Guest Joe Ricketts | TBN

Guest Joe Ricketts

Watch Guest Joe Ricketts
January 17, 2020
21:59

The Eric Metaxas Show offers compelling perspective on American culture, political life, and stories making news around the corner and across the globe.

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Guest Joe Ricketts

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  • [MUSIC]
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  • [MUSIC][SMOOCH]
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  • [SMOOCH][WHOOSH]
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  • [WHOOSH][DOOR SLAMMING]
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  • [DOOR SLAMMING][BING]
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  • [BING][REVVING, SCREECHING]
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  • [REVVING, SCREECHING][PLOP]
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  • [PLOP][WHOOSH]
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  • [WHOOSH][MUSIC]
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  • [MUSIC]- MALE: HEY.
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  • - MALE: HEY.[MUSIC]
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  • [MUSIC][BOINK]
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  • [BOINK][ENGINE REVVING]
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  • [ENGINE REVVING][BRAKES SQUEALING]
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  • [BRAKES SQUEALING][MUSIC]
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  • [MUSIC][CRASH]
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  • [CRASH][CHEERS]
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  • [CHEERS][MUSIC]
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  • - ERIC METAXAS: FOLKS,
  • 00:00:37.411 --> 00:00:39.046
  • - ERIC METAXAS: FOLKS,EVERY NOW AND AGAIN, I GET
  • 00:00:39.046 --> 00:00:40.147
  • EVERY NOW AND AGAIN, I GETA CRAZY IDEA.
  • 00:00:40.147 --> 00:00:40.847
  • A CRAZY IDEA.I SAY, "ALBIN--" MY PRODUCER.
  • 00:00:40.847 --> 00:00:41.848
  • I SAY, "ALBIN--" MY PRODUCER.I SAY, "ALBIN, YOU KNOW,
  • 00:00:41.848 --> 00:00:42.616
  • I SAY, "ALBIN, YOU KNOW,THIS IS THE SHOW ABOUT
  • 00:00:42.616 --> 00:00:43.517
  • THIS IS THE SHOW ABOUTEVERYTHING."
  • 00:00:43.517 --> 00:00:44.518
  • EVERYTHING."WE LIKE TO TALK ABOUT
  • 00:00:44.518 --> 00:00:45.352
  • WE LIKE TO TALK ABOUTEVERYTHING ON
  • 00:00:45.352 --> 00:00:47.888
  • AND I SAID, "WE LIKE EVERY
  • 00:00:49.322 --> 00:00:49.790
  • AND I SAID, "WE LIKE EVERYKIND OF GUEST."
  • 00:00:49.790 --> 00:00:51.024
  • KIND OF GUEST."AND I SAID, "ALBIN, I DON'T
  • 00:00:51.024 --> 00:00:52.392
  • AND I SAID, "ALBIN, I DON'TTHINK WE'VE HAD ANY
  • 00:00:52.392 --> 00:00:53.093
  • THINK WE'VE HAD ANYBILLIONAIRES ON THE PROGRAM.
  • 00:00:53.093 --> 00:00:53.560
  • BILLIONAIRES ON THE PROGRAM.CAN YOU GET ME A
  • 00:00:53.560 --> 00:00:54.027
  • CAN YOU GET ME ABILLIONAIRE?"
  • 00:00:54.027 --> 00:00:54.628
  • BILLIONAIRE?"AND HE SAYS, "YES, SIR.
  • 00:00:54.628 --> 00:00:55.996
  • AND HE SAYS, "YES, SIR.HOW HIGH?"
  • 00:00:55.996 --> 00:00:57.164
  • HOW HIGH?"AND I SAID, "JUST A, YOU
  • 00:00:57.164 --> 00:00:59.399
  • AND I SAID, "JUST A, YOUKNOW, JUST A BILLIONAIRE."
  • 00:00:59.399 --> 00:01:01.501
  • KNOW, JUST A BILLIONAIRE."AND NOT ONLY DID HE GET A
  • 00:01:01.501 --> 00:01:02.202
  • AND NOT ONLY DID HE GET ABILLIONAIRE, BUT THAT
  • 00:01:02.202 --> 00:01:03.403
  • BILLIONAIRE, BUT THATBILLIONAIRE IS SITTING IN
  • 00:01:03.403 --> 00:01:05.238
  • BILLIONAIRE IS SITTING INTHE STUDIO WITH ME.
  • 00:01:05.238 --> 00:01:06.807
  • THE STUDIO WITH ME.BILLIONAIRES TEND NOT TO
  • 00:01:06.807 --> 00:01:08.308
  • BILLIONAIRES TEND NOT TOCOME INTO THE STUDIO.
  • 00:01:08.308 --> 00:01:09.709
  • COME INTO THE STUDIO.THEY'RE WAY TOO BUSY, BUT
  • 00:01:09.709 --> 00:01:11.144
  • THEY'RE WAY TOO BUSY, BUTTHIS MAN FORTUNATELY, FOR
  • 00:01:11.144 --> 00:01:11.778
  • THIS MAN FORTUNATELY, FORYOU AND ME, HAS WRITTEN A
  • 00:01:11.778 --> 00:01:13.313
  • YOU AND ME, HAS WRITTEN ABOOK CALLED "THE HARDER
  • 00:01:13.313 --> 00:01:15.048
  • BOOK CALLED "THE HARDERYOU WORK, THE LUCKIER YOU GET."
  • 00:01:15.048 --> 00:01:16.450
  • YOU WORK, THE LUCKIER YOU GET."HE IS THE FOUNDER
  • 00:01:16.450 --> 00:01:20.754
  • HE IS THE FOUNDEROF AMERITRADE, JOE RICKETTS.
  • 00:01:20.754 --> 00:01:22.089
  • OF AMERITRADE, JOE RICKETTS.WELCOME TO THIS PROGRAM.
  • 00:01:22.089 --> 00:01:22.856
  • WELCOME TO THIS PROGRAM.- JOE RICKETTS: THANK YOU.
  • 00:01:22.856 --> 00:01:23.490
  • - JOE RICKETTS: THANK YOU.- ERIC: I AM SO THRILLED
  • 00:01:23.490 --> 00:01:24.658
  • - ERIC: I AM SO THRILLEDTO HAVE YOU, AND I JUST
  • 00:01:24.658 --> 00:01:25.859
  • TO HAVE YOU, AND I JUSTWANNA JUMP RIGHT INTO IT.
  • 00:01:25.859 --> 00:01:26.993
  • WANNA JUMP RIGHT INTO IT.FIRST OF ALL, I WANNA HEAR
  • 00:01:26.993 --> 00:01:29.229
  • FIRST OF ALL, I WANNA HEARYOUR STORY OF HOW YOU GOT
  • 00:01:29.229 --> 00:01:32.632
  • YOUR STORY OF HOW YOU GOTTO DO WHAT YOU DID, AND
  • 00:01:32.632 --> 00:01:34.201
  • TO DO WHAT YOU DID, ANDHOW YOU CAME UP.
  • 00:01:34.201 --> 00:01:36.103
  • HOW YOU CAME UP.BUT WHAT IS IT THAT
  • 00:01:36.103 --> 00:01:37.270
  • BUT WHAT IS IT THATFINALLY GOT YOU TO SAY,
  • 00:01:37.270 --> 00:01:38.271
  • FINALLY GOT YOU TO SAY,"I'M GOING TO WRITE A BOOK
  • 00:01:38.271 --> 00:01:40.006
  • "I'M GOING TO WRITE A BOOKABOUT MY STORY"?
  • 00:01:40.006 --> 00:01:40.574
  • ABOUT MY STORY"?'CAUSE IT IS A CLASSIC
  • 00:01:40.574 --> 00:01:41.541
  • 'CAUSE IT IS A CLASSICAMERICAN STORY.
  • 00:01:41.541 --> 00:01:42.476
  • AMERICAN STORY.IT'S VERY IMPORTANT RIGHT
  • 00:01:42.476 --> 00:01:44.077
  • IT'S VERY IMPORTANT RIGHTNOW FOR AMERICA TO HEAR
  • 00:01:44.077 --> 00:01:45.178
  • NOW FOR AMERICA TO HEARSTORIES LIKE THIS.
  • 00:01:45.178 --> 00:01:47.013
  • STORIES LIKE THIS.WHAT WAS IT THAT PUSHED
  • 00:01:47.013 --> 00:01:49.282
  • WHAT WAS IT THAT PUSHEDYOU TO WRITE YOUR STORY?
  • 00:01:49.282 --> 00:01:50.217
  • YOU TO WRITE YOUR STORY?- JOE: THERE'S SEVERAL
  • 00:01:50.217 --> 00:01:53.053
  • BUT THE PRIMARY REASON WAS
  • 00:01:54.254 --> 00:01:54.988
  • BUT THE PRIMARY REASON WASTO ENCOURAGE
  • 00:01:54.988 --> 00:01:56.723
  • TO ENCOURAGEENTREPRENEURS.
  • 00:01:56.723 --> 00:01:57.424
  • ENTREPRENEURS.I'M CONCERNED THAT WE
  • 00:01:57.424 --> 00:01:58.458
  • I'M CONCERNED THAT WEDON'T HAVE ENOUGH PEOPLE
  • 00:01:58.458 --> 00:01:59.326
  • DON'T HAVE ENOUGH PEOPLESTARTING NEW BUSINESSES,
  • 00:01:59.326 --> 00:01:59.993
  • STARTING NEW BUSINESSES,AND THAT'S WHERE ALL THE
  • 00:01:59.993 --> 00:02:02.896
  • AND I WANTED TO LET THEM
  • 00:02:04.898 --> 00:02:06.133
  • AND I WANTED TO LET THEMKNOW HOW DIFFICULT IT
  • 00:02:06.133 --> 00:02:07.067
  • KNOW HOW DIFFICULT ITMIGHT BE AND HOW REWARDING
  • 00:02:07.067 --> 00:02:09.169
  • MIGHT BE AND HOW REWARDINGIT CAN BE.
  • 00:02:09.169 --> 00:02:09.769
  • IT CAN BE.SO IT CAN BRING A LOT OF
  • 00:02:09.769 --> 00:02:11.872
  • SO IT CAN BRING A LOT OFSATISFACTION TO A PERSON
  • 00:02:11.872 --> 00:02:13.573
  • SATISFACTION TO A PERSONIN ADDITION TO BEING
  • 00:02:13.573 --> 00:02:17.110
  • IN ADDITION TO BEINGFINANCIALLY SUCCESSFUL.
  • 00:02:17.110 --> 00:02:18.044
  • FINANCIALLY SUCCESSFUL.- ERIC: LET ME ASK YOU
  • 00:02:18.044 --> 00:02:20.180
  • - ERIC: LET ME ASK YOUABOUT YOUR STORY.
  • 00:02:20.180 --> 00:02:22.682
  • ABOUT YOUR STORY.YOU GREW UP IN NEBRASKA.
  • 00:02:22.682 --> 00:02:23.850
  • YOU GREW UP IN NEBRASKA.- JOE: THAT'S RIGHT.
  • 00:02:23.850 --> 00:02:24.451
  • - JOE: THAT'S RIGHT.- ERIC: AND YOUR FAMILY
  • 00:02:24.451 --> 00:02:25.118
  • - ERIC: AND YOUR FAMILYIS-- YOUR SON IS CURRENTLY
  • 00:02:25.118 --> 00:02:26.786
  • IS-- YOUR SON IS CURRENTLYTHE GOVERNOR OF NEBRASKA.
  • 00:02:26.786 --> 00:02:28.255
  • THE GOVERNOR OF NEBRASKA.- JOE: THAT'S CORRECT.
  • 00:02:28.255 --> 00:02:28.889
  • - JOE: THAT'S CORRECT.- ERIC: YOU'RE NOT JUST
  • 00:02:28.889 --> 00:02:29.523
  • - ERIC: YOU'RE NOT JUSTSAYING THAT TO IMPRESS ME?
  • 00:02:29.523 --> 00:02:30.223
  • SAYING THAT TO IMPRESS ME?- JOE: THAT'S RIGHT.
  • 00:02:30.223 --> 00:02:30.824
  • - JOE: THAT'S RIGHT.- ERIC: HE'S REALLY THE
  • 00:02:30.824 --> 00:02:31.191
  • - ERIC: HE'S REALLY THEGOVERNOR?
  • 00:02:31.191 --> 00:02:31.758
  • GOVERNOR?- JOE: HE REALLY IS.
  • 00:02:31.758 --> 00:02:32.359
  • - JOE: HE REALLY IS.I'M VERY PROUD OF HIM.
  • 00:02:32.359 --> 00:02:32.792
  • I'M VERY PROUD OF HIM.HE REALLY IS.
  • 00:02:32.792 --> 00:02:33.426
  • HE REALLY IS.- ERIC: I'M GONNA NEED TO
  • 00:02:33.426 --> 00:02:34.094
  • - ERIC: I'M GONNA NEED TOSEE SOME PAPERWORK, ALBIN.
  • 00:02:34.094 --> 00:02:34.661
  • SEE SOME PAPERWORK, ALBIN.YOU KNOW WHAT I MEAN?
  • 00:02:34.661 --> 00:02:35.028
  • YOU KNOW WHAT I MEAN?[LAUGHTER]
  • 00:02:35.028 --> 00:02:35.929
  • [LAUGHTER]YOU CAN'T-- PEOPLE COME IN
  • 00:02:35.929 --> 00:02:36.563
  • YOU CAN'T-- PEOPLE COME INHERE, AND THEY MAKE A LOT
  • 00:02:36.563 --> 00:02:37.964
  • HERE, AND THEY MAKE A LOTOF CLAIMS, AND, "YOU KNOW,
  • 00:02:37.964 --> 00:02:38.832
  • OF CLAIMS, AND, "YOU KNOW,MY SON'S THE GOVERNOR."
  • 00:02:38.832 --> 00:02:39.866
  • MY SON'S THE GOVERNOR."I DON'T KNOW.
  • 00:02:39.866 --> 00:02:40.500
  • I DON'T KNOW.BUT, OKAY, SO YOU'RE A
  • 00:02:40.500 --> 00:02:41.067
  • BUT, OKAY, SO YOU'RE ANEBRASKAN.
  • 00:02:41.067 --> 00:02:42.802
  • NEBRASKAN.HOW WERE YOU RAISED THAT
  • 00:02:42.802 --> 00:02:45.672
  • HOW WERE YOU RAISED THATYOU FOUND YOURSELF MOVING
  • 00:02:45.672 --> 00:02:46.940
  • YOU FOUND YOURSELF MOVINGIN THE DIRECTION THAT YOU
  • 00:02:46.940 --> 00:02:48.675
  • IN THE DIRECTION THAT YOUMOVED?
  • 00:02:48.675 --> 00:02:49.476
  • MOVED?- JOE: I THINK THAT HOW I
  • 00:02:49.476 --> 00:02:52.012
  • - JOE: I THINK THAT HOW IWAS RAISED IS INCREDIBLY
  • 00:02:52.012 --> 00:02:55.015
  • WAS RAISED IS INCREDIBLYIMPORTANT TO MY TENDENCY
  • 00:02:55.015 --> 00:02:56.983
  • IMPORTANT TO MY TENDENCYAND MY DESIRE TO BE AN
  • 00:02:56.983 --> 00:02:59.186
  • AND MY DESIRE TO BE ANENTREPRENEUR.
