Thomas Peterffy, Immigrant, On What's Wrong With Socialism
I saw this ad he paid to have run on CNN -- personally -- which isn't such a big deal financially because he's a poor Hungarian emigrant to the US-turned billionaire:
More about him from the descrip with the video:
Thomas Peterffy grew up in socialist Hungary. Despite the fact that he could not speak English when he immigrated to the United States in 1956, Thomas fulfilled the American dream. With hard work and dedication, he started a business that today employs thousands of people. In the 1970s, Thomas bought a seat on the American Stock Exchange. He played a key role in developing the electronic trading of securities and is the founder of Interactive Brokers, an online discount brokerage firm with offices all over the world.







I saw his ad on CNBC and thought he was preaching to the choir. Maybe he can sway a few undecided voters watching CNN. Anyone know if it's playing it on MSNBC? Or is that laughable?
Tyler at October 30, 2012 5:39 AM
There's always a need to be watchful about the nation drifting away from our roots, but the idea that Obama is a socialist and the country is currently moving toward socialism is pure BS. We have had a progressive tax code and social support programs for a very long time, including many lengthy periods of great prosperity.
Our economic problems primarily revolve around the elimination of semi-skilled jobs - either through advancing technology or migration to lower wage markets in other countries. The difficulties we're experiencing in our educational system are exacerbating the situation, as other countries move ahead of us in technical disciplines. The fact that we are spending a vastly higher percentage of GDP on our PRIVATE SECTOR healthcare system also puts us at a serious disadvantage in terms of global competition.
None of these factors have anything to do with creeping socialism.
miker at October 30, 2012 7:17 AM
What's wrong with socialism? It doesn't work. And it causes an enormous amount of harm in the process of not working. Next question.
Cousin Dave at October 30, 2012 7:18 AM
I am so sick of this guy. He is one every youtube video I watch, and you can't forward through it. I must have seen this commercial 100 times.
Eric at October 30, 2012 8:19 AM
"but the idea that Obama is a socialist and the country is currently moving toward socialism is pure BS."
Spoken like a true progressive Obama voter.
Dave B at October 30, 2012 9:49 AM
"The fact that we are spending a vastly higher percentage of GDP on our PRIVATE SECTOR healthcare system also puts us at a serious disadvantage in terms of global competition. " miker
Yeah because NONE of that competition, and NONE of that GDP is derived from Medical R&D and breakthroughs in medical sciences, that are entirely driven by the market in them... a market that doesn't exist in single payer countries that simply piggyback on our work.
Simple question. If an industry is not solvent enough to compete, and thus requires govt. intervention on a constant basis, what makes you believe that they will EVER compete? And YET, the current administration throws money at that industry chasing some jobs that will happen in theory, but without being competitive? Industry goes belly up. AGAIN. See Solar industry since the early 70's.
THAT's the socialistic bent if you want to be kind... fascism if you want to be truthful... where the govt. demands with a lot of strings and an industry provides... a product that it is heavily subsidized for the consumer to buy [via tax break], because the power produced isn't very competitive with other forms of power generation. And when the govt. stops the subsidy scheme? People STOP BUYING IT.
This is just one in a myriad ways that the government distorts, through perverse incentive, business... it's a way of thinking, that government exists to do X, rather than the govt. should get out of the way, and The People will do X.
SwissArmyD at October 30, 2012 11:31 AM
Yes it does. Any regulation that a government puts on the market is an 800 pound gorilla in a room full of monkeys. Then add that there are the 100 pound monkeys that beg the gorilla to say that the eight pound monkeys have to put in five bananas to play the same way. The 100# monkeys can afford five bananas. The 8# monkeys barely get five bananas, so the automatically lose.
You have not observed reality.
Jim P. at October 30, 2012 7:49 PM
Jim P: How you do you explain that most of the countries that currently have more successful economies currently than that of the U.S. are considerably more socialized and regulated than our own. Or should we emulate China?
lulztacular at October 30, 2012 10:37 PM
lulztacular, want to provide examples?
lujlp at October 31, 2012 12:13 AM
second lujlp's request for examples from lulztacular. The 'more socialized and regulated' countries are doing very badly at the moment. Unemployment in some major Western European countries has hit 25% already. 25%! US is officially at 8%. US is still the largest global manufacturer and the world's biggest economy. US GDP per capita is still in the top 10, and either exceeds that of virtually all the major 'socialist economies', or is comparable to.
"Spoken like a true progressive Obama voter."
Actually miker sounds annoyed that Obama isn't socialist enough for him. There are problems with US healthcare, but none of them are *because* it's private. US healthcare is fascist, not socialist.
Lobster at October 31, 2012 3:16 PM
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