June 2, 2014 - Thomas Piketty

  • 06/02/2014

Obama negotiates a prisoner swap with the Taliban, a Florida man installs a firing range in his yard, and Thomas Piketty discusses "Capital in the Twenty-First Century."

>> Stephen: THANK YOU SOMUCH, LADIES AND GENTLEMEN.

WELCOME TO THE REPORT.

(AUDIENCE CHANTING "STEPHEN")(CHEERS AND APPLAUSE)

(AUDIENCE CHANTING "STEPHEN")(CHEERS AND APPLAUSE)

>> Stephen: THANK YOU SOMUCH.

GOOD TO HAVE YOU WITH US.

PLEASE, EVERYBODY, FIRST OFF,EVERYBODY AT HOME WATCHING

RIGHT NOW, I WANT TO THANKEVERYBODY IN HERE, OUT THERE,

ALL AROUND THE WORLD.

BUT IF YOU ARE JUST-- IF AREYOU JUST JOINING OUR

BROADCAST ALREADY INPROGRESS, YOU MAY BE

NOTICING THIS.

(LAUGHTER)THIS WILL ALL BE EXPLAINED

LATER.

(LAUGHTER)FOR NOW JUST ENJOY THE RIDE.

(LAUGHTER)I KNOW I AM.

BUT FIRST, FOLKS, IT'S AGREAT DAY FOR AMERICA.

AND I COULD NOT BE ANGRIERABOUT IT.

(LAUGHTER)I TRIED GETTING ANGRIER AND I

COULDN'T DO IT BECAUSE ISTARTED GETTING HAPPY ABOUT

HOW ANGRY I WAS.

(LAUGHTER)>> AND IT'S ALL BECAUSE OF

MAJOR NEWS FROM OUR WAR INAFGHANISTAN.

FIRST WE'RE STILL FIGHTINGIN AFGHANISTAN.

(LAUGHTER)WHO KNEW THAT THING WAS

STILL GOING.

IT'S LIKE THE "GREY'SANATOMY" OF WAR.

(LAUGHTER)BUT THIS WEEKEND, THE

CONFLICT GRABBED HEADLINES.

>> A U.S. SOLDIER CAPTUREDBY THE TALIBAN FIVE YEARS

AGO IS FREE AND HE'S COMINGHOME.

BOWE BERGDAHL, SERGEANTUNITED STATES ARMY.

THE TALIBAN SNATCHED HIMWHILE ON DEPLOYMENT TO

EASTERN AFGHANISTAN IN 2009.

TODAY HE IS SAFE AND IN U.S.

MILITARY HANDS.

>> Stephen: THAT'S RIGHT,AFGHAN VETERAN BOWE BERGDAHL

IS SAFE UNLESS HE NEEDS THEVA HEALTH SYSTEM ANY TIME

SOON.

THEN, THEN THERE WILL BE ABIT OF A WAIT.

BUT BERGDAHL'S FREEDOMWASN'T FREE.

YOU SEE OBAMA NEGOTIATEDBERGDAHL'S RETURN IN EXCHANGE

FOR FIVE DETAINEES HELD ATGUANTANAMO BAY.

>> HE CAN'T RELEASE THESEGUYS.

WE WERE THIS CLOSE TOCHARGING THEM WITH

SOMETHING.

(LAUGHTER)AND I AM NOT THE ONLY ONE OUT

THERE WHO IS ABSOLUTELYADAMANT ABOUT BOTH OF HIS

FEELINGS ON THIS.

>> OBVIOUSLY WE SHOULD BEHAPPY FOR THE FAMILY.

THEY'VE GOTTEN THEIR LOVEDONE BACK, THAT'S VERY, VERY

IMPORTANT.

THE METHODOLOGY IN WHAT WEUSED IS VERY TROUBLESOME,

NEGOTIATING WITH TERRORISTS.

>> IT IS CAUSE FORCELEBRATION WHEN AN AMERICAN

IS RETURNED HOME.

WE NEGOTIATED WITHTERRORISTS.

