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tv   Stossel  FOX Business  September 7, 2015 11:00am-12:01pm EDT

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♪ john: don't you need to mop the floor? elta cao, buy groceries? so you can rest assured that they are reliable and trustworthy -- what? why would i believe them? political individuals want us to trust government. but didn't margaret thatcher pop that bubble years ago? >> and this actor says privatize everything. privatize the fire department and the police department. >> but that upsets the left.
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but the private sector does things better. that is our show coming up tonight. ♪ ♪ no. >> now it is time for john stossel. john: trusts. a lot depends on it and families often succeed because we trust families more than strangers. government works and people trust the government rules are fair. commerce works when customers trust that it will work. these are delicate relationships developed sometimes over a million years, but sometimes the internet is changing things for the better. i would argue that here is one example. >> do you need to mop the floor, by the groceries and milk the cow? task rabbit helps you get stuff done, first you post your task and then include all of the relevant details like location
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and price and other important information. it will blast out an sos to those in your neighborhood, letting you know that your task is underway. and you are done. >> really? a stranger coming into your house mopping the floor and buying groceries? why would i trust the stranger? the owners say that their rabbits are professionals who go through a rigorous application process. >> you can rest assured that they are reliable and trustworthy. john: really? why would i believe that max wyman people trust total strangers herriot the book argues that the internet has given more of us reasons to trust total strangers. julian smith runs a business that is based on trust. before we talk about your business, let's just talk about task rabbit. tasks are personal. why would people trust some kid
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to come in and do that. >> is a really good question. the reality is i think when we see people on the internet now
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that provides temporary office space for people at a moments notice. so that means all customers are going to places they've never been. you're walking up and there are strangers. so in our case we ask where the real menace and they point to the back and that is it. we trust each other even though we have never met. john: if you can set it up so people can share offices, why not cars? most of our cars suck up our car payment money. they don't go anywhere. why can't i share my car the way that this lets people share office space? companies like get around allow people to earn money by sharing their car. >> we are enabling people to
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make money off an asset that cost them a lot of money. john: that is just one of the companies doing it. >> there are a a lot of companies doing it and essentially this is even more implement because of some of these car. so first of all you're walking into a stranger's car, it should be clean and nice and a better run while, otherwise you could end up in a bad situation. >> what if i run my car to someone who cracks it up? if the driver kills somebody, you could be held responsible. >> we have $5 million in insurance on every space that we have. and it depends on the company but that kind of stuff matters. because at the end of the day you're trying to build a respectable business and that means treating people well on both sides of the equation. >> protecting people through readings and reputations, this is new. otherwise we see government
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regulation with huber and lift and all of these other companies. so how i know that this guy is save? i don't know that this taxi driver is safe just because he passed a test from a bureaucrat. >> that is a great example. drivers may not be perfect, but they get raided every 20 minutes on uber. john: every time someone takes a car and you get to read it right there. >> people are reading each other the whole way. john: let's expand this discussion to the rest of the world. one reason people stay poor is because it's hard to establish trust. many people say africa or south america or russia are free to build a business because they don't trust that once it's built they will get to keep it. maybe the dictator of the country will just take it from them or maybe a mob of thugs will steal what they make.
