🔴 BREAKING NEWS!! Racism and affecting the US economy

What this episode is about

The discussion critiques the narrative that systemic racism is the primary cause of socioeconomic issues faced by the African-American community, particularly in light of George Floyd's death. It argues that while racism exists, it is not the fundamental reason for disparities in wealth and opportunity, and it opposes the push for increased government intervention and funding to address these perceived injustices.

Key takeaways

• Claiming systemic racism is the root of all socio-economic issues oversimplifies complex realities affecting Black communities.
• Irony of history: economic disparities existed before systemic racism was deemed a pervasive issue; causality is more intricate.
• Assuming a direct link between a cop's race and his actions ignores broader systemic factors influencing law enforcement behavior.
• Data shows fewer racists today versus a century ago; if racism's a key issue, shouldn't problems be diminishing too?
• Funding anti-racism initiatives is noble, but without addressing root socio-economic factors, we're just putting a band-aid on wounds.

Who speaks in this episode?

• Peter Schiff (Host) · 46 min speaking

What is discussed, and when

1. 0:00 – 5:00: George Floyd
2. 5:00 – 10:00: George Floyd, Wall Street Journal
3. 10:00 – 15:00: David Dorn
4. 25:00 – 30:00: Walter Williams

Notable quotes from "🔴 BREAKING NEWS!! Racism and affecting the US economy"

• Money to all these charities or black lives matter naacp we have to give all these entities money a to show that we're not racist and that we support ending racism so we show that by giving money to.

  about NAACP · at 1:34

• With the police right the narrative now right is that the death of george floyd right that this is all racism right that he was killed because he was black and he was killed.

  about George Floyd · at 5:50

• Actually surprised that it was that big a number 60 percent now this was in the wall street journal my guess is that the wall street journal fact checked this article before they published it so it's probably accurate.

  about Wall Street Journal · at 9:05

• Right to try to stop a crime from happening and apparently you know he tried to do something to stop the looting and he got a bullet in his chest as a result and he died in the street now the irony of this.

  about David Dorn · at 11:24

• Hiring them you know there's a very good economist by the name of walter williams one of the economists that was very influential on me and he happens to be african-american walter williams and he came up with a great analogy and.

  about Walter Williams · at 25:33

Who and what is mentioned in this episode?

People

• George Floyd — Person · Referenced victim / focal case · 4 mentions · first at 0:13
  His death is the central event the speaker uses to argue about policing, racism narratives, and political responses in 2020.
• David Dorn — Person · Referenced victim used as counterexample · 1 mention · first at 10:42
  Cited as a retired Black police officer killed amid looting/riots; used to challenge the speaker's framing of 'Black Lives Matter' protests and violence.
• Walter Williams — Person · Referenced expert / intellectual authority · 1 mention · first at 25:37
  Presented as an influential economist (noted as African-American) whose analogy is used to argue against equal-pay mandates and for market-based anti-discrimination effects.

Companies & orgs

• NAACP — Company · Referenced organization · 3 mentions
  Mentioned as one of the charities receiving donations in the context of addressing racism

Media & podcasts

• Wall Street Journal — Media · Referenced source · 2 mentions · first at 7:06
  Cited as a source for statistics on police killings and crime rates by race

Full transcript with timestamps

0:08 i wanted to uh spend the rest of this podcast again talking about what has happened in the aftermath of the death of george floyd uh and the way uh the left has been capitalizing on this tragedy and using this uh to exploit a false narrative to drive a socialist agenda of bigger government and the narrative is that blacks in america are suffering because of widespread systemic racism right it's not just racism in the police department but it's racism all over the country and what happened uh to george floyd is just an example right the fact that these racist white cops killed a black eye right that was because of racism and this is just you know happening all the time right that the cops are out there it's open season on blacks black lives don't matter you have all this all these racist cops that are killing black people and that has to stop but it's not just racist cops there's racists all over the

1:14 place right and they're in every occupation and so the reason that we have all these problems in the african-american community the reason that they don't have as much wealth or they don't have as much opportunity uh you know all of that stems from racism and so the solution then is we need to eradicate racism and the way we do that is we donate all this money to all these charities or black lives matter naacp we have to give all these uh entities money a to show that we're not racist and that we support ending racism so we show that by giving money to charities that are supposedly going to stamp out racism and we need all government more government programs more spending bigger welfare state right and now we have to have more affirmative action corporate america has to do more to stamp out racism right but all this is false the racism is not there i mean i'm not saying there's no racism

