Children from the only families theyve known, others with pointless red tape. 50 pages. Bad rules. Thats our show tonight. [applause]. John this is what built america, the declaration of independence and the constitution. Its thin, yet these rules which put limits on government, created the most prosperous and successful country in the history of the world, but after the founders gave us this, someone said we need more rules. And now we did need some, this wasnt perfect. This allowed for slavery. Founders never thought about pollution control, so good some rules were added and changed. But 164,000 of them . Thats how many had accumulated by the time president obama took office. So the president said this i believe a thriving private sector is the life blood of our economy. I think there are outdated regulations that need to be changed. There is red tape that needs to be touched. [applause] there you go. Yeah. John yes, its true, and Everybody Loves that, but then, what did the president actually do . He cut a couple of regulations, now salmon are no longer regulated by different bureaucracies depending whether they were caught in salt or fresh water and added 10,000 new pages, new rules. Now were stuck. This is just the amount the president added. Now we have 178,000 pages of rules. Rules all of us must obey, and not just 178,000 pages. State and local governments add more, and thats okay says radio host chris hahn, we all benefit greatly from regulation, but economist ed stringam said hahn doesnt get it. What doesnt he get . The cost of regulations are out of control. Written by administrative bodies. John so what, theyre all well intended. I read the best book, war and peace, the number of pages associated with doddfrank act is 25 times longer than this. Mr. Dodd or frank never read this book. I got to tellture, was the worst of times that led to doddfrank, you should understand that, and we needed to do something about what was going on there. Is that a useful thing, 25 times that many pages. When you are talking about the Financial Services industry and armies of lawyers, i would think doddfrank might not be long enough. Do you know bernanke could not refinance his home. Bernanke had a very big home and working on a government salary. I think it was okay. John chris, you worked five years for senator chuck schumer. Almost six. John almost six. [booing] im getting booed by people who waited in line to get tickets to see me. John he holds a press conference just about every weekend, he figures he gets more air time on the weekends and proposes banning something. Hes proposed banning bitcoins, energy drinks, assault weapons. Highfrequency stock trading, caffeine drinks, powdered alcohol because somebody brought it on the airplane. One of the best senators new york is lucky to have him. John hes the reason people suffer from lack of innovation. Absolutely not true. John why should bitcoins be banned . I dont know, i didnt read it. John its the idea that if you dont understand something, the government needs to prevent it. John how about laser pointers . I dont know, dont point them at planes. John our likely next president , hillary, is a big fan of regulation, when philadelphias mayor proposed a new tax on soda, ms. Clinton was quick to praise it. Im very supportive of the mayors proposal to tax soda. John should we tax soda . No why not . People are fat. Isnt there a cost to people overusing soda . The most bloated organization out there, you want managing our diet. Terrible advice about dont eat fat, have carbs, go for high carbs, switch back, dont eat butter, its margarine. I think Health Decisions should be left between a doctor and patient. That said, there are things that are going to make you fat. We know if you drink five sugary sodas a day, youre more likely to be fat than if you drink five waters a day. John people know that, why cant they make their own decision. They can. Why do i have to pay for their bad choices. This is a big argument for the banners. Because we have socialized dici, weave righto ntrowhathey t. Rig, on youet goveme invved wi any of the decisions, its like now we need to do that, need to do that, its like, okay, restrict everything we do. Lets have them decide what were eating for breakfast or lunch, what time we go to bed. Tax people who stay up late. Lets tax all of our bad habits. [ applause ] its not just the democratic nominee who wants to reg late. Heres a rule proposed by donald trump. I would certainly start taxing goods that come in from china. People like this, this is helped him become popular among republicans, you both agree that this is nuts. Terrible, terrible, terrible, terrible. Bad for consumers, also bad for american manufacturers. Look at ford. John is counte american manufacturers will have them. Ford designs cars here, up to 35 of mustang components are not here. We want to hobble them with the additional tariffs. This is a proposal that would make toyota great again. [laughter] this is something every economist, even the most leftwing friend i met. John youre a friend now . We disagree, but come on. John on social media, i asked you for examples of stupid fools. Joe posted i agree with both of them. Someone named rick tweeted in new jersey also, whats that about . One of the best things about new jersey is i dont have to pump