Valuetainment - October 26, 2020


How America is Killing Capitalism

Hosted by
Patrick Bet-David
Mentioned
Jekyll Island COVID-19 Alexander Graham Bell J.P. Morgan Chase Patrick Bett David William Rockefeller Roadrunner Aldridge Ryan
Futurist & Hacker Reveals How To Solve World's Biggest Problems How Quibi Burned $2 Billion in 6 Months

Episode Stats


Length

10 minutes

Words per minute

210.73

Word count

2,235

Sentence count

221

Harmful content

Toxicity

3

sentences flagged

Hate speech

1

sentences flagged


Summary

Summaries generated with gmurro/bart-large-finetuned-filtered-spotify-podcast-summ .

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

Transcript generated with Whisper (turbo).
Toxicity classifications generated with s-nlp/roberta_toxicity_classifier .
Hate speech classifications generated with facebook/roberta-hate-speech-dynabench-r4-target .
Hosts, guests, and mentioned names generated with spaCy (en_core_web_sm), reconciled against Wikidata.
00:00:00.000 In order for capitalism to work, you need four elements.
00:00:02.240 There are four elements to capitalism for it to work.
00:00:04.860 And what America's done is, America's taken one of these elements out, and it's only left three of them.
00:00:11.400 Here's what the three are.
00:00:13.180 Capitalism allows you and I the freedom to buy whatever we want to buy that's legal.
00:00:18.180 So freedom to buy, freedom to sell whatever you want that's legal, and freedom to try.
00:00:23.460 You want to try real estate? It didn't work? Great. I want to go.
00:00:27.060 You want to try opening up a restaurant? Great. Didn't work.
00:00:30.220 You want to go try this food? You want to go try this?
00:00:32.380 You have the freedom to try whatever you want to try that's legal, right?
00:00:34.860 That's the freedom that you have.
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.
00:01:03.500 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.
00:01:17.240 They've printed trillions of dollars.
00:01:19.000 Some say it's the most evil thing that's been built.
00:01:20.940 Some said we needed that at a time like that because of what happened at war.
00:01:24.380 Regardless of what it is, we went to Jekyll Island.
00:01:27.100 And what Jekyll Island was known for is where Rockefellers had their own compound. 0.87
00:01:32.480 William Rockefeller, we took our guys.
00:01:34.160 We got a private tour of the Rockefeller compound.
00:01:36.940 J.P. Morgan Chase.
00:01:38.020 Matter of fact, Alexander Graham Bell made the first phone call to anybody from Jekyll Island.
00:01:43.520 Just so you know, that's the idea of Jekyll Island.
00:01:44.960 It's a very exclusive type of a club many years ago.
00:01:48.360 So we had this meeting.
00:01:49.260 While we're at the meeting, I unpacked because we were writing the constitution of our company, the declaration of our values and principles.
00:01:58.480 And we started at 7 o'clock.
00:02:00.140 One night we went until 3.30 in the morning.
00:02:02.060 Great experience.
00:02:03.120 One of the moments we talked about capitalism.
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?
00:02:17.280 It's very hard to see your kids.
00:02:22.400 You can do everything for your kids.
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?
00:02:31.820 So where am I going with this?
00:02:33.460 Many times, I was 22 years old.
00:02:36.160 I was in debt, $49,000.
00:02:38.340 I went to my dad and I said, Dad, I need you to pay off my debt.
00:02:41.200 I'm in debt.
00:02:41.680 It's really bad.
00:02:42.260 I'm in a bad situation.
00:02:43.020 My credit score is 484, 495, 499.
00:02:45.760 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.
00:02:51.200 I said, what's that?
00:02:52.160 He says, I'm not going to pay off your debt.
00:02:54.240 I said, what do you mean?
00:02:55.180 He says, I'm not going to pay off your debt.
00:02:57.480 I said, what are you talking about?
00:02:58.220 That's the best thing you're going to do for me?
00:02:59.560 What kind of a father are you?
00:03:00.800 All my friends that I told this story to, they're like, oh, dude, my dad helped me out.
00:03:04.480 Oh, my mom helped me out.
00:03:05.320 Oh, they bailed me out.
00:03:06.420 All my friends got bailed out, except one kid doesn't get bailed out.
00:03:09.840 And it's me.
00:03:11.100 My dad decides to not bail me out.
00:03:13.420 Like, how do you not pay off my debt?
00:03:15.360 You're my dad.
00:03:16.040 You're supposed to do this.
00:03:17.460 He says, I'm not supposed to do this.
00:03:18.760 You're a grown man now.
