This is the Cato Daily Podcast for Monday, June 19th, 2017. I'm Caleb Brown.

Glenn Jacobs, better known as Kane from the W. W. W.E.

Is Bullish on millennials. At the Foundation for Economic Education's inaugural

Ficon, I spoke with Jacobs about economics, the housing crisis, and the importance of

failure.

One of the things that I think may have been forgotten or not truly appreciated about

the financial crisis is that capitalism is a profit and loss system.

And to the extent that there were losses in the financial crisis it seems that Americans ultimately will be paying the

price for that generally and a lot of banks didn't suffer.

And that should throw up a red flag to anyone who's paying attention.

And in our own lives, if we're not allowed to fail, it's hard to get a good lesson out of it.

Absolutely. Failure is just as important a component of the market as success is.

In fact, in many cases what we see is failure leads to success.

I know this for my own life because the reason that I was able to ultimately succeed is because I tried a lot of things and failed at them.

They just didn't work.

What were some of the early things that you tried?

Well, I mean, just with my athletic career, I had injuries that precluded me from going to a higher level.

You know, just mainly things like that.

But I was always willing to work hard and what you find is that I believe that everyone has abilities and has a gift, right? I believe that everyone has abilities and has a gift right I believe that we're not put on this planet just

to sort of get through that the people everyone can achieve greatness is just in whatever way

they choose and in however they define greatness

you're never gonna discover that if you're not allowed to express yourself.

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