2:08 there's always going to be some degree of racism but the racism that we have today in america is not the reason for all the problems that people are pointing at that are real these are real problems i'm not saying that the economic problems that a lot of people are complaining about that african americans are experiencing those problems are real it's just blaming them on racism that's the fantasy because racism is not the reason for these problems in fact you know you go back 50 or 100 years right a lot of these problems these economic problems socio-economic problems where you compare uh blacks with the general population or compare blacks and whites right and look at some of these numbers right the disparities are actually greater now than they were 50 years ago or a hundred years ago i mean if these problems resulted from racism well the problem should be fewer i mean is anybody going to argue

3:07 that there is more racism today in america than there was a hundred years ago that there are more racists in 2020 than there were in 1920 i mean come on who would believe that i don't think anybody believes that i mean 1920 right the civil war ended in 1865. that means in 1920 somebody who was 55 right was born the year of the civil war which means if i was alive in 1920 at my current age of 57 i would have been born during the civil war and it's possible that if i was born white maybe i was born into a household that had slaves right my parents could have been slave owners if i was black i might have been born a slave myself right my parents could have grown up as slaves right so how can we be more racist now when we're over a hundred years further than from slavery then back then in fact a lot of this uh racism when you hear them talk about it it's the remnants of slavery it's it's left over

4:17 right from slavery it's because you know there was slavery that there that there's still this this problem that is there is that that you know it has left over from slavery well if that is the case if the fact that we had slavery in our past right if that is the problem that's why we have racism today because of slavery in the past well wouldn't that leftover racism that residual like racism wouldn't it have been a bigger problem in 1920 when there were actually people who were alive who remembered slavery who owned slaves or who were slaves i mean wouldn't the the remnants of slavery have a bigger effect you know when there were still slaves alive and people that owned them as opposed to now when they're all dead so no it is not racism that is the problem is it a problem sure it could be a problem but it's not the problem it is not the cause of all these economic problems and if we're just

5:12 gonna assume that it's racism and if we're gonna say oh racism is why we have all these problems then the problems are never gonna get solved right if we keep trying to eradicate racism which by the way has you know most people aren't racist we have made tremendous progress in the last hundred years there is a lot less racism today than there was a hundred years ago and that's a good thing could there be less sure there could be less is there ever going to be none probably not i don't think we'll ever be able to completely eradicate racism but it's not creating the economic problem that people think it is right in fact it's not even the problem with the police right the the the narrative now right is that the uh the the death of um um george floyd right that this is all racism right that he was he was killed because he was black and he was killed by a racist policeman and that somehow if george floyd had

6:16 been white and all the other circumstances were identical then somehow uh the police would have treated uh floyd differently as a suspect they they he he would not have died but for the color of the skin now there's no actual evidence that that's the case right i mean there is none maybe it's true maybe it's possible that that's why this policeman acted the way he did maybe he actually was a racist but you can't jump to that conclusion simply because he's white and and george floyd is black i mean that would be racist to just jump to that conclusion without any evidence but even if that is the case it's actually the exception not the rule there is no statistical evidence that police are disproportionately killing blacks it's just not there in fact there was an article that i read today op-ed in the wall street journal that actually came up with the statistics right and so last year uh the most recent year

7:13 with statistics 2019 just over a thousand people were killed by the police thousand people thousand and two i think was the number 25 approximately of those people were black 25 not the majority 25 so 75 of the people that police killed were not black they were either white or hispanic or asian they were not black right um and so somebody might say oh well peter you know blacks are 13 of the population right so if 25 of the people that police kill are black well they must be discriminating right because why isn't it 13 right you're you have twice as many blacks being killed by police as it would be represented by their percentage of the overall population but you can't look at that right what you have to look at is the racial breakdown of the people who are committing crimes because it's the people who are committing crimes that are interacting with the police right if you just you know you never

8:19 break the law and you just go about your day chances are you're not running into the police and if you're not interacting with the police they don't have the opportunity to kill you right so you have to look at who's committing the crimes and in that same article the guy brought up the statistics from 2018. he said the 2019 statistics weren't available the most recent year was 2018. and it turns out that in 2018 african americans committed 53 of the murders in the united states 53 and they committed about 60 of the robberies which actually surprised me i mean i knew that it was going to be out of proportion to their percentage of the population i was actually surprised that it was that big a number 60 percent now this was in the wall street journal my guess is that the wall street journal fact checked this article before they published it so it's probably accurate 60 of the robberies now my point is that

9:20 if blacks are committing such a disproportionate percentage of the crime well then if they're 25 percent of the people who are being killed by police that is not because of racism of the police just because they are interacting with a much larger percentage of blacks in fact if you look at how much crime blacks are committing they're actually underrepresented they're actually being killed in a lower proportion than they're interacting with the police in fact another statistic i looked at is that 40 percent of the police who are killed in the line of duty are killed by somebody who is black right and this would you know include black police but 40 of the police are killed by people who are black but only 25 of the people police kill are black right so what does that mean that means that if you are a policeman and you're killed you are 60 percent more likely to have been killed by a black person than you are to have