>> FIRST OF ALL, WE ARE ALLHAPPY THAT AN AMERICAN HAS

BEEN RETURNED TO HIS FAMILY.

THIS WAS NOT THE RIGHTTHING.

>> YES IT IS A VICTORY AND ADEFEAT.

THE WHOLE SITUATION HAS USPUMPING OUR FISTS WITH JOY

WHILE SHAKING IT IN ANGER.

(LAUGHTER)OKAY, IT LOOKS LIKE, IT'S

LIKE I'M MASTURBATING A TALLMAN ON A TRAMPOLINE.

(CHEERS AND APPLAUSE)IT IS A CELEBRATION THAT IS

ALSO VERY TROUBLING.

LIKE A PIZZA PARTY FORHITLER'S BIRTHDAY.

WAS IT FUN?

YES.

DO I REGRET IT? OF COURSE.

(LAUGHTER)SO AS HAPPY AS I AM THAT

SERGEANT BERGDAHL IS COMINGHOME IT ALSO MEANS FIVE

TERRORISTS ARE NOW FREE TOROAM IN A TREELESS DESERT

PATROLLED ONLY BY OURPREDATOR DRONES.

OH-- OH, WELL, YOU ENJOYTHAT FREEDOM, FELLAS.

NATION, I LOVE EVERY STATEIN AMERICA EQUALLY.

I COULD NEVER PICK A FAVORITEBUT GUN TO MY HEAD, I'D CHOOSE

FLORIDA.

THE STATE WHERE I WOULD MOSTLIKELY HAVE A GUN TO MY

HEAD.

THE SUNSHINE STATE PRODUCES-- SUNSHINE STATE

PRODUCES SOME OF AMERICA'SMOST POPULAR LAWS LIKE STAND

YOUR GROUND.

A LAW THAT WILL LEAVE FUTUREFLORIDIANS WONDERING WHAT

WAS GROUND?

AND TONIGHT, I PROFILE ONEFLORIDIAN WHO DOESN'T JUST

STAND HIS GROUND, HE STANDSYOUR GROUND.

JIM?

>> THIS IS BIG PINE KEYFLORIDA.

NEIGHBORLY, TRANQUIL-- WHATTHE [BLEEP]

THIS IS DOUG VARRIEUR.

HE SHOOTS GUNS IN HIS YARDAND HE IS A DIFFERENCE MAKER

LIKE SO MANY PATRIOTS BEFOREHIM DOUG VARRIEUR'S LOVE OF

FREEDOM HAS RUFFLED A FEWFEATHERS.

NO ONE LIKES HIM AT ALL.

HE'S OBNOXIOUS,INCONSIDERATE, CRAZY.

>> OVERBEARING, EGO-CENTRIC

>> IGNORANT.

>> ANNOYING.

>> CRYSTAL CLEAR.

>> A REAL KOOK.

>> VERY PUSHY.

>> ASININE.

>> VERY CONFRONTATIONAL.

>> SELF-CENTERED.

>> HE HAS A TENDENCY TOANNOY PEOPLE.

>> HE'S WACKO.

>> BUT WHAT SOME CALL WACKO,OTHERS CALL HEROIC-O BECAUSE

DOUG IS JUST EXERCISING HISSECOND AMENDMENT RIGHTS

CLOSE TO HOME.

COUNT US IN, DOUG.

>> 3, 2, 1.

I BUILT A TPA: A TARGETPRACTICE AREA.

THE TARGET IS FOUR FOOT TALL3 FOOT WIDE, 8 INCHES THICK.

>> THIS IS DOUG'S HOUSE.

THIS IS DOUG'S YARD.

THESE ARE DOUG'S NEIGHBORS.

THIS IS ONE OF THE MOSTHEAVILY TRAFFICKED CANALS ON

BIG PINE KEYS.

AND THIS IS MONROE COUNTYCOMMISSIONER GEORGE NEUGENT.

>> THERE ARE VERY SAFE GUNRANGES IN CLOSE PROXIMITY TO

DOUG'S HOME WHICH COULD DRIVE TOAND SHOOT HIS GUN THERE.