  • 00:02:59.186 --> 00:03:01.188
  • ENTREPRENEUR.I GREW UP IN A SMALL TOWN
  • 00:03:01.188 --> 00:03:02.122
  • I GREW UP IN A SMALL TOWNWHERE I HAD A LOT OF
  • 00:03:02.122 --> 00:03:04.858
  • WHERE I HAD A LOT OFFREEDOM AND WHERE MY
  • 00:03:04.858 --> 00:03:07.194
  • FREEDOM AND WHERE MYPARENTS ENCOURAGED WORK.
  • 00:03:07.194 --> 00:03:09.596
  • PARENTS ENCOURAGED WORK.THEY DIDN'T STOP ME FROM
  • 00:03:09.596 --> 00:03:10.730
  • THEY DIDN'T STOP ME FROMSPORTS.
  • 00:03:10.730 --> 00:03:11.631
  • SPORTS.I DIDN'T LIKE SPORTS, BUT
  • 00:03:11.631 --> 00:03:12.232
  • I DIDN'T LIKE SPORTS, BUTTHEY NEVER ENCOURAGED ME
  • 00:03:12.232 --> 00:03:13.800
  • THEY NEVER ENCOURAGED MEIN SPORTS, BUT THEY
  • 00:03:13.800 --> 00:03:14.367
  • IN SPORTS, BUT THEYENCOURAGED ME WHEN I
  • 00:03:14.367 --> 00:03:15.001
  • ENCOURAGED ME WHEN IWORKED TO MAKE MONEY AND
  • 00:03:15.001 --> 00:03:15.735
  • WORKED TO MAKE MONEY ANDPUT IT IN THE BANK AND
  • 00:03:15.735 --> 00:03:16.503
  • PUT IT IN THE BANK ANDSAVE IT AND BE
  • 00:03:16.503 --> 00:03:17.737
  • SAVE IT AND BECONSERVATIVE.
  • 00:03:17.737 --> 00:03:19.239
  • CONSERVATIVE.I'M ALSO JUST ONE
  • 00:03:19.239 --> 00:03:20.073
  • I'M ALSO JUST ONEGENERATION AWAY FROM THE
  • 00:03:20.073 --> 00:03:21.608
  • GENERATION AWAY FROM THEDEPRESSION, WHERE
  • 00:03:21.608 --> 00:03:23.143
  • DEPRESSION, WHEREEVERYBODY HAD A HARD TIME,
  • 00:03:23.143 --> 00:03:24.311
  • EVERYBODY HAD A HARD TIME,BUT WHEN THINGS STARTED
  • 00:03:24.311 --> 00:03:25.145
  • BUT WHEN THINGS STARTEDGETTING BETTER, THEY JUST
  • 00:03:25.145 --> 00:03:26.079
  • GETTING BETTER, THEY JUSTSAVED EVERYTHING AND
  • 00:03:26.079 --> 00:03:27.380
  • SAVED EVERYTHING ANDWORKED VERY HARD TO GET
  • 00:03:27.380 --> 00:03:29.082
  • WORKED VERY HARD TO GETAHEAD.
  • 00:03:29.082 --> 00:03:30.283
  • AHEAD.YEP, IT WAS A DIFFICULT
  • 00:03:30.283 --> 00:03:31.451
  • YEP, IT WAS A DIFFICULTTIME.
  • 00:03:31.451 --> 00:03:32.319
  • TIME.MY GRANDFATHER WAS A
  • 00:03:32.319 --> 00:03:35.388
  • MY GRANDFATHER WAS ASUCCESSFUL FARMER, AND HE
  • 00:03:35.388 --> 00:03:36.256
  • SUCCESSFUL FARMER, AND HELOST EVERYTHING IN THE
  • 00:03:36.256 --> 00:03:37.924
  • LOST EVERYTHING IN THEDEPRESSION, AND HE HAD TO
  • 00:03:37.924 --> 00:03:40.427
  • DEPRESSION, AND HE HAD TOMOVE TO NEBRASKA CITY AND
  • 00:03:40.427 --> 00:03:42.362
  • MOVE TO NEBRASKA CITY ANDRENT A HOUSE THAT WAS THE
  • 00:03:42.362 --> 00:03:44.698
  • RENT A HOUSE THAT WAS THELOWEST RENT HE COULD GET.
  • 00:03:44.698 --> 00:03:47.400
  • LOWEST RENT HE COULD GET.IT HAD DIRT FLOORS.
  • 00:03:47.400 --> 00:03:49.536
  • IT HAD DIRT FLOORS.SO THE TIMES WERE VERY
  • 00:03:49.536 --> 00:03:50.470
  • SO THE TIMES WERE VERYHARD DURING THE
  • 00:03:50.470 --> 00:03:51.438
  • HARD DURING THEDEPRESSION, AND, OF
  • 00:03:51.438 --> 00:03:52.205
  • DEPRESSION, AND, OFCOURSE, I HEARD ALL THOSE
  • 00:03:52.205 --> 00:03:53.506
  • COURSE, I HEARD ALL THOSESTORIES FROM MY MOTHER,
  • 00:03:53.506 --> 00:03:54.241
  • STORIES FROM MY MOTHER,AND, OF COURSE, I HEARD
  • 00:03:54.241 --> 00:03:55.475
  • AND, OF COURSE, I HEARDSTORIES FROM OTHER PEOPLE
  • 00:03:55.475 --> 00:03:57.043
  • STORIES FROM OTHER PEOPLEALSO.
  • 00:03:57.043 --> 00:03:58.712
  • ALSO.SO I GREW UP WITH A LOT OF
  • 00:03:58.712 --> 00:03:59.479
  • SO I GREW UP WITH A LOT OFFREEDOM.
  • 00:03:59.479 --> 00:04:02.148
  • FREEDOM.I GREW UP WITH THE IDEAS
  • 00:04:02.148 --> 00:04:03.416
  • I GREW UP WITH THE IDEASOF PEOPLE THAT WERE
  • 00:04:03.416 --> 00:04:04.918
  • OF PEOPLE THAT WERESAVING, WORKING HARD,
  • 00:04:04.918 --> 00:04:08.054
  • SAVING, WORKING HARD,COMING AS THE FIRST
  • 00:04:08.054 --> 00:04:08.822
  • COMING AS THE FIRSTGENERATION OUT OF THE
  • 00:04:08.822 --> 00:04:11.224
  • GENERATION OUT OF THEDEPRESSION, AND PROBABLY
  • 00:04:11.224 --> 00:04:12.425
  • DEPRESSION, AND PROBABLYMORE IMPORTANT, THE PEOPLE
  • 00:04:12.425 --> 00:04:14.327
  • MORE IMPORTANT, THE PEOPLETHAT-- MY FATHER HAD HIS
  • 00:04:14.327 --> 00:04:15.328
  • THAT-- MY FATHER HAD HISOWN BUSINESS.
  • 00:04:15.328 --> 00:04:16.162
  • OWN BUSINESS.HE BUILT HOUSES.
  • 00:04:16.162 --> 00:04:16.796
  • HE BUILT HOUSES.HE WAS A CARPENTER.
  • 00:04:16.796 --> 00:04:18.898
  • HE WAS A CARPENTER.THEY ALSO DID REPAIR WORK.
  • 00:04:18.898 --> 00:04:21.067
  • THEY ALSO DID REPAIR WORK.I KNEW HIS FRIENDS WHICH
  • 00:04:21.067 --> 00:04:22.235
  • I KNEW HIS FRIENDS WHICHWERE PLASTERERS,
  • 00:04:22.235 --> 00:04:23.136
  • WERE PLASTERERS,ELECTRICIANS.
  • 00:04:23.136 --> 00:04:24.804
  • ELECTRICIANS.THESE ARE ALL PEOPLE THAT
  • 00:04:24.804 --> 00:04:25.572
  • THESE ARE ALL PEOPLE THATHAD THEIR OWN BUSINESS
  • 00:04:25.572 --> 00:04:26.306
  • HAD THEIR OWN BUSINESSTHAT WORKED FOR
  • 00:04:26.306 --> 00:04:27.674
  • THAT WORKED FORTHEMSELVES.
  • 00:04:27.674 --> 00:04:28.675
  • THEMSELVES.THEY WERE VERY HAPPY.
  • 00:04:28.675 --> 00:04:29.542
  • THEY WERE VERY HAPPY.THEY WERE VERY
  • 00:04:29.542 --> 00:04:30.410
  • THEY WERE VERYSELF-SATISFIED, AND THAT
  • 00:04:30.410 --> 00:04:31.444
  • SELF-SATISFIED, AND THATWAS REALLY KIND OF THE
  • 00:04:31.444 --> 00:04:33.179
  • WAS REALLY KIND OF THENORM IN MY LIFE, SO IT WAS
  • 00:04:33.179 --> 00:04:35.582
  • NORM IN MY LIFE, SO IT WASALL THERE TO TAKE IN BY
  • 00:04:35.582 --> 00:04:36.850
  • ALL THERE TO TAKE IN BYOSMOSIS.
  • 00:04:36.850 --> 00:04:37.917
  • OSMOSIS.YOU DON'T THINK ABOUT IT
  • 00:04:37.917 --> 00:04:39.286
  • YOU DON'T THINK ABOUT ITAT THE TIME AS WHEN YOU
  • 00:04:39.286 --> 00:04:39.886
  • AT THE TIME AS WHEN YOUGET OLDER AND YOU THINK,
  • 00:04:39.886 --> 00:04:40.720
  • GET OLDER AND YOU THINK,"OH, GEE, I-- THAT WAS
  • 00:04:40.720 --> 00:04:42.255
  • "OH, GEE, I-- THAT WASVERY IMPORTANT FOR ME."
  • 00:04:42.255 --> 00:04:44.090
  • VERY IMPORTANT FOR ME."ONE OF THE THINGS THAT WAS
  • 00:04:44.090 --> 00:04:45.392
  • ONE OF THE THINGS THAT WASVERY IMPORTANT IN MY YOUNG
  • 00:04:45.392 --> 00:04:46.393
  • VERY IMPORTANT IN MY YOUNGLIFE IS WORKING FOR DUN &
  • 00:04:46.393 --> 00:04:47.727
  • LIFE IS WORKING FOR DUN &BRADSTREET AS A CREDIT
  • 00:04:47.727 --> 00:04:50.363
  • BRADSTREET AS A CREDITREPORTER, SO I TALK A LOT
  • 00:04:50.363 --> 00:04:51.231
  • REPORTER, SO I TALK A LOTABOUT THAT IN THE BOOK.
  • 00:04:51.231 --> 00:04:52.032
  • ABOUT THAT IN THE BOOK.IT'S VERY, VERY
  • 00:04:52.032 --> 00:04:53.099
  • IT'S VERY, VERYINTERESTING.
  • 00:04:53.099 --> 00:04:54.401
  • INTERESTING.I GOT TO MEET A LOT OF
  • 00:04:54.401 --> 00:04:55.869
  • I GOT TO MEET A LOT OFWONDERFUL PEOPLE THAT OWN
  • 00:04:55.869 --> 00:04:56.936
  • WONDERFUL PEOPLE THAT OWNTHEIR OWN BUSINESS AND
  • 00:04:56.936 --> 00:04:58.638
  • THEIR OWN BUSINESS ANDASKED THEM THE STORIES
  • 00:04:58.638 --> 00:05:00.840
  • ASKED THEM THE STORIESOF--
  • 00:05:00.840 --> 00:05:01.508
  • OF--- ERIC: SO THIS IS BEFORE
  • 00:05:01.508 --> 00:05:02.042
  • - ERIC: SO THIS IS BEFOREYOU, YOURSELF, WERE
  • 00:05:02.042 --> 00:05:02.642
  • YOU, YOURSELF, WEREIN BUSINESS?
  • 00:05:02.642 --> 00:05:03.209
  • IN BUSINESS?YOU WERE WORKING AS A
  • 00:05:03.209 --> 00:05:03.977
  • YOU WERE WORKING AS AREPORTER?
  • 00:05:03.977 --> 00:05:05.011
  • REPORTER?- JOE: YEAH, CREDIT
  • 00:05:05.011 --> 00:05:06.980
  • - JOE: YEAH, CREDITREPORTER.
  • 00:05:06.980 --> 00:05:07.614
  • REPORTER.SO I WENT OUT TO TALK TO
  • 00:05:07.614 --> 00:05:08.682
  • SO I WENT OUT TO TALK TOTHEM TO WRITE THEIR CREDIT
  • 00:05:08.682 --> 00:05:09.082
  • THEM TO WRITE THEIR CREDITREPORTS.
  • 00:05:09.082 --> 00:05:09.849
  • REPORTS.- ERIC: AHA.
  • 00:05:09.849 --> 00:05:10.817
  • - ERIC: AHA.- JOE: SO, TO DO THAT, I
  • 00:05:10.817 --> 00:05:11.885
  • - JOE: SO, TO DO THAT, IHAD TO HAVE THEIR
  • 00:05:11.885 --> 00:05:12.552
  • HAD TO HAVE THEIRFINANCIAL INFORMATION.
  • 00:05:12.552 --> 00:05:13.019
  • FINANCIAL INFORMATION.- ERIC: GOT IT.
  • 00:05:13.019 --> 00:05:14.254
  • - ERIC: GOT IT.- JOE: THEY DIDN'T WANT
  • 00:05:14.254 --> 00:05:15.188
  • - JOE: THEY DIDN'T WANTTO GIVE IT TO ME, BUT THEY
  • 00:05:15.188 --> 00:05:15.789
  • TO GIVE IT TO ME, BUT THEYHAD TO IF THEY WANTED--
  • 00:05:15.789 --> 00:05:16.456
  • HAD TO IF THEY WANTED--- ERIC: HOW'D YOU GET INTO
  • 00:05:16.456 --> 00:05:17.190
  • - ERIC: HOW'D YOU GET INTOTHE-- HOW DID YOU, AS A
  • 00:05:17.190 --> 00:05:18.525
  • THE-- HOW DID YOU, AS AYOUNG MAN, GET INTO THE
  • 00:05:18.525 --> 00:05:19.192
  • YOUNG MAN, GET INTO THEBUSINESS OF, YOU KNOW,
  • 00:05:19.192 --> 00:05:20.260
  • BUSINESS OF, YOU KNOW,WRITING CREDIT REPORTS?
  • 00:05:20.260 --> 00:05:21.795
  • WRITING CREDIT REPORTS?- JOE: WELL, WHEN MY WIFE
  • 00:05:21.795 --> 00:05:22.696
  • - JOE: WELL, WHEN MY WIFEAND I GOT MARRIED, THE
  • 00:05:22.696 --> 00:05:23.697
  • AND I GOT MARRIED, THEIDEA WAS THAT SHE WAS
  • 00:05:23.697 --> 00:05:24.397
  • IDEA WAS THAT SHE WASGONNA WORK AND PUT ME
  • 00:05:24.397 --> 00:05:26.433
  • GONNA WORK AND PUT METHROUGH SCHOOL, AND THEN--
  • 00:05:26.433 --> 00:05:27.000
  • THROUGH SCHOOL, AND THEN--- ERIC: WHAT SCHOOL?
  • 00:05:27.000 --> 00:05:27.567
  • - JOE: I WENT TO
  • 00:05:28.735 --> 00:05:29.336
  • - JOE: I WENT TOCREIGHTON UNIVERSITY IN
  • 00:05:29.336 --> 00:05:30.036
  • CREIGHTON UNIVERSITY INOMAHA.
  • 00:05:30.036 --> 00:05:30.670
  • OMAHA.- ERIC: FOR WHAT, THOUGH?
  • 00:05:30.670 --> 00:05:31.171
  • - ERIC: FOR WHAT, THOUGH?FOR WHAT?
  • 00:05:31.171 --> 00:05:32.072
  • FOR WHAT?- JOE: I JUST WENT FOR A
  • 00:05:32.072 --> 00:05:32.972
  • - JOE: I JUST WENT FOR ABACHELOR'S DEGREE.