10:26 killed a black person so in reality it's the police that should be out or they should be saying police lives matter right because don't they i mean after all too a lot of these police who are getting killed they're black i mean don't their lives matter don't the lives of black policemen matter i mean what about the retired black policeman david dorn doesn't his life matter you know he was killed that very very sad story my wife was crying about it last night when she heard about it and watched it but this retired guy looked like a really nice guy a grandpa was just gunned down in the streets left to die bleeding in the streets you know it's a very disturbing video it's up there on youtube to just watch this guy bleeding out right uh but you can't see who shot him but apparently there was a lot of looting going on and i think it was an electronic store because there was a guy saying hey he

11:17 was milk killed over a tvs but apparently as a retired policeman he felt a civic responsibility right to try to stop a crime from happening and apparently you know he tried to do something to stop the looting and he got a bullet in his chest as a result and he died in the street now the irony of this right is that the looting was supposedly being done because black lives matter right because of black person was killed by a cop and so black lives matter so now there's all these riots well this rioter one of these rioters decided to take a black life he killed somebody who was black didn't his life matter i mean do black lives matter only when it's a policeman who kills him but if somebody else kills him it doesn't matter or do black lives only matter when a white person is the one that kills somebody who's black but it doesn't matter at all when a black person kills a black person is that is that the idea

12:11 or maybe black lives only matter until one of them tries to stop you from stealing a television set that you want in which case their life doesn't matter at all right oh i want this tv and if i have to kill a black guy to get it well his life doesn't matter because i want that tv right this is what is going on so the whole idea right that there's all this rampant racism in the police department it's just not true am i saying there are no racist cops of course not there are racists in every occupation so i'm sure there are some in the police department maybe more than in other occupations and i think we do need to be especially vigilant when it comes to cops because they have the badge right they have uh the right to use force right so a racist cop is inherently a lot more dangerous to society right or if you're black and he's racist against blacks then let's say you know somebody who's maybe a racist florist right what's i

13:09 mean what's the worst thing a racist florist is going to do to you right give you a bad floral arrangement all right so you go to a different florist no big deal right he can't do the kind of damage and in fact if there is a racist florist doing a bad job for blacks he's only hurting himself because he's going to lose all his black customers they're going to go to somebody else who isn't a racist uh so yes i do think that we have to be particularly vigilant when it comes to racism in the police department uh and we have to be particularly vigilant against um a police brutality especially because the police are the agents of the state and they have power right that's where you have to fear racism you don't have to fear it in the private sector you have to fear it in government remember policemen are government officials right so if we have to be worried about racism anywhere it's from government

13:55 because government has power over us the free market doesn't have power businesses can only earn our business by convincing us to to uh to patronize them right so we don't have to worry about the racist businessman right because the free market is going to take care of that and i'm going to explain that in a minute we have to worry about racism in government institutionalized racism um but anyway so so the so the first false point is that you see right these these are there's cop racism is rampant in the police force and all these uh blacks are being killed by white racist cops right which isn't happening but then once they've established that lie then they build a whole case of lies on well this is just symptomatic of the racism in the entire country right and now you have all these ceos coming on television sending emails and this is like supposedly a wake-up call now to remind us of just how racist we are

14:52 right and how blacks can't succeed in america because they're the victims of racism and now we all have to start paying giving more money to these race race sensitive charities and we need all these government programs that are going to do nothing a they're probably going to do nothing to diminish racism which is being diminished on its own uh but what they are going gonna do is actually exacerbate the problems that are being uh unnecessarily or incorrectly blamed on racism right it's the government that is creating uh the racism now you know if all these people that are saying you know the black lives matter right if they really mattered what could they actually do i mean because there are things that could be done that would actually save a lot of black lives right because i just pointed out that one of the reason that so many blacks are being killed is because they're breaking laws and they are encountering the police

15:49 while they are in the process of committing those crimes right so if blacks committed fewer climbs well then fewer would be killed by the police right one of the reasons that blacks are so involved in crimes is because of the drug war because drugs are illegal and so most of the crime i think that african americans are involved in and i bet most of the deaths right most of the time where the police end up killing somebody it's probably related to a drug crime right so if we legalize drugs decriminalize drugs take the profits out of illegal drugs we eliminate most of that crime and then we eliminate most of those deaths i mean we solve so many problems by ending the prohibition on on on drugs and also a lot of other uh things that governments do to create black markets where taxes are too high in certain areas and then you develop a black market and the minute there's a black market you end up with a profit for a criminal

