WEBVTT - Capitalism for ALL: Making the System Work for Everyone w/ John Hope Bryant #1121 0:00:00.080 --> 0:00:02.680 Welcome to How to Money. I'm Joel, and today I'm 0:00:02.800 --> 0:00:06.160 talking capitalism for all, making the system work for everyone 0:00:06.640 --> 0:00:27.320 with John Hope Bryant. Okay, so you might expect someone 0:00:27.360 --> 0:00:29.680 who experienced homelessness as a kid to grow up angry 0:00:29.720 --> 0:00:33.080 at the financial system. Well, instead, John Hobebriant, he set 0:00:33.120 --> 0:00:35.760 out to understand it and to help more people succeed 0:00:35.880 --> 0:00:39.120 within it. So he believes in financial literacy. He believes 0:00:39.120 --> 0:00:42.680 that it's not just helpful, it's actually foundational to economic 0:00:42.760 --> 0:00:46.720 opportunity and even to human dignity. John Hobrien, He's the founder, 0:00:46.720 --> 0:00:49.519 He's the chairman and CEO of Operation Hope, which is 0:00:49.640 --> 0:00:53.400 one of the nation's leading organizations focused on financial literacy, 0:00:53.520 --> 0:00:57.160 credit access, and economic empowerment. So today we're talking about credit, 0:00:57.160 --> 0:01:01.000 We're talking about economic mobility, entrepreneurship, what it really takes 0:01:01.000 --> 0:01:05.120 to build a financial system that works for everyone. John 0:01:05.160 --> 0:01:08.320 Hope Bryant, Welcome to How to Money. Thanks for joining me, Joe. 0:01:08.440 --> 0:01:10.160 Nice to be with you, honor to be with you. 0:01:10.760 --> 0:01:12.800 Heard good things about you. And this is a very 0:01:12.800 --> 0:01:17.800 important conversation on the two hundred and fifty anniversary of 0:01:17.840 --> 0:01:21.160 our nation. No one more important time to have a 0:01:21.200 --> 0:01:24.280 conversation about who we want to be when we grow 0:01:24.360 --> 0:01:25.839 up than now. 0:01:26.400 --> 0:01:26.680 Yeah. 0:01:26.880 --> 0:01:30.280 Yeah, still a young nation in so many ways, and 0:01:30.400 --> 0:01:32.320 we have a lot of young listeners here, John, who 0:01:32.360 --> 0:01:35.320 I think can benefit from your wisdom and your experience. 0:01:35.600 --> 0:01:37.479 First question I got to ask you, because we ask 0:01:37.560 --> 0:01:39.480 everyone who comes on the show, is what do you 0:01:39.560 --> 0:01:40.040 like to di splur? 0:01:40.120 --> 0:01:40.360 John? 0:01:40.480 --> 0:01:42.560 What is the thing you're doing the smart stuff? You're 0:01:42.560 --> 0:01:45.480 saving your investing for your future, but you got to 0:01:45.520 --> 0:01:49.680 have like an outlet for spending that provides joy in 0:01:50.000 --> 0:01:51.880 the here and now as well? What is that for you? 0:01:52.640 --> 0:01:56.000 My racing simulator tell me about Well, I have a 0:01:56.040 --> 0:01:59.200 full competitive auto racing license, which I don't get to 0:01:59.280 --> 0:02:01.640 use very often because of my schedule, but I do 0:02:01.680 --> 0:02:02.080 a lot. 0:02:01.920 --> 0:02:02.800 Of track days. 0:02:03.920 --> 0:02:07.800 I have of race cars at Atlanta Motorsports Park or 0:02:07.800 --> 0:02:11.600 Atlanta Native so you know it's in Dawsonville, so it's 0:02:11.639 --> 0:02:14.960 like a country club for race cars. And so I'm right. 0:02:15.000 --> 0:02:17.600 We have a Conda ride on the straightaway and my 0:02:17.720 --> 0:02:19.880 cars are underneath. And we have a racing simulator here 0:02:19.880 --> 0:02:23.080 at my house that we have in South Atlanta and 0:02:23.080 --> 0:02:25.920 North Faeeville, and so I was on it all day yesterday, 0:02:26.200 --> 0:02:28.799 And that's if you want to call it a splurge, 0:02:29.280 --> 0:02:32.320 it's I just got a diving certification when I was 0:02:32.320 --> 0:02:39.360 in Maui, and that being underneath in the calm, blue 0:02:39.400 --> 0:02:43.680 ocean was one form of freedom and release. And then 0:02:43.720 --> 0:02:46.919 