IS WITH US AS WELL.
DON'T MISS A MOMENT OF IT, BIG 3
HOURS, WE WANT TO LOOK AT
EMERGING SCENE GOING INTO 2020
FOR POLITICIANS AND BUSINESS
LEADERS, CAPITALISM VERSUS
SOCIALISM.
ALL WEEK THIS WEEK ON FOX
BUSINESS, CLOSER LOOK AT DEBATE
AND THIS MORNING WE LAYED GROUND
WORK EXPLAINING WHAT A SOCIAL
SYSTEM REALLY LOOKS LIKE,
JOINING THE CONVERSATION THIS
MORNING WALL STREET JOURNAL
ASSISTANT EDITORIAL PAGE EDITOR
JAMES FREEMAN AND PWC PARTNER
MITCH ROSCHELLE.
>> GREAT TO SEE YOU, GUYS, A
CONVERSATION THAT'S GOING TO BE
HAD ON THE NETWORK ALL WEEK AND
SOMETHING THAT WE HAVE BEEN
TALKING ABOUT.
THE WAY I LOOK AT IT LIKE THIS,
10 YEARS IF YOU SAID WE WERE
GOING TO HAVE SOCIALIST
CANDIDATE ON THE PLATFORM,
PEOPLE WOULD HAVE LOOKED AT YOU
LIKE YOU WERE LITERALLY
ABSOLUTELY CRAZY.
NOW IT'S A SERIOUS PART OF THE
CONVERSATION AND GAINING
MOMENTUM IN TERMS OF A DIALOGUE.
WASHINGTON POST BUSINESS
COLUMNIST SAID THIS IN BOOK,
AMERICA'S CAPITALISM DOESN'T
SURVIVE.
DECADE, QUOTE, 80% OF AMERICANS
AGREED WITH THE STATEMENT THAT
FREE MARKET ECONOMY IS THE BEST
SYSTEM, TODAY IT'S 60%, LOWER
THAN IN CHINA.
ONE RECENT POLL FOUND THAT ONLY
42% OF MILLENNIALS SUPPORTED
CAPITALISM AND ANOTHER MAJORITY
OF MILLENNIALS SAID THEY WOULD
LIVE IN SOCIALIST COUNTRY THAN
CAPITALIST ONE.
I MEAN, THAT'S REALLY ASTOUNDING
WHEN YOU THINK ABOUT IT AND YOU
TURN BACK AND SAY, DO PEOPLE
REALLY UNDERSTAND WHAT IT IS
THAT THEY ARE TALKING ABOUT
HERE, THE DIFFERENCES, LET'S
ACTUALLY REVIEW THEM FOR THE
PEOPLE WATCHING AT HOME, SO
CAPITALISM VERSUS SOCIALISM,
PRIVATE OWNERSHIP VERSUS
GOVERNMENT OWNERSHIP, INDIVIDUAL
GOALS VERSUS THE COLLECTIVE
GOALS, RIGHT, HIGH COMPETITION,
LOW COMPETITION, INDIVIDUAL
WEALTH VERSUS WEALTH SHARED BY
ALL.
I THINK ONE OF THE BEST EXAMPLES
IS HEALTH CARE IN THIS COUNTRY,
CLOSEST THAT WE'VE COME HAVING
CONVERSATION, PEOPLE ACTUALLY
DIDN'T GET WHAT THEY WANTED,
THEY ENDED UP PAYING MORE.
THEY ENDED UP NOT BEING ABLE TO
SEE THE DOCTORS THAT THEY WERE
SEEING PREVIOUSLY.
IT HAD A TAX ON SMALL BUSINESS
IN TERMS OF THEIR COST RISING AS
WELL, SO IF YOU CONTINUE TO SORT
OF CHANGE SYSTEM, TO IMPLEMENT
THE REFORMS, THE QUESTION IS YOU
CAN DISTRIBUTE THE WEALTH THAT
WE HAVE NOW BUT CAN YOU KEEP THE
ENGINE GOING FURTHER, TO PUSH
THE BALL FURTHER AND REMEMBER WE
HAVE A BIG POPULATION, WE ARE
ONE OF THE WEALTHIEST COUNTRIES
IN THE WORLD FOR THE PEOPLE THAT
WE SUPPORT BUT AT THE SAME TIME
YOU HAVE TO KEEP THAT GOING AND
THOSE ARE THE THINGS THAT WE
WILL DISCUSS, WE WILL TALK ABOUT
INNOVATION, WE WILL TALK ABOUT
THE KIND OF DEVELOPMENTS THAT
COME OUT OF THIS COUNTRY, THE
WORK THE CORPORATIONS ARE HERE
DOING AND REALLY LAY IT OUT SO
THAT THE PEOPLE THAT ARE ON THE
SIDE OF THE SOCIALIST SYSTEM DO
WANT TO SEE THAT KIND OF REFORM
REALLY UNDERSTAND WHAT IT IS
THEY ARE GETTING INTO.