16:50 and now the criminal tries to earn that profit illegally and of course now they're going to have encounters with the police because they're breaking the law so first thing we can do if you really care is let's decriminalize drugs right but no that's not even going to come up no one's going to even talk about all these crimes that are being committed and why so many of them would not be committed if we if we just uh legalize drugs and of course one of the other reasons that you have corruption in the police department is because of the drug money i mean not i mean not all police are corrupt i think most policemen aren't but to the extent that there is corruption a lot of that can be traced to the drug money that's where it's coming from right or other things that are illegal like prostitution victimless crimes get rid of that legalize prostitution that'll solve a lot of the problem too all of these victimless crimes

17:38 whether it's drug use or prostitution should not be crimes so that would go a long way in solving a lot of the problem but also what you have to realize is what are the reasons that so many uh you know young black males uh and again those are the ones that are committing the crimes too it's not elderly of black women it's it's teenage black males or early 20s they're the ones that are doing all this um but one of the reasons that so many young black men go into drugs and pursue a life of crime and end up potentially getting killed by a policeman or killing a policeman right is because we have made it so difficult for them to take a legitimate path there are all sorts of government well-intentioned laws and programs that make it harder for people to pull themselves out of poverty the honest way right and so when you shut down all of those avenues and the only one that's left open is going into illegal drugs and when the

18:39 profits are so high from dealing drugs because they're illegal and you have this big profit that is a big temptation for a yacht a lot of young kids right they you know they see that as their only way out so what we need to do is show them a better way show them a different way out of poverty other than drugs and again one way is you take away the profits right by making them legal and so they won't have that big temptation but then you remove the roadblocks to let them go down the other roads right and so what i want to talk about right now is some of the things that can be done there's a lot of people say hey peter you always want to talk about the problems why you talk about solutions yeah i got a lot of solutions so let's talk about them all right so here are the things that we could do right all the people that pretend that they care right and they want to show how much they care by just donating to these

19:37 charities that are going to make the situation work here are some things that we could actually do right in order to uh improve the economic circumstances of not just african americans but of a lot of people right that aren't african-american right there's a lot of things that we can do right one of the things that we can do is actually eliminate the equal pay for equal work laws right as i said earlier there is some discrimination that goes on well the best way to combat it is to impose an economic penalty on people who discriminate right on racists who discriminate based on race right you want to have a penalty on them right because the market imposes a penalty on its own right let's say i am a racist i'm i'm white and i happen to be bigoted against blacks i'm you know again i want to focus it on black because this is about black lives matter and all this but it could be i could be against women i

20:40 could be against hispanics homosexuals whatever but let's just say my prejudice is just blacks right i'm a white guy and i don't like blacks right that's that's that's my prejudice anyway but i have a small business and a black guy applies for a job and he's like oh he's the best candidate i mean he's he's really really good right he's like so qualified for the job in fact he he's he's better than any of the white applicants right he would do a much better job and i would earn more money if i hired that guy over the next best white guy well i have two choices right i can not hire this black guy because i don't like black people right i'm a racist and i can hire somebody who's not as good the white guy or or i can hire the better guy and make more money so in other words if i choose to be a racist and not hire the black applicant because i'm a racist it costs me money i'm going to make less money because

21:34 i've hired a guy that's not going to be as good for the job and of course if i don't hire that guy what if he goes to work for my competitor my competitor hires him and now he's out competing me you see in a free market if you have two businesses one business that's hiring the best people regardless of their race or gender or sexual orientation whatever just the best people for the job that will do the best at making the most money for the employer and then there's somebody else who's just hiring people that are white because he's just a bigot well that guy is not going to compete he's going to be less efficient he's going to have higher prices and ultimately he's not going to stay in business it's the businesses where there is no racism where even if there's a racist the racist doesn't allow that attitude to impact his decisions on who he hires and who he fires those are the businesses

22:26 that are going to survive those are the businesses that are going to grow their races businesses are going to die out so free market capitalism that's how you combat racism but there are going to be circumstances right let's say there's two guys i'm a white guy i'm a white bigot and i got two job applicants one is white one is black and they're equally competent right they're pretty much the same right i think that they would do the same job right well i mean then okay sure now i'll hire the white guy right because i'm a bigot right but they're both equally qualified i'm going to make the same amount of money regardless so okay i can afford to be a bigot because it's not costing me any money right so i'm gonna hire the white guy right now is that bad for the black guy yeah you know i mean that's you know life isn't fair stuff like that happens right oh there's a bigot the guy didn't get