being on the road the next week in Dubai where 0:02:46.919 --> 0:02:50.360 I could arrive and arrive and drive there because I 0:02:50.360 --> 0:02:52.959 have this racing license, and to have do they have 0:02:52.960 --> 0:02:55.760 Buddhism at one hundred and fifty miles an hour, which 0:02:55.800 --> 0:02:57.960 is what I call motorsports, is. 0:02:57.919 --> 0:02:59.359 Another form of calm. 0:03:00.280 --> 0:03:03.760 Those two, if you want to call it, or splurges, 0:03:03.800 --> 0:03:06.160 But really all money is his freedom, that's all it is. 0:03:06.200 --> 0:03:08.919 And so I had the freedom now to do things 0:03:09.000 --> 0:03:10.680 like that. But it's really not about the money, it's 0:03:10.680 --> 0:03:11.799 about what it facilitates. 0:03:12.240 --> 0:03:18.079 Yeah, well, John, you're an incredible entrepreneur, But it kind 0:03:18.120 --> 0:03:20.200 of it wasn't obvious that that was going to be 0:03:20.240 --> 0:03:21.960 the outcome of your life. When you look at your 0:03:21.960 --> 0:03:26.799 family tree, what do you think prompted or connected made 0:03:26.880 --> 0:03:28.520 that a possibility for you? 0:03:28.960 --> 0:03:29.240 Pain? 0:03:30.840 --> 0:03:35.720 Pain, suffering, problems, challenges. My mom and dad had built 0:03:36.400 --> 0:03:39.120 wealth up. They came from the Deep South. My second 0:03:39.120 --> 0:03:43.000 grade grandparents were slaves on both sides of my family tree. 0:03:43.480 --> 0:03:46.160 My mother, my mother's mother owned a shotgun shock. Your 0:03:46.160 --> 0:03:48.200 listeners can look up what that is. We won't waste 0:03:48.240 --> 0:03:53.840 time on definitions. My second grade grandmother, my mother's side, 0:03:55.320 --> 0:03:58.480 escaped slavery, bought up, built a house, and had a 0:03:58.520 --> 0:04:00.920 border with no mortgage on the house border me in 0:04:00.920 --> 0:04:04.960 a renter, so she was a free enterprise person. My grandmother, 0:04:05.200 --> 0:04:07.160 to the extend that she could, was a free enterprise person. 0:04:07.200 --> 0:04:10.520 My mother owned seven homes and sold them. I owned 0:04:10.520 --> 0:04:15.760 seven hundred. My father, my second great grandfather, protected Memphis, 0:04:15.800 --> 0:04:19.360 Tennessee a fre Abraham Lincoln as part of the Emancipation Proclamation, 0:04:21.400 --> 0:04:23.080 So had sort of justice in. 0:04:23.400 --> 0:04:26.719 My bones from from an early age. Got it honest. 0:04:26.760 --> 0:04:29.960 But he protected folks who weren't protecting them because, of course, 0:04:29.960 --> 0:04:32.800 the Emancipation Proclamation was a call for those behind quote 0:04:32.880 --> 0:04:36.160 enemy lines. Then my grandfather was Arby Smith, was a sharecropper, 0:04:36.640 --> 0:04:39.480 so working land he didn't own that he would actually 0:04:39.520 --> 0:04:42.160 never be able to control, but he worked it anyway 0:04:42.480 --> 0:04:44.679 because he was industrious and wanted to do for himself. 0:04:44.960 --> 0:04:47.640 My father was a businessman. I'm an entrepreneur. 0:04:47.720 --> 0:04:50.800 My mom and dad took those bones, if you will, 0:04:51.760 --> 0:04:54.880 brought them together. Initially it worked. They built a small 0:04:55.440 --> 0:04:59.240 conglomerate of small businesses in south central Los Angeles. Apartment 0:04:59.279 --> 0:05:02.800 building they bought for eighteen thousand dollars now worth eight 0:05:02.839 --> 0:05:05.040 million dollars, a home gas station. 0:05:05.080 --> 0:05:08.560 Anyway, they lost it all. They divorced over money. 0:05:08.640 --> 0:05:12.840 Joe Number one calls her divorce in America's Money. Make 0:05:12.880 --> 0:05:15.280 a long story short. I saw a murder when I 0:05:15.320 --> 0:05:17.200 was six or seven years old. The guy who saved 0:05:17.200 --> 0:05:20.000 my life. That was over money. My next door neighbor 0:05:20.040 --> 0:05:22.039 was a drug dealer at the house. My mother bought 0:05:22.200 --> 0:05:24.400 it with you know, she saved money and bought a house. 