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tv   Kennedy  FOX Business  October 29, 2015 8:00pm-9:01pm EDT

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>> that is it for us, thank you for pieg wit being with us. good night, from new york city . >> you believe that isis is losing? y >> no, sir, i do not. >> the world has big problems. >> record setting drought drags on there. >> water shortages, over fishing. >> fishing used to be big. but not any more. cost of health care, poverty, and people who cheat people. >> you are a piece of work. >> americans assume government must act. but there is another way.. private solutions. >> you will get 5,000 dollars. >> these iraqis were trained by civilians from america. >> we laud the aid worker that goes to syria or iraq or egypt to help.
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john: why not? >> markets work magic. >> look at this ladies and gentlemen, markets can make bad things. and good things reactor peer, market mark work magic this is our show tonight. ab john: when wall street think about free markets they thinkk about trading money, but when governments let free markets work they solve all keeps of problem, including problem where people think only government could handle it. take the water shortage in
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california. >> california is hoping for federal relief as record setting drought drags on. john: federal relief, they always want federal relief attacks payers from all over -- pax payers from all over america should be billed so people like barbara -- barbar barbra streisand can water their lawns. >> people in california are not doing their fair share. john: media caught barbara, j.lo, jessica simpson, hugh hefner. using excess water while their neighbor cutback. is that a solution, public shaming, it a form of voluntarvol market solution. the best solution is a market. people pay for stuff.
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economic professor zach donohue said that california's water shortages are man-made, what do yo mean. >> water utility are monopoly they set the price not the market, for any other good, say gasoline for example, the price of gasoline rises two things happen, people drive less, and people drive more fuel-efficient cars, the price of water were to go up, people would consume less water. and they would use more water efficient utility.y. john: all right, the big drain on water in california, i'm told is all these stories about almonds this tinia almond takes a gallon of water to grow this.
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>> a lot of that water goes back to group water to lot streams. john: not unique to almonds an ear of corn look at these numbers, 25 gallons of water to create this, a watermelon could 165 gallons of water. and a pound of beef, this is weird. 1-800 gallons -- 1800 gallons. >> we need wate watermarket to move water from low value uses to higher value uses, like beef, almonds or moving it to cities or environment for fish to drink and rivers. john: you say, if it were priced properly many more farmers would stop growing oranges and grow grapes instead.g >> in areas where there is a
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price mechanism to tell growers this water is valuable, you better make wiser decisions, they do, the problem in california, the property rights to water are not well defined. it is a mess, you need good property rights for markets to function. john: meaning this is my water, i can sell it. >> right. >> instead they say restaurants, can only give water to customers who ask for it, you can water your lawn certain times a day, i assume it saves something? >> the market does a great job when markets work at rationing goods. people can make their own choices about how to save water, make take shorter showers. not water the lawn, but we
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have mandates that come down, and say this is what you have to do. what that does it takes away the choices about people could t make. john: socialist complaint rich people have choices, but far to people will not be able to afford water. >> if you really care about human rights of water, the developing country, local governments cannot afford to provide municipal water or they are too corrupt to provide for poorest, a funny thing happens, they get water from private entrepreneurs who truck in water, and bring it to the poor, or the poor turn to bottled water, it a market -- john: it st still cheap that way, 8 cents a gallon i am told when they bring the trucks in, poor people can afford that.he >> 8 cents to have water trucked to you. john: you can tell people conserve but nothing like saying you pay for each
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gallon, in amsterdam, they use 1/5 as much water. >> they have smaller lawns, and ride boths, they don't watch -- ride bikes they don'tve watccash their cars. john: thank you, zachd by donohew . >> also, coming up, the slaughter of rare hanna wills. >> a beloved lion killed for sport by an american dentist. john: you heard the story people across the world are furious because an american hunter paid to kill this lion in zimbabwe. the liens was cecil, a lion studied by oxford university, he not only was killed but suffered before he died, wounded by a bo bow and arrow, and followed for 40 hours,
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until he was shot with a gun. h these protesters want the dentist extradited. >> people are killing these animals all of the time wealthy people.. john: um, wealthy people, that is part of the criticism, animal right people want stronger bans on hunt, but hunter terry anderson said this thinking is stupid? >> it is stupid. if you think about it very long it is stupid, every time hunting has been banned, we end up with fewer animals, kenya outlawed hunting ina 1977, since then 70% of wildlife population has disappeared who people who are killing them illegally. john: they ban it and people
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ignore that law? >> the local people who' meat. they kill those animals foral meat, they don't kill them in a sustain able basis, the population of lions in kenya is fall friend 27,000 in '7 to less than 2000. >> nobody has a real stake in their local lion? >> there is no ownership, cecil case of a case where it was illegal. unethical -- john: this was a bad guy, he -- his guides tied a dead animal to a truck to lure the lion out of the national park.k. they broke the rules. >> and that is not hunting that is illegal, that not hunting, but that is not a reason to outlaw hunting that is a part management. if we didn't have hunting in all parts of the world, it hard to guess what populations would do, if you don't manage
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elephant population they destroy amounts of timber. i have been in bot botswana seen over grazing by elephants it wiping out trying, you have to manage the species, if you don't manage lion population they spill out to rural areas, oxnard university interviewed villagers in tanzania, and 98% said they lost cattle to lions, or other carnivores like leopards, this is an expensive proposition for those people, as a result they poison them, spear them, trap them, far less human than any kind of hunting we might john: only way to get money to preserve them to get hunters to pay to kill them. >> hunters bring in revenue toit the villages.