  • 00:05:32.972 --> 00:05:33.840
  • BACHELOR'S DEGREE.I DIDN'T REALLY KNOW WHAT
  • 00:05:33.840 --> 00:05:34.341
  • I DIDN'T REALLY KNOW WHATI WANNA DO.
  • 00:05:34.341 --> 00:05:37.510
  • I WANNA DO.I THINK I STARTED OUT,
  • 00:05:37.510 --> 00:05:38.144
  • I THINK I STARTED OUT,THINKING I WANTED TO BE A
  • 00:05:38.144 --> 00:05:39.979
  • BUT I DIDN'T--
  • 00:05:41.948 --> 00:05:42.615
  • BUT I DIDN'T--- ERIC: I STILL THINK THAT
  • 00:05:42.615 --> 00:05:42.982
  • - ERIC: I STILL THINK THATSOMETIMES.
  • 00:05:42.982 --> 00:05:43.350
  • SOMETIMES.[LAUGHTER]
  • 00:05:43.350 --> 00:05:43.950
  • [LAUGHTER]I DON'T THINK I'M GONNA
  • 00:05:43.950 --> 00:05:44.718
  • I DON'T THINK I'M GONNAMAKE IT.
  • 00:05:44.718 --> 00:05:45.352
  • MAKE IT.- JOE: I DIDN'T LIKE THE
  • 00:05:45.352 --> 00:05:46.653
  • - JOE: I DIDN'T LIKE THESCIENCES, AND I GOT A JOB
  • 00:05:46.653 --> 00:05:47.854
  • SCIENCES, AND I GOT A JOBAS AN ORDERLY AT A
  • 00:05:47.854 --> 00:05:48.855
  • AS AN ORDERLY AT AHOSPITAL, AND I KNEW THAT
  • 00:05:48.855 --> 00:05:49.856
  • HOSPITAL, AND I KNEW THATWAS NOT GONNA BE THE WAY I
  • 00:05:49.856 --> 00:05:50.757
  • WAS NOT GONNA BE THE WAY IWANTED TO GO, SO IT WAS
  • 00:05:50.757 --> 00:05:52.058
  • WANTED TO GO, SO IT WASBASICALLY JUST TO GET A
  • 00:05:52.058 --> 00:05:53.460
  • BASICALLY JUST TO GET ABACHELOR'S DEGREE SO YOU
  • 00:05:53.460 --> 00:05:54.361
  • BACHELOR'S DEGREE SO YOUCOULD GET A JOB AND THEN
  • 00:05:54.361 --> 00:05:57.497
  • COULD GET A JOB AND THENWORRY ABOUT WHAT KIND OF
  • 00:05:57.497 --> 00:05:59.532
  • WORRY ABOUT WHAT KIND OFJOB YOU WANTED AFTER THAT,
  • 00:05:59.532 --> 00:06:00.433
  • JOB YOU WANTED AFTER THAT,BUT OUR FIRST SON CAME
  • 00:06:00.433 --> 00:06:03.002
  • BUT OUR FIRST SON CAMEALONG, SO I HAD TO QUIT
  • 00:06:03.002 --> 00:06:03.870
  • ALONG, SO I HAD TO QUITSCHOOL.
  • 00:06:03.870 --> 00:06:04.671
  • SCHOOL.TOOK ME NINE YEARS TO GET
  • 00:06:04.671 --> 00:06:05.505
  • TOOK ME NINE YEARS TO GETMY BACHELOR'S DEGREE.
  • 00:06:05.505 --> 00:06:07.173
  • MY BACHELOR'S DEGREE.LOANS WEREN'T AVAILABLE,
  • 00:06:07.173 --> 00:06:08.274
  • LOANS WEREN'T AVAILABLE,BUT I THANK GOD I DIDN'T
  • 00:06:08.274 --> 00:06:09.275
  • BUT I THANK GOD I DIDN'TTAKE ANY LOANS.
  • 00:06:09.275 --> 00:06:10.210
  • TAKE ANY LOANS.WHEN I DID GET MY
  • 00:06:10.210 --> 00:06:11.378
  • WHEN I DID GET MYBACHELOR'S DEGREE, I
  • 00:06:11.378 --> 00:06:12.545
  • BACHELOR'S DEGREE, IDIDN'T HAVE A LOAN.
  • 00:06:12.545 --> 00:06:13.813
  • DIDN'T HAVE A LOAN.BUT, ANYWAY, AT THAT
  • 00:06:13.813 --> 00:06:14.848
  • BUT, ANYWAY, AT THATPARTICULAR TIME, I QUIT MY
  • 00:06:14.848 --> 00:06:16.316
  • PARTICULAR TIME, I QUIT MYSCHOOLING AND WENT LOOKIN'
  • 00:06:16.316 --> 00:06:18.518
  • SCHOOLING AND WENT LOOKIN'FOR A JOB, AND I WAS
  • 00:06:18.518 --> 00:06:19.753
  • FOR A JOB, AND I WASOFFERED THREE JOBS, AS I
  • 00:06:19.753 --> 00:06:20.653
  • OFFERED THREE JOBS, AS IDESCRIBE IN THE BOOK, AND
  • 00:06:20.653 --> 00:06:22.956
  • DESCRIBE IN THE BOOK, ANDTHE ONE I TOOK WAS THE
  • 00:06:22.956 --> 00:06:23.757
  • THE ONE I TOOK WAS THELOWEST PAYING JOB BUT WAS
  • 00:06:23.757 --> 00:06:25.024
  • LOWEST PAYING JOB BUT WASTHE ONE THAT MY FATHER,
  • 00:06:25.024 --> 00:06:26.059
  • THE ONE THAT MY FATHER,KIND OF, RECOMMENDED, AND
  • 00:06:26.059 --> 00:06:28.261
  • KIND OF, RECOMMENDED, ANDIT WAS REALLY EXCITING FOR
  • 00:06:28.261 --> 00:06:29.829
  • IT WAS REALLY EXCITING FORME TO VISIT ALL OF THESE
  • 00:06:29.829 --> 00:06:33.032
  • ME TO VISIT ALL OF THESEBUSINESS OWNERS AND
  • 00:06:33.032 --> 00:06:35.335
  • BUSINESS OWNERS ANDUNDERSTAND THEIR THINKING,
  • 00:06:35.335 --> 00:06:36.169
  • UNDERSTAND THEIR THINKING,UNDERSTAND HOW THEY MANAGE
  • 00:06:36.169 --> 00:06:37.504
  • UNDERSTAND HOW THEY MANAGETHEMSELVES, UNDERSTAND
  • 00:06:37.504 --> 00:06:37.937
  • THEMSELVES, UNDERSTANDHOW--
  • 00:06:37.937 --> 00:06:39.038
  • HOW--- ERIC: IT SOUNDS LIKE
  • 00:06:39.038 --> 00:06:39.773
  • - ERIC: IT SOUNDS LIKEAN EDUCATION IN AND OF ITSELF.
  • 00:06:39.773 --> 00:06:40.340
  • AN EDUCATION IN AND OF ITSELF.- JOE: IT WAS A GREAT
  • 00:06:40.340 --> 00:06:41.441
  • - JOE: IT WAS A GREATEDUCATION.
  • 00:06:41.441 --> 00:06:42.041
  • EDUCATION.- ERIC: YEAH.
  • 00:06:42.041 --> 00:06:42.642
  • - ERIC: YEAH.- JOE: WHEN I WENT TO
  • 00:06:42.642 --> 00:06:43.276
  • - JOE: WHEN I WENT TOCOLLEGE, WE HAD A SOCIAL
  • 00:06:43.276 --> 00:06:44.043
  • COLLEGE, WE HAD A SOCIALSCIENCE TEACHER TELL US
  • 00:06:44.043 --> 00:06:45.211
  • SCIENCE TEACHER TELL USTHAT AMERICA WAS WEALTHY
  • 00:06:45.211 --> 00:06:46.079
  • THAT AMERICA WAS WEALTHYAND DOING WELL BECAUSE OF
  • 00:06:46.079 --> 00:06:46.746
  • AND DOING WELL BECAUSE OFTHE NATURAL RESOURCES THAT
  • 00:06:46.746 --> 00:06:48.281
  • THE NATURAL RESOURCES THATWE HAD, AND I THOUGHT,
  • 00:06:48.281 --> 00:06:49.149
  • WE HAD, AND I THOUGHT,"BOY, I'M SO LUCKY TO BE
  • 00:06:49.149 --> 00:06:50.283
  • "BOY, I'M SO LUCKY TO BEBORN IN A COUNTRY THAT'S
  • 00:06:50.283 --> 00:06:51.117
  • BORN IN A COUNTRY THAT'SRICH IN NATURAL
  • 00:06:51.117 --> 00:06:52.786
  • RICH IN NATURALRESOURCES."
  • 00:06:52.786 --> 00:06:53.453
  • RESOURCES."WHEN I GOT OUT OF COLLEGE,
  • 00:06:53.453 --> 00:06:57.257
  • WHEN I GOT OUT OF COLLEGE,I CAME TO REALIZE
  • 00:06:57.257 --> 00:06:57.857
  • I CAME TO REALIZETHAT WE WEREN'T
  • 00:06:57.857 --> 00:06:59.025
  • THAT WE WEREN'TRICH SO MUCH FOR OUR
  • 00:06:59.025 --> 00:06:59.559
  • RICH SO MUCH FOR OURNATURAL RESOURCES.
  • 00:06:59.559 --> 00:07:00.093
  • NATURAL RESOURCES.OTHER COUNTRIES HAD
  • 00:07:00.093 --> 00:07:01.327
  • OTHER COUNTRIES HADNATURAL RESOURCES.
  • 00:07:01.327 --> 00:07:02.462
  • NATURAL RESOURCES.WE WERE RICH BECAUSE WE
  • 00:07:02.462 --> 00:07:03.596
  • WE WERE RICH BECAUSE WEHAD PEOPLE EXPRESSING
  • 00:07:03.596 --> 00:07:05.231
  • HAD PEOPLE EXPRESSINGTHEIR DESIRES IN STARTING
  • 00:07:05.231 --> 00:07:06.232
  • THEIR DESIRES IN STARTINGA BUSINESS AND WORKING HARD,
  • 00:07:06.232 --> 00:07:07.934
  • A BUSINESS AND WORKING HARD,AND THAT FREE ENTERPRISE
  • 00:07:07.934 --> 00:07:10.370
  • AND THAT FREE ENTERPRISESYSTEM IS WHAT MAKES US--
  • 00:07:10.370 --> 00:07:10.937
  • SYSTEM IS WHAT MAKES US--- ERIC: OH,
  • 00:07:10.937 --> 00:07:11.504
  • - ERIC: OH,THERE'S NO QUESTION.
  • 00:07:11.504 --> 00:07:13.273
  • THERE'S NO QUESTION.THE ECONOMIC FREEDOM,
  • 00:07:13.273 --> 00:07:13.940
  • THE ECONOMIC FREEDOM,EVERY KIND OF FREEDOM THAT
  • 00:07:13.940 --> 00:07:14.607
  • EVERY KIND OF FREEDOM THATWE HAVE IN THIS COUNTRY IS
  • 00:07:14.607 --> 00:07:16.376
  • WE HAVE IN THIS COUNTRY ISA STAGGERING THING, AND WE
  • 00:07:16.376 --> 00:07:18.344
  • A STAGGERING THING, AND WEUSED TO KNOW WHAT THAT WAS
  • 00:07:18.344 --> 00:07:20.113
  • USED TO KNOW WHAT THAT WASAND WHY IT WAS GREAT.
  • 00:07:20.113 --> 00:07:21.281
  • AND WHY IT WAS GREAT.HOW DID YOU FIND YOUR WAY
  • 00:07:21.281 --> 00:07:25.718
  • HOW DID YOU FIND YOUR WAYINTO FOUNDING AMERITRADE?
  • 00:07:25.718 --> 00:07:26.820
  • INTO FOUNDING AMERITRADE?YOU SAID, "1975"?
  • 00:07:26.820 --> 00:07:28.922
  • YOU SAID, "1975"?- JOE: YEAH?
  • 00:07:28.922 --> 00:07:29.556
  • - JOE: YEAH?- ERIC: WHERE DID YOU GO
  • 00:07:29.556 --> 00:07:30.156
  • - ERIC: WHERE DID YOU GOBETWEEN, YOU KNOW, WHAT
  • 00:07:30.156 --> 00:07:30.757
  • BETWEEN, YOU KNOW, WHATWE'RE TALKIN' ABOUT NOW,
  • 00:07:30.757 --> 00:07:31.758
  • WE'RE TALKIN' ABOUT NOW,AND 1975?
  • 00:07:31.758 --> 00:07:35.895
  • AND 1975?- JOE: I HAD A STRICTLY
  • 00:07:35.895 --> 00:07:37.096
  • - JOE: I HAD A STRICTLYCOMMISSION JOB AS A
  • 00:07:37.096 --> 00:07:37.964
  • COMMISSION JOB AS ASTOCKBROKER, AND I FIGURED
  • 00:07:37.964 --> 00:07:41.134
  • STOCKBROKER, AND I FIGUREDTHAT'S AS-- I DIDN'T HAVE
  • 00:07:41.134 --> 00:07:41.968
  • THAT'S AS-- I DIDN'T HAVEANY CAPITAL.
  • 00:07:41.968 --> 00:07:42.936
  • ANY CAPITAL.I WAS AS CLOSE TO HAVING
  • 00:07:42.936 --> 00:07:43.803
  • I WAS AS CLOSE TO HAVINGMY OWN BUSINESSES AS I
  • 00:07:43.803 --> 00:07:45.004
  • MY OWN BUSINESSES AS ICOULD POSSIBLY BE, AND I
  • 00:07:45.004 --> 00:07:46.172
  • COULD POSSIBLY BE, AND IWAS COMFORTABLE WITH IT,
  • 00:07:46.172 --> 00:07:47.006
  • WAS COMFORTABLE WITH IT,AND I LIKED IT, BUT IT WAS
  • 00:07:47.006 --> 00:07:48.007
  • AND I LIKED IT, BUT IT WASTHROUGH A BAD MARKET.
  • 00:07:48.007 --> 00:07:49.442
  • THROUGH A BAD MARKET.SO THERE WERE A LOT OF
  • 00:07:49.442 --> 00:07:50.310
  • SO THERE WERE A LOT OFHARD TIMES, BUT THE
  • 00:07:50.310 --> 00:07:56.015
  • HARD TIMES, BUT THECONGRESS, THE JUSTICE
  • 00:07:56.015 --> 00:07:58.117
  • CONGRESS, THE JUSTICEDEPARTMENT, AND THE SEC,
  • 00:07:58.117 --> 00:07:59.719
  • DEPARTMENT, AND THE SEC,PUT PRESSURE ON THE NEW
  • 00:07:59.719 --> 00:08:00.720
  • PUT PRESSURE ON THE NEWYORK STOCK EXCHANGE AND
  • 00:08:00.720 --> 00:08:02.021
  • YORK STOCK EXCHANGE ANDTHE BROKERAGE INDUSTRY TO
  • 00:08:02.021 --> 00:08:02.755
  • THE BROKERAGE INDUSTRY TOGET RID OF FIXED
  • 00:08:02.755 --> 00:08:05.892
  • GET RID OF FIXEDCOMMISSIONS.
