debts, deal with god on your own terms. but i'm saying from an intellectual perspective that these are not dumb people. so how did we end up where we are to save as? so from this day forward you can tell everyone you care about why people are poor. are you ready? they never got the memo. and there is a memo on how free enterprise and capitalism work and i will give you a couple of modern example is. one example is junior achievement. i love junior achievement. where did it come from? agrarian farmer about a hundred years ago were trying to figure out how to pass on the farm to the next generation and there

was nowhere to teach the kids how to run a business so they created junior achievement. junior achievement. to teach them imports, exports, finance, macroeconomic, so the kids can go up to mom and dad on the farm. so now where did everyone else get the memo? well, they didn't. 1865. if you listen anything else i said, listen to this. march 3, 1865, that changed everything. president lincoln signed the emancipation proclamation and we all know that story. he signed the freedman's bureau act. and we just talked about it here in the district. and it also created the freedman's bank.

the mission, march 3, 1855, the mission is to teach free slaves about money. this is march 3, 1865. so lincoln thought, the most important thing that he thought he could do for freeing slaves was to teach them how to have a free enterprise system that works and they love this so much that we're as the white house. i want to thank our partners for developing an affair. and on the riot is the u.s. treasury department and war and policy and money.

war, policy, and money are the most important things. right across the street and right across the street was the freedman's bank. reagan wanted to come home at night, look out the window and see the candles burning. and then a general comes along. the general comes along and says why don't we give them 40 acres and a mule. and lincoln says it's not my policy or idea, but i can get with that. and they figured he would never be killed after the war until his longtime president, it will be run by a white man that has run that country and they said

no, we're not going to cancel it. so we told them that expects to thing, if nora. and that's how you had a lot completely separate from federal law. don't try to save it in light of the fact that they were insulated? they still put their money in the bank. and the bank fails and they turn it back to it. have you ever heard this? one hundred years past and now you aren't 1957 including living

history. and that is living history. 1965, 1968. which we can't make this up. and it's the one way to achieve social justice to economic parody. it was about white, black, brown, red, and others, and this is part of my message and i'm going to summarize with why we are all in this thing together. he realized that the color was green. and it was not just about black people are going back to why i love him so much and he said that while want him to win. and i want to be a part of our

team. and this happened in 1968 and they never got the memo. and here is why i am off mistake. it's not like poor working class struggling people got the memo and we screwed up. and we have never never in the history of this country tried to use the power of the free enterprise system to set people free and what isn't? self-determination. you cannot have this without an understanding of the language. today you are in an economic place. and i believe in america.

and i also believe that doctor king did not go to the into this. and he and i think people want to be and can somebody tell me why we walk together and were tired of hitting each other against which other than it's not your next-door neighbor and that is not your problem. your competitor is china.

and god bless him for trying. don't cut out africa, i have been there. there are billionaires in africa and there are entrepreneurs there. and we leave early. and we just want to chill. india wants her stuff, africa wants her stuff. everybody wants her stuff. and here is a miracle. and 7 million people on the planet, these are the numbers. more than 3 million people in america and this should make you excited. 27 million companies, creating

one job or more. out of 6 million, creating one job or more. 974 and bank of america will, google, others, help me out, hp and apple and dell. and time warner. instagram, not yet. [laughter] you get my drift. and so this is employing 1000 to 10,000. the 100 employees. 70% of all those employed, 500 or less. and this is at least 20 people. and are you here, as they say in

my neighborhood. and about the restaurants he went to. fifty, 70, 80, 100, 500 maximum employees driving the largest economy and looking for all the wrong places and digging in all the wrong holes. and we tell our kids go to school k-12 and get a degree. and then go to college and then go work for a big company or government, neither which are hiring. a percent our jobs and the government. i just told you what the big businesses are and they don't grow based on people but efficiency. and the mechanism is you and me and start up and shoot up small businesses and on to reuters, so

if you want to be a football player, they might then if i to you and you want to be a basketball player and a track you all the way through. and they will tell you and they want to identify a high academic iq and you have identified steve jobs, bill gates, reginald lewis and an entrepreneur and small business, the people that just created jobs have no systems here. the most important campaign in america's history right now and we wonder why we have laws because we have disconnected. today you can't make this up.

today is june 5. the 77th anniversary of the marshall plan. doing well and doing good. reimagining this whole economy. we have a problem here in america and 40 million people, half of americans have too much money. and the american dream, that is really at risk. and i think we have to reimagine everything and we need to imagine it right here and i call it into that book. i'm making you a challenge right now and goodbye.

