Huge amounts of capital are required to build companies and industry. The research that innovates can occur in one guy's garage, like the Wright Brothers or Bill Gates. But to actually put it into production requires capital investment.
And the price of anything is high in the beginning. the larger the production volume going forward, the lower the cost per unit, and prices go down. On CD players, on personal computers, on cel phones, on IPODs, on DVD recorders, or flatscreen TV's.
I've seen repeatedly over the last few years that we have the capacity, and actual designs, to build air-cars like on The Jetsons. Initial production is about $250,000 per car. If it catches on and goes into mass production, the price would lower to about $40,000 per car. Likewise robots to vacuum your home or cook food while you're at work.
At 5:34, he contradicts the point you selectively leap on: "I'm not saying capitalists don't provide an important role in the economy... but all parts of the system are equally important."
The one point I agree on is that if workers are creating businesses and products that are generating jobs and profits, they should share those profits proportionately with the employees at every level who contribute to that success (i.e. the Japanese model, where manufacturing employees receive a raise before executives can receive a raise, and some sense of maintained proportion). And executives should not receive bonuses for losses and failure.
Companies like Microsoft and Facebook have shared the profits with their employees, and each has created thousands of new millionaires. Hertz is also a company that shares with employees. Not all corporations shaft their employees.
I disagree that a company is required to provide certain wages and benefits, or even requires jobs, to employees. The companies Herman Cain has managed are examples, such as Burger King and Godfather's pizza. When the company is insolvent, it makes sense to close unprofitable locations and gain solvency. Once solvency, organization and efficiency is re-established, then they can expand and create new locations again.
Romney likewise has a 78% success ratio at doing this with Bain Capital.
And K-Mart went chapter 13 at the time of the GM bailout, and closed many locations. And is now restructured and profitable again. GM could have gone through a similar restructuring and still survived, but not at a cost of tens of billions to U.S. taxpayers.
who the fuck is porometheus?!?