  • 00:08:05.892 --> 00:08:06.559
  • COMMISSIONS.SO EVERYBODY'S PAID THE
  • 00:08:06.559 --> 00:08:07.594
  • SO EVERYBODY'S PAID THESAME PRICE FOR A COUPLE
  • 00:08:07.594 --> 00:08:08.761
  • SAME PRICE FOR A COUPLEHUNDRED YEARS, AND AFTER
  • 00:08:08.761 --> 00:08:10.530
  • HUNDRED YEARS, AND AFTERTHE SECOND WORLD WAR, AND
  • 00:08:10.530 --> 00:08:11.564
  • THE SECOND WORLD WAR, ANDTHE ECONOMY WAS DOING
  • 00:08:11.564 --> 00:08:12.665
  • THE ECONOMY WAS DOINGWELL, MUTUAL FUNDS BECAME
  • 00:08:12.665 --> 00:08:13.900
  • WELL, MUTUAL FUNDS BECAMEBIG, PROFESSIONAL MANAGERS
  • 00:08:13.900 --> 00:08:15.668
  • BIG, PROFESSIONAL MANAGERSBECAME PROMINENT, AND THEY
  • 00:08:15.668 --> 00:08:16.836
  • BECAME PROMINENT, AND THEYWERE SAYIN', "THE FIXED
  • 00:08:16.836 --> 00:08:18.071
  • WERE SAYIN', "THE FIXEDCOMMISSION IS IN VIOLATION
  • 00:08:18.071 --> 00:08:19.005
  • COMMISSION IS IN VIOLATIONOF OUR ANTITRUST LAWS."
  • 00:08:19.005 --> 00:08:21.441
  • OF OUR ANTITRUST LAWS."SO THE NEW YORK STOCK
  • 00:08:21.441 --> 00:08:22.942
  • SO THE NEW YORK STOCKEXCHANGE AND THE WHOLE
  • 00:08:22.942 --> 00:08:24.210
  • EXCHANGE AND THE WHOLEINDUSTRY WENT AWAY FROM
  • 00:08:24.210 --> 00:08:25.011
  • INDUSTRY WENT AWAY FROMFIXED COMMISSIONS TO WHAT
  • 00:08:25.011 --> 00:08:26.813
  • FIXED COMMISSIONS TO WHATWAS CALLED "NEGOTIATED
  • 00:08:26.813 --> 00:08:28.748
  • WAS CALLED "NEGOTIATEDCOMMISSIONS."
  • 00:08:28.748 --> 00:08:29.582
  • COMMISSIONS."SO NOW, MY FRIEND
  • 00:08:29.582 --> 00:08:31.084
  • SO NOW, MY FRIENDBOB PERELMAN, AND
  • 00:08:31.084 --> 00:08:31.784
  • BOB PERELMAN, ANDMYSELF WERE TALKIN' TO
  • 00:08:31.784 --> 00:08:32.352
  • MYSELF WERE TALKIN' TOEACH OTHER AND SAID,
  • 00:08:32.352 --> 00:08:33.419
  • EACH OTHER AND SAID,"NOW OUR CUSTOMERS ARE GONNA
  • 00:08:33.419 --> 00:08:34.153
  • "NOW OUR CUSTOMERS ARE GONNABE ABLE TO TELL US WHAT WE
  • 00:08:34.153 --> 00:08:36.322
  • BE ABLE TO TELL US WHAT WESHOULD CHARGE.
  • 00:08:36.322 --> 00:08:37.090
  • SHOULD CHARGE.NOT A GOOD DEAL.
  • 00:08:37.090 --> 00:08:37.657
  • NOT A GOOD DEAL.MAYBE WE OUGHT TO JOIN
  • 00:08:37.657 --> 00:08:38.858
  • MAYBE WE OUGHT TO JOINTHEM RATHER THAN TRY TO
  • 00:08:38.858 --> 00:08:40.159
  • THEM RATHER THAN TRY TOSTAY IN THE SAME BUSINESS."
  • 00:08:40.159 --> 00:08:41.594
  • STAY IN THE SAME BUSINESS."SO THAT'S HOW WE STARTED
  • 00:08:41.594 --> 00:08:43.263
  • SO THAT'S HOW WE STARTEDTHINKING ABOUT STARTING
  • 00:08:43.263 --> 00:08:44.797
  • THINKING ABOUT STARTINGA DISCOUNT BROKERAGE BUSINESS.
  • 00:08:44.797 --> 00:08:46.032
  • A DISCOUNT BROKERAGE BUSINESS.WE HAD NO IDEA WHAT WE
  • 00:08:46.032 --> 00:08:47.500
  • WE HAD NO IDEA WHAT WEWERE DOING, AND THE TRIALS
  • 00:08:47.500 --> 00:08:49.435
  • WERE DOING, AND THE TRIALSAND TRIBULATIONS THAT WE
  • 00:08:49.435 --> 00:08:51.037
  • AND TRIBULATIONS THAT WEWENT THROUGH WERE REALLY,
  • 00:08:51.037 --> 00:08:53.006
  • WENT THROUGH WERE REALLY,REALLY KIND OF HORRENDOUS,
  • 00:08:53.006 --> 00:08:54.407
  • REALLY KIND OF HORRENDOUS,BUT I FELT COMFORTABLE THE
  • 00:08:54.407 --> 00:08:55.141
  • BUT I FELT COMFORTABLE THEWHOLE TIME.
  • 00:08:55.141 --> 00:08:56.142
  • WHOLE TIME.- ERIC: AND SO FOR PEOPLE
  • 00:08:56.142 --> 00:08:56.743
  • - ERIC: AND SO FOR PEOPLEWHO DON'T KNOW ANYTHING
  • 00:08:56.743 --> 00:08:57.944
  • WHO DON'T KNOW ANYTHINGABOUT WHAT AMERITRADE IS,
  • 00:08:57.944 --> 00:08:58.778
  • ABOUT WHAT AMERITRADE IS,TELL MY AUDIENCE WHAT IT
  • 00:08:58.778 --> 00:08:59.579
  • TELL MY AUDIENCE WHAT ITIS.
  • 00:08:59.579 --> 00:09:00.446
  • IS.- JOE: TODAY, TD
  • 00:09:00.446 --> 00:09:01.781
  • - JOE: TODAY, TDAMERITRADE IS ONE OF THE
  • 00:09:01.781 --> 00:09:04.317
  • AMERITRADE IS ONE OF THELARGEST STOCK BROKERS IN
  • 00:09:04.317 --> 00:09:05.451
  • LARGEST STOCK BROKERS INTHE COUNTRY, AND I THINK
  • 00:09:05.451 --> 00:09:06.019
  • THE COUNTRY, AND I THINKYOU SEE THEIR ADS ON
  • 00:09:06.019 --> 00:09:06.986
  • YOU SEE THEIR ADS ONTELEVISION ALL THE TIME,
  • 00:09:06.986 --> 00:09:08.321
  • TELEVISION ALL THE TIME,SO IT'S A COMPANY THAT HAS
  • 00:09:08.321 --> 00:09:11.491
  • SO IT'S A COMPANY THAT HASSOMETHING LIKE 1.3
  • 00:09:11.491 --> 00:09:14.494
  • SOMETHING LIKE 1.3TRILLION-- TRILLION
  • 00:09:14.494 --> 00:09:15.895
  • TRILLION-- TRILLIONDOLLARS IN CUSTOMER ASSETS
  • 00:09:15.895 --> 00:09:17.230
  • DOLLARS IN CUSTOMER ASSETSON DEPOSIT WITH THEM.
  • 00:09:17.230 --> 00:09:19.132
  • ON DEPOSIT WITH THEM.MANY TIMES, THEY DO OVER A
  • 00:09:19.132 --> 00:09:22.969
  • MANY TIMES, THEY DO OVER AMILLION TRADES A DAY.
  • 00:09:22.969 --> 00:09:23.469
  • MILLION TRADES A DAY.THEY HAVE 10.000
  • 00:09:23.469 --> 00:09:24.070
  • THEY HAVE 10.000EMPLOYEES, SO IT'S A BIG
  • 00:09:24.070 --> 00:09:24.671
  • EMPLOYEES, SO IT'S A BIGCOMPANY, AND WE STARTED
  • 00:09:24.671 --> 00:09:25.405
  • COMPANY, AND WE STARTEDWITH ONE EMPLOYEE IN 1975 AND--
  • 00:09:25.405 --> 00:09:27.707
  • WITH ONE EMPLOYEE IN 1975 AND--- ERIC: AND I'M LOOKIN'
  • 00:09:27.707 --> 00:09:28.107
  • - ERIC: AND I'M LOOKIN'AT HIM.
  • 00:09:28.107 --> 00:09:29.075
  • AT HIM.- JOE: AND YOU'RE-- YEAH.
  • 00:09:29.075 --> 00:09:30.977
  • - JOE: AND YOU'RE-- YEAH.NO, NO, THERE WAS FOUR OF
  • 00:09:30.977 --> 00:09:32.245
  • WE EACH PUT IN 12.500, AND
  • 00:09:33.513 --> 00:09:34.881
  • WE EACH PUT IN 12.500, ANDWE HAD ONE LADY WHO KEPT
  • 00:09:34.881 --> 00:09:36.482
  • WE HAD ONE LADY WHO KEPTTHE BOOKS.
  • 00:09:36.482 --> 00:09:37.283
  • THE BOOKS.- ERIC: OKAY, WHO WORKED,
  • 00:09:37.283 --> 00:09:37.684
  • - ERIC: OKAY, WHO WORKED,OKAY.
  • 00:09:37.684 --> 00:09:39.786
  • OKAY.- JOE: WHO WORKED FOR US.
  • 00:09:39.786 --> 00:09:40.453
  • - JOE: WHO WORKED FOR US.SO IT'S A TREMENDOUS STORY
  • 00:09:40.453 --> 00:09:42.555
  • BUT WE GREW IN SPURTS AND
  • 00:09:44.424 --> 00:09:45.358
  • BUT WE GREW IN SPURTS ANDSTOPS, AND SO HOW YOU GO
  • 00:09:45.358 --> 00:09:46.392
  • STOPS, AND SO HOW YOU GOTHROUGH ALL OF THOSE
  • 00:09:46.392 --> 00:09:47.293
  • THROUGH ALL OF THOSECHANGES WAS VERY
  • 00:09:47.293 --> 00:09:48.695
  • CHANGES WAS VERYINTERESTING.
  • 00:09:48.695 --> 00:09:50.396
  • INTERESTING.THE OTHER THING, I WANTED
  • 00:09:50.396 --> 00:09:50.997
  • THE OTHER THING, I WANTEDTO TELL THIS STORY FROM
  • 00:09:50.997 --> 00:09:52.065
  • TO TELL THIS STORY FROMTHE INSIDE.
  • 00:09:52.065 --> 00:09:53.266
  • THE INSIDE.EVERYBODY KNOWS, OR MOST
  • 00:09:53.266 --> 00:09:54.367
  • EVERYBODY KNOWS, OR MOSTPEOPLE KNOW, THAT THE
  • 00:09:54.367 --> 00:09:55.468
  • PEOPLE KNOW, THAT THEGOVERNMENT REQUIRED
  • 00:09:55.468 --> 00:09:57.303
  • GOVERNMENT REQUIREDNEGOTIATED COMMISSIONS, SO
  • 00:09:57.303 --> 00:09:58.671
  • NEGOTIATED COMMISSIONS, SOTHEY TOOK AWAY ANY
  • 00:09:58.671 --> 00:10:00.373
  • THEY TOOK AWAY ANYREGULATIONS, AND IT MADE
  • 00:10:00.373 --> 00:10:02.041
  • REGULATIONS, AND IT MADETHE ECONOMY AND IT MADE
  • 00:10:02.041 --> 00:10:03.643
  • THE ECONOMY AND IT MADETHE BROKERAGE BUSINESS
  • 00:10:03.643 --> 00:10:04.844
  • THE BROKERAGE BUSINESSJUST EXPAND AND GROW BY
  • 00:10:04.844 --> 00:10:06.346
  • JUST EXPAND AND GROW BYLEAPS AND BOUNDS.
  • 00:10:06.346 --> 00:10:08.247
  • LEAPS AND BOUNDS.PEOPLE KNOW THAT, BUT THEY
  • 00:10:08.247 --> 00:10:09.749
  • PEOPLE KNOW THAT, BUT THEYDON'T KNOW IT FROM THE
  • 00:10:09.749 --> 00:10:11.050
  • DON'T KNOW IT FROM THEINSIDE, SO THEY DON'T KNOW
  • 00:10:11.050 --> 00:10:12.819
  • INSIDE, SO THEY DON'T KNOWHOW HARD IT IS AND ALL THE
  • 00:10:12.819 --> 00:10:14.287
  • HOW HARD IT IS AND ALL THETRIALS AND TRIBULATIONS
  • 00:10:14.287 --> 00:10:15.588
  • TRIALS AND TRIBULATIONSTHAT YOU HAVE TO GO
  • 00:10:15.588 --> 00:10:16.289
  • THAT YOU HAVE TO GOTHROUGH TO MAKE A
  • 00:10:16.289 --> 00:10:17.290
  • THROUGH TO MAKE ASUCCESSFUL BUSINESS, AND
  • 00:10:17.290 --> 00:10:18.558
  • SUCCESSFUL BUSINESS, ANDTHIS IS NOT UNIQUE.
  • 00:10:18.558 --> 00:10:20.960
  • THIS IS NOT UNIQUE.I MEAN, ANYBODY THAT
  • 00:10:20.960 --> 00:10:22.095
  • I MEAN, ANYBODY THATSTARTS THEIR OWN BUSINESS
  • 00:10:22.095 --> 00:10:23.096
  • STARTS THEIR OWN BUSINESSTHAT GOES FROM ALMOST
  • 00:10:23.096 --> 00:10:23.763
  • THAT GOES FROM ALMOSTNOTHING, STARTS ON
  • 00:10:23.763 --> 00:10:24.897
  • NOTHING, STARTS ONPENNIES, AND HAVE IT BUILT
  • 00:10:24.897 --> 00:10:25.565
  • PENNIES, AND HAVE IT BUILTINTO THE SIZE OF BUSINESS
  • 00:10:25.565 --> 00:10:26.099
  • INTO THE SIZE OF BUSINESSTODAY WILL HAVE THE
  • 00:10:26.099 --> 00:10:27.900
  • TODAY WILL HAVE THESIMILAR-TYPE PROBLEMS, AND
  • 00:10:27.900 --> 00:10:30.336
  • SIMILAR-TYPE PROBLEMS, ANDYOU NEED TO BE REALLY
  • 00:10:30.336 --> 00:10:32.939
  • YOU NEED TO BE REALLYENERGIZED BY THOSE
  • 00:10:32.939 --> 00:10:34.907
  • ENERGIZED BY THOSEPROBLEMS THAT COME UP SO
  • 00:10:34.907 --> 00:10:36.376
  • PROBLEMS THAT COME UP SOTHAT YOU CAN SATISFY AND
  • 00:10:36.376 --> 00:10:39.278
  • THAT YOU CAN SATISFY ANDFIND A SOLUTION AND GET
  • 00:10:39.278 --> 00:10:40.913
  • FIND A SOLUTION AND GETTHROUGH THEM AND BE
  • 00:10:40.913 --> 00:10:41.981
  • THROUGH THEM AND BEENERGIZED BY IT, AND
  • 00:10:41.981 --> 00:10:42.815
  • ENERGIZED BY IT, ANDTHAT'S A CERTAIN TYPE OF
  • 00:10:42.815 --> 00:10:43.516
  • THAT'S A CERTAIN TYPE OFCHARACTER.
