LOOK AT INTEREST RATES AND THE
FED.
JIM GRANT WILL JOIN US.
KEN LANGONE IS A LEGEND ON WALL
STREET AND THE BUSINESS
COMMUNITY.
HIS NEW BOOK "I LOVE CAPITALISM,
AN AMERICAN STORY" INCLUDES THE
STORY OF HOW ECHO FOUNDED HOME
DEPOT AND SOUNDS THE WARNING
THAT CAPITALISM IS THE WORLD'S
BEST HOPE.
BUT ITS POPULARITY SEEMS TO BE
ON THE DECLINE IN SOME CIRCLES.
KEN, THANK YOU FOR JOINING US.
THE BOOK IS INCREDIBLE.
I'M SO HAPPY YOU WROTE THIS
BOOK.
I WANT YOU TO TELL THE STORY WHY
YOU DECIDED TO WRITE THIS BOOK.
YOU HAD BEEN WATCHING BERNIE
SANDERS DURING ELECTION SEASON.
>> I HAD BEEN ENCOURAGED TO
WRITE A BOOK, AND I SAID IT'S
NOT MY THING.
THEN IN EARLY 2016 I NOTICED
THERE WERE A LOT OF YOUNG PEOPLE
ATTRACTED BY BERNIE SANDERS.
AND I SAID, OH, MY GODS, THESE
KIDS ARE GIVING UP BEFORE THEY
EVEN START.
LIKE IT OR NOT, NOTHING IS
PERFECT, BUT CAPITALISM IS THE
WAY FORD.
LOOK AT AMERICA.
LOOK WAIT HAS DONE FOR US AS A
NATION.
DO WE HAVE PROBLEMS IN AMERICA?
INCOME INEQUALITY.
ENTITLEMENTS.
PUBLIC EDUCATION IS A DISASTER.
BUT CAPITALISM AGAINST
EVERYTHING ELSE OUT THERE,
CAPITALISM IS IT.
WHEN I LOOK AT MY OWN LIFE WHAT
HAPPENED TO ME.
THIS COULDN'T HAPPEN EXCEPT IN
AMERICA.
I SAY TO MY GRANDPARENTS.
I SAY THANK GOD FOR COMING TO
AMERICA GRANDMA AND GRANDPA.
YOU KNOW IT, AND WE ARE A NATION
OF IMMIGRANTS.
MARIA: WE ARE LUCKY OUR
GRANDPARENTS DID COME TO
AMERICA.
>> EXACTLY.
ONE TIME I ASKED MY GRANDFATHER,
HAVE YOU EVER BEEN BACK TO
ITALY?
HE SAID NO, WHY WOULD I GO BACK?
THERE WAS NOTHING THERE FOR ME,
THAT'S WHY I LEFT.
MIRE GRANDFATHER INSISTED THAT
HIS CHILDREN SPEAK TO HIS
GRANDCHILDREN ONLY IN ENGLISH.
I REGRET THAT NOW.
I WISH I COULD SPEAK ITALIAN.
WORKING IN CONSTRUCTION I
LEARNED A FEW BAD WORDS.
AND THE BIGGEST DATE YEAR FOR
HIM WAS MEMORIAL DAY WHEN HE
HARD WITH THE SONS OF ITALY, AND
THEY HAD THEIR CAPS WITH THE
LODGE, AND THAT WAS THE BIGGEST.
HE WAS SO PROUD TO BE AN
AMERICAN.
AND WHEN WORLD WAR II CAME AND
HIS SON AND GRANDCHILDREN WERE
IN THE WAR.
HE WAS FRIGHTENED, BUT HE WAS SO
PROUD.
MARIA: YOU WERE THE GRAND
MARSHAL OF THE COLUMBUS DAY
PARADE.
>> MY DAD WAS A PLUMBER.
MARIA: YOUR MOTHER WORKED IN A
SCHOOL CAFETERIA.
CAN YOU EXPLAIN TO YOUR AUDIENCE
WHO WANTS TO ACHIEVE SUCCESS AND
WANTS TO GET AHEAD, THE LESSONS
LEARNED.
>> LET ME BE CRASS.
I WANTED TO MAKE MONEY.
11 OR 12 YEARS OLD, I WOULD LOOK
TO TO SEE IF I COULD DELIVER
NEWSPAPER, AND I DID.
I SOLD CHRISTMAS LEAVES.
I HAD TWO KIDS YOUNGER THAN ME,
THEY EACH HOLD THE BROOM HANDLE
AND WE PUT THE WREATH ON THAT.
I REMEMBER ONE TIME I PERSUADED
A JEWISH MAN TO PUT A WREATH IN
EVERY WINDOW.
HE BROUGHT 8 WREATHS FOR ME FOR
EVERY WINDOW OF HIS HOUSE.
