HE GETS TO HIS VEHICLE, SO WE’LL
WATCH THAT.
L WATCHING THE FALLOUT FROM JOE
BIDEN’S REMARKS IN CASE YOU HAD
ANY DOUBT THAT THINGS CHANGE IF
HE BECOMES PRESIDENT OF THE
UNITED STATES ESPECIALLY
WITH REGARD TO WALL STREET, THIS
PUT THAT TO REST.
TAKE A LISTEN.
>> MAKE SURE THAT WORKERS HAVE
THE POWER AND THE VOICE.
IT’S WAY PASTIME WE PUT AN END
TO THE ERA OF SHAREHOLDER
CAPITALISM.
THE IDEA THE ONLY RESPONSIBILITY
A CORPORATION HAS IS ITS
SHAREHOLDERS, THAT’S SIMPLY NOT
TRUE.
IT’S NATURAL TO HAVE
RESPONSIBILITY TO THEIR WORKERS,
THEIR COMMUNITY FOR THEIR
COUNTRY.
NEIL: NOW THE FORMER VICE
PRESIDENT COUGHED, I THINK I
HEARD WALL STREET PUKE WHEN HE
SAID THAT, BECAUSE THIS IS NOT
WHAT THEY WANT TO HEAR.
NOW THEY DON’T HAVE TO BE
REPUBLICAN OR DEMOCRAT BUT THEY
LIKE THE MONEY THEY’VE BEEN
MAKING IN A LOW TAX ENVIRONMENT,
LOW REGULATORY ENVIRONMENT, THE
SO-CALLED TRUMP ENVIRONMENT,
SO WHATEVER THEY MIGHT THINK OF
THE PRESIDENT PERSONALLY, THEY
LIKE THE GOODS HE’S DELIVERED AT
THE CORNER OF WALL AND BROAD AND
THEY DON’T TAKE TOO KINDLY TO A
POSSIBLE PRESIDENT SAYING THAT
SHAREHOLDER CAPITALISM AND IDOL
IZING THOSE DAYS, THOSE ARE
GONE.
I DON’T KNOW HOW BERNIE MARCUS
FEELS ABOUT IT BUT I’M SO GLAD I
HAVE HIM WITH US RIGHT NOW ONE
OF MY FAVORITE GUESTS ALL THE
DECADES I’VE BEEN WORKING AT
FOX, WHO HAS A GOOD READ ON THIS
NO DOUBT OF COURSE THE CO-
FOUNDER OF HOME DEPOT IS
OPTIMISTIC AND SPRY AS HE WAS
WHEN HE CAME UP WITH THAT
COMPANY.
BERNIE, SO GOOD TO HAVE YOU.
WHAT DO YOU THINK OF THIS?
JOE BIDEN OF SHAREHOLDER CAPITAL
ISM?
>> WELL, YOU KNOW, FIRST OF ALL
HEARS A GUY THAT NEVER WORKED IN
HIS LIFE AND I THINK HE’S BEEN
IN GOVERNMENTAL HIS LIFE, SO HE
REALLY DOESN’T UNDERSTAND HOW
BUSINESS WORKS.
I COULD TELL YOU, NEIL, AND YOU
HAVE HAD KENNY AND MYSELF ON
MANY MANY TIMES.
HOME DEPOT, WITHOUT THE CAPITAL
MARKET WOULDN’T BE HERE TODAY
AND WE HAVE 2,700 STORES DOING
OVER $100 BILLION IN SALES A
YEAR, AND WE SAY IT HAPPENED
BECAUSE OF THE CAPITAL MARKET.
WE HAD FOUR STORES WHO WERE
UNDER CAPITALIZED.
WE DIDN’T KNOW HOW WE’RE GOING
TO CONTINUE OR HAVE TROUBLE
PAYING OUR BILLS AND WE WENT TO
THE MARKET AND WE HAD PROFITS ON
THE STORES THAT WE HAD.
IT LOOKED PRETTY GOOD.
IT WENT TO THE MARKET AND THE
MARKET GAVE US ADDITIONAL
FINANCING IN ORDER TO GROW THE
COMPANY.
