in

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Speaker 1: our culture right now, there's a lot of burn it

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Speaker 1: down because I don't understand it. Instead of curiosity, let

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Speaker 1: me enter into this. How can I succeed in this environment?

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Speaker 1: It's like, I don't I don't like the game. How

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Speaker 1: would you respond to someone who's thinking that way?

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Speaker 2: Well, it's wrong, first of all, and it's ours and

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Speaker 2: it's our parents' fault. My parents had a responsibility to

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Speaker 2: raise me. My mother told me she loved me every

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Speaker 2: day of my life so that I don't have a

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Speaker 2: self esteem problem, and I thank her for that every day.

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Speaker 2: I think my dad for a lot of things. But

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Speaker 2: my dad also missed the matriculation exam on relationships. He

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Speaker 2: missed the matriculation exam on how to treat a woman.

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Speaker 2: He missed the exam on how to build a business,

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Speaker 2: build wealth, generational wealth, to protect it, on being nosy.

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Speaker 2: So you're being nice and saying I'm curious. No, I'm

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Speaker 2: actually nosy. Yeah, I give you two ears in one mouth.

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Speaker 2: You listen twice as much as you talk I'm actually

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Speaker 2: very nosy. I got my nose in everything, and you

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Speaker 2: got to stay young. You have to stay nosy, and

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Speaker 2: you have to understand your parents or just your parents.

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Speaker 2: They're trying the best that they can and do what

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Speaker 2: they do. But if they're not successful financially, if they're

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Speaker 2: not succeeding in the way that they would have liked,

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Speaker 2: or you would think that they have the potential for

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Speaker 2: you have.

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Speaker 3: To consider the source.

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Speaker 2: There's an old saying, no matter how much I love you,

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Speaker 2: my son or my daughter, if I don't have wisdom,

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Speaker 2: all I can give you is my own ignorance, And

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Speaker 2: so out of love we pass down bad habits generation

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Speaker 2: and generation. And again is what we don't know that

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Speaker 2: we don't know we think we know. So here's a misnomer.

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Speaker 2: People say, I hate rich people.

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Speaker 3: No, you don't.

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Speaker 2: You hate rich people until you become rich. What you

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Speaker 2: hate is a game system. What you hate is a

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Speaker 2: system that no matter how hard you work, you can't

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Speaker 2: seem to get ahead.

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Speaker 3: So let's ungain the system.

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Speaker 2: That's what I'm doing with the book, That's what we're

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Speaker 2: doing with the work with Operation Hope. Is what I'm

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Speaker 2: doing in my work as a capitalist at Brian your

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Speaker 2: venture's second point. Let's say that somebody listening to this

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Speaker 2: and saying I don't I'm just not buying with this

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Speaker 2: guy saying it's a nice, cool story. But you know,

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Speaker 2: I'm going to college and I'm going to become a socialist. Okay,

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Speaker 2: here's my question to you. Two questions. Even if you

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Speaker 2: distribute money like a want to distribute money like a socialist,

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Speaker 2: don't you have to first collect it like a capitalist?

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Speaker 2: Second question, how'd you get to college?

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Speaker 3: Right? Did the government send you?

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Speaker 2: Did the community block club send you and pay your tuition?

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Speaker 2: Who's paying your car note? Who's paying your rent? Who's

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Speaker 2: paying somebody give you a food stipend? Is somebody paying

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Speaker 2: your cell phone bill that I'm unaware of? Is the

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Speaker 2: government doing that? The government give you sheets that you're

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Speaker 2: sleeping with? Did the government pay your utility bills for

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Speaker 2: the apartment or the public the public housing, the student housing?

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Speaker 3: No, No, your parents did that? Okay? Where'd your parents

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Speaker 3: get the money? Right?

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Speaker 2: So we are games with ourselves, those who say I

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Speaker 2: don't like capitalism. Look all socialism is really the biggest,

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Speaker 2: really simple. It's a taxing system. You know, you look

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Speaker 2: at the Nordic countries. And I've been to one hundred countries,

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Speaker 2: including the Nordic countries, and I know I've been there

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Speaker 2: several times. I'm not talking about like traveling as a tourist.

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Speaker 2: I know them very well. I mean they're engaging capitalism.

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Speaker 2: Sweden and Finland have their capitalists platform, like Sweden is

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Speaker 2: Timber is one of their big businesses I remember.

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Speaker 1: More so than the United States in some ways.

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Speaker 2: One hundred percent Nokia came out of I think it

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Speaker 2: was Finland and Norway is oil, right. But what they

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Speaker 2: did was they decided to tax the wealthy at a

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Speaker 2: higher rate so they wouldn't be poverty underneath it, and

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Speaker 2: that social services were funded. And that's great, but there's

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Speaker 2: less people there, much less, Like we've got more people

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Speaker 2: in the city in America than they've got in their country.

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Speaker 2: Number Two, while you don't see anybody at the bottom, Joel,

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Speaker 2: with that system, you don't see people who look like

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Speaker 2: me at the top. So I want to have full fluency.

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Speaker 2: I want to be able to go from the bottom

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Speaker 2: as I have. I'm at zero point zero one percent.

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Speaker 2: I want to go. I want to go as far

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Speaker 2: as I have the capacity that's not possible in a

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Speaker 2: socialist system. No one washes rental cars. You drive it

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Speaker 2: for two or three weeks, it gets dirty. You can

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Speaker 2: paint your fate your face on the windshield is so dirty,

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Speaker 2: and you take it back to the person who owns it,

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Speaker 2: which is hurts their budget, or whoever you rented the

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Speaker 2: car from. You don't want you take care of it

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Speaker 2: because you own it, so we anger emotions in business

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Speaker 2: are inappropriate placements in a serious environment. Anger is not

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Speaker 2: a strategy, and emotions should never be a You be

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Speaker 2: part of a serious decision making. Whenever you make an

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Speaker 2: emotional decision, it's the wrong one. Cryptocurrency I'm going to

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Speaker 2: I'm going to light up a lot of folks on fire.

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Speaker 3: Now.

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Speaker 2: Cryptocurrency was created emotionally as a result of the two

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Speaker 2: thousand and eight economic crisis. Don't trust me, Go do

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Speaker 2: your own research. It wasn't somebody sitting around going how

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Speaker 2: do I create a better economic system. It was I'm

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Speaker 2: angry at this system. Let's burn it down and let's

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Speaker 2: create this other system. And I find it interesting. And

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Speaker 2: by the way, my wife owns bitcoins. Gonna be very

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Speaker 2: clear that you know I'm not and I love blockchain technology,

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Speaker 2: but ninety percent of the crypto is either bankrupt, out

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Speaker 2: of business, or on ice not working. You have some

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Speaker 2: that are very doing very well, about a dozen of them, right,

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Speaker 2: But even a half dozen of those dozen redeem and

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Speaker 2: they're back by fiat currency, back by by cash. Right, So,

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Speaker 2: and what are people trying to do with cryptocurrency? Cash

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Speaker 2: it out for.

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Speaker 3: Cash?

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Speaker 2: So, by the way, what's the point of a dating

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Speaker 2: app talking about technology to go meet somebody in person?

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Speaker 3: So you can't get around.

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Speaker 2: The fact that the fundamentals of this system are are

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Speaker 2: you know, it's like capitalism, democracy, Joel or horrible systems

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Speaker 2: except for every other system. It's really what I'm saying,

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Speaker 2: So don't burn it down. Improve it. When you're being

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Speaker 2: a run out of town, get in front of the crowd,

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Speaker 2: made like a parade. Why spend all this energy trying

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Speaker 2: to create something different when you're the biggest economy on

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Speaker 2: the planet. America is the biggest economy in the world,

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Speaker 2: thirty trillion dollars. The US currency, we're not treating it

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Speaker 2: very well at the moment.

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Speaker 3: The US currency is the flight the quality US stocks,

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Speaker 3: US real estate, where the flight the quality in the world.

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Speaker 2: Why wouldn't we want to burn that down? Why wouldn't

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Speaker 2: when you want to build on top of that? And

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Speaker 2: like your iPhone comes with software up grades every six

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Speaker 2: weeks because iPhone realizes their phone wasn't perfect when they

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Speaker 2: realized it when they produced it. Let's also have software

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Speaker 2: up grades now in capitalism.

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Speaker 1: Well isn't in some ways too, It's just wasted energy.

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Speaker 1: Like we live in the system that we live in,

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Speaker 1: and we can spend hours of our week railing against it,

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Speaker 1: or we can say, all right, this is the reality

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Speaker 1: I live in. Let me do my best inside of

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Speaker 1: that reality. And one of the quotes you use frequently

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Speaker 1: is from Ambassador Andrew Young who said, we live in

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Speaker 1: a system of free enterprise, and to not understand the

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Speaker 1: rules of free enterprise must be the definition of slavery.

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Speaker 1: Which when I heard that just kind of like knocked

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Speaker 1: me off my feet. I was like, that's incredible that

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Speaker 1: it's almost like for a lot of people to rail

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Speaker 1: against it means it's like a form of self sabotage.

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Speaker 2: Yeah, you're very good man. Most people don't on earth

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Speaker 2: a quote like that. That says a lot about you.

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Speaker 2: And let's go deeper on that quote. Who is Ambassador

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Speaker 2: Andrew Young, the only aid of doctor Martinla King Junior,

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Speaker 2: by the way, the last living lieutenant of doctor King,

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Speaker 2: ninety three years of Young and we ninety four next month,

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Speaker 2: the only aide to doctor King to go to run

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Speaker 2: a city, the city of Atlanta where we're at, the

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Speaker 2: only one to take the philosophy of doing well and

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Speaker 2: doing good, of public purpose capitalism and place it into

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Speaker 2: a city environment.

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Speaker 3: What's the result is? I love results.

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Speaker 2: The biggest economy in the traditional South Atlanta, an economy

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Speaker 2: bigger than Singapore, Joel, I'm want to slow that down.

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Speaker 3: The city of Atlanta.