00:03:20.020 You got to be able to figure this thing.
00:03:21.240 I said, and by the way, here's the thing.
00:03:23.020 I said, what's that?
00:03:23.900 My friend at the time introduced me to a bankruptcy attorney.
00:03:26.440 He says, Pat, here, go file bankruptcy.
00:03:29.000 And you know what he said?
00:03:29.760 Here's what he said.
00:03:30.680 He said, how much more credit cards you got left?
00:03:32.340 I said, I got about $7,000.
00:03:33.960 He said, don't file BK unless you spend all the other $7,000.
00:03:37.100 Some of you guys may add this story.
00:03:38.880 Go spend it.
00:03:39.480 Then file the BK.
00:03:40.480 Because at that point, don't worry about it.
00:03:42.360 The laws allows us to, but go spend all the $7,000.
00:03:45.420 That's what one of my friends told me.
00:03:46.320 You know what my dad told me?
00:03:47.760 He said, if you file BK for the rest of your life, you're going to take the easy way out.
00:03:51.520 It'll be one of the worst things you'll ever do if you do it.
00:03:53.400 And I'm telling you, I'm not paying you off.
00:03:55.220 But I think you can figure out a way to pay this money back.
00:03:57.220 For two weeks, I didn't talk to my dad.
00:03:59.640 You don't want to end up happening.
00:04:00.960 I kept every single statement.
00:04:02.300 If you've ever seen the movie, the video, Life of an Entrepreneur, 90 seconds.
00:04:05.460 If you ever watch that video, go back and watch it.
00:04:07.960 It's 90 seconds.
00:04:08.960 If you see the credit report, pause and look at it.
00:04:12.380 That's my credit score.
00:04:14.160 That's actually my credit report.
00:04:16.800 I ran in 2004.
00:04:18.700 I think it's November date when I ran it.
00:04:20.660 It shows my credit score, 484, 495, 499.
00:04:23.600 I was broke.
00:04:24.980 My dad didn't pay me off.
00:04:26.000 Now, I kept every single statement.
00:04:28.680 You know how crazy my credit score was?
00:04:31.060 I forgot to return Time Warner's little, you know, I don't know what Roadrunner thing they
00:04:36.580 had back in the days, the cable box.
00:04:37.900 I don't return it.
00:04:38.780 I owe Time Warner $720. 0.99
00:04:41.080 I'm like, take this damn Roadrunner back. 0.99
00:04:44.000 I had $720 I had to pay them. 0.99
00:04:46.180 I had $49,000 if my dad didn't bail me out.
00:04:48.580 You know what happened the next couple of years?
00:04:49.720 I paid every single thing that I had.
00:04:51.840 I paid it off.
00:04:53.580 What it did to me was the following.
00:04:56.120 Remember the freedom to buy, freedom to sell, freedom to try?
00:04:59.600 You know what the last one is that my dad allowed to happen, which is why he raised this
00:05:04.680 leader that he raised.
00:05:05.860 Because without him, I'm a different boy.
00:05:08.700 There is no Patrick B. David, what my dad did to me that day.
00:05:11.200 You know what it was?
00:05:12.220 It's the freedom to fail.
00:05:14.160 No, it's the hardest one.
00:05:17.060 My dad says, I'm comfortable with you failing, even though deep down inside he was in pain
00:05:23.340 wanting to bail out his only son.
00:05:27.100 What father doesn't want to bail out the son?
00:05:30.480 He said, I'm not going to bail you out.
00:05:32.440 And that exact thing that happened to me made me realize for the rest of my life, I can stand
00:05:38.020 on my own two feet.
00:05:38.960 So what's going on with America today?
00:05:40.180 What does this have to do with Jekyll Island?
00:05:41.880 In Jekyll Island, I was talking to my leaders.
00:05:43.500 I said, the moment a leader realizes, you do your part, you lead your guys, you work
00:05:47.840 for your guys, you go out, you create a great opportunity, you create an environment where
00:05:51.460 people are excited to have a leader like you.
00:05:53.320 But the moment you're afraid of your sales guys being rejected and you feel guilty about
00:06:00.220 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?
00:06:08.880 Tell you what America is doing right now.
00:06:10.540 America is afraid of Americans failing.
00:06:13.500 America is afraid of people failing.
00:06:16.540 I'm not talking COVID-19, by the way.
00:06:18.660 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.
00:06:25.380 If you're shutting down my restaurant and I want to work, that's on you, government,
00:06:28.980 not on me.
00:06:29.520 I didn't want to close down my restaurant.
00:06:30.840 You did.
00:06:31.180 So you do have to do something about those times.
00:06:33.420 I'm talking said COVID aside because this is an anomaly.
