let's say you got elected mayor I mean we're here in the inaugural theater for
mayor Emanuel or president okay whatever you're in a position to affect the
economy by the way if you all watch sharknado 3 I am the president well then
you've had some practice yes I have so you have the power to do anything that
would make the world safer easier for entrepreneurs you could increase capital
you could make you get rid of regulations what would you do deal with
income equality because it's creating a risk factor that hurts everybody if you
have to worry about whether or not there's going to be riots or instability
where your businesses are that's an unquantifiable risk I deal
with patents every companies getting sued for patents for the most ridiculous
dumb shit ever you know I mean I heard somebody say that in the 80s when Apple
had been in business more than 10 years they had one patent you know you know
back in the day people just competed if you look at you know Intel when there
were clones of Intel processors you know IBM clone Compaq or whatever you
couldn't do any of that today because of all the patent wars so I would change
that I would simplify the administrivia to start a business so there's just single forms so
you don't have to you know apply in every municipality or pay taxes in every
municipality so you know simplification be key but people talk about taxes as
being just just I mean there's no shortage of people wanting to start
businesses but there's a lot of things we could do are there things that
government does that get in the way of entrepreneurs you just mentioned one
rarely it rarely I mean people here because they're starting businesses you
can bitch about taxes too high you know rent too damn high whatever the case may
be it's not stopping anybody well they might do things the government people
who say that you don't see that and there are there are a lot of talking
halfway so we've got to get government out
all entrepreneurs right y'all consider did y'all think about tax rates before
you became an entrepreneur one time yeah guess I would draw my question well how
about access to capital that's a big problem it's been a problem for a lot of
people easy to raise money we just talked about there being people get that
let me rephrase what I said earlier somebody is writing a check to some kids
or adult kids seventy year old kids right with an idea not even a product
yet who isn't even really in business yet valued their business at eight
million dollars and they gave them money knowing that they should immediately
mark it down to zero there's no shortage of capital you know now part of the
problem is he going back to government that if you've got new you've got no
place else to put it to make money that creates issues right I'm happy to pick
on my buddies at the SEC the idiots over there you know because of what they've
done every time they screw up they don't
catch Madoff they don't catch Enron that you know there's an overreaction and
there's too many laws too many regulations so as a result we've seen
the number of public companies drop in half over the last fifteen years right
we've seen there's only been what four IPOs this so far this year just think
about that right it is literally crazy all those people working for private
companies that you know 15 20 years ago would have gone public with 25 30 40
million dollars in revenue that would have an opportunity to make more money
there would be investment opportunities that are liquid as opposed to throwing
your money away right those are gone because of the SCC right yet they wanted
like two people for insider trading put aside me right because I just
torched their ass but a guy sitting here this is what your SEC government dollars
are doing so there's a guy I think it was an Illinois railroad company he
would go to work and there were all these limousines that were pulling up
it's like what are these limousines don't were in the middle of nowhere it's
a real crook he figures out there's a good chance someone's trying to buy my
company so he buy stock options on the company
all we did SEC sued him for insider trading
the FCC's job is to make it as he knew something but not because he observes or
something exactly the FCC's job is supposed to be to make people trust the
stock market more this is CNBC well how many people here think the stock market
is safer today than it was 10 years ago and not a lot of hands right that's all
you need to know you know so people based off what the SEC is doing nobody
thinks the market is safer based off the number of IPOs it's not easier to raise
capital by a longshot right it's certainly not there's not
more confidence from the inside or out so they've failed at everything that
they're designed to do and that has had a huge huge impact on the economy every
one of these companies like 20 years ago when I was getting started I the end
game was hey we might be able to go public the number of IPO is priced at
under 80 million dollars raising capital under 80 mil has dropped like 80 percent
in 20 years now they're coming out with it reg a plus we'll see how that works
right but they've screwed it up even more because now that's going to be
crowd funded which means there's no liquidity they're just you know if you
get rid of the the enforcement side of the SEC I think the economy would boom
but but you know I'm happy to jump on them but the reality is we and maybe I
misanswered your earlier question we need to make it easier to go to the next
level of capital raising right it's not so much what the government is doing
it's with how the SEC is screwed it up because we don't have a natural
progression for all the entrepreneurs here 15 years ago 20 years ago there was
a natural progression right you didn't have to go out and keep on raising money
privately you knew that if you got to some level of profitability or you knew
that if you could create awareness and had a decent company you could go public
raise 25 million dollars and that creates incremental capital available to
you and it also allows your employees to benefit it creates more awareness for
your company there's just so many good things that can happen but now know
there's just so many rules regulations and problems with it now we've taken
that whole segment of opportunity and the SEC has kicked it to the curb