23:16 the job well what if the black guy knowing that the employer could be a bigot what if he says you know i'll work for less money maybe you're going to pay the white guy 20 an hour i'll do the job for 18. now it's a whole different story now it cost me two dollars an hour to be a racist right so am i gonna be a racist if i can pay the the black guy 18 it's gonna cost me two dollars an hour to hire the white guy and he's no better well i'm gonna i'm gonna take the less expensive option right i want to save the money i'm not gonna be a bigot if it's going to cost me two dollars an hour right i'm gonna i'm gonna buy the the less expensive work now people might say well that's not fair but life isn't fair right i mean and even if let's say a guy a black guy to get his foot in the door needs to work for less money from for a racist boss just to prove his worth right all right i'm going to give you a

24:14 deal i'll work for less money but once you get the job you get your foot in the door and now you prove to your employer what a good job you're doing and of course you learn some more skills on the job to be increase your value maybe after six months you go to that racist boss and say you know what you got me cheap but now that you've seen what you bought i need a ways or i'm quitting right and if you're doing a good job and he's already invested in training you and he knows he's underpaying you he's going to give you a raise that is just what's gonna happen that is life but you know what happens is when you when you pass a law mandating equal pay for equal work right where you can't right you have to pay whites and blacks the same amount of money then you don't have the opportunity the black guy doesn't have the opportunity to to put himself on sale to overcome racism in fact you know where these laws

25:08 started the equal pay for equal work laws it started with the chinese like in the 1800s because people were hiring chinese and paying them less so the white people like oh we don't want this let's force everybody to pay equal pay for equal work so people won't hire the chinese anymore because it was they were getting all these jobs because they were working for less because there was some prejudice against the chinese but once you had to pay the chinese the same as the whites will they stop hiring them you know there's a a very good economist by the name of walter williams one of the economists that was very influential on me and he happens to be african-american walter williams and he came up with a great analogy and i still remember it and i you know i read this book i think it was the state against blacks which is where i read this analogy uh but he used the analogy of comparing steak and chopped meat right hamburger

26:03 versus steak right most people would rather eat a steak than a hamburger right well then why doesn't everybody just eat steak well because steak is more expensive than hamburger right so if you want to save money you buy hamburger if if you're willing to pay extra then you buy the steak right so this was his analogy so don't think it's racist because i'm using an analogy that was created by a black guy right so what he said is well what if the government passed the law and they said that all meat had to have the same price you couldn't discriminate you had to charge the exact same price for steak as hamburger right so now you go to the butcher shop and you see a steak for sale and right next to it is a hamburger and they're the same price is anyone going to buy that the hamburger no why it's the same price as the steak i might as well buy the steak the only chance the hamburger has of making the sale

26:55 is to be cheaper i know you'd rather have a steak but look you can eat me and i'm less money right that's how you combat racism yes mr white racist i know you'd rather hire a white guy but look you can hire me i'm a black i'm gonna i'm gonna do it for less money that is the solution that is how the market will stamp out racism and again people say oh is it fair life isn't fair people have all sorts of obstacles that they need to overcome the problem is the government can't eradicate it the government makes it worse the government doesn't change the circumstances in favor of blacks it turns the tables i mean this is the biggest irony not just of equal pay for equal work which now you know takes away the cost of discriminating right so it leads to equal pay for equal work means fewer blacks get higher not more it means fewer but one of the the worst things that they do is the anti-discrimination laws those

27:54 anti-discrimination laws are the reason that so many employers discriminate for the based on the very characteristics that the laws are intending to protect right because if you're a small business and it's not as big a deal for a fortune 500 company right they can afford the lawyers and so you know they they they don't have to really use these decisions but if you're a small employer and most of the jobs in america are created by small employers right that's where most of the jobs come from and small employers you know they don't have a lot of money they're small right and they and the last thing they want to do is end up in court the last thing they want to do is have legal bills right because i mean they can be very high in this day of age we're very litigious and so small businessmen they want to minimize their legal liability their potential legal costs right now here's what happens with these

28:54 anti-discrimination laws as i said people in general who are running small businesses don't discriminate based on characteristics that are not related to job performance because they want to hire the best people because even if they are racist their greed trumps their racism they're not going to pay to be a racist if they could do it for free fine but if there's a cost they're stingy too they're racist but they're greedy and their greed is stronger than their racism right now you pass all these laws that make it much easier for certain people to sue their boss right well the minute you do that if you make it easier for certain people to sue their employer you make it less likely that anybody wants to hire them in the first place because if you're a boss you know which people are more likely to sue you and it's not because you're a racist you know the people that have been granted special privileges when it comes to

30:00 employment and what you could sue for so let's say i'm a small business owner and i want to hire somebody right what is the safest hire i can make if i want to minimize my litigation maybe i hire a 30 year old straight white guy right because if i hire that guy the odds of me getting sued are very very low what's he gonna sue me for he's not a member of any of the classes and remember when you hire somebody right it's not just that they may sue you because you know you fire them and they claim it's based on a race or you don't promote them you promote somebody else and they say that's based on raise uh or you're not paying them as much as somebody else and they say it's based on race it's not just the things that you may do yourself but you're now responsible for what your other employees do right if you have three employees and one is white and one is black and the white guy somehow offends or

