| 00:00:07 |
Unidentified Speaker, -
REPUBLICAN CANDIDATE FOR PRESIDENT AND CHAIR AND EDITOR-IN-CHIEF OF FORBES ME. HE DISCUSSES HIS LATEST BOOK, "FREEDOM MANIFESTO," A FOLLOW-UP TO HIS BOOK...
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| 00:00:33 |
Unidentified Speaker, -
AND IT'S CALLED "FREEDOM MANIFESTO: WHY FREE MARKETS ARE MORAL AND BIG GOVERNMENT ISN'T." WE ARE AT
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| 00:00:42 |
CALLED FREEDOM MANIFESTO, -
FREEDOMFEST IN LAS VEGAS WHERE MR. FORBES IS SPEAKING. MR. FORBES, WHY IS IT THAT FREE MARKETS ARE MORAL BUT GOVERNMENT ISN'T? WHAT'S AN EXAMPLE OF...
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| 00:01:00 |
Unidentified Speaker, -
IN TERMS OF BIG GOVERNMENT NOT BEING MORAL IT DOES THE OPPOSITE OF WHAT IT PURPORTS TO DO. IT ENDS UP CREATING AND ABIDING WORRY HAVE LESS ABILITY TO...
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| 00:02:00 |
Unidentified Speaker, -
VALUES, A SOMETHING TO NEEDS AND WANTS OF OTHER PEOPLE. CONTRARY TO THE
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| 00:02:05 |
Unidentified Speaker, -
HOLLYWOOD CARTOON CHARACTER OF BUSINESSPEOPLE BEING VILLAINOUS AND RUBBING THEIR HANDS, EVEN IF YOU LUST FOR MONEY, YOU DON'T GET IT UNLESS YOU PROVIDE...
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| 00:03:22 |
Unidentified Speaker, -
SOCIALIST SYSTEM ARE A FREE MARKET SYSTEM AT THIS POINT? >> THIS IS WHY WE DID THE BOOK IS THAT WE ARE AT A TRUE JUNCTURE. ARE WE GOING TO GO THE...
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| 00:03:34 |
Unidentified Speaker, -
GOING TO ACHIEVE THE EXCEPTIONAL CAPABILITIES, THE ATTRIBUTES OF AMERICA WHICH ATTRACTED ENTREPRENEURS AND PEOPLE WHO WANT TO DO THINGS AND HAVE...
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| 00:05:24 |
Unidentified Speaker, -
A BRITISH HISTORIAN OBSERVED SOMETHING WHEN IS WRITING ABOUT THE BRITISH NAVY, AFTER WORLD WAR I, BRITAIN HAD WON THAT WAR, DOWNSIZED SHARPLY
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| 00:05:34 |
Unidentified Speaker, -
THE NAVY, FEWER CAPITAL SHIPS, DOCKWORKERS AND SAILORS AND THE LIKE, HOW OVER THE GOVERNMENT AGENCY RUNNING THE RUNNING THE NAVY INCREASED IN SIZE....
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| 00:06:35 |
Unidentified Speaker, -
IT'S MORE THAN BUDGETS BUT IT'S CREATING THE ENVIRONMENT WHERE ENTREPRENEURSHIP CAN FLOURISH. FOR EXAMPLE, ONE OF THE THINGS WE DISCUSS IN THE BOOK...
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| 00:06:43 |
Unidentified Speaker, -
DOLLAR. IT'S NOT JUST ABOUT CONSUMER PRICE INDEX. IT'S ABOUT COERCION. SUDDENLY THE GOVERNMENT TAKES RESOURCES FROM YOU WITHOUT TAXATION, WITHOUT...
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| 00:08:37 |
Unidentified Speaker, -
THE DOLLAR AS HAMILTON AND WASHINGTON CREATED IT. WE HAD IT FOR 180 YEARS. WHAT THAT DOES
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| 00:08:44 |
Unidentified Speaker, -
IS PROVIDE STABILITY, "60 MINUTES" AN HOUR, 16 OUNCES IN A POUND. SO IT DOESN'T RESTRICT MONEY SUPPLY. IF YOU HAVE A VIBRANT ECONOMY OF THE GOLD SUPPLY,...
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| 00:10:02 |
Unidentified Speaker, -
MANTRA IN 96. BUT WHY ARE WE STILL HAVING COME WHY WE STILL TALKING ABOUT THIS? >> GOOD QUESTION. WE ANSWER THAT QUESTION IN THE BOOK. AFTER THE TERRIBLE...
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| 00:10:16 |
Unidentified Speaker, -
MILTON FRIEDMAN COME ALONG, FREE TO CHOOSE, HUGE BESTSELLER, HUGE SERIES ON TELEVISION. AND RONALD REAGAN COMES IN, MAKES FREE MARKET REFORMS. AMERICA...
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| 00:12:30 |
Unidentified Speaker, -
PERMITS ASK, CIGARETTE TAX, CORPORATE INCOME TAX, DOG LICENSE TAX, FEDERAL INCOME TAX, FISHING LICENSE TAX, I REST THIS, BUT ATTACKS, LUXURY TAX,...
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| 00:13:08 |
Unidentified Speaker, -
DO NOW END UP GETTING TAX. WE REALLY DON'T REALIZE YOU GET UP IN THE MORNING, WHAT'S THE FIRST THING TO DO QUICK U-TURN ON THE ELECTRICITY. LOOK AT...