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Speaker 2: Multicultural, multi racial, to a city too busy to hate

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Speaker 2: birth the Civil rights the city that saved America because

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Speaker 2: it was where the Civil War ended when General Sherman

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Speaker 2: came here and burned the city of Atlanta to the

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Speaker 2: ground to stop the Confederate march and destroy their infrastructure.

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Speaker 2: And that's how Lincoln got re elected. So first reconstruction,

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Speaker 2: second reconstruction played a part in the history. I think

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Speaker 2: this is a third reconstruction, which is about ownership and

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Speaker 2: opportunity from the streets to the suites. But here comes

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Speaker 2: Andrew Young, brings the Olympics into Atlanta, makes it the

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Speaker 2: only international city in the South, you know, serves on

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Speaker 2: the border.

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Speaker 3: Delta sends them.

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Speaker 2: To not just Europe, but the Africa, and that's one

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Speaker 2: of their most profitable routes. Now gets all these international

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Speaker 2: companies from Asia, in other words, in Europe to invest

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Speaker 2: in America. When he was into Atlanta when he was mayor,

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Speaker 2: seventy billion dollars, which at that time was still a

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Speaker 2: lot of money. It was a was an unimage amount

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Speaker 2: of money for a southern city when he was mayor.

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Speaker 3: The net result.

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Speaker 2: Is this city that's unique in the world with a

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Speaker 2: five hundred and eighty billion dollar annual GDP. Joe, you

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Speaker 2: can take the surrounding states, put them together inside of

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Speaker 2: the city of Atlanta economy.

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Speaker 3: And still have role.

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Speaker 2: That shows to me that is the premifacial evidence of

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Speaker 2: what I'm saying in my book Capitalism for All. You

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Speaker 2: can do well and do good. You can do well

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Speaker 2: by doing good. You do not have to make a

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Speaker 2: false choice between white and black race, red or blue politics.

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Speaker 2: You can just pick the green, as in the color

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Speaker 2: of US currency.

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Speaker 1: One of the things that highlights that in that you

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Speaker 1: talk about is how how it makes you, how you

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Speaker 1: feel about the fact that you employ a lot of folks, right,

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Speaker 1: you employed, You've employed thousands of people, and that changes lives.

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Speaker 3: Right.

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Speaker 1: The fact that running a business and running it so

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Speaker 1: effectively that you can essentially provide for and allow people

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Speaker 1: the dignity of having work that pays them well and

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Speaker 1: jobs that they enjoy like that is I think an

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Speaker 1: underappreciated reality of what entrepreneurs can provide as they expand

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Speaker 1: and grow.

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Speaker 2: So, now that we know each other, I'm going to

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Speaker 2: answer your question that you asked me earlier a bit

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Speaker 2: more intimately. You asked me, what's the thing I splurge

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Speaker 2: on the most or something like that, What is the

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Speaker 2: thing that I there was never ask me that question,

439
00:21:29,400 --> 00:21:31,439
Speaker 2: by the way, because they normally see me through my

440
00:21:31,520 --> 00:21:35,400
Speaker 2: nonprofit lands. They don't see me as a capitalist entrepreneur,

441
00:21:35,440 --> 00:21:38,040
Speaker 2: which of course, is where that nonprofit came from, is

442
00:21:38,040 --> 00:21:38,480
Speaker 2: the fact that.

443
00:21:38,440 --> 00:21:40,840
Speaker 3: I could help to seed it. But you asked me

444
00:21:40,840 --> 00:21:41,760
Speaker 3: this great question.

445
00:21:41,840 --> 00:21:44,960
Speaker 2: I gave you an answer that a successful person gives,

446
00:21:46,040 --> 00:21:50,080
Speaker 2: which is not untrue. Here's the deeper answer. The number

447
00:21:50,080 --> 00:21:53,240
Speaker 2: one thing I'm proud of and pleased with and think

448
00:21:53,280 --> 00:21:55,439
Speaker 2: about all the time I splurged on was when I

449
00:21:55,480 --> 00:21:57,919
Speaker 2: sold one of my companies, the Promise Homes Company, in

450
00:21:57,960 --> 00:22:01,520
Speaker 2: twenty twenty one Christmas. Eve sold it for one hundred

451
00:22:01,520 --> 00:22:03,119
Speaker 2: and twenty one million dollars. The first thing I did

452
00:22:03,320 --> 00:22:04,760
Speaker 2: was is to make take a million dollars of that

453
00:22:05,160 --> 00:22:08,080
Speaker 2: and go buy automobiles for all of my senior leaders

454
00:22:08,160 --> 00:22:11,160
Speaker 2: in Operation Hope. Because they don't get bonuses, they don't

455
00:22:11,160 --> 00:22:14,600
Speaker 2: have stock options, they can't go and splurge, they can't

456
00:22:14,600 --> 00:22:17,520
Speaker 2: go to the racetrack and buy a race car. They're

457
00:22:17,520 --> 00:22:19,879
Speaker 2: working their tails off, and I thought that they should

458
00:22:19,920 --> 00:22:22,639
Speaker 2: be able to benefit from this free enterprise system. And

459
00:22:22,720 --> 00:22:24,480
Speaker 2: because they're doing the work at Operation Hope as my

460
00:22:24,520 --> 00:22:26,679
Speaker 2: senior leaders, it frees me to be able to go

461
00:22:26,720 --> 00:22:30,159
Speaker 2: do work in my broader portfolio. So they were helping

462
00:22:30,160 --> 00:22:32,560
Speaker 2: me indirectly, even though it's a firewall up between my

463
00:22:32,600 --> 00:22:35,320
Speaker 2: nonprofit and my for profit. Nipping aside getting a salary

464
00:22:35,359 --> 00:22:36,920
Speaker 2: and all that kind of stuff, I wanted to lean

465
00:22:36,920 --> 00:22:37,680
Speaker 2: into them some more.

466
00:22:37,840 --> 00:22:39,440
Speaker 3: I also gave them a million.

467
00:22:39,240 --> 00:22:42,920
Speaker 2: Dollars worth of stock so they could have some of

468
00:22:42,960 --> 00:22:45,920
Speaker 2: the up side of the economy. That is my proudest thing,

469
00:22:46,000 --> 00:22:48,280
Speaker 2: and I got that inspiration from my friend Oprah Winfrey

470
00:22:48,560 --> 00:22:51,560
Speaker 2: that it wasn't about what I had to get, is

471
00:22:51,600 --> 00:22:54,280
Speaker 2: what I had to give. And by the way, do

472
00:22:54,320 --> 00:22:56,320
Speaker 2: you think they worked harder for me guarante as a

473
00:22:56,400 --> 00:22:58,720
Speaker 2: result of that, and worked harder for the mission of course?

474
00:22:58,920 --> 00:23:00,280
Speaker 1: All right, Johnny got more. I want to it to

475
00:23:00,440 --> 00:23:03,440
Speaker 1: with you, including I want to discuss what you outline

476
00:23:03,480 --> 00:23:06,719
Speaker 1: as kind of a third way, something that's not one

477
00:23:06,760 --> 00:23:09,520
Speaker 1: hundred percent capitalism, not one hundred percent socialism. We'll talk

478
00:23:09,560 --> 00:23:20,000
Speaker 1: about that in just a second. I'm talking with John O'Brien.

479
00:23:20,080 --> 00:23:22,400
Speaker 1: And John, one of the things you're talking about here

480
00:23:22,400 --> 00:23:24,560
Speaker 1: in your book as well, your new book that's that's

481
00:23:24,600 --> 00:23:27,960
Speaker 1: about to come out about capitalism for all, talk about

482
00:23:27,960 --> 00:23:31,200
Speaker 1: the third way approach like that. We talk about these

483
00:23:31,240 --> 00:23:35,600
Speaker 1: terms capitalist socialism, uh, and they're they're so polarizing because

484
00:23:35,640 --> 00:23:37,720
Speaker 1: I mean, truly, when you look one we live in

485
00:23:37,760 --> 00:23:40,720
Speaker 1: a society or in an economic system that isn't all

486
00:23:40,800 --> 00:23:43,440
Speaker 1: one or the other. Like think about our our health

487
00:23:43,440 --> 00:23:47,280
Speaker 1: care sector. That is that is not capitalism, that's not socialism.

488
00:23:47,359 --> 00:23:50,840
Speaker 1: It is this muddled, weird it's a complete it's and

489
00:23:50,880 --> 00:23:54,000
Speaker 1: it's completely dysfunctional. So what is this? What is the

490
00:23:54,000 --> 00:23:56,480
Speaker 1: third way. I guess that you are advocating that that's

491
00:23:56,520 --> 00:23:57,760
Speaker 1: more powerful than one or the other.

492
00:23:57,920 --> 00:23:59,480
Speaker 2: So this is going to be part of this radical

493
00:23:59,520 --> 00:24:02,520
Speaker 2: conversation as I go on tour acround this country. The

494
00:24:02,520 --> 00:24:04,960
Speaker 2: tour will start here in Atlanta at Clarke Atlanta University

495
00:24:05,000 --> 00:24:09,000
Speaker 2: and will extend hopefully to my friend Delta, CEO of Delta,

496
00:24:09,040 --> 00:24:12,119
Speaker 2: who was so Andrew Young did the Ford, did one

497
00:24:12,119 --> 00:24:14,879
Speaker 2: of the Fords. Ed Bashi and CEO of Delta did

498
00:24:15,680 --> 00:24:17,560
Speaker 2: one of the Forwards. He's one of our partners and

499
00:24:17,760 --> 00:24:20,680
Speaker 2: my board members and friends. And then Michael Milkin, who

500
00:24:20,720 --> 00:24:24,159
Speaker 2: is a King of Wall Street and created alternative credit

501
00:24:24,760 --> 00:24:28,919
Speaker 2: vehicles of finance vehicles, he did one of the Fords.

502
00:24:28,960 --> 00:24:31,720
Speaker 2: These three guys, who couldn't be more different in some ways,

503
00:24:32,240 --> 00:24:35,320
Speaker 2: found a unifying theme in this book.

504
00:24:35,520 --> 00:24:36,840
Speaker 3: So there's a number of third ways.

