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Biden ‘really doesn’t understand how business works’: Home Depot co-founder - YouTube
Channel: Fox Business
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also watching the fallout from joe
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biden's remarks in case you had any
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doubts
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that things are going to change if he
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becomes president united states
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especially with regard to wall street
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this put that to rest take a listen
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let's make sure their workers have a
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power
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and the voice it's way past time we put
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an end to
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the era of shareholder capitalism the
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idea the only responsibility a
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corporation has is with shareholders
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that's simply not true it's an absolute
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force
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they have responsibility to their
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workers their community to their country
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all right now the former vice president
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coughed i think i heard wall street puke
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when he said that because this is not
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what they want to hear
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now they don't have to be republican or
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democrat but they like the money they've
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been making
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in a low tax environment low regulatory
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environment on
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the so-called trump environment so
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whatever they might think of the
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president personally they like the goods
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he's delivered at the corner of wall and
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brought
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and they don't take too kindly to a
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possible president saying that that
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shareholder capitalism
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and uh idolizing of those days those are
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gone
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i don't know how bernie marcus feels
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about it but i'm so glad i have him with
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us right now one of my favorite guests
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all the decades i've been uh working at
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fox who
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uh as a good read on this no doubt of
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course the co-founder of home depot
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as optimistic and spry as he was when he
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came up with that company
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um bernie so good to have you what do
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you think of this
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he's sick that is joe biden of
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shareholder capitalism
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well you know first of all here's a guy
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that never worked in his life
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i think he's been in government all his
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life so he
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really doesn't understand how business
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works i could tell you
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neil and you and you have had kenny and
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myself on
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many many times home depot without
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without the capital market uh wouldn't
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be here today
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you know we have 2700 stores uh doing
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over 100 billion dollars in sales a year
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uh and we we say it happened because of
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the capital market
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we had four stores we're under
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capitalized
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we didn't know how we're going to
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continue we have trouble paying our
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bills
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and we went to the market we had profits
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on the stores that we
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had it looked pretty good we went to the
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market
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and the market gave us additional
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financing in order to grow the company
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so the stock market has become very very
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important for us
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as it is for all small businesses look
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uh
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if you if you if you talk about the fact
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that we owe it to our
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employees well yes of course uh there is
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a concern about the employees
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and home depot has done everything in
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its power to make sure that his
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employees
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were part and parcel of what we did so
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they got a piece of the action
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many people became very wealthy with
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home depot
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as the stock climbed and as we opened
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more and more stores but the capital
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market became very important to us
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and to talk about this um
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from a standpoint of a government
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employee who's never ever been involved
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with
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with the marketplace i don't give a too
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much credibility
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in fact it's it's very concerning as the
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one in your speakers said
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the 401ks most of america is invested
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in a stock market in one way or another
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in 401ks
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so if you're going to close down the
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market uh you're going to be in deep
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deep trouble i will tell you that it
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just doesn't make any sense to me but
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hey most of what he says doesn't make
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sense anyway
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all right so i'm going to put you down
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as a navy on joe biden but let me ask
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you then bernie about the kind of
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message he's sending
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be suspicious of wall street be
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suspicious of those billionaires and
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those real capitalist success stories
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because it's not about
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i'm not about helping them i'm about
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helping you i'm glad you pointed out
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that most americans whether they know it
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or not are directly or indirectly
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invested in the market's success leaving
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that aside
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he clearly is trying to capitalize on
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that anti-wall street view that's out
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there
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what do you think well look
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look that's the yes
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yesterday's discussion that he had was
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written for him
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it's probably not going to be anything
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that he's going to do
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because he's surrounded by these
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left-wing people
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he did talk about raising taxes which he
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will do
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he didn't talk about what the onerous
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onerous
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regulations that they had when trump
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came into office
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the regulations were strangling small
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businesses
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and businesses of all kind and and the
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first thing he did was get rid of those
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regulations
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he hasn't changed he's part of eight
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month eight years
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of a organization that had low
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uh low employment a very high
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unemployment rates
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uh businesses were going down you
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remember that obama said
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1.5 was the new norm on gps
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they so they were used to and they were
