you lie, stossel. you lie all the time. >> now, the fourth week of the wall street protests. these people are not going away. there are more of them now and although many are really annoying -- >> i know that you lie. i know that you lie! >> some make a good point. >> you guys should not have bailed out the guys over here. make them pay for what they did. >> they are right about that. why should taxpayers bail out banks. >> let bad bank is fail. however -- >> capitalism is bad. >> when it comes to most everything else they say, they are ridiculous. >> government should take care of you? >> yes, that is -- >> okay. thank you.

>> or they are childish. this woman is against money. >> if money didn't exist, things would be so much better. wouldn't you think like everybody would act differently if there was no money whatsoever. >> the corporations give you minimum wage and no pension and no retirement. no vacation. no sick pay they are very upset about corporate power but what power could corporations really have? they can't force any one to give them money. they have to persuade us by offering us things this we want. some of these people are just clueless. >> have a solar panel pipe across the united states. >> the protests it continue. now, it's raining on them. tonight, i say don't occupy wall street,. >> let's liberate wall street from government. that's our show, tonight.

don't you wish you could stop by the wall street protests and get screamed at like i was? i really thought i could have some interesting conversations with those people about capitalism and why i think it is good and why they hate it. i wanted to ask them if capitalism is so bad but did they get their cell phones and their sneakers but i couldn't really have a conversation about anything because people just screamed at me. i could barely hear. i want to start the show with the conversation i wanted to have. i invited two supporters of the protesters. joe who runs a website called csr wire. is stands for corporate spokes responsibility. erica payne is a progressive political consultant. why do you support these people? >> i worked on financial regulation for a year and a half. while we were in the wake of

the biggest financial crisis since the great depression and we were able to raise a couple million dollars to advocate for effective reform while the banks spent $600 million on lobbyists to pr prevent politicians from implementing rules. >> there are 80,000-pages of new rules every year. you think more would have helped? >> they would have. what you saw during both the republican administrations and democratic administrations, clinton notably was a major delegation in the financial sector around derivatives and derivatives are at the heart of the financial crisis. bringing some rules to bear on that system is a really effective thing to do. >> i think there is no crisis. it is a problem. crisis is george, washington, and his troops starving when the british were coming. >> i think $13 trillion taken

out of the economy and 25 million unemployed americans is a crisis. >> unemployment was higher in '82. most people don't even remember. joe, you were around in '82, i bet you don't remember that. i give you credit. you have run businesses and now you say regular capitalism, making a profit isn't good enough. >> capitalism needs to shift away from the narrow focus on financial returns. >> that is what it is about. earn for the shareholders and we grow. >> it was designed to provide for a public good. i believe capital islamistssome a great instrument to help the common good that it can be innovative and solve social and environmental problems through its activity. frankly the behavior last night was unacceptable. the level of frustration that these people exhibited shows you what is happening throughout the country and around the world. >> you made some games, you suckered the california

legislature and governor jerry brown into signing a bill that would create a new kind of corporation. a b corporation that stands for what? best or? >> stands for for benefit corporation. as you know, this i, there isr of corporation structures in the united states and a b corporation is designed specifically to engine within the by it is laws of the corporation or article is of organization and an llc operating agreement to ensure that the company consider the social environmental and governance considerations in its activity. >> what this sounds like to me is air can's lobbyists and all of the progressives get together and cro kroney capita. >> an interesting concept. if you look back on corporations and why that sort of structure was set up which allows the officers of the corporation to not be prosecute sod there is a veil between the

activities of the corporation. >> so you take all the risk and if you lose the money you tonight go to debtor's prison. >> i'm in the middle of reading teddy roosevelt's bioging rafis. he went in and trust busted the monopolies. is that we are seeing here where are the monopolies. >> the six banks that are big irthan they were when they were too big to fail. >> they got bailed out by guest. >> because the fact of the matter is they were too big to fail? >> why? >> because if they had collapsed even more of the economy would have collapsed. >> how do you know. maybe we would be better off now. >> i think that is a risk that somebody is not worth taking. >> you like -- you want regulated too big to fail institutions? >> i would like the banks to have to have enough capital on