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people want to trust that contracts will be enforced and honored and that is why we are lucky to live in america where we have a pretty trustworthy system. but michael strachan has spent the last decade in places that don't have a trustworthy rule of awe. what do you do there? >> i have two projects. one is working to develop legal systems that actually provide the trust where you have and you know that the government will not take your money and the other is helping entrepreneurs and talented individuals develop the skills and get online so they can engage in contracts. it's an online world where they can build the trust right now and then we also want to help them on the ground have a legal system where trust is possible. but you are exactly right. the people in developing countries can be trusted, and they could remain poor. john: they can't trust that if they expand their house that
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someone will come in and say that you don't really own that house. so why add the floor or renovate reign. >> most developing governments one way or another offer regulation and/or rule block. most countries, it is a little or a lot risky to invest capital for those reasons. john: you train the workers in the third world and many find the work in faraway places. here is a commercial promoting the idea that people can work without going to any office. >> my commute to work was an hour and a half of my day in my car. >> are used to have to fly a million miles per year. john: it is very exciting that these global online labor markets allow people anywhere, bright and talented people anywhere to actually engage in international commerce and in addition we are going to a smart
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contract level where more sophisticated arrangements can be automated using lock and chain technology so that entrepreneurs and investors in the west can hire people in countries without rule of law and use this technology to put funds in escrow and pay them wants the job has been completed and reliable way. john: these people feel more assured that they will be willing to do the work? >> exactly. that sort of technology allows for international trust at a scale where it's never been possible before. john: on the flipside, some work for minimum wage in america to establish trust in hopes that they will get paid more later. >> we are working with people in rural uganda were a college graduate makes a hundred dollars per month. and so if we can help a college graduate aramaic $180 per month or $200 per month, doubling your
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income, we need to ignore developed wages and focusing on doubling or tripling the incomes of developing world people quickly and easily by means of giving them access to the global labor market. john: the internet gives entrepreneurs and ways to raise money. people used asked to go to the local bank and the bank would ask if this person was trustworthy. and maybe you would have enough of a reputation and they would loan you some money. but now a company called funding circle says that you can do better. they're from commercial features small businesses doing well. >> so well that he wants to open a second location. to help make that possible he wants a loan. the problem is that banks are not making loans to small businesses like rubber. they are stuck in her old ways and are bogged down by regulation. john: that is often true. increased regulation before dodd-frank has made it tougher for entrepreneurs to get money
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from banks and banks are not the only option. >> other specialty finance firms are willing to make loans, but it is harsh terms. now small business entrepreneurs have a new option. funding circle. funds come from other successful entrepreneurs and organizations that want to invest in small businesses. john: it sounds like a scam to me. >> most financial regulations prevent startup entrepreneurs from accessing capital and it makes it easier for the big guys to get capitals. the web-based approaches will allow for startups to have more diverse sources of capital at lower rates and as a consequence we will see a lot more small startup entrepreneurs obtain the financing that they need. john: how can the investor trust that the money will not be squandered or stolen? >> there's a company that actually provides three times
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the rates from friends and family. if her friends and family trust you, then they will put three times as much in because they figured that those people havarti video. there's another online source that will provide revenue-based financing. what we fear is that there are lots of people finding diverse ways to identify trustworthy entrepreneurs and putting money into their companies so that they no longer are dependent upon the banks, which are the last place anyone goes to for money anymore. john: you told me about internet celebrities who i have never heard of, they just appeared on facebook and they somehow were so appealing and trustworthy to their fans that companies pay them thousands of dollars for short videos to plug in products and one woman talks about makeup. she has millions of you as. >> a lot of people are happy with that new mechanism. john: the kids that watch or trust or because they like her
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and they will buy the product? >> it's interesting that in the blogging world there is this thing about disclosure and making sure that we know that it really is something that's being paid for or that it was a free something, we don't know what it is. i don't know what the rules are for this particular person, but generally the more transparent they are, the more that person ends up being trusted and the more opiate or secretive it is. the last trust occurs over time. john: to join this discussion join me at stossel were like my facebook page and you can post on my wall. we want to know what you think. coming up next, what if your coffee shop had no one o behind the counter if no one was watching, would they pay? you would be ♪
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i built my business with passion. but i keep it growing by making every dollar count. that's why i have the spark cash card from capital one. i earn unlimited 2% cash back on everything i buy for my studio. ♪ and that unlimited 2% cash back from spark means thousands of dollars each year going back into my business... that's huge for my bottom line. what's in your wallet? can a a subconscious. mind? a knack for predicting the future. reflexes faster than the speed of thought. can a business have a spirit? can a business have a soul? can a business be...alive?