0:05:24.440 --> 0:05:27.160 After the divorce in complet California, I tried to make 0:05:27.200 --> 0:05:29.719 a friend. That friend was very smart, but didn't have 0:05:29.760 --> 0:05:31.720 good parents like I did. Even though they were divorced, 0:05:31.720 --> 0:05:36.000 they didn't make me a point of contention. They loved 0:05:36.000 --> 0:05:38.600 me irrespective my dad had gave me says yes I can, 0:05:39.040 --> 0:05:40.719 My mother sin said yes I am. She told me 0:05:40.760 --> 0:05:42.120 she loved me every day in my life. This is 0:05:42.120 --> 0:05:46.240 important to your question. So this best friend of mine 0:05:46.960 --> 0:05:49.080 didn't have good role models anyway, He started hanging around 0:05:49.080 --> 0:05:50.520 with the next door neighbor who was a drug dealer 0:05:50.520 --> 0:05:52.240 that got killed together. So by the time I was 0:05:52.360 --> 0:05:55.599 nine years old, I saw the death of our family 0:05:55.720 --> 0:05:58.400 net worth. We lost that apartment building, lost all those assets. 0:05:58.400 --> 0:05:58.960 I mentioned to. 0:05:58.920 --> 0:06:01.719 You, because my dad was I couldn't make it, but 0:06:01.760 --> 0:06:04.640 couldn't keep it, wouldn't ask my mother for help in 0:06:04.680 --> 0:06:07.440 a relationship two plus twotion equal six, eight or ten. 0:06:08.000 --> 0:06:10.320 Either you're better together or what are you doing? So 0:06:10.360 --> 0:06:13.000 he didn't get that memo. So I got all these 0:06:13.080 --> 0:06:15.320 lessons the hard way, Joe. Most people go to business school, 0:06:15.320 --> 0:06:17.560 they go to you know, this life was my business 0:06:17.600 --> 0:06:20.160 school was my master's class. And I got these lessons 0:06:20.160 --> 0:06:22.520 and I only had to teach me once. And then 0:06:22.600 --> 0:06:24.360 when I was nine years old, a banker came to 0:06:24.440 --> 0:06:26.880 my classroom and taught me financial literacy. And he happened 0:06:26.920 --> 0:06:31.359 to be Caucasian. And that's important because most experiences of 0:06:31.480 --> 0:06:34.120 folks like me growing up with a person of Caucasian 0:06:34.360 --> 0:06:38.000 was negative, a police officer throwing you against the patrol 0:06:38.040 --> 0:06:38.640 car or something. 0:06:38.720 --> 0:06:40.000 This was a positive experience. 0:06:40.640 --> 0:06:42.560 And this banker came and taught me financial literacy from 0:06:42.560 --> 0:06:45.960 Bank of America, and my teachers would buy the mail 0:06:46.040 --> 0:06:48.400 order products that I bought, and so that I had 0:06:48.440 --> 0:06:50.600 in my little briefcase with just my dreams in it. 0:06:50.800 --> 0:06:53.200 I sell mail order. My teachers, who are also Caucasian 0:06:53.360 --> 0:06:55.480 would buy them from me. So I had these positive 0:06:55.480 --> 0:06:58.080 experiences around. You might call race relations. I didn't know 0:06:58.160 --> 0:07:01.040 that's what it was. But I asked banker who came 0:07:01.080 --> 0:07:02.880 in once a week for six weeks, what do you 0:07:02.920 --> 0:07:06.440 do for a living, and how'd you get rich legally? 0:07:07.240 --> 0:07:10.240 And I was dead serious, right, I mean, I'd never 0:07:10.280 --> 0:07:12.240 met this. I mean, this guy's like a martian. Come 0:07:12.280 --> 0:07:15.000 into my classroom. My mother could My mother had a 0:07:15.160 --> 0:07:17.920 lunch break joel in two fifteen minute breaks and she 0:07:17.960 --> 0:07:19.400 only came to school if I got in trouble. This 0:07:19.440 --> 0:07:21.560 guy was there in the middle of the day, chilling right, 0:07:22.080 --> 0:07:23.440 and he said he called that. He said, I'm on 0:07:23.520 --> 0:07:24.000 a salary. 