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Industrialization: Edison, Carnegie, Rockefeller — Transcript

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0:00okay so I want to make a recording over
0:03industrialization in the United States
0:05and I know you're on the uh tip of your
0:08chair for this one so basically
0:09industrialization 19 in the 18 in in the
0:12guilded age and so uh in the video above
0:17I feel like I'm in The Brady Bunch I
0:18used to love the Brady Bunch
0:21Bobby
0:23Cindy my favorite episode is when they
0:25got lost in the canyon Bobby and Cindy
0:27and so basically I talked about the
0:28railroads above Brady Bunch above the
0:30railroads but I want to talk about oil
0:32and steel and
0:33electricity the uh the other parts of
0:36rows and so I want to start out and
0:37these are the things that created
0:39basically the foundation of the of the
0:41um growth in the United States after the
0:44Civil War let me talk about the E for
0:47electricity or the E for Edison and I
0:50want to do a little bit different with
0:52Edison I don't want to go into the fight
0:53between Edison and Tesla I know a lot of
0:55people were like ah Tesla got screwed I
0:58don't want to go into that uh but I do
1:00want to talk about Edison a little bit
1:01just because Edison maybe to emphasize
1:03some of the different aspects of what
1:05Edison does obviously a great inventor
1:09um obsessed with the telegraph allegedly
1:12probably apocryphally uh uh um proposed
1:16to his wife using the telegraph as so
1:19romantic it's almost as romantic as me
1:20who is like literally my wife married a
1:23brick and she's been disappointed for 26
1:26years now and so basically he he was
1:28obsessed with this and
1:30uh is able to kind of use his obsession
1:32with the railroad and with uh the
1:35telegraph pushing himself forward goes
1:37to New York City actually New Jersey uh
1:40where you can do anything New Jersey
1:43sorry if anyone is from New Jersey I I I
1:46I don't think I've ever even been in New
1:47Jersey oh I flew into New York once uh
1:50and so uh creates Bow Park and it's
1:54basically this this this this laboratory
1:57This research center and he does
1:58different things so this none of this
2:00like 99% ppir perspiration 1%
2:04inspiration he's working with a team
2:06he's working with people together to do
2:08all these the the these these um
2:11experiments over a thousand patents and
2:13of course the patents are in his name
2:14but it's a team doing this he's building
2:17off of the collective effort of a group
2:20of people that are working really really
2:22hard and he does several things that I
2:24think are interesting and I'm going to
2:25go really fast over Edison here because
2:26he's a fascinating character one of the
2:28most important entrepreneurs inventor
2:30inventors obviously in American history
2:31but a couple things he does is he buys
2:33up other patents he was really good at
2:35finding other patents and building on
2:37these patents so he would go out and buy
2:39up other patents as he built the bases
2:41for his own patents he had a away with
2:42the with the media so when he was making
2:44the incandescent light bulb and he was
2:46trying to find that filament and he was
2:48getting really really close he would
2:49bring the media in show them the light
2:52bulb get them out of there and then the
2:54filament would crack after the media
2:56left but they didn't know that he hadn't
2:57perfected it yet he was trying to create
2:59this this this this idea that it was
3:02done he
3:04um he he created the the the ability to
3:07commercialize his products right he was
3:09always trying to figure out ways to get
3:11Americans to buy his products on the
3:12lower floor of midow Park his laboratory
3:15was about
3:16commercialization and when I think about
3:17Edison I think about Steve Jobs and
3:20think about Steve Jobs just just think
3:21about Steve Jobs and and and the
3:22importance of Steve Jobs and all what he
3:24what he did in my own life I remember I
3:28used to buy music by buying CD I mean by
3:31buy me cassette tapes I was a cassette
3:33tape buyer now listen all you people out
3:35there that think I was an eight trke
3:36buyer back off this guy is way younger
3:39than buying eight tracks but I did buy
3:41cassettes I would go to a place called
3:43Ralph Records and tapes at loveing Texas
3:45and I would buy cassettes all the time
3:48to use cassettes and then move to CDs
3:51but then good old Napster comes and
3:53starts stealing music and so out of this
3:56and again it's kind of it's kind of it's
3:57kind of hazy out of this iTunes and
4:00apple music and the iPod and all of a
4:02sudden you could buy individual songs
4:04for 99 cents you could buy individual
4:06songs for 99 cents and it changes
4:08everything all of a sudden I like to run