my own gas. The prices are low, and i dont have to pump it. No, its cheaper because the tax is three cents in new jersey and 40 cents in new york. Right, and i dont have to pump it there. John it would cost ten cents less if you could pump it. This is what galls me about the leftwingers, the way you use the word have. Im a moderate. [ laughter ] you dont have to pump your own gas. What about voluntary versus force . Thats a state regulation. The people of new jersey elect representatives, if they dont like, it elect people who change the law. John but the legislators are taking money from the service station lobiers. From the guy who pumps the gas, you think hes got his own lobby. John yeah. Somebody had a lobby that the only two states are the ones its not allowed. The original argument is were so stupid wed blow ourselves up. In the 48 other states they dont and the two states hang on to it. Its up to the state. In a free market you have the full service, the self service and the free market outcompeted the way of doing things i believe in america where everybody should feel free to have gassmelling hands all day long whether they want to or not. John no, you dont. You say youre fine with new jersey, forbidden to have gas on your hands. If i lived in new jersey and had a problem with it, i would change that law. John think about that. He would have to change the law, he would have to get 51 of the people to vote for something. In a free market. All of us can have what we want. Isnt that better . Theres no such thing as a free market. If there was, we wouldnt need so many regulations. [booing]. John thank you, ed, chris. Now covering regulation over the years, ive noticed that when a president s about to leave office, they do something called a regulation dump. President obama is no exception and one of his more costly new rules will force companies to give more workers overtime pay. That will ensure that the hardest working americans are paid fairly for overtime. John fairness. Before the rule was that workers who made less than 23,000 a year must be paid overtime. Obama doubled that about 47,000. And this sounds good to people. You work longer, you make time and a half. That sound good to you, audience . Theyre nodding. My libertarian audience is nodding. This economist studies the hidden side effects of rules like that, and you say the whole issue with this reg slagz it doesnt look at effect of all various different sectors. John meaning what . For example, the nonprofits have been vocal about the regulation, and the reason theyve been vocal is its a huge cost to them, they dont have the budget for that. Nonprofits in higher education. I think in the nonprofit world or education, there are people who want to work long hours. They do. They believe in the vision of what they want to accomplish. The same thing is true for john so now the government is saying if you want these people to work for you, youll have to pay them 50 more, i guess if its double time, 100 more and a lot of the people never get hired. Thats right, they cant afford, it john. The same thing is true for Tech Startups. You have the young guys, four young guys, graduated from college, others that didnt graduate from college and dont have money, they get Venture Capital funding and dont have a lot of money in the beginning and youre imposing huge costs. They put in 80, 90 hours. John they might make a lot of money down the road. Exactly. Ive been talking to the young startups, they had no idea this was a regulation because theyre focused on building something. President obama is looking at you punch in a clock and apply it to a 21st century world. John are you being sexist when you say four guys start it. Im not. If you look at young tech entrepreneurs, they tend to be guys, sorry. John i think the point thats missing among the pro regulators is workers are not slaves, it is a voluntary choice. Some people want the long hour jobs. And they make the choice. I dont understand why we have to make the choice out away from them. I testified about this at the office of information and regulatory commission. John you went to the white house . I went to the white house and im kind of angry, i testified, they liked what i said, they had no idea that the department of labor didnt analyze the impact on Tech Startups and other things but didnt take my advice. John they went ahead with the rules. Its a sore subject and i cried when i heard about the regulation being tossed. Thank you for trying, hard to convince the white house to be sensible. Next, did you know that this, a lightsaber, could not ever be used in an actual battle . Stupid as that is. Thats what that warning label says. So tonight our audience gets to award a thousand dollars to the person who admitted the worst, stupidest warning label. My business was built with passion. But i keep it growing by making every dollar count. Thats why i have the spark cash card from capital one. With it, i earn unlimited 2 cash back on all of my purchasing. 