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consciousness about that. two the government has a duty to get the best deal. >> margaret thatcher deftly said herpes. we have plenty of politicians in america who want to run everything. more cities have woken up to the benefits of an alternative. private management. this individual of the reason foundation talks about the reason privatization report that tracks what is working and what is not. what is working? >> we have lots of routine services where citizens interact everyday, wastewater, pothole repair, that sort of thing, things in the backend of government, i.t. payroll where those sorts of functions, we have other things in the private
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sector. john: how does it work to why does the private sector do it better or cheaper? >> they are in a system where they have to compete and that creates lower cost and higher quality compared to government which tends to be a monopoly where there is no competition with lower quality and higher cost. >> one person says that everything government buys big pay above market for and deliver below-market service. >> often there is very little incentive to be efficient in that system where there is no tension in the system rocklike competitions. >> the privatization cites this. >> yes, it is a great story, it's one of those states that was financially distressed and went into a emergency manager control because of the high debt and chronic budget deficit. the manager stepped in and took over the decision-making from the politicians and they ended up contracting out the private sector with 20 different services including trash
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collection and public works and if they cut the budget in half and city stopping by 90%, they cut the debt load by 70%. john: private ambulance service. how does that work? >> across the country they can contract out their inulin services. john: who pays? if you go in the inulin, they hand you a bill. >> it's different in her jurisdictions when 911 says you have to pick someone up, you do. john: they send you a bill afterward and maybe medicaid will pay for it amax. >> insurance, medicaid and medicaid, other subsidies we want. >> that includes private sector financed rebuilding and
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maintaining over a long time, 558 bridges, veteran faster and cheaper than the traditional way of procuring things and they will save 20% on the cost of delivering and maintaining each bridge. john: in chicago they may privatize the park -- parking meters. >> yes, they were the first to privatize the parking meters, they got some things right and other things wrong. one thing they were criticized on if they got a billion dollars of fun, for 75 years. the politicians spent eight. so that falls more to the privatization and other cities and jurisdictions have followed since then. john: in indianapolis a privatized parking meters that were making $519,000 before privatization. almost 3 million after because the government meters usually were broken and it took days or weeks to fix them. >> that is right.
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they would sit on meters that were broken for weeks. they have to keep those things up and running and they get calls to go and 6 meters. the utilization is much higher. john: despite these successes, lots of people hate the idea of turning government services over to for-profit companies. >> they want to privatize everything. >> they don't want to pay for the roads in the and the dams and the rivers and the protection of our environment. john: it is just stupid because we do want to pay for it and we need to get our money's worth. >> that's what you can do through competition and privatization. john: one thing people think has to be done by government is airline security. the two cities don't use the government for that. >> it's actually 20 cities today. most of them small, but san francisco and kansas city have never gone to a tsa lead screening operation. john: the we went to san
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francisco who went for the private screening and people said that these screenings are different. >> i think that they are more into spending. john: even though the private screeners were friendlier and quicker, tsa tested them, private screeners found many more items than the government screeners. why is that? >> here they are, gracing this together and then this screener passes over $2000, there is even dramatic effect. the tsa also screened people and trains them. searching bags and identifying for bidden items.
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john: the government doesn't do this, the private company knows that they have a good reputation and they might it -- they might get it. >> they have a natural built-in incentive versus the tsa where there is no incentive because they are the monopoly. john: thank you mr. gilroy. next, would you trust a group of strangers to be your doctor? i would not. i researched a new company to let strangers do that.
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...and the wolf was huffing and puffing... kind of like you sometimes, grandpa. well, when you have copd, it can be hard to breathe. it can be hard to get air out, which can make it hard to get air in. so i talked to my doctor. she said.. doctor: symbicort could help you breathe better, starting within 5 minutes. symbicort doesn't replace a rescue inhaler for sudden symptoms. symbicort helps provide significant improvement of your lung function. symbicort is for copd, including chronic bronchitis and emphysema. it should not be taken more than twice a day. symbicort contains formoterol. medicines like formoterol increase the risk of death from asthma problems. symbicort may increase your risk of lung infections, osteoporosis, and some eye problems. you should tell your doctor if you have a heart condition or
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high blood pressure before taking it. grandfather: symbicort could mean a day with better breathing. watch out, piggies! child giggles doctor: symbicort. breathe better starting within 5 minutes. call or go online to learn more about a free prescription offer. if you can't afford your medication, astrazeneca may be able to help. stossel: my knee hurts. not sure why. i could go to more doctors, but they're expensive, and they always make me wait, and often, they don't know what's wrong. will the internet help? i could go to google. put in "knee pain if it."
