Capitalism: Who Needs It (part 1 of 8)

good evening and welcome to the first talk in the Aisne Ram Center Chicago speaker series I appreciate your patience and I'm really glad to see all of you here tonight I'm Lynn Zinser the vice president of public outreach for the Iran Institute and I oversee the operations of the Iran Center in Washington DC the Iran Center for individual rights is the public outreach and policy division and is responsible for events like these the center is named after author i rand whose heroic novel Atlas Shrugged demonstrated why the individual rights of life liberty property and the pursuit of happiness provide the only moral basis for a fully free laissez-faire capitalist society the center regards this principle of individual rights not only as a political matter but more fundamentally as a requirement of human life in addition to public talks AARC engages those in think-tanks and with public intellectuals and debates and panel discussions about current issues and topics and we write and speak in various forms including TV radio print and online media we have multiple websites including one that may be new to many of you it's called principles of a free society the principles of a free society calm this website is designed to provide content about the foundations of a free society information on the nature and purpose of institutions in a free society and at root the principles involved it also provides examples of how to apply the foundational principles to specific issues confronting Americans today noted the URL on the brochure we hope you follow us or we which you also to follow us a are see on Twitter and to like us on Facebook before we begin tonight's talk I want to thank the sponsors and donors who helped make this series of talks possible they are Tim Blum David Strasburg Jonathan Hoenig Donald and Linda dual Russ rosensweig William greasing ER and one other anonymous sponsor without the generosity of these people and their companies these talks would not have been possible at this time so please join me in thanking them we have a series of six talks planned and if you would like to join them in sponsoring these talks or other projects of a RC or AR I the Institute please see me after the program or go to our website and you'll see how to contact us then there are the Ironman Center as part of the iran institute is a 501c3 organization and donations are fully taxable as applicable are provided by law i'd also like to thank the volunteers who helped at the door and the tables this evening they are all members of the local chicago iran society and if you wish to find out more about this local organization please talk with one of them after the program and they have a sign-up sheet out front as well finally our next event will be wednesday evening September 8 here at the Hyatt Regency and it will feature John Allison who's the retired chairman of the board and CEO of BB&T Bank his talk will be entitled using Iran's values to create competitive advantage in business issue and if you wish to receive up that talk further talks and other AARC events please sign up after the talk at the table outside the door now it's my pleasure to introduce our speaker for tonight Iran Brooke is president and executive director of the Iran Center and the Iran Institute he's a former award-winning professor of Finance and has published in popular publications such as The Wall Street Journal and Forbes magazine he's frequently interviewed on national TV on CNN Fox News at CNBC in fact he was interviewed this morning on the cherry savage show and we want to thank her for that and next week next Tuesday he will be in New York with the Glenn Beck show where Glenn Beck is featuring a show from fact or from fiction to fact on Atlas Shrugged Iran also appears on national radio shows from conservative G gordon liddy to liberal tom hartman he speaks around the world from the u.s. to the Middle East Europe and Asia about objectivism in its application to many topics from business ethics to foreign policy his audience includes business leaders professionals executive and trade organizations college students and academics as well as the general public his topic tonight is capitalism who needs it ayan Rand and the American system please welcome Iran Brooke Thank You Lin and I don't know what to make of it that you chose this over the Blackhawks it's always something good evening everybody you know I travel all over the world talking about capitalism and the last couple of years there's been one question that everybody asks me when I say you know I'm here to defend capitalism I say you on how could you oh how can you we've just seen the complete implosion that complete failure the death of capitalism is what's there to defend I mean I was pretty much asked that this morning on television you know what are you talking about capitalism is finished right I mean it was on the headlines of most newspapers around the country capitalism is dead even the president of France a well-known authority on such issues is declared the capitalism is finished and I find I find that question quite bewildering and amusing because what are they talking about what do they mean by capitalism where was this you know flea market and capitalist market in 2007 and six that suddenly failed because what do we mean when we talk about capitalism or at least what should we mean when we talk about capitalism what does capitalism meant historically today you know it's turned into a fuzzy concept that nobody wants to really clearly define what a free markets mean free of what people throw around free enterprise free markets but free of what what are they supposed to be free off well free of government force free of government regulation free of government controls free of govern intervention and capitalism is that social system in which this freedom exists in which individual rights and property rights specifically are protected now where were these free markets free of govern intervention and government control and government regulation before this crisis happened Fausta point the finger and say yes yeah that's the blame I mean that's a facility something failed right I mean the last two years if you've been in a in the business world and the financial world to be pretty horrific something clearly went wrong but it couldn't have been free markets because they weren't free they weren't free and if you look at the specific markets that failed the specific areas in economy that did really really badly that suffered the most during this crisis that clearly there was you know broke down what you discover and it doesn't take much to figure this out but what you discover is that all of these areas have failed of the most regulated the most controlled the areas where the government intervenes the most of those areas to fail you know will do this quickly because I could spend and I have six hours on the causes of the financial crisis but I'll let you go look that up on the web and and watch it there but housing housing is a free market free of govern intervention I mean in California you can't decide what to build where to build how to build it what trees to chop down without some government official giving you permission to do so and my choice of whether to buy a house or to rent a house that's free of govern intervention how many of you rent I knee of you own your homes outright okay well it's quite a big group if you combine the renter's and all of you I you know all of us who have mortgages want to thank you for subsidizing us because I get a tax deduction on my mortgage you don't get anything for being responsible and paying off your home let's say you're making the choice of renting that's government intervention right there governor's decided you should own home and it's willing to subsidize your mortgage through a tax deduction in order to do that but if that were all that would be nothing right how many ways have they found to subsidize the mortgage market this market this free market that failed you know Freddie and Fannie you know it's something between three to five trillion dollars of assets when they failed those assets are basically they were buying mortgages these are government entities they're raising debts and the assumption that they were being that they dad was protected by government and assumption that turned out to be true all right because they went bankrupt and the government bailed all the debt holders out basically they call it receivership but that's what it is that's a subsidy to the mortgage market and it's a subsidy specifically after ninety nine well Bill Clinton told them to start increasing their you know low-income housing mortgages that they bought that was you know that's a huge subsidy for them part of the market that surprise surprise failed the mortgage market isn't free you know you could you have a dozen different regulatory agencies involved in the mortgage market okay what about banks banks did a horrible job like all these banks failed and we know that banking and financial institutions are left alone there are no regulations over banks right banking is probably the most regulated industry in the United States if you could argue that high-tech you know Silicon Valley is probably is maybe 80% free markets and 20% government controls banking is 80% government and 20% freedom every aspect of a bank is regulated every type of product it goes out there it needs regulatory approval but most banks are not just regulated by one entity the two three four different entities that regulate them depending on whether they have a state charter or federal chartering you could go on it if you start a bank in the United States to start a bank in the US you need to get regular regulators approval to start the bank the business plan has to be approved by regulators the board members have to be approved by regulators the CEO has to be approved by regulated and the Board of Directors every and the providers of capital I mean some of you I'm sure have started businesses and other other you don't encounter that but you go you start a business you have to register a few things but it's relatively easy not in banking and of course how many businesses in the United States have something called too big to fail that if you grow the business to a large enough size you can never go bankrupt because the government will bail you up well it turns out that not only banks have that turns out some auto companies or that and if you have powerful enough politicians maybe any industry has that but certainly banks had that and banks knew they had that it's been established Fed policy since the 1980s that big banks in the United States do not fail now what happens when you tell somebody you get all the upside and the downside don't worry be happy' you bailed out of