505
00:24:37,040 --> 00:24:40,000
Speaker 2: And again it's a really radical, but I think common

506
00:24:40,040 --> 00:24:44,880
Speaker 2: sense conversation. Let's talk politics, because somebody's going to say, well, John,

507
00:24:45,359 --> 00:24:46,760
Speaker 2: you know, how does this speak politically.

508
00:24:46,800 --> 00:24:47,240
Speaker 3: It doesn't.

509
00:24:48,200 --> 00:24:51,399
Speaker 2: I'm not for it, I'm not against it. It's irrelevant

510
00:24:52,160 --> 00:24:56,199
Speaker 2: that the free enterprise system is for the people. And

511
00:24:56,280 --> 00:24:59,159
Speaker 2: if I do something, if we do something that advances

512
00:24:59,200 --> 00:25:01,080
Speaker 2: the people, and which is, by the way, and so

513
00:25:01,200 --> 00:25:02,840
Speaker 2: somebody's gonna say, well, wait a minute, is this guy

514
00:25:02,880 --> 00:25:03,600
Speaker 2: talking about capitalism?

515
00:25:03,640 --> 00:25:05,119
Speaker 3: You just talking about the people. Is it that social

516
00:25:05,280 --> 00:25:07,240
Speaker 3: so had a social statement? No? No, No.

517
00:25:07,480 --> 00:25:13,200
Speaker 2: Seventy percent of the US economy, Joel GDP is consumer

518
00:25:13,280 --> 00:25:19,600
Speaker 2: spending seventy So seventy percent of the thirty trillion dollars,

519
00:25:19,680 --> 00:25:22,359
Speaker 2: give or take, is you and me paying car notes,

520
00:25:23,200 --> 00:25:26,960
Speaker 2: going to restaurants, going on vacations, going to buy contract tickets.

521
00:25:27,280 --> 00:25:28,159
Speaker 3: It's simple stuff.

522
00:25:28,560 --> 00:25:32,439
Speaker 2: And if that doesn't regenerate, if that doesn't grow, the

523
00:25:32,480 --> 00:25:35,119
Speaker 2: whole party's over. You won the battle on Wall Street.

524
00:25:35,200 --> 00:25:37,280
Speaker 2: That's why they called about a K straight, a K

525
00:25:37,440 --> 00:25:40,880
Speaker 2: shaped economy. Right now that guys like me and ladies

526
00:25:41,119 --> 00:25:43,720
Speaker 2: are doing well with equities, I'm not sure how long

527
00:25:43,760 --> 00:25:45,560
Speaker 2: this is going to last, by the way, unless we

528
00:25:45,680 --> 00:25:48,000
Speaker 2: solve this. But the bottomp side of part of the K,

529
00:25:48,600 --> 00:25:52,520
Speaker 2: which is the middle class in below, are really taking

530
00:25:52,520 --> 00:25:55,399
Speaker 2: it into shorts and aren't feeling really good about the economy.

531
00:25:55,680 --> 00:25:59,520
Speaker 2: Bankruptcies are up, by the way, year over year, foreclosures

532
00:25:59,560 --> 00:26:01,639
Speaker 2: are up. I don't know if anybody's following this, but

533
00:26:02,280 --> 00:26:04,240
Speaker 2: year or a year you're talking about. I mean it's

534
00:26:04,280 --> 00:26:07,639
Speaker 2: eye popping number. Thirty percent more defaults and foreclosure, thirteen

535
00:26:07,640 --> 00:26:11,480
Speaker 2: percent more bankruptcies. These are not small numbers. And this

536
00:26:11,560 --> 00:26:14,960
Speaker 2: is not two thousand and eight, not suggesting anything like that,

537
00:26:15,040 --> 00:26:17,800
Speaker 2: but this is not like two percent or five percent.

538
00:26:18,480 --> 00:26:20,880
Speaker 2: And if so, if this bottom part of the key

539
00:26:21,160 --> 00:26:25,399
Speaker 2: of the economy is not boastered up again, my rich frisy,

540
00:26:25,520 --> 00:26:27,600
Speaker 2: my poor friends do better if only stay rich. I

541
00:26:27,680 --> 00:26:32,080
Speaker 2: hope politicians, local, state, in federal steal ideas from my book,

542
00:26:34,119 --> 00:26:38,040
Speaker 2: steal them and go use them to drive their political success.

543
00:26:38,119 --> 00:26:39,560
Speaker 3: We need them to be successful.

544
00:26:39,560 --> 00:26:43,040
Speaker 2: We need the president, the Senate, the House, the governors,

545
00:26:43,040 --> 00:26:45,240
Speaker 2: the mayors. We need them all to be successful because

546
00:26:45,240 --> 00:26:50,000
Speaker 2: their success is ours. Likewise, their failure is ours. So

547
00:26:50,680 --> 00:26:52,359
Speaker 2: let's check that box. No, you didn't ask it, but

548
00:26:52,400 --> 00:26:54,720
Speaker 2: let's deal with that address. That is the get it

549
00:26:54,760 --> 00:26:57,680
Speaker 2: done party, not the Republican or Democratic party.

550
00:26:58,000 --> 00:26:58,959
Speaker 3: It's about the people.

551
00:26:59,480 --> 00:27:03,639
Speaker 2: Number two, it's a third way because it's it's a

552
00:27:03,640 --> 00:27:06,800
Speaker 2: way that no one's talking about. For instance, artificial intelligence,

553
00:27:06,840 --> 00:27:08,920
Speaker 2: which I cover in this book. I'm co chair of

554
00:27:08,960 --> 00:27:11,640
Speaker 2: the AI Ethics Council with Sam Aultan. We've lost hope

555
00:27:11,640 --> 00:27:14,040
Speaker 2: AI at operation hope, et cetera. I live, I use

556
00:27:14,080 --> 00:27:15,879
Speaker 2: AI fifty times, one hundred times a day.

557
00:27:15,920 --> 00:27:16,359
Speaker 3: I love it.

558
00:27:16,560 --> 00:27:21,560
Speaker 2: But what I'm now no using AI AI hallucinates. AI

559
00:27:21,640 --> 00:27:25,440
Speaker 2: gets things wrong in a mic because it's in a microcausse.

560
00:27:25,440 --> 00:27:28,000
Speaker 2: In other words, it's right in a narrow If you

561
00:27:28,000 --> 00:27:30,280
Speaker 2: don't dumb and dumb out, you ask a dumb question,

562
00:27:30,640 --> 00:27:32,520
Speaker 2: it's going to give you a really smart, dumb answer,

563
00:27:33,040 --> 00:27:36,080
Speaker 2: or it'll give you a really answer that looks really smart,

564
00:27:36,200 --> 00:27:38,720
Speaker 2: it looks right, but it's in a narrow bandwidth, so

565
00:27:38,760 --> 00:27:43,360
Speaker 2: it's actually wrong. And so you actually need a smart

566
00:27:43,720 --> 00:27:46,960
Speaker 2: thought process to go into that, to broaden the question,

567
00:27:47,720 --> 00:27:51,840
Speaker 2: to broaden the vision, to broaden the intuition, to have

568
00:27:51,920 --> 00:27:56,040
Speaker 2: a leadership approach to the question, so that AI can

569
00:27:56,040 --> 00:28:00,960
Speaker 2: then give you a smart answer that addresses the real question.

570
00:28:01,040 --> 00:28:04,159
Speaker 2: And I oftentimes all say, oh, yeah, I'm sorry, I

571
00:28:04,240 --> 00:28:07,159
Speaker 2: made a mistake, you're right, let me recast that and

572
00:28:07,200 --> 00:28:08,919
Speaker 2: gives me a completely and he just told me I

573
00:28:08,960 --> 00:28:10,000
Speaker 2: was right over here right.

574
00:28:10,280 --> 00:28:11,960
Speaker 3: So it's a people pleaser. It allucinate.

575
00:28:12,000 --> 00:28:13,160
Speaker 1: It also likes to please your yes.

576
00:28:13,320 --> 00:28:15,480
Speaker 2: So here's what's my point of that AI is going

577
00:28:15,560 --> 00:28:17,760
Speaker 2: to change everything be clear about that. By twenty thirty,

578
00:28:17,840 --> 00:28:21,840
Speaker 2: that change everything. But AI needs people, So your job's

579
00:28:21,880 --> 00:28:23,520
Speaker 2: not going to be replaced by AI. And the short

580
00:28:23,600 --> 00:28:25,240
Speaker 2: version is going to be a lot of job lost,

581
00:28:25,400 --> 00:28:27,840
Speaker 2: but your job's not replaced by AI. Your jobs are

582
00:28:27,840 --> 00:28:29,919
Speaker 2: going to replaced by somebody who can use AI as

583
00:28:30,040 --> 00:28:33,200
Speaker 2: number one. Number two, there's going to What did I

584
00:28:33,240 --> 00:28:36,639
Speaker 2: say about the economy, it's seventy percent consumer spending. So

585
00:28:36,920 --> 00:28:39,080
Speaker 2: if all my tech bros. They said, oh, we don't

586
00:28:39,080 --> 00:28:42,280
Speaker 2: need people anymore, you're a genius with a blind spot

587
00:28:42,320 --> 00:28:45,000
Speaker 2: called people. Who's going to subscribe to your apps?

588
00:28:45,600 --> 00:28:45,800
Speaker 3: Right?

589
00:28:47,600 --> 00:28:50,520
Speaker 2: Who's going to drive the revenue for the companies that

590
00:28:50,560 --> 00:28:53,840
Speaker 2: are laying off the people that need the people to

591
00:28:53,880 --> 00:28:55,960
Speaker 2: buy the stuff from the companies.

592
00:28:56,000 --> 00:28:58,360
Speaker 1: You need the tech tech tech founders to have more

593
00:28:58,400 --> 00:29:00,440
Speaker 1: of a Henry Ford sort of mindset. I need the

594
00:29:00,480 --> 00:29:01,800
Speaker 1: people who are making the cars to be able to

595
00:29:01,840 --> 00:29:02,960
Speaker 1: afford the cars we're producing.

596
00:29:03,160 --> 00:29:05,440
Speaker 3: That's right. So when I said to I can't say

597
00:29:05,440 --> 00:29:06,320
Speaker 3: who the CEO.