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they build schools they dig well and build clinics. john: why does it have to be hunting to get money, why not photographic safaris they bring in hundreds. >> true people spend a lot of money to photographic is a ar --- safaris they don't do it pay for individual villages like they do. they 10 not to put the money on the ground. john: more money from hunting? >> certainly there is more money from an individual animal than and photographicic save ratheries. john: we have a market success in u.s. from allowing market to work, bison, we had 30 million buffalo, nobody owned them, so everyone shot them. then a few people said, we're going to ranch it off they will be my buffalo that changed everything.
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>> starting with one private entrepreneur in texas. who saved a few bison, and penned them up and started raising them today we haveep mr. ted turner, right outside of my hometown of montana has 100,000 acre ram ranch with 5,000 buffalo on it they show up down the street at one of ted's grills, he is making money from them replacing cattle, he has taken out fences, bison have flourished under private ownership. john: my facebook and twitter followers do not agree, chuckos said, how would you likell outsiders coming in taking out your trophy animals, you are sick defending this man that y killed this finallyon for fun. >> first let me be clear, i am not defending him he did something that was illegal, something that any good hunter would say sun -- is unethical.
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but what this person is really saying is, instead anhis personi outsider, the hunter, th the dentist myself. come in pay the villagers live with this animal that killed 3yo of your cows, when you had 5. outsiders are worse than those who are willing to pay something to those whom who have to put up with the wildlife. john: alec tweeted, people of africa would kill every lion if they could they consider them pests. >> they are, they don't get paid to have them around, had they kill their livestock they want to get rid of them. a warriors with a spear who w kill a lion is a hero, he will get paid in the form of moreli cat e8 focattle for killing a lion. john: by his tribe. >> better that lion gets killed by a legitimate hunter
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who pays crash that masai hunter and the tribe. john: hard for me to get my brain around how market will work its magic over fishing, the fish swim all over the place, people who once fished for a living for going broke. >> fishing used to be big, but not anyw more. >> they are all kinds of quotas. john: government said we'll set a quota on how many fish you can take. glefer time a government sets a regulation on fishing, fishermen figure out a way>> around it they set seasonts so limits, they set boat limits, the way to solve over petitioning problem to create a stake for fisherman, give them a share of a sustain ale catch. new zealand has done this, iceland has done this we've
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done it some in u.s., every time we do it the fishermen manage the stock far better, husbanding the resource and end up with more fish for them. mnow one takes care of a fishery until they have a stake.un john: they know they get a certain 3% of the area fishery, they want there to be a lot of fish, they don't want to over fish it this year. >> 3% of 100 is better than 3% of 10 they understand that. john: thank you terry anderson. next can the market work its magic on war? >> americans are in iraq helping to fight isis, but they don't work for the american military, is that a bad thing. >> we laud the aid worker, we don't laud the mercenary.
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awe believe active management can protect capital long term. active management can tap global insights. active management can take calculated risks. active management can seek to outperform. because active investment management isn't reactive.
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>> u.s.-led coalitionim continues it launch
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airstrikes. >> americans may disagree about what to to with isis. >> governments should run the courts and post office but private like fedex and ups do a better job, when it comes to fighting wars there is something creepy about idea of private solutions, private soldiers, mercenaries. john: matthew van dyke runs a drop called sons of lipty there we're a security firm that provides free military
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training to forces that are fighting isis, we do it funded from contribution from the public. we put that money to good use. training forces to fight against isis. john: we already have government to do, that u.s. has more than 3,000 advisors,tht trainers, support personnel. >> you don't have government doing it very well. the iraqi forces have shown they are good runners not good fighters, ands iraqi army fighting for certain areas, and peshmerga fights for certain areas, we're training forces that the government is not helping that is the iraqi christian, they have been overlooked and remained defenseless and suffered greatly over the years. >> and you trained iraqis for less than $50,000 the government has $250 million program. and trained fewer iraqis? >> there must be some over head th? somewhere.