4:09I still like to run I'm really really
4:11slow what I do is not really running
4:13it's kind of shuffling it's really
4:15embarrassing but at this age no one
4:18notices me so who cares and so basically
4:21I will have music on shuffling uh and I
4:25remember the first time that I put all
4:27this music there onto my little iPod
4:29little bitty thing thing it was a little
4:30iPod Shuffle and it was wonderful it was
4:32just wonderful all of a sudden I didn't
4:33have to buy the whole crappy CD for one
4:37song it was great and then you have uh
4:40the iPhone my gosh the iPhone my wife
4:42loves her iPhone probably more than me
4:44in fact she's on it somewhere uh it's
4:48it's it's embarrassing how little she
4:49needs me now and then of course you you
4:51have the entire way that we're changed
4:53the way our lives are changed with that
4:54and then you have the iPad and remember
4:56this people thought the iPad at first
4:57was going to be a failure it was an
4:58iPhone you couldn't call someone right
5:01but now I'm recording on an iPad I'm
5:02recording on my daughter's iPad and
5:04she's angry at me by right now I don't
5:07know where my 13-year-old learned those
5:09words obviously her mother um but so you
5:12you have these things that come out and
5:14you create these products that we now
5:15need and in some ways Edison is able to
5:17do this he creates these products that
5:19people want he was always thinking about
5:21the consumer as he goes forward he's
5:22going to eventually become his company
5:24is going to become General Electric the
5:25the next thing about about Edison at one
5:28point he wants to electrif Electrify a
5:30square mile of New York City but to do
5:32this he's got to do so many things he's
5:34got to basically have the people in this
5:37square mile on the Lower East Side
5:39basically join a subscription service to
5:41have their houses electrified he's got
5:43to get permits from the city of New York
5:45to dig up the ground to allow the city
5:47of New York to do this can you imagine
5:48the city of New York saying Hey listen
5:50go on in there man and dig this up so
5:53that we can't really travel very well
5:55he's got to have uh basically invent
5:58even new products for this to be used
6:01and he's got to appease the moneyman
6:03he's got to go raise Capital to do this
6:05and so on top of being this inventor
6:07he's a CEO and out of this becomes
6:09General Electric now again we don't hear
6:11about General Electric as much anymore
6:13GE we bring good things to life but oh
6:16that was pretty good that was pretty
6:18good but you have basically the basis of
6:21this and the importance of electricity
6:23as a foundational aspect of the United
6:25States economy thanks in many ways to
6:27Edison again it was alternating current
6:28versus dual current
6:30at one point Edison is doing all kinds
6:31of crazy things because he's he's
6:33fighting with Tesla so he believes that
6:35dual current is the way to go and it was
6:37very limited so he thinks Alterna
6:39current is so dangerous that he's
6:40actually electrocuting animals using it
6:43to try to prove how dangerous it is but
6:46then he realizes he's wrong and so he he
6:48changes over and all of a sudden you
6:49have this the foundational structure of
6:51American electricity I mean think about
6:53how important electricity is for
6:54everything we do and in many ways it's
6:56just some of the things that Edison does
6:58we we we we we bring this back to the to
7:00the light bulb and and and his use of
7:03electricity but so many other inventions
7:06um of Edison so so you have Edison um
7:09especially involved in this again
7:11oversimplification going super fast but
7:13the importance of Edison then you have
7:15steel from a guy named Andrew Carnegie
7:18from Scotland if it's not Scottish it's
7:21clap and uh that's my you and McGregor
7:24imitation if it's not is crap and so he
7:29is from Scotland he comes to United
7:30States pretty young age his dad gets a
7:34for whatever reason I've read his dad
7:35couldn't get a job basically in the
7:38United States he was an old old very
7:40traditional textile worker couldn't
7:41really couldn't get a job in the United
7:42States and so again I know this probably
7:45doesn't apply very well to Carnegie but
7:47I'm I'm bring this up because it's
7:48really something I'm dealing with now
7:50what happens when you get old and you
7:52can't adapt to technology it's a
7:54terrifying subject it's really one of
7:55the few reasons I had children I I'm
7:57just kidding I'm just kidding I love my
7:58children but I at a point I'm I'm I'm
8:01not going to tell you how old old I am
8:02but I'm to the point where basically I'm
8:04having some trouble now when my router
8:05goes out or or booking things up I need
8:07to call my son right it's embarrassing