598
00:29:06,440 --> 00:29:08,600
Speaker 2: Is because you'd figured out if I can't say, sorry,

599
00:29:08,680 --> 00:29:10,200
Speaker 2: I can't give you any hints. But I'll just say

600
00:29:10,360 --> 00:29:13,200
Speaker 2: it's a fortune five hundred CEO of a consumer facing

601
00:29:13,240 --> 00:29:18,120
Speaker 2: company and after hearing this AI presentation about eight months ago,

602
00:29:18,440 --> 00:29:20,640
Speaker 2: he was like, Oh, you know, we're going to see

603
00:29:20,640 --> 00:29:22,280
Speaker 2: trillionaires and we're going to have all this wealth and

604
00:29:22,280 --> 00:29:25,560
Speaker 2: we don't need all these employees and you know, good Writtens.

605
00:29:25,240 --> 00:29:27,200
Speaker 3: Basically didn't say that, but that was an inference.

606
00:29:27,880 --> 00:29:31,120
Speaker 2: I said, you do know the economy is seventy percent

607
00:29:31,120 --> 00:29:33,960
Speaker 2: consumer spending, don't you? And he looked at me, Joel,

608
00:29:33,960 --> 00:29:37,239
Speaker 2: he said that can't be true. I said, no, it's

609
00:29:37,280 --> 00:29:40,160
Speaker 2: absolutely is true. And he said no, no, but what

610
00:29:40,200 --> 00:29:42,200
Speaker 2: about business? The business I said, yeah, that's eight to

611
00:29:42,280 --> 00:29:46,640
Speaker 2: ten percent. And he was so frazzled by that, Joel,

612
00:29:46,840 --> 00:29:48,840
Speaker 2: that he changed the subject, like he just couldn't handle

613
00:29:48,880 --> 00:29:54,000
Speaker 2: the conversation. So financially, financially literacy is not just poor

614
00:29:54,080 --> 00:29:57,920
Speaker 2: people and struggling working class people and middle class people.

615
00:29:58,480 --> 00:30:03,360
Speaker 2: It's the wealthy, it's the ultra wealthy, it's policy makers.

616
00:30:03,640 --> 00:30:05,160
Speaker 2: I mean, do you know that ninety percent of all

617
00:30:05,200 --> 00:30:07,800
Speaker 2: GDP comes from cities. This is a round number, it's

618
00:30:07,840 --> 00:30:11,360
Speaker 2: really between eighty three and ninety percent, but you know

619
00:30:11,400 --> 00:30:14,840
Speaker 2: it's closer to ninety ninety percent of all GDP Gross

620
00:30:14,840 --> 00:30:17,760
Speaker 2: domestic product income for the country comes from a city,

621
00:30:17,840 --> 00:30:18,880
Speaker 2: So let me rid castes.

622
00:30:19,120 --> 00:30:20,640
Speaker 3: Seventy percent of the campic's.

623
00:30:20,240 --> 00:30:23,640
Speaker 2: Economy in the world is you and me and whoever's

624
00:30:23,680 --> 00:30:27,280
Speaker 2: listening to this, right, and ninety percent of the seventy

625
00:30:27,280 --> 00:30:30,400
Speaker 2: percent comes from cities. So if you aren't supporting people

626
00:30:31,320 --> 00:30:34,880
Speaker 2: giving them, you know, AI of scaling skills. Everybody who

627
00:30:35,760 --> 00:30:38,719
Speaker 2: goes to a college right now, gets to higher education.

628
00:30:39,400 --> 00:30:41,960
Speaker 2: You need to get, you know, an accounting degree in,

629
00:30:42,000 --> 00:30:46,160
Speaker 2: an AI certification, right, a law degree and an AI certification.

630
00:30:46,360 --> 00:30:51,400
Speaker 3: Right. Everything's being being redone now, So whatever you're doing,

631
00:30:51,960 --> 00:30:54,160
Speaker 3: get an AI certification. And by the way, that AI

632
00:30:54,200 --> 00:30:56,360
Speaker 3: certification will only be good for about a year or

633
00:30:56,360 --> 00:30:57,040
Speaker 3: eighteen months.

634
00:30:57,120 --> 00:30:59,560
Speaker 2: You're going need to get re certified because AI can't

635
00:30:59,560 --> 00:31:01,960
Speaker 2: figure out no one. These business leaders don't even know

636
00:31:01,960 --> 00:31:04,560
Speaker 2: where AIS going yet. All they know is it reduces costs.

637
00:31:04,560 --> 00:31:06,760
Speaker 3: They don't know they don't yet know how to mix money.

638
00:31:06,960 --> 00:31:08,720
Speaker 3: They just know that it reduces costs.

639
00:31:08,840 --> 00:31:12,280
Speaker 2: But you cannot sit and wait for the future to

640
00:31:12,760 --> 00:31:15,160
Speaker 2: be perfect, because there is no perfect. You can't sit

641
00:31:15,280 --> 00:31:17,520
Speaker 2: and run, ring your arms and your hands and just

642
00:31:17,560 --> 00:31:19,880
Speaker 2: complain about how horrible the world is. Can't be a

643
00:31:19,920 --> 00:31:22,520
Speaker 2: chief criticism officer. The world's going to leave you. You

644
00:31:22,560 --> 00:31:25,040
Speaker 2: gotta be that Henry Ford thing, as you mentioned. And

645
00:31:25,080 --> 00:31:26,720
Speaker 2: by the way, Henry Ford the thirds on my board

646
00:31:26,720 --> 00:31:30,040
Speaker 2: of my philanthropy. You got to pay your workers enough

647
00:31:30,440 --> 00:31:33,680
Speaker 2: to buy the automobiles they were making and get them

648
00:31:33,800 --> 00:31:36,200
Speaker 2: bought into this new technology. Back then it was the

649
00:31:36,200 --> 00:31:38,480
Speaker 2: assembly line. Nobody wanted to work on the assembly line.

650
00:31:38,920 --> 00:31:41,120
Speaker 2: I think prediction. I've never said this to anybody. I'm

651
00:31:41,120 --> 00:31:44,640
Speaker 2: gonna sit on your show. There's gonna be job loss

652
00:31:45,080 --> 00:31:48,000
Speaker 2: middle class first, then service economy and people of the

653
00:31:48,080 --> 00:31:51,360
Speaker 2: high school education second. And then on the other side

654
00:31:51,360 --> 00:31:53,160
Speaker 2: of this, it's about three years into this, there's gonna

655
00:31:53,160 --> 00:31:57,920
Speaker 2: be a job surge growth because now you've got new

656
00:31:57,920 --> 00:32:00,440
Speaker 2: technology and new industries and people need to work on

657
00:32:00,520 --> 00:32:03,440
Speaker 2: the robotics, the AI, the systems going to have to

658
00:32:03,440 --> 00:32:06,800
Speaker 2: fix them, repair them, grow them. I want your listeners

659
00:32:08,080 --> 00:32:10,000
Speaker 2: to hear me on this. And if you say, with you,

660
00:32:10,040 --> 00:32:11,880
Speaker 2: what about that gap John of three years? Yeah, that

661
00:32:11,960 --> 00:32:12,960
Speaker 2: is a question, right.

662
00:32:13,280 --> 00:32:15,400
Speaker 3: But one thing I want you to think about is

663
00:32:15,440 --> 00:32:16,480
Speaker 3: what can you create?

664
00:32:17,880 --> 00:32:22,360
Speaker 2: What can you start? Because everything is changing. I'll give

665
00:32:22,360 --> 00:32:26,320
Speaker 2: you one example. Websites. Joe. I don't know how old

666
00:32:26,360 --> 00:32:29,080
Speaker 2: you are, but I think you're maybe within ten years

667
00:32:29,080 --> 00:32:32,040
Speaker 2: of my age. Okay, you certainly know that all of

668
00:32:32,040 --> 00:32:35,200
Speaker 2: our friends who had businesses ten years ago paid ten

669
00:32:35,280 --> 00:32:36,640
Speaker 2: grand twenty grand.

670
00:32:36,720 --> 00:32:39,520
Speaker 3: For a website. That's right, all right, they haven't updated

671
00:32:39,600 --> 00:32:40,760
Speaker 3: that website since then.

672
00:32:41,400 --> 00:32:45,200
Speaker 2: Right, You're and my son or nephew or anybody listening

673
00:32:45,200 --> 00:32:48,520
Speaker 2: to this could pick Columbus, Georgia just you know, not

674
00:32:48,600 --> 00:32:55,360
Speaker 2: Atlanta Conyers or Murrietta or Alpharetta or whatever. Find out

675
00:32:55,360 --> 00:32:59,720
Speaker 2: how many businesses are in that ecosystem. So listen all

676
00:32:59,760 --> 00:33:02,160
Speaker 2: of them and say you have a website, you spend

677
00:33:02,160 --> 00:33:04,240
Speaker 2: five to ten twenty thousand dollars on it, five, ten,

678
00:33:04,320 --> 00:33:07,480
Speaker 2: fifteen years ago. I'm going to upgrade your website with AI,

679
00:33:08,400 --> 00:33:11,760
Speaker 2: and I'm gonna charge you five hundred bucks. Think about

680
00:33:11,760 --> 00:33:13,800
Speaker 2: how many businesses would say yes to that. I think

681
00:33:13,880 --> 00:33:16,880
Speaker 2: it's twenty five percent. You got to go from five

682
00:33:16,920 --> 00:33:18,920
Speaker 2: grand to twenty five grand to five hundred, and you're

683
00:33:18,920 --> 00:33:22,160
Speaker 2: gonna put AI and automation on the back end of

684
00:33:22,200 --> 00:33:25,320
Speaker 2: it and e commerce sign me up, so that if

685
00:33:25,360 --> 00:33:27,640
Speaker 2: you do two thousand of those contracts, you've done a

686
00:33:27,680 --> 00:33:29,920
Speaker 2: million dollars of business at five hundred dollars each. And

687
00:33:29,960 --> 00:33:32,160
Speaker 2: that's not even doing gradation of Some people are doing

688
00:33:32,240 --> 00:33:35,000
Speaker 2: to be two hundred contract with five dollar contracts. Somebody's

689
00:33:35,000 --> 00:33:36,200
Speaker 2: gonna bee thousand dollars contracts.

