Dave Ramsey breaks down capitalism vs. socialism

joining now Dave Ramsey he's the host of Dave Ramsey show and the New York Times the best-selling author and Dave you are just the perfect person to be here for this you sought a letter you deal with these kind of letters yourself every single day I'm getting more of them right now and it has to do with the lackluster economy the volatility in the stock market and there's a certain number of people and I think her September 16th day gives me a hint there's a fictional book out called the harbinger that the gentleman has written a doom and gloom book about the end of the world a similar book called about the Jewish shemitah every seven years in the Jewish calendar there's a cycle where you would take a year off you'd let the let the let the fields lay and you'd let them have a Sabbath every seven seven years 49th year fiftieth year there's a jubilee year and you're supposed to take the year off economically now I did never actually occur in the Old Testament but it was tradition and so this guy has used that to predict that our economy is going to collapse because we're in that fiftieth year in September and some are saying September 13th 16th and 28th I've heard there are all these things but here's the deal I'm old I've seen the end of the world predicted a bunch of different times so far they were all wrong so forth I was wrong you know I agree you a thousand percent you know they come out all the time we see the commercials we hear about it the doom and gloom but it does also help the Douma bloomers if you will the political atmosphere the economy people's paychecks have gotten lower they don't feel like you're getting anywhere they don't feel like they can go anywhere how do you how do you break through that well I think it's called hope and hope the opposite of that would be hopelessness and there's some hopelessness out there because people have lost the idea that they can bootstrap something they've lost the idea that they can start like you did or start like I did with nothing and go be somebody in America and you still can by the way 88% of America's millionaires are first-generation rich that's 9 out of 10 of us that are millionaires started with nothing and became a millionaire it can still be done as a matter of fact it's easier now than it's ever been why is it easier now technology well there's so many free ways to get things started you can have a business idea and broadcast it around the world and sell it around the world for free in 20 minutes I mean you could pop stuff on craigslist and ebay you can have an Etsy store all this stuff you just open things up you can use too though we used to have to run classified ads and there's paper you know yeah and people had to try to find our house to do something you know all of that scum man you can go right to the consumers door this is the best time to be alive this idea of doom and gloom and this is the worst time in history it's just because we keep getting this negative drumbeat out of Washington to prove we need them the best thing Washington do is leave us alone let us heal ourselves although I don't know if that will ever happen I mean I agree with you a thousand percent then I'll move out of the way DC you've been a problem you've been an impediment and and you know what's really interesting with this particular letter Linda she wrote in there about her and her family they all serve in a military they're very patriotic people they served this country they believed in this country otherwise they wouldn't put their lives on the line and yet they don't have enough or at least they're losing that belief to the extent where they're ready to take everything out put it on their mattress and that of course listening here sixties these days people living to be 85 95 even a hundred years old she's gone she may set herself up to be short to have a really good golden years oh absolutely she pulled her money way too soon now the market and you and I've seen that happen from an investment professional standpoint for decades the people at the exact wrong time because of fear if fear drives you're investing portfolio you're never going to have any money it can't be that can't be arrogance wisdom allows you to ride the roller coaster and those that ride a roller coaster do not get hurt unless they jump off but would you admit though can we can we help sort of acknowledge that it to people who are feeling this way we never had 18 trillion dollars in debt before we've never had the sort of global competition for the jobs that we've had before we've never had this sort of weak foreign footprint if you will before we fought wars we won Wars we were the policemen in the world now the JV team is winning so there are some unique circumstances that we've never faced before you're still confident that we can overcome all of them I am because what drove us into the gutter was lack of leadership and what can turn us out of the gutter is not some kind of mystical economic system it's just believing again and you know we're believing comes from leadership Ronald Reagan really didn't do that much except make people believe they could but wasn't it all he had to do that's what I mean I talk all the time about success personal success being self fulfilling and success of economic policies and countries to a large degree if you don't think you're going to make it then that's you can't make it it's hard to make it's hard to get lucky and be successful at the same time if you if you allow the all the negative voices to cause you to sit in your cave and suck your thumb you're gonna you're going to starve you have to get up leave the cave kill something and drag it home now you know Dave I predicted a couple years ago that 2016 was going to be about capitalism and socialism and right now Americans are being pulled on one side you're being pulled listen this Bernie Sanders rise I don't think it's about Hillary Clinton's emails I think this guy is touching something within people particularly young people on the other side it's Donald Trump is Carly Fiorina so I saw this a long time ago and I am legitimately concerned that Americans may be just so frustrated with capitalism as they see it now that they say let's try this socialism thing it looks great on paper well it's been sold to them in the college classroom on many campuses for a couple of generations now and we're seeing the fruit of that that there that is being harvested where you have where Bernie Sanders is even a serious consideration a couple decades ago we have been laughingstock all right his economic policy I thought a couple of months ago he would have been a laugh that is right up communism and Hillary's right there next to him I mean it's crazy and yet we don't want a some kind of an anarchy thing either on the capitalism side capitalism that works should be what we call sanctified capitalism it needs to have a moral component to it where people are doing the right thing because doing the right thing attracts customers and doing the right thing keeps customers rather than doing the thing for me I can serve in the marketplace that's real capitalism capitalism it's all about me kind of an an ran kind of a thing it's selfishness how much can I get no rules let me go just a plunder that's not capitalism that's anarchy although don't you feel like that that the anarchy type capitalism that you talk about is hard to achieve because if you are running that kind of a business someone's going to set up shop right next door to you and run it just a little bit better a little bit more customer-centric a little bit more quality centric and you ultimately can't keep a business like that running in this country the market the marketplace will purge the crooks eventually it naturally does that the problem is though that the extreme socialistic type people will use someone who's a crook you know and going yay capitalism as an example of capitalism and I keep trying to remind folks that's not capitalism that's I'm glad you brought that up because we heard before and I think it helped President Obama get elected unfeathered capitalism they can't control themselves the greed is too great Lehman alan greenspan sort of hinted at that and that kind of was the political fodder that fodder if you will that gap President Obama elected and in my great fear and says somehow that resurrects itself with the shaky stock market going into the election with the shaky economy this is the worst post recession recovery we've ever had people saying simply doesn't work we got to try something different well when the candidates continue to tell people that the way you're going to prosper is we're going to solve wealth inequality rather than the way you solve wealth inequalities go become wealthy yeah when the candidates keep beating that drum then you have a segment of the population it sits back and says I'm going to elect someone who's going to make me wealthy and that has never happened in the history of man regardless of economic you've never had people in power make other people wealthy this is the greatest greatest economic system in the history of mankind the little man has a better chance right now I'm a little man start with nothing you're a little man you start with nothing I mean it has a better chance right now today then he's ever had in any other system Dave Ramsey you are amazing I appreciate you going to show and thank you hopefully we can get you back real soon honored to be with you my friend a lot buddy

Channel: Fox Business

Views: 679,564

Rating: 4.6740532 out of 5

Keywords: Charles Payne, Making Money With Cpayne, Elections, Government, On Air, Personality, Fox Business

Id: -r3-oWCYM3k

Length: 8min 34sec (514 seconds)

Published: Thu Sep 10 2015