>> FROM WHERE I LIVE, ANINDOOR GUN RANGE IS JUST

SIMPLY TOO FAR TO GO WHEN ICAN STAND IN MY SIDE YARD

AND SHOOT ON MY OWN RANGE.

>> WHY SHOULD I HAVE TO GETSHOT BECAUSE HE WON'T DRIVE

20 MINUTES TO A GUN RANGE.

>> WHY?

FOR THE SAME REASON HE CANFIRE TOWARDS KAYAKERS IN THE

CANAL.

>> HE EXPLAINED TO ME THATIT WAS HIS SECOND AMENDMENT

RIGHT AND HE WAS GOINGCONTINUE TO DO IT.

>> THERE IS NOTHING ILLEGALABOUT ME SHOOTING IN MY

BACKYARD.

EVEN IF THERE IS A BOAT ANDA KID.

>> HE'S 20 FEET FROM ONE OFTHE BUSIEST CANALS ON BIG

PINE KEY AND HE REALLYDIDN'T CARE.

HE JUST TURNED AROUND ANDWALKED AWAY.

>> I DON'T CARE.

>> YOU RARELY FIND THAT KINDOF CIVIL DISCOURSE ANYWHERE

IN AMERICA.

BUT THIS ISN'T ANYWHERE,THIS IS FLORIDA.

>> OUR LEGAL DEPARTMENT TOLDUS THAT WE COULD NOT PREEMPT

IN ANY WAY DOUG FROM FIRINGTHE WEAPON IN HIS BACKYARD.

>> IT'S AGAINST THE LAW FORYOU TO STOP ME.

THE TRUTH IS, IF YOU DO STOPME, THEN YOU'LL BE IN

VIOLATION OF STATE LAW, CANBE REMOVED FROM YOUR JOB,

FINED $5,000 AND HAVE NOACCESS TO ANY PUBLIC FUNDS

FOR DEFENSE.

THAT'S THE LAW.

JUST BECAUSE IT'S LEGALDOESN'T MAKE IT RIGHT.

>> NO.

WHAT MAKES IT RIGHT AREDOUG'S STATE OF THE ART

SAFETY PRECAUTIONS.

>> COUNT AGAIN 3, 2, 1.

>> MY TARGET PRACTICE AREAIS VERY, VERY SAFE.

>> CASE CLOSED.

>> IT IS NOT SAFE WHATSOEVER.

>> OH REALLY?

>> WELL, LISTEN TO DOUG'SFOOLPROOF SECURITY SYSTEM.

>> BEFORE ANYBODY FIRES ASHOT, WE ASK FOR AN

ALL-CLEAR FROM OUR LOOKOUTS.

>> THESE ARE DOUG'SLOOKOUTS.

(LAUGHTER)>> MOM AND DAD THEY'RE

LOOKOUTS.

SHE MAY SAY CLEAR OR MAY SAYGO, AND SHE MAY SAY NO.

BEING 85 YEARS OLD, SHEBOUNCES AROUND.

>> YOU GOT THAT NERVOUSNELLIES.

HOW MUCH SAFER DOES HE NEEDTO GET.

>> NICE AND LOUD, ARE WECLEAR.

>> YOU'RE CLEAR SON.

>> CLEAR.

>> RANGE IS HOT

>> RANGE IS HOT

IT'S DOUG'S ANTI-GUN NUTNEIGHBORS WHO

ARE REALLY DISTURBING THEPEACE.

>> HIS NEIGHBORS ARE JUSTGOING BAT [BLEEP] CRAZY,

THERE'S A LOT OF SCREAMINGGOING ON.

>> I THINK THE ONES THAT AREAGAINST IT JUST DON'T LIKE

GUNS.

>> I'M ALL FOR GUNS, IREALLY AM.

I DO NOT HATE GUNS.

>> THEN WHY DO YOU WANT TO TAKEHIS GUNS AWAY.