690
00:33:36,440 --> 00:33:39,720
Speaker 3: But that's just one example of upgrading software.

691
00:33:40,240 --> 00:33:42,440
Speaker 2: But right now, you want to start a business two

692
00:33:42,520 --> 00:33:45,360
Speaker 2: years ago, that's a one hundred thousand.

693
00:33:45,080 --> 00:33:47,320
Speaker 4: To a million dollar enterprise, and your accountant, you need lawyers,

694
00:33:47,360 --> 00:33:49,480
Speaker 4: you need, you need, you need all you need systems,

695
00:33:49,520 --> 00:33:51,600
Speaker 4: you need computers, you need all this stuff. Right, you

696
00:33:51,640 --> 00:33:54,360
Speaker 4: need ten people and one hundred thousand to a million bucks.

697
00:33:54,440 --> 00:33:58,360
Speaker 4: Now for fifty bucks, you can start a business, a

698
00:33:58,360 --> 00:34:02,800
Speaker 4: million dollar business. AI is your accountant, AI is your lawyer.

699
00:34:03,520 --> 00:34:07,160
Speaker 4: AI is your marketing agent. AI is your systems infrastructure.

700
00:34:07,440 --> 00:34:10,640
Speaker 4: AI is your coding I mean, go on and.

701
00:34:10,600 --> 00:34:11,040
Speaker 3: On and on.

702
00:34:11,320 --> 00:34:14,680
Speaker 1: It's really easy to cry about and to lament and

703
00:34:14,719 --> 00:34:17,000
Speaker 1: be worried about what AI can bring about. But I

704
00:34:17,040 --> 00:34:19,839
Speaker 1: think what you're what you're saying is take advantage of it,

705
00:34:19,920 --> 00:34:22,879
Speaker 1: like utilize it to make you a better business owner.

706
00:34:22,920 --> 00:34:25,239
Speaker 1: I have a friend who literally just Vibe coded a

707
00:34:25,280 --> 00:34:29,040
Speaker 1: website for another friend who's starting a small bakery business.

708
00:34:29,280 --> 00:34:32,080
Speaker 1: He did it in like five days. And that is

709
00:34:32,400 --> 00:34:35,040
Speaker 1: that those are the kind of tools available at our disposal,

710
00:34:35,440 --> 00:34:37,759
Speaker 1: and I get like future of AI is uncertain. That

711
00:34:37,800 --> 00:34:40,600
Speaker 1: three year period you talk about sounds like it could

712
00:34:40,600 --> 00:34:43,000
Speaker 1: be it could be dark. But for the people out

713
00:34:43,000 --> 00:34:45,399
Speaker 1: there who say, now I'm gonna figure this thing out

714
00:34:45,560 --> 00:34:47,320
Speaker 1: instead of being scared.

715
00:34:47,680 --> 00:34:49,719
Speaker 2: Yes, when you're being run out of town, get in

716
00:34:49,719 --> 00:34:50,719
Speaker 2: front of the crowd and make.

717
00:34:50,680 --> 00:34:54,600
Speaker 3: Like a make like a parade. Yeah yeah, you.

718
00:34:54,560 --> 00:34:56,840
Speaker 2: Know, figure out what you is an old saying in leadership,

719
00:34:57,360 --> 00:35:00,239
Speaker 2: let's see where our people are going. Let's go would

720
00:35:00,239 --> 00:35:02,720
Speaker 2: get in front of them and leave them right. Yeah,

721
00:35:03,160 --> 00:35:05,040
Speaker 2: Let's see where the market is going, Let's see where

722
00:35:05,040 --> 00:35:07,600
Speaker 2: things are happening, and let's let's go and become a

723
00:35:07,640 --> 00:35:10,120
Speaker 2: solution to that. That's what capitalism is, by the way,

724
00:35:10,640 --> 00:35:15,400
Speaker 2: So look, everybody listening to this, you can complain about life,

725
00:35:15,640 --> 00:35:17,960
Speaker 2: or you can go do something about it. You don't

726
00:35:18,040 --> 00:35:20,880
Speaker 2: like capitalism, but you're listening to this on a device

727
00:35:20,920 --> 00:35:24,520
Speaker 2: you bought through capitalism. If you have an iPhone, you

728
00:35:24,560 --> 00:35:28,480
Speaker 2: have a smartphone, you have an Android, that's capitalism. You

729
00:35:28,560 --> 00:35:34,160
Speaker 2: have these earbuds, that's capitalism. The airways, you're listening to

730
00:35:34,160 --> 00:35:38,120
Speaker 2: this on radio, that's capital You're on iHeart, you're on whatever, Spotify, whatever,

731
00:35:38,400 --> 00:35:43,319
Speaker 2: that's capitalism. You're listening to this in a car, that's capitalism.

732
00:35:44,120 --> 00:35:46,759
Speaker 2: You stop the gas station. The gas station owner is

733
00:35:46,760 --> 00:35:51,560
Speaker 2: a capitalist. You go get your nails done. The nail

734
00:35:51,600 --> 00:35:55,960
Speaker 2: tech is a capitalist. She's an independent contractor inside of

735
00:35:56,000 --> 00:35:58,760
Speaker 2: the nail salon, which is a capitalist's owned by somebody

736
00:35:58,840 --> 00:36:01,520
Speaker 2: who wants to make more tomorrow. They may yesterday, and

737
00:36:01,560 --> 00:36:03,040
Speaker 2: they want to be able to sell their business at

738
00:36:03,040 --> 00:36:05,920
Speaker 2: some point and take some capital gains and go and

739
00:36:05,960 --> 00:36:08,680
Speaker 2: live a good life. Your dentist is a capitalist. Yes,

740
00:36:08,800 --> 00:36:11,360
Speaker 2: I said it, your dentist, right, they're not doing it

741
00:36:11,400 --> 00:36:15,400
Speaker 2: for free. Your lawyer certainly is a capitalist. Your architect

742
00:36:15,520 --> 00:36:18,360
Speaker 2: is a capitalist, right. Your healthcare system we talked about

743
00:36:18,560 --> 00:36:21,120
Speaker 2: is really a messy form of it. But I mean

744
00:36:21,160 --> 00:36:23,480
Speaker 2: you think about, why should some of this stuff cost

745
00:36:23,640 --> 00:36:26,240
Speaker 2: us two thousand, five thousand and ten thousand dollars?

746
00:36:26,239 --> 00:36:32,080
Speaker 3: Crazy? But you know, how can the surgeon afford the

747
00:36:32,280 --> 00:36:35,640
Speaker 3: Ferrari or the Porsche. Yeah.

748
00:36:36,280 --> 00:36:39,200
Speaker 2: I'm not hating on anything. I'm just saying this is

749
00:36:39,239 --> 00:36:41,560
Speaker 2: the way. This is the system we're living in. And

750
00:36:41,600 --> 00:36:44,799
Speaker 2: I've been to one hundred countries, Joel, I don't know

751
00:36:44,840 --> 00:36:46,640
Speaker 2: of another system that works better than this.

752
00:36:46,840 --> 00:36:48,640
Speaker 3: In the world. Ah, that's good.

753
00:36:48,800 --> 00:36:51,040
Speaker 1: Yeah, we get more. I want to get to with you, John,

754
00:36:51,080 --> 00:36:52,680
Speaker 1: including I want to talk about I want to talk

755
00:36:52,680 --> 00:36:55,840
Speaker 1: more about ladders and what it looks like to bring

756
00:36:56,239 --> 00:37:01,040
Speaker 1: everyone in right and create more economics access under this

757
00:37:01,360 --> 00:37:03,800
Speaker 1: Capitalism for All system. Talk about that and more a

758
00:37:03,880 --> 00:37:14,880
Speaker 1: RNA for this. We're back still talking with John Hope

759
00:37:15,040 --> 00:37:18,440
Speaker 1: Bryant's talking about making the system work for everyone. Capitalism

760
00:37:18,840 --> 00:37:22,720
Speaker 1: for All love this philosophy. Talk to me about ladders

761
00:37:22,760 --> 00:37:24,360
Speaker 1: because that's one of the things you talk about in

762
00:37:24,400 --> 00:37:26,600
Speaker 1: the book as well, that that people who are locked

763
00:37:26,640 --> 00:37:30,200
Speaker 1: out of the wealth building system, they need ladders right

764
00:37:30,200 --> 00:37:33,800
Speaker 1: to be erected to assure ensure that they can participate

765
00:37:33,840 --> 00:37:35,680
Speaker 1: in the free enterprise economy. And I do think like

766
00:37:35,680 --> 00:37:38,600
Speaker 1: when we're talking about there is a segment of America

767
00:37:39,280 --> 00:37:45,120
Speaker 1: that does it feels like not a cast system India style, right,

768
00:37:45,160 --> 00:37:47,319
Speaker 1: but it does feel like it's harder for me to

769
00:37:47,400 --> 00:37:52,280
Speaker 1: move up and be economically mobile in society then maybe

770
00:37:52,480 --> 00:37:55,000
Speaker 1: what it felt like in my parents generation fifty or

771
00:37:55,000 --> 00:37:56,759
Speaker 1: sixty years ago. First, do you think that's true? And

772
00:37:56,840 --> 00:37:58,520
Speaker 1: then and then too, what does it look like to

773
00:37:58,560 --> 00:38:00,960
Speaker 1: bring ladders down for those peopeople to help them move up.

774
00:38:01,560 --> 00:38:04,680
Speaker 2: So we're coming full circle in the interview, which is beautiful.

775
00:38:04,880 --> 00:38:07,960
Speaker 2: We're ending where we began, and that's it shows that

776
00:38:07,960 --> 00:38:10,960
Speaker 2: you're really smart and good at what you do. People

777
00:38:11,040 --> 00:38:16,399
Speaker 2: resent this system because deep down in their gut, there's

778
00:38:16,440 --> 00:38:18,840
Speaker 2: an aching feeling that it doesn't work for them anymore.