  • 00:10:43.516 --> 00:10:45.785
  • CHARACTER.GALLUP IN OMAHA SAYS
  • 00:10:45.785 --> 00:10:49.756
  • GALLUP IN OMAHA SAYSTHEY'VE DONE A LOT OF
  • 00:10:49.756 --> 00:10:50.823
  • THEY'VE DONE A LOT OFRESEARCH ON THIS.
  • 00:10:50.823 --> 00:10:52.058
  • RESEARCH ON THIS.THEY SAY BEING AN
  • 00:10:52.058 --> 00:10:53.326
  • THEY SAY BEING ANENTREPRENEUR IS A TALENT.
  • 00:10:53.326 --> 00:10:53.893
  • ENTREPRENEUR IS A TALENT.YOU'RE BORN WITH THAT
  • 00:10:53.893 --> 00:10:55.895
  • YOU'RE BORN WITH THATAPTITUDE.
  • 00:10:55.895 --> 00:10:56.462
  • APTITUDE.YOU'RE BORN WITH THAT
  • 00:10:56.462 --> 00:10:57.030
  • YOU'RE BORN WITH THATDESIRE.
  • 00:10:57.030 --> 00:10:57.864
  • DESIRE.- ERIC: YEAH, I WOULD SAY
  • 00:10:57.864 --> 00:10:58.831
  • - ERIC: YEAH, I WOULD SAYTHAT THAT'S TRUE.
  • 00:10:58.831 --> 00:11:00.700
  • THAT THAT'S TRUE.IT DOES TAKE A CERTAIN
  • 00:11:00.700 --> 00:11:01.267
  • IT DOES TAKE A CERTAINKIND OF-- I MEAN, I'M
  • 00:11:01.267 --> 00:11:03.102
  • KIND OF-- I MEAN, I'MALWAYS FASCINATED WITH HOW
  • 00:11:03.102 --> 00:11:03.903
  • ALWAYS FASCINATED WITH HOWGOD MAKES EVERYONE
  • 00:11:03.903 --> 00:11:04.704
  • GOD MAKES EVERYONEDIFFERENT.
  • 00:11:04.704 --> 00:11:05.772
  • DIFFERENT.THERE'S SO MANY DIFFERENT
  • 00:11:05.772 --> 00:11:06.406
  • THERE'S SO MANY DIFFERENTKINDS OF PEOPLE, AND SOME
  • 00:11:06.406 --> 00:11:10.376
  • KINDS OF PEOPLE, AND SOMEPEOPLE JUST DO X OR Y OR Z,
  • 00:11:10.376 --> 00:11:10.977
  • PEOPLE JUST DO X OR Y OR Z,JUST, SO NATURALLY, AND
  • 00:11:10.977 --> 00:11:11.644
  • JUST, SO NATURALLY, ANDOTHER PEOPLE WOULDN'T
  • 00:11:11.644 --> 00:11:12.912
  • OTHER PEOPLE WOULDN'TDREAM OF IT, YOU KNOW?
  • 00:11:12.912 --> 00:11:15.114
  • DREAM OF IT, YOU KNOW?SO, IN 1975, YOU AND THREE
  • 00:11:15.114 --> 00:11:17.350
  • SO, IN 1975, YOU AND THREEFRIENDS, I GUESS, BUSINESS
  • 00:11:17.350 --> 00:11:18.918
  • FRIENDS, I GUESS, BUSINESSGUYS, FOUND AMERITRADE.
  • 00:11:18.918 --> 00:11:21.254
  • GUYS, FOUND AMERITRADE.WHAT WERE YOU THINKING AT
  • 00:11:21.254 --> 00:11:22.588
  • WHAT WERE YOU THINKING ATTHAT POINT?
  • 00:11:22.588 --> 00:11:24.323
  • THAT POINT?I MEAN, WHAT WAS IT ABOUT
  • 00:11:24.323 --> 00:11:25.858
  • I MEAN, WHAT WAS IT ABOUTTHIS IDEA OF-- I MEAN,
  • 00:11:25.858 --> 00:11:27.093
  • THIS IDEA OF-- I MEAN,WHAT DID YOU THINK YOU
  • 00:11:27.093 --> 00:11:28.361
  • WHAT DID YOU THINK YOUWERE DOING AT THE TIME?
  • 00:11:28.361 --> 00:11:29.929
  • WERE DOING AT THE TIME?- JOE: WE THOUGHT WE WERE
  • 00:11:29.929 --> 00:11:31.330
  • - JOE: WE THOUGHT WE WEREBRINGING A SERVICE TO
  • 00:11:31.330 --> 00:11:32.865
  • BRINGING A SERVICE TOCUSTOMERS THAT ONLY WANTED
  • 00:11:32.865 --> 00:11:34.901
  • CUSTOMERS THAT ONLY WANTEDTO MAKE A TRADE.
  • 00:11:34.901 --> 00:11:35.768
  • TO MAKE A TRADE.THEY DIDN'T NEED TO ASK
  • 00:11:35.768 --> 00:11:36.903
  • THEY DIDN'T NEED TO ASKANY ADVICE.
  • 00:11:36.903 --> 00:11:37.837
  • ANY ADVICE.THEY DIDN'T WANT ANY
  • 00:11:37.837 --> 00:11:38.771
  • THEY DIDN'T WANT ANYRESEARCH.
  • 00:11:38.771 --> 00:11:39.772
  • RESEARCH.THEY DID NOT WANT ANY
  • 00:11:39.772 --> 00:11:40.573
  • THEY DID NOT WANT ANYOTHER SERVICES THAT A
  • 00:11:40.573 --> 00:11:41.874
  • OTHER SERVICES THAT AFULL-SERVICE BROKER
  • 00:11:41.874 --> 00:11:42.809
  • FULL-SERVICE BROKERBROUGHT.
  • 00:11:42.809 --> 00:11:43.776
  • BROUGHT.THEY'VE NEVER HAD THAT
  • 00:11:43.776 --> 00:11:44.644
  • THEY'VE NEVER HAD THATCHOICE BEFORE.
  • 00:11:44.644 --> 00:11:45.912
  • CHOICE BEFORE.SO FOR PEOPLE WHO JUST
  • 00:11:45.912 --> 00:11:47.613
  • SO FOR PEOPLE WHO JUSTWANTED TO TELL YOU, "I
  • 00:11:47.613 --> 00:11:48.581
  • WANTED TO TELL YOU, "IWOULD LIKE TO BUY THAT,"
  • 00:11:48.581 --> 00:11:49.248
  • WOULD LIKE TO BUY THAT,"OR "I'D LIKE TO SELL
  • 00:11:49.248 --> 00:11:50.550
  • OR "I'D LIKE TO SELLTHAT," THIS WAS SOMETHING
  • 00:11:50.550 --> 00:11:52.085
  • THAT," THIS WAS SOMETHINGTHAT THEY NEVER HAD THE
  • 00:11:52.085 --> 00:11:52.852
  • THAT THEY NEVER HAD THEOPPORTUNITY FOR.
  • 00:11:52.852 --> 00:11:53.486
  • OPPORTUNITY FOR.- ERIC: AND THIS DID NOT
  • 00:11:53.486 --> 00:11:54.387
  • - ERIC: AND THIS DID NOTREALLY EXIST?
  • 00:11:54.387 --> 00:11:55.488
  • REALLY EXIST?- JOE: DID NOT EXIST.
  • 00:11:55.488 --> 00:11:56.189
  • - JOE: DID NOT EXIST.- ERIC: AND SO THIS WAS
  • 00:11:56.189 --> 00:11:56.789
  • - ERIC: AND SO THIS WASYOUR IDEA?
  • 00:11:56.789 --> 00:11:58.291
  • YOUR IDEA?- JOE: IT WAS MY IDEA
  • 00:11:58.291 --> 00:12:00.460
  • - JOE: IT WAS MY IDEAAND-- BUT THERE WERE
  • 00:12:00.460 --> 00:12:01.060
  • AND-- BUT THERE WEREPEOPLE IN NEW YORK AND
  • 00:12:01.060 --> 00:12:02.161
  • PEOPLE IN NEW YORK ANDPEOPLE IN CALIFORNIA THAT
  • 00:12:02.161 --> 00:12:03.329
  • PEOPLE IN CALIFORNIA THATALSO HAD THE SAME IDEA AT
  • 00:12:03.329 --> 00:12:05.098
  • ALSO HAD THE SAME IDEA ATTHE SAME TIME, SO, AT ONE
  • 00:12:05.098 --> 00:12:06.499
  • THE SAME TIME, SO, AT ONEPOINT IN TIME, WE HAD OVER
  • 00:12:06.499 --> 00:12:09.268
  • POINT IN TIME, WE HAD OVER400 COMPETITORS.
  • 00:12:09.268 --> 00:12:12.305
  • 400 COMPETITORS.NOW THERE'S ONLY THREE.
  • 00:12:12.305 --> 00:12:13.639
  • NOW THERE'S ONLY THREE.- ERIC: HOLY COW.
  • 00:12:13.639 --> 00:12:15.141
  • - ERIC: HOLY COW.- JOE: SO A LOT OF THE
  • 00:12:15.141 --> 00:12:17.510
  • - JOE: SO A LOT OF THECOMPETITORS IN THAT 400
  • 00:12:17.510 --> 00:12:18.878
  • COMPETITORS IN THAT 400SAW US AND THE OTHER
  • 00:12:18.878 --> 00:12:20.213
  • SAW US AND THE OTHERPEOPLE THAT STARTED, BEING
  • 00:12:20.213 --> 00:12:21.514
  • PEOPLE THAT STARTED, BEINGSUCCESSFUL, AND THEY
  • 00:12:21.514 --> 00:12:22.281
  • SUCCESSFUL, AND THEYTHOUGHT IT LOOKED EASY,
  • 00:12:22.281 --> 00:12:23.049
  • THOUGHT IT LOOKED EASY,AND THEY WOULD DO IT.
  • 00:12:23.049 --> 00:12:23.783
  • AND THEY WOULD DO IT.WHAT THEY FOUND OUT IS--
  • 00:12:23.783 --> 00:12:24.383
  • WHAT THEY FOUND OUT IS--NOT EASY.
  • 00:12:24.383 --> 00:12:27.653
  • NOT EASY.ANYWAY, THERE WAS ONLY A
  • 00:12:27.653 --> 00:12:29.722
  • ANYWAY, THERE WAS ONLY AFEW, AND WE RAN OUR AD IN
  • 00:12:29.722 --> 00:12:31.190
  • FEW, AND WE RAN OUR AD INTHE OMAHA PAPER, AND IT
  • 00:12:31.190 --> 00:12:34.393
  • THE OMAHA PAPER, AND ITWAS VERY, VERY EXPENSIVE,
  • 00:12:34.393 --> 00:12:37.096
  • WAS VERY, VERY EXPENSIVE,$700, AND WE DIDN'T GET
  • 00:12:37.096 --> 00:12:40.233
  • $700, AND WE DIDN'T GETONE RESPONSE.
  • 00:12:40.233 --> 00:12:42.168
  • ONE RESPONSE.NOT ONE PERSON RESPONDED,
  • 00:12:42.168 --> 00:12:42.802
  • NOT ONE PERSON RESPONDED,AND SO WE SAID, "WHAT ARE
  • 00:12:42.802 --> 00:12:45.238
  • AND SO WE SAID, "WHAT AREWE DOIN' WRONG?"
  • 00:12:45.238 --> 00:12:46.506
  • WE DOIN' WRONG?"SO WE ADJUSTED OUR
  • 00:12:46.506 --> 00:12:49.108
  • SO WE ADJUSTED OURCOMMISSIONS, AND WE
  • 00:12:49.108 --> 00:12:49.909
  • COMMISSIONS, AND WEADJUSTED HOW WE
  • 00:12:49.909 --> 00:12:51.344
  • ADJUSTED HOW WEADVERTISED.
  • 00:12:51.344 --> 00:12:52.445
  • ADVERTISED.SOMETHING UNIQUE ABOUT
  • 00:12:52.445 --> 00:12:53.546
  • SOMETHING UNIQUE ABOUTOMAHA, TOO, AT THE TIME
  • 00:12:53.546 --> 00:12:54.547
  • OMAHA, TOO, AT THE TIMEDURING THE COLD WAR, THE
  • 00:12:54.547 --> 00:12:55.848
  • DURING THE COLD WAR, THEUNITED STATES GOVERNMENT
  • 00:12:55.848 --> 00:12:57.416
  • UNITED STATES GOVERNMENTPAID TO HAVE A REALLY
  • 00:12:57.416 --> 00:13:00.720
  • PAID TO HAVE A REALLYIN-DEPTH COMMUNICATION
  • 00:13:00.720 --> 00:13:02.688
  • IN-DEPTH COMMUNICATIONSYSTEM PUT IN AT
  • 00:13:02.688 --> 00:13:04.290
  • SYSTEM PUT IN ATNORTHWESTERN BELL, THE
  • 00:13:04.290 --> 00:13:05.124
  • NORTHWESTERN BELL, THETELEPHONE COMPANY.
  • 00:13:05.124 --> 00:13:06.993
  • TELEPHONE COMPANY.OF COURSE, THE COLD WAR
  • 00:13:06.993 --> 00:13:08.361
  • OF COURSE, THE COLD WARNEVER DID TURN HOT, SO
  • 00:13:08.361 --> 00:13:10.563
  • NEVER DID TURN HOT, SOTHAT TELEPHONE SYSTEM,
  • 00:13:10.563 --> 00:13:11.497
  • THAT TELEPHONE SYSTEM,THAT COMMUNICATION SYSTEM,
  • 00:13:11.497 --> 00:13:12.999
  • THAT COMMUNICATION SYSTEM,WAS NOT USED.
  • 00:13:12.999 --> 00:13:13.933
  • WAS NOT USED.SO IT'S ALL KINDS OF
  • 00:13:13.933 --> 00:13:17.036
  • SO IT'S ALL KINDS OFVOLUME THERE THAT COULD BE
  • 00:13:17.036 --> 00:13:18.805
  • VOLUME THERE THAT COULD BEUSED THAT WAS VACANT, SO
  • 00:13:18.805 --> 00:13:20.239
  • USED THAT WAS VACANT, SOTHE TELEPHONE COMPANY
  • 00:13:20.239 --> 00:13:21.574
  • THE TELEPHONE COMPANYSTARTED ADVERTISING LOWER
  • 00:13:21.574 --> 00:13:23.543
  • STARTED ADVERTISING LOWERLONG-DISTANCE RATES, AND
  • 00:13:23.543 --> 00:13:24.644
  • LONG-DISTANCE RATES, ANDTHAT'S WHERE THE 800
  • 00:13:24.644 --> 00:13:25.878
  • THAT'S WHERE THE 800NUMBER, THE TOLL-FREE
  • 00:13:25.878 --> 00:13:28.114
  • AND SO, A LOT OF
  • 00:13:30.283 --> 00:13:30.850
  • AND SO, A LOT OFRESERVATION COMPANIES,
  • 00:13:30.850 --> 00:13:32.018
  • RESERVATION COMPANIES,CATALOG COMPANIES, HOTEL
  • 00:13:32.018 --> 00:13:33.152
  • CATALOG COMPANIES, HOTELCOMPANIES, THINGS OF THAT
  • 00:13:33.152 --> 00:13:34.320
  • COMPANIES, THINGS OF THATSORT, WERE LOCATING THEIR
  • 00:13:34.320 --> 00:13:36.222
  • SO WE DECIDED TO RUN OUR
  • 00:13:38.558 --> 00:13:41.594
  • SO WE DECIDED TO RUN OURAD IN THE MIDWEST EDITION
  • 00:13:41.594 --> 00:13:43.296
  • AD IN THE MIDWEST EDITIONOF "THE WALL STREET
  • 00:13:43.296 --> 00:13:45.164
  • OF "THE WALL STREETJOURNAL," AND PUT AN 800
  • 00:13:45.164 --> 00:13:46.032
  • JOURNAL," AND PUT AN 800NUMBER WITH IT, AND WITH
  • 00:13:46.032 --> 00:13:48.334
  • NUMBER WITH IT, AND WITHTHE ADJUSTMENT IN
  • 00:13:48.334 --> 00:13:49.635
  • THE ADJUSTMENT INCOMMISSIONS, OUR PHONE
  • 00:13:49.635 --> 00:13:50.503
  • COMMISSIONS, OUR PHONESTARTED RINGING OFF THE
  • 00:13:50.503 --> 00:13:52.004
  • STARTED RINGING OFF THEHOOK, AND IT WAS JUST A
  • 00:13:52.004 --> 00:13:53.406
  • HOOK, AND IT WAS JUST AMATTER OF KEEPING TO WORK,
  • 00:13:53.406 --> 00:13:54.407
  • MATTER OF KEEPING TO WORK,BRING BETTER SERVICES,
  • 00:13:54.407 --> 00:13:57.009
  • BRING BETTER SERVICES,BRING MORE TO YOUR
  • 00:13:57.009 --> 00:13:58.110
  • BRING MORE TO YOURCUSTOMERS, AND THE PHONE
  • 00:13:58.110 --> 00:13:59.078
  • CUSTOMERS, AND THE PHONEKEPT RINGING OFF THE HOOK
  • 00:13:59.078 --> 00:14:00.947
  • KEPT RINGING OFF THE HOOKFOR 25 YEARS.
