Zell: The 1% Work Harder and Should Be Emulated

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Feb. 5 (Bloomberg) -- Equity International Founder and Chairman Sam Zell weighs in on the one percent and New Jersey Governor Chris Christie's political woes. He speaks on Bloomberg Television's "In The Loop." (Source: Bloomberg)

Van bridgegate, but i think bridgegate dunmore press and focus rather than who knew what and when -- you think the press has given the white house a pass on obamacare?

Do you have any doubt about that?

I have no comment on that.

There has been pretty harsh criticism of that.

The president for three years told the american people the same thing.

Not one reporter challenge that in three years?

Not one reporter said that is false?

Where did not appear?

Afterwords -- afterwards does not -- when the actual implementation started coming out.

It was written, and it was there, and any member of the press could have challenged it, but didn't. let me ask you about -- you are clearly part of the one percent.

Tom perkins came out with this letter where he defended a one percent and he said, look, we are being persecuted the same as the not sees -- not the ban -- nazis were persecuting the gees.

He was lambasted and he came on the network and defended.

How did you feel when you read the letter?

I guess my feeling is he is right.

But "one percent" are being pummeled because it is politically convenient to do so.

The problem is that the world in this country should not talk about envy of the one percent, it should talk about emulating the one percent.

The one percent work hardser, the one percent are much bigger factors in all forms of our society.

Tell that to the personal minimum wage and living below the poverty line that they should try to emulate the one percent, however going to get there?

Oh, the stories of rampant -- a rampant of people who started with a candy store and took it from there.

There are lots of people who have the motivation and have succeeded.

Lots of people have come from nowhere and have become part of the one percent.

Do you feel like because you are rich you are being persecuted?

What's the word persecution is not -- the word persecution is not the right word.

I think the politics of envy, the politics of class warfare are what is separating america from many parts of the rest of the world, and we have benefited dramatically from not having class warfare and not having envy.

William jennings bryan in 1896 was the first person to run publicly in the united states on a platform of class warfare.

He lost.

And at the time -- wilson at the time that this is not america and i think this is still not america.

Do you think there needs to be some help, though, or some policy changes or something needs to be done about the growing income inequality among the growing gap?

I think that is a function of policies, and i think that overall the policies that we passed for the last 50 years, whether it be unfunded social security or other issues have all contributed to this disparity.

And we need to fix our government.

We don't need 17,000 new pages of federal regulation in the last five years.

I think all of those things contribute to this disparity.

And the more complicated our government makes our world, the more the one percent can afford to hire somebody to figure it out and the other guy can't. but if you simplify government, neither one of them require and therefore the disparity slows down.

All right, sam, stay with me for one more segment because we

This text has been automatically generated. It may not be 100% accurate.


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