♪ ♪. >> we have time for a couple questions and we have a very nice set of questions. >> you can't say that on tv. [laughter] >> okay, back to case out. i have a question for you and it will be two or three questions. he and i have been looking through data. and if you want to be depressed, the number that he's talking about better part of this. in 500,000 companies are started each year and 400,000 clones.

and there are 100,000 and it keeps america alive. and four years ago those numbers went upside down. and it's not too hard to argue that america is going broke and this is really encouraging and very hopeful. and half of them say they dream in starting a business.

with all of your experience, if you have all 50 million kids and keep it going and all that, what would you say to them? is it wrong to want to be rich? want to be your own boss? what would you say to 15 million high school kids that might fix that i think that is one of america's most and we have all of these tables together. and not everyone can be an entrepreneur or a small business owner. some people are supportive to entrepreneurs. let me tell you a story about

this. okay commenters agree man in detroit, he is there in the treasury department and by the way, 35 kids wanted to learn and they go to the same school and another story. but this is an example and the kids are all sort of chilling together pennebaker shows up in the classroom and it comes once a week for six weeks as we do intentionally and the first time people aren't paying attention. and by the for time it is

private. and it is the sunday best. and this time he graduates they can't make it out. and we will give each of you $70. the two friends, we don't need them anymore. and they say that i want to do one share. is that the beginning of the story or the ending? well, it's the beginning. but it literally works emotionally. everyone in school has air jordan. black air jordan, everyone has

air jordan thing you need air jordan's. and i want them to buy those shoes area and it is true. because when they do this, they are making me money. a light came on and he came to you and you are a role model and you let them hang out with you. >> he was nine when he started is probably 12 now and one day jim gibson e-mail and aj got an

a. but my point is that he is neither the right part of his brain, and it was confidence that turn them around. but when i was growing up and talking about my story, i didn't notice all the drama around me. i was on fire with this. and i think that if we tonight that right side of the brain, the hope side, the aspirations side. >> what do you think the aspiration and? >> if you succeed economically

in the course of financial literacy and there's everybody telling them what they are at and they have too many to pitch the idea is and when they do well we fund it and it's up to $500. >> i want you to think deeply when i ask you this question. >> oh, okay, you started up with a very large enterprise. and you could've been a very dandy guide ndt and the executive. so why did you want to take a road of creating energy where none existed? >> i wanted freedom. and i wanted to be free.

and my grandparents wanted to vote. >> with my backup driver, he is from pakistan, i asked him why he came to america. and i asked him why he started a business. making about $80,000 per year and he drives six days a week. and he said freedom and i said, it's a different question. i go to bed when i want, i work as hard as i want and whoever comes there is my choice, it is freedom. it is self-determination. especially than that in the 21st century you cannot have freedom

without self-determination without economic energy. >> one of the questions that we asked was one to five, do you want to be your own boss. >> don't get me to the exact percentage, but 77% said they wanted to be their own boss, 99% were not afraid of and 57% of kids wanted to own their own business. >> in your next project, that would be a good thing to get to the bottom of arid you know, this super behavioral economist.

but he said that it's the start of this menace, that no matter who you are you need to be in a state of mind of confidence. and you need to be in such an extreme state of mine with aspiration and inspiration. so that can make a lot of difference to the kids. you had a couple questions for john and by the way, of the next time when you leave here and you drive by the inner-city and you find a liquor store, next to a title lender, rims with the spinners, that is not racism and that is not discrimination but

target marketing. simply part of the credits for companies and what we are going to do is move the credit scores 120 points and there's nothing to change your life more then that's. >> the interest rates are what, 40%? >> what is really insulting is a government check. they are charging you up to 5% and what is the chance that it will bounce? but they're charging for your own money and that's what happened when the donor's and a high financial iq than we actually lost our hope. so that is why you have to get the hope that and the self-esteem of in the credit score up because then the liquor store turns into a convenience store and that you became an

emerging market question. >> hello, thank you for your information here. >> hold on one moment, please. >> all right, now. >> hello, my name is surely and i want to thank you for your information. >> i get what you're saying, i love teaching the young people how to be successful in life because it's very important. they are their own future and carrying on for the legacy. the issue is that once you teach or informed with being students or these young folks how to build a business, where do you go when they get in that business, they build that business, but they have the

large conglomerates to deal with when it comes to competition. >> that is right. >> there is no easy answer to that. the road less traveled, because life is difficult. read the rest of the book. but the thing that i learned to your question and point, i made $300 a week and what i learned was and we are always managing around pain and rest and all

kinds of security issues and they are more equipped and i could've went and got a job after that and you have to deal with that and be resilient. life is 10% how you choose to respond to it. and so what i learned from age to age 20 is to manage my response and to manage pain. nice first book is encourage is nothing more than faith displaying a selfish action in your life. and the key to life is managing pain. the beauty of going through this exercise as you can create young people who are almost resilient to pain and disappointment and perseverance and the level is

through the roof and you can't stop it. at that point it doesn't matter what else that they do. they are going to get to it and that is the generation i am looking for is a resilient generation of leaders and some which will become entrepreneurs. so let's keep this discussion going. we've gone laid. john is going to be right here. i want to say one more time that i don't read books and it's the best book that i read in 10 years. but i want to see you again but it's definitely your best one. >> thank you.

unintentionally. its program is about an hour. >> host: "please stop helping us how liberals make it hard for blacks," author jason riley. if i were to tell you that i've taken this around me for several cookouts are just around town, political circles and it has raised a few eyebrows, just title alone become and sparks conversation, what would you think about that? >> guest: publishers would be happy to hear that. it's not surprising. i've had a similar reaction. when i went to get the jacket