| 00:01:07 |
Unidentified Speaker, -
OUT THOSE BOOKS. I'M SURE THE AUTHORS WOULD BE HAPPY TO SIGN THEM. NOW OVER TO TINA BROWN. WHERE ARE YOU, TEEN? -- TINA? PLEASE JOIN US. >> THANK YOU....
|
| 00:01:32 |
Unidentified Speaker, -
SAME FOR THE DAILY BEAST TEAM WHO WERE ON BOURBON STREET. I WANT TO INTRODUCE SHANE ROBINSON A CHIEF STRATEGY OFFICER FOR OUR FOUNDING SPONSOR HP....
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| 00:02:18 |
Unidentified Speaker, -
TINA. I THINK WE'D ALL AGREE EVENTS LIKE THIS WOULD NOT BE POSSIBLE WITHOUT SOMEBODY LIKE TINA AND THE DAILY BEAST. AND I DON'T THINK THIS TOPIC...
|
| 00:05:52 |
Unidentified Speaker, -
SHOW YOU THESE 3D LAPTOPS AND THE TOUCH SCREENS. THEY ARE REALLY WORTH PLAYING WITH. THEY'RE WONDERFUL, WONDERFUL TO SEE. WELL, LAST NIGHT WE HEARD...
|
| 00:08:08 |
Unidentified Speaker, -
POLL. YOU'VE TAKEN A POLL BEFORE, HAVE YOU? SOME OF YOU? WRITE IT ON THE FORM AND LEAVE US THE FORM WHEN YOU GO, IF YOU EVER DO GO. JUST LEAVE IT THERE...
|
| 00:09:00 |
Unidentified Speaker, -
|
| 00:09:03 |
Unidentified Speaker, -
POINT. >> RIGHT HERE WE HAVE A TOTAL DEBT OF GDP HAS NOT GOTTEN TO THE HIGHEST LEVELS OF AMERICA BUT CRISIS
|
| 00:09:09 |
Unidentified Speaker, -
|
| 00:09:10 |
Unidentified Speaker, -
LEVELS. AND I MAKE THREE POINTS ABOUT THIS, HARRY. THE FIRST IS THAT EVERY SECTOR IN AMERICAN SOCIETY PARTICIPATED IN THIS, PARTICULARLY, THE CONSUMER...
|
| 00:10:31 |
Unidentified Speaker, -
|
| 00:10:32 |
Unidentified Speaker, -
US? >> WELL, THIS DATA MAKES
|
| 00:10:34 |
Unidentified Speaker, -
A SLIGHTLY DIFFERENT POINT. BUT WE'VE JUST COME OUT OF THE 1990s -- ONE OF THE FIRST DECADES IN
|
| 00:10:40 |
Unidentified Speaker, -
AMERICAN HISTORY, OTHER THAN THE '30s, OF COURSE, WHICH THE MIDDLE CLASS, THE AVERAGE AMERICAN DID NOT SHARE IN THE BENEFIT OF THE GROWTH OF OUR...
|
| 00:11:22 |
Unidentified Speaker, -
AMENDMENT. IT'S
|
| 00:11:24 |
Unidentified Speaker, -
ABOUT IS THE AMERICAN DREAM WORKING FOR EVERYONE. IS THE AMERICAN DREAM WORKING FOR EVERYBODY. >> HOW DOES IT SHOW UP IN AMERICAN COMPETITIVENESS,...
|
| 00:11:37 |
Unidentified Speaker, -
ELSE? >> ONE OF THE THINGS THAT'S HAPPENED SILENTLY OVER THE LAST 10 YEARS IS WE KNOW THAT ECONOMIC
|
| 00:11:45 |
Unidentified Speaker, -
ACTIVITIES SHIFTED OUR DEVELOPING WORLD. WE KNOW THAT THE EMERGING MARKET HAS BEEN GROWING MORE RAPIDLY BUT WHAT WE MISSED IS A SHIFT OF CORPORATE...
|
| 00:12:15 |
Unidentified Speaker, -
2009 SHOWS THAT 19 GOES TO 14 COMPANIES. >> WAIT A
|
| 00:12:19 |
Unidentified Speaker, -
|
| 00:12:22 |
Unidentified Speaker, -
MINUTE. I'LL MAKE THE POINT WHILE WE'RE WAITING FOR THE NEXT SLIDE WHICH IS THAT IT SHOULDN'T
|
| 00:12:28 |
Unidentified Speaker, -
BE ANYBODY'S SURPRISE THAT CORPORATE ACTIVITIES FOLLOWS GDP. AND THAT IT'S MY VIEW AND WHAT WE BEGIN TO SEE HAPPENING IS THE NEXT ROUND OF GREAT COMPANIES...