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this gets me all kinds of advice. here's a doctor that concluded that there's a better way. the better way is not going to his office. >> physicians think all health care decisions should be made only in the hospital. and clearly that's not the case. stossel: he's a medical detective, they call him, for a company called crowdmed which advertises heavier medical problems solved by the crowd. you submit your case, which means listing your medical problems. here dixie from new hampshire says she has pain, muscle cramping, fatigue. she sounds like a hypochondriac. how would anyone sort out these symptoms via the internet? she offers a 200-dollar reward to anyone who does. i wouldn't trust the internet diagnosis. would you? jared says we should. he's the founder of crowdmed. why? >> we put a lot of work into creating the right
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mechanism to harness the wisdom of crowds to find the wisdom of the world. to bring the right answer to the patients while suppressing the bad answers. stossel: and the crowd is usually wiser on any one expert. studies have been done on that. but you have these people on the site with these myriad symptoms, are they helped? >> our average patient has been sick for eight years and incurred $50,000 in medical expenses. despite the difficulty in these cases, more than 60% of the time our crowd brings them closer to a correct diagnosis or a cure. neil: and you started this because your little sister had trouble with this. >> my little sister spent three years with a difficult, chronic undiagnosed medical condition. she saw almost two dozen different doctors. my family and our insurance company
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incurred six figure medical bills. no one could figure it out. i wanted to create a website to help patient is like her. my sister had been diagnosed finally. although it take way too much time and physicians. we wanted to see maybe if a crowd of people could have come up with her cure much quicker. stossel: she needed a harmony he patch. >> the treatment was very simple. hoahormone replacement therapy. she was back to normal. stossel: you got the same answer on your site? >> we put her case on our site giving the community the exact information that her doctors had before she was diagnosed. the community came up with the correct answer in just a few days. it showed us, there's something to this whole
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crowd sourced medicine. stossel: how does it work? you have community of medical detectives. >> two-thirds of our detectives work in or study medicine. these are most commonly doctors, medical school students, nurses. we want a diverse community to get lots of different perspectives. acupuncturists, cairo chiropractors. >> we have dixie, she lists her medical history. tests she's had done. the results. the medications she uses. diagnoses that have been excluded like lyme disease. >> the average case gets 16 case solvers to collaborate on it. high success rate. stossel: eric has severe motion
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sickness. checklisty hachristie has dry everything. what if if they get bad diagnoses? >> well, the way we see it, first of all, we make clear that we are not in the practice of medicine. our job is to provide a short list of the most probable diagnostic and solution suggestions for the patient to suggest with their doctor. it's up for the doctor to determine the diagnosis and treatment plan. the way i view, worst-case scenario, the patient is no better off than where they started. best-case scenario, our crowd and community provides insight that could lead to their cure. stossel: some people offer rewards to their detectives. >> we have detectives who have won several thousands of dollars. not quite a livable wage in the u.s. their primary motivation is not cash. by the way, the average active detective spends nine to ten hours solving cases on our site.
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essentially it's a volunteer. >> that's per month. and we asked them. they mention cash like fifth or sixth on their list. the main things they mentioned are the intellectual problems to solve the complicated medical mysteries. stossel: hard to believe this would work. thank you, jared. next, what will happen when politicians destroy our trust in our money? at ally bank no branches equals great rates. it's a fact. kind of like shopping hungry equals overshopping. get fast-acting, long-lasting relief from heartburn with it neutralizes stomach acid and is the only product that forms a protective barrier that helps keep stomach acid in the stomach where it belongs. for fast-acting, long-lasting relief. try gaviscon®.
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stossel: if you look at the money in your pocket, you'll see it says "in god we trust." but right below that is a picture of the white house. apparently, god is not in charge of preserving the dollar o value of the dolla. politicians are. i don't know about you, but i don't trust them. they have destroyed currencies in country after country.
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the value in russian fell nearly 50%. people who saved all their life just lost half their money. given the way our politicians spend, i worry that will happen here. so how can i protect myself? here's one way. bitcoin is the first decentralized currency. it's kept in your digital wallet on your computer or mobile device. it's transferred from person to person via the net without going through a bank or clearinghouse. stossel: presumably they'll hold their value. we won't go into that today. but i trust the algorithm more than i trust american politicians and so far, my trust has been well-placed. i bought my bitcoins when they sold for 120 bucks. now they're worth more than twice that. though, you can see there was a big bubble in between. i wish i sold my bitcoins when they were worth $1,000. anyway bitcoins like most new things scares
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politicians. some are upset because americans use bitcoins to buy illegal things. >> heroin, cannabis. >> senator chuck wants bitcoins restricted. >> you name it, they have it. codeine. black tar heroin. they're all listed. >> oh, my goodness, we must stop that. governments must ban bitcoins says ej who wrote this article about how bitcoins are used by international criminals. naomi of the bitcoin center says don't blame bitcoin for what criminals do. you want bitcoin regulated so few of us will use them. >> we don't want to get rid of it. we want it to abide by the same things that cash has to.
