Multibillionaire entrepreneur, investor and Dallas Mavericks owner Mark Cuban stopped by Fox News’ “Watters World” late Saturday to offer his economic prescription for the global coronavirus pandemic and warn of the inexorable changes that await society.
First and foremost, he said, business “leaders need to step up.”
“I don’t care what the media says, I don’t care what the politicians say, I care about what I can do to help — I care about others that can help,” he maintained.
“And whether it’s [MyPillow CEO] Mike Lindell, myself, whoever, this is a time when leaders need to step up and do what’s right to help their employees try to turn this thing around.”
Listen to the full discussion below (disable your adblocker if the video doesn’t appear):
(Source: Fox News)
Second, political leaders must also step up, Cuban continued.
Take the Congress-drafted emergency coronavirus spending bill that President Donald Trump signed roughly a week ago. Had Cuban been president, he’d have ensured that the bill contained provisions for overdraft protection.
“The way we’re doing it now in trying to have everybody apply for a loan — that just adds friction to the process. And the same with the $1,200 stimulus checks. It’s not that that’s a bad program. It’s a good program at this time, but I would’ve done it a little different,” he explained.
“So effectively, if you have a small or medium-sized business, we would just cover all your checks, and then the Fed would reimburse your local bank for anything that you bounce. That way you can keep all your employees employed, pay all your bills, pay your mortgage, pay your rent, pay your utilities — and things can continue somewhat at least as normal.”
Sadly, that isn’t currently happening.
“Now with the program’s designed the way they are, we don’t know if there’s enough money for this, we don’t know if people are qualified for that. So that’s how I’d do it differently,” he noted.
The program as it stands has reportedly been plagued with problems, including loan denials based on ridiculous stipulations such as Bank of America’s rule that only businesses with a credit account can apply for a coronavirus loan.
.@BankofAmerica got bailed out with $45 billion of your tax money
But now just heard from #smallbusiness with a BOA account & a 400k line of credit they paid off
BOA denied #PPP loan because they don’t have a credit account
A ridiculous requirement that isn’t anywhere in law
— Marco Rubio (@marcorubio) April 3, 2020
While Cuban didn’t mention the millionairesses in Hollywood, some have called for them to also step up by cutting out with the “shallow gestures” and actually providing genuine help to, as an example, all the lower-income working stiffs who work behind the cameras.
Hollywood actor Zachery Ty Bryan, who penned a piece for Fox News last month highlighting the struggles of the industry’s working-class, published a blog post on Friday calling for his peers to practice “conscious capitalism” by allowing workers to earn a stake in creative projects.
“Just like tech startups giving employees stock in the company, this type of royalty sharing in Hollywood allows the 99% to share in the long-term profits of their work,” he wrote. “A change that will finally allow hard-working and enterprising people at all levels of Hollywood the ability to move beyond economic vulnerability.”
“Had this shift begun earlier, fewer of my hard-working colleagues in Hollywood would be in such a spot of financial uncertainty brought about by Covid-19, but it’s never too late to start and I plan to lead that charge.”
Yours Truly 🇺🇸😌🇺🇸 https://t.co/VAlQbDLfRt
— Zachery Ty Bryan (@ZTB) March 26, 2020
Dovetailing back to Cuban’s appearance on FNC …
After offering his economic prescription, the billionaire investor then addressed the elephant in the room, which is whether society will be able to return to normal once this crisis subsides.
“How does this virus change this society, because are people going to rush back into restaurants, are they going to hop back into packed cabins in airplanes, are they going to continue to live in cities,” FNC host Jesse Watters asked. “What do you see changing fundamentally after all this is done?”
“Everything,” Cuban bluntly replied.
“When we get to the other side — I’ve been calling it America 2.0 — we’re going to see what’s in front of us, because when you have imperfect information, you make imperfect decisions, so we really don’t know what to expect on the other side,” he explained.
“But what I do know is that in this country, all the entrepreneurs that you referred to, all the capitalists that exist here … there’s no other country I’d rather be in. Because I know whatever we find out there, companies are going to be invented, entrepreneurs are going to adapt. United States of America, our people are going to adapt.”
And while adapting is always good, it does require change, and sometimes change can be difficult, though Cuban is hopeful that all will ultimately end well.
“So I’m concerned, but I’m also hopeful, and I think we’re going to end up in a better place,” he concluded.
When things are all messed up beyond recognition, that’s when the heroes step forward and create things, invent things and develop things that change the world. And that’s what’s needed right now. If you have a vision for America 2.0, nows the time.
— Mark Cuban (@mcuban) April 3, 2020
When we look back in five years, we are going to realize that there were 10 to 20 amazing companies that were started that changed the world and led us to a brighter future. Ask yourself: “Why Not Me” or “Why Not Us”. Now is your time. The world is waiting.
— Mark Cuban (@mcuban) April 4, 2020
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