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| 00:13:56 |
Unidentified Speaker, -
MONEY. >> ONCE UPON A TIME WE PAY TAXES ONCE A YEAR, WHICH MAKE PEOPLE VERY CONSCIOUS OF THE INCOME TAX RATE. AND
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| 00:14:04 |
Unidentified Speaker, -
SO IN WARTIME, WHEN EVERYONE WAS BROUGHT INTO THE INCOME TAX CODE SYSTEM, IT HAD BEEN ABOUT 20, 25% OF THE POPULATION, NOW SINCE WARTIME BRING ANIMALS...
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| 00:15:14 |
Unidentified Speaker, -
WITHHOLDING HAS BEEN WITH US FOR SIX DECADES, AS WE GO TO A SIMPLIFIED TAX
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| 00:15:18 |
Unidentified Speaker, -
SYSTEM. SINGLE RAID, SO YOU DO IT ON A SINGLE SHEET OF PAPER. THAT IS ALL. NO MORE LOBBYIST. SINCE 1986 WHEN WE LAST TRIED TO SIMPLIFY THE TAX CODE,...
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| 00:16:20 |
Unidentified Speaker, -
REGULATIONS PART? >> ON A PERSONAL SITE ITS HUGE WHAT I HAVE TO PAY, JUST TAX-PREPARATION. WE DO A LOT OF THINGS AROUND THE
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| 00:16:32 |
Unidentified Speaker, -
COUNTRY. STATE-BY-STATE. IT'S JUST MIND BOGGLING. AND FOR WHAT PURPOSE? >> DO YOU DO IT YOURSELVES BECAUSE 35 YEARS AGO I COULD GIVE MY OWN TAX RETURN....
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| 00:16:46 |
Unidentified Speaker, -
I WOULDN'T EVEN ATTEMPT TO DO IT WITH ALL THOSE CRAZY CALCULATIONS. SO AGAIN, THAT'S WHY IN THIS BOOK WE'RE TRYING TO MAKE THE CASE, MORALITY COMES...
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| 00:18:20 |
Unidentified Speaker, -
TAKE ON BEING? >> WELL, NAME IS AN EXAMPLE OF EXTRAORDINARY CREATIVITY OF AMERICAN CAPITAL MARKETS. ASK YOURSELF, WHY IS IT THAT WE CREATE SO MANY
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| 00:18:30 |
Unidentified Speaker, -
NEW COMPANIES, COMPANIES THAT EVENTUALLY BECOME BIG COMPANIES? FOR WESTERN EUROPE OR JAPAN. AND THE REASON IS THE DIVERSITY OF OUR CAPITAL MARKETS....
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| 00:20:57 |
Unidentified Speaker, -
CHAPTERS IS CALLED FEDEX OR THE POST
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| 00:21:00 |
Unidentified Speaker, -
OFFICE? AND FEDEX SYMBOLIZES THE CREATIVITY OF DELIVERING NEW WAYS OF BEING EFFICIENT, DOING THINGS DIFFERENTLY. THE POST OFFICE SYMBOLIZES SLUGGISH...
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| 00:21:56 |
Unidentified Speaker, -
AS BIG AS A SHOEBOX, MAYBE 15 MINUTES OF BATTERY LIFE AND COST 9995, AND THE PRESIDENT WOULD BE RAILING AGAINST GREEDY CELL PHONE MAKERS. TODAY THERE...
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| 00:23:11 |
Unidentified Speaker, -
WELL. "HOW CAPITALISM WILL SAVE US." WHO IS ELIZABETH? >> ELIZABETH WORKED WITH US IN THE 1990s, PUBLIC RELATIONS. SHE DID A LOT OF WRITING FOR US....
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| 00:23:26 |
Unidentified Speaker, -
SCRIPTS, RADIO SHOW IN THE '90s. SO SHE UNDERSTANDS ENTREPRENEURS CAPITALISM, A VERY CAPABLE WRITER -- CAPABLE WRITER. SHE ALSO HELPED WRITE THIS BOOK...
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| 00:23:54 |
Unidentified Speaker, -
DEBATES THAT THEY ARE HAVING, OR NOT HAVING, ABOUT ECONOMIC MATTERS? >> WELL, TAKE A TAX THING. I THINK MOST PEOPLE NOT RECOGNIZE WE'VE GOT TO SIMPLIFY...
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| 00:24:09 |
Unidentified Speaker, -
THE SIMPSON-BOWLES COMMISSION, APPOINTED BY THE PRESIDENT TO DO WITH THE DEFICIT A COUPLE YEARS AGO. DEMOCRATS ON THAT SIGNED ONTO THE IDEA OF SIMPLICITY...
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| 00:27:34 |
Unidentified Speaker, -
PLAN ALSO INCLUDE MORE TAXES BUT DO YOU THINK YOU PAY ENOUGH TAXES TO PAY? >> I CERTAINLY PAY ENOUGH, AND ONE OF THE THINGS WE POINT OUT IN THE BOOK,...
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| 00:27:46 |
Unidentified Speaker, -
TOP PERCENT OF INCOME EARNERS IN THIS COUNTRY PAY MORE INCOME TAX PROPORTIONATELY THAN THE TOP 10% IN ANY OTHER INDUSTRIALIZED COUNTRY. SO THERE'S...
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| 00:28:53 |
Unidentified Speaker, -
MARKET IS "HOW CAPITALISM WILL SAVE US." FINAL QUESTION, MR. FORBES. WHAT YOUR ENTHUSIASM LEVEL ABOUT THE MITT ROMNEY CAMPAIGN? >> I THINK HE WOULD...
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| 00:29:10 |
Unidentified Speaker, -
OLYMPICS AS A CRISIS MANAGER. AND SO YEAH, DOES HE HAVE MY VIEWS ON MONETARY POLICY YET THE WAY I DO? OR PARLIAMENT REFORM AND THE LIKE? HEALTH CARE?...
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NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.