>> I DON'T WANT TO TAKE HISGUNS AWAY.

I JUST DON'T WANT A BULLETIN MY HEAD WHILE I'M SITTING ON

THE PORCH DRINKING A BEER AFTERA HARD DAY KILLING BUGS.

>> IF HE MISSES THE TARGETI'M ONLY AND IT COMES MY WAY,

I'M ONLY 120 FEET AWAY FROMBEING SHOT.

>> SHE JUST GOES ON AND ON,DOESN'T SHE.

>> SO IS THERE ANY DOWNSIDETO DOUG SHOOTING GUNS IN HIS

NEIGHBORHOOD.

>> IF YOU WERE TO MISS THETARGET, IT'S POSSIBLE

HE COULD SHOOT ONE OF HISPARENTS.

>> I DON'T KNOW IF ARICOCHET BULLET WILL KILL

ME.

IF SO, I GUESS I'LL DIE.

THAT'S HOW I FEEL ABOUT IT.

>> IF ONLY WE ALL COULD BESO SENSIBLY RESIGNED TO THE

ICY GRIP OF DEATH.

FOR THE RECORD, DOUG, DO YOUEVER MISS.

>> DO I EVER MISS MYINTENDED TARGET? (LAUGHS)

>> GOOD ENOUGH.

BUT SOME NAYSAYERS LIKE BIGGUN CLUB SAFETY OFFICER

JORDAN WELLSHELL SAYSMISSING IS POSSIBLE.

>> EVENTUALLY AT SOME POINTEVERYBODY MISSES THE TARGET.

THESE ARE ALL PEOPLE THATHAVE COMPLETELY MISSED THE

TARGET.

>> BUT EVEN IF HE DOES MISS,DOUG HAS A BACKUP SAFETY

PLAN.

>> TO GIVE THE NEIGHBORS ASENSE OF SAFETY, I PUT THESE

VEHICLES ON BOTH SIDES OF MYTARGET PRACTICE AREA.

>> THAT COMPLETELY BLOCKS --

>> I GOT A WALL BETWEEN MEAND THEN.

>> SATISFIED, NEIGHBORS?

NOW THERE'S A WALL OF TRUCK.

>> AS FAR AS DOUG PARKING HISTRUCK TO BLOCK ANY CHANCES OF A

RICOCHET, PROBABLY NOT AGOOD IDEA SEEING THE FACT

THAT IT IS FULL OF FUEL.

>> YEAH THERE IS THAT.

>> ♪HE FIRED HIS GUNS AND THENEIGHBORS STARTED RUNNING ♪

♪ HE FIRED ONCE MORE BUT THE LAWWON'T BE COMIN ♪

EVERYBODY KNOWSTHERE'S NOTHING THEY CAN DO ♪

>> I TRIPPED.

>> DIFFERENCE MADE.

>> WE'LL BE RIGHT BACK.

(CHEERS AND APPLAUSE)>> WELCOME BACK, EVERYBODY.

NOW FOR THOSE OF YOU JUSTTUNING INTO "THE COLBERT

REPORT" TONIGHT I WANT TOASSURE YOU THAT YES, YES,

THIS IS HAPPENING.

(LAUGHTER)AND I GREW IT SPECIFICALLY

TO GO TOE-TO-TOE WITHTONIGHT'S GUEST FRENCH

ECONOMIST AND PROFESSOR WHOSEDUCES YOUR GIRLFRIEND

DURING HER SEMESTER ABROAD.

THOMAS PIKETTY. THISFRENCH-FRIED FRAUD

IS ATTACK OUR WAY OFLIFE FROM ATOP

THE BEST-SELLER LIST.

THE NUMBER ONE BEST SELLINGBOOK ON AMAZON RIGHT NOW, A

700 PAGE TOME PACKED WITHTERMS LIKE DISEQUALIBRIA

AND RICARDIAN. THE BOOK HASALREADY SOLD ABOUT 85,000 COPIES

INCLUDING eBOOKS AND THEHARVARD UNIVERSITY PRESS HAS

ORDERS ON HAND FOR ANOTHER90,000.