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john: $4 million each. >> right. we did it efficiently, and well. we have some of the best trainers in the world, we have former u.s. military veteran, former green berets, and former navy seals, nearly 1000 now applications are sitting in our gata days. john: you -- database. john: you will take all of them? >> we take less than 1%, we take the best of the best, our screening process is quite intensive, more than u.s. military screening. john: your people shot some pictures of their operation against isis, they are training a group of iraqi christians, one exercise has them search a house they suspect terrorists may have hidden. >> you did not search that room, we're all going up there could have been a terrorist in that room. john: do you think you are making a difference? >> for sure the iraqi christians would not have this
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training, obama administration has been training only muslim groups. john: how do you know they will fight. >> they are motivated to fight, determine to bib ratinger -- liberating their open neighborhood. john: people have a tough time getting their brain around this we assume that fighting is a job for government. you understand where people are bothered by this? >> i don't. we're serving a population that government does not serve. john: effectively, the most effective way to motivate people is money that the market magic that i've been m talking about, for yearsan halliburton has been whippingwh boy of critics for private contractors, i am told that the government overpays halliburton.
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it funnels of millions to dick cheney is his friends, i don't believe those but even assuming they are true,a hatatr they get meals to troop, and transport fuel and more things for half of the money that the government could do.government l -do. why are you so much more efficient? >> our trainers believe in the cause, they believe in helping persecuted people could they believe in fighting isis, they are donating their time. john: i assume the soldiers do too. >> they do, but part of reason we have ally overhead we fly people over a specific a training program, we don'ter have to pay large salaries. but they come and do it, they do a great job.ay without all offered head andat festivity -- government waste.ov
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and without the politics i might add. john: is this legal? >> we have not violated any laws according to the state department, it is a bit of a gray area, there is a concern you never know which way the wind will change.lw >> you are not afraid of going to jail? >> certainly not in 2011, i was a prisoner of war in libyaai . i will take the risk doing the right thing, and helping christians in iraq. john: kurdish militia and syria say more than 100 americans are fighting there. your times reports m pilot through for allies in world war ii, before u.s. declared war. >> if that is what needs to be done that is what needs to be done. >> thank you, matt.t, john: next the stupid claim,
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about a coming shortage of nurses, pilots, teachers, doctors, the people don't understand market magic. >> indiana is losing teachers. >> problem center around short am of doctors. centered around the shor ♪ the way i see it, you have two choices; the easy way or the hard way. you could choose a card that limits where you earn bonus cash back. or, you could make things easier on yourself. that's right, the quicksilver card from capital one. with quicksilver you earn unlimited 1.5% cash back on every purchase, everywhere. so, let's try this again. what's in your wallet?
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>> indiana is losing teachers. >> we've seen a decline in a number ofphobes entering -- folks entering the profession. john: media telling us there will be shortages of doctors, teachers and airline pilots. >> i remember when pilots made a ton of money, they worked shortage hours, there was a prestige to it. john: a crisis these people say, the shortages awarding to "wall street journal," the pilot shortage will be a real problem. so what shouldy did about this
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? nothing said author of how to fly an airplane, rob machado -- nothing. >> no, they have a wonderful success record of solving the problem itself. and when government gets involved, they don't provide the wisest solution to the problem. john: what is a solution? >> in 1965, the united airline and pacific swift airline, several other airline, had a similar problem, there was a pilot shortage. and what they did was hired people and pay for their training. john: people looking to make money. offered them more? some perks, and training, probably more pay? and that solved it. the market work its magic. but before got excited about pilot shortage they worried
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about coming teacher shortage, doctor shortage. but, none of those crisest happened. why not, the market adjusts. the reason it is more difficult for airline, to adjust is because government got in the way, they made is more difficult to become a pilot after this happened. >> something truly horrific happened continental commutust commuter flight crashed into a home in new york. outside of buffalo. john: government did as it always does they added more rules, rod, like what? >> they required that all new hired copilots in right seat of the any airline, have 1500 hours of flying time.