00:06:36.000 But the whole too big to fail, 2008, that's the government's mistake.
00:06:41.300 They keep the rates low.
00:06:43.220 Nina, Nina, no income, no assets, no income, no assets.
00:06:45.960 And then a WAMU gets greedy.
00:06:47.520 You got to let them fail.
00:06:48.600 You know who bought them?
00:06:49.560 Chase bought them for 1.9 billion.
00:06:51.420 But didn't do it with other companies.
00:06:53.000 Today in America, we have so many people that are becoming entitled.
00:06:58.940 We have so many people that have this victim mentality.
00:07:02.200 We have so many people that want to say it's the government's fault.
00:07:04.920 We have so many people that want the government to bail them out.
00:07:07.440 We have so many people that want everybody to do everything for them.
00:07:10.460 Why?
00:07:11.320 Because when it comes down to capitalism, we don't have capitalism today in America.
00:07:14.500 And not because, oh, we're a socialistic society.
00:07:17.240 We don't have capitalism today because we're not allowing people to fail.
00:07:20.580 We are afraid of people failing.
00:07:22.380 By the way, this applies in the way you run a country.
00:07:26.300 This applies in the way you raise a family.
00:07:28.920 This applies in the way you run a company.
00:07:32.820 You got to allow people to fail.
00:07:35.360 Everybody has to have the ability to fail.
00:07:38.060 Because when you fail, when you fail painful, embarrassing, publicly humiliating sometimes,
00:07:44.260 when you fail, that is a moment where everybody in the world is kind of watching to see what
00:07:49.320 you really are made up of.
00:07:50.340 Because that's what we cannot measure.
00:07:51.440 We can measure a lot of different things.
00:07:53.140 Your body fat, your height, your weight, your shoe size, your hat size.
00:07:57.400 Everything we can measure.
00:07:58.920 We can measure your fight deep down inside.
00:08:01.140 And capitalism forces the world to find out if you got the ability to recover and recoup
00:08:07.580 and come back and redeem yourself after you fail because we allowed you to fail.
00:08:13.640 So there is a certain opportunity in failing.
00:08:17.140 So going back to you, how are you when you fail?
00:08:21.620 Did your family let you fail?
00:08:22.840 Will you bail that all the time?
00:08:24.540 Does your company let you fail?
00:08:25.860 Are you always like, oh my gosh, you know what?
00:08:27.660 Don't worry about it, honey.
00:08:28.680 You're tired.
00:08:29.400 Go home early because you got to get some rest, sweetheart.
00:08:32.380 Oh my, they said no to you?
00:08:34.940 Shame on these customers.
00:08:36.500 They don't even know who they have on working with somebody like you.
00:08:39.480 Or the country.
00:08:40.520 Oh, poor you.
00:08:41.760 I understand.
00:08:43.160 You, you are really going through tough times.
00:08:45.160 People don't understand.
00:08:46.180 Here you go.
00:08:46.820 Let me give you some unemployment check for a long time, two years.
00:08:49.620 It's going to be all right.
00:08:50.580 We got your back.
00:08:51.380 That's not having my back.
00:08:52.700 That's taking away my ability to find out what my dog fight, what my dog fight looks like.
00:08:57.200 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?
00:09:11.580 I don't need that hand out.
00:09:12.460 I don't need to bail out.
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.
00:09:19.360 Because very few people can do that in that moment.
00:09:21.820 Look, I would have taken my dad bailing me.
00:09:23.920 I'm telling you, Ryan, I'm not sitting here telling you I'm walking on water.
00:09:26.820 My dad didn't let me be bailed out.
00:09:30.140 And look what happened to leadership.
00:09:31.400 So this applies to business, society, and the company, family, the way you raise people, the way you raise leaders around you.
00:09:36.800 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.
00:09:41.620 With that being said, if you're watching and say, Pat, I want to get tougher.
00:09:45.100 I want to be able to become a stronger leader myself and develop stronger leaders.
00:09:48.920 If that's the case, watch this video I did a year ago titled, 10 Ways to Develop Stronger Leaders.
00:09:54.220 If you've not watched it, click on this video here to get the message out of that video.
00:09:58.300 And with that being said, have a great week.
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.
00:10:07.920 Well, let's get started.
00:10:35.440 You know what I mean?