779
00:38:19,880 --> 00:38:23,120
Speaker 2: And this is not a racial thing, it's not a

780
00:38:23,160 --> 00:38:27,520
Speaker 2: political thing. It's a human thing. Women have great intuition,

781
00:38:28,480 --> 00:38:31,279
Speaker 2: better than men typically because they're the only woman can

782
00:38:31,320 --> 00:38:34,320
Speaker 2: create life, so they're a terminal to higher power. And

783
00:38:34,719 --> 00:38:37,640
Speaker 2: there's an intuition that something's not quite right. So what

784
00:38:37,719 --> 00:38:40,840
Speaker 2: I call it sentiment. If you're doing looking at an American sentiment,

785
00:38:40,880 --> 00:38:43,880
Speaker 2: it's down. Even though the economy supposedly is up. People

786
00:38:43,920 --> 00:38:48,319
Speaker 2: know that something's quite not quite right. And when you

787
00:38:48,400 --> 00:38:51,600
Speaker 2: have everybody in a policy making environment who are billionaires,

788
00:38:51,600 --> 00:38:54,400
Speaker 2: are sentim millionaires one hundred million or more, how do

789
00:38:54,480 --> 00:38:56,440
Speaker 2: that person make good policy, Joel. They could be the

790
00:38:56,520 --> 00:38:59,640
Speaker 2: nicest person in the world, be very kind, but how

791
00:38:59,640 --> 00:39:02,160
Speaker 2: do you to somebody going to a grocery store. How

792
00:39:02,160 --> 00:39:04,160
Speaker 2: do you relate to somebody who's getting a turnoff notice

793
00:39:04,160 --> 00:39:04,879
Speaker 2: for their cable bill?

794
00:39:05,280 --> 00:39:05,880
Speaker 3: How do you relate to.

795
00:39:05,880 --> 00:39:09,760
Speaker 2: Somebody who's going through a public airport. They're flying private

796
00:39:10,200 --> 00:39:11,799
Speaker 2: and they've been doing it for ten or twenty years.

797
00:39:11,880 --> 00:39:14,160
Speaker 2: How do you relate to somebody who's on a freeway

798
00:39:14,200 --> 00:39:16,960
Speaker 2: stuck in traffic. They're right there again, they're flying private.

799
00:39:17,200 --> 00:39:19,880
Speaker 2: How do you relate to somebody who is in a crowded,

800
00:39:19,960 --> 00:39:20,560
Speaker 2: noisy environment.

801
00:39:20,560 --> 00:39:23,400
Speaker 3: They live behind a gated community. I know these people.

802
00:39:23,760 --> 00:39:24,640
Speaker 3: I'm not hating on them.

803
00:39:24,680 --> 00:39:28,760
Speaker 2: I'm saying it's impossible for you to create policy without

804
00:39:29,239 --> 00:39:32,759
Speaker 2: input from the masses because you just represent the classes.

805
00:39:33,200 --> 00:39:36,480
Speaker 2: And so folks at the bottom understand this country was

806
00:39:36,480 --> 00:39:39,799
Speaker 2: always about the poor at the bottom going into the top.

807
00:39:39,840 --> 00:39:43,439
Speaker 2: I mean Walmart with Sam Walton with a pickup truck,

808
00:39:43,440 --> 00:39:46,200
Speaker 2: a high school education in a storefront, the biggest retailer

809
00:39:46,239 --> 00:39:47,720
Speaker 2: in the world today, and they're one of my partners,

810
00:39:47,719 --> 00:39:53,879
Speaker 2: and I love Walmart. Ups. Jim Carrey Bicycle, He met

811
00:39:53,920 --> 00:39:59,360
Speaker 2: Henry Ford. They got together and while a UPS. Forget

812
00:39:59,360 --> 00:40:01,800
Speaker 2: the guy's name at Smith I think it was FedEx.

813
00:40:02,280 --> 00:40:05,799
Speaker 2: The two guys who created Goldman Sacks literally guy named

814
00:40:05,800 --> 00:40:07,480
Speaker 2: Goldman and a guy named Sacks. They couldn't get a

815
00:40:07,600 --> 00:40:10,600
Speaker 2: job on Wall Street, so they decided to go door

816
00:40:10,640 --> 00:40:13,000
Speaker 2: to door and sell their own products. And they built

817
00:40:13,080 --> 00:40:15,920
Speaker 2: what we now call the institutions called goman Secon Bank

818
00:40:15,960 --> 00:40:19,160
Speaker 2: of America. One guy, you know, after the fires in

819
00:40:19,200 --> 00:40:22,640
Speaker 2: San Francisco, create started lending the small business. This is

820
00:40:22,640 --> 00:40:25,320
Speaker 2: the history of capitalism. This is the history of America.

821
00:40:25,400 --> 00:40:28,000
Speaker 2: The bottom to the top, not top on top of

822
00:40:28,000 --> 00:40:31,359
Speaker 2: the top. And systems don't crater from the bottom, from

823
00:40:31,400 --> 00:40:34,480
Speaker 2: the top down, Joel. They created from the bottom end.

824
00:40:34,920 --> 00:40:37,759
Speaker 2: So we're at this inflection point on the two hundred

825
00:40:37,760 --> 00:40:40,839
Speaker 2: and fifty dinniversary of America what I call the Third Reconstruction,

826
00:40:41,600 --> 00:40:46,040
Speaker 2: where everything seems to have reached a near breaking point.

827
00:40:46,120 --> 00:40:50,919
Speaker 2: The environment is a little funky. Politics are funky, race

828
00:40:50,960 --> 00:40:57,160
Speaker 2: relations are funky. The mobility is funky. The ladder's not

829
00:40:57,200 --> 00:41:01,239
Speaker 2: only broken, it's missing. Somebody stole the ladder. Right now,

830
00:41:01,239 --> 00:41:04,359
Speaker 2: you're stuck at the bottom and you resent it. And

831
00:41:04,400 --> 00:41:07,160
Speaker 2: now when your outfloaks, he's your inflows and your overhead.

832
00:41:07,200 --> 00:41:08,200
Speaker 2: It becomes your downfall.

833
00:41:08,440 --> 00:41:13,720
Speaker 3: And this system requires cooperation, requires trust, requires faith, requires belief.

834
00:41:13,840 --> 00:41:18,439
Speaker 3: Now it's the spirituality. Now requires confidence, it requires love,

835
00:41:18,480 --> 00:41:20,160
Speaker 3: It requires me caring about my neighbor.

836
00:41:20,440 --> 00:41:23,200
Speaker 2: This system, there's not enough police. If you're in the

837
00:41:23,200 --> 00:41:25,160
Speaker 2: city of LA and I grew up there. There's not

838
00:41:25,280 --> 00:41:29,280
Speaker 2: enough police seven million people, Joe. Ten thousand police officers

839
00:41:29,280 --> 00:41:32,080
Speaker 2: with a side with a side arm and one pair

840
00:41:32,080 --> 00:41:36,600
Speaker 2: of handcuffs is not safety. Ten thousand police officers against

841
00:41:36,600 --> 00:41:39,759
Speaker 2: six million people. If the city comes unwound, and it did,

842
00:41:40,360 --> 00:41:42,839
Speaker 2: and with the Roddy King riots in nineteen ninety two,

843
00:41:42,840 --> 00:41:45,400
Speaker 2: by the way, and police chief there are Gates then

844
00:41:45,480 --> 00:41:46,080
Speaker 2: told the.

845
00:41:46,160 --> 00:41:50,360
Speaker 3: LAPD to exit the city. He's afraid for his officers.

846
00:41:51,640 --> 00:41:54,560
Speaker 3: And when you had the what happened in the New Orleans.

847
00:41:55,320 --> 00:41:58,200
Speaker 2: You have four times more police officers per capital than LA,

848
00:41:58,280 --> 00:42:02,960
Speaker 2: but twice as less safe because all ruler law had decoupled.

849
00:42:03,800 --> 00:42:07,760
Speaker 2: There's not enough please law enforcement, military. There's not enough

850
00:42:08,160 --> 00:42:13,200
Speaker 2: directives to protect us from each other. If we don't believe,

851
00:42:13,719 --> 00:42:16,040
Speaker 2: if we believe, the bets off and the bet exists.

852
00:42:16,200 --> 00:42:18,040
Speaker 2: If I work hard, played by the rules, do the

853
00:42:18,120 --> 00:42:20,520
Speaker 2: right thing, keep my nose clean, pay my taxes, respectful

854
00:42:20,560 --> 00:42:23,400
Speaker 2: for my elders, I honor my citizenship. I'm gonna get

855
00:42:23,440 --> 00:42:25,760
Speaker 2: a reasonable shot of success or failure on my own merit.

856
00:42:25,800 --> 00:42:26,759
Speaker 3: I hope you followed that.

857
00:42:27,080 --> 00:42:29,760
Speaker 2: I've never said that publicly, but that's what I believe

858
00:42:30,040 --> 00:42:31,719
Speaker 2: that that's the bet that we have with each other.

859
00:42:32,080 --> 00:42:34,960
Speaker 2: And it's so this country's not a country. She's an idea, Joel.

860
00:42:35,719 --> 00:42:37,640
Speaker 2: She's an idea, and we have to keep remaking it

861
00:42:37,680 --> 00:42:40,239
Speaker 2: every day. So this is a fight for our democracy.

862
00:42:40,440 --> 00:42:43,080
Speaker 2: I don't mean fight fight. I mean this is a struggle,

863
00:42:43,120 --> 00:42:47,840
Speaker 2: a recommitment to our democracy, our sense of fair play,

864
00:42:48,480 --> 00:42:50,040
Speaker 2: a software upgrade on capitalism.

865
00:42:50,360 --> 00:42:52,280
Speaker 3: And I think that it's.

866
00:42:52,280 --> 00:42:55,640
Speaker 2: Right on time. Rainbow's only follow storms. You cannot have

867
00:42:55,680 --> 00:42:58,319
Speaker 2: a rainbow without a storm first. If we do this right,

868
00:42:59,280 --> 00:43:01,760
Speaker 2: and I believe we will. My middle name is hope.