8:10you know what's embarrassing can I just
8:11tell you what's embarrassing I'm just I
8:13probably shouldn't talk about this but
8:14who cares who cares you know what's hard
8:17about social media and all this stuff
8:18for an old person there is nothing worse
8:20and this is going to happen to maybe
8:21everyone watching this class one of one
8:23of the days one of these days is when my
8:2550-year-old wife had to help her
8:2772-year-old father create a dating get
8:30on a dating side you want to talk about
8:33hard times and dealing with the the
8:34movement of Technology well that's what
8:37that's that's good that's going to oh my
8:38goodness okay let's just say we learned
8:40some interesting things that we never
8:42ever can unlearn about my father-in-law
8:46he was a very good man
8:48but can't okay so Carnegie Carnegie is a
8:53job at a railroad company and Carnegie
8:55somehow and I again he's a young guy
8:57he's at the pin Railroad and somehow
8:59there is a massive uh
9:03train uh where the A train Jam a traic
9:07jam with trains I don't know his boss is
9:10gone and so basically he will Forge his
9:12boss Tom Scott his boss's signature
9:14he'll Forge his signature and unjam the
9:18trains and the boss doesn't really know
9:20what to do with Carnegie if it's not
9:22Scottish is clap because he has solved
9:25this
9:26problem but he forged a signature
9:30and so he begins to kind of bring him in
9:32he he in to the importance of the stock
9:34market this is kind of the beginning of
9:35the stock market insider trading was
9:36totally totally legal inside our trading
9:39is when you know information before
9:40anyone else and can make investments
9:42based on this money I mean based on this
9:43information you can make a lot of money
9:45if you know something before the people
9:46and so he makes money with this in fact
9:48he
9:49remembers money on his desk from from
9:52Tom Scott it like the goose that laid
9:53the golden EG he gets a job moves up
9:57within the railroad company eventually
9:59is a manager on the railroad has a
10:00telegraph at his house he's constantly
10:03traveling constantly on The Cutting Edge
10:05of Technology the exact opposite of me
10:08he's on The Cutting Edge of Technology
10:09tries to build uh and by the way he does
10:11something really smart he does something
10:13really really smart let me if I can tell
10:14you one thing if you want to get married
10:15I mean if you want to get if you want to
10:17if you want to be successful in business
10:20just don't don't get married now let me
10:21just say this I'm married I've been
10:23married for 26 years I got three kids I
10:26don't have any money and I don't have
10:27any hope but I got married if you don't
10:30get if you don't get married or date
10:31someone think about the amount of time
10:33you can spend on your career think about
10:35the amount of time you can devote
10:37yourself to what your your passion is
10:40and so he he marries late in life but
10:42he's able to devote himself basically at
10:44first to the railroad and then he's
10:46going to try to build an an Iron Bridge
10:47across the Mississippi which is barely
10:49almost a fiasco he barely gets it
10:51done but then he's attracted to the
10:53possibility of making steel of making
10:56steel out of iron and there's a guy
10:58named hry besser who is an artillery
11:00expert in New in in in in Great Britain
11:03and basically he's figured out a way to
11:05to basically oxidize iron heating iron
11:08up really hot pushing oxygen through it
11:11and then it makes steel which are like
11:12my biceps and so basically he's and it's
11:16really costly so he's going to take this
11:18technology and bring it back to the
11:19United States he's going to create a big
11:22big big Factory guess where it's where
11:24the Steelers play Pittsburgh uh and he's
11:28going to create this this this massive
11:30factory and mass-produced steel just at
11:33this at the exact same time when the
11:36railroad is revolutionized the country
11:38and when skyscrapers are going to go up
11:40it's it's it's it's just at the time
11:42when you need steel it's a it's I mean
11:45think about there's a little luck in
11:46this too right there's some luck in this
11:48also it's not I mean what what do you
11:50make with still you make still beam you
11:51make still plate screws rails whatever
11:54and all of a sudden he begins to make
11:56this and he becomes incredibly rich now
11:57let me to say this about about Andrew
11:59Carnegie if it's not Scottish crap I'm
12:03not even Scottish man I'm Irish Irish
12:07German um but he he he he's going to
12:11push his workers man those steel mills
12:13were dangerous places he would push his
12:15workers he would in the 1890s he's
12:17making almost $20 million a year pretty
12:19good money I could live on 20 million