AND EVERY ONE IS TALKINGABOUT IT.

>> THIS BOOK IS LIKE THEHARRY POTTER OF ECONOMIC

POLICY.

>> WHOA.

>> IT'S TRUE.

IN FACT, THE FULL TITLE ISCAPITOL IN THE 21st CENTURY

HARRY POTTER AND THE DEATHLYBORING.

(LAUGHTER)IT'S YOUR CLASSIC BREEZY 700

PAGE HEAVILY APPENDIXED BEACHREAD.

BUT ANALYZES OVER 200 YEARSOF ECONOMIC DATA FROM 20

COUNTRIES.

AND THE BIG TAKE AWAY, FOLKSIS THAT THE FREE MARKET

SYSTEM HAS A NATURALTENDENCY TOWARDS INCREASING

THE CONCENTRATION OF WEALTHBECAUSE THE RATE OF RETURN

ON PROPERTY AND INVESTMENTSHAS CONSISTENTLY BEEN HIGHER

THAN THE RATE OF ECONOMICGROWTH, G.

WHICH HAS BEEN REDUCED TOTHE CATCHY FORMULA R IS

GREATER THAN G.

(LAUGHTER)YOU'VE SEEN IT ON ALL THE

T-SHIRTS.

OR YOU WILL BECAUSE I'M NOWSELLING THESE T-SHIRTS ON MY

WEBSITE.

(CHEERS AND APPLAUSE)OKAY.

ALL RIGHT.

OF COURSE ALL PROCEEDS GOESTO ME SO I CAN PROVE THAT

THIS IS TRUE.

AND FOLKS, THIS FORMULA ISNOTHING NEW.

REMEMBER THE OLD SAYING THERICH GET RICHER AND THE POOR

SHOULD REALLY TRY BEINGRICH.

IT'S NICE.

(LAUGHTER)AND HERE'S MY MAJOR BONE TO

PIKETTY WITH TOM.

HE THINKS WE NEED APROGRESSIVE GLOBAL TAX ON

CAPITAL THAT COULD SKYROCKETTO A PUNITIVE 80% TAX RATE

ON INCOMES ABOVE 500,000DOLLARS.

80%. THAT'S AN INCREASE OF -- --

80%. THAT'S AN INCREASE OF -- --

80%. THAT'S AN INCREASE OF -- --

80% MORE THAN I PAY NOW.

>> I'M NOT GOING TO TAKE IT FROMTHIS

PEPE LE PUNITIVE TAX RATE HERE.

AND HERE'S WHERE THIS COMESIN.

OKAY? YOU KNEW IT WAS COMING.

I GREW THIS IN SOLIDARITY MYPERSONAL FRIEND BILLIONAIRE

INDUSTRIALIST TONY STARK. SEE,IF PIKETTY HAD HIS WAY AND TONY

WAS COUGHING UP 80% TAXES, HE ISNOT A BILLIONAIRE ANY MORE

AND CAN'T AFFORD TO BEIRONMAN THEN WHO IS SAVING

NEW YORK FROM THE INVADERS,HAWKEYE, YEAH, AFTER HE GETS

THERE ON THE BUS.

BILLIONAIRES, BILLIONAIRES,BILLIONAIRES PROTECT US.

AND TONIGHT I PROTECT THEM.

I GOT YOUR BACK, TONY.

(LAUGHTER)WHEN WE RETURN I WILL SIT

DOWN WITH FRENCH ECONOMISTTHOMAS PIKETTY SO I CAN GIVE

HIM A PIECE OF MY MIND WHILEDENYING HIM A PIECE OF MY

WEALTH.

WE'LL BE RIGHT BACK.

(CHEERS AND APPLAUSE)>> WELCOME BACK, EVERYBODY,

MY GUEST TONIGHT HAS A NEWBOOK THAT BLOWS THE LID OFF

INCOME INEQUALITY. BUT DON'TWORRY, IT'S 40 BUCKS, POOR

PEOPLE WILL NEVER KNOW.