  • 00:14:00.947 --> 00:14:01.848
  • FOR 25 YEARS.- ERIC: YEAH.
  • 00:14:01.848 --> 00:14:02.849
  • - ERIC: YEAH.- JOE: JUST KEPT GOIN'.
  • 00:14:02.849 --> 00:14:03.649
  • - JOE: JUST KEPT GOIN'.- ERIC: AND IT'S STILL GOIN'?
  • 00:14:03.649 --> 00:14:05.418
  • - ERIC: AND IT'S STILL GOIN'?- JOE: STILL GOIN'.
  • 00:14:05.418 --> 00:14:06.285
  • - JOE: STILL GOIN'.- ERIC: YOU ARE NO LONGER
  • 00:14:06.285 --> 00:14:07.220
  • - ERIC: YOU ARE NO LONGEROFFICIALLY WITH
  • 00:14:07.220 --> 00:14:08.788
  • OFFICIALLY WITHAMERITRADE, RIGHT?
  • 00:14:08.788 --> 00:14:09.422
  • AMERITRADE, RIGHT?YOU'RE THE FORMER CEO AND
  • 00:14:09.422 --> 00:14:10.389
  • YOU'RE THE FORMER CEO ANDRETIRED CHAIRMAN, BUT YOU
  • 00:14:10.389 --> 00:14:12.358
  • RETIRED CHAIRMAN, BUT YOUARE THE FOUNDER.
  • 00:14:12.358 --> 00:14:13.092
  • ARE THE FOUNDER.WHEN WE COME BACK, I WANNA
  • 00:14:13.092 --> 00:14:14.227
  • WHEN WE COME BACK, I WANNATALK TO YOU ABOUT
  • 00:14:14.227 --> 00:14:15.862
  • TALK TO YOU ABOUTSOCIALISM AND CAPITALISM
  • 00:14:15.862 --> 00:14:16.929
  • SOCIALISM AND CAPITALISMIN THE FREE MARKET BECAUSE
  • 00:14:16.929 --> 00:14:18.564
  • IN THE FREE MARKET BECAUSEIT'S AMAZING TO ME HOW
  • 00:14:18.564 --> 00:14:21.534
  • IT'S AMAZING TO ME HOWLITTLE WE TALK ABOUT
  • 00:14:21.534 --> 00:14:23.002
  • LITTLE WE TALK ABOUTFREEDOM IN GENERAL
  • 00:14:23.002 --> 00:14:25.104
  • FREEDOM IN GENERALANYMORE, AND WE HAVE WHOLE
  • 00:14:25.104 --> 00:14:26.839
  • ANYMORE, AND WE HAVE WHOLEGENERATIONS OF YOUNG
  • 00:14:26.839 --> 00:14:27.506
  • GENERATIONS OF YOUNGPEOPLE THAT DON'T
  • 00:14:27.506 --> 00:14:28.841
  • PEOPLE THAT DON'TUNDERSTAND THE MAGIC, THE
  • 00:14:28.841 --> 00:14:30.543
  • UNDERSTAND THE MAGIC, THEGIFT OF FREEDOM,
  • 00:14:30.543 --> 00:14:31.377
  • GIFT OF FREEDOM,ESPECIALLY THE FREE
  • 00:14:31.377 --> 00:14:32.211
  • ESPECIALLY THE FREEMARKET.
  • 00:14:32.211 --> 00:14:32.778
  • MARKET.SO WHEN WE COME BACK,
  • 00:14:32.778 --> 00:14:33.479
  • SO WHEN WE COME BACK,FOLKS, I'M TALKIN' TO
  • 00:14:33.479 --> 00:14:34.247
  • FOLKS, I'M TALKIN' TOJOE RICKETTS.
  • 00:14:34.247 --> 00:14:34.914
  • JOE RICKETTS.HE'S THE FOUNDER OF
  • 00:14:34.914 --> 00:14:37.483
  • HE'S THE FOUNDER OFAMERITRADE.
  • 00:14:37.483 --> 00:14:38.084
  • AMERITRADE.THE BOOK IS "THE HARDER
  • 00:14:38.084 --> 00:14:39.418
  • THE BOOK IS "THE HARDERYOU WORK, THE LUCKIER YOU GET."
  • 00:14:39.418 --> 00:14:40.953
  • YOU WORK, THE LUCKIER YOU GET."THIS IS "THE ERIC METAXAS SHOW."
  • 00:14:40.953 --> 00:14:43.322
  • THIS IS "THE ERIC METAXAS SHOW."[MUSIC]
  • 00:14:43.322 --> 00:14:44.000
  • THIS IS "THE ERIC METAXAS SHOW."[MUSIC]
  • 00:14:44.000 --> 00:14:48.837
  • [MUSIC][MUSIC]
  • 00:14:48.837 --> 00:14:49.938
  • IT'S ERIC METAXAS SHOW.
  • 00:14:51.840 --> 00:14:52.707
  • IT'S ERIC METAXAS SHOW.I'M SITTING HERE WITH THE
  • 00:14:52.707 --> 00:14:53.708
  • I'M SITTING HERE WITH THEFOUNDER OF AMERITRADE,
  • 00:14:53.708 --> 00:14:55.243
  • THE BOOK IS "THE HARDER
  • 00:14:56.945 --> 00:14:58.513
  • THE BOOK IS "THE HARDERYOU WORK, THE LUCKIER YOU GET."
  • 00:14:58.513 --> 00:14:59.114
  • YOU WORK, THE LUCKIER YOU GET."JOE, I HAVE TO ASK
  • 00:14:59.114 --> 00:14:59.981
  • JOE, I HAVE TO ASKYOU ABOUT THE TITLE.
  • 00:14:59.981 --> 00:15:01.049
  • YOU ABOUT THE TITLE.IT'S FUNNY, BUT IT'S ALSO
  • 00:15:01.049 --> 00:15:04.853
  • IT'S FUNNY, BUT IT'S ALSOAPT, THE IDEA,
  • 00:15:04.853 --> 00:15:06.454
  • APT, THE IDEA,"THE HARDER YOU WORK,
  • 00:15:06.454 --> 00:15:08.623
  • "THE HARDER YOU WORK,THE LUCKIER YOU GET."
  • 00:15:08.623 --> 00:15:09.357
  • THE LUCKIER YOU GET."WHAT WAS IT THAT MADE YOU SAY,
  • 00:15:09.357 --> 00:15:09.925
  • WHAT WAS IT THAT MADE YOU SAY,"THAT'S THE TITLE FOR
  • 00:15:09.925 --> 00:15:10.558
  • "THAT'S THE TITLE FORMY BOOK"?
  • 00:15:10.558 --> 00:15:12.294
  • MY BOOK"?- JOE: WELL, I SAY THAT A
  • 00:15:12.294 --> 00:15:13.194
  • - JOE: WELL, I SAY THAT ALOT OF TIMES IN THE BOOK.
  • 00:15:13.194 --> 00:15:14.529
  • LOT OF TIMES IN THE BOOK.I TALKED ABOUT A
  • 00:15:14.529 --> 00:15:15.964
  • I TALKED ABOUT APARTICULAR PROBLEM THAT WE
  • 00:15:15.964 --> 00:15:18.266
  • PARTICULAR PROBLEM THAT WEHAD, AND WE FOUND A
  • 00:15:18.266 --> 00:15:19.834
  • "YOU KNOW, IT'S JUST ONE
  • 00:15:21.169 --> 00:15:22.203
  • "YOU KNOW, IT'S JUST ONEOF THOSE THINGS.
  • 00:15:22.203 --> 00:15:23.004
  • OF THOSE THINGS.THE HARDER YOU WORK, THE
  • 00:15:23.004 --> 00:15:23.638
  • THE HARDER YOU WORK, THELUCKIER YOU GET."
  • 00:15:23.638 --> 00:15:24.105
  • LUCKIER YOU GET."I SAID IT THREE
  • 00:15:24.105 --> 00:15:24.873
  • I SAID IT THREEOR FOUR TIMES.
  • 00:15:24.873 --> 00:15:25.941
  • OR FOUR TIMES.AND THEN, WHEN WE WERE
  • 00:15:25.941 --> 00:15:26.942
  • AND THEN, WHEN WE WERETALKING TO SIMON &
  • 00:15:26.942 --> 00:15:28.810
  • "WHY DON'T WE CALL THAT
  • 00:15:30.445 --> 00:15:31.646
  • "WHY DON'T WE CALL THATFOR THE TITLE?
  • 00:15:31.646 --> 00:15:32.280
  • FOR THE TITLE?WHY DON'T WE USE THAT FOR
  • 00:15:32.280 --> 00:15:32.747
  • WHY DON'T WE USE THAT FORTHE TITLE?"
  • 00:15:32.747 --> 00:15:33.715
  • THE TITLE?"SO THAT'S HOW IT STARTED
  • 00:15:33.715 --> 00:15:34.549
  • SO THAT'S HOW IT STARTEDAND HOW IT KIND OF EVOLVED.
  • 00:15:34.549 --> 00:15:35.550
  • AND HOW IT KIND OF EVOLVED.BUT IT IS TRUE, THE HARDER
  • 00:15:35.550 --> 00:15:38.853
  • BUT IT IS TRUE, THE HARDERYOU WORK, THE LUCKIER YOU GET.
  • 00:15:38.853 --> 00:15:39.955
  • YOU WORK, THE LUCKIER YOU GET.I HAD NO IDEA THAT I WOULD
  • 00:15:39.955 --> 00:15:41.289
  • I HAD NO IDEA THAT I WOULDBE WORTH AS MUCH AS I AM
  • 00:15:41.289 --> 00:15:43.391
  • BE WORTH AS MUCH AS I AMTODAY, AND I WOULD'VE
  • 00:15:43.391 --> 00:15:45.226
  • TODAY, AND I WOULD'VEBEEN, YOU KNOW, HAPPIER IF
  • 00:15:45.226 --> 00:15:47.662
  • BEEN, YOU KNOW, HAPPIER IFI HAD ACHIEVED A SMALLER
  • 00:15:47.662 --> 00:15:49.564
  • I HAD ACHIEVED A SMALLERSUCCESS, BUT IF YOU JUST
  • 00:15:49.564 --> 00:15:50.765
  • SUCCESS, BUT IF YOU JUSTWORK HARD, SOMETIMES YOU
  • 00:15:50.765 --> 00:15:52.133
  • WORK HARD, SOMETIMES YOUJUST GO WAY BEYOND WHAT
  • 00:15:52.133 --> 00:15:54.536
  • JUST GO WAY BEYOND WHATYOUR GOALS ARE.
  • 00:15:54.536 --> 00:15:55.170
  • YOUR GOALS ARE.- ERIC: AND YOU'VE WORKED
  • 00:15:55.170 --> 00:15:56.905
  • - ERIC: AND YOU'VE WORKEDHARD IN YOUR LIFE, AND
  • 00:15:56.905 --> 00:15:57.706
  • HARD IN YOUR LIFE, ANDYOU'RE WORKIN' HARD NOW.
  • 00:15:57.706 --> 00:15:58.473
  • YOU'RE WORKIN' HARD NOW.YOU'RE WRITING BOOKS.
  • 00:15:58.473 --> 00:15:59.441
  • YOU'RE WRITING BOOKS.YOU'RE-- YOU KNOW, YOU'RE
  • 00:15:59.441 --> 00:16:00.942
  • YOU'RE-- YOU KNOW, YOU'RENOT HANGIN' OUT, PLAYING
  • 00:16:00.942 --> 00:16:01.710
  • NOT HANGIN' OUT, PLAYINGGOLF.
  • 00:16:01.710 --> 00:16:03.011
  • GOLF.- JOE: WHEN I GOT RICH
  • 00:16:03.011 --> 00:16:04.112
  • - JOE: WHEN I GOT RICHAND THOUGHT I DESERVED TO
  • 00:16:04.112 --> 00:16:06.915
  • AND THOUGHT I DESERVED TORETIRE, I DID.
  • 00:16:06.915 --> 00:16:08.550
  • RETIRE, I DID.SIX MONTHS LATER, I
  • 00:16:08.550 --> 00:16:11.353
  • SIX MONTHS LATER, IDISCOVERED I WAS UNHAPPY,
  • 00:16:11.353 --> 00:16:11.953
  • DISCOVERED I WAS UNHAPPY,SO I WENT BACK TO WORK,
  • 00:16:11.953 --> 00:16:13.688
  • SO I WENT BACK TO WORK,AND I'M NOW 78.
  • 00:16:13.688 --> 00:16:14.789
  • AND I'M NOW 78.I'M STILL WORKING, AND I
  • 00:16:14.789 --> 00:16:15.824
  • I'M STILL WORKING, AND IREALLY ENJOY WORK.
  • 00:16:15.824 --> 00:16:16.891
  • REALLY ENJOY WORK.THAT'S THE MOST SATISFYING
  • 00:16:16.891 --> 00:16:19.327
  • THAT'S THE MOST SATISFYINGTHING I CAN DO IN MY LIFE
  • 00:16:19.327 --> 00:16:20.061
  • THING I CAN DO IN MY LIFEIS TO WORK AND ACHIEVE AND
  • 00:16:20.061 --> 00:16:21.496
  • IS TO WORK AND ACHIEVE ANDACCOMPLISH.
  • 00:16:21.496 --> 00:16:22.464
  • ACCOMPLISH.- ERIC: WELL, I MEAN, I
  • 00:16:22.464 --> 00:16:23.565
  • - ERIC: WELL, I MEAN, IFIND THE SAME THING IN MY
  • 00:16:23.565 --> 00:16:25.500
  • FIND THE SAME THING IN MYLIFE, AND THAT'S, TO ME,
  • 00:16:25.500 --> 00:16:27.002
  • LIFE, AND THAT'S, TO ME,THE PART OF THE MAGIC OF
  • 00:16:27.002 --> 00:16:31.473
  • THE PART OF THE MAGIC OFBEING ENTREPRENEURS
  • 00:16:31.473 --> 00:16:32.073
  • BEING ENTREPRENEURSWHEN YOU'RE WORKING FOR
  • 00:16:32.073 --> 00:16:32.674
  • WHEN YOU'RE WORKING FORYOURSELF, AND YOU'VE GOT
  • 00:16:32.674 --> 00:16:33.274
  • YOURSELF, AND YOU'VE GOTWHAT THEY CALL "SKIN IN
  • 00:16:33.274 --> 00:16:34.109
  • WHAT THEY CALL "SKIN INTHE GAME."
