| 00:00:21 |
Unidentified Speaker, -
WELCOME TO THE FINAL PLENARY SESSION OF THE GLOBAL BUSINESS FORUM. FIRST, I WANT TO CONGRATULATE THE DEAN. THIS WAS NOT MY IDEA AND NOT MY EXECUTION....
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| 00:00:49 |
Unidentified Speaker, -
WELCOME TO THE FINAL PLENARY OF THE GLOBAL BUSINESS FORUM. IT IS MY PLEASURE TO INTRODUCE TO OF THE GLOBAL GIANTS. OUR SPEAKER LED ONE OF THE PREEMINENT...
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| 00:01:23 |
Unidentified Speaker, -
EDISON, WOULD BE HERALDED AS ONE OF THE GREAT INVENTORS OF THE MODERN AGE. OUR SPEAKER ENJOYS A COMPARABLE REPUTATION FOR HIS INNOVATIVE MANAGEMENT STRATEGIES...
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| 00:03:56 |
Unidentified Speaker, -
LET ME BEGIN WITH THIS
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| 00:04:02 |
Unidentified Speaker, -
QUESTION. A WEEK FROM NOW, PRESIDENT OBAMA CALLS YOU INTO HIS OFFICE AND SAYS, MR. WELCH, I HAVE NEVER MANAGED ANYTHING IN MY LIFE. [LAUGHTER] NOW HE...
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| 00:05:00 |
Unidentified Speaker, -
UNDERSTAND THEM, AND YOU MELDED THEM INTO A TEAM. YOU WANT TO SEE THEM ALL PULL TOGETHER AND TRY TO GET US OUT OF THE DITCH WE ARE EN. >> LET ME PURSUE...
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| 00:05:35 |
Unidentified Speaker, -
WE WROTE A COLUMN ON THIS. THE BIGGEST CHALLENGE THEY ARE GOING TO HAVE IS THE TEAM OF THE LEADERS, AS THEY VIE FOR ATTENTION. ONE OF THE PROBLEMS IS...
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| 00:05:57 |
Unidentified Speaker, -
WHO GETS THE PRESIDENT'S HERE IS A GAME THAT YOU KNOW BETTER THAN I KNOW. GETTING THAT YEAR -- YOU HAVE IT SUMMERS AND YOU HAVE A PARTNER. I THINK THEY...
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| 00:07:42 |
Unidentified Speaker, -
YOU DID NOT DOMINATE YOUR AGENDA? >> I MADE SURE THAT THE STAFF'S BACK WAS NOT TO THE FIELD, AND THEIR LIPS TOWARDS ME. KISSING UP IS A VERY POPULAR...
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| 00:08:09 |
Unidentified Speaker, -
PEOPLE, AND I USED TO MEET WITH THE ASSISTANCE OF THE TIME. THE ASSISTANCE FOR WORRY ABOUT JOB SECURITY AND OTHER THINGS. I SAID YOU CANNOT ALWAYS GUARANTEE...
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| 00:09:55 |
Unidentified Speaker, -
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| 00:09:59 |
Unidentified Speaker, -
I GUESS EVERYBODY WAS MY
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| 00:10:03 |
Unidentified Speaker, -
ASSISTANT. [LAUGHTER] I DID NOT VIEW IT AS -- TECHNICALLY AND HAD AN ASSISTANT AND A HELPER. I COULD CALL ON ANYBODY ANYWHERE. >>
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| 00:10:22 |
Unidentified Speaker, -
IN MANY OF YOUR WRITINGS, YOU HAVE TALKED ABOUT THE ROLE OF HUMAN RESOURCE MANAGERS AND HOW CENTRAL YOU THINK THAT IS. YOU HAVE SAID YOU THINK IT IS THE...
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| 00:10:46 |
Unidentified Speaker, -
LET'S TAKE A FOOTBALL GAME. LET'S TAKE THE DOLPHINS. WHO DO YOU THINK WOULD BE THE MOST IMPORTANT?
