I was in the car on the way home Monday listening to the Glenn Beck Show and heard a really good interview with Chris Gardner. If you’ve read the book or have seen In Pursuit of Happyness, then you know his rags to riches story. It’s an amazing one and is an example of how dedication and hard work can pay off.
Beck is a “pull yourself up by the bootstraps” type guy and I can respect that. But his show can be annoying at best and there are very few times when I catch an interview such as this. I’m not sure if the video is out there but I was able to get a transcript from the CNN website. In listening to the interview, I felt like Glenn was trying to get Gardner to use the “bootstrap” logic a number of times and Gardner wouldn’t fall for it. Read this portion of the transcript and let me know what you think. Am I reading too much into this?:
BECK: I wasn`t aware of that.
I don`t know if you`ve been watching TV the last couple of days, but everybody is talking about, you know, the financial markets. And now it`s turning into politics. I don`t even know what half of it really all about. And I do this for a living. And then they turn it into politics, and it just becomes blah, blah, blah, blah, blah.
It is interesting that two areas affect all of us in a way that doesn`t make sense to most of us: politics and financial. That`s why I try to keep things at the gut level, and that`s why I wanted to talk to my next guest, an extraordinary guy with an extraordinary story that you know. He says it like it is. CEO of Gardner Rich and Company, is the author of “The Pursuit of Happyness,” Chris Gardner.
Chris, as always, good to see you.
CHRIS GARDNER, CEO, GARDNER RICH AND COMPANY: Always, brother. Good to see you.
BECK: So I`ve wanted to talk to you now for a while, because I think we are moving into this area in this country where nobody really understands pull yourself up by the boot straps anymore. You know, everybody is — is expecting something to be done for them.
When you look at the financial markets being bailed out by the U.S. government, what comes to mind?
GARDNER: The small business people in this country, they would like to be bailed out, too.
BECK: Amen.
GARDNER: OK. And how are we going to decide who gets a bailout and who doesn`t, right?
And let`s add one thing to that. The investors and the shareholders and the employees, Glenn, who lost billions of dollars, at no point have they felt like they`ve been bailed out.
BECK: Right.
GARDNER: OK? So I wish there were another word we could use besides “bailout.”
BECK: Screw?
GARDNER: Well, OK, screw. Descriptive, right.
BECK: I mean, come on, it`s true.
GARDNER: But again, there are a lot of small business people right now who would love to have the government come in and say, “You`ve got a home or job (ph). You lost your franchise. And by the way, here`s a check for a few billion dollars to go about your own.”
BECK: You know, it`s amazing, because I just said this on the radio today: 70 percent of business in America is small business.
GARDNER: Absolutely.
BECK: And nobody is trying to bail out or talking about bailing out.
GARDNER: It`s not going to…
BECK: I haven`t heard a single politician say, “Well, you`re too small to fail.” It`s all too big to fail.
These guys, when I looked at the way some of these companies were making loans, you know, and mortgages, you didn`t even have to fill out all the paperwork.
GARDNER: No.
BECK: You deserved to fail.
GARDNER: And you know what? You know what`s going to happen here? Hopefully. This could be the last wake-up call for Wall Street. Company X was making all this money during these subprime mortgages.
BECK: Yes.
GARDNER: So all the other guys feel like if we don`t get into that business, they`re going to take the market share. They`re going to make more money than us, and we`re going to be in a less than desirable position. So let`s do it, too.
The companies who did not go that way, Glenn, some of your community banks, some of your more focused financial services opportunities, they could be very interested in investment opportunities right now.
BECK: So let me — let me change gears and go to Hurricane Ike. I saw a story over the weekend. You know, I`ve never heard the government ever warn anyone, “Leave or you are facing certain death. And we will not come back to rescue you.”
Two thousand people, 40,000 didn`t leave their homes after that. Two thousand that didn`t leave their homes, needed to be rescued this weekend.
Meanwhile, the rest of the city needs to be rebuilt and trees cut and power lines relaid.
GARDNER: Sure.
BECK: And the government is spending the time rescuing those people. Do you think it`s callous to say, if you got that warning, and you could have left, and you didn`t leave, it`s not my responsibility?
GARDNER: I will tell you something and it`s probably going to get me in some trouble.
BECK: Yes.
GARDNER: There`s something called tough, and there`s something called Texas tough. OK? And those folks, honestly, in that part of the country, they`ve seen some of these storms. They can name every name you could ever come up with.
BECK: Sure.
GARDNER: They`ve seen so many storms, and they probably felt like, well, we can weather this storm. But in this case, look, I think your point. When the government says, “You`re facing almost certain death, and we ain`t coming back,” there is a point that you realize, the cavalry ain`t coming.
BECK: Yes. But they did come. So now — so now does it mean anything anymore? The reason why they came is because they`re like, well, we can`t let these people suffer. We can`t let — look, you`ve got the rest of the city suffering now. You told these people to leave.
I mean, is there such a thing as the American that doesn`t — that says, “You know what? I want to do it myself. There`s something to be gained from saving myself”?
GARDNER: It is probably what some of those people thought, Glenn, that “I could weather this storm also.”
BECK: Right.
GARDNER: But in this case, they were wrong. They were wrong.
BECK: OK. All right. Back in just a minute. As always, Chris, thank you, very much.
GARDNER: Thank you, Glenn.
BECK: Chris Gardner. Back in a minute.
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Just so everyone knows, the government bailing out public corporations is BS. I understand you don’t want them to fail, but isn’t that what capitalism is all about? Only the financially strong will survive and the executive management of these companies should be put in the streets with no compensation for what they’ve allowed. If the government wants to get involved, then they need to manage all of it. But would that be any better?
That’s a whole other post.