SO THE STOCK MARKET HAS BECOME
VERY VERY IMPORTANT FOR US AS IT
IS FOR ALL SMALL BUSINESSES.
LOOK, IF YOU TALK ABOUT THE FACT
THAT WE OWE IT TO OUR EMPLOYEES,
WELL YES, OF COURSE.
THERE IS A CONCERN ABOUT THE
EMPLOYEES AND HOME DEPOT HAS
DONE EVERYTHING IN ITS POWER TO
MAKE SURE ITS EMPLOYEES WERE
PART IN PARCEL OF WHAT WE DID SO
THEY GOT A PIECE OF THE ACTION.
MANY PEOPLE BECAME VERY WEALTHY
WITH HOME DEPOT, AS THE STOCK
CLIMBED AND AS WE OPENED MORE
AND MORE STORES, BUT THE CAPITAL
MARKET BECAME VERY IMPORTANT TO
US AND TO TALK ABOUT THIS , FROM
A STANDPOINT OF A GOVERNMENT
EMPLOYEE WHOSE NEVER EVER BEEN
INVOLVED WITH THE MARKETPLACE, I
DON’T GIVE IT TOO MUCH
CREDIBILITY.
IN FACT IT’S VERY CONCERNING AS
ONE OF YOUR SPEAKERS SAID,
THE 401 (K), MOST OF AMERICA IS
INVESTED IN A STOCK MARKET ONE
WAY OR ANOTHER IN 401 (K).
SO IF YOU’RE GOING TO CLOSE DOWN
THE MARKET, YOU GOT TO BE IN
DEEP TROUBLE I WILL TELL YOU TAX
IT JUST DOESN’T MAKE ANY SENSE
TO ME BUT HEY MOST OF WHAT HE
SAYS DOESN’T MAKE SENSE ANYWAY.
NEIL: SO I’M GOING TO PUT YOU
DOWN AS A MAYBE ON JOE BIDEN BUT
LET ME ASK YOU THEN, BERNIE,
ABOUT THE KIND OF MESSAGE HE’S
SENDING.
BEING SUSPICIOUS OF WALL STREET
AND SUSPICIOUS OF THOSE
BILLIONAIRES AND REAL
CAPITAL SUCCESS STORIES BECAUSE
IT’S NOT ABOUT I’M NOT ABOUT
HELPING THEM.
I’M ABOUT HELPING YOU.
I’M GLAD YOU POINTED OUT THAT
MOST AMERICANS WHETHER THEY KNOW
IT OR NOT, ARE DIRECTLY OR
INDIRECTLY INVESTED IN THE
MARKET SUCCESS, LEAVING THAT
ASIDE, HE CLEARLY IS TRYING TO
CAPITALIZE ON THAT ANTI-WALL
STREET VIEW THAT’S OUT THERE.
WHAT DO YOU THINK?
>> WELL, LOOK, THAT’S YESTERDAY
’S DISCUSSION THAT HE
HAD WAS WRITTEN FOR HIM.
IT’S PROBABLY NOT GOING TO BE
ANYTHING THAT HE’S GOING TO DO
BECAUSE HE’S SURROUNDED BY THESE
LEFT WING PEOPLE.
HE DID TALK ABOUT RAISING TAXES
WHICH HE WILL DO.
HE DIDN’T TALK ABOUT WHAT THE
ONEROUS REGULATIONS THAT
THEY HAD WHEN TRUMP CAME INTO
OFFICE, THE REGULATIONS WERE
STRANGLING SMALL BUSINESSES OF
ALL KIND AND THE FIRST THING HE
DID WAS GET RID OF THOSE
REGULATIONS.
HE HASN’T CHANGED HE’S PART OF
EIGHT YEARS OF A ORGANIZATION
THAT HAD LOW EMPLOYMENT, VERY
HIGH UNEMPLOYMENT RATES,
BUSINESSES WERE GOING DOWN AND
YOU REMEMBER THAT OBAMA SAID 1.5
% WAS THE NEW NORM ON GPS.