therapy books. >> we have to elect politicians who say you have to have this much and they are smart enough to know. >> we have a lot of people who know how the financial system works and how to regulate these things effectively. if you are a real friend of capitalism the best thing is to bring the free market principles to bear on the financial sector. >> no privileges and no bailouts. if you fail you go down. >> transparently, free flow of information, competition and the freedom -- >> and bankruptcy. >> and those principles are not being brought to bear on the financial system. we need rules that allow that transparency and competition to happen. they operate in essence like a monopoly and get tax subsidies from the united states people and the lower interest rates that they pay on the money that they borrow from us. >> let's go back to the prohe tests. what good do the presidential >> we we started a bank we

started after the movie "it's a wonderful life" where the investments growed to be depositors. now, people are getting on whether or not a loan that a bank makes is going be successful and then the people will bet on that and whether -- they will take an insurance policy out on the bet and then further down the line what she is talking about -- >> freedom. people are maybe taking stupid risks. >> it is not fre freedom for an insurance company to not have the capital on the books for a loss they might have. >> if aig doesn't have the money on the book to cover the losses they may have we have a system failure. >> we have a system failure and let them fail. >> what happened to the bank? >> the corporation trademarked socially responsible banking. that is a whole another story. the transparency of derivatives. you can't have an environment

where people are betting on financial instruments with the expectation that the government is going to bail them out. frankly i'm not quite sure -- >> why don't we get rid of the expectation? >> i'm not in favor of having the government bailout the tax increases so we are aligned on that point. >> back to corporate responsibility. ben and jerries is the hero on that. they hire homeless people to make the ice cream. >> what they do is in the conduct of their business through ethical sourcing. they solve a social problem and what they do is they have formerly homeless people baking the brownies in the supply chains for the ice cream. and a coop raytiv cooperative n brazil. >> but they have high fat ice cream that kills people. >> high fat ice cream in moderation is not going to hurt

anybody. anything outside of moderation is going to hurt a lot of people. >> why are they a special company because these -- because you activists decide it is. >> here is the thing. they are not structured as the corporation that he set up for. ben and jerry's is structured as a regular corporation that people are used to and they were bought by uni lever. the question at the heart of this is why are the people down and wall street and are they doing any good and what do we need to do as a society to make sure that we didn't have the problem behad a few years ago i think they may be down there just to party. >> not taking a shower for four weeks and living in a park isn't a picnic. i'm sure there are light moments to it. those people are there because the collection of wall street and government, the lack of free market principles being brought to bear on the financial markets is the reason why $13 trillion was taken out of the economy. 25 million americans are out of work. and there are hundreds of thousands of people who don't

have their homes. i agree most of the people there are pretty serious. and joe, i'm glad you didn't like the anger last night but i'm puzzled that you are sympathetic to the screamers. i tried to interview you at the protest. let's play a clip of that. >> these are your people calling me a liar. >> they are looking for economic equality. that is what they are looking for. >> they are trying to shout me down. >> they are trying to shout you down because they don't believe that what you are telling on the network is true. they want to change the system. >> what i say is true. i give you the last word. >> this group that is engaged in the occupy wall street is part of the deep rooted movement that goes back 30-40 years in corporate social responsibility. deep rotted movement and that is not something that is going to go away or be blown away or cut down like a lawn mower. it will continue and sprout up across the united states. all across the globe and there

will be some systemic change in capitalism and innovation is going to be the change. >> i hope it is good innovation. thank you joe and erica. coming up, the protesters call wall street a drain on america. and lots of people think they're right. and from what we can see, it seems bankers and stock pickers get rich by shuffling money around and exploiting people. that is why protesters carry signs like those and yell things like this. >> when was the last time those rich people did a hard day's work? >> how do they make money. >> they steal it from the working people? >> it is all the bank's c.e.o.s. all of them. they should all be in jail. >> they steal money and should be this jail. be this jail. my next guest wants to explain