0:07:24.040 --> 0:07:24.400 What's that? 0:07:25.480 --> 0:07:27.920 Where do you work? Bank of America? Where in a 0:07:28.040 --> 0:07:30.600 sky creaper? Here's my business card? Sixteen floor it's no 0:07:30.720 --> 0:07:32.920 sixteen flour in content, there's six floors in content, and 0:07:32.960 --> 0:07:33.280 that's a. 0:07:33.200 --> 0:07:36.000 Courthouse like boom. Who is this guy? 0:07:36.360 --> 0:07:38.560 And he says, I'm a banker and I finance entrepreneurs, 0:07:38.560 --> 0:07:40.200 and I said, I don't know what an entrepreneur is, 0:07:40.200 --> 0:07:43.120 but it was legal, and you're financing it. 0:07:44.120 --> 0:07:44.960 I'm going to be one. 0:07:44.960 --> 0:07:47.640 And so later on I created a for profit and 0:07:47.680 --> 0:07:50.320 a nonprofit now the largest of their kind in the country. 0:07:51.080 --> 0:07:57.480 We've invested five billion dollars into mostly underserved economies, untapping 0:07:58.120 --> 0:08:01.920 untapping human potential at scale. But the nonprofit is teaching 0:08:02.040 --> 0:08:04.560 people how to get bank qualified at prime rates. Well 0:08:04.680 --> 0:08:08.800 that's essentially, Joe, what that banker told me. I said, 0:08:09.080 --> 0:08:11.520 So your job is a lend poor people money, and 0:08:11.560 --> 0:08:12.000 all I have to. 0:08:12.000 --> 0:08:15.720 Do is prove I can pay it back. Yes, okay, 0:08:16.240 --> 0:08:16.640 I'm in. 0:08:16.760 --> 0:08:18.880 So I became an entrepreneur and put the lixture out 0:08:18.880 --> 0:08:21.920 of the candy business when I was ten years old, 0:08:22.240 --> 0:08:24.000 so that my confidence went through the roof from that. 0:08:24.680 --> 0:08:27.360 I was homeless when I was eighteen years old for 0:08:27.400 --> 0:08:32.480 about six to eight months of my life, so you 0:08:32.520 --> 0:08:34.960 can't fall from the floor. So by the time I 0:08:35.040 --> 0:08:38.120 was twenty years old, man, I had all kinds of 0:08:38.160 --> 0:08:41.160 experiences that a sixty year old would have. Most sixty 0:08:41.240 --> 0:08:44.040 year olds don't have those those loble experiences, and so 0:08:44.480 --> 0:08:47.760 I really had a sense that this system could work 0:08:47.840 --> 0:08:50.679 for everybody. But it's what people don't know that they 0:08:50.679 --> 0:08:52.200 don't know, but they think they know. 0:08:52.840 --> 0:08:53.080 Right. 0:08:53.160 --> 0:08:55.000 People can focus I want to get that money. We'll 0:08:55.040 --> 0:08:56.920 get that bag, that cash with that dollar. This is 0:08:57.320 --> 0:08:59.320 you say, you have a young listeners. They're focusing on this. 0:08:59.400 --> 0:09:01.920 I want that dollar, I want that money. No, wrong, 0:09:02.840 --> 0:09:06.280 it's an illusion. All money is in exchange of value. 0:09:06.520 --> 0:09:08.160 You want to build wealth, and you build wealth in 0:09:08.200 --> 0:09:12.400 your sleep. And one of those areas is entrepreneurship, business 0:09:12.760 --> 0:09:16.800 right of course, home ownership, asset ownership. So it just 0:09:16.880 --> 0:09:19.160 dawned on me. That's my last book, Financial Literacy for All. 0:09:19.160 --> 0:09:21.640 This is my seventh book coming out now, Capitalism for All. 0:09:21.760 --> 0:09:24.200 I've been giving people these sort of software upgrades along 0:09:24.240 --> 0:09:25.200 the way. 0:09:25.600 --> 0:09:28.480 The book Love Leadership was a philosophy on doing well 0:09:28.520 --> 0:09:29.280 and doing good and. 0:09:31.120 --> 0:09:33.600 How the poor can save Capitalism is sort of self 0:09:33.840 --> 0:09:36.320 self described title, but people thought it was crazy when 0:09:36.320 --> 0:09:38.640 I wrote that. But basically my rich phrase eat my 0:09:38.679 --> 0:09:41.160 poor friends, do better, if only to stay rich because 0:09:41.200 --> 0:09:43.199 the market is seventy percent. The biggest economy in the 0:09:43.240 --> 0:09:47.040 world is seventy percent consumer spending seventy there's a lesson 0:09:47.040 --> 0:09:49.160 we need to learn and think about right now. 0:09:49.400 --> 0:09:52.000 The book the memo, Get the memo. That's what we 0:09:52.000 --> 0:09:53.560 were talking about about what folks. 