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john: 1500 hours, the oldrd standard was one-6th of that. >> correct. >> the interesting thing, congress attempts to do a good thing not acting wisely. the captain was flying therp plane at the time, not thengress copilot. the rules they develop then did not apply to this particular crash, the 1500 hour work seemed like a plat great rule. he had over 3700 hours of flying time. john: and he was flying the plane. >> the captain made a fundamental airman ship error that caused that crash, the crash was result of something different than the solution that congress applied in attempting to solve this problem. as a result of that bottleneck now as we call it in my
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business, for a person to invest the 60 toes there are sies there are -- $80 they need to do pilot training they have to spend additional 2two years, flight intrusioning to acquire the 1500 hours of experience. people are not investing the time or money. john: despite that, you still say the market will solve it.r we don't need more government? >> no, we don't. the market is in the spirit of milton freeman. the market will take care of the problem. john: thank you, rod. >> next. how market magic can make healthcare cheaper, and simpler. simpler. ♪ ♪ proud of you, son.
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>> >> after all the votes have been tallied, health insuranceav reform becomes law in thein united states of america. john: president promised that obamacare would bring health insurance to ho more people, save lives and lower costs. it brought it to more people but some people did not get to keep their doctors and the costs are up away up. whatever we think about obamacare, there is one great thing about it. it got americans to start thinking about how we pay foris health care.ow that got patients and doctors to try new things, some are good, they allow the market to work its magic. surgery center in oklahoma posted prices, said, we don't take insurance. that allowed them to lower prices so much they attract
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people from a thousand mile away. this couple came to the oklahoma clinic from newnew hampshire. they tried to get a price quote for surgery on his arm, they found it was very o expensive, or they asked a hospital they could not get a price.r >> looked it up, with a blan someone gave us a quote of $15,000, the price was a third of that. john: a third of that, how could one clinic be that much cheaper? let's ask dr. tom joseph. the same thing you are doing in atlanta. >> i used him as a model, as things got more and more confusing. why does it have to be this way. john: how can you do -- can you do it so much more cheaply. >> it has to do with the
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overhead that comes with insurance, the costs are cut by a third. john: the cost of hiring people to deal with the paperwork, and the idea of obamacare, getting people more insurance that means someone else paying, this is a market but a market that cannot work its magic because someone else pays. >> with a third-party payer system that does not work efficiently, once you get rid of, that i have no billing. john: what do you mean. >> they come in, pay they get, 300 up front. it is all included, they comee in pay dollars 300, then done could they see me, they are examined by a orthopedic surgeon, they need a cast or a splint, whatever they need all included. >> do you make money on that. >> yes, i don't have a billing department or insurance department, or coding
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department or trannic he'll record -- electronic health records. >> if the patient did you not have $300. >> we have a credit company that will extend them credit, it is affordable and simple. john: a third of your patients have no insurance, a third have a high deductible man. >> that is the one thing i like about that, they have really increased deductibles that makes people pay attendtion theattention they are out of pocket for 5,000. john: before that people paid no attention. >> you don't care if something costs $5 or 50,000 because you are not paying, people ask questions when their own money on the line, the coasts gogo through the roof. john: one area of specialty where people pay their own
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bills in medicine like lasik eye surgery and plastic surgery, prices come down. >> quality goes up. john: waiting rooms are nice. >> i don't want why it is not aparent to people, it is obvious, where would you want someone else to take -- people need to take control of themselves as a result things improve. john: people say it is tooi ex pingsive. >> it doesn't have to be that way. if anything i believe is this doesn't have to be this way. if people were involved it would come down just traumatically. john: from market competition. >> yes, and people paying attention. john: things that cost $5,000, could cost $500. >> easily, mri at a hospital cost 3,000, but there is one that i know of is 280, no one asks questions if they have
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insurance. john: thank you dr. tom joseph. >> thank you. >> coming up, how market magic can make our slow and stupid legal system, a little less slow and stupid but just as tense. >> you are a piece of work, get out of my courtroom. >> i'm going. >> get out! ♪ so jill, i know the markets have taken a hit lately. mm hmm. just wanted to touch base. how did edward jones come to manage over $800 billion dollars in assets? huh. okay. here's our latest market outlook. two things that i'd like to point out... through face time when you really need it. so that's interesting, you know we had spoken about that before. it's how edward jones makes sense of investing.