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like wall street is here. this is where your money is. >> the banks are criminals and wall street is the scene of the crime. but what exactly was the crime? well, a lot of americans are unhappy that some wall street types get rich, some of them ridiculously rich at the same time other americans are out of work. it does seem unfair to people and a lot of those rich people don't seem to produce anything useful, concrete, or if they do it is not clear what it is. really not clear to the protesters. so, what is good about wall

street? well, my fox business colleague charles payne says he knows and he says wall street is great. so what would you have said to the protesters? >> i spoke to the protesters. it is amazing to me how how many of their parents probably go to work? a factory that was built on money raised and wall street. how many of their grand parents are alive right now because they got a medical device that was created after the company went to wall street and raised money. they don't connect the dots. >> people don't get that all this money shuffling which is really mostly gambling ends up in money being directed to with luck its best use and the most successful people get rich because those companies grow and those are the successful medical devices? >> it could be a medical device. ipad, thee the eye pad, the iphone. the fact of the matter is apple is sitting on $80 billion and created 00,000 jobs last year in china.

if you were to chance pick apple away and say describe the company and say it was bank of america it would be evil. but because they create iphones it is a great company. >> push you with the criticism. iphones we all love but a lot of the money is going to yachts and big cars, cigarettes, booze, destructive stuff. >> i don't think wealth hp wealth is destructive. i don't think any of that stuff is destructive. interesting you talk about things like yachts and booze. my theory is there is no such thing as trickle down. it's trickle out. check out the day after thanksgiving everyone has their dinner and all of these people thousands bum rush the nearest wal-mart and knock over the security guard to give their money away. is trickle up economics. that is how some people get rich and some people don't. >> what about the wealth disparity, doesn't that bother you? >> it inspires me. i love to see people get rich. in this country, 80% of the millionaires are self-made.

you cannot get rich in europe any more. i took a list at the richest people in the world and you europeans it was all inherited. i love the idea that i can be born with nothing and still become rich. it is a target to shoot for. >> what is the harm for someone that has more than we need. i do. nick me a little more. help those poor people. >> well, i don't know that you help people when you give them something. you know the old tale about teaching someone how to fish rather than giving them fish. if we took every single nickel that bill gates has right now, would everyone that doesn't have job kill skills suddenly e up with job skills? that is just a fall lacy. i use that example all the time. people talk about the income inequality. are we going to fix this by doing this or would it be

smarter to fix it by doing that. that is what we should focus on. >> play one more clip from the protests. this woman say hass a lot of americans believe. >> you guys should not bailed out the guys over here. make them pay for what they did. >> i don't know whey she says you guys, i didn't do it. the last guest, erica payne says we had to bail the bank is out. >> i hate the fact eyeballed them out. >> we might have had a horrible collapse. >> you encourage this kind of crazy behavior if you reward it. accountability should be a central theme in the economy and for everyone including the biggest of banks. if we continue to prop them up, i think she also made the point that the same banks are now bigger and even too bigger to fail. how idiotic is that. take whatever kind of pain is waiting for us because there are a lot of banks beneath those that did it right.

why shouldn't they be rewarded for doing it right and move up the ranks. do you know at one point a and p supermarkets they were going to break it up because they controlled 70% of the food. now, there is a handful of them and they are in bankruptcy. eastman kodak at one point was $100 a share and it is 78 cents a share. let them fail. >> not just the protesters. the hedge fund genius retired is upset that nobody is in jail. none of these bankers, somebody ought to be in jail. >> there probably is a lot of accountability. there was a long-time of fraud from the homeowners who lied about their income from people who probably did things wrong but we know for one thing they spent a whole lot of money on this trying to find people. recently president obama said that it was all legal and that is why nobody is in jail. jail. >> nd i agree. i think most was just people got carried away. amazing is an amazing

infectious thing and everyone had a great time back them. i remember the stock market bubble. everybody was going to retire at 40. >> if you didn't bet then you were a sucker you didn't join the crowd. up next at the wall street protests, lots of people say we are the 99%. in other words, they do the work but most of america's money is controlled by the other 1%. >> 1% of this country is ruling the masses and the corporations have control of our lives. >> now, a new group counters that 99% argument. they say 53% is a more important number. why 53? that is next. ♪ my sunglasses. people say i'm forgetful. ( car honking )