0:09:53.360 --> 0:09:55.760 Don't know, they don't know up from nothing, my personal story, 0:09:55.760 --> 0:09:58.839 financial literacy for all, getting people the bones of. 0:09:58.760 --> 0:09:59.280 What they need. 0:09:59.320 --> 0:10:08.920 And now, the most audacious, bold, disruptive idea I think 0:10:09.120 --> 0:10:14.480 that has been injected in American DNA in a while 0:10:15.520 --> 0:10:18.680 is that this thing that people are intimidated by or 0:10:18.720 --> 0:10:23.160 resent but often don't understand. Even those who are participating 0:10:23.160 --> 0:10:24.920 in it don't understand it. Think it's about making money and 0:10:25.080 --> 0:10:30.560 it's about all themselves. This capitalism for all ethos is 0:10:30.600 --> 0:10:32.680 the only thing that can save us, and it saved me. 0:10:33.400 --> 0:10:37.000 So I came from this unlikely place and most of 0:10:37.000 --> 0:10:39.880 the people who thought I was wasting my time in 0:10:39.920 --> 0:10:42.080 the neighborhood I grew up with want to work for me. 0:10:42.120 --> 0:10:44.000 Now four hundred employees. 0:10:43.600 --> 0:10:45.880 By the way, and what made you? It sounds like 0:10:46.160 --> 0:10:48.400 when I'm hearing I hear two things that came out 0:10:48.400 --> 0:10:51.080 in your story. There's curiosity and there was some boldness. 0:10:51.400 --> 0:10:55.640 And those are you were asking questions about how the 0:10:55.679 --> 0:10:58.080 system worked that you didn't understand. You were getting nosy, right, 0:10:58.080 --> 0:10:59.959 you were getting up in this guy's business to try 0:10:59.960 --> 0:11:02.560 to figure out what, how did you thrive in this 0:11:02.920 --> 0:11:06.480 environment that I don't really understand. It seems like in 0:11:06.559 --> 0:11:10.320 our culture right now, there's a lot of burn it 0:11:10.360 --> 0:11:13.480 down because I don't understand it. Instead of curiosity, let 0:11:13.559 --> 0:11:15.880 me enter into this. How can I succeed in this environment? 0:11:15.880 --> 0:11:18.640 It's like, I don't I don't like the game. How 0:11:18.640 --> 0:11:20.480 would you respond to someone who's thinking that way? 0:11:21.160 --> 0:11:24.840 Well, it's wrong, first of all, and it's ours and 0:11:24.880 --> 0:11:28.080 it's our parents' fault. My parents had a responsibility to 0:11:28.120 --> 0:11:29.920 raise me. My mother told me she loved me every 0:11:30.000 --> 0:11:31.680 day of my life so that I don't have a 0:11:31.679 --> 0:11:33.880 self esteem problem, and I thank her for that every day. 0:11:34.360 --> 0:11:36.040 I think my dad for a lot of things. But 0:11:36.080 --> 0:11:40.920 my dad also missed the matriculation exam on relationships. He 0:11:41.120 --> 0:11:44.000 missed the matriculation exam on how to treat a woman. 0:11:44.600 --> 0:11:48.840 He missed the exam on how to build a business, 0:11:48.920 --> 0:11:53.079 build wealth, generational wealth, to protect it, on being nosy. 0:11:53.400 --> 0:11:55.440 So you're being nice and saying I'm curious. No, I'm 0:11:55.440 --> 0:11:58.600 actually nosy. Yeah, I give you two ears in one mouth. 0:11:58.679 --> 0:12:00.600 You listen twice as much as you talk I'm actually 0:12:00.720 --> 0:12:04.520 very nosy. I got my nose in everything, and you 0:12:04.600 --> 0:12:06.840 got to stay young. You have to stay nosy, and 0:12:06.880 --> 0:12:08.960 you have to understand your parents or just your parents. 0:12:08.960 --> 0:12:11.520 They're trying the best that they can and do what 0:12:11.559 --> 0:12:15.720 they do. But if they're not successful financially, if they're 0:12:15.760 --> 0:12:18.640 not succeeding in the way that they would have liked, 0:12:18.720 --> 0:12:20.400 or you would think that they have the potential for 0:12:20.960 --> 0:12:21.199 you have. 0:12:21.160 --> 0:12:22.000 To consider the source. 