PLEASE WELCOME THOMASPIKETTY.

HEY, MR. PIKETTY, THANKS SOMUCH FOR COMING ON.

MONSUIER PIKETTY, BIENVENUE.

JESUIS COLBERT.

ALL RIGHT, YOU'RE KING MAYOROF ECONOMICS RIGHT NOW.

YOU GOT THIS NEW BOOK CALLEDCAPITAL IN THE 21st CENTURY.

WHY ARE YOU TRYINGTO TEAR DOWN THE WESTERN

ECONOMIC SYSTEM AND REPLACEIT WITH SOCIALIST

REDISTRIBUTION OF WEALTH?

>> I'M NOT TRYING TO DO THAT.

>> YOUR ACCENT SOUNDS LIKEYOU ARE.

(LAUGHTER)>> YOU KNOW, YOU KNOW, I

TURNED 18 WHEN THE BERLINWALL FELL, SO I HAVE NEVER HAD

AN INTEREST IN COMMUNISM. I AMJUST TRYING TO SEE HOW WE CAN

ENSURE THAT EVERYONE BENEFITS FROM

GLOBALIZATION.

>> BENEFITS HOW, LIKE TAKEMY MONEY AND GIVE IT TO A

POOR PERSON.

>> NO, NO.

(LAUGHTER)>> HOW DO WE BENEFIT

EVERYBODY.

>> WE WANT ALL TO HAVEACCESS TO EDUCATION, GOOD

PAYING JOBS.

RIGHT NOW THE MINIMUM WAGEIN THIS COUNTRY IS LOWER THAN

IT WAS IN THE 60s.

WHICH IS HALF A CENTURY AGO AND

MAYBE THAT IS NOT THE BESTWE CAN DO.

I'M NOT SAYING YOU CANMULTIPLY IT BY THREE BUT HALF A

CENTURY IS A BIT LONG FORSTAGNATION

>> MAYBE WE SHOULD INSTEAD OFTRIPLE IT MAYBE WE SHOULD JUST

DOUBLE IT AND WORK 30 HOURWORKWEEKS LIKE THEY DO OVER

IN PARIS, RIGHT, THEN THEFARMERS CAN BRING THEIR

TRACTORS IN AND STOP THETRAFFIC AND WE'LL ALL TAKE

TWO MONTHS OFF IN THESUMMERTIME AND HAVE MISTRESSES

MAYBE THAT'S-- (CHEERS AND APPLAUSE)

>> YOU KNOW, YET IN EUROPE,MANY BELIEVE THAT ONE OF

THE PURPOSES OF CIVILIZATION ISTO WORK LESS, HAVE MORE VACATION

AND TAKE CARE OF YOUR FRIENDSAND FAMILY BUT YOU CAN MAKE A

DIFFERENT CHOICE AND THAT'SFINE.

>> YOU CAN MAKE A DIFFERENTCHOICE.

YOU CAN MAKE A DIFFERENTCHOICE AND BE A WORLD

SUPERPOWER, OKAY.

UNITED STATES SITTING ON TOPOF THE PILE HERE.

DON'T WE HAVE THE RIGHT TOHAVE OUR ECONOMIC SYSTEM

BENEFIT US AND MAYBE NOT THEREST OF THE WORLD.

>> SURE, AS LONG AS ITBENEFITS YOU.

>> BENEFITS ME.

BENEFITS ME.

>> I WAS TALKING OF THECOUNTRY IN GENERAL.

>> I AM AMERICA.

>> GO AHEAD.

SO HOW IS-- LET'S TALK ABOUT RIS GREATER THAN G. HOW DOES THAT

AFFECT SAY MEMBERS MOVE MYAUDIENCE, THE AVERAGE AMERICAN,

WHAT DOES R IS GREATER THAN GHOW DOES THAT AFFECT OUR LIVES.