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tax the rich. >> i didn't want to be pay the 1% making all the money. >> the wall street protesters complain that 1% of the people control most of the wealth in america and that is why many protesters chant we are the 99%. some also created a photo blog titled we are the 99% and every day they add pictures of people holding notes saying things like my brother was laid off from his job, i am the 99%. i suffer from fibromyalgia and i can't get a decent job, i am

the 99%. the blog has gotten plenty of coverage from the mainstream media but now a rebuttal blog popped up when eric erickson of red state .com posted this picture of himself on his website holding a note that says i work three jobs i have a house i can't sell but i don't blame wall street, suck it up your whiners i'm the 53% subsidizing you so you can hang out on wall street and complain. mike wilson got a kick out of that post and decided to organize a blog to counter the 99% blog. his is titled we are the 53%. so mike, what is the 53% mean? >> well, john, the 53% are the percentage of americans who actually pay federal income taxes in the country. a lot of people don't realize that almost half of the country doesn't contribute to the pool. what you have on the 99 is a lot of people who are saying look i went to school, i

borrowed $100,000 and now i have to work three jobs to make end hes meet. guess what, that is america. the people who are posting pictures. >> not just america, that is life around the world. probably easier in america. >> much easier. here in america, you know, the 53% are the people who make enough money and work hard enough so that they do contribute. we have a very progressive tax system and a lot of people who make the more money that you make the more you pay. >> so 53% it is almost -- it is going down, right, we get to a point where more people don't pay any federal income tax. >> and then we are in trouble, i guess. >> let me push back because they pay payroll and sales taxs. >> sure. >> and if you add those together that is about equal to the income tax. we are saul saying they don't pay income tax. >> wouldn't it be great if we all had some skin in the game. we hear the liberals and democrats talk about they need to pay their fair share.

to me, fair would be a nice flat tax. that is just one guy's opinion. everybody pays social security tax and medicare and all that stuff. how about we all pay an equal share of income tax as well? >> all right. so you start the blog and it catches on. >> it does. and it started innocently. we have been called an organization and a group and all these things. the truth t was three guys really bored at 3:00 in the morning. i own my own business, edit video and film and i was up working and eric posted his picture and another friend posted one and i posted one and we decided to put u blog. tons of pictures on twitter so we started posting them. no big money behind it. >> a lot in response to the propests. >> it is. it is not really even about the taxes. what it is about, john is, people having the opportunity to say look, life is tough sometimes. and you do have to work those three jobs to ba pay that back. >> the protesters say but i

can't work three jobs oar people are sick. >> these are the people holding up signs saying i did and made it. i failed at three different businesses but i tried. look, john, a few years agorgeous i went through a divorce. lost everything. failed miserably. i have been rebuilding over the course of the last few years. my faith in america and in the sort of movement doesn't come blindly. i lived it. there was a time when there was no hamburger in the hamburger helper. it was just helper. i know what it is like to be down and do things that you don't want to do. the 53 of the people saying you can make it. we believe in you, start believing in yourself. >> you are moviemaker and he made the documentary michael moore hates america. camera and made and went to this video. >> nearly 200 people showed up to protest capitalism in minneapolis on friday. and to show us what democracy looks like.

>> i want more of -- >> what? more what? >> but, you know, and, you know, it is. >> i don't know. you haven't told me yet. >> in the end, it seemed like they were all here just to feel like part of something rather than to actually accomplish anything. >> come on over. it will be really fun. >> there is a certain amount of spaciness in the protests which your film points out. >> you know, i was bored on friday and decided to go down and check it out. you know, i kind of -- and i'm interested in. because there are commonnallities between. >> don't bail out banks. >> they are mad because these corporations good bailed out. we are mad because our government bailed out these corporations. >> i wish we could agree on that but they would rather yell at me. thank you, mike wilson. next, a lot of these protesters are nasty and ridiculous. but they are right about that one thing.

we'll talk about that, next.

these corporate [ bleep ] blamed for it, yeah. >> when was the last time those rich people did hard day's work? >> how do they make money? tale is from the working people. >> the blank corporate blank steal from the working people. apair arapparently big banks ad financial industry. david callahan says they are right to be angry. he is cofounder of the progressive think tank. but david root of reason magazine is a libertarian and on this he agrees with the progressives for a change. says the protesters are right to be angry about wall street. why? >> well, let me just say this. obviouslly there is a lot of