12:21$20 million a year and the average
12:22worker about 1885 1890 the average male
12:25makes about $500 a year the average
12:28woman makes about $300 a year he's
12:30making $20 million a year and he would
12:32push his workers really really hard one
12:33of the most famous strikes in American
12:35history is the Homestead Strike where he
12:37basically has his manager John clay frck
12:40bust the union up in Homestead
12:42Pennsylvania and and Carnegie goes home
12:43to Scotland so he doesn't even have to
12:45be associated with this so he's kind of
12:46known as being a a guy who pushes his
12:49his workers really really hard which
12:50means that whenever he eventually sells
12:52out to us steel and he's got all this
12:54money he goes on this
12:56reputation Revival and and begins to
13:00give away his money to cities including
13:03libraries basically the after about 1900
13:06his life is about philanthropy and
13:08giving libraries I'm a big fan of the
13:10Waco Library I go there all the time I
13:12have an overdue book right now just one
13:14overdue book which I'm proud of because
13:17sometimes I have more than one and if
13:19you go to the central library in Austin
13:22and I go there a lot I I literally
13:23probably go to the library the wo Public
13:25Library once a week uh if you go there
13:27there's a there's a panel inside that
13:29courtyard which says Carnegie and I
13:31think it's 1907 my assumption is
13:32Carnegie gave wo the library building
13:35like he did so other so many other
13:37people and the City of wo provided the
13:38books that's what Carnegie did we know
13:40Carnegie Hall Carnegie devotes himself
13:42to World Peace which is really
13:43ineffective because World War I breaks
13:45up and oh well we gave it a shot and so
13:47basically you have Carnegie and the
13:50importance of Steel and The Importance
13:52of Being this entrepreneur behind the
13:54mass production of Steel and bringing
13:56this technology over from uh Great
13:59Britain in the United States so so
14:00Carnegie is a really important person
14:02along with Carnegie there's John
14:04Rockefeller who is all about oil and
14:06he's about oil and so Rockefeller is is
14:08kind of a different guy Rockefeller
14:10grows up in the United States um and uh
14:14his dad's a bad guy his dad's a
14:15scoundrel in fact in my face Toof face
14:17glass I compared rockefeller's dad to
14:20the villain Twoface the DC villain two
14:23face because I mean I can I can compare
14:26Rockefeller to Twoface because his dad
14:28is so bad
14:29like his dad basically was kicked out of
14:31a town forced to leave a town uh because
14:35he was accused of rape he was basically
14:37a snake oil salesman he would go door
14:38too selling these these Goods that were
14:41totally fake his dad basically moved his
14:44mistress into his wife's house um they
14:48hired her as basically the housekeeper
14:51but he was basically having an affair
14:52with her in in the same roof as his wife
14:55evidently Rockefeller grew up with half
14:57siblings that he thought were just the
15:00housekeepers kids so the dad is kind of
15:02the Scout but the mom is incredibly
15:04religious brings Rockefeller to church
15:07Sunday morning Sunday night Wednesday
15:08night I remember the days of Wednesday
15:10night church and so basically he brings
15:12him to church all the time and so
15:13basically Rockefeller is going to have
15:15this influence of of both good and bad
15:17his whole life incredibly
15:18philanthropic giving money away but
15:21would do whatever it takes to win in
15:22business and in business he basically is
15:24going to come into refining the refining
15:26process so oil explodes oil becomes a
15:29really important
15:30commodity not for gasoline and cars not
15:33yet but for kerosene because so many whs
15:36were being killed that they needed
15:37something else to heat these lamps and
15:39kerosene is perfect and so what you
15:40would do is you would heat up oil and as
15:42as a derivative of oil you would make
15:43kerosene and basically Rockefeller
15:45understood listen you you you you don't
15:48know where the oil is is you may drill
15:51for your entire life and and if you have
15:53my luck if you have Leman luck you're
15:56going to have zero money cuz you'll
15:58never hit oil but if you use the
16:01refining process if you basically come
16:03and convert the oil into kerosene you
16:06can control that he was a man who had
16:08incredible attention to incredible
16:11attention to detail and
16:13so incred he was known for this this
16:16incredible memory let me give you this
16:17example so my wife is amazing so here's
16:19my wife by the way this is who you want
16:21to marry if you get married you want to
16:22marry this person back in the day when
16:25Wendy's had the 99 cent menu we would go