>> IF YOUR WAGE IS STAGNATING TMEANS THAT YOUR G IS CLOSE TO

ZERO. YOU HAVE NO GROWTH SOIT'S STAGNANT AND SO IT IS

DIFFICULT TO START ACCUMULATINGWEALTH FROM NOTHING. WHEREAS IF

YOU START WITH SOME INITIALWEALTH IT MAKES IT EASIER --

>> IT SOUNDS LIKE YOURARGUMENT IS THAT CAPITALISM

BENEFITS CAPITALISTS.

>> WELL, WHEN YOU HAVE ALOW-GROWTH RATE THEN INDEED

IT BENEFITS OWNERS MORE THANIT OUGHT TO.

>> WAIT A SECOND.

WHO GETS TO SAY HOW MUCH ITOUGHT TO.

I'M THE ONE THAT TOOK THERISK.

I'M THE JOB CREATOR.

>> RIGHT, ARE YOU THE JOBCREATOR BUT YOU WANT MOBILITY,

AND NEW GROUPS OF PEOPLE TO BEABLE TO ENTER THE ECONOMIC GAME.

INEQUALITY IS FINE UP TO A POINTBUT IF IT GETS TOO EXTREME IT'S

NOT GOOD YOU KNOW, IT'S NOT GOODBECAUSE YOU SOME MOBILITY IN

SOCIETY -->> LET'S TAKE THAT FOR A

SECOND.

>> PLEASE, PLEASE, WE'RETRYING TO HAVE A

CONVERSATION, DO NOT APPLAUDMY FACIAL HAIR WHILE THE MAN

IS TALKING.

OKAY, LET'S TALK ABOUT THATIDEA.

THAT YOU WANT MOBILITY.

YOU WANT MOBILITY.

INEQUALITY IS BAD BECAUSEYOU WANT MOBILITY.

BUT IF I AM ALREADY MOBILEDUP TO THE PLACE I WANT TO BE,

ISN'T IT BETTER FOR ME TOPULL UP THE LADDER BEHIND

ME.

AND IT MAKES THINGS BETTERBECAUSE THEN I CAN BE

CHARITABLE WITH MONEY THAT IDON'T EVEN MISS TO ALL THE

POOR PEOPLE I CAN EASILYFIND.

>> NO, IT IS BETTER TO CHOOSEYOUR TAX RATE THAN LET OTHERS

CHOOSE IT>> THANK YOU, THANK YOU

>> OF COURSE.

>> IN FACT, THIS COUNTRYINVENTED PROGRESSIVE TAXATION OF

INCOME AND INHERITED WEALTH.

AND SOMEHOW WE'VE FORGOTTEN THATSINCE THE 1980s BECAUSE THE

COUNTRY HAS MOVED IN ACOMPLETELY DIFFERENT DIRECTION.

>> BECAUSE REAGAN CAME INAND IT WAS MORNING IN

AMERICA.

>> IT WAS MORNING IN AMERICAEXCEPT THAT THE GROWTH

PERFORMANCE OF AMERICA WASACTUALLY BETTER IN THE 50s 60s

AND 70s THAN IN THE 1980s. SO IFYOU LOOK AT THE PAST 30 YEARS

YOU HAVE RISING INEQUALITYEVERYWHERE

EXCEPT IN THE GROWTH STATISTICS.

IF YOU TAKE THE GROWTHPERFORMANCE OF THE U.S. OVER THE

PAST 30 YEARS, YOU HAVE 1.5PERCENT GROWTH RATE.

SO YOU KNOW, IT'S GOING TO THETOP PEOPLE LIKE YOU.

>> THIS IS NOT A GOOD DEALFOR THE REST OF THE

POPULATION.

>> REALLY -->> WELL.

>> THEY SHOULD GET THEIR OWNTV SHOW.

THOMAS, THANK YOU SO MUCHFOR JOINING ME.

(CHEERS AND APPLAUSE)>> THOMAS PIKETTY, CAPITAL

IN THE 21st CENTURY.

WE'LL BE RIGHT BACK.

>> Stephen: THAT'S IT FORTHE REPORT, EVERYBODY.

GOOD NIGHT.

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