Abigail Disney pushes for changes in American capitalism, slams CEO's salary

Channel: Fox Business
Published: 12 hours ago

Description
Loyola University economics professor Thomas DiLorenzo and IWF policy director Hadley Heath Manning discuss how Abigail Disney criticized CEO Bob Iger over his $65 million salary. FOX Business Network (FBN) is a financial news channel delivering real-time information across all platforms that i...



Transcript
It is that last point that we pick up on here now to react to this as thomas dilorenzo. He is loyola, university economics, professor and author of the problem, with socialism and hadley heath manning from the independent women's forum, thanks to both of you for joining us tom. Let me start with you, because when you look at this situation, i mean making the point that yes, his pay is, you know, f ...
urteen hundred times the median worker, but look at the shareholder value that he's created. How much is the jobs that he's created in transforming the company? How do you quantify that he had the foresight to buy the star wars franchise which at the timepeople thought he was overpaying for, and it has transformed this company? What do you think of this conversation? Well, if he's increase the price of the stock from twenty four dollars to one hundred and thirty four dollars, he may well be underpaid for that, and i think the fact that he makes a lot of money does not mean that comes out of the pockets of The workers and missus disney said that he was addicted to money or a ceos or addicted to money. Well, i should hope so because the only way to get that money is to provide value to their customers and their consumers and the more the better and that creates more jobsecurity for the workers and that's all that's the sole source of the income of the workers. For disney or any other corporation, and so otherwise, you'd have to think that the boards of directors are all either stupid or corrupt or both hey. You have so much money if he's not worth it hadley i mean you know. It strikes me that, especially when you look at this situation, the difference between socialism and capitalism is that one embraces and recognizes. You know fundamental human nature that that human beings try to survive and they operate in their own self-interest. In order to do so with socialism, they count on people to perform because they want to share anddo for others, and we've seen a lot of experiments like that that that haven't worked out. Eventually, you know those in power. They go for their own self-interest and start hoarding resources.

What do you think? Well, the good news is: that's really not even on. Oh, it's sorry hadley go ahead. That'S that's! Alright, under under capitalist model, we're also free to share charitably and - and we know that many americans do that, so the difference between socialism and capitalism when it comes to sharing is that under capitalism the sharing is voluntary and under socialism it is forced and that can Create a lot of ill-will, it can really lead to an immoral system. It certainly takesfreedom away from people to sort of direct their lives any way they'd like to go, but when it comes to the question of ceo pay, you know i think we can can recognize that capitalism is not perfect and that there will be excesses. It'S very difficult to say what a fair salary for a ceo is today when the job has been changing and certainly ceos a lot is it expected of them yeah, and we know that it's very it's very unique to the firm itself as deidre mentioned. These are performance based jobs. We want executives to have the incentive to be sure that their firms perform well in the stock market, for example, but thebottom line is this is not a zero-sum game, just because a ceo makes millions of dollars doesn't mean that the average worker make less. As a result, tom made that point too. I wish we had more time. We had breaking news. We'Ll have to do this again, thanks to both of you.



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