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>> $5,000. >> all right. john: a clip from the judge alex show, one of several tv shows that deal with legal disputes, quickly. judge alex is alex ferrer. professional arbitrator. they occur outside government court system but constitution said that courts are a job for government. >> generally that is true, butt people have a right to contract whatever they like as long as it legal, that is what were on tration -- arbitration is, a private judging, my show was arbitration that is not typical that was arbitration in the tame field, it is done
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between companies and individuals and corporations that don't want to be in a courtroom. john: these people, the arbitration firms are for profit, trying to make money could people don't like that,on yet it seems make you work more quickly, consumer claims arbitration took off month on average, in out -- took 4 months on average, in court 19 months. >> you don't have the typical backlog of a court system, and because it is speedier it is usually cheaper. there are dep and subpoenas, some of it, necessary, some is just lawyers doing everything they can to make sure theyey collect a paycheck. c john: why don't they do that in arbitration?
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>> well, it takes away the incentive of people bringing you a case, it is quicker, it less costly that is one of the points. john: it works well with two equal parties, two the businesses fighting, but if you have a big company against consumers, not so well?er >> yes, i would say that is the optimal situation two corporation or companies thatting equally powered, can make a decision a voluntary decision to go to arbitration.un other bad side, every time you sign a contract with like your cell phone carrier or stock broker, consumer never reads that fine print, they bury an atration -- aarbitration clause, it takes away your right to a jury, your right to appeal, the arbitrator youou get, makes all of the difference in the world, if you get one who says you know
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i am get a lot of cases from at&t but but i am not getting more from john stossel, he may tilt the verdict of the hand that is feeding him. john: what if you are running a sleazy arbitration firm. >> that is possible in court as well, we cannot eliminate all of the ills. i think to make it fair i would love to stheem get rid o-- to see them get rid of arbitration clauses that come up before a dispute. 1 have you a dispute, if you voluntarily choose to did on arbitration, you say, you know let's avoid the court system, let's take it faster and cheaper, all power to you. john: a market incentive to t run your firm well, right? if you are taking bribes, the
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world gets out, and people won't choose you for arbitration. >> this the open market that is true. if people have the ability to pick our arbitrators those who are honest and do well will thrive. but what you tealing -- john: the market works well that way, but with government, if they did a bad job they keep doing it. >> sure. john: thank you, judge alex. >> next most amazing wonderful thing accompolished by market magic. a billion people who used to live like this, no longer do.
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john: 50 years ago, america declared war on poverty, since then we spend $22 trillion on that war, we did not win, we made it worse. some poor people were helped. also for first 7 years of war poverty level did drop.icantly. hurray. but look at what happened next. improvement stopped, despite 50 years of massive wealth creation in america, poverty rate stayed about the same.
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it went up and down but overall, it stayed level. why done the improvement continue?mp because government hand out encourage poor people to stay poor, not get a job, not even get married. if there was a man with a job in the house when a welfare worker came, you might lose your welfare check, you would lose it if you got a decent job too, so a lot of people don't try, they just ask for handouts. >> what should government do to help people in need? >> give them money. john: food stamps and job center, people want more. within a few blocks of here, a dozen restaurants told us, they are eager to hire people if they would apply, but those in welfare line say, things like this about there is nothing out there, nothing about there are no jobs. >> no, nothing in my field, i am a medical assistance. john: what about going outside
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your field, like a restaurant. >> a restaurant is not going t to give me the money that i need and stay where i am. john: but not working and getting government aid will let her stay where she is, so that is what she does, we should get government out of the way or mostly odd of the way -- out of wait so the market can work its magic. for thousands of years life looked like this for a lot of people. but since 1990, said world bank number of people living in extreme poverty has dropped by half. this is the biggest thi unpublicize story of the country, thanks to magic of the free market a billion people are no longer misarably poor. more country figure out that if you reduce corruption, and allow free trade, and leave people mostly alone, that
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creates economic growth. and that capitalism will change their lives for ever. we have a long way to go, another billion of the 7 billion still live in extreme poverty, as trying to live on less than $1.25 a day, the market, work its magic for them, and enhance lives of america's poor if our government just did less, looking at poverty rate chart, this time i added years before the war in poverty was right declared. americans were already lifting themselves out of property before welfare. then war in poverty began and progress continued for a bites but then it stopped. we had the solution before the war in poverty began. rule of law, and limits of government. that brings iic -- economic growth, americans would have continued to lift themselve out of hofpy -- poverty had
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government not interfeared by encouraging people to be independent. we could end most poverty by letting markets work their magic, that is our show, see you next week. from new york. a hundred thousand creepy crawlers. fighters that will cover your whole face. >> all collected from the far reaches of the world. >> is it alive? >> talk about a bug's life. >> walt disney went into the museum and wanted to buy the collection. >> is there a bigger story behind this request. >> that was an interesting and eye opening experience all its own. ♪


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