we have the the Koch brothers are now worth a hundred billion dollars
a few years ago was $80 billion a few years before that it was fifty billion
it's now a hundred billion
dollars how is their value in that how is this this is like the end
love the Monopoly game where one guy has got all the
all in all the money in all loved by you know all the properties everybody's
paying rent
I'm suggesting if you can't live a $999 million 999999 dollars 99 cents
there's something wrong with you Peter Schiff is the CEO and
chief global strategist for europe Pacific Capital hose to the Peter Schiff
show on radio and author out the latest the real crash america's coming
bankruptcy how to save yourself in your country
schiff SCH i FF radio dot com is his website Peter walk back to the program
spend with my family back yeah arm a
you why why should we
tolerate billionaires in the United States all this extra money
Islam is not in the productive economy
its it in a while well course it is but when you say you don't wanna collar 88
mean what is your plan I mean you said that a billion dollars should be enough
money and I don't know where
you know where you're coming up with that figure why billion why not two
billion why not happen billion
but what is your solution are you suggesting that we should steal
copper skate any wealth that anybody accumulates in excessive that numbers
I'm just guessing
yes I'm I'm what thomas jefferson on this he said that he looked up and
yelled at because at easy certainly did
he now I'm not literally that I cannot I could
I could find a cord for you feel like I can paraphrase it he said that if
wealth grows to the point where threatens a free state and you can you
can easily Google+
that that the the the appropriate response is taxation it that is
geometric
janitors ok tax only so i John say I basically a hundred percent tax on all
wealth over a billion dollars
so basically what you're saying is let's say an individual entrepreneur
how creates a company Brian and that Company achieves
a billion dollar valuation right you want that guy to retire
scab shout stop working not grow the business
not produce even more innovative products not hire any more people
but just when you hit a billion you just stopped working you retire
and you know there's no more growth you don't innovate you don't invent
you know when Steve Jobs came up with I don't even know what way deeper when he
got his first billion
but you know whatever inventions he made after that
shouldn't exist remember what Steve Jobs his paycheck was winning when he took
back over apple
at me about network now is that no one dollar no but that's because he was a
shareholder in the company I mean a lot of billionaires
don't have a big paychecks right on the border point-to-point point taken
here's here's yeah here's my take on on what would happen
are if you look back at what happened when teddy roosevelt initiated the break
up of Standard Oil
and they and ultimately was it was the
not republican roosevelt was republican taft who finished the job
broke it in 20 a company's shareholder value is dramatically increased
competition
was increased the price of fuel went down we saw
tremendous innovation the market but surprised to see lol going down
hola the price a kerosene was going down every year that rockefeller
well was cased controlling stand at all in for a fact the main
now he possesses cartels were no that the main objection to standard oil was
that he kept lowering prices
and the competitors couldn't compete but with no I was it now you're
misrepresenting to go back and read the history was that he was colluding with
the railroad companies to refuse to carry on kerosene his competitors
nano it but i wanna talk about modern-day because okay let's talk about
them on a diet high
if I'd had an opportunity finish the sentence that's what i was gonna do is I
was going to say when richard nixon
decide to break up AT&T and a finally ended up during the carter
administration
again what we saw was an explosion in innovation
we saw a out you know the stockholder value if you held AT&T shares before the
break up
you ended up making a lot of money as a result in their breakup
and and was a good thing for all of us and say yeah
not that is that your point I want you to exist sure blame me
a guy has a business army becomes a billionaire
and now you want him to stop working you say we don't want you to hire any more
people not saying that you're
another sailor no matter what I say no it peter
Peter let me ask you out yet the EU you put in his rhetorical question give you
a very specific answers we can use the Koch brothers
but let me give you up up the flip side rhetorical question
arm who when the top
marginal tax rate was ninety one-percent and the CEO I love
the CEO's a ball the big companies in America
stopped and then the ninety-one percent in kick in until after you made about
three million dollars in today's dollars
there was basically not a single CEO in america was making more than three
million
dollars in today's dollars in from the from the nineteen fifties until nineteen
eighties
you did not have the emergence a billionaire's in the United States
he even people who were innovative in starting companies
in taxable compensation when it went during that brief period in our history
where income tax rates were that high because for most of our here's
get up for most are in a history we had no income tax okay but during that
period
where the rates were that high there were so many exemptions
in the tax code that nobody really paid that rate
they paid on a small fraction of their the sake of compensation was 30 2012
which working people there's a reason why it was because their high tax rate
as soon as their tax rate went away as soon as reagan drop their from 74 down
28 percent
use %uh co-starred start to make a hundred touchtone jury
there tonight I wanna look now it's like you're a 1000 watt I could do that but
I would trade the tax code when the top income tax rate was ninety percent I
would take that tax code today over what we have now
because I would pay a lot less taxes under that tax code because I would be
able to arrange my affairs in such a way
that I would barely pay any taxes and here's how I would deal with
with Steve Jobs and Apple okay wasn't since you asked where I can do I could
use become president sample you just have to let me finish a sentence or two
to
to give God the actual answer you said Steve Jobs
your you know what we're gonna cap your wealth a billion dollars
so you know you've got a buncha stock in Apple
and that stock is now worth more than a billion dollars
you need to start selling that stock of unless you wanna start paying taxes on
well actually you will you know if they pull you can do you have to give it away
yes the B cells that he gets can you wanted to get away from it
find so it's just like giving head start giving their stocks your employees the
same way the CEO GM
was paint you know GM's average okay in the nineteen
sixties and seventies was fifty dollars an hour start surpassed my back to your
place
but then I will end up a minority stockholder in a piano
inlet majority company guess I love the company what you don't wanna let me
finish my pot
you want to inflame these people and say once you got a billion dollars
you have to work for the benefit of somebody else you can have anything of
what you hear my heart is accurately
for some guy who's worth 999 are not worth for free and the fact the matter
is this Steve Jobs would still be Apple
when it becomes a public company I although it always was and Steve Jobs is
not
you know he didn't own more than 50 percent %uh the stock but let's you know
use Koch Industries is an example
if you were to say to the Koch brothers okay you know Koch Industries a
privately held company on all the stocker
the vast majority of it now you have to distribute that stock it becomes a
publicly held company
and if the public if the if dollar stockholders
still think that these people running it is a good idea
done they will hire them to run it but hey a girl opposite a billion dollars
that there is stop they're worth a hundred billion right now
writer say is when they were worth $2 billion they should have retired
they should all hang out in russia returned I'm saying they should have
stopped accumulating wealth
but that means retiring what do you think they're working for the night
gonna work for nothing
they're not going to be isolated a lot of people who work for the place right
here today
why do you want to inflame other people who speak they're gonna work for the
benefit you
I would you know I work for free many times in my life I love my work
well how about you know you want to copy a skate well that everybody that has
over a billion I don't know what your net worth is
but is superbly their people have less money than you maybe they think you have
too much
maybe wanna Copyscape what you up are going to be in if you could build a case
that that my wealth has reached the point
the Thomas Jefferson talked about where that threatens a free state
now then I would agree with you look best wealth wealth in private hands a
hundred million dollars and they have to tell people crying inside a three-state
what when these guys are very blessed day is big government you wanna make
government bigger that's what retin
threatened no you cannot produce 100 not a big government
haha they wanna put their shoals enough political dollars so they all are a
big-government
know the Koch brothers want to dismantle got a government is too big
the Koch brothers republicans have never has battled government here you and i
have to agree on that you know
their senators Tom Hartman program
Peter Schiff I at BET RSC I'm sorry ship radius %eh i FF radioed a computer thank
you for dropping by
sure talk will be