nuts down there and things i disagree with. wall street is croney capitalism at its worse. $700 billion in the bailout. this is not the free market. people are right to say that the taxpayer dollars have been redistributed up to the corporations who are in bed with big government. >> kimberly: an >> and david, you agree with that? >> there is no question that a lot of -- >> about you you want the banks bailed out. >> no question that the banks have been in bed with big government. croney capitalism at its worst. wall street and the financial industry spent $5 billion to basically buy our political system. >> to lobby. >> both. spent it on lobbying and campaign dough he nations and used that clout to roll back the rules to let them do whatever they want. >> not all the rules. >> and basically turned wall street into a casino. i mean, remember, wall street

is supposed to be a place to mobilize capital for productive returns. instead it has been turned into a gambling den and there has not been enough reform to deal with that problem still. >> you think reform could do it but we have to bail -- you want to bail these gamblers out. gambling you let people lose. >> we had no choice but to bail them out. >> we could have said no. >> and we could be in a great depression? >> you you know, let's talk talk about this idea of the casino. if you have gamblers and you are telling them gamble all the money away and we will save you and bail you out each time they are not going to be recognizing the risk. they are going to be taking more risks and this is part of the way that government intervention, government policies made things worse. gave us partially gave us this financial crisis. so as far as the ideas that, you you know, that we prevented a great devotion, what we do know is that the bailout policies have not worked.

we supergot 9-10% unemployment. >> bigger banks. >> bigger banks than ever. we still have too big to fail on books. i think there is no reason to trust this. >> david, you wrote this article, why occupy wall street. one of your points is wall street employs k street to dominate main street. but that includes your cofounder president obama. >> well, unfortunately, obama has raised a lot of money from wall street. this is an example of how that money can kind of take over our political system. >> i think we a graph of how much he raised here. he raised more than any other candidate. >> and he staffed his white house with people who were too close to wall street. and, you know, since 2009, since obama took office, wall street and financial interests have spent nearly a billion dollars to fight the reforms after the crisis. and that makes it very hard to kind of do anything about their outsized power.

that money in politics that is a rot at the core of our democratic -- >> i have a solution. make government not so big and then you won't need to spend all this money to manipulate it. >> the downsizing of government and attacks on government have been the problem. the people who argued let's get rid of government were often being paid by wall street lobbyists or getting campaign dollars from wall street and the whole small government thing helped to kind of push this deregulation agenda that made this financial crisis possible. >> i will let you answer that. >> during the bush years, george w. bush years, regulations. the biggest regulator since richard nixon. >> clinton did get rid of -- but they didn't get rid of much. >> bush got rid of a crucial rule that would have made it harder to 2:the leveraging and risks to pile bets upon bets

that became easier thanks to the bush administration deregulation agenda. >> charlie rangel who voted for tarp and the bank bailouts, he went down to the protests. >> i'm all with you guys. is there something hypocritical about this? >> rangel goes down and is trying to cash in. i think there is a real concern and the protesters i think are probably smart enough to see this happening which is that the democratic establishment would like to piggybank on them and co--on them as part of the obama reelection campaign. when in fact the democratic party and obama administration as you detailed is their enemy and in bed with big business and part of the problem. the protesters your. >> your hope is they will be like the tea party which pulled the republicans to smaller government. maybe these protesters will pull the democrats to smaller government. they are all saying i don't want free education. i want free healthcare. i don't think they are for

smaller government. >> one of the things you hear regularly is the corporations have too much power. wall street is too powerful. the question becomes why is it so powerful and if you get people to ask the question. they start to say what is more powerful than being told you are too big to fail. having allies in the white house writing regulations. >> but in terms of power only government can use force. >> that's correct. you have government backing these corporations. i mean i agree that the corporations are too powerful and we need to be concerned about that. that is just a symptom of the problem. the problem is the government propping them up and intervening in the economy to such a degree. >> i don't think they are too powerful because if they do bad things people won't give them money any more and they will go out of business like a and p did. >> this financial cry cities came just a few years after the whole implodion.