|
| 00:13:02 |
Unidentified Speaker, -
LOOKED AT THAT SLIDE WHAT'S MISSING WHAT YOU SEE TODAY
|
| 00:13:04 |
Unidentified Speaker, -
14 OF THE TOP COMPANIES IN THE WORLD ARE HEADQUARTERED IN THE UNITED STATES. IN 1999, THE TOP 10 COMPANIES, 7 IN THE UNITED STATES 0 IN CHINA. TODAY...
|
| 00:13:44 |
Unidentified Speaker, -
WE TALK A LOT ABOUT UNEMPLOYMENT BEING CYCLICAL BUT I THINK WHAT WE HAVE NOW IS UNEMPLOYMENT WHICH IS
|
| 00:13:51 |
Unidentified Speaker, -
STRUCTURAL. I'LL TALK A LITTLE BIT ABOUT WHAT HAPPENS AS A RESULT OF THE HEIGHT OF LEVELS IN AN ECONOMY AND I THINK THE RESEARCH SHOWS THAT FOR 10 YEARS...
|
| 00:14:57 |
Unidentified Speaker, -
LOST? >> WE'LL COME TO THAT IN
|
| 00:14:59 |
Unidentified Speaker, -
A MINUTE BUT LET ME MAKE THIS ONE POINT IF I CAN BECAUSE IT'S REALLY
|
| 00:15:02 |
Unidentified Speaker, -
IMPORTANT. IN ORDER TO REPLACE THAT JOB FOR THAT PERSON,
|
| 00:15:05 |
Unidentified Speaker, -
YOU'VE GOT TO FIND A NEW COMPANY TO WORK FOR. PROBABLY HAVE A NEW JOB WITH WHICH YOU NEED TRAINING. AND PROBABLY MOVE YOUR HOUSE UNDER WATER. A VERY...
|
| 00:15:27 |
Unidentified Speaker, -
END JOBS THAT USED TO GO
|
| 00:15:31 |
Unidentified Speaker, -
TEXTILE MANUFACTURING AND TO RUBBER MANUFACTURING AND THOSE SORTS OF THINGS. IT'S NOW THE MOST IMPORTANT, MOST PROFITABLE MOST INTELLECTUAL PROPERTY...
|
| 00:15:58 |
Unidentified Speaker, -
THAT POINT HERE? >> WHAT WE'VE GOT HERE THIS SHOWS THE EXPORT OF HIGH TECH MANUFACTURED GOODS FROM VARIOUS COUNTRIES IN THE
|
| 00:16:09 |
Unidentified Speaker, -
WORLD OVER THE LAST WHAT, 13 YEARS AND WHAT YOU CAN SEE ASIA HAS HELD STEADY. THE UNITED STATES HAS DECLINED PRECIPITOUSLY AND CHINA -- >> YOU MEAN...
|
| 00:16:24 |
Unidentified Speaker, -
PERIOD. THE SUPPLY CHAIN -- SOMEONE SAID TO ME TODAY IF YOU WANTED
|
| 00:16:28 |
Unidentified Speaker, -
TO MAKE A CELL PHONE IN THE UNITED STATES TODAY, YOU COULD NOT DO IT IF YOUR LIFE DEPENDED ON IT. IT'S AS IF THE -- THE QUOTE WAS IF YOU WANT TO TRY...
|
| 00:17:10 |
Unidentified Speaker, -
IS, OF COURSE, THE UNITED STATES AND NORTH AMERICA IS LOSING
|
| 00:17:12 |
Unidentified Speaker, -
ITS MARKET SHARE, LOSING ITS FUNDAMENTAL EDGE IN RESEARCH
|
| 00:17:15 |
Unidentified Speaker, -
AND DEVELOPMENT AND EDUCATION. THIS IS A RESEARCH AND DEVELOPMENT SLIDE. YOU CAN SEE ON THE LEFT HERE NORTH AMERICA WHICH IS THE U.S. AND CANADA, HAS...