30:54 harasses the black guy or the black guy claims that he's been offended or harassed it's not your white employee who gets sued right the worker doesn't sue his co-worker it's the employer you are responsible for everything that happens so even if you're you don't have a racist bone in your body it's possible that one of your employees does and you don't even know it but again it doesn't even matter because people are you know you're guilty until proven innocent right anybody that you hire could just make it up could just claim that something happened that was racial and now you're in court even though nothing happened right so a lot of the lawsuits are frivolous so you want to minimize that so you hire a guy a white guy straight guy who's 30 years old you're probably not going to get sued right what about a 55 year old uh black lesbian right are you gonna hire that person i mean that's a lawsuit waiting to happen

31:51 right i mean a black so that you could be sued because of racial discrimination she's a woman so you could be sued for gender discrimination she's 55 you get age-based discrimination now she's a lesbian now she could you could get sued because she discriminated based on sexual orientation and you know you better make sure that the person you hire doesn't have a handicap on top what if they're in a wheelchair what if they're blind that's another reason that you could be sued so the government basically takes all these people right that they want to protect from discrimination who in a free market there would be no discrimination but now they have given a massive financial incentive not to hire them so now the guy that just hires you know 30 year old white men he actually has a lower cost of business than the person who's hiring hiring blacks or women or older people or handicapped people

32:46 because that guy is going to be tied up in court that guy is going to be hit with all sorts of lawsuits that the other guy is avoiding so the government right now rewards you for discriminating the free market punishes you for discriminating so if you're punished for doing something you do less of it if you're rewarded for doing something you do more of it so paradoxically we end up having more discrimination because the government makes it illegal to discriminate that's what happens now i know people say well peter you think discrimination is okay i don't think it's okay i just recognize that there'll be less of it if we don't outlaw it now i also think that people have a moral right to discriminate if they want if people want to make dumb decisions based on race they're labeled to do that i mean fine they're not going to succeed in life they're not going to succeed in business right so let people be dumb right i mean

33:36 i'm going to hire the best people if somebody else wants to hire based on irrelevant considerations i'll eat their lunch when it comes to competition right so realize that life isn't fair and people have rights meaning they have a right to do bad things just like you have freedom of speech right i don't believe in socialism but i believe that people want to protest and say we want socialism they have a right to say things that i disagree with they also have a right to do things that i think are wrong if they want to just if they want to discriminate that's their right right i don't i i can't change their behavior just like i said earlier people want to do drugs that's their right people want to use prostitutes that's their right right whether you think it's wrong or not people can make their own decisions whether you agree them or not because the minute you want to impose your morality on somebody else that's

34:24 when they can impose their morality on you see a lot of people are very cavalier about outlawing things that other people are doing until it's turned around against them right because once you give the government the power to tell people what they can and cannot do if initially it's used to prohibit things that you're in favor of eventually they use it to prohibit things that that you want that you want to do not that you're against right you don't want to give the government the power right because whatever power you give the government to use against somebody else now the government can turn around and use it against you so if you don't want the power used against you then don't give it to the government in the first place and so just allow the market to fix it and again that is why the reason that we have all these problems today in the black community that we didn't have a hundred years ago is not because

35:14 we're more racist it's because all these laws didn't exist a hundred years ago all the government rules and regulations that are really responsible for the problem we didn't have them back then so the problems didn't exist back then they exist now so the other thing you know apart from getting rid of equal pay for equal work apart from getting rid of anti-discrimination loss they could get rid of the minimum wage of course the minimum wage no-brainer right i mean one of the reasons that young black inner city kids can't get jobs is because the minimum wage has priced them out of the job ladder they can't get a job it's illegal the only thing they can do is drugs because it doesn't matter that that's illegal right so get rid of minimum wage law let young people get jobs and get skills right a lot more young people will be able to get jobs and that means when they're older you let 16 17 18 year old kids get a job

36:09 any job i don't care how low the pay is when you get your first job it's the experience that's more important than the money anyway if you make anything that's gravy get the job especially when you're still living at home you don't even have any expenses right you have no rent you don't have you know you don't have a wife to support you don't have any kids you just need money for dates or whatever you know clothes cell phone bill get a job get experience so if we get minimum minimum mage we have more job opportunities more opportunities for people to get experience more opportunities for people to develop their skills so in their 30s they can be making a lot of money they can afford to buy a house they can afford to support a family right you get the skills and you you you become a higher earner before you do the other stuff right you don't just you know get married and have kids and then claim that you can't support