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pushing
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the fact that america could not be
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better well
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you know trump brought it up to a very
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good number before the
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virus before the virus hit
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numbers that they we had never seen
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before uh unemployment was down
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dramatically
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uh unemployment for the minorities was
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down dramatically
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uh the gdp was great and then
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this horrible horrible uh virus came in
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and killed it all for a while but let me
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ask a question the american people
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if who would you rather have a man who
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created
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good job market created a good economy
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or would you rather have joe biden who
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was there for eight years
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and we looked at a staggered a terrible
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economy for eight years i don't know it
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seems to me every business person out
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there
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and everybody who has a job would
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understand that he's not the guy that's
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going to bring it back
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this is a really bad deal small
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businesses are getting hammered
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as you as you heard from your other
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speakers well bernie let me just
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i just want to let people know what
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they're watching as you're speaking the
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president has arrived right now in doral
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florida he's going to be speaking at u.s
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command up there he has a fundraiser
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later tonight a planned event up
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tomorrow night in new hampshire has been
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canceled
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because of this tropical storm about to
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hit much of the east coast it already is
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in the atlantic east coast
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all the way up through new england
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including new hampshire so the
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president's
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cancelled that but bernie you were
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mentioning what
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the environment was like under barack
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obama i think you were referring to
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the the lower uh gdp growth that that he
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had anticipated
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still a lot of people go back to those
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obama years now of course he came in in
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the middle
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of a big big recession and the numbers
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improved but it was
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steady growth and the obama folks come
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back
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joe biden comes back and says um we
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created a hell of a lot of jobs we were
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down in near depression territory and we
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we we created a lot more activity than
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this
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a president is stuck with right now how
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do you think the president
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should respond to that because he's
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already addressed the you know the the
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capitalism issue the sheryl capitalism
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it's a nasty word
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but there is a strategy here to say uh
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where about you america we don't talk
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about the stock market it's advanced
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we talk about things that matter to you
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um
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how do they counter that well
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uh the facts uh of course we don't
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believe the facts anymore
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uh a lot of what we read in the papers
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the media
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unfortunately is uh is not a media
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that gives facts the facts are that
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jobs weren't plentiful the fact is the
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gdp was down
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eight years is eight years oh trump is
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in office for three years
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and in three years we've seen the
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dramatic chain
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how did it happen it's not let's look at
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a
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deal first thing he did was lower taxes
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that's number one number two he killed
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regulations
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and in killing regulations and lowering
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taxes he created more jobs in america
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look reagan proved this point yeah you
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know you have to be really
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stupid not to go back in history and by
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the way
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we try to keep history out of our
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schools today we don't want people to
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understand history
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but history repeats itself over and over
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again
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and we know that when you raise taxes
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and when you start putting in
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regulations
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you're going to kill the economy now
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that's a very
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fundamental thing that economists even
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left-wing economists
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have to agree on so i i think that trump
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has to stay on that that message
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uh look it's not a question of me
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supporting trump
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i'm supporting economic i'm very
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concerned about the american economy
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i'm concerned about people who are
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worried about paying
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it paying their uh for food paying their
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rent paying for their cars
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uh they need the jobs desperately and so
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this is not a republican or a democratic
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thing that i'm talking about i'm talking
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about the real world
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in the real world today people in the
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middle class
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are getting hammered of course the
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middle and lower class
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are getting hammered together so we have
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to get back
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into creating jobs and if we don't
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create jobs
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the economy is going to be dead it's as
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simple as that it's not a it's not a
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it's not a a rocket scientist type thing
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all right bernie um you got to learn to
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speak your mind more because i never
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quite know
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where you're coming from my friend um
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always good have you have a wonderful
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weekend
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bernie mark it's a true american success
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story uh
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start at home depot ken langdon as i
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said many times neither even knew which
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end of a hammer to use
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and and get handy though they were not
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um they were pretty successful at that
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and that guy uh decided to put one of
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the world's most highly regarded
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aquariums
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in atlanta yeah it's a little inland
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but he said you know what atlanta should
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have one
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now it does one of the world's best that
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my friends
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is shareholder capitalism
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