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| 00:11:00 |
Unidentified Speaker, -
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| 00:11:02 |
Unidentified Speaker, -
THE ACCOUNTANTS, OR THE HEAD OF PERSONNEL?
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| 00:11:07 |
Unidentified Speaker, -
WHO IS GOING TO FIELD A TEAM? THE IDEA THAT IN BUSINESS IS NOT A GAME, AND YOU DO NOT WANT TO FIELD THE BEST TEAM IS NUTS. THE PROBLEM IS, HUMAN-RESOURCES...
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| 00:13:07 |
Unidentified Speaker, -
TO 9% OF BUSINESSES IN AMERICA, THEY WOULD SAY THE CFO. RIGHT NOW, THE CFO IS GETTING THE MOST ATTENTION, BECAUSE WE ALL NEED CASH NOW. IN GENERAL, YOU...
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| 00:14:01 |
Unidentified Speaker, -
WITH ATHLETES OVER A DECADE TO BUILD OUR OWN ULTRASOUND BUSINESS IN MEDICAL DIAGNOSTICS. WE PUT OUR ATHLETES THEN ONE BY ONE, AND WE FAILED AND FAILED.
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| 00:14:12 |
Unidentified Speaker, -
THEN WE GOT A GUY FROM BANGLADESH OVER ULTRASOUND. HE LOVED IT. WE PUT HIM ON THE JOB, AND WE CREATED A $1.5 BILLION BUSINESS IN SEVEN YEARS. >> SO YOU...
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| 00:14:56 |
Unidentified Speaker, -
PLEASE COME DOWN. >>
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| 00:14:59 |
Unidentified Speaker, -
BACK TO THE HUMAN RESOURCE QUESTION. AS EVERYONE KNOWS, YOUR
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| 00:15:04 |
Unidentified Speaker, -
MANAGEMENT STRATEGIES HAVE BEEN ACCLAIMED FOR YEARS AND WIDELY RECOGNIZED AND APPLAUDED. ONE OF THEM, IF I RECALL CORRECTLY IS, WHEN IT COMES EVALUATION...
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| 00:15:16 |
Unidentified Speaker, -
THE BOTTOM 10% OF THE PERFORMERS GET CUT AND GET FIRED AND THEY GO.
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| 00:15:20 |
Unidentified Speaker, -
I AM WONDERING IF YOU STILL AGREE WITH THAT, AND WHY, OR IF YOU HAVE CHANGED YOUR MIND? >> I AGREE WITH THAT MORE THAN EVER. LET ME GIVE YOU A FRAMEWORK...
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| 00:15:48 |
Unidentified Speaker, -
HITS A COMPANY. WHEN THINGS HAPPEN FAST, WHETHER IT IS PERSONNEL OR LINES OF BUSINESS, LIKE WE HAVE SEEN IN THIS PAST YEAR, GOLDMAN IS SURVIVING, MORGAN...
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| 00:17:36 |
Unidentified Speaker, -
YOU DO NOT GO IN AND CUT THEM. YOU TELL THEM, BY NEXT YEAR YOU WILL NOT BE GETTING APPRAISED YEAR. FIND A JOB ELSEWHERE. THE EARLIER YOU DO IT, IF YOU...
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| 00:19:22 |
Unidentified Speaker, -
THAT IS A GREAT QUESTION. NO ONE DOES THIS THING ALONG. YOU HAVE
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| 00:19:27 |
Unidentified Speaker, -
FRIENDS. WHEN I BECAME CHAIRMAN
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| 00:19:30 |
Unidentified Speaker, -
OF GE, I HAVE PROBABLY 30% OF THE COMPANY BEHIND ME. I WAS 44 YEARS OLD. THEY
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| 00:19:42 |
Unidentified Speaker, -
HAD BEEN IN A STABLE SITUATION FOR ALL THESE YEARS. WHAT THE HELL IS HAPPENING HERE? BUT I WAS NOT ALONE. MY FRIENDS AND I KNEW WHAT WE WANTED TO DO....
