Bulls & Bears

Poll: Majority of Millennials reject capitalism

Is heated campaign rhetoric to blame?



Young Americans Not Embracing Free Markets: Does That Worry You About America's Future?

John Layfield: It does. I certainly understand why they worry about free markets. But our country was founded on this. Founded on freedom. And you can't have economic freedom if you don't have political freedom and vice versa. And one of the problems that you have is that these Millennials grew up in the financial crisis and right after the financial crisis, the government -- remember now, economic policy that is free is an economic agenda not a political agenda. And when that is free markets are allowed to run, that is not what happened in the financial crisis. What happened in the financial crisis was government intervention was the one that called this becoming a casino and the government turned on the banks. The government turned on business and now you see that in the Millennials, looking at this saying, hey wait a minute. They must be right. It is the free markets at fault and it is worrisome when you see that from such a large generation.

Gary B. Smith: Exactly. And it does worry me. You know, I think there is a couple of takeaways from this. One, the survey is a harbored survey which is laughable because that is one of the institutions that is probably benefitted the most from capitalism. Do you think they got their zillion dollar endowment with a socialist country? No. The parents of all those students there made a fortune and they gave to it a Harvard. Same reason a lot of those gets in there a lot wept to private schools, elite educations, because their parents provided for. And saying the capitalism caused this whole financial crisis which john explained in nice detail. The other takeaway I had was you can't reject capitalism. Capitalism is in our DNA. People want to get ahead. They want to make a lot of money. They want to do good things, even if it is not financially. The whole point of the Harvard students. They want to get as, rather than Cs or Ds there. The bottom line is there has been no great country, no great empire. No great society that's ever gotten ahead with socialism. Every great country out there that's risen to preeminence has risen on the back of capitalism.

Nomi Konst: I'm not a socialist by I think there is a gray area, and a very large gray area here between the 1 percent of the 1 percent of 1 percent capitalism that I my generation is against versus complete socialism. You have the millennial under the age of 35 like myself who grew up in this NAFTA free trade era political world we live in today. Where capitalism got out of control. It wasn't about supporting the American markets and American business and the middle class. About short-term profits for Wall Street for the 1 percent of the 1 percent of the 1 percent. And all of us that graduated college come out in debt, complete debt with expensive housing, high cost of living. We all have to move to the cities to find jobs and we just can't keep up. So it is a question of where are our priorities? Are our national priorities in giving tax benefits to the wealthiest of the wealthy and the burden on the middle class for the next generation? Because if that's the case we're not going to be moving forward.

Jonas Max Ferris: You could actually put other clips and the Donald Trump clips on free trade are really not. I'm sure capitalism when it falls -- I think what we just heard from the Millennial. I like to say I'm a Millennial too but I'm really not. Is really what these surveys are saying. They don't know what they want. It sounds to me is kind of a selfish. It is not socialism what they want. Or Democratic socialism or communities. They want the goodies of capitalism. The Whole Foods. The Apple store. They don't want the government taking over that. They want to take from the very successful who made all of the money in this very merit okay us to way you can make a fortune today.

Hadley Heath Manning: I'm going to agree. I think this boils down to a difference in terminology. Capitalism and socialism have dictionary the definitions that of course we are different associations and images that come to mind. If you phrase the question differently to millennials and ask what they prefer in terms of economy? The vast majority of Millennials would prefer a free market economy.

Trump Wants To Pause Refugee Program: Does He Have It Right?

Gary B. Smith: He does in this case. I don't see the problem with pausing if we county know what we don't know. Everybody saying look we can trust the government. They have changed things around. They have new regulations. This is a government where the TSA failed 95 percent of the tests. Where people tried to smuggle things in. Set up people. They fail 95 percent of the time. How can we trust the government? Ohio Governor Brownback of Kansas really rejected taking in anymore refuges. He went to the Obama administration and said give me documentation and proof these people have been vetted and the administration said no. All the governors should throw up their hands and say look, we are not going to do this until we have facts and figures and a thorough process that's been looked over. We don't have that right now. What is the problem with pausing? I don't see any.

Nomi Konst: True. But we do have a positive and we do have numbers. We over the past 15 years since we've been doing this. We have to go through a five step process, includes bio metrics. A very difficult U.N. process. And taking to the Department of Homeland Security, Department of Defense, State Department, CIA and all this stuff and 18-24 months and just over 15 percent are admitted. That's after all that biometrics and interviews with family members. These people aren't coming over on boats.

John Layfield: It's laughable. Absolutely laughable. You can't talk about history when you are talk about somebody coming from a war zone where there is no bio metric data. I don't care if you have 1,000 government agencies. There is not a library card to go and check everybody's name on. Everything's been blown up in these countries. And we're talking about doing something here to show the world we're doing something. 10,000? There are over 10 million people in Syria over the displaced or refuges right now. We're doing this to show our self to the world that we're doing something for no reason and we're putting our self as risk.

Hadley Heath Manning: Oh I don't think it's wrong at this point. The United States is one of if not the most compassionate country in the world and there are many Americans who would love to help refuges in this way by welcoming them to our country. But we can help in other ways. And i hope we'll support the relief organizations and global charities out there. There are ways we can be compassionate while also honoring our own national security.

Jonas Max Ferris: It's wrong because it creates the false sense of security that we don't have to address all the other issues that trump correctly raised. The fact of the matter is in Canada they have let in 26,921 Syrian refuges. Who's to stop them from walking across the border? They're going to come through Canada.

US Economic Growth Slows to 0.5 percent in First Quarter

John Layfield: President Obama is going to be the only president that doesn't have 3 percent annual GDP growth of any year that he is in office. If we're at full unemployment, why is GDP not at 3 percent? You have seen a middle class that's been absolutely destroyed since the late 90s and the trend is continuing.

Hadley Heath Manning: Nothing to crow about. And Americans know that at home. They know they are struggling to pay off debts, health insurance premiums. They probably know someone out of work if they are not out of work themselves. The reality speaks for itself. Most Americans say we're on the wrong track and unfortunately they are right.

Nomi Konst: I think we have revisionist history here. In 2008 we were losing 800,000 jobs a month. We went from having 10 percent unemployment to 5 percent. In the longest growth period in history. 14.4 Million jobs. I don't know what economy you guys are looking at but we have a completely different economy.

Jonas Max Ferris: If I was president and I left and it was bigger than when I got in the economy I'm bragging about it. The bottom line is it is not as good as the past. Because when you compare America now to the past it comes up short. If it compare America now to other countries over the last eight years it's looking a lot better than it did relative will I speaking in the '80s.

Gary B. Smith: It's not corporate earnings. It's not GDP. It's three things. Do they have a job? Are they making money? Is their home worth anything? Median household is down 4 percent. Home values are down since he took office as is home ownership. And oh by the way, the poverty rate is up. That is what the economy is to people and in those terms it distinction.

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