36:58 yourself on a minimum wage job no you don't have kids while you're still making minimum wage or less you wait until you've earned enough you've learned enough and you've become valuable enough and then you go out and you and you enter into those more expensive commitments when you can afford them you don't take them on sooner and one of the reasons that people take them on sooner is because of the welfare state that is the other problem we are incentivizing people early on uh not to work uh with welfare in particular um the aid to uh women with children right what are the reasons that so many black men are committing crimes is because they grow up without a father right and i know there's a lot of feminists out there that want to downplay the role or significance of fathers fathers are important particularly in raising boys not as much with girls i mean i think they're important but they are more important in raising

37:53 boys not just as a role model but as an authoritarian figure if you want to raise law abiding respectful men who respect law and who respect other women you need a man in the household that's a better chance of doing it not a woman she's not going to be able to control a teenage boy a father figure is going to be able to do that much better and you know you didn't have that right you uh blacks were growing up in intact families 100 years ago not today in fact if you look back 100 years ago the uh percentage of black children that grew up in homes without a father was almost the same as whites there was really no difference in fact i think it might have been even less i think black families might have been even more cohesive than whites but let's say it was about the same now you have this huge difference uh between the illegitimacy rates in black and white families it's why the same thing unemployment

38:50 the unemployment rate 100 years ago for black teenagers was about the same as white teenagers now there's a huge difference it's not racism that is responsible for the difference it's the welfare state it's the minimum wage it's all the other things that the government has done to destroy those black families and to make sure that young black males are growing up without any fathers and then they have all of these different rules and regulations that make it so much harder for them to succeed another one is occupational licensing laws we should get rid of all of these occupational licensing laws at least you know for the occupations that don't really need laws or licenses i mean i i um used an example earlier about a florist right i mean i mean what's the worst thing a bad florist is gonna do right is give you a bad floral arrangement big deal but you know in order to be a florist to arrange flowers you need a license

39:45 the government has to license you why i mean supposedly it's to protect the public from a bad floral arrangement i don't need protection from that i go to a florist i don't like his flowers i don't go there again it's competition for reputation and repeat business that's the only protection i need i don't need some government to certify that somebody knows how to arrange flowers i mean i'll find that out i mean worst case scenario he i buy one you know flower basket from him oh gee i just lost 40 bucks that was a mistake i'm not going there again right or i just go to yelp or one of these places i mean how long is a guy if a guy really doesn't know what he's doing he's terrible florist how long is he gonna have customers he had all these negative reviews nobody's gonna go there we don't need occupational licensing laws because they disproportionately impact minorities or african americans

40:36 because now it's it raises the barrier of entry to occupations right look at look at uh barbers right you need you have to go to school you got to get certified why not i mean look my wife my wife's been cutting my mother's hair she's cutting her own hair i actually haven't had her cut my hair yet i haven't had haircut in almost three months but i think my wife has cut my my my mother's hair twice she's done a pretty good job and she's dying it i mean she's she didn't go to school for that she's just doing that why should you have to go to school to cut somebody's hair right a lot of african americans could be out cutting hair if they didn't have to get licensed why do you need to be licensed what is the big deal what is the worst thing that can happen you're going to get a haircut the guy doesn't know what they're doing you get a lousy haircut hair grows back it's no big deal we don't need the government to protect

41:27 us from bad haircuts hey they happen oh i got a bad haircut not going back there anymore right and if you're a barber you own a barber shop and you hire somebody that's given bad haircuts you fire them simple right and so you have a lot of people in inner cities that could just become hairdressers but they haven't been able to qualify they haven't been able to get a license they didn't go to school they didn't do all the training and you know there's a lot of irrelevant tests i've heard that like one of the uh questions on an exam right in order to become a a a barber and i'm not sure if this is still a question but i remember when i read about it a long time ago but there was a question you had to name the 50 bones in the human hand right you had to know all 50 bones i mean first of all how many people even know that there's 50 bones right but you have to memorize these 50 bones now maybe there are some

42:17 people that could actually cut hair pretty well but they can't memorize the 50 bones in the human hand so now they can't become a barber but who gives it to him you think i've ever quizzed a barber i go to get my hair cut i say by the way can you name the 50 bones in the human hand oh you can't do that i need a different barber who the hell cares about that what difference does it make see here's the idea here's the reality right all these people who control government right it's the barbers who are already in business that benefit from occupational licensing not the public right the people who already are in the business you see what generally happened or how you know this is the roots of these occupational licensing laws um but let's say there's a bunch of barbers and they kind of came together and they performed they they they formed a society of barbers right and they say hey let's all form a

