U.S. Markets close in 1 hr 7 mins

Langone to millennials embracing socialism: 'I'll put you on my plane and fly you to Venezuela'

Katie Krzaczek
Associate Editor

Just after the 10th anniversary of the fall of Lehman Brothers, co-founder of the Home Depot (HD) Ken Langone cited the market crash that followed as the reason many millennials have a negative view of capitalism.

“They were 8, 9, 10, 11, 12 years old,” Langone told Yahoo Finance’s Julia La Roche at the All Markets Summit on Sept. 20. “So capitalism did not present itself very well.”

Read more: Wall Street CEO identifies 25 lessons he learned from the 2008 financial crisis

Langone went on to suggest that countries that have adopted a socialist system aren’t doing well. To the millennials who seem to favor socialism, Langone said: “I’ll put you in my plane and I’ll fly you down to Venezuela, and let’s see how good socialism is doing down there.”

Ken Langone speaks during the 2018 Yahoo Finance All Markets Summit at The Times Center on September 20, 2018 in New York City.

The criticisms many millennials today have of capitalist systems were likely borne out of growing up through the Great Recession. One of the most visible effects in the wake of the recession has been the increasing burden of student loan debt, which has caused some young people to delay life milestones.

“But that wasn’t capitalism,” Langone said of the market crash and recession. “That was a system that’s gone amok.

“If you give [Wall Street] an opening on how to make money, they’ll take advantage of it. That’s the way the system works,” he said. “Sometimes for the good, sometimes not. So I understand [millennials’] bias based on that period of time.”

‘I don’t think anybody should apologize for being successful’

In discussing his own success, Langone said he makes “no apology whatsoever for having a beautiful airplane that takes me wherever I want to go, or beautiful homes. None of that.”

He said that he and his wife have given away more than they’ve spent. “If you add up all the money we’ve spent on ourselves, homes, vacations, cars … it’s a fraction of the money we’ve given away to great causes.”

Home Depot co-founder Ken Langone interviewed by Julia La Roche at the 2018 Yahoo Finance All Markets Summit at The Times Center on September 20, 2018 in New York City. (Photo by John Lamparski/Getty Images)

Part of Langone and his wife’s giving includes contributing $100 million to the recent endowment that will fund tuition for all medical students at New York University.

“I was a fraction of the money that was necessary to make that happen,” Langone said. “We raised $500 million, and I only gave $100 million. There’s $400 million from other people, all private donors.”

Langone pointed to this and other examples of charitable giving at institutions around the country, which represent the “moral obligation” he feels he has to reach “the most people possible.”

“Go to every college and university in America today, look at the buildings that have names on them. Go to the medical centers all over the city. Go to libraries. Go to museums,” Langone said. “All those places exist because people saw fit to share their good fortune with others. And I don’t think anybody should apologize for being successful.”

Watch the full Langone interview here >>

Follow Katie on Twitter. 

More for Yahoo Finance’s All Markets Summit:

  • Why McDonald's Stock Jumped Today
    Business
    Motley Fool

    Why McDonald's Stock Jumped Today

    Shares of McDonald's (NYSE: MCD) rose on Tuesday after the fast-food giant reported positive third-quarter results. Strong comparable sales growth helped push revenue and earnings above analyst expectations. McDonald's reported third-quarter revenue of $5.37 billion, down 6.7% year over year, but $80 million above the average analyst estimate.

  • Companies Say They're Ready to Move Supply Chains From China
    Finance
    Bloomberg

    Companies Say They're Ready to Move Supply Chains From China

    U.S. President Donald Trump imposed a 10 percent tariff on $200 billion of Chinese imports in September -- following an earlier round of tariffs on $50 billion of goods -- and promised to raise the duty to 25 percent in January. "We’re pro-actively taking action," Todd Bluedorn, chief executive officer of the Texas-based HVAC company, told analysts during an Oct. 22 earnings call.