16:28to Wendy's a lot cuz we have a lot of
16:29money we go to Wi these and my by by the
16:30way the Leman family we're the worst
16:32drive-through people in the history of
16:34the world like if you are a
16:34drive-through person and you do that
16:36hard work I just want to say I'm so
16:38sorry if ever we come to the
16:39drive-through and we've gotten better
16:41we've gotten better but we're not we're
16:43still not very good people so we would
16:46go to the Wendy's on Valley Mills and
16:47I'm telling you we would order off that
16:49that 99 cent menu we would order like 27
16:52things off that thing and basically when
16:54we would order we would order like a
16:56like a just a hamburger and like we in
16:59in in our mind we would like divide the
17:01bun into an XY axis and we want mustard
17:03and mayonnaise on different parts of the
17:05axis it was terrible so so once sorry
17:09one time one time Wendy's didn't put
17:13cheese in my wife's
17:15chili and I'm she's still pissed like
17:18she she's still she's still mad so then
17:20every time we would go to Wendy's and
17:22buy off of that dollar menu we would
17:23have to open up every damn sandwich and
17:25go through there and make sure that
17:27everything and remember we're ordering
17:28Maybe 7 to 10 sandwiches right again we
17:30like to eat at the lemon house and so
17:32basically go so there is a line behind
17:36us out into Valley Mills and people are
17:39like honking like people are like
17:41showing me different signs with their
17:42fingers that I don't think are friendly
17:45because we're in the line and they're
17:46going my wife is going through every one
17:48of these things and let me just tell you
17:49this is who you want to get married to
17:50cuz she's she was very determined that
17:53we were not going to get ripped off at
17:54Wendy's and we didn't that's kind of who
17:57Rockefeller was he was determined to
17:59know everything that was going on in his
18:02company in his company let me say this
18:05too one of the innovations that Andrew
18:08Carnegie did the steel magnet Andrew
18:10Carnegie if it's not scsh it's clap
18:13Andrew Carnegie would basically focus on
18:16this time called this thing called
18:17vertical integration what that means is
18:19he would he would try to control every
18:20part of the operation every part of the
18:22supply chain operation so that he could
18:24if he could control it he could make as
18:26much money from it in other words he
18:27would maybe control the drilling and the
18:29movement of the of the iron the
18:30conversion of the iron to steel the
18:32selling of the steel he wanted to
18:34basically to control as much of every
18:37part of as he could and when I think of
18:39this when I think of the idea of
18:40vertical integration I I which which
18:43Carnegie is really going to focus on
18:45controlling as much of the steel
18:47industry as he could I think in Netflix
18:49okay so Netflix so I I love Netflix I
18:51love Netflix I I used to remember
18:54Netflix when we would get the the the
18:55DVDs in the mail and it would be amazing
18:57right I don't know the whole history of
19:00this but somehow Netflix goes to
19:03streaming and I remember I think the
19:05early days of streaming on Netflix it
19:06was pretty bad it was like shark NATO 47
19:08it was not like stuff you really want
19:10but then Netflix Netflix becomes more
19:11and more popular and all of a sudden
19:12they're able to buy these shows from
19:14other Studios and then as Netflix buys
19:16these other shows from other Studios
19:17suddenly their own Studio starts to make
19:20shows I think one of the first big shows
19:22was house of cards with Kevin spy and it
19:26was a big hit and they realized that
19:28they could maybe say save some money
19:29because they control the rights of those
19:30shows forever in other words if they
19:32make a show back in 2014 that good
19:36chance that shows still on Netflix right
19:38they don't have to do anything else they
19:39just put it out there and then People
19:40Like Us come through and find it that's
19:43vertical integration when Netflix does
19:44this the the expansion of what they're
19:46doing to where they make things in house
19:49to maximize the ability to make profit I
19:51don't know if that makes sense but but
19:53but but but that's kind of the idea of
19:55vertical integration controlling
19:57production and distribu
19:59themselves so that they don't have to
20:00buy it from someone else that's vertical
20:03integration and that's really what
20:05Andrew Carnegie that that's really what
20:07he does with the steel industry and let
20:08me just say this at first at first
20:09Rockefeller is kind of focused on this
20:11idea of of horizontal integration he
20:13only wants to control he only wants to
20:16control uh the refining process I mean