0:12:22.040 --> 0:12:24.080 There's an old saying, no matter how much I love you, 0:12:24.120 --> 0:12:26.160 my son or my daughter, if I don't have wisdom, 0:12:26.240 --> 0:12:28.320 all I can give you is my own ignorance, And 0:12:28.360 --> 0:12:30.920 so out of love we pass down bad habits generation 0:12:31.000 --> 0:12:33.360 and generation. And again is what we don't know that 0:12:33.400 --> 0:12:35.679 we don't know we think we know. So here's a misnomer. 0:12:36.000 --> 0:12:37.520 People say, I hate rich people. 0:12:38.040 --> 0:12:38.720 No, you don't. 0:12:39.600 --> 0:12:42.880 You hate rich people until you become rich. What you 0:12:42.960 --> 0:12:45.839 hate is a game system. What you hate is a 0:12:45.880 --> 0:12:47.800 system that no matter how hard you work, you can't 0:12:47.800 --> 0:12:48.720 seem to get ahead. 0:12:49.000 --> 0:12:50.360 So let's ungain the system. 0:12:50.559 --> 0:12:52.160 That's what I'm doing with the book, That's what we're 0:12:52.200 --> 0:12:54.280 doing with the work with Operation Hope. Is what I'm 0:12:54.280 --> 0:12:56.880 doing in my work as a capitalist at Brian your 0:12:57.000 --> 0:13:00.640 venture's second point. Let's say that somebody listening to this 0:13:00.720 --> 0:13:02.560 and saying I don't I'm just not buying with this 0:13:02.600 --> 0:13:05.559 guy saying it's a nice, cool story. But you know, 0:13:05.760 --> 0:13:09.480 I'm going to college and I'm going to become a socialist. Okay, 0:13:09.760 --> 0:13:13.960 here's my question to you. Two questions. Even if you 0:13:14.920 --> 0:13:18.400 distribute money like a want to distribute money like a socialist, 0:13:18.920 --> 0:13:20.680 don't you have to first collect it like a capitalist? 0:13:22.280 --> 0:13:25.360 Second question, how'd you get to college? 0:13:25.679 --> 0:13:29.320 Right? Did the government send you? 0:13:29.360 --> 0:13:33.200 Did the community block club send you and pay your tuition? 0:13:33.640 --> 0:13:37.600 Who's paying your car note? Who's paying your rent? Who's 0:13:37.640 --> 0:13:41.720 paying somebody give you a food stipend? Is somebody paying 0:13:41.760 --> 0:13:44.080 your cell phone bill that I'm unaware of? Is the 0:13:44.080 --> 0:13:47.480 government doing that? The government give you sheets that you're 0:13:47.520 --> 0:13:50.160 sleeping with? Did the government pay your utility bills for 0:13:50.200 --> 0:13:53.080 the apartment or the public the public housing, the student housing? 0:13:53.280 --> 0:13:56.160 No, No, your parents did that? Okay? Where'd your parents 0:13:56.200 --> 0:13:58.120 get the money? Right? 0:13:58.320 --> 0:14:01.720 So we are games with ourselves, those who say I 0:14:01.720 --> 0:14:05.160 don't like capitalism. Look all socialism is really the biggest, 0:14:05.200 --> 0:14:08.199 really simple. It's a taxing system. You know, you look 0:14:08.200 --> 0:14:10.600 at the Nordic countries. And I've been to one hundred countries, 0:14:10.600 --> 0:14:12.720 including the Nordic countries, and I know I've been there 0:14:12.760 --> 0:14:15.120 several times. I'm not talking about like traveling as a tourist. 0:14:15.160 --> 0:14:18.280 I know them very well. I mean they're engaging capitalism. 0:14:18.400 --> 0:14:23.680 Sweden and Finland have their capitalists platform, like Sweden is 0:14:23.720 --> 0:14:25.880 Timber is one of their big businesses I remember. 0:14:25.800 --> 0:14:27.440 More so than the United States in some ways. 0:14:27.600 --> 0:14:30.000 One hundred percent Nokia came out of I think it 0:14:30.040 --> 0:14:33.480 was Finland and Norway is oil, right. But what they 0:14:33.480 --> 0:14:36.520 did was they decided to tax the wealthy at a 0:14:36.600 --> 0:14:39.920 higher rate so they wouldn't be poverty underneath it, and 0:14:39.960 --> 0:14:43.520 that social services were funded. And that's great, but there's 0:14:43.600 --> 0:14:45.960 less people there, much less, Like we've got more people 0:14:45.960 --> 0:14:48.640 in the city in America than they've got in their country. 