CHARLES: AMAZON RAISING ITS
MINIMUM WAGE TO $15 FOR ALL
WORKERS.
INCREASE SET TO TAKE EFFECT
NOVEMBER 1.
250,000 AMAZON EMPLOYEES WILL BE
AFFECTED AND SO WILL SEASONAL
AND TEMPORARY STAFF.
ARE THEY DOING THIS TO FEND OFF
THE SURGE MUCH ANTI-CAPITALISM
OR IS IT MARKET DRIVEN.
JOINING US, GILLIAN MELCHOIR,
JEFF BEZOS WAS IN THE EYE OF THE
STORM.
SENATOR SANDERS PUT OUT THE
BEZOS TEXT.
BUT HE PUT OUT A COMMUNICATION
TODAY THAT HE APPLAUDS WHAT
BEZOS HAS DONE.
IT DON'T DO WELL FOR THE RETAIL
STOCKS.
>> IT'S A PREEMPTIVE MOVE ON
BEZOS' PART.
THIS IS AN ATTEMPT TO THWART IT
OFF.
I THINK HAVING RECORD-BREAKING
PROFITS IS NOT A BAD THING WHEN
COMPANIES DO IT VOLUNTARY.
BUT THEY ARE ALSO COMMITTING TO
LOBBYING FOR $15 AN HOUR MINIMUM
WAGE AND WHEN YOU START COERCING
SMALLER COME BETTERS THAT'S
PROBLEM.
CHARLES: THE RETAIL INDEX GOT
HAMMERS.
CAROL, I KNOW YOU DON'T LIKE
THIS SORT OF THING.
GILLIAN BROUGHT UP THE POINT
ABOUT THE PROFITS.
CORPORATE AMERICA PUT $2
TRILLION IN THEIR POCKETS THE
SECOND QUARTER OF THE YEAR.
DO YOU WORRY AS THE MARKET GOES
UP, ONE INDIVIDUAL IS WORTH $160
BILLION.
THAT THESE COMPANIES ARE BUYING
BACK $100 MILLION OF THEIR OWN
STOCK EVERY DAY, THAT THE
GENERAL PUBLIC IS GOING TO SAY
SOMETHING IS NOT RIGHT?
>> IT MAKES GOOD BUSINESS SENSE
TO INVEST IN YOUR EMPLOYEES.
BUT THERE ARE MARKET FORCES IN
PLAY.
THERE IS ONLY A CERTAIN AMOUNT
OF MONEY YOU WILL BE ABLE TO PAY
FOR CERTAIN SKILLS.
>> WHY IS THAT?
BECAUSE THAT'S THE WAY THE
MARKET WORKS.
CHARLES: YOU HAVE GOT A LOT OF
DEMOCRATIC SOCIALISTS ADVOCATING
$30 AN HOUR MINIMUM WAGE.
>> LET'S MAKE IT AT MILLION OR
BILLION IT'S COMPLETELY
ARBITRARY.
IF YOU HAVE A SET OF SKILLS AND
SOMEBODY ELSE WANTS THOSE
SKILLS, THAT'S WHERE THE TRADE
IS.
WE ARE IN A GREAT ECONOMY.
IT'S NOT GOING TO LAST FOREVER.
AND YOU HAVE TO HAVE SOME
PERSONAL RESPONSIBILITY.
THERE ARE MILLIONS OF JOBS
AVAILABLE.
SO GO AND INVEST, GET AN
APPRENTICESHIP.
GO TO TRADE SCHOOL.
INVEST IN YOURSELF BECAUSE YOU
CAN'T RELY ON THAT MINIMUM WAGE
TO CARRY YOU THROUGH OVER AND
OVER.
CHARLES: GILLIAN IN THE
"JOURNAL" TODAY, THIS DOVETAILS
WHAT THE BACKDROP, THE RICH ARE
GETTING RICHER.
SILICON VALLEY NO LONGER OFF
LIMITS.
THERE ARE A LOT OF BOOKS IN THE
LAST MONTH THAT COME OUT AGAINST
THEM.
EVEN A BERNIE SANDERS OR JEFF
BEZOS, THE OWNER OF THE
WASHINGTON "WASHINGTON POST,"
IT'S SOMETHING THAT'S ALMOST
UNBELIEVABLE.
DOES CAPITALISM HAVE TO FIND A
WAY TO STAVE OFF THE
ANTI-CAPITALISM MOVEMENT IN THIS
COUNTRY.
>> I WANT TO LOOK AT THE SPECIAL
BENEFIT OF THESE COMPANIES.
AMAZON HAS BEEN ABLE TO BECOME A
TRILLION DOLLAR COMPANY BECAUSE
THEY ARE PROVIDING A VALUABLE
SERVICE.
CHARLES:N IF YOU TOOK ALL OF THE
RETAILERS OUT OF BUSINESS AND
ALL THE PEOPLE WHO WORK FOR
THEM, IT'S PROBABLY MORE THAN
100,000.
>> YOU ARE LOOKING AT UPS
SCRAMBLING TO HIRE TO FILL THE
ORDERS AMAZON IS PACKAGING.
THE BOTTOM LINE IS WHAT THE
AMERICAN ECONOMY IS GETTING OUT