869
00:43:02,160 --> 00:43:04,920
Speaker 3: We put the ladder back down into the soil.

870
00:43:05,160 --> 00:43:09,280
Speaker 2: We start doing internshipsternships again and giving corporations tax credits.

871
00:43:09,280 --> 00:43:13,279
Speaker 2: This is in the book for internships, for apprenticeships, training

872
00:43:13,280 --> 00:43:16,600
Speaker 2: people in AI, training existing workers like Walmart's doing. They're

873
00:43:16,600 --> 00:43:19,760
Speaker 2: not firing their workers, they're training existing workers in artificial

874
00:43:19,840 --> 00:43:23,560
Speaker 2: intelligence upscaling them for And I believe that's a smart bet.

875
00:43:23,640 --> 00:43:26,080
Speaker 2: By the way, you're gonna need employees, You're gonna need

876
00:43:26,120 --> 00:43:27,759
Speaker 2: customers who can buy your goods.

877
00:43:27,760 --> 00:43:28,760
Speaker 3: I said that earlier, good.

878
00:43:28,600 --> 00:43:30,279
Speaker 1: For the business, good for the employee, good for the

879
00:43:30,320 --> 00:43:31,080
Speaker 1: future bottom line.

880
00:43:31,160 --> 00:43:34,399
Speaker 2: Right, So we need corporations to get tax credits for

881
00:43:34,600 --> 00:43:38,840
Speaker 2: sponsoring a school, sponsoring an entrepreneurship club. Corporation is a

882
00:43:38,880 --> 00:43:42,440
Speaker 2: sponsor to invest in a small business. We have to

883
00:43:42,560 --> 00:43:44,759
Speaker 2: use a taxing system. Has been so successful on home

884
00:43:44,800 --> 00:43:48,960
Speaker 2: ownership as an example, and so successful on philanthropy as example.

885
00:43:49,360 --> 00:43:52,040
Speaker 2: Let's use it as a way to get the top

886
00:43:52,719 --> 00:43:56,080
Speaker 2: to incentivize them to invest in the bottom. They're not

887
00:43:56,120 --> 00:43:57,359
Speaker 2: going to do it just because it's the right thing

888
00:43:57,400 --> 00:43:59,080
Speaker 2: to do or good will. If you want to go

889
00:43:59,080 --> 00:44:01,239
Speaker 2: all to that. You know what did Warren Buffer say,

890
00:44:01,280 --> 00:44:03,480
Speaker 2: when people are greedy, be afraid. When people are we're

891
00:44:03,480 --> 00:44:07,040
Speaker 2: afraid be greedy, and so so folks are just going

892
00:44:07,080 --> 00:44:09,399
Speaker 2: to go bunker up at the top. But give them

893
00:44:09,440 --> 00:44:13,000
Speaker 2: a tax, speak to their greed, speak to their self interest.

894
00:44:13,040 --> 00:44:15,520
Speaker 2: I don't mean greed, speak to their self interest, and

895
00:44:15,600 --> 00:44:18,719
Speaker 2: give them, give them incentives to invest in the least

896
00:44:18,719 --> 00:44:22,000
Speaker 2: of these God's children, and you'll see a resurge in

897
00:44:22,040 --> 00:44:25,680
Speaker 2: the explosion of innovation, of creation of an entrepreneurship, of

898
00:44:25,760 --> 00:44:28,160
Speaker 2: new businesses, things we've never even thought about, which, by

899
00:44:28,200 --> 00:44:30,239
Speaker 2: the way, those new businesses are going to hire people

900
00:44:30,280 --> 00:44:30,799
Speaker 2: as they grow.

901
00:44:31,080 --> 00:44:33,600
Speaker 3: There you go, Joe, more new jobs right that.

902
00:44:33,680 --> 00:44:36,239
Speaker 2: No one thought about, and boom, now that economy goes

903
00:44:36,280 --> 00:44:37,840
Speaker 2: from I think that we have a shot in a

904
00:44:37,880 --> 00:44:40,600
Speaker 2: decade to go from thirty trillion to sixty trillion. You

905
00:44:40,680 --> 00:44:43,800
Speaker 2: heard it here first America. Now we get this wrong,

906
00:44:45,080 --> 00:44:47,200
Speaker 2: and we keep obsessing about wanting to go back to

907
00:44:47,239 --> 00:44:49,480
Speaker 2: the supposedly the great old days. I'm not quite sure

908
00:44:49,480 --> 00:44:53,000
Speaker 2: when this was a great old What days were the

909
00:44:53,000 --> 00:44:54,880
Speaker 2: great old days in America? Somebod can please tell me.

910
00:44:54,920 --> 00:44:57,880
Speaker 2: But anyway, what I'm allowed to say is not political,

911
00:44:57,920 --> 00:45:03,480
Speaker 2: it's not racial. It's just blunt. There are not enough successful,

912
00:45:03,560 --> 00:45:08,000
Speaker 2: college educated white men to drive GDP Gross domestic Product

913
00:45:08,200 --> 00:45:09,480
Speaker 2: for the next twenty years.

914
00:45:10,400 --> 00:45:12,319
Speaker 3: I like math. It doesn't have an opinion. That's a

915
00:45:12,320 --> 00:45:13,480
Speaker 3: melody housing quote.

916
00:45:14,080 --> 00:45:16,640
Speaker 2: Now I want every white man I know to be successful.

917
00:45:16,640 --> 00:45:18,600
Speaker 2: I needed to be successful because of his success is

918
00:45:18,640 --> 00:45:20,320
Speaker 2: my success, as I said earlier.

919
00:45:21,320 --> 00:45:22,960
Speaker 3: But there's just not enough of them. And that that

920
00:45:23,560 --> 00:45:26,680
Speaker 3: has not statistically been true at any time in American

921
00:45:26,800 --> 00:45:28,040
Speaker 3: history until now.

922
00:45:28,520 --> 00:45:30,720
Speaker 2: We need women are a third of the economy, Joe.

923
00:45:31,360 --> 00:45:34,000
Speaker 2: In nineteen seventy two, a woman, a white woman, couldn't

924
00:45:34,000 --> 00:45:37,040
Speaker 2: couldn't have a bank account in nineteen seventy two, Joe

925
00:45:37,160 --> 00:45:40,560
Speaker 2: her our mothers couldn't get a loan unless our unless

926
00:45:40,840 --> 00:45:44,719
Speaker 2: the husband's co signed it, not eighteen seventy two, nineteen

927
00:45:44,920 --> 00:45:45,840
Speaker 2: seventy two.

928
00:45:46,480 --> 00:45:49,920
Speaker 3: So luckily we made the right bet and gave women

929
00:45:50,040 --> 00:45:50,440
Speaker 3: rights and.

930
00:45:50,440 --> 00:45:52,760
Speaker 2: Opportunities and they and now they're a third of the economy,

931
00:45:52,800 --> 00:45:55,560
Speaker 2: eight to eight to ten trillion dollars. We need to

932
00:45:56,280 --> 00:45:59,319
Speaker 2: we need to empower the bottom of the pyramid. Poor

933
00:45:59,360 --> 00:46:01,720
Speaker 2: whites is more for whites, and poor anybody else, neighbor,

934
00:46:01,760 --> 00:46:06,280
Speaker 2: mur and Indians, African Americans, Asians, Indians, middle class, whites,

935
00:46:06,280 --> 00:46:09,000
Speaker 2: middle class, everybody. We need to put that ladder back

936
00:46:09,040 --> 00:46:12,320
Speaker 2: down and raise it back up with everybody in mind,

937
00:46:12,719 --> 00:46:15,400
Speaker 2: and watch GDP grow. Otherwise we're gonna be speaking Mandarin

938
00:46:15,400 --> 00:46:18,000
Speaker 2: in twenty years. And I said yes, I said it,

939
00:46:18,000 --> 00:46:19,719
Speaker 2: and I meant it. If we don't get this right,

940
00:46:19,960 --> 00:46:23,320
Speaker 2: our our enemy is not our next door neighbor. The

941
00:46:23,440 --> 00:46:26,120
Speaker 2: enemy's not some black dude or white dude, or Republican

942
00:46:26,200 --> 00:46:31,240
Speaker 2: or Democrat. Knock it off. Russia, China and North Korea

943
00:46:31,520 --> 00:46:33,799
Speaker 2: wants your way of life. And they can't win in

944
00:46:33,840 --> 00:46:36,800
Speaker 2: a fair fight. They can only win, and we shoot

945
00:46:36,840 --> 00:46:39,120
Speaker 2: ourselves in the in the foot where we're doing a

946
00:46:39,160 --> 00:46:40,960
Speaker 2: pretty good job of it. Everybody in the world wants

947
00:46:41,000 --> 00:46:44,680
Speaker 2: to be an American, but Americans. So that's uh, that's

948
00:46:44,760 --> 00:46:46,680
Speaker 2: my capitalist call saying, I gotta go.

949
00:46:46,880 --> 00:46:49,080
Speaker 1: I love it. I love it, man, I hope it's John.

950
00:46:49,120 --> 00:46:50,800
Speaker 1: This has been a pleasure, absolute pleasure. Thank you for

951
00:46:50,880 --> 00:46:52,839
Speaker 1: joining me. Where where can how the money listeners find

952
00:46:52,880 --> 00:46:53,799
Speaker 1: out about your new book?

953
00:46:53,840 --> 00:46:56,800
Speaker 2: By the way, just type in John O'Brien and Capitalism

954
00:46:56,840 --> 00:46:58,640
Speaker 2: for All. You can find it at Barnes and Noble,

955
00:46:58,680 --> 00:47:01,879
Speaker 2: at Walmart and Amazon. It's already on pre pre order

956
00:47:02,040 --> 00:47:04,800
Speaker 2: number one on Amazon and category you can go. You

957
00:47:04,840 --> 00:47:07,360
Speaker 2: can go to Wiley Publishing and go to Briankreu Ventures,

958
00:47:07,440 --> 00:47:09,480
Speaker 2: go to Operation Hoping you buy from Operation Open and

959
00:47:09,520 --> 00:47:10,520
Speaker 2: get a charitable contribution.

