How do you save capitalism? Billionaire has an idea

The Allstate CEO wants to save capitalism by paying people more.

Continue Reading Below

"We need to get boards and companies to stand up and say: part of our job is to make money," Thomas J. Wilson, Allstate Corporation CEO, told FOX Business' Maria Bartiromo on "Mornings With Maria." "Second part of our job is to create jobs. And we need to hold ourselves accountable for creating high-value jobs for Americans."

We need to hold ourselves accountable for creating high-value jobs for Americans.

- Thomas J. Wilson

Glenn Stearns, who is the billionaire founder of Stearns Lending, responded to Wilson's statement on FOX Business' "Varney & Co" while speaking about his new show "Undercover Billionaire" on Discovery.

"Wealth is frowned upon nowadays," Stearns said. "I wanted to prove to people that you could start with absolutely nothing and build yourself up, and you don't need the contacts and you don't need Daddy Warbucks behind you."

Wealth is frowned upon nowadays.

- Glenn Stearns

Stearns believes the people who can find a way to grow their business are creating jobs and thus sustaining capitalism.

"Undercover Billionaire" follows a real-life billionaire who dropped into Erie, Pennsylvania, with only $100 in his pocket.

CLICK TO GET THE FOX BUSINESS APP

His mission? To start a million-dollar company in 90 days. The show airs Tuesdays at 10 p.m. ET.