YOU KNOW, THE GUY THAT RAN THE
LIQUOR STORE, LOVELY MAN.
I MADE A DEAL.
HE HIRE MADE FOR 50 CENTS A
NIGHT TO TAKE THE BOXES THAT THE
LIQUOR CAME IN TO WHERE THE
GARBAGE MAN PICKED THEM UP.
I FOUND OUT YOU COULD SELL THEM.
I SAID DON'T PAY ME, LET ME
BREAK THEM DOWN AND STACK THEM
UP ON YOUR BACK PORCH.
WHEN I WAS GETTING READY TO GO
TO COLLEGE I WAS WALKING PATHS
STORE ONE DAY AND HE SAID I WANT
TO SEE YOU.
HE SAID ARE YOU GOING TO
COLLEGE?
I SAID YES, I AM.
HE HAD AN ENVELOPE -- HE PUT A
DOLLAR BILL IN EVERY WEEK.
HE SAYS I HOPE THIS HELPS YOU IN
COLLEGE.
HE PUT AWAY THE BUCK A WEEK HE
WAS PAYING ME THAT HE DIDN'T
HAVE TO PAY ME.
I AM ANYTHING BUT A SELF-MADE
MAN.
THERE ARE A LOT OF SELF-MADE
PEOPLE OUT THERE --
MARIA: YOU ARE SAYING PEOPLE
HELPED YOU.
>> HUNDREDS.
I WORKED MY BUTT OFF.
MARIA: TAKE TO US YOUR
PROFESSIONAL LIFE.
YOU WERE AT NYU BUSINESS SCHOOL.
>> IT BEGAN WHEN I WAS AT
BUCKNELL, I USED TO GO TO THE
LIBRARY AND READ THE FOR "FOR
"FORTUNE" MAGAZINE.
THERE WAS A MAN NAMED MAURICE
ART.
MAURICE HART SAID TO ME, I WANT
TO TELL YOU THE SECRETS OF WALL
STREET.
WE HAVE JEWISH FIRMS FOR JEWISH
KIDS.
WE HAVE WASP FIRMS FOR WASP
FIRMS.
HE SAID GO LEARN ABOUT THE
BUSINESS, FIND A JOB IN EVEN
INSTITUTIONS.
I GOT A JOB FOR $82 A WEEK AT
EQUITABLE LIFE.
I WENT TO NYU AT NIGHT TO GET AN
MBA.
I GOT CALLED BACK INTO THE ARMY.
I SAID I'M GOING TO WALL STREET.
MY PARTNER WAS UPSET.
HE SAID THESE ARE BAD TIMES.
I SAID NO, I HAVE GOT TO DO IT.
THIS IS THE TIME TO GO.
CRASH JUST HAPPENED.
I ENDED UP TALKING MYSELF INTO A
JOB FOR $150 A WEEK.
THAT'S WHAT THEY WERE PAYING
SECRETARIES.
I GIVE HIM $150 A WEEK.
I SAID PAY ME THAT.
BY THEN I GOT A JOB TEACHING AT
NYU AT NIGHT.
MY WIFE HAS BEEN MY PARTNER
EVERY STEP OF THE WAY.
WHILE I WAS SLAYING DRAGONS SHE
WAS CLEANING DIAPERS AND DOING
ALL THE STUFF MOTHERS DO.
WHAT I CAN TELL YOU IS I TRULY
BELIEVE I'M THE AMERICAN DREAM.
MARIA: YOU AND YOUR WIFE ELAINE
HAVE BEEN GIVING BACK EVEN
BEFORE YOU HAD THE MONEY YOU HAD
TODAY.
WHERE DOES THAT COME FROM?
IS IT BECAUSE YOU WERE AT ONE
PLACE AND YOU RECOGNIZED YOU
HAVE TO HELP THOSE PEOPLE GET A
SHOT?
WHAT YOU HAVE DONE FOR NYU,
LANGONE MEDICAL.
WHAT ELAINE DOES FOR ANIMALS,
THE VETERINARIAN HOSPITAL.
>> MY FATHER HAD NOTHING.
BUT MY FATHER BELIEVED THAT YOU
ARE ON CHARITABLE WHEN YOU
SACRIFICE SOMETHING YOURSELF TO
DO FOR OTHERS.
HE REALLY BELIEVED THAT.
I HAVE KNOWN AND ELAINE HAS
KNOWN FOR ALL THIS MONEY THAT
WAS GIVEN AWAY.
WE HAVE GIVEN UP NOTHING,
SACRIFICED NOTHING.
WHEN SHE GOES TO A BOY'S CLUB
MEETING, THAT WAS TYPE SHE SPENT
READING A BOOK OR PLAYING GOLF.
SO PEOPLE REFLECT ON THE TIME I
GIVE BECAUSE THAT'S A SACRIFICE
MORE THAN THE MONEY I GIVE.