960
00:47:10,560 --> 00:47:11,759
Speaker 1: All right, well, we'll link to you in the show

961
00:47:11,760 --> 00:47:13,479
Speaker 1: notes as well. John, thank you so much for joining

962
00:47:13,520 --> 00:47:13,880
Speaker 1: me today.

963
00:47:14,000 --> 00:47:16,399
Speaker 2: Joel God bless you, man. Appreciate you. You got somebout

964
00:47:16,440 --> 00:47:18,719
Speaker 2: to meet. Nobody else has can.

965
00:47:18,760 --> 00:47:22,200
Speaker 1: My big takeaway from this conversation be that I'm inspired,

966
00:47:22,960 --> 00:47:26,240
Speaker 1: because I think it is. And in some ways John

967
00:47:26,280 --> 00:47:29,880
Speaker 1: speaks like a politician, but in so many ways he

968
00:47:30,000 --> 00:47:32,880
Speaker 1: doesn't because he says what he actually what he actually thinks,

969
00:47:32,880 --> 00:47:34,319
Speaker 1: but he speaks in a way I wish I guess

970
00:47:34,320 --> 00:47:39,000
Speaker 1: more politicians would speak, and and especially in an age

971
00:47:39,160 --> 00:47:42,920
Speaker 1: where we're so segmented as well, I'm part part of

972
00:47:43,000 --> 00:47:46,080
Speaker 1: this group or this tribe over here, and John lays

973
00:47:46,120 --> 00:47:49,840
Speaker 1: out what is a compelling vision I would say for

974
00:47:50,000 --> 00:47:55,480
Speaker 1: our country to embrace the idea of free markets and

975
00:47:55,680 --> 00:48:00,640
Speaker 1: entrepreneurship and and and building something that can benefit to

976
00:48:00,680 --> 00:48:05,279
Speaker 1: other people. So just there's a ton more questions by

977
00:48:05,280 --> 00:48:06,840
Speaker 1: the way, I had for John, and I wish we

978
00:48:06,880 --> 00:48:09,000
Speaker 1: could have gotten too. Maybe I'll have to bring him

979
00:48:09,000 --> 00:48:11,760
Speaker 1: back on the podcast at some point in the future,

980
00:48:11,800 --> 00:48:14,000
Speaker 1: but I think, yeah, big takeaway. First big takeaway is

981
00:48:14,080 --> 00:48:18,120
Speaker 1: ultimately that I think this is aspirational and inspirational and

982
00:48:18,640 --> 00:48:24,239
Speaker 1: we need that sometimes right, to remember that we're fortunate

983
00:48:24,280 --> 00:48:27,640
Speaker 1: to live in a place where we can go start something.

984
00:48:27,680 --> 00:48:30,560
Speaker 1: I talked to friends, talk to a friend who's from

985
00:48:30,640 --> 00:48:32,839
Speaker 1: another country, and he said, oh my gosh, to start

986
00:48:32,840 --> 00:48:36,080
Speaker 1: a business, to start a little grocery store. Do you

987
00:48:36,200 --> 00:48:39,759
Speaker 1: know how much oversight, how much we would have had

988
00:48:40,120 --> 00:48:44,439
Speaker 1: to prove to the government, essentially in order to even

989
00:48:44,480 --> 00:48:46,880
Speaker 1: get a tiny grocery store started. He was like, it

990
00:48:47,200 --> 00:48:50,279
Speaker 1: was impossible here in this country, you can start a

991
00:48:50,320 --> 00:48:51,839
Speaker 1: small grocery store in your neighborhood.

992
00:48:51,920 --> 00:48:52,360
Speaker 3: And by the.

993
00:48:52,360 --> 00:48:56,239
Speaker 1: Way, those are back. Small grocery stores are back. They're

994
00:48:56,239 --> 00:48:58,600
Speaker 1: making a dent, they're serving their local communities, they're serving

995
00:48:58,640 --> 00:49:01,640
Speaker 1: high quality items that cost more than they do at

996
00:49:01,640 --> 00:49:03,600
Speaker 1: a traditional grocery store most of the time. But people

997
00:49:03,640 --> 00:49:06,160
Speaker 1: are like, you know what, these are locally sourced items,

998
00:49:06,200 --> 00:49:08,680
Speaker 1: and so I'm more than happy to pay. It's fascinating

999
00:49:08,719 --> 00:49:12,080
Speaker 1: to see this uptick in small grocery stores. Well, guess

1000
00:49:12,120 --> 00:49:15,120
Speaker 1: what in the United States, you right there, whoever you

1001
00:49:15,160 --> 00:49:19,200
Speaker 1: are listening to, when if you had the druthers, the idea,

1002
00:49:19,320 --> 00:49:22,160
Speaker 1: a little bit of capital to get started, you could

1003
00:49:22,200 --> 00:49:25,880
Speaker 1: go do this yourself. And so what John is pointing

1004
00:49:25,880 --> 00:49:30,200
Speaker 1: to is I think quite true. Still in this country,

1005
00:49:30,640 --> 00:49:34,200
Speaker 1: we still live in a time where it is possible,

1006
00:49:35,520 --> 00:49:38,640
Speaker 1: it is incredible, is very possible, maybe more possible than ever,

1007
00:49:39,160 --> 00:49:42,040
Speaker 1: to start your own business and to succeed and to

1008
00:49:42,120 --> 00:49:44,799
Speaker 1: not depend on someone else creating a job for you.

1009
00:49:45,800 --> 00:49:50,960
Speaker 1: And I'm not saying it's easy, but it is quite possible.

1010
00:49:50,960 --> 00:49:53,960
Speaker 1: But this actually, in some ways, this conversation brought me

1011
00:49:54,000 --> 00:49:58,080
Speaker 1: back to our conversation we had with John Mackey, the

1012
00:49:58,120 --> 00:50:01,080
Speaker 1: founder of Whole Foods, talking about grocery stores, who is

1013
00:50:02,360 --> 00:50:05,759
Speaker 1: an advocate for something called conscious capitalism, and John Hope

1014
00:50:05,760 --> 00:50:09,120
Speaker 1: Bryant very much in that same space. I think one

1015
00:50:09,120 --> 00:50:10,839
Speaker 1: of the other things that John said that I wrote

1016
00:50:10,880 --> 00:50:12,879
Speaker 1: down when he said it was you can do well

1017
00:50:12,920 --> 00:50:15,759
Speaker 1: and do good. And I think that is such a

1018
00:50:15,800 --> 00:50:19,480
Speaker 1: great message, and I think it is incredibly true that

1019
00:50:19,520 --> 00:50:23,480
Speaker 1: you can build something that is not only good for you,

1020
00:50:23,760 --> 00:50:26,160
Speaker 1: good for your family, good for wealth building, but it's

1021
00:50:26,200 --> 00:50:28,799
Speaker 1: good for the community, it's good for the people that

1022
00:50:28,880 --> 00:50:31,799
Speaker 1: you employ. And this is where and this is where

1023
00:50:31,800 --> 00:50:34,279
Speaker 1: I think the term capitalism has really gotten commandeered, and

1024
00:50:34,320 --> 00:50:37,560
Speaker 1: free markets might be just a better term to use

1025
00:50:37,640 --> 00:50:41,600
Speaker 1: that is actually more on the nose. And then also

1026
00:50:42,320 --> 00:50:47,279
Speaker 1: is just it has less baggage associated with it. But

1027
00:50:48,239 --> 00:50:50,680
Speaker 1: capitalism for all, that's something I can get behind. And

1028
00:50:50,719 --> 00:50:53,239
Speaker 1: the more we can each of us do our own

1029
00:50:53,280 --> 00:50:58,960
Speaker 1: part to build good things where we live and to

1030
00:50:59,120 --> 00:51:03,520
Speaker 1: ensure that people who might not have as much access

1031
00:51:04,239 --> 00:51:07,520
Speaker 1: to the ladders that they need if we can help

1032
00:51:08,800 --> 00:51:11,280
Speaker 1: be that ladder, just like John is with this nonprofit

1033
00:51:11,320 --> 00:51:14,640
Speaker 1: Operation Hope, and he's trying to help people with financial

1034
00:51:14,680 --> 00:51:16,880
Speaker 1: literacy with budget management.

1035
00:51:17,120 --> 00:51:17,319
Speaker 3: Right.

1036
00:51:18,320 --> 00:51:21,560
Speaker 1: That nonprofit serves a ton of people, all Lah Money

1037
00:51:21,560 --> 00:51:22,560
Speaker 1: Management International.

1038
00:51:22,840 --> 00:51:23,040
Speaker 3: Right.

1039
00:51:23,200 --> 00:51:26,239
Speaker 1: The companies that we talk about the nonprofits who are

1040
00:51:26,280 --> 00:51:28,359
Speaker 1: doing good work out there, Operation Hope is another one.

1041
00:51:28,440 --> 00:51:32,759
Speaker 1: So John isn't just right doing the good stuff and

1042
00:51:32,800 --> 00:51:35,440
Speaker 1: making money so that he can splurge and live his life.

1043
00:51:36,160 --> 00:51:39,400
Speaker 1: He is also he is a part of that process

1044
00:51:39,480 --> 00:51:41,600
Speaker 1: of putting the ladder down for other people, which we

1045
00:51:41,680 --> 00:51:44,360
Speaker 1: so desperately need right now. So thank you as always

1046
00:51:44,360 --> 00:51:47,319
Speaker 1: for listening. We'll put links in the show notes to

1047
00:51:47,920 --> 00:51:50,040
Speaker 1: some of the resources that we're mentioned, including John's new

1048
00:51:50,080 --> 00:51:52,399
Speaker 1: book Hope you check it out. And of course thank

1049
00:51:52,440 --> 00:51:54,400
Speaker 1: you for being a part of this show and the

1050
00:51:54,440 --> 00:51:57,040
Speaker 1: hod of Money community. I really appreciate it. Until next time,

1051
00:51:57,320 --> 00:52:07,520
Speaker 1: Best friend out,