IT'S EXTREME CASE BUT VENEZUELA
IS A GOOD EXAMPLE.
MARIA: GREAT ANALYSIS, JACKIE,
REALLY WELL DONE, RIGHT NOW YOU
SEE CAPITALIST WHO IS MADE MONEY
FREE ENTERPRISE SYSTEM WRITING
ESSAYS AND REMARKS ABOUT HOW
CAPITALISM NEEDS TO CHANGE,
JAMES, EVEN THOUGH CAPITALISTS
WHO ENRICHED THEMSELVES OVER 20,
30 YEAR PERIOD ARE NOW
QUESTIONING THE VERY SYSTEM THAT
GOT THEM THERE.
>> YEAH, DISTURBING, PART OF IT
IS THERE'S BEEN A LOT OF
MISINFORMATION UNON THE
INEQUALITY FRONT, A LOT OF THE
MEASUREMENTS TO SAY IT'S
HORRIBLE, IT'S GROWING, IT'S
WORST THAN IT'S EVER BEEN, THEY
DON'T CONSIDER AFTER TAX, AFTER
GOVERNMENT LEVELS, WHAT IS THE
INCOME LEVEL, YOU LOOK AT THOSE
MEASURES, THEY MAYBE HAVEN'T
CHANGED AT ALL, INEQUALITY IS
PART OF WHAT MAKES CAPITALISM
WORK.
THERE'S NOT A REWARDED FOR DOING
MORE, FOR INNOVATING, CREATING
THE NEW INVENTION, YOU DON'T GET
THOSE INVENTIONS, YOU MENTIONED
VENEZUELA, I MEAN, HOW MANY
GREAT INVENTIONS HAVE COME OUT
OF VENEZUELA IN THE LAST --
NONE.
MARIA: I WOULD POINT BACK TO
EUROPE.
HOW MANY GREAT INNOVATIONS HAVE
WE SEEN COMING OUT OF EUROPE?
WHAT ITALIAN COMPANY, WHAT
SPANISH COMPANY CAN YOU NAME
THAT ARE IN THE TOP, YOU KNOW,
HUNDRED OR 50 IN TERMS OF
INNOVATORS IN TECHNOLOGY, IN
BIOTECH MEDICINE.
WE ALSO SHOULD CONSIDER,
CAPITALISM AND THE
FREE-ENTERPRISE SYSTEM
PARTICULARLY IN COUPLE OF YEARS
HAS LIFTED SO MANY OUT OF
POVERTY.
>> YEAH, NO QUESTION ABOUT IT.
WHEN YOU PUT CAPITAL AT RISK NO
MATTER HOW SMALL IT IS, YOU
CREATE WEALTH PERHAPS IF YOU'RE
SUCCESSFUL BUT IF YOU ARE
SUCCESSFUL ONE OF THE THINGS
THAT YOU CREATE IS JOBS AND I
THINK THE THING THAT'S LOST IN
DEBATE PUTTING CAPITAL AT RISK
THINGS THAT CREATE JOBS AND
CREATES WEALTH NOT JUST FOR THE
PERSON, FOR THE CAPITAL AT RISK,
FOR THOSE EMPLOYED AND INCOME
INEQUALITY IS SOMETHING THAT'S
CLEARLY DEBATED.
I'M WITH JAMES, IF WE MAKE
MARGINAL TAX RATE 90%, WE WILL
CREATE MORE INCOME INEQUALITY
AND NOT LESS.
MARIA: I THINK IT'S IMPORTANT TO
EXPLAIN WHAT SOCIALISM IS
BECAUSE A LOT OF THE DEMOCRATIC
HOPEFULS, THEY SAY I'M NOT A
SOCIALIST, THEY ARE ENDORSING OR
SUPPORTING SOCIALIST PROGRAMS.
>> YEAH, I GUESS IF YOU WANT TO
READ THE GLASES HALF FULL, IT'S
NICE THAT THEY FEEL COMPEL TODAY
CALL IT MEDICARE FOR ALL BECAUSE
THEY KNOW THAT STILL SOCIALIZED
MEDICINE OR SINGLE-PAYER HEALTH
CARE OR NO CHOICE HEALTH CARE IS
NOT GOING TO BE APPEAL TO GO
PEOPLE.
EVEN THOUGH THEY GET RID OF
MEDICARE, THEY FEEL LIKE THAT
BRAND HAS GOT TO BE USED IN
INSTEAD OF SAYING FULL-ON
SOCIALIST SYSTEM.
>> IN WE WERE TO NATIONALIZE
INSURANCE, WHAT ABOUT ALL THE
JOBS DISPLACED AS A RESULT, WHAT