SO THEY WERE USED TO AND PUSHING
THE FACT THAT AMERICA COULD NOT
BE BETTER.
WELL YOU KNOW TRUMP BROUGHT IT
UP TO A VERY GOOD NUMBER BEFORE
THE VIRUS HIT, NUMBERS THAT WE
HAD NEVER SEEN BEFORE,
UNEMPLOYMENT WAS DOWN
DRAMATICALLY, UNEMPLOYMENT FOR
THE MINORITIES WAS DOWN
DRAMATICALLY.
THE GDP WAS GREAT AND THEN THIS
HORRIBLE HORRIBLE VIRUS
CAME IN AND KILLED IT ALL FOR A
WHILE BUT LET ME ASK A QUESTION
TO THE AMERICAN PEOPLE.
WHO WOULD YOU RATHER HAVE?
A MAN WHO CREATED GOOD JOBS
MARKET, CREATED A GOOD ECONOMY,
OR WOULD YOU RATHER HAVE JOE
BIDEN WHO WAS THERE FOR EIGHT
YEARS AND WE LOOKED AT A
TERRIBLE ECONOMY FOR EIGHT YEARS
I DON’T KNOW.
IT SEEMS TO BE EVERY BUSINESS
PERSON OUT THERE AND EVERYBODY
WHO HAS A JOB WOULD UNDERSTAND
HE’S NOT THE GUY THAT BRINGS IT
BACK.
THIS IS A REALLY BAD DEAL.
SMALL BUSINESSES ARE GETTING
HAMMERED AS YOU HEARD FROM YOUR
OTHER SPEAKERS.
NEIL: BERNIE I JUST WANT TO LET
PEOPLE KNOW WHAT YOU’RE WATCHING
THE PRESIDENT HAS ARRIVED IN
FLORIDA AND HE’S GOING TO BE AT
U.S. COMMAND UP THERE WITH A
FUNDRAISER LATER TONIGHT A
PLANNED EVENT TOMORROW NIGHT IN
NEW HAMPSHIRE, THAT’S BEEN
CANCELED, BECAUSE OF THIS
TROPICAL STORM ABOUT TO HIT
MUCH OF THE EAST COAST, IT
ALREADY IS IN THE ATLANTIC EAST
COAST ALL THE WAY UP TO NEW
ENGLAND INCLUDING NEW HAMPSHIRE
SO THE PRESIDENT CANCELED THAT
BUT BERNIE YOU WERE MENTIONING
WHAT THE ENVIRONMENT WAS LIKE
UNDER BARACK OBAMA AND I THINK
YOU WERE REFERRING TO THE LOWER
GDP GROWTH THAT HE HAD
ANTICIPATED.
STILL A LOT OF PEOPLE GO BACK TO
THOSE OBAMA YEARS AND OF COURSE
HE CAME IN IN THE MIDDLE OF A
BIG RECESSION AND THE NUMBERS
IMPROVED BUT IT WAS STEADY
GROWTH AND THE OBAMA FOLKS COME
BACK, JOE BIDEN COMES BACK
AND SAYS WE CREATED A HELL OF A
LOT OF JOB, WE WERE DOWN IN NEAR
-DEPRESSION TERRITORY AND WE
CREATED A LOT MORE ACTIVITY THAN
THIS PRESIDENT IS STUCK WITH
RIGHT NOW.
HOW DO YOU THINK THE PRESIDENT
SHOULD RESPOND TO THAT BECAUSE
HE’S ALREADY ADDRESSED THE
CAPITALISM ISSUE, THE
SHAREHOLDER CAPITALISM AND
IT’S A NASTY WORD BUT THERE IS A
STRATEGY HERE TO SAY WE’RE ABOUT
YOU AMERICA, WE DON’T TALK ABOUT
THE STOCK MARKET AND WE TALK
ABOUT THINGS THAT MATTER TO YOU.
HOW DO THEY COUNTER THAT?
>> WELL THE FACTS OF COURSE WE
DON’T BELIEVE FACTS ANYMORE.
