How America is Killing Capitalism
Episode Stats
Words per Minute
210.72978
Summary
Learn English with Jay Rockefeller. Jay Rockefeller is an American business tycoon, philanthropist, and philanthropist. He is a former investment banker, real estate magnate, and real estate tycoon. He s also the founder of JP Morgan Chase, one of the most successful companies in the history of the world. In this episode, Jay talks about the importance of being a good father and how important it is to have a good relationship with your kids.
Transcript
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In order for capitalism to work, you need four elements.
00:00:02.240
There are four elements to capitalism for it to work.
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And what America's done is, America's taken one of these elements out, and it's only left three of them.
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Capitalism allows you and I the freedom to buy whatever we want to buy that's legal.
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So freedom to buy, freedom to sell whatever you want that's legal, and freedom to try.
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You want to try real estate? It didn't work? Great. I want to go.
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You want to try opening up a restaurant? Great. Didn't work.
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You want to go try this food? You want to go try this?
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You have the freedom to try whatever you want to try that's legal, right?
00:00:36.580
The last one is the most important one has been taken away, and I'll get to the last one here in a minute.
00:00:42.420
Look, this last week, the last four days, I flew in 24 of our executives to Jekyll Island.
00:00:47.860
The reason why I chose Jekyll Island is because in, I think, November 10th of 1910, I think 110 years ago,
00:00:55.020
a group of leaders led by Senator Aldridge got together at Jekyll Island, and they started the Federal Reserve.
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And we went in the room where Federal Reserve got started with these six different bankers and senators and power players that were there.
00:01:09.960
And they made this idea, which eventually became the Federal Reserve 1913, and it turned into what it is today.
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Some say it's the most evil thing that's been built.
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Some said we needed that at a time like that because of what happened at war.
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Regardless of what it is, we went to Jekyll Island.
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And what Jekyll Island was known for is where Rockefellers had their own compound.
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We got a private tour of the Rockefeller compound.
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Matter of fact, Alexander Graham Bell made the first phone call to anybody from Jekyll Island.
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Just so you know, that's the idea of Jekyll Island.
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It's a very exclusive type of a club many years ago.
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While we're at the meeting, I unpacked because we were writing the constitution of our company, the declaration of our values and principles.
00:02:05.460
And when I explained capitalism, I said one thing about great leaders and great parents is when you see as a parent, I have an 8-year-old son, a 7-year-old son today, and a 4-year-old daughter today, right?
00:02:25.140
And when you want to do everything for your kids, it's very hard to not do it because you have the resources to do it, right?
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I went to my dad and I said, Dad, I need you to pay off my debt.
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And my dad said, son, I'm going to do one of the best things that I'm going to do for you today that you'll thank me decades from now.
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That's the best thing you're going to do for me?
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All my friends that I told this story to, they're like, oh, dude, my dad helped me out.
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All my friends got bailed out, except one kid doesn't get bailed out.
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My friend at the time introduced me to a bankruptcy attorney.
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He said, how much more credit cards you got left?
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He said, don't file BK unless you spend all the other $7,000.
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The laws allows us to, but go spend all the $7,000.
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He said, if you file BK for the rest of your life, you're going to take the easy way out.
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It'll be one of the worst things you'll ever do if you do it.
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But I think you can figure out a way to pay this money back.
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If you've ever seen the movie, the video, Life of an Entrepreneur, 90 seconds.
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If you ever watch that video, go back and watch it.
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If you see the credit report, pause and look at it.
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I forgot to return Time Warner's little, you know, I don't know what Roadrunner thing they
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You know what happened the next couple of years?
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Remember the freedom to buy, freedom to sell, freedom to try?
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You know what the last one is that my dad allowed to happen, which is why he raised this
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There is no Patrick B. David, what my dad did to me that day.
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My dad says, I'm comfortable with you failing, even though deep down inside he was in pain
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And that exact thing that happened to me made me realize for the rest of my life, I can stand
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I said, the moment a leader realizes, you do your part, you lead your guys, you work
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for your guys, you go out, you create a great opportunity, you create an environment where
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But the moment you're afraid of your sales guys being rejected and you feel guilty about
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the price they have to pay, you are no longer a leader because you can't sit there and feel
00:06:04.200
guilty, try to take that freedom to fail away from them.
00:06:07.220
You know what America is doing right now today?
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I'm not talking COVID-19 because this is a different time.
00:06:21.720
America chose to change the guidelines about the fact that you can't open up the restaurant.
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If you're shutting down my restaurant and I want to work, that's on you, government,
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So you do have to do something about those times.
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I'm talking said COVID aside because this is an anomaly.
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But the whole too big to fail, 2008, that's the government's mistake.
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Nina, Nina, no income, no assets, no income, no assets.
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Today in America, we have so many people that are becoming entitled.
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We have so many people that have this victim mentality.
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We have so many people that want to say it's the government's fault.
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We have so many people that want the government to bail them out.
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We have so many people that want everybody to do everything for them.
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Because when it comes down to capitalism, we don't have capitalism today in America.
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And not because, oh, we're a socialistic society.
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We don't have capitalism today because we're not allowing people to fail.
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By the way, this applies in the way you run a country.
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Because when you fail, when you fail painful, embarrassing, publicly humiliating sometimes,
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when you fail, that is a moment where everybody in the world is kind of watching to see what
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Your body fat, your height, your weight, your shoe size, your hat size.
00:08:01.140
And capitalism forces the world to find out if you got the ability to recover and recoup
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and come back and redeem yourself after you fail because we allowed you to fail.
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So going back to you, how are you when you fail?
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Are you always like, oh my gosh, you know what?
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Go home early because you got to get some rest, sweetheart.
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They don't even know who they have on working with somebody like you.
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Let me give you some unemployment check for a long time, two years.
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That's taking away my ability to find out what my dog fight, what my dog fight looks like.
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The moment you find out your dog fight, you have no idea what great things can happen in your life.
00:09:01.440
So having said that, the next time somebody tries to bail you out, take that as a form of somebody feeling guilty for you losing.
00:09:09.220
And if you can even stand up to your own self and say, you know what?
00:09:13.400
If you can do that, you're at the ultimate level if you don't take the bail out because you're in a league of your own.
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Because very few people can do that in that moment.
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I'm telling you, Ryan, I'm not sitting here telling you I'm walking on water.
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So this applies to business, society, and the company, family, the way you raise people, the way you raise leaders around you.
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You can look at this message and ask yourself what kind of a leader you want to build and what kind of a leader you want to be.
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With that being said, if you're watching and say, Pat, I want to get tougher.
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I want to be able to become a stronger leader myself and develop stronger leaders.
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If that's the case, watch this video I did a year ago titled, 10 Ways to Develop Stronger Leaders.
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If you've not watched it, click on this video here to get the message out of that video.
00:10:01.060
Being okay with having the freedom to buy, freedom to sell, freedom to try, and most importantly, the freedom to fail.