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to. stossel: so you have to tell the government. >> if i show up with $5,000 in cash, they'll have to fill out paperwork filling out who i am and asking a few questions. stossel: what's wrong with that. >> it's interesting he brings up criminals. it's the us federal treasury. the medium exchange of choice, cash for criminals. we actually see these industries are still succeeding in transferring money. i would like to know why ej -- stossel: most cash money is not even in america. hundred dollar bills are overseas. >> hundred dollar bills. the treasury printed $1.2 trillion in cash. most of that is in 100-dollar bills. i don't understand why he's going off the mom and pop down the street, bitcoin which is a fraction of that amount. >> we worry it's cash on steroids. most of them are done in cash. they're small scale. hard to move large
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amounts of cash overseas. very difficult to put in a bank account. very difficult to pay people a lot of zeros. >> it's just bad law enforcement to go after the medium of exchange. go after the criminals. find a good way to go after the criminals not something innocent people are using as well. >> silk road did allegedly a million dollars -- stossel: they're out of business. >> they were shut down in an old school sting operation. stossel: why blame bitcoin? people did business on the internet. why not blame the internet. >> bitcoin allowed people to wire large amounts of money -- the people wiring the money to know who they are doing business with. stossel: i don't want the government to know everything i'm spending money on. >> we're worrying about people that are oppressed. every single
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authoritarian regime in the country, they're trying to steal money from their citizens and hide it abroad. bitcoin represents a way they can do it in a much greater volume with much greater non anonymous than before. you go go to nigeria, corrupt politicians laugh at our politicians how little money they're able to steal. people in nigeria are becoming multi millionaires off of just theft. >> you want transparency. what better way to get transparency than for the government to use bitcoin. it's an open ledger system. you can see where your tax dollars wit are going. you can see the incredible waste. (?) it's actually accurate. stossel: we're out of time. ej and naomi. coming up, stores that trust people to pay for what you buy. they have no cashier.
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don't they get ripped off? ♪ hi, tom. how's the college visit? does it make the short list? yeah, i'm afraid so. it's okay. this is what we've been planning for. knowing our clients personally is why edward jones is the big company that doesn't act that way.
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stossel: some people cheat. some steal. that's why stores have cashiers near an exit to
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make sure you don't sneak out without paying. but what if there were no one there to check? this coffee shop in north dakota has no one behind the counter. >> the thing that's amazing is that people have been extremely honest. when i add how much has been taken and how much is in the till, at the end of the day, people are 15% more generous than thieving. stossel: more people overpay than underpay. of course, that's north dakota. here's a california business that trusts its customers. swanson berry farm sells jams with no cashiers. jim who runs that farm stand says they don't rip them off. the customers don't? >> no. it's amazing. it's really quite a phenomenon. we do thousands of dollars' worth of business every day. it's quite amazing to see people experience it for the first time.
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stossel: at first you did this because you were busy. there weren't that many customers. you couldn't afford to have a cashier there all the time, but now you have all these customers. you're leaving change available in the open, 50 to $100. and people are honest? >> yeah. and sometimes somebody from germany or chicago will show up and start scratching their head. and another customer will come up and say, here's how you do it. you make your change here. they go through a period of disbelief. and then they finally get adjusted to the idea, and sure enough, they do it. then, of course, they want to have their picture taken next to it. stossel: some say this is because your farm is in a small town. the tea company honest tea ran honest tea experiments. >> we installed racks of tea in all 50 states and
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a sign that has a dollar a bottle honor system. we have the box where people can put money in it or not. we watch the results. alabama was the most honest states. they were joined by tennessee and alaska as well. blond was the most honest hair color. women were more honest than men. stossel: in new york city, 98% of the people were honest. the least honest were montana and idaho. so just no pattern. >> it would be interesting for somebody to look at what is going through people's minds. i have to say, it makes them happy. it makes us happy. we love coming through the farm stand and seeing the happiness that people have, and it's really fun. stossel: this doesn't work everywhere.