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| 00:20:49 |
Unidentified Speaker, -
THINK THAT THE FIRST SECTION OF THE TOP WORK BETTER THAN THE MEDIA IS
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| 00:20:55 |
Unidentified Speaker, -
GIVING THEM CREDIT. WE ARE IN FREE FALL IN THE MARKETS. SPREADS WERE INCREDIBLE. LIBOR WAS 500 BASIS POINTS. MORTGAGES WERE AT 7%. WHAT IT DID WAS, IT...
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| 00:22:20 |
Unidentified Speaker, -
PIECE? >> I AM
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| 00:22:25 |
Unidentified Speaker, -
SO IMPRESSED BY HIS STARTS. NO ONE WANTS HIM TO SUCCEED MORE THAN I DO. BUT HE HAS GOT TO START PROTECTING HIMSELF WITH IT
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| 00:22:38 |
Unidentified Speaker, -
GETTING WORSE BEFORE IT GETS BETTER. ROOSEVELT DID NOT DO THAT. THIS COUNTRY NEEDS A BOOST. EVERY TIME HE GOES ON TELEVISION,
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| 00:22:47 |
Unidentified Speaker, -
LIKE HE DID TODAY IN OHIO, AND TALKS ABOUT HOW BAD IT IS GOING TO GET -- I UNDERSTAND PROTECTING HIMSELF FROM EXPECTATIONS. BUT EVERY TIME HE DOES...
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| 00:23:26 |
Unidentified Speaker, -
HIS HIGH-LEVEL PICKS, I LIKE THEM ALL. I LIKE HIS FOREIGN POLICY PICKS. I LIKE THE STATE
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| 00:23:34 |
Unidentified Speaker, -
DEPARTMENT AND ALL THESE JOBS. I AM A LITTLE MORE CONCERNED ON THE ENVIRONMENT AND LABOR, FROM A BUSINESS PERSON'S STANDPOINT. >> AS A YOUNG PERSON, I...
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| 00:24:08 |
Unidentified Speaker, -
SOME IMPORTANT THINGS I HAVE SEEN PEOPLE SUCCEED WITH -- ALL KINDS OF PEOPLE SUCCEED, BUT IN END, THERE ARE SOME UNIVERSAL CHARACTERISTICS. ONE, YOU...
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| 00:24:32 |
Unidentified Speaker, -
THE FIRST MANAGEMENT JOB YOU GET, YOU HAVE TO UNDERSTAND THAT YOU ARE NO LONGER THE PERSON RAISING YOUR HAND WITH THE ANSWER. YOU ARE NOW THE LEADER....
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| 00:26:07 |
Unidentified Speaker, -
MANAGER AND CRABBY INDUSTRY. [LAUGHTER] LET'S JUST BE SURE WE UNDERSTAND THAT.
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| 00:26:16 |
Unidentified Speaker, -
MIKE DID A GOOD JOB IN A LIMITED ROLE. MOTOROLA STOLE HIM. HE WENT TO MOTOROLA AND TURN AROUND THEIR CELLPHONE DIVISION AND THEN DID NOT GET THE TOP...
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| 00:27:22 |
Unidentified Speaker, -
WHAT IS ONE THING YOU KNOW NOW THAT YOU WISH YOU COULD HAVE TOLD YOURSELF BACK AT THE BEGINNING? >> THERE IS A LONG LIST OF THINGS I WOULD NOT HAVE...
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| 00:27:49 |
Unidentified Speaker, -
I WOULD NOT BE SO AFRAID OF BREAKING GLASS. HOW MANY TIMES IN LIFE HAVE YOU SAID, I WISH I HAD TAKEN SIX MORE MONTHS BEFORE DOING THAT. MOVING ON A PROGRAM...
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| 00:28:49 |
Unidentified Speaker, -
THE IDEA THAT THE SECRET BALLOT IS TAKEN AWAY. NANCY PELOSI WAS ELECTED IN ITS INTERIM CISCO BY A SECRET BALLOT. SHE WAS ELECTED SPEAKER OF THE HOUSE...
