Lou Dobbs: CEO pay in this country is out of line

Channel: Fox Business
Published: 05/16/2019

Description
FOX Business’ Lou Dobbs, The New Voice CEO Herman Cain, Bianca Cunningham of NYC Democratic Socialists of America, “Capitalism’s Crisis Deepens” author Richard Wolff on whether more socialist policies will help American workers. FOX Business Network (FBN) is a financial news channel delivering ...



Transcript
Let'S jump back into it, let's start with fiona she's gon na get us started in a segment fiona how's it gone hi, so corporate executives, who answer only to themselves and a few wealthy stockholders, make basic economic decisions that affect millions of people. Why? Wouldn'T consumers and workers benefit from a system that would give them input and possible ownership of entities that control their ...
lives. So this horizon you organize the workers, but you want to. You would have wanted to go. First of all, you were fired for doing that. You told me i was fired for organizing. Yes, do you feel like that system? Is that way that there's just a handful of people making thedecisions and it would be better, certainly every single year i worked for president for six years in every i worked off a commission structure. Every year i was making less and less money. They were coming in. Making arbitrary decisions that affected my lives that affected my per my ability to provide for my family and we came together and organized to join a union to fight back and be one better wages. We won better working conditions because that's exactly the system that we're trying to move to, and the fact that people are retaliated against for using their right for exercising their right to organize is one of the problems that happens whenever a few people, atthe top, are able To set the agenda in this country, blue, on top of that people are saying hey. These people are paying themselves obscene amounts of money.

Abigail disney is railing against disney ceo, making 65 million dollars a year when the average worker dares making 50,000. I think they're right. The fact of the matter is that ceo pay in this country is out of line. It is absolutely an anomaly within american history and since 1993, when we made stock options reportable but not deductible, we have we've changed the metrics here. The worker, the employee, is watching management soar in compensation, while workers have a just a disadvantaged part in that ratio, it should bemuch much less than five hundred to one historically. The number is anywhere from 20 to 25 times as much, and that has to be addressed. It should be addressed by by the stakeholders, including the people own, the companies that is shareholders. The idea that it's an alignment between shareholders and in management is just specious. Nonsense, richard you talked about everyone at these corporations having a voice, but would that actually work as well? Wouldn'T it be chaos? You do need some precise decision-making. The most successful economy in europe is germany, and for the last 30 years the german law has prescribed the following, which, if it shocks, you tells you something about the media that you'resubject to in this country. The law in germany is the following: every corporation that has 2,000 or more workers must put 49 percent of the people on the board of directors elected by the workers. If you have less than 2,000, you have to have 25 percent that puts a workers representative on every board of directors multiples.

They are participating in the planning, they know what's being done unless secret efforts are made to go around them, which are prescribed in german law. Has it produced chaos in germany, not at all their recovery from the 2008 depression was much better than ours and he even had the levels of unemployment. The notion that you could not haveworkers participating is canceled not like abstract discussions of theory, but by reality of one other capitalist countries have managed to do, but we're just far above those that gone from one extreme to another. I'M sorry would that be going from one extreme to another. Well, i don't know that it's even the place that actually exists in germany. In point of fact, they have extraordinary social cost that impede their economic growth. They have a mercantilist trade economy. They live in large measure on us deficits and their surpluses. As a result, germany is not a model for economic growth, vitality or innovation. It is a model for mercantilism and international trade. It is hardly a model inin. My opinion for a vibrant, progressive economy.



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