  • 2 More Marijuana Stocks Are Moving to the NYSE
    Business
    Motley Fool

    2 More Marijuana Stocks Are Moving to the NYSE

    This year, we've witnessed GW Pharmaceuticals gain approval in the U.S. for the first cannabis-derived drug, and we watched as Vermont legalized recreational marijuana use entirely through the legislative process. This began with Cronos Group at the end of February, when it chose to list its shares on the Nasdaq. It was followed just a few months later by Canopy Growth Corp., which became the first marijuana stock to list on the NYSE.

  • Why Investors Are Paying a Premium for These 3 Biotech Stocks
    Business
    Motley Fool

    Why Investors Are Paying a Premium for These 3 Biotech Stocks

    Amarin stock exploded in September because it looks like Vascepa will become the next go-to drug for this enormous population. During the 8,179-patient Reduce-It trial, patients given Vascepa in addition to their normal statin treatments were 25% less likely to suffer a major cardiovascular event such as a heart attack. Over the past year, Amarin Corporation actually lost $92 million because sales of Vascepa just haven't kept pace with operating expenses.

  • 5 Deeply Discounted Value Stocks That Haven't Been This Cheap in at Least a Decade
    Business
    Motley Fool

    5 Deeply Discounted Value Stocks That Haven't Been This Cheap in at Least a Decade

    October has been a wake-up call for investors that the stock market won't go up in a straight line, even if we'd like it to. Sure, Bank of America (NYSE: BAC) has seen its stock catapult higher from its Great Recession lows, but its forward P/E of 9.8 would represent a more-than-decade low for the stock.

  • The stock market's 'dead cat bounce' is over and the rolling bear market is making a comeback, Morgan Stanley says
    Business
    Business Insider

    The stock market's 'dead cat bounce' is over and the rolling bear market is making a comeback, Morgan Stanley says

    The stock market may have bounced back following its sharp sell-off at the beginning of October, but Morgan Stanley says the selling is going to pick back up soon. Tread carefully in tech and consumer discretionary, Morgan Stanley warns.

  • Finance
    CNBC

    Here's the tax bite on $1.6 billion Mega Millions and $620 million Powerball jackpots

    Strategies can be employed to reduce the amount of your win that is taxed, although they are best explored with the help of an experienced tax advisor. While it's anyone's guess who will end up winning the Mega Millions and Powerball jackpots, there's at least one guaranteed recipient of a chunk of the loot — the IRS. With the Mega Millions jackpot at $1.6 billion and Powerball's top prize at $620 million, that tax bill will be hefty even if the winner employs strategies to reduce their taxable income.

  • These stocks may be sacrificed in a cold war with China
    COL
    CNBC Videos

    These stocks may be sacrificed in a cold war with China

    Jim Cramer says the escalation in the United States' trade war with China could end in an outright cold war that debilitates parts of the stock market.

  • Suze Orman missed the point of retirement, and that’s why she went back to work
    News
    MarketWatch

    Suze Orman missed the point of retirement, and that’s why she went back to work

    Suze Orman did a smackdown of the FIRE (Financial Independence/Retire Early) movement on Paula Pant’s podcast. Coach Carson posted a balanced, informative response, appreciating Suze’s admonition to be sure you have enough for a risk-free retirement. Suze enumerated a string “what can go wrong” scenarios as evidence that early retirement (on less than $10 million) leaves you vulnerable when life hands you lemons — a whole tree of lemons.

  • Is the New Energy Transfer LP a Buy?
    Finance
    Motley Fool

    Is the New Energy Transfer LP a Buy?

    Last week, Energy Transfer LP (NYSE: ET) emerged on the scene after the former Energy Transfer Equity completed the acquisition of its affiliate Energy Transfer Partners in a unit-for-unit exchange that simplified this complex midstream franchise. The transaction also created a much stronger company that has the financial resources to fund a significant slate of expansion projects. The new Energy Transfer is a behemoth in the midstream sector.