  • 00:16:34.109 --> 00:16:34.909
  • THE GAME."IT CHANGES THINGS.
  • 00:16:34.909 --> 00:16:35.610
  • IT CHANGES THINGS.IT'S A LITTLE BIT LIKE
  • 00:16:35.610 --> 00:16:36.277
  • IT'S A LITTLE BIT LIKEGAMBLING.
  • 00:16:36.277 --> 00:16:37.412
  • GAMBLING.IT'S A LITTLE BIT LIKE
  • 00:16:37.412 --> 00:16:38.046
  • IT'S A LITTLE BIT LIKEPLAYING SPORTS.
  • 00:16:38.046 --> 00:16:39.047
  • PLAYING SPORTS.IT'S A LITTLE BIT LIKE
  • 00:16:39.047 --> 00:16:39.881
  • IT'S A LITTLE BIT LIKETHERE'S SOMETHING EXCITING
  • 00:16:39.881 --> 00:16:40.749
  • THERE'S SOMETHING EXCITINGBECAUSE IT'S ON YOU,
  • 00:16:40.749 --> 00:16:41.249
  • BECAUSE IT'S ON YOU,BASICALLY.
  • 00:16:41.249 --> 00:16:42.717
  • BASICALLY.IT'S NOT JUST SOMETHING
  • 00:16:42.717 --> 00:16:44.753
  • IT'S NOT JUST SOMETHINGTHAT YOU DO, LIKE, YOU
  • 00:16:44.753 --> 00:16:46.154
  • THAT YOU DO, LIKE, YOUKNOW, A WORKER IN A
  • 00:16:46.154 --> 00:16:46.755
  • KNOW, A WORKER IN ASOCIALIST REPUBLIC, AND
  • 00:16:46.755 --> 00:16:47.856
  • SOCIALIST REPUBLIC, ANDYOU GET WHAT YOU GET, NO
  • 00:16:47.856 --> 00:16:48.456
  • YOU GET WHAT YOU GET, NOMATTER WHETHER YOU DO A
  • 00:16:48.456 --> 00:16:50.191
  • MATTER WHETHER YOU DO AGOOD JOB OR NOT.
  • 00:16:50.191 --> 00:16:51.326
  • GOOD JOB OR NOT.IT'S DEPENDENT ON YOU, AND
  • 00:16:51.326 --> 00:16:52.494
  • IT'S DEPENDENT ON YOU, ANDTHAT'S THE EXCITING PART.
  • 00:16:52.494 --> 00:16:53.695
  • THAT'S THE EXCITING PART.- JOE: IT IS VERY, VERY
  • 00:16:53.695 --> 00:16:55.196
  • - JOE: IT IS VERY, VERYEXCITING.
  • 00:16:55.196 --> 00:16:56.965
  • EXCITING.YOU HAVE TO MAKE THINGS
  • 00:16:56.965 --> 00:16:59.134
  • YOU HAVE TO MAKE THINGSREALLY WORK, AND FIGURING
  • 00:16:59.134 --> 00:17:00.335
  • REALLY WORK, AND FIGURINGOUT THE KEY TO MAKING
  • 00:17:00.335 --> 00:17:01.236
  • OUT THE KEY TO MAKINGTHINGS REALLY WORK, BOTH
  • 00:17:01.236 --> 00:17:02.704
  • THINGS REALLY WORK, BOTHMAKING YOUR CUSTOMER
  • 00:17:02.704 --> 00:17:03.972
  • MAKING YOUR CUSTOMERHAPPY, MAKING IT COST
  • 00:17:03.972 --> 00:17:05.640
  • HAPPY, MAKING IT COSTEFFECTIVE SO THAT YOU CAN
  • 00:17:05.640 --> 00:17:06.875
  • EFFECTIVE SO THAT YOU CANCONTINUE TO DO IT, ALL OF
  • 00:17:06.875 --> 00:17:09.477
  • CONTINUE TO DO IT, ALL OFTHAT IS VERY SATISFYING AS
  • 00:17:09.477 --> 00:17:10.979
  • THAT IS VERY SATISFYING ASYOU'RE YOUR OWN PERSON.
  • 00:17:10.979 --> 00:17:12.414
  • YOU'RE YOUR OWN PERSON.YOU KNOW WHEN YOU MAKE
  • 00:17:12.414 --> 00:17:13.948
  • YOU KNOW WHEN YOU MAKEMISTAKES YOU'RE GOING TO
  • 00:17:13.948 --> 00:17:14.649
  • MISTAKES YOU'RE GOING TOSUFFER, AND YOU BETTER NOT
  • 00:17:14.649 --> 00:17:15.850
  • SUFFER, AND YOU BETTER NOTMAKE 'EM AGAIN.
  • 00:17:15.850 --> 00:17:16.818
  • MAKE 'EM AGAIN.- ERIC: WHAT ARE YOUR HOPES?
  • 00:17:16.818 --> 00:17:17.786
  • - ERIC: WHAT ARE YOUR HOPES?I MEAN, YOU SAY YOU'RE 78.
  • 00:17:17.786 --> 00:17:20.255
  • I MEAN, YOU SAY YOU'RE 78.WHAT ARE YOUR HOPES FOR
  • 00:17:20.255 --> 00:17:21.523
  • WHAT ARE YOUR HOPES FORTHE FUTURE FOR THIS
  • 00:17:21.523 --> 00:17:23.625
  • THE FUTURE FOR THISCOUNTRY AND HOW YOU MIGHT
  • 00:17:23.625 --> 00:17:24.526
  • COUNTRY AND HOW YOU MIGHTAFFECT IT AND WHY YOU
  • 00:17:24.526 --> 00:17:25.427
  • AFFECT IT AND WHY YOUWROTE THE BOOK?
  • 00:17:25.427 --> 00:17:26.294
  • WROTE THE BOOK?- JOE: MY HOPES FOR THE
  • 00:17:26.294 --> 00:17:27.195
  • - JOE: MY HOPES FOR THECOUNTRY, REALLY, ARE
  • 00:17:27.195 --> 00:17:28.329
  • COUNTRY, REALLY, ARECENTERED AROUND MY
  • 00:17:28.329 --> 00:17:30.331
  • CENTERED AROUND MYGRANDKIDS.
  • 00:17:30.331 --> 00:17:31.833
  • GRANDKIDS.OUR KIDS ARE IN THEIR 50s.
  • 00:17:31.833 --> 00:17:32.434
  • OUR KIDS ARE IN THEIR 50s.THEY'RE IN THEIR EARLY
  • 00:17:32.434 --> 00:17:35.303
  • THEY'RE IN THEIR EARLY50s, AND THEY'VE GOT THEIR
  • 00:17:35.303 --> 00:17:36.004
  • 50s, AND THEY'VE GOT THEIRCAREERS ALL GOING WELL FOR
  • 00:17:36.004 --> 00:17:37.272
  • CAREERS ALL GOING WELL FORTHEM.
  • 00:17:37.272 --> 00:17:38.373
  • THEM.I WANT MY GRANDKIDS TO
  • 00:17:38.373 --> 00:17:39.441
  • I WANT MY GRANDKIDS TOLIVE IN A PROSPEROUS
  • 00:17:39.441 --> 00:17:40.442
  • LIVE IN A PROSPEROUSCOUNTRY, IN A FREE
  • 00:17:40.442 --> 00:17:41.509
  • COUNTRY, IN A FREECOUNTRY, AND IN A COUNTRY
  • 00:17:41.509 --> 00:17:42.210
  • COUNTRY, AND IN A COUNTRYWHERE THEY HAVE A LOT OF
  • 00:17:42.210 --> 00:17:43.411
  • WHERE THEY HAVE A LOT OFDECISIONS THAT THEY CAN
  • 00:17:43.411 --> 00:17:44.879
  • DECISIONS THAT THEY CANEFFECT TO MAKE THEMSELVES
  • 00:17:44.879 --> 00:17:46.748
  • EFFECT TO MAKE THEMSELVESFEEL COMFORTABLE AND
  • 00:17:46.748 --> 00:17:49.284
  • FEEL COMFORTABLE ANDSATISFIED IN WHAT THEY'RE
  • 00:17:49.284 --> 00:17:49.984
  • SATISFIED IN WHAT THEY'REDOING, WHETHER IT'S
  • 00:17:49.984 --> 00:17:54.422
  • DOING, WHETHER IT'SPLAYING THE PIANO OR
  • 00:17:54.422 --> 00:17:56.324
  • PLAYING THE PIANO ORWHETHER IT'S GONNA BE
  • 00:17:56.324 --> 00:17:56.758
  • WHETHER IT'S GONNA BEA SCIENTIST OR
  • 00:17:56.758 --> 00:17:57.425
  • A SCIENTIST ORSTARTING YOUR OWN BUSINESS,
  • 00:17:57.425 --> 00:17:58.927
  • STARTING YOUR OWN BUSINESS,WHATEVER IT MAY BE.
  • 00:17:58.927 --> 00:17:59.561
  • WHATEVER IT MAY BE.AND SOCIALISM WILL TAKE
  • 00:17:59.561 --> 00:18:00.495
  • AND SOCIALISM WILL TAKETHAT AWAY.
  • 00:18:00.495 --> 00:18:01.196
  • THAT AWAY.SOCIALISM WILL DESTROY THAT.
  • 00:18:01.196 --> 00:18:02.130
  • SOCIALISM WILL DESTROY THAT.IT'LL BRING DESPAIR, AND
  • 00:18:02.130 --> 00:18:03.598
  • IT'LL BRING DESPAIR, ANDIT'LL BRING POVERTY, SO
  • 00:18:03.598 --> 00:18:04.899
  • IT'LL BRING POVERTY, SOI'M VERY MUCH CONCERNED
  • 00:18:04.899 --> 00:18:07.001
  • I'M VERY MUCH CONCERNEDABOUT THE FREE ENTERPRISE
  • 00:18:07.001 --> 00:18:09.304
  • ABOUT THE FREE ENTERPRISESYSTEM AND TRY TO PUSH IT
  • 00:18:09.304 --> 00:18:10.905
  • SYSTEM AND TRY TO PUSH ITAS OFTEN AS I CAN.
  • 00:18:10.905 --> 00:18:11.739
  • AS OFTEN AS I CAN.- ERIC: I'VE GOTTA ASK
  • 00:18:11.739 --> 00:18:12.807
  • - ERIC: I'VE GOTTA ASKYOU, ANY STORIES YOU'D
  • 00:18:12.807 --> 00:18:13.975
  • YOU, ANY STORIES YOU'DLIKE TO TELL?
  • 00:18:13.975 --> 00:18:14.576
  • LIKE TO TELL?'CAUSE WE'VE JUST GOT A
  • 00:18:14.576 --> 00:18:16.611
  • 'CAUSE WE'VE JUST GOT AFEW MINUTES LEFT.
  • 00:18:16.611 --> 00:18:17.212
  • FEW MINUTES LEFT.JOE RICKETTS, IT'S A JOY
  • 00:18:17.212 --> 00:18:18.079
  • JOE RICKETTS, IT'S A JOYTO BE WITH YOU.
  • 00:18:18.079 --> 00:18:18.646
  • TO BE WITH YOU.- JOE: I'VE GOT A FEW
  • 00:18:18.646 --> 00:18:19.314
  • - JOE: I'VE GOT A FEWSTORIES THAT ARE, I THINK,
  • 00:18:19.314 --> 00:18:20.949
  • STORIES THAT ARE, I THINK,REALLY QUITE CHARMING, BUT
  • 00:18:20.949 --> 00:18:21.816
  • REALLY QUITE CHARMING, BUTONE OF THE BEST STORIES I
  • 00:18:21.816 --> 00:18:23.118
  • ONE OF THE BEST STORIES ILIKE TO TELL IS ABOUT MY
  • 00:18:23.118 --> 00:18:25.453
  • LIKE TO TELL IS ABOUT MYFRIEND JERRY GRESS.
  • 00:18:25.453 --> 00:18:26.654
  • FRIEND JERRY GRESS.JERRY GRESS AND I REALLY
  • 00:18:26.654 --> 00:18:28.156
  • JERRY GRESS AND I REALLYMET IN THE THIRD GRADE.
  • 00:18:28.156 --> 00:18:28.990
  • MET IN THE THIRD GRADE.WE WENT TO HIGH SCHOOL
  • 00:18:28.990 --> 00:18:29.657
  • WE WENT TO HIGH SCHOOLTOGETHER.
  • 00:18:29.657 --> 00:18:30.658
  • TOGETHER.WE WERE GOOD FRIENDS, AND
  • 00:18:30.658 --> 00:18:35.497
  • WE WERE GOOD FRIENDS, ANDWHEN-- AFTER WE GOT
  • 00:18:35.497 --> 00:18:36.698
  • WHEN-- AFTER WE GOTSTARTED WITH AMERITRADE,
  • 00:18:36.698 --> 00:18:37.332
  • STARTED WITH AMERITRADE,THERE WERE TIMES WHEN WE
  • 00:18:37.332 --> 00:18:38.066
  • THERE WERE TIMES WHEN WEDID NOT HAVE A LOT OF CASH.
  • 00:18:38.066 --> 00:18:38.867
  • DID NOT HAVE A LOT OF CASH.WE WERE PUSHING A BUSINESS
  • 00:18:38.867 --> 00:18:40.101
  • WE WERE PUSHING A BUSINESSTO GROW, AND THERE WAS A
  • 00:18:40.101 --> 00:18:42.804
  • TO GROW, AND THERE WAS ALAG TIME BETWEEN OUR
  • 00:18:42.804 --> 00:18:44.506
  • LAG TIME BETWEEN OUREXPENSE OF OPENING AN
  • 00:18:44.506 --> 00:18:45.306
  • EXPENSE OF OPENING ANACCOUNT AND THEN ACTUALLY
  • 00:18:45.306 --> 00:18:45.807
  • ACCOUNT AND THEN ACTUALLYPRODUCING REVENUE.
  • 00:18:45.807 --> 00:18:47.175
  • PRODUCING REVENUE.SO I HAD TAPPED OUT THE BANK.
  • 00:18:47.175 --> 00:18:48.877
  • SO I HAD TAPPED OUT THE BANK.I HAD TAPPED OUT ALL OF MY
  • 00:18:48.877 --> 00:18:50.044
  • I HAD TAPPED OUT ALL OF MYRELATIVES.
  • 00:18:50.044 --> 00:18:51.279
  • RELATIVES.ALL OF MY FRIENDS THAT
  • 00:18:51.279 --> 00:18:52.847
  • ALL OF MY FRIENDS THATWERE OLDER, THAT I THOUGHT
  • 00:18:52.847 --> 00:18:53.548
  • WERE OLDER, THAT I THOUGHTHAD MONEY, LOANED ME MONEY.
  • 00:18:53.548 --> 00:18:55.216
  • HAD MONEY, LOANED ME MONEY.I WAS REALLY DOWN.