|
| 00:18:22 |
Unidentified Speaker, -
LARGEST. BUT THE SILICON IS REALLY OF CHINA IS, FOR INSTANCE,
|
| 00:18:25 |
Unidentified Speaker, -
TIWON. -- TAIWAN. A LOT OF THE INTELLECTUAL PROPERTY IS DONE THERE AND A LOT OF THE MANUFACTURING KNOW-HOW IS THERE. AND SINGAPORE IS VERY POPULAR...
|
| 00:18:57 |
Unidentified Speaker, -
LIKE WATER. MONEY WILL FLOW TO ITS HIGHEST RATE OF RETURN.
|
| 00:19:02 |
Unidentified Speaker, -
SO IT'S NOT -- YOU CAN'T REALLY PARSE CAPITAL WHEN IT COMES INTO A BUSINESS. BUT THE ONE THING I WILL TELL YOU IS THAT ALL OF THIS -- YOU HAVE A CHINA...
|
| 00:19:23 |
Unidentified Speaker, -
AND WE'RE GOING TO THE NEXT PANEL AND GLENN WILL STAY AND JOIN WITH THE GROUP AND SO WE'LL MOVE OVER THERE AND READINESS WITH THE PUNDITS, OKAY? [APPLAUSE]...
|
| 00:19:45 |
Unidentified Speaker, -
LIKE PENNY TO PENNY LITERALLY. I NEVER THOUGHT I WOULD BE IN THIS
|
| 00:19:51 |
Unidentified Speaker, -
SITUATION. >> UNFORTUNATELY, YOU KNOW, THERE'S A LOT OF PEOPLE WHO ARE ON SOCIAL SECURITY THAT SHOULDN'T BE. THEY ARE TAKING MONEY THAT REALLY SHOULD...
|
| 00:19:59 |
Unidentified Speaker, -
THAT REALLY ARE HAVING A HARD TIME PUTTING FOOD ON THE TABLE. (music) (music) >> THAT'S GOOD. WELL, THANK YOU. YOU CAN SEE WHO THEY ARE. AND WE'LL
|
| 00:20:30 |
Unidentified Speaker, -
JUST GO THROUGH THEM. PETE PETERSON, CHAIRMAN BAIR, JOE STIGLITZ, PETER ORSZAG, NAILL FERGUSON AND, OF COURSE, GLENN. I WANT TO START BY ASKING THESE...
|
| 00:21:11 |
Unidentified Speaker, -
IN THE SHORT TERM, JOBS. >>
|
| 00:21:17 |
Unidentified Speaker, -
JOBS. WHAT WOULD BE YOUR SINGLE FIRST TERM PRIORITY? >>
|
| 00:21:23 |
Unidentified Speaker, -
WITH THE LONG TERM, I WOULD SAY LET'S FOCUS ON THE LONG TERM 'CAUSE THAT'S GOING TO HELP OUR SHORT TERM. >> OKAY. MR. STIGLITZ? >>
|
| 00:21:32 |
Unidentified Speaker, -
I WAS IN CHARGE AND THE THING I WOULD FOCUS ON
|
| 00:21:36 |
Unidentified Speaker, -
IS A SECOND ROUND OF STIMULUS. >> A SECOND ROUND OF
|
| 00:21:40 |
Unidentified Speaker, -
STIMULUS. LONG-TERM, OKAY PETER ORSZAG, YOU RECENTLY JUST -- WHAT? >> IF YOU HAD A
|
| 00:21:49 |
Unidentified Speaker, -
SINGLE PRIORITY IT WOULD BE JOBS BUT I REALLY DO THINK -- >> IT'S NOT PRISON YOU COULD
|
| 00:21:56 |
Unidentified Speaker, -
EXPAND. THE SINGLE FIRST PRIORITY IS JOBS,
|
| 00:22:01 |
Unidentified Speaker, -
RIGHT? >> MR. FERGUSON? >> WE CAN'T HEAR PETER. >> OH? >> SOMEBODY IS WITHOUT A MIC OR DID I DISTURB
|
| 00:22:13 |
Unidentified Speaker, -
|
| 00:22:15 |
Unidentified Speaker, -
|
| 00:22:16 |
Unidentified Speaker, -
|
| 00:22:18 |
Unidentified Speaker, -
SOMETHING? IT'S SIMPLY INNOVATION OR THEY'RE WORKING FOR THE CHINESE. ARE WE ON? CAN YOU SPEAK? SAY THE SAME THING. GROUND CONTROL. ARE WE THERE?...
