CNBC

The morning show on CNBC, Squawkbox, had as a featured guest this morning Jeff Sandefer. Jeff is all about free markets and encouraging entrepreneurship, which he does primarily through his organization, The Acton Foundation. Jeff also happens to be my boss.

Here's the video from CNBC:
http://www.cnbc.com/id/15840232?video=1009110584

I immediately noticed that the hosts of the show didn't know what to do with Jeff's comments regarding our need to separate real entrepreneurs from the "financial engineers" that have gotten the U.S. economy into so much trouble. It comes as no surprise that the financial media is hesitant to blame the industry that has provided them with so much to talk about. But at the end of the day the finance industry has created a huge mess because it simply forgot to associate numbers analysis with real products and real people. Unfortunately, we have had to admit now that commission fees on financing activities (although lucrative at times) are not a primary driver of value.