>> the sarbanes oxley regulations were supposed to solve that. >> the regulators are always fighting the last war and then corporate america or wall street goes and invents some new scam or scheme or fraud ulent way to make itself rich and that is what happened in n. this case. >> why do you want more regulations if the crooks always go around the regulations? >> after the 2002 the fall of enron and worldcom a number of people said there will be more financial cry sestack and it is going involve the housing market and derivatives. but attempts to regulate dereporting livetives went no where at all in the antigovernment environment of the bush era. >> so you shaw coming. did you invest and make a fortune with your wisdom, foresight? >> many people saw this coming. a lot of people were saying look, the wash watch dogs are

not strong enough to prevent bad things from happening on wall street. >> thank you. the protesters may be right in their hatred of croney capitalism and bailouts, good for them. for them. but most of them are just d the markets never stop moving. of course, neither do i. solution: td ameritrade mobile. i can enter trades. on the run. even futures and forex. complex options? done. the market shifts... i get an alert. thank you. live streaming audio. advanced charts.

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firmness, swelling, bumps or risk of infection. lose those lines! the way you look with juvéderm® xc, might just change the way you look at everything. ask your doctor and visit juvederm.com. the wall street protesters have all sorts of grand plans. education should be free. healthcare should be free. the minimum wage should be

raised to $20 an hour. i wish the protesters knew basic economics and so does economist josh barrows. let me take them one at a time. the minimum wage should be higher. now, $7.20. should be 20 bucks. >> you will not get employers to mire people for more money that are then he producing. >> theyville to. it is the law. >> the stuff won't get done. move it around on the mark, $7 to $8 doesn't look like it matters that much. get up around 20 and you will drive unemployment up through the roof. >> college should be free. >> i think this is really funny because you see the protesters. they are upset they spent all this money on education that is not useful for them and they are not finding the jobs they thought they could get. if you make education free people will be less discretionary about what they get degrees in and the education sector will be more wasteful. we need people to think harder

about what degrees they get. >> loot of these people were promised jobs. you go to this school and you get a great job. >> depends on what you get a degree in. the overall unemployment rate for people with college degrees is 48%. >> really -- 4.8%. >> the people really struggling are the people with only a high school degree or with only a high school deplow ma. most of the protesters seem to be college college educated. >> and i'm suspicious of the ones that say we can't find anything because we call around the new york times and monster .com checking two american cities, lincoln, nebraska. we found 54 postings. about half were entry level. in columbia, south carolina, 68 postings. there are jobs out there. some people don't want to work at minimum wage or just above. >> well, it depends what field you are in and what you are looking for jobs in. for the most part, people with

college educations are not finding the market that bad right now. >> it is not just the protesters who say they want their debt forgiven. a salon .com writer says the bottom 99% should see their debt forgiven, just wiped off the books to enrage the banks. >> i kind of thought he was joking when wrote that. it wouldn't enrage the banks. it would bankrupt the banks. is nearly all of the consumer debt in america. if you forgive all that debt the banks won't exist any more and nobody will lend again. >> aren't people right to be upset? the median income in america has fallen over the past ten years. >> i think this is actually something that is a real and legitimate complaint from the protesters. 10% decline in the american median income and when you look over a 30 or 40 year period income gains have been good at the top of the distribution.

>> wait a second. we are always talking about the poorest fifth and can we put this chart up. i think we have this. this shows if you take a look at it, that even the poorest fifth, yes, it has gone down in the last ten years but the poorest fifth are 20% richer than they were in 1967 and still richer than they were in '94. >> yeah, are i think, you know, there has been progress. life is certainly better than it was 40 years ago but people want the faster rate of progress than they have seen. >> but we are not entitled to progress. we vote for it. but say we are going to have riots because we are being cheat. >> well, i think they are wrong to describe is as being cheated. i think the economy has been terrible for three years. there were a lot of mistakes in the private sector especially in the lead upto the collapse that have immoverrished america and i think it makes sense for people to be upset. i think this is a reasonable

thing to complain about. >> they are asking for some of the wrong things. let's play another clip from the protests. a couple points somebody wanted to make. >> we should have bases on the moon by mow and mars by now. i thought we were going to space. we don't we have a solar panel pipe across the united states. >> i don't want to see the 1% making all the money. >> i will let you react to that. >> well, i think this reflects what is going on down on wall street. really diverse group. a lot of these people are kind of crazy. not all quite so crazy as that. they understand that they are upset. they don't really know what they want and i think it is a problem for them it is a movement and reflects in part a level of economic i will literacy that they don't know what can be done to fix the problems. >> they are right that 1% of the people do have a lot of the money. >> that is true but they accumulate the money by creating wealth and growth in