43:10 society and when you're in our society we'll have various criteria and then when you remember you can put this you know like seal out on your barber shop that says hey you're a member of uh barber society of america and then so new customers who've not you know like they've never had a haircut they don't know they don't have a friend that they can ask they'll see that seal of approval and they'll know that you meet certain standards of this organization right so the organizations come together as a way for the members to you know assure the public of a certain quality of service right and now you create some kind of value to being a member of that society well then what happens is the society itself says hey you know what what if we made it illegal for people to be barbers unless they were a member of this society whoa then we can reduce competition right if we can require barbers to be a member of our society in

44:02 order to cut hair we can dramatically reduce the supply of barbers and then we could jack up our prices so we can all make more money if we force people to join our organization the only problem is in a free market you can't force anybody to join anything people will only join if they think it's to their economic advantage see that's when government comes in see now these guys raise some money and they go to a local politician and they say hey we want you to pass this law that says in order to cut hair in this town you have to be a member of this society right oh why should i do that well because i'm giving you all this money right and you pass this law we're going to keep giving you money we're going to support you in your election right you just have to pass this law uh to to require barbers to be a member of this organization now when the politician is going to propose the legislation he doesn't propose it

44:54 hey this is a a bill that's designed to allow barbers to make more money right this is the the barber income maximization act no they're never gonna label it that they're not gonna be the truth they're gonna call it the haircut the consuming protection act right where this is about protecting the public we wanna make sure that when you get a haircut the guy that's cutting your hair is a certified barber and he knows what he's doing because you know otherwise you're everyone's gonna get lousy haircuts we need the government to make sure that only competent qualified people who have college degrees or two years of that all this stuff all these other criteria that you need in order to become a barber and so this guild is successful in bribing some politician under the guise of protecting the public to pass a law to limit competition so they can charge more money that's really what happens now who suffers right the people who

45:49 want to be barbers who can't who now don't have the education don't have the money to go to barber school or whatever it is or don't know all the bones in the human hand and a lot of this is disproportionately african-americans so get rid of all these occupational licensing laws and let the free market separate the good actors from the bad actors right now you could say maybe in certain occupations where hey i i wanna i want if i go to a heart surgeon you know i mean i wanna make sure he knows what he's doing because he could kill me right you're not gonna die from a bad haircut right i mean you may be embarrassed so you wear a hat for a while and your hair will grow back but if somebody kills you on the operating table okay so you know you can make an argument potentially that there are certain occupations that can be licensed but florists barbers it's ridiculous right so get rid of those laws so

46:40 my point is there's all sorts of things that government has actually done over the years that are creating the economic problems that people are correctly pointing to right all the black lives matter people right when they point to these problems the problems are real but they have nothing to do with racism and they have everything to do with government laws government regulation the welfare state the war on drugs there are all sorts of things that are actually being done that can be undone right there's a lot that we could do to actually solve these problems but what we're doing now throwing more money at these organizations more government money bigger government right to supposedly stamp out a non-existent problem is not the solution it's a way to ignore the real cause of the problem while you're pretending to care and pretending to do something you're doing nothing and in the meantime the

47:35 actual problems are getting worse right and then all you can do is say well despite all of our best efforts there must be even more racism now than there was before and so you know what you need to send even more money to these organizations we need even more government programs we need even higher taxes we need reparations whatever it's always going to be more government because there's always going to be more racism but racism is not the problem and until we acknowledge that that's not the problem and go after the actual problem the problem gets worse but again as i've said these race-baiters these organizations they don't want to stamp out the problem they want to use the supposed racism out there at all the racism is the big boogeyman they want to use that systemic threat to to advance their agenda so they need to make sure it's still there right so if they can't scare everybody into believing that

48:28 racism is the reason for all these problems then they can't keep raising money they can't keep expanding their leftist agenda so they don't want to eradicate racism they actually want to blow it out of proportion and they want to use it for their own political purposes

Questions about this episode

Who speaks in "🔴 BREAKING NEWS!! Racism and affecting the US economy"?

Peter Schiff (Host).

What is "🔴 BREAKING NEWS!! Racism and affecting the US economy" about?

The discussion critiques the narrative that systemic racism is the primary cause of socioeconomic issues faced by the African-American community, particularly in light of George Floyd's death. It argues that while racism exists, it is not the fundamental reason for disparities in wealth and opportunity, and it opposes the push for increased government intervention and funding to address these…

What is mentioned in this GLOBAL NEWS PODCAST episode?

5 people, works and ideas are mentioned, including George Floyd, Wall Street Journal, David Dorn, Walter Williams, NAACP. Each one on this page links to its own page with every episode that mentions it.

How long is "🔴 BREAKING NEWS!! Racism and affecting the US economy"?

The episode runs 49 min; the transcript is about 9,165 words in 53 timestamped sections.

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