Capitalism vs. Socialism Town Hall | Part 1

Channel: Fox Business
Published: 05/16/2019 07:13 PM

FOX Business’ Neil Cavuto, The New Voice CEO Herman Cain, Bianca Cunningham of NYC Democratic Socialists of America, “Capitalism’s Crisis Deepens” author Richard Wolff answer questions from a live studio audience about capitalist and socialist policies. Watch Part 2 here:

Live from new york city, making money with charles payne presents a town hall in the national discussion. Thank you. Thank you all very much good. Thank you. Thank you all very, very much hello everyone, and thanks for being here, this is a very special edition of making money. In fact, it's our first for fox business, a town hall on capitalism and socialism. Now we're gon na get to the questions ...
rom our live studio. Audience in just a minute, but let's meet the folks answering those questions. First, taking up the virtues of socialism, bianca cunningham bianca is the co-chair of the new york city, democratic socialists of america. In 2014 she was a retail worker at verizonwireless store in brooklyn. She organized her co-workers have formed the first ever union for verizon wireless workers with her. You know this man is hot economic since 1967, at universities around the world, including yale and the university of paris.

His most recent book is called capitalism's crisis deepens and here a champion capitalism as the man himself, herman cain, the former chairman of the federal reserve, the kansas city, and he ran for president in 2012. You might remember that. Well, did you know he started from humble beginnings? He grew up in georgia during the 40s and 50s and finally, my men, we are joined by fox business. It'S very own. Stuart varney hosted the top marketshow on television barney, a company in 9:00 p. m. in new york on this network. Rather, if you watch a show, you know that stewart likes to say that he has quote a refugee of european socialism. He came to america decades ago and he's never looked back now throughout today's town hall. Other fox business stars will be joining us to speak candidly, about the state of capitalism and the american dream. Neil cavuto is coming kennedy's coming lou dobbs and, of course, we've got great questions lined up from our audience, but before we get to that the question right now. Why are we doing this town hall and why now jackie? The angelus is here: she's gotthose answers jackie good afternoon to charles capitalism versus socialism.

There is more at stake now than ever, but two people who look at socialism and ask for it do they know what it means as the election looms, a national debate is raging on one side: capitalism, free market economy, the individual creation of wealth. Here in the united states, we are alarmed by the new calls to adopt socialism in our country. On the other side, socialism, government control of enterprise wealth shared by all democratic socialism to me, is creating a government in a economy in a society which works for all. Rather than just the top one percent, according to a new gallup poll, 47 percentof americans say they would vote for a qualified presidential candidate. Who is a socialist, it means putting democracy and society first instead of capital. First democrats are embracing the same tired economic theories that have impoverished nations and stifled the liberties of millions, so who's right when america and the american people do better embracing a society based on socialism instead of capitalism. That question may be on the ballot in 2020. The fox business is exploring that today, with this town, charles, let's get some answers. Let'S get them thanks, so much jackie in the audience. Well, they've got a lot of questions for this group. So, let's start with alex who is in school, alex what's yourquestion? How can we call our country great or our society moral, when a small number of wealthy people have far more money that could ever be required to live a comfortable life, while several people lack basic human rights such as housing, health care or even food? Alex great question: i want to start with herman cain, [ applause ] alex. I first reject your assumptions, the assumption that a lot of people are not able to pursue the so-called american dream.

I am an example. I started when i was very poor and because i was willing to take risks, i was willing to invest sweat equity. I was willing to change jobs multiple times i was able to climbup the corporate ladder, so i reject your hypothesis that only a few people. Secondly, the thing about rich people that a lot of people don't don't know and a lot of people don't talk about. If they'll socialist is that, when rich people have a lot of money, do you know they spent a large percentage of their time, trying to figure out how to give it away to causes that they like not causes that the government likes bianca? But you worked at verizon, you felt it was an unfair system, and so you did something about it and you think there's an only one way to really write this and that's through a socialistic society right yeahsocially. So we believe in putting the power back in the hands of everyday americans taking away from the few at the top that have means to control the agenda for the rest of us in this country. We want a government, that's for the people by the people. Truly. What would you say to herman in the sense that he started out in the 1940s and georgia? We know what the circumstances were like and he was able to propel himself to a place. Does that not exist anymore? For someone in your age, i believe that millennials are entering the really difficult economic system. I congratulate miss carmen for his successes, but i do think that people shouldn'thave to put their safety and security at risk in order to achieve the american. Allow me to respond because that's another fallacy into thinking.

Never in the history of the world has a socialist model worked. Most people want to point to venezuela and then they are in denial. They want to point to cuba and they are they in denial. Have you ever heard of the ussr, united soviet socialist republic? They tried socialism for 17 years and it failed right and when they finally figured it out, the 15 countries went their separate ways. Richard, though, you've taught all over the world, i mean. Have you seen examples of socialism working absolutely the biggest and most importantones we can think about. He referred to the united soviet socialist republics. That'S not correct! It'S called the union of soviet socialist republics. That'S all right! It'S not a big mistake, but the big one is not to understand what socialist societies have grown. We are currently as the nation in a big fight, an ugly fight initiated by president trump against china, as you know, tariff wars when, after a big company today, that's a big effect. Why? Because china is the second most important economy in the world was the first most important just a second 42nd. Forty years ago, china was one of the poorest countries in the world.