20:19that's it he just wants to control
20:21refining 90% of the refining process
20:24will go through Standard Oil he
20:26basically creates a monopoly and and and
20:28again I just said the name of the
20:29company Standard Oil that's what he
20:31called this company Standard Oil because
20:33it is the standard it was so good it's
20:35the standard now here's the deal as he
20:38does this the railroads decide hey wait
20:41a second if we're transporting all of
20:42your oil and all your kerosene on these
20:45railroads then why don't we raise prices
20:47up one of the things that early
20:48railroads do would do is they would give
20:50rebates to certain companies and they
20:52would give them kind of a lower price so
20:54they would put all of their uh business
20:56with that Railroad and so the railroads
20:58that they thought they had him hey Hey
21:00listen he didn't have another way to
21:01move his oil let's bump the price up and
21:03let's make some profit here and so
21:05rockfeller sicked off and so he goes
21:07around the railroad and begins to put
21:10his oil in pipelines to transport it and
21:13in some ways that's how he moves off of
21:15horizontal integration to more vertical
21:18integration basically controlling more
21:19of the supp to controlling as much of
21:21the supply chain as he can let me just
21:23say this about
21:24Rockefeller Rockefeller his whole life
21:27very religious he's going to be uh one
21:29of the future crash one of the things I
21:31do is on Ida Taro he's going to get
21:33busted because of standard and oil
21:35because he basically creates what is
21:37called a
21:38trust and a trust is an organization
21:41where he is going
21:43to have an affiliation with other
21:46companies doing the same thing and will
21:48basically pay them in stock and they
21:50will basically be under the Standard Oil
21:52umbrella and formally through stock
21:55prices be controlled by Standard Oil
21:58which gives him a basic Monopoly over um
22:01over this kerosene it's a basic Monopoly
22:04and one of the reasons we don't like
22:05monopolies is because higher prices and
22:07bad quality and one of the interesting
22:09things about Standard Oil is a lot of
22:10people like Standard Oil and we're it
22:13takes until 1905 until theore Roosevelt
22:15and the Justice part department to see
22:17this and and the and the role is set to
22:20to basically um take standard oil down
22:24but in the meantime you have the basis
22:27of the modern United stes economy with
22:30these three men really the railroad then
22:32you're going to have uh Edison all of
22:35his inventions you're gonna have Andrew
22:37Carnegie Andrew Carnegie if there's no
22:39good clap with steel and Rockefeller and
22:42then just a quick word I've gone a long
22:43time I just want to say something about
22:45JP Morgan because JP Morgan might be the
22:46most important guy JP Morgan is the
22:48money man JP Morgan is the capital guy
22:51JP Morgan is the guy who who he's the
22:53only of these three men who grew up of
22:55these of these men who grew up rich
22:58fourth guy he grew up actually really
23:00wealthy and he is the investment guy he
23:03is the one who says okay I think this
23:04company can make it it's he's like the
23:06true Shark Tank of the shark tanks right
23:08which is a great show I love Shark Tank
23:10he's like the true Shark Tank he's like
23:12I'm going to invest in this company
23:13because I think he going to make it and
23:15basically JP Morgan plays a really
23:16important role in in in in establishing
23:19the economic foundation of the growth of
23:21this time period one other thing man I'm
23:23going a long time here oh I feel so bad
23:25for you guys out there but remember if
23:27it's not as good as it's cop I think
23:29it's like the eighth time I've said
23:32that uh and I don't think I even buy any
23:34Scottish
23:35products
23:37um the uh the the the thing about this
23:42is so so so JP Morgan so so the thing
23:44about this sorry I kept saying that a
23:46lost train of thought you have to think
23:47are these men so there's a kind of an
23:49ongoing debate robber barons or Titans
23:51of ministry and you can make a pretty
23:53good com a pretty good argument for both
23:55ways Robert Barons they treated the
23:57workers terribly they created Trust
23:59basically that Ed dishonest practices
24:01basically to create a
24:03monopoly times of Industry they create
24:06the economic foundations for incredible
24:08industrial growth which eventually is
24:11going to catch up with individuals uh
24:14over time and so you have these
24:18individuals basically taking advantage
24:20of really no regulation um as the
24:24American economy significantly grows
24:27after the guil age all right thanks for
24:30watching

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