  • T-Mobile CEO said he'd rather live in Kansas City than Bellevue
    Finance
    American City Business Journals

    T-Mobile CEO said he'd rather live in Kansas City than Bellevue

    T-Mobile US Inc. CEO John Legere said he would rather live in Kansas City than Bellevue, and T-Mobile plans to make new “centers of employment” with or without a Sprint Corp. merger. The details emerged after Legere spoke at an employee meeting at Sprint headquarters. Sprint was required to provide a transcript to the U.S. Securities and Exchange Commission because it discussed the company’s planned $26.5 billion merger bid with T-Mobile.

  • Why Pot Stocks Canopy Growth, Cronos Group, and Tilray Are Cratering Today
    Business
    Motley Fool

    Why Pot Stocks Canopy Growth, Cronos Group, and Tilray Are Cratering Today

    Canadian pot stocks are getting hit hard across the board today. As of 1:21 p.m. EDT, for example, shares of Canopy Growth Corporation (NYSE: CGC) and Cronos Group (NASDAQ: CRON) were both down by 11.2%, whereas Tilray's(NASDAQ: TLRY) stock had fallen by 14.4%. Canopy, Cronos, and Tilray all seem to be succumbing to a so-called "sell the news" event.

  • Larry Kudlow details plans for Trump's middle-income tax cut
    Business
    Fox Business Videos

    Larry Kudlow details plans for Trump's middle-income tax cut

    President Trump commits to a new middle-income tax reduction of 10 percent to be voted on after Election Day; Director of the National Economic Council Larry Kudlow explains.

  • Why Tesla Stock Jumped Tuesday
    Business
    Motley Fool

    Why Tesla Stock Jumped Tuesday

    Shares of electric-car company Tesla (NASDAQ: TSLA) popped on Tuesday, rising as much as 7.5%. The stock's rise comes after the electric-car company scheduled its earnings report about a week earlier than usual with just two days' notice, leading to some speculation that the automaker may have achieved its goal to become profitable during the quarter. Citron Research, which had previously encouraged investors to short Tesla stock, is now reversing its stance on the stock.

  • Business
    Motley Fool

    Parsing Visa's Big Quarterly Dividend Hike

    The ubiquitous financial services player Visa (NYSE: V) isn't exactly an income stock -- its dividend yield has fairly consistently been below 1% for years. Which raises two interesting questions for MarketFoolery host Chris Hill and senior analyst Jason Moser. In this segment from MarketFoolery, they discuss Visa's cash cow structure, its stock repurchases, and the M&A possibilities it thus far seems to be ignoring.

  • News
    CNBC

    Here's how much money you should have saved by 50

    Fidelity, the nation's largest retirement-plan provider, recommends having the equivalent of six times your annual salary saved. To get to that number, Fidelity recommends saving 15 percent of your annual income. Make sure to invest these funds instead of leaving them in a traditional low-interest savings account.

  • Can Apache (APA) Keep the Earnings Surprise Streak Alive?
    Business
    Zacks

    Can Apache (APA) Keep the Earnings Surprise Streak Alive?

    Looking for a stock that has been consistently beating earnings estimates and might be well positioned to keep the streak alive in its next quarterly report? Apache (APA), which belongs to the Zacks Oil and Gas - Exploration and Production - United States industry, could be a great candidate to consider. When looking at the last two reports, this oil and natural gas producer has recorded a strong streak of surpassing earnings estimates.

  • Dow tumbles nearly 550 points at lows amid corporate outlook, China selloff
    News
    MarketWatch

    Dow tumbles nearly 550 points at lows amid corporate outlook, China selloff

    It was a punishing start for stocks Tuesday as investors reacted negatively to quarterly results from a handful of blue chips and the cessation of a two-day rebound for China’s embattled stock market, reviving fresh questions about global economic growth prospects. The Dow Jones Industrial Average (DJIA) 548.62 points at its low and remained was recently 460 points, or 1.8%, at 24,862. The S&P 500 (SPX) fell 55 points, or 2%, to 2,696, retreating below a psychological and technical mark at 2,700, while the Nasdaq Composite Index (COMP) slid gave up 177 points, or 2.4%, to 7,291.

