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and end up with an amading rebirth of society. that threatens the status quo. the rent seekers who rely on a broken system to make money. the fact is, if we live in a society where these problems go away, you don't need "the five." but you -- >> jesse: speak for yourself. >> greg: exactly. we allow for choice in everything. it's so scary if you change the design of this system. you no lock -- longer create the product. the desired outcome, somebody might be a criminal-they're still a dependent open government. think of a young black kid leaving a high school that prides itself on math and english and responsibility and seven discipline and manners would spends a minute copy ago tik tok video that asks you to risk your life for smash and grab? no, they have better values.
of rent-seekers and hangers on. that will be a very difficult things to man manage. friends of hillary friends of bill all that. having real competition might impose a kind of discipline early on that would come in handy down the road. jon: one wonders, nina, whether this campaign organization she is about to build or about to launch, is going to have so many moving parts it could be this big lumbering creature that might not be thimble enough to react to, you know, changes in world events and changeses in the campaign dynamic. >> well that was certainly her problem as we recall in 2007 and 2008. that is why barack obama was basically able to end-run her because she had this big lumbering campaign. but i think time around it is totally different because she doesn't have a real contender in the democratic primary. the other thing is that she actually had missteps before she
>> the mutual fund investor first and run your funds in the most efficient, honest and economical way possible. don't mant a make, i said then to think you can beat the market index. >> the next to, keep fees and courts low? >> and invest for the long term and put the shareholder -- you make a decision. don't make it for the manager, but for the shareholder. >> explain why the issue of fees is so important. >> the reason it's important is, in a simplified way, if the market, gives an 8% annual return, all investors groups divide up 8%. okay. not complicated. wall street take, the mutual fund money managerers and traders, lawyers and the whole constellation. >> deciphers who feed off this. >> feeding away. the rent seekers, they call them. they take about 2% out of that. 8%, leaving you with 6%. if you compound that over a lifetime that means that you put up 100% of the capital. you took 100% of the risk and get about 25% of the return.
industry that lived up to its ideas. that was put the shareholder first. >> by shareholder, the investor? >> the mutual fund investor first and run your funds in the most efficient, honest and economical way possible. don't mant a make, i said then to think you can beat the market index. >> the next to, keep fees and courts low? >> and invest for the long term and put the shareholder -- you make a decision. don't make it for the manager, but for the shareholder. >> explain why the issue of fees is so important. >> the reason it's important is, in a simplified way, if the market, gives an 8% annual return, all investors groups divide up 8%. okay. not complicated. wall street take, the mutual fund money managerers and traders, lawyers and the whole constellation. >> deciphers who feed off this. >> feeding away. the rent seekers, they call them. they take about 2% out of that. 8%, leaving you with 6%. if you compound that over a lifetime that means that you put up 100% of the capital. you took 100% of the risk and
being -- is shuffled over to wall street based on government subsidies. there is all this debate in general in the political community and in the media, on the street. that this is a class warfare of some kind. that it's rich versus poor. the tax debates make it class warfare, all these things. when the truth is, it's a culture war between those who compete and those who seek to cheat. and at the end of the day -- >> yes -- >> so there are rich cheaters and poor cheaters. >> in economics -- >> go ahead. >> you hit the nail on the head. it is something called rent seekers. you have a number of people making a living off the government. they're feeding at the public trough. some of them are collecting government benefits like unemployment benefits. but some of them are living in, you know, million dollar mansions in new york working at wall street firms. they are living off the productive class. and the productive class is getting smaller and smaller and smaller. it creates at built to vilify, you know, whenever they want to