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tv   Carol Roth The War on Small Business  CSPAN  November 9, 2021 12:34am-12:45am EST

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>> thank you for joining us today on our webinar. i am a senior fellow at the pacific research institute i'm pleased today we have a new york times best-selling author who just produced a new book called the war on small business available today online if you are famous bookseller having read it i cannot praise it enough it raises so many important issues of why small businesses are so important in the assault being waged for the pandemic then leading to a
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less prosp >>er what is wrong and what is the heart of our economy? why is this such an important topic you get into quick. >> it is interesting when i talk to people how many big businesses there are around the country versus small business people don't understand the scope they think there are millions of being businesses and a smaller one —- a niche of small businesses but it is the reverse. there is between ten and 15000 large businesses and before covid we have 30.2 million small businesses. 6million had employees and accounted for half of the gdp and half of the employment of the country. so it is a significant one —-
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part of the economy overall and also an important task for economic freedom if you think of wealth creation that comes with ownership. so small business enables people from all over the globe to pursue the economic freedom and that wealth creation or just other kinds of freedom and the flexibility. so preserving that opportunity and with that centralization that comes with small business and let's a lot more like free-market capitalism to make that critically important. but i tell you everyone says how important small businesses and we hear from politicians that we do not have enough people. i am thrilled.
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>> in small businesses and with those large businesses and to start the entrepreneurial path and with bureaucracy. >> and that it was spun off of the bigger entity. and then your disrupting capital allocation or risk-taking and then it makes
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it much more difficult to get the incentive to have those businesses so all the risk to small business that never did i think the government would be a number one risk to small business j but then 15 minutes later here we are. >> - - months later here we are. but. >> but that pandemic how we needed to support small businesses and we spent money on the idea we need to support small businesses, yet all of the policies are geared towards small businesses.
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so you start with the timeline and that the pandemic is just as much of a government failure in soys many ways and then the biology that goes on with that. so let's go on without. so then what to prevent that? >> this is fascinating to me as i was doing the research with three and a half books ended up as this book so even if we lived through it was reported or misreported and in doing the research to lay that out, it was a heads scratch or.
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so what was fascinating to me is a trade deal with china that i felt put the blinders on any sort of pushback. and then it's middle january 2020 and0 the president and then to say keep the new virus away. so there wasn'tan a push back other than those to say what is goinggo on? is not gray and terms of telling the truth. so he really downplayed in the beginning. then there were travel restrictions put in place. they were called racist and horrible and de novo? so we didn't get the full
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extent. but those that came around the area of testing and what was done. if you get places like south korea, they have been through mers and have seen the failure from the government standpoint. right away they listed the private sector and pulled them from their lunar new year celebration and said get here right now we need you to get on top of this. so they set up testing with the private sector health right away. a tiny company putting one.4 million test out in a short period of time. and we had the government bureaucracy with the labs that needed testing. and with the's emergency use ceauthorization's if there was
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redtape in so in the beginning the only entity that had testing was the cdc so they had to ration because they had their rules. so they were desperate they wanted to come in you know how to do this and adjust for so long. that's on something you typically see in the free market so it was a huge head scratcher with the ppe we made a hugee donation get all of these companies to round out ppe and then sign on —- send it to china instead of stockpiling for ourselves and then said this would be a problem.
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and then the government pushback whether labs are people masking and all the things and then we decided to take a different set of w
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they can have their loans the gt program we've taken something from you that you cannot run your business and then to compensate you and if we give you a loan a jump through the hoops we will give it one —- make it forgivable seem understand and then small businesses didn't want it d
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capture and then trying to help the little guy that helps the big guy. and the most obvious one in the next 12 through 13 years comes out of the great recession financial crisis. the dodd frank reg one —- and
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then they have to rain you in which is so onerous. that it ended and then i only
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use that term because it has nothing to do with capitalism. >> it taints it and that is part of the problem.
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if you can't make it in business you should not be in business. and with that conflation of language do it?
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no caps grab? that is completely discriminatory. >> we see that over and over for consumer protection. so if you are stylish you need the government training to cut hair well? make
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an investment with the rate of return that is compensation for risk taking. it used to be we learned have some understanding, there is at certain amount of risk if it's
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not very risky it's more than people take out little bit of risk. the marketing in and use of prey on —- suppress the notion of risk in

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