It used a very powerful socialist economicmodel to do one thing: to grow quickly, to stop being poor and to become wealthy. They did a lot of things along the way. I don't agree with, and you don't it's not an example of rapid economic growth through then. That is the example of our lifetime. China took off when the assumed capitalist connotations they took off. When i can't remember the name of their leader who said let a thousand flowers bloom and the thousand flowers were capitalist enterprises, and that's when china's [ applause ] you've been teaching kids in our schools, [ applause ] i've been teaching kids a bit longer than you've Been talking on tv keep the conversation i want to respond to alex's question orbecause. What you are really asking about was income inequality and i'm sure that's what upsets you about our society today. I have a different view of income inequality. I think it's a good thing that you allow some people by their own brains, drive talent and ability to become rich, but more rich people. Yes, it is the more rich people. You allow the more growth in your economy, the more innovation, the more innovative, more efficiency and the greater prosperity. Can i just have 30 seconds i'm an example of that i got rich in the 1990s by investing in stocks.

I got rich. I then got out and put that money into real estate in california. Whatdozens of houses did them up rented them out made a profit, took that money put it into land. I now run a large tree folk, don't know what you're laughing at young man i invested in land. I'Ve now got a profitable tree farm employs people in a very depressed area and now, with my wealth that i made by myself, i'm looking after six kids and nine grandchildren and i'm not looking for anything of you. Let'S all here, [ applause ] - we actually have another audience member named alex and we're gon na go to him for his questions. So go ahead, alex so many of the policies we pursue and label. A socialist in america are called by themore, accurate term of social democracy in europe. I was wondering how do you think this rhetorical differences stunted our ability to discuss effective policy and even have a rational conversation about economics? No richard i'll pose that to you, because what you're now you're, not even talking about democratic socialism, you're talking about chinese-style socialism, which includes a million muslims who are now in concentration camps, and you know, stifling of free press surveillance, the surveillance society that will be nineteen Eighty-Four soon, as soon as you look around the corner is, is there there's so many nuances, we're very now inclusive capitalism, progressive capitalism democratic? So i mean socialism? What socialism do you think it is that willwork in this country, because now we're hearing a variety from all these presidential candidates? I didn't endorse chinese socialism like yeah. I know that's why i'm helping you here. What i'm doing was showing you that the statement that have this kind of an economy can't create economic wealth and develop a mass of people in a quick time is wrong. That'S what china did whatever else you like, or don't about that society.

Rapid economic growth, which is one of the great goals of most people on this planet, was achieved at a faster rate than in the united states. Let me just finish this point over the last twenty years. So we're not talking a short amountof time. The average annual increase in output in the people's republic of china was in the neighborhood of ten to ten and a half percent over the same period of time. The average annual growth of output in this country was somewhere around three percent. It'S not even close, and that has to be a reality you face unless you're living in a fantasy world. Look at what you, but we should also put an improper perspective. If i got a quarter in my pocket and i find a quarter, i double what i have in my pocket up. 100 percent. If i got 20 bucks in my pocket, a final quarter come up a few percentage points westarted at a much higher base. God, god bless america that we have bianca. Do you think, then this is a race to get to a certain place, and if it is, would you be willing to give up freedom of press like the that comes along with a lot of new soviet or socialist economies? The democracy, a lot of them, involve ultimately dictatorships, one one leader, one political party: would you be willing to give all of those things up for a tighter income inequality? So socialism is an old term with a bad rep.

In my opinion, it predates marx. I'M part of the largest and fastest growing organist organization in the country, the democratic socialists ofamerica, and what we in a country with so much excess. It'S not equitable, that some people are starving. It'S not right that families have to make a decision between putting food in the fridge are buying prescription drugs and what we're trying to move towards is a model that works for all of us, not a few, and at the top you ever wonder where the excess Came from its yes, madam i did. May i respond to absolutely something that she said: i'm i live in atlanta, georgia. I don't buy your argument that you got people who don't have food to eat and they don't have shelter. You want to know why there are homeless, shelters, andfood banks all over downtown atlanta, that some homeless people choose not to go to. So you think the government is going to company. Do you think the government is gon na come in and use its clout in order to take from the rich and give to the pool? Right now, i mentor in new york city, public schools, and i can tell you that the schools that i mentor in almost 65 percent of the kids are homeless. When, given $ 2,000 at the project to say what should we spend money on they're asking for community gardens so that they can bring food home they're asking for rooms so that they can sleep overnight in because they're afraid ofsleeping on the streets with their parents, people Are dealing with real issues in europe claim that people are not homeless or going without is just false? Well, your claim. I grew up taking biscuits to school for lunch with no meat, so don't talk to me about people coming to school, who don't have food and this and that it's available if they go out and work for it like everybody else, because stewart actually came from from The uk, where there was sort of a command-and-control us right and yeah, so you've lived both differences. Let me respond to alex's question here, because that's a valid question and yes, i do want a rational conversation about things.

Buti also want to talk the truth. European socialism does not work and i'm an example of that in the 1970s that was when i was in england yeah. I don't know why you're laughing sunshine, but i'm telling you when i was in england in the 1970s, the coal industry, steel, industry, rail industry, gas, industry, road transportation. What else we got here? Oh electricity, healthcare, all of that and the airline's owned and run by the government - and they ran it into the ground that was english socialism. It failed miserably, they come here and i find a capitalist society. We can work your way up. The food chain with brains, drive talent and ability, and by theway it was margaret thatcher, a capitalist who restored england to prosperity after the degradation socialism in 1970s, first still laughing. I don't know why.

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