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new hampshire farm stand said it had to close because of theft from the cash box. stephen king wrote a novel under the honor system. pay a dollar -- only 75% of the readers paid. fewer than 50% of readers paid. have you been been robbed ever? people take the money ever? >> oh, sure. of course, we have. but it's been rare that we've noticed it. we do beginning inventory and ending inventory. and we have an idea how much product we've sold. and, you know, the -- interestingly enough, we do get variations. on average, it works to just about right. stossel: thank you, jim. a british university ran a trust experiment in a coffee station. they put a poster on the wall showing eyes staring down. no one was watching, but the eyes poster alone
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led coffee and tea drinkers to leave twice as much money. next, who is more trustworthy? government or business? you are looking at two airplane fuel gauges. can you spot the difference? no? you can't see that? alright, let's take a look. the one on the right just used 1% less fuel than the one on the left. now, to an airline, a 1% difference could save enough fuel to power hundreds of flights around the world. hey, look at that. pyramids. so you see, two things that are exactly the same have never been more different. ge software. get connected. get insights. get optimized.
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usaa makes me feel like i'm a car buying expert in no time at all. there was no stress. it was in and out. if i buy a car through usaa, i know i'm getting a fair price. we realized, okay, this not only could be convenient, we could save a lot of money. i was like, wow, if i could save this much, then i could actually maybe upgrade a little bit. and it was just easy. usaa, they just really make sure that you're well taken care of. usaa car buying service. powered by truecar. online and on the usaa app. stossel: whom do you trust? businesspeople? no. they just want to make money. they don't care about me. that's why americans are inclined to trust people who enter public service, you know, politicians and
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regulators because they're more trustworthy. >> i did not have sexual relations with that woman. >> well, i'm not a crook. >> read my lips. [applauding] >> if you like your doctor, you'll be able to keep your doctor. stossel: or maybe not so trustworthy. still, people in government are not trying to profit by selling this stuff. my instinct says be wary of the people trying to sell profit. i know businesses can't be trusted. >> i'm dr. love. >> trust me. i'm a doctor. stossel: these dr pepper ads poke fun at advertiser deceit. >> trust doctor. stossel: that's why we can't trust business. except we can. when i was a consumer reporter in a single city for portland, oregon, and then new york city. i found scams every week. when i moved to good morning america to report on national
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scams, i couldn't find as many. that's because wherever markets are mostly free, the way to get rich is to serve your customers will so they'll want more stuff. there will always be some scams, but they rarely grow big. word gets out. the bad companies a go down. big ones grow. now thanks to the internet, your reputation is out there. (?) i won't go to a movie now without checked the rotten tomatoes site first. when i travel, i look at what tourists write about hotels where i might stay. i trust these ratings much more than any certification of approval from the department of business regulation. once i made some money working as a driver from lyft a company that let's ordinary people become a taxi driver. before i could pick people up, lyft made me put this stupid pink mustache on my car.
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>> welcome. i'm supposed to give you a fist bump. where are you going? stossel: why would i trust that strangers would pay me? why would women get in my car and trust they were safe? because we rate each other right on our smart phones. i'll rate tim. i liked him. i'll give him five stars. >> thank you, sir. stossel: have a good day. these ratings make everyone vigil about maintaining a reputation. reputation protects us better than government ever will. even google and wikipedia all by themselves offer more consumer protection than government or thousands of consumer reporters. want to check me out? it's all public on the web. john stossel. >> according to wikipedia, john s. stossel is an american consumer television personality, author -- stossel: all right. you get it. information protects us. more consumer regulation
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is bureaucratic and useless, sometimes harmful because it stops entrepreneurs from trying new things. one cool business is eat it allows people to buy a home-cooked meal in someone's home. have a dinner party with strangers. >> thank you for having us. this is so nice. >> some people like to do this. government always slow on the uptick barely knows that these services exist. the regulators will panic and demand regulations. fools in my profession will encourage that. they have already done a hidden camera on underground dinner parties completely unregulated. give me a break. eat with customers. always a risk. they trust their hosts because they have reputations to protect. government pretends it must have a place at the table. but i'll trust the power of reputation over
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regulation any day. that's our show. this week. see you next week. >> i think america is a wonderful country. we have so many opportunities to succeed if we want to. we have the right to say what we want to. >> i'm very proud of america. >> july 4th, independence day. america's birthday. hello and welcome to our special program, i'm brian kilmeade. to celebrate this grand day, fox news sent


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