  • Trump’s Tax Push to Help Middle Class Could Help Top Earners Too
    Politics
    Bloomberg

    Trump’s Tax Push to Help Middle Class Could Help Top Earners Too

    It’s still unclear how Trump will propose to reduce the tax burden on middle-class Americans, but one of the most straightforward ways would be to lower rates by 10 percent for single filers making up to $82,500. U.S. income tax rates are graduated and income dollars get taxed in chunks as they move up through the brackets -- which means wealthy Americans would also get to apply the reduced rate on their first dollars of income. “A millionaire gets the same size tax cut,” said Kyle Pomerleau, an economist at the conservative Tax Foundation.

  • What the Market Missed in Kinder Morgan Inc.'s Results
    Business
    Motley Fool

    What the Market Missed in Kinder Morgan Inc.'s Results

    Kinder Morgan (NYSE: KMI) can't seem to catch a break these days. Despite its completing what management dubbed a "momentous" quarter, shares of the natural gas pipeline giant barely budged this week. It was a head-scratching outcome considering that its financial results came in well above its guidance, which the market seems to have completely missed.

  • Why Nektar Therapeutics Crashed 17.2% Today
    Business
    Motley Fool

    Why Nektar Therapeutics Crashed 17.2% Today

    After delivering a disappointing update on NKTR-214 in cancer patients this summer, Nektar Therapeutics' (NASDAQ: NKTR) shares have been struggling. The company didn't report any news today, so a negative report issued by Plainview LLC this month may be to blamed for its 17.2% tumble today. In February, Bristol-Myers Squibb (NYSE: BMY) inked a blockbuster deal to license rights to NKTR-214 following positive data last year for NKTR-214's use alongside Bristol-Myers' Opdivo.

  • Stocks pare losses
    Finance
    Yahoo Finance

    Stocks pare losses

    US equities began to recover Tuesday afternoon after posting sharp declines earlier in the day. The Dow (^DJI) slid 0.5%, or 127.04 points, as of 2:31 p.m. ET. The S&P 500 (^GSPC) fell 0.56%, or 14.67 points. The Nasdaq (^IXIC) slipped 0.42%, or 32.62

  • 4 Things Aurora Cannabis Did Right Before Its NYSE Debut
    Business
    Motley Fool

    4 Things Aurora Cannabis Did Right Before Its NYSE Debut

    Aurora Cannabis (NASDAQOTH: ACBFF) (TSX: ACB) has sought to make it even easier for U.S. investors to buy its shares by arranging to have its shares listed on the New York Stock Exchange. Beginning tomorrow, Oct. 23, Aurora will join the elite group of cannabis companies whose shares trade on major U.S. exchanges. Getting ready for the increased exposure that a NYSE listing brings takes time and effort, and Aurora Cannabis hasn't wasted any time.

  • One of the largest cannabis companies is going public on the New York Stock Exchange
    Business
    Business Insider

    One of the largest cannabis companies is going public on the New York Stock Exchange

    Aurora Cannabis, one of the largest Canadian marijuana producers, is going public on the New York Stock Exchange. Aurora is joining a select list of Canadian cannabis producers, including Tilray and Cronos, that are able to list on US-based exchanges.

  • Why These 3 Top Marijuana Stocks Slumped Today
    Business
    Motley Fool

    Why These 3 Top Marijuana Stocks Slumped Today

    With earnings season hitting a crescendo this week, investors are looking closely at the specific prospects for certain corners of the market, and that's contributing to disparities among the various major benchmarks followed most often by investors. Amid the crosscurrents, marijuana stocks took particularly hard hits, and New Age Beverages (NASDAQ: NBEV), Tilray (NASDAQ: TLRY), and Canopy Growth (NYSE: CGC) were among the worst performers on the day. All three of these stocks have given back some of their gains following the long-awaited legalization of recreational cannabis in the Canadian market last week. In the month leading up to the Oct. 17 start date for legal cannabis sales, New Age Beverages tripled in value, while Tilray had more than doubled since the end of August, and Canopy Growth had seen more modest gains of between 10% and 20%.