0:14:49.040 --> 0:14:52.120 Number Two, while you don't see anybody at the bottom, Joel, 0:14:52.360 --> 0:14:54.520 with that system, you don't see people who look like 0:14:54.560 --> 0:14:59.120 me at the top. So I want to have full fluency. 0:14:59.160 --> 0:15:00.560 I want to be able to go from the bottom 0:15:00.600 --> 0:15:03.280 as I have. I'm at zero point zero one percent. 0:15:03.280 --> 0:15:04.760 I want to go. I want to go as far 0:15:04.800 --> 0:15:07.360 as I have the capacity that's not possible in a 0:15:07.400 --> 0:15:12.520 socialist system. No one washes rental cars. You drive it 0:15:12.560 --> 0:15:14.160 for two or three weeks, it gets dirty. You can 0:15:14.160 --> 0:15:17.400 paint your fate your face on the windshield is so dirty, 0:15:17.480 --> 0:15:18.920 and you take it back to the person who owns it, 0:15:18.920 --> 0:15:21.560 which is hurts their budget, or whoever you rented the 0:15:21.560 --> 0:15:24.480 car from. You don't want you take care of it 0:15:24.480 --> 0:15:30.320 because you own it, so we anger emotions in business 0:15:30.400 --> 0:15:35.360 are inappropriate placements in a serious environment. Anger is not 0:15:35.400 --> 0:15:37.520 a strategy, and emotions should never be a You be 0:15:37.560 --> 0:15:39.320 part of a serious decision making. Whenever you make an 0:15:39.360 --> 0:15:42.480 emotional decision, it's the wrong one. Cryptocurrency I'm going to 0:15:42.600 --> 0:15:44.280 I'm going to light up a lot of folks on fire. 0:15:44.360 --> 0:15:44.600 Now. 0:15:44.920 --> 0:15:49.040 Cryptocurrency was created emotionally as a result of the two 0:15:49.080 --> 0:15:52.920 thousand and eight economic crisis. Don't trust me, Go do 0:15:52.960 --> 0:15:55.280 your own research. It wasn't somebody sitting around going how 0:15:55.280 --> 0:15:57.800 do I create a better economic system. It was I'm 0:15:57.840 --> 0:16:00.720 angry at this system. Let's burn it down and let's 0:16:00.720 --> 0:16:03.440 create this other system. And I find it interesting. And 0:16:03.480 --> 0:16:05.360 by the way, my wife owns bitcoins. Gonna be very 0:16:05.360 --> 0:16:08.960 clear that you know I'm not and I love blockchain technology, 0:16:09.040 --> 0:16:13.240 but ninety percent of the crypto is either bankrupt, out 0:16:13.280 --> 0:16:17.400 of business, or on ice not working. You have some 0:16:17.480 --> 0:16:19.960 that are very doing very well, about a dozen of them, right, 0:16:20.400 --> 0:16:24.680 But even a half dozen of those dozen redeem and 0:16:24.720 --> 0:16:30.320 they're back by fiat currency, back by by cash. Right, So, 0:16:30.680 --> 0:16:33.400 and what are people trying to do with cryptocurrency? Cash 0:16:33.440 --> 0:16:33.840 it out for. 0:16:35.840 --> 0:16:36.200 Cash? 0:16:36.240 --> 0:16:38.240 So, by the way, what's the point of a dating 0:16:38.280 --> 0:16:41.240 app talking about technology to go meet somebody in person? 0:16:41.400 --> 0:16:44.320 So you can't get around. 0:16:44.080 --> 0:16:47.600 The fact that the fundamentals of this system are are 0:16:48.080 --> 0:16:51.840 you know, it's like capitalism, democracy, Joel or horrible systems 0:16:51.920 --> 0:16:54.320 except for every other system. It's really what I'm saying, 0:16:54.440 --> 0:16:57.160 So don't burn it down. Improve it. When you're being 0:16:57.160 --> 0:16:58.840 a run out of town, get in front of the crowd, 0:16:58.960 --> 0:17:01.560 made like a parade. Why spend all this energy trying 0:17:01.560 --> 0:17:04.359 to create something different when you're the biggest economy on 0:17:04.400 --> 0:17:07.720 the planet. America is the biggest economy in the world, 0:17:07.840 --> 0:17:11.359 thirty trillion dollars. The US currency, we're not treating it 0:17:11.440 --> 0:17:12.080 very well at the moment. 