  1. Only miserly sionists need it. Death to capitalism. Death to IMF. Death to banks. Death to stock markets. Fuck globalization.

  2. If someone knowingly releases harmful pollutants into our water or air, they should be criminally charged and jailed. If it can be proven beyond doubt that the pollution killed people, then I would approve the death penalty–but only those who actually ordered the dumping of the chemicals.
    If the pollution was accidental, then they just need to clean it up and compensate the people who were harmed.

  3. Not just clean it up, they should be jailed, criminally charged, and in extreme cases executed. Harsh? yup. No hiding behind corporate veil, all boards of directors and major investors should be responsible for their actions. If i killed 200,000 people I'd be punished, if I form a corporation and kill 200,000 people with Viox, nothing, and would get rich in the process. GM should be responsible for knowingly selling a deathtrap Malibu in the 70s, there are hundreds of cases like this…..

  4. Who decides when I should stop digging for gold?
    I've heard about that Gasland film. Did you know that people in that area could light their water both before and after the hydrofracking was underway? Something they didn't bother to mention in the film, of course.
    If somebody is causing real pollution they should be responsible for cleaning it up and compensating victims, I agree.

  5. Where did you dig it up from? Dig what you need, don't dig it all up and hoard it, and sell for profit. Ownership is an illusion, everything we have in this world is a rental.
    Let's get real, hydrofracking, they are digging up their gas(gold) and polluting our water supply in the process, people are getting ill and dying because of it, what gives them the right? Watch documentary Gasland be informed, clean water is more precious than diamonds, NYC water supply in Catskills is next.

  6. How do you "share" resources? If I dig up some gold out of the ground do I owe you a percentage? What gives you the right to a percentage of what I have worked for? I dug up the gold — it's mine. If you want some gold you can either trade with me or dig up some yourself.
    And if you are concerned that corporations use the government to get their way, then cut the government down to a size in which it can no longer be used for such purposes.

  7. Yes, Ayn Rand's philosophies are all because she had very jaded experiences in communist Russia, she is pro capitalism because of it. Then you have corporations polluting, killing and recklessly carrying on in criminal behavior. They make claim to God given natural resources that are meant to be shared, but being Atheist they don't know. Corporations own the government, so the bs about gov intervention is a lie. Liberty is not possible when options are controlled. I dare these punks debate me.

  8. Ayn Rand is completely wrong..our government is just a puppet show, democrat or republican, the banks and corporations own both sides of the coin, they are multinational and have no loyalty to our country. If we continue to let these multinational corporations have their way, our planet will be uninhabitable in 50 years..wake up, Ayn Rand is the spokesperson for the NWO, big brother.

  9. I am a 4th generation american (I think) and I just want to say that I have lived my life wondering why I was not well liked by the "the group" whether government or socially. It is because of the same reasons that Ayn Rand came to this country to escape the nightmare of socialist Russia and "the mother land". However, myself, you and the generations that will come after us, will have nowhere to run if we allow these leeches bleed individuals' dry. Thats a big FU to u big brother!

  10. I am a 4th generation american (I think) and I just want to say that I have lived my life wondering why I was not well liked by the "the group" whether government or socially. It is because of the same reasons that Ayn Rand came to this country to escape the nightmare of socialist Russia and "the mother land". However, myself, you and the generations that will come after us, will have nowhere to run if we allow these leeches bleed us dry and then blame the ones that make this nation great.

  11. @hyperseauton You can be a good Objectivist and give to charity. As long as it serves your interest. In this case spreading the message of capitalism to the youtube community is very much in the institute's interests.

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