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[ laughter ] we should say these are the five finalists you picked for our audience to vote on. Another is the Utility Knife and it says, warning, blading are sharp. [ laug probably be sued if it wasnt sharp. Heres a warning label on a coffee pot. Seen these all over. It says warning, do not hold over people. Okay. Right there on the label. [ laughter ] this bicycle bell. Now, cycling can be dangerous, bicycle labels should be installed and serviced by a professional mechanic, thats a reasonable thing to put on a bicycle, but they put it on the bell. Its dangerous to install this yourself on the bell. You must get it to a licensed mechanic . Right. John and the fifth . This is a Party Balloon, it says warning in california do not release outdoors or near electric power lines as it may cause Power Outages, so it wont do that if you release it in texas or michigan . [laughter] all right, youve done this 18 years now, why . We do this to point out how the rules we have in the courts and the legislatures in Congress Make favored litigation in america. We are the most Litigious Society on earth. If the level of litigation in the United States was simply at the level of countries competing for jobs, in asia and europe, we could save 589 billion dollars a year. We dont have to eliminate all lawsuits. We have to get to a reasonable level and save all the money that could be reinvested in our economy. John and worse in america because in america, i can sue you, wreck your life, spend all your time defending yourself, and lose, and i can walk away, i dont have to say im sorry, and every other country in the world, i would have to pay your legal bills. Yes, a very important point. Every other country in the world. John i call it the english rule but its the rest of the world rule. Exactly, if you sue and you lose, youre having to pay their legal bills. That a b sinctiveor file frivolous lawsuits. John any evidence it makes us safer . No evidence at all. The lawsuits that lead to the long warning labels and absurd warning labels are make us less safe, as warning labels become so long, we tune them out. How many people read a pamphlet with a pen that has so many warning labels. John a lawyer is cringing and saying this will protect us from a lawsuit, and it probably wont. They said . Nothing, they wouldnt talk to us. [laughter] and to be fair, theyve spent tens of hundreds of thousands of dollars, the last thing they want to do is rehash us. This is a problem, they tell us. They want us to increase awareness how we pay if were not directly sued but they dont want the copycat lawsuits so they dont have to fight it again. John theyre uptight and who can blame them. Audience, bob has agreed to let you pick this years winner. Which of the five is the stupidest . The person who submitted that wins the thousand bucks. Which is stupidest . The balloon . The lightsaber . The knife warning . The coffee pot . Or the bicycle bell. I should say its not just the companies who create bad rules, unions do, too. My Campaign Committee will collect in town. E trade is all about seizing opportunity. And id like to. Cut. Thank you, well call you. Evening, film noir, smoke, atmosphere. Bob. Youre a young farmhand and e trade is your cow. Milk it. E trade is all about seizing opportunity. Sign up at etrade. Com and get up to six hundred dollars. Thank you. Ordering chinese food is a very predictable experience. I order b14. I get b14. No surprises. Buying business internet, on the other hand, can be a roller coaster White Knuckle thrill ride. Youre promised one speed. But do you consistently get it . You do with comcast business. Its reliable. Just like kung pao fish. Thank you, ping. Reliably fast internet starts at 59. 95 a month. Comcast business. Built for business. Who dont have access thto basic bananking, people but that is changing. 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Now unions have won big gains, 15 minimum Wage Movement spreading, unions continue to get rules passed that they say will protect their members. Rick berman says they hurt most everyone. He runs a group called center for union facts. Rules that say we have to employ people even though the job has disappeared. Soul remember that you used to lubricate your car when you went to a garage over so many miles. The same thing with construction equipment. The cranes used for building tall buildings. Those things are now selflubricate bug have a job called an oiler, that guy has to be on the job, he stands around and polishes the crane. John this is one of the Reasons Union work costs when they rebuilt the world trade center, part of the union deal was a master mechanic had to be there to make repairs but mechanics dont repair the equipment anymore. Advanced machinery is repaired by the crane owner and manufacturer. Theyre still paid about 400,000 after guaranteed overtime. Right. Unions are a big business. People dont understand that if you take all the unions in america today, annual cash flow is over 20 billion a year. That is coming from dues. You got to have more people on the job, you resist progression, you resist productivity and you say i need to keep the same people on the job i had before even though i dont need them anymore. Its the joke about how many electricians does it take to screw in a lightbulb . John how many . Three, one guy to hold the bulb, one to turn the bulb and one to hold the ladder. John the 15 wage is successful . In a few places, but for the most part the country understands paying somebody 30,000 who doesnt have a High School Degree is not the way to get the lowskilled pe