0:17:12.080 --> 0:17:15.280 The US currency is the flight the quality US stocks, 0:17:15.400 --> 0:17:18.240 US real estate, where the flight the quality in the world. 0:17:19.920 --> 0:17:23.359 Why wouldn't we want to burn that down? Why wouldn't 0:17:23.359 --> 0:17:25.520 when you want to build on top of that? And 0:17:25.840 --> 0:17:28.920 like your iPhone comes with software up grades every six 0:17:28.960 --> 0:17:32.000 weeks because iPhone realizes their phone wasn't perfect when they 0:17:32.000 --> 0:17:35.800 realized it when they produced it. Let's also have software 0:17:35.840 --> 0:17:38.680 up grades now in capitalism. 0:17:38.400 --> 0:17:41.240 Well isn't in some ways too, It's just wasted energy. 0:17:41.440 --> 0:17:43.560 Like we live in the system that we live in, 0:17:43.720 --> 0:17:47.000 and we can spend hours of our week railing against it, 0:17:47.119 --> 0:17:50.960 or we can say, all right, this is the reality 0:17:51.000 --> 0:17:52.879 I live in. Let me do my best inside of 0:17:52.880 --> 0:17:55.480 that reality. And one of the quotes you use frequently 0:17:55.560 --> 0:17:58.720 is from Ambassador Andrew Young who said, we live in 0:17:58.720 --> 0:18:01.639 a system of free enterprise, and to not understand the 0:18:01.720 --> 0:18:04.640 rules of free enterprise must be the definition of slavery. 0:18:04.640 --> 0:18:06.720 Which when I heard that just kind of like knocked 0:18:06.760 --> 0:18:09.719 me off my feet. I was like, that's incredible that 0:18:09.760 --> 0:18:12.480 it's almost like for a lot of people to rail 0:18:12.520 --> 0:18:15.720 against it means it's like a form of self sabotage. 0:18:15.880 --> 0:18:20.000 Yeah, you're very good man. Most people don't on earth 0:18:20.040 --> 0:18:22.360 a quote like that. That says a lot about you. 0:18:23.359 --> 0:18:27.000 And let's go deeper on that quote. Who is Ambassador 0:18:27.000 --> 0:18:30.359 Andrew Young, the only aid of doctor Martinla King Junior, 0:18:30.400 --> 0:18:32.400 by the way, the last living lieutenant of doctor King, 0:18:33.119 --> 0:18:36.280 ninety three years of Young and we ninety four next month, 0:18:37.400 --> 0:18:40.040 the only aide to doctor King to go to run 0:18:40.080 --> 0:18:44.360 a city, the city of Atlanta where we're at, the 0:18:44.359 --> 0:18:46.960 only one to take the philosophy of doing well and 0:18:47.040 --> 0:18:50.320 doing good, of public purpose capitalism and place it into 0:18:50.359 --> 0:18:51.240 a city environment. 0:18:52.600 --> 0:18:54.640 What's the result is? I love results. 0:18:55.920 --> 0:19:00.680 The biggest economy in the traditional South Atlanta, an economy 0:19:00.680 --> 0:19:04.040 bigger than Singapore, Joel, I'm want to slow that down. 0:19:04.359 --> 0:19:08.040 The city of Atlanta. 0:19:06.760 --> 0:19:10.320 Multicultural, multi racial, to a city too busy to hate 0:19:10.640 --> 0:19:13.760 birth the Civil rights the city that saved America because 0:19:13.800 --> 0:19:18.359 it was where the Civil War ended when General Sherman 0:19:18.440 --> 0:19:21.520 came here and burned the city of Atlanta to the 0:19:21.520 --> 0:19:25.680 ground to stop the Confederate march and destroy their infrastructure. 0:19:25.920 --> 0:19:29.400 And that's how Lincoln got re elected. So first reconstruction, 0:19:29.440 --> 0:19:31.400 second reconstruction played a part in the history. I think 0:19:31.400 --> 0:19:34.080 this is a third reconstruction, which is about ownership and 0:19:34.119 --> 0:19:37.320 opportunity from the streets to the suites. But here comes 0:19:37.359 --> 0:19:40.119 Andrew Young, brings the Olympics into Atlanta, makes it the 0:19:40.160 --> 0:19:43.600 only international city in the South, you know, serves on 0:19:43.640 --> 0:19:43.960