A LOT OF WHAT WE READ IN THE
PAPER IS THE MEDIA
UNFORTUNATELY IS NOT A MEDIA
THAT GIVES FACTS, THE FACTS ARE
THAT JOBS WEREN’T PLENTIFUL.
THE FACT THAT THE GDP WAS DOWN,
EIGHT YEARS IS EIGHT YEARS.
TRUMP IS IN OFFICE FOR THREE
YEARS AND IN THREE YEARS WE’VE
SEEN THE DRAMATIC CHANGE.
HOW DID IT HAPPEN?
LET’S LOOK AT IT, NEIL.
FIRST THING HE DID WAS LOWER
TAXES.
THAT’S NUMBER ONE.
NUMBER TWO, HE KILLED REGULATION
S AND IN KILLING
REGULATIONS AND LOWERING TAXES,
HE CREATED MORE JOBS IN AMERICA.
LOOK, REAGAN PROVED THIS POINT.
YEAH, YOU KNOW YOU HAVE TO BE
REALLY STUPID NOT TO GO BACK IN
HISTORY AND BY THE WAY, WE TRIED
TO KEEP HISTORY OUT OF OUR
SCHOOLS TODAY.
WE DON’T WANT PEOPLE TO
UNDERSTAND HISTORY BUT HISTORY
REPEATS ITSELF OVER AND OVER
AGAIN AND WE KNOW THAT WHEN YOU
RAISE TAXES, AND WHEN YOU START
PUTTING IN REGULATIONS, YOU’RE
GOING TO KILL THE ECONOMY.
NOW THAT’S A VERY FUNDAMENTAL
THING THAT ECONOMISTS EVEN LEFT
WING ECONOMISTS HAVE TO AGREE ON
SO I THINK THAT TRUMP HAS TO
STAY ON THAT MESSAGE.
LOOK, IT’S NOT A QUESTION OF ME
SUPPORTING TRUMP.
I’M SUPPORTING ECONOMICS.
I’M VERY CONCERNED ABOUT THE
AMERICAN ECONOMY.
I’M CONCERNED ABOUT PEOPLE WHO
ARE WORRIED ABOUT PAYING FOR
FOOD, PAYING THEIR RENT,
PAYING FOR THEIR CARS.
THEY NEED THE JOBS DESPERATELY
AND SO THIS IS NOT A REPUBLICAN
OR A DEMOCRATIC THING THAT I’M
TALKING ABOUT.
I’M TALKING ABOUT THE REAL-WORLD
AND THE REAL-WORLD TODAY PEOPLE
IN THE MIDDLE CLASS ARE GETTING
HAMMERED, OF COURSE THE MIDDLE
AND LOWER CLASS ARE GETTING
HAMMERED TOGETHER, SO WE HAVE TO
GET BACK INTO CREATING JOBS AND
IF WE DON’T CREATE JOBS, THE
ECONOMY IS GOING TO BE DEAD
IT’S AS SIMPLE AS THAT.
IT’S NOT A ROCKET SCIENTIST-TYPE
THING.
NEIL: ALL RIGHT BERNIE, YOU GOT
TO LEARN TO SPEAK YOUR MIND MORE
BECAUSE I NEVER QUITE NOWHERE
YOU’RE COMING FROM, MY FRIEND.
>> [LAUGHTER]
NEIL: ALWAYS GOOD HAVING YOU
HAVE A WONDERFUL WEEKEND BERNIE
MARCUS A TRUE AMERICAN SUCCESS
STORY, STARTED HOME DEPOT, KEN L
ONGONE NEITHER KNEW WHICH
END OF THE HAMMER TO USE AND YET
HANDY THOUGH THEY WERE NOT.
THEY WERE PRETTY SUCCESSFUL OF
THAT AND THAT GUY DECIDED TO PUT
ONE OF THE WORLD’S MOST HIGHLY-
REGARDED AQUARIUMS IN
ATLANTA.
IT’S A LITTLE INLAND, BUT HE
SAID DO YOU KNOW WHAT?
ATLANTA SHOULD HAVE ONE, AND NOW
IT DOES.
ONE OF THE WORLD’S BEST.