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| 00:29:24 |
Unidentified Speaker, -
HOUSE-TO-HOUSE, SAYING ASSIGN THIS CARD AND JOIN THIS UNION? THERE IS NO "NO," THERE IS JUST A "NOT GET." THE IDEA THAT WE ARE EVEN CONSIDERING IT --...
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| 00:30:44 |
Unidentified Speaker, -
IDEA -- THE CURRENT SYSTEM ALLOWS BAD MANAGERS. I WILL TELL YOU MY OWN
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| 00:30:50 |
Unidentified Speaker, -
EXPERIENCE. EVERY TIME THAT WE HAD A UNION ELECTION, NOT 90% OF THE TIME, WE INVARIABLY FOUND THE COURSES HORSE'S ASS RUNNING THE ELECTION. WE FIXED...
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| 00:32:40 |
Unidentified Speaker, -
IN CONFLICT WITH THE COLLECTIVE CORPORATE MISSION, OR THE ACTUAL DECISION THAT HAS HAD TO BE MADE, AND CAN YOU GIVE US AN EXAMPLE OF HOW YOU HANDLE THAT?...
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| 00:33:14 |
Unidentified Speaker, -
THERE ARE A BUNCH OF CEO'S THAT LIKE TO DO THAT. IF YOU RUN A COMPANY, YOU REPRESENT THE BRAND, YOU REPRESENT THE COMPANY. YOU REPRESENT ITS VALUES. THE...
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| 00:34:04 |
Unidentified Speaker, -
WE DID ROUGHLY 250 ACQUISITIONS A YEAR. YOU COULD NOT POSSIBLY KNOW ALL THE DETAILS OF
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| 00:34:17 |
Unidentified Speaker, -
ALL THOSE ACQUISITIONS. BUT WE ALWAYS STARTED OFF WITH NO, WE TAKE THE DEAL. THE PRICE IS TOO HIGH. GET OUT OF HERE WITH THAT DEAL. THAT IS HOW WE...
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| 00:35:30 |
Unidentified Speaker, -
COMPENSATION AND INVESTMENT- BANKING HAS BEEN A PROBLEM FOREVER. I MADE AN FORAY INTO INVESTMENT BANKING. THAT COMES AT THE TOP OF THOSE MISTAKES TO...
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| 00:35:55 |
Unidentified Speaker, -
YOUR ASSOCIATES, CANDID APPRAISALS. THE CULTURE WAS MY BONUS, MY BONUS, MY BONUS. GET OUT OF THE WAY. WE WANT TO TALK ABOUT MONEY. AT GE, YOU MIGHT GIVE...
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| 00:38:07 |
Unidentified Speaker, -
WE WROTE A COLUMN THIS WEEK, MY WIFE AND I, WHICH WE EXPECT TO GET SOME BRICKBATS ON. THE COLUMN BASICALLY SAYS, GET REAL ABOUT BOARD OF DIRECTORS. GET...
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| 00:38:28 |
Unidentified Speaker, -
FROM MCDONALD'S, WETHERBEE CANNOT FROM COKE, THE ART LIVING THEIR OWN COMPANY EVERY DAY. THEN THEY FLY IN 48 BOARD MEETING. IMAGINE FLYING INTO A GLOBAL...
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| 00:41:00 |
Unidentified Speaker, -
ON HOW TO STAY COMPETITIVE ON TRYING TO ENFORCE THOSE GUIDELINES AND POLICIES. >> IT IS EASIER FOR BIG COMPANIES THAN SMALL COMPANIES.
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| 00:41:13 |
Unidentified Speaker, -
WHEN YOU THINK ABOUT SARBANES OXLEY AND ALL ITS REQUIREMENTS, A BIG COMPANY MIGHT COST $10 MILLION. IT IS AN AWFUL BURDEN, BUT THEY CAN AFFORD IT. I...