the economy. i think the focus of other people have these things and i want them is counter productive. >> some of us have a lot and the top 35% in terms of assets have the wealth in the country. i can see why people say give me some. >> if you look at wealth distributions all the world they don't look all that different from the u.s. people engage in productive enterprises and invent things and build countries and generate wealth and accumulate that wealth. if you want to stop that from happening you have to stop people from doing those productive things. >> and steve jobs did make a phenomenal amount of money for himself. billions of dollars. but also created a $3 billion company. creating. >> there were moments of silence for steve job's death. their lives were enriched by his creation of apple even has steve jobs ended up with over $6 billion at the time of his

death. >> coming up, my take on the protests and the wonderful experience of being screamed at by people like this guy. >> you lie, stossel! you lie all the time! ♪ [ dr. ling ] i need to get the results from the m.r.i. see if the blood work is ready. review ms. cooper's history. and i want to see katie before e goes home. [ male announcer ] with integrated healthcare solutions from dell, every patient file is where dr. ling needs it. now she can spend more time with patients and less time onaperwork. ♪ dell. the power to do more.

shame on you! shame on you! shame on you! shame on you! >> a the wall street protest there is plenty of hatred and plenty of confusion and silliness. some are just there to party or find dates. but the hatred is sincere. some despice capitalism and many hate fox news and hate me personally. i suppose i should be greatful that they just yell at me. 90 years ago in that same neighborhood protesters set off a bomb in front of the j.p. morgan bank. this is what the aftermath looked like. 38 people were killed. so creepy as it is to face people like this guy -- >> you lie, stossel! you lie all the time! i heard you on tv! i know that you lie! i heard it!

>> unpleasant as that it, i should acknowledge that despite thousands of people joining protests for weeks and dozens of cities, there has been little violence. good for them for that at least. and good for them for protesting croney capitalism and bailouts. but the rest of their economic arguments are just moronic. these are capitalism haters who have cell phones, digital cameras and fashionable clothes. ing television made a music video to mock the cluelessness about free he enterprise. >> corporations are keeping the wealth at the top but at what point in history could a kid and a king. ♪ both have clean water to drink ♪ ♪ george, washington, was the richest man of his age but he lost all his teeth at a very young age because they didn't have scope and call crapped in

trays ♪ >> and so on. we do have great income disparity in america. some people have a thousand times more money than others. but so what? that is a byproduct of freedom. and because of that freedom and free enterprise today even poor people have clean water, tv sets, cars and toilets. poor people in america live as well as kings and queens used to live. yet the protesters hate the capitalism that makes that possible. they call rich people robber barons. years ago, the term was used by america newspapers to smear tycoons like cornelius vanderbilt and john d. rockefeller but the media then were clueless too. they were neither robbers nor barons. they weren't barons because they weren't royalty and they weren't born rich. they were born poor. they weren't robbers because they didn't steal. they earned money by pleasing people. vanderbiladvantage built invens

to make travel easier. the extra customers he attracted allowed him to lower costs. he cut the new york hartford fare from 8 today's $1. that helped people. rockefeller was called a monopolist but he wasn't. he had 100 competitors. no one was ever forced to buy his oil. he got rich by finding cheaper ways to get oil to the pump. the competitors called him a robber because he stole their busy hoeing prices. it made life better for poor people. they used to go to bed when they got dark but thanks to rockefeller they could afford fuel for lanterns and stay up and reid at night. it may have even saved the whales because when lowered the place of care seen and gasoline he eliminated the need for whale oil. the mass slaughter of whales

suddenly stopped. i bet your kids won't read rockefeller saved the whales in the environmental studies class. protesters are ignore rant when it comes to economics. the public is ignorant. we need to work harder to explain economics to people. we will keep trying to do that here because free enterprise is what gives people the power to prosper. and that is our show. thanks for watching. the nascar nationwide series, i know pleasing fans is a top priority, 'cause without the fans, there'd be no nascar. just like if it weren't for customers, there'd be no nationwide. that's why they serve their customers' needs, not shareholder profits. because as a mutual, nationwide doesn't report to wall street, they report to their customers.

and that's just one more reason why the earnhardt family has trusted nationwide for more than 30 years. nationwide is on your side.