  • 00:18:55.216 --> 00:18:56.684
  • I WAS REALLY DOWN.I COULDN'T THINK OF
  • 00:18:56.684 --> 00:18:58.586
  • I COULDN'T THINK OFANYBODY ELSE THAT I COULD
  • 00:18:58.586 --> 00:19:00.555
  • ANYBODY ELSE THAT I COULDGO AND ASK MONEY OF, AND
  • 00:19:00.555 --> 00:19:01.189
  • GO AND ASK MONEY OF, ANDTHEN I THOUGHT, "WELL, I
  • 00:19:01.189 --> 00:19:02.090
  • THEN I THOUGHT, "WELL, IGOT THIS FRIEND.
  • 00:19:02.090 --> 00:19:02.690
  • GOT THIS FRIEND.HE'S IN ABOUT THE SAME
  • 00:19:02.690 --> 00:19:03.224
  • HE'S IN ABOUT THE SAMEBOAT I AM.
  • 00:19:03.224 --> 00:19:04.159
  • BOAT I AM.I DON'T THINK HE'S GOT
  • 00:19:04.159 --> 00:19:05.059
  • I DON'T THINK HE'S GOTANYTHING THAT WOULD BE
  • 00:19:05.059 --> 00:19:06.761
  • ANYTHING THAT WOULD BEVERY LARGE IN ORDER TO
  • 00:19:06.761 --> 00:19:07.295
  • VERY LARGE IN ORDER TOHELP ME OUT."
  • 00:19:07.295 --> 00:19:08.429
  • HELP ME OUT."BUT I SAID TO MY WIFE,
  • 00:19:08.429 --> 00:19:11.533
  • BUT I SAID TO MY WIFE,"LET'S INVITE JERRY AND HIS
  • 00:19:11.533 --> 00:19:12.800
  • "LET'S INVITE JERRY AND HISWIFE PATTY OVER FOR DINNER.
  • 00:19:12.800 --> 00:19:15.270
  • WIFE PATTY OVER FOR DINNER.LET'S FIX 'EM A NICE MEAL,
  • 00:19:15.270 --> 00:19:16.137
  • LET'S FIX 'EM A NICE MEAL,AND I'LL GIVE HIM THE
  • 00:19:16.137 --> 00:19:16.671
  • AND I'LL GIVE HIM THESALES PITCH ABOUT
  • 00:19:16.671 --> 00:19:18.640
  • SALES PITCH ABOUTINVESTING IN OUR COMPANY."
  • 00:19:18.640 --> 00:19:19.474
  • INVESTING IN OUR COMPANY."SO WE DID THAT, AND THEY
  • 00:19:19.474 --> 00:19:22.577
  • SO WE DID THAT, AND THEYSAID, "OKAY," THEY'D GIVE
  • 00:19:22.577 --> 00:19:24.479
  • SAID, "OKAY," THEY'D GIVEME $4.000.
  • 00:19:24.479 --> 00:19:26.781
  • ME $4.000.THAT $4.000 WAS INCREDIBLY
  • 00:19:26.781 --> 00:19:29.350
  • THAT $4.000 WAS INCREDIBLYIMPORTANT TO US AT THE TIME.
  • 00:19:29.350 --> 00:19:30.485
  • IMPORTANT TO US AT THE TIME.NOW, I COULDN'T PAY THAT
  • 00:19:30.485 --> 00:19:32.720
  • NOW, I COULDN'T PAY THATBACK VERY EASILY, SO I ASKED
  • 00:19:32.720 --> 00:19:33.354
  • BACK VERY EASILY, SO I ASKEDHIM TO PUT IT INTO STOCK,
  • 00:19:33.354 --> 00:19:35.823
  • HIM TO PUT IT INTO STOCK,SO THEY TOOK STOCK, AND I
  • 00:19:35.823 --> 00:19:36.324
  • SO THEY TOOK STOCK, AND IWOULD SEND THEM A
  • 00:19:36.324 --> 00:19:38.826
  • WOULD SEND THEM ASTATEMENT EVERY QUARTER,
  • 00:19:38.826 --> 00:19:39.427
  • STATEMENT EVERY QUARTER,BUT THEY DIDN'T PAY ANY
  • 00:19:39.427 --> 00:19:40.762
  • BUT THEY DIDN'T PAY ANYATTENTION.
  • 00:19:40.762 --> 00:19:41.329
  • ATTENTION.THEY JUST THREW IT IN
  • 00:19:41.329 --> 00:19:43.731
  • THEY JUST THREW IT INTHEIR DRAWER.
  • 00:19:43.731 --> 00:19:44.299
  • THEIR DRAWER.AND MANY, MANY YEARS
  • 00:19:44.299 --> 00:19:45.500
  • AND MANY, MANY YEARSLATER, WE'RE GETTIN' READY
  • 00:19:45.500 --> 00:19:47.402
  • LATER, WE'RE GETTIN' READYTO GO PUBLIC.
  • 00:19:47.402 --> 00:19:48.002
  • TO GO PUBLIC.I TOOK MY FRIEND JERRY
  • 00:19:48.002 --> 00:19:48.603
  • I TOOK MY FRIEND JERRYGRESS OUT, AND I SAID,
  • 00:19:48.603 --> 00:19:49.237
  • GRESS OUT, AND I SAID,"WE'RE GETTING READY TO GO
  • 00:19:49.237 --> 00:19:50.171
  • "WE'RE GETTING READY TO GOPUBLIC, JERRY, AND YOU'VE
  • 00:19:50.171 --> 00:19:50.939
  • PUBLIC, JERRY, AND YOU'VEGOT SO MANY SHARES, AND
  • 00:19:50.939 --> 00:19:51.940
  • GOT SO MANY SHARES, ANDIT'S WORTH SO MUCH MONEY."
  • 00:19:51.940 --> 00:19:53.541
  • IT'S WORTH SO MUCH MONEY."HE COULDN'T BELIEVE IT,
  • 00:19:53.541 --> 00:19:54.842
  • HE COULDN'T BELIEVE IT,AND HE SAID, "I REALLY
  • 00:19:54.842 --> 00:19:55.910
  • AND HE SAID, "I REALLYHAVE A HARD TIME
  • 00:19:55.910 --> 00:19:56.778
  • HAVE A HARD TIMEUNDERSTANDING THAT THIS IS
  • 00:19:56.778 --> 00:19:57.345
  • UNDERSTANDING THAT THIS ISTRUE."
  • 00:19:57.345 --> 00:19:57.879
  • TRUE."I SAID, "TELL YOU
  • 00:19:57.879 --> 00:19:59.781
  • I SAID, "TELL YOUWHAT WE'LL DO.
  • 00:19:59.781 --> 00:20:00.348
  • WHAT WE'LL DO.ON THE DAY THAT WE GO
  • 00:20:00.348 --> 00:20:01.249
  • ON THE DAY THAT WE GOPUBLIC AND YOUR SHARES ARE
  • 00:20:01.249 --> 00:20:01.916
  • PUBLIC AND YOUR SHARES ARESOMETHING THAT YOU CAN
  • 00:20:01.916 --> 00:20:03.718
  • SOMETHING THAT YOU CANTURN INTO DOLLARS, I'LL
  • 00:20:03.718 --> 00:20:04.352
  • TURN INTO DOLLARS, I'LLGIVE YOU A MILLION-DOLLAR
  • 00:20:04.352 --> 00:20:05.954
  • GIVE YOU A MILLION-DOLLARCHECK FOR SOME OF YOUR SHARES."
  • 00:20:05.954 --> 00:20:06.688
  • CHECK FOR SOME OF YOUR SHARES."- ERIC: "FOR SOME OF
  • 00:20:06.688 --> 00:20:07.589
  • - ERIC: "FOR SOME OFYOUR SHARES"?
  • 00:20:07.589 --> 00:20:08.890
  • YOUR SHARES"?- JOE: "FOR SOME OF YOUR
  • 00:20:08.890 --> 00:20:09.424
  • - JOE: "FOR SOME OF YOURSHARES"--
  • 00:20:09.424 --> 00:20:10.091
  • SHARES"--SMALL PART.
  • 00:20:10.091 --> 00:20:10.925
  • SMALL PART.SO I DID THAT, AND I
  • 00:20:10.925 --> 00:20:11.759
  • SO I DID THAT, AND IBROUGHT THE CHECK TO HIM,
  • 00:20:11.759 --> 00:20:12.660
  • BROUGHT THE CHECK TO HIM,AND I TOLD ALL THE PEOPLE
  • 00:20:12.660 --> 00:20:16.064
  • AND I TOLD ALL THE PEOPLETHAT HE WAS WORKIN'
  • 00:20:16.064 --> 00:20:17.332
  • THAT HE WAS WORKIN'AROUND, I SAID, "FOLKS, I
  • 00:20:17.332 --> 00:20:18.399
  • AROUND, I SAID, "FOLKS, IJUST WANNA SHOW YOU WHAT A
  • 00:20:18.399 --> 00:20:19.934
  • JUST WANNA SHOW YOU WHAT AFRIEND OF MINE DID FOR ME
  • 00:20:19.934 --> 00:20:23.605
  • FRIEND OF MINE DID FOR MEAND HOW MUCH IT REALLY
  • 00:20:23.605 --> 00:20:25.173
  • HE WAS VERY EXCITED TO GET
  • 00:20:26.608 --> 00:20:27.275
  • HE WAS VERY EXCITED TO GETTHE MILLION-DOLLAR CHECK--
  • 00:20:27.275 --> 00:20:29.010
  • THE MILLION-DOLLAR CHECK--AND PROVED TO HIM THAT THE
  • 00:20:29.010 --> 00:20:29.611
  • AND PROVED TO HIM THAT THEWEALTH THAT HE HAD THERE
  • 00:20:29.611 --> 00:20:31.846
  • - ERIC: YOU KNOW, EVERY
  • 00:20:32.981 --> 00:20:33.381
  • - ERIC: YOU KNOW, EVERYTIME I GET A
  • 00:20:33.381 --> 00:20:34.015
  • TIME I GET AMILLION-DOLLAR CHECK, I
  • 00:20:34.015 --> 00:20:34.749
  • MILLION-DOLLAR CHECK, IGET EXCITED.
  • 00:20:34.749 --> 00:20:36.317
  • GET EXCITED.[LAUGHTER]
  • 00:20:36.317 --> 00:20:36.918
  • [LAUGHTER]IT'S JUST THE WAY IT IS.
  • 00:20:36.918 --> 00:20:37.819
  • IT'S JUST THE WAY IT IS.IT'S A NORMAL HUMAN
  • 00:20:37.819 --> 00:20:38.286
  • IT'S A NORMAL HUMANREACTION.
  • 00:20:38.286 --> 00:20:39.520
  • REACTION.NO, SERIOUSLY, JOE
  • 00:20:39.520 --> 00:20:40.121
  • NO, SERIOUSLY, JOERICKETTS, IT'S SO FUN TO
  • 00:20:40.121 --> 00:20:40.989
  • RICKETTS, IT'S SO FUN TOTALK TO YOU.
  • 00:20:40.989 --> 00:20:43.691
  • TALK TO YOU.I WISH WE HAD MORE TIME.
  • 00:20:43.691 --> 00:20:45.193
  • I WISH WE HAD MORE TIME.I'M GRATEFUL THAT YOU ARE,
  • 00:20:45.193 --> 00:20:46.961
  • I'M GRATEFUL THAT YOU ARE,YOU KNOW, SPREADING THE
  • 00:20:46.961 --> 00:20:47.829
  • YOU KNOW, SPREADING THEGOSPEL, SO TO SPEAK, OF
  • 00:20:47.829 --> 00:20:49.364
  • GOSPEL, SO TO SPEAK, OFFREE ENTERPRISE.
  • 00:20:49.364 --> 00:20:51.032
  • FREE ENTERPRISE.WE NEED THIS IN AMERICA
  • 00:20:51.032 --> 00:20:51.933
  • WE NEED THIS IN AMERICARIGHT NOW.
  • 00:20:51.933 --> 00:20:53.167
  • RIGHT NOW.THE WHOLE WORLD NEEDS IT,
  • 00:20:53.167 --> 00:20:54.135
  • THE WHOLE WORLD NEEDS IT,BUT WE NEED IT
  • 00:20:54.135 --> 00:20:56.604
  • BUT WE NEED ITPARTICULARLY IN AMERICA,
  • 00:20:56.604 --> 00:20:57.272
  • PARTICULARLY IN AMERICA,SO CONGRATULATIONS ON
  • 00:20:57.272 --> 00:20:58.106
  • SO CONGRATULATIONS ONEVERYTHING, BUT
  • 00:20:58.106 --> 00:20:59.073
  • EVERYTHING, BUTPARTICULARLY ON YOUR
  • 00:20:59.073 --> 00:21:00.341
  • PARTICULARLY ON YOURLATEST ACHIEVEMENT,
  • 00:21:00.341 --> 00:21:01.342
  • LATEST ACHIEVEMENT,WRITING THIS BOOK, "THE
  • 00:21:01.342 --> 00:21:02.577
  • WRITING THIS BOOK, "THEHARDER YOU WORK, THE
  • 00:21:02.577 --> 00:21:04.912
  • HARDER YOU WORK, THELUCKIER YOU GET."
  • 00:21:04.912 --> 00:21:06.247
  • LUCKIER YOU GET."THANKS FOR BEING ON MY PROGRAM.
  • 00:21:06.247 --> 00:21:07.315
  • THANKS FOR BEING ON MY PROGRAM.- JOE: IT CERTAINLY HAS
  • 00:21:07.315 --> 00:21:07.815
  • - JOE: IT CERTAINLY HASBEEN A PLEASURE.
  • 00:21:07.815 --> 00:21:08.883
  • BEEN A PLEASURE.- ERIC: MY PLEASURE.
  • 00:21:08.883 --> 00:21:09.684
  • - ERIC: MY PLEASURE.FOLKS, GRAB A COPY.
  • 00:21:09.684 --> 00:21:10.685
  • FOLKS, GRAB A COPY.THE FOUNDER OF AMERITRADE
  • 00:21:10.685 --> 00:21:12.887
  • THE FOUNDER OF AMERITRADEHAS TOLD HIS STORY IN THIS
  • 00:21:12.887 --> 00:21:14.222
  • HAS TOLD HIS STORY IN THISBOOK, AND I THINK MANY
  • 00:21:14.222 --> 00:21:15.390
  • BOOK, AND I THINK MANYPEOPLE WILL BE ENCOURAGED
  • 00:21:15.390 --> 00:21:16.824
  • PEOPLE WILL BE ENCOURAGEDBY IT.
  • 00:21:16.824 --> 00:21:18.226
  • [MUSIC]
  • 00:21:20.795 --> 00:21:27.602
  • - REBECCA KIESSLING: SO I
  • 00:21:29.270 --> 00:21:30.571
  • LITERALLY OWE MY BIRTH TO
  • 00:21:30.571 --> 00:21:31.239
  • AND I WASN'T LUCKY.
  • 00:21:33.341 --> 00:21:35.310
  • - REBECCA: YOU KNOW, THAT
  • 00:21:37.412 --> 00:21:39.047
  • - REBECCA: YOU KNOW, THATWAS MY LIFE-CHANGING,
  • 00:21:39.047 --> 00:21:40.181
  • WAS MY LIFE-CHANGING,NEAR-DEATH EXPERIENCE,
  • 00:21:40.181 --> 00:21:41.482
  • NEAR-DEATH EXPERIENCE,AND THE FACT THAT I WAS
  • 00:21:41.482 --> 00:21:42.083
  • AND THE FACT THAT I WASYOUNGER DOESN'T MAKE IT
  • 00:21:42.083 --> 00:21:43.551
  • YOUNGER DOESN'T MAKE ITANY LESS REAL OR ANY LESS
  • 00:21:43.551 --> 00:21:47.522