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| 00:41:30 |
Unidentified Speaker, -
COMPANIES TO HAVE TO COMPLY WITH SOME OF THE SAME BURDENS AND DID NOT HAVE THE RESOURCES AND THE TIME TO DO IT, AND THEREFORE DID NOT GET LAUNCHED TO...
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| 00:42:20 |
Unidentified Speaker, -
THE EMERGING MARKET RULES, NOT BY OUR RULES. THAT IS A BAD IDEA. IN THE END, I REMEMBER CALLING
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| 00:42:32 |
Unidentified Speaker, -
FOR YEARS IN INDIA AND NOT GETTING BUSINESS BECAUSE THE FOREIGN PRACTICES ACT MADE IT VERY CLEAR. IN THE AND, WE BECAME THE GOOD HOUSEKEEPING SEAL OF...
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| 00:44:42 |
Unidentified Speaker, -
AND CHINA AS THEY DEVELOP THEIR ECONOMIES AND ALL THAT. WHERE DOES THE BILL WILL COME FROM? --
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| 00:44:56 |
Unidentified Speaker, -
WEARS THE GOOGLE COME FROM? WHAT NEW COMPANIES HAVE SEEN COMING OUT OF CHINA? YOU ARE SEEING BETTER DEVELOPMENT, ENGINEERING. WE STILL HAVE HERE THE GREATEST...
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| 00:45:58 |
Unidentified Speaker, -
IF AN AUTO MECHANIC IN CHINA -- IS WAY
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| 00:46:05 |
Unidentified Speaker, -
OVERSTATED. THEIR CULTURE IS ONE OF FOLLOW THE LEADER. THE PEOPLE ARE HIGHLY ENERGIZED, A HIGHLY DEVOTED TO THE BOSS, BUT THE BOSS RULES. YOU ARE GETTING...
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| 00:49:15 |
Unidentified Speaker, -
HAVE IDEAS THE WANT TO TRANSLATE INTO NEW COMPANIES, ARE NOT BUSINESS MAJORS. THEY ARE FROM ALL THE OTHER DISCIPLINES. SOMEDAY I WILL SHOW IT TO YOU....
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| 00:49:45 |
Unidentified Speaker, -
HAVE A MENTOR. A MENTOR MAY BE THE DUMBEST IDEA THAT NEVER CAME DOWN THE
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| 00:49:49 |
Unidentified Speaker, -
PIKE. [LAUGHTER] THAT ME TELL YOU ABOUT A MENTOR. ASSUME THAT I JOIN A COMPANY, AND I GET A MENTOR. AND THE MENTOR IS A JERK. EVERYBODY DOES NOT LIKE...
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| 00:51:43 |
Unidentified Speaker, -
PEOPLE MIGRATING TOWARD THE H.R. DEPARTMENT. HOW DO YOU CORRECT THAT PROBLEM? MAYBE ONE OF THE CORRECTIONS IS DEVELOPING A PROFESSION IN HUMAN RESOURCES....
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| 00:52:24 |
Unidentified Speaker, -
DISRUPTIVE TECHNOLOGY TEACHERS ARE HEROES. WHAT IS DISRUPTIVE TECHNOLOGY? HUMAN RESOURCES IS GIVEN SHORT SHRIFT. THERE IS LITTLE TRAINING ON HIRING...
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| 00:54:24 |
Unidentified Speaker, -
POTENTIALLY CAUSING SOME OF THE PROBLEMS ARE BEING TOO SLOW TO INNOVATE. I WILL HAVE THE OPPORTUNITY TO CHEER CONFERENCE LATER THIS YEAR THAT WILL BE...
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| 00:55:13 |
Unidentified Speaker, -
TODAY WE HAD THE TOP. WE HAD CONGRESS DEBATING. EVERY WEEK WE HAD SOMETHING THAT WAS A LEARNING EXPERIENCE. SHOULD WE BAIL OUT DETROIT OR SHOULD WE NOT?...
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NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.