|
| 00:22:40 |
Unidentified Speaker, -
WHAT. LISTEN, PETER, I SAID FORCED INTO ONE SINGLE PRIORITY WOULD BE JOBS. >> HIS
|
| 00:22:48 |
Unidentified Speaker, -
SINGLE PRIORITY WOULD BE JOBS BUT HE WANTS TO EXPAND. >> NAILL? >> WE'RE
|
| 00:22:54 |
Unidentified Speaker, -
GOING TO GIVE YOU A NEW MICROPHONE. OKAY. RIGHT? >> I WOULD SAY, MR.
|
| 00:22:59 |
Unidentified Speaker, -
PRESIDENT, YOU NEED
|
| 00:23:00 |
Unidentified Speaker, -
TO -- >> YOU'RE THE PRESIDENT. >> OH, I'M THE PRESIDENT? THINGS ARE LOOKING
|
| 00:23:05 |
Unidentified Speaker, -
UP. >> ARE YOU BORN IN THE UNITED
|
| 00:23:07 |
Unidentified Speaker, -
|
| 00:23:08 |
Unidentified Speaker, -
STATES? >> I'M AFRAID I'M NOT
|
| 00:23:12 |
Unidentified Speaker, -
ELIGIBLE. I WOULD SAY GET ME PAUL RYAN. PAUL, YOU'RE TREASURY SECRETARY.
|
| 00:23:18 |
Unidentified Speaker, -
AND IT'S YOUR JOB TO ACHIEVE RADICAL FISCAL REFORM, AND I WANT AN ANNOUNCEMENT THIS TIME NEXT WEEK. >> I WOULD CREATE REAL CREDIBILITY TODAY THAT WE'RE...
|
| 00:23:35 |
Unidentified Speaker, -
MOVE TO FISCAL RESPONSIBILITY IN A SYSTEMIC WAY OVER THE FUTURE AND WE'RE GOING TO FIND OURSELVES TO THAT LIKE TO THE MAP. >> AND SO I SUPPOSE LONG...
|
| 00:23:56 |
Unidentified Speaker, -
BUT YOU BOTH PUT JOBS FIRST AND PETER WITH SOME HESITATION. HOW WOULD YOU GO ABOUT IN THE SHORT TERM? WE'RE GOING TO GET TO THE LONG TERM -- IN THE...
|
| 00:24:28 |
Unidentified Speaker, -
WELL. LIKE A BUSINESS, THERE'S GOOD LONG-TERM INVESTMENTS EVEN THOUGH IT MAY COST MONEY LONGER TERM I THINK IT WILL PROVIDE A MORE STABLE ECONOMY ESPECIALLY...
|
| 00:24:58 |
Unidentified Speaker, -
THAT. MR. STIGLITZ, JOE? >> I AGREE EXACTLY WITH SHEILA. AND THE POINT IS THAT IF YOU'RE MAKING INVESTMENTS
|
| 00:25:08 |
Unidentified Speaker, -
IN INFRASTRUCTURE, TECHNOLOGY, EDUCATION, YOU'RE IMPROVING THE ASSET SIDE OF THE NATION'S BALANCE SHEET AND AT THE SAME TIME YOU'RE IMPROVING THE...
|
| 00:25:43 |
Unidentified Speaker, -
NAILL? >> IT DOES SEEM A LITTLE BIT OPTIMISTIC. AND I WONDER IF IT'S
|
| 00:25:51 |
Unidentified Speaker, -
WORTH REVISITING THE NOW FAMILIAR DEBATE ABOUT WHETHER OR NOT CAIN CAN SAVE US BECAUSE I HAVE SOME DOUBTS ABOUT THIS. >> YOU HAVE DOUBTS ABOUT CAIM....
|
| 00:26:07 |
Unidentified Speaker, -
REMEMBER
|
| 00:26:08 |
Unidentified Speaker, -
WHAT KEYNES WROTE ABOUT GETTING THE ECONOMY GOING WAS A GLOBALIZATION WHERE TRADE AND CAPITAL FLOWS HAVE LARGELY BROKEN DOWN AND MOST ECONOMIES WERE QUITE...
|
| 00:27:32 |
Unidentified Speaker, -
NOW? >> TAKE THE MIC A LITTLE BIT CLOSER. >>
|
| 00:27:34 |
Unidentified Speaker, -
HOW IS
|
| 00:27:36 |
Unidentified Speaker, -
THAT? >> OKAY. >> TWO THINGS FIRST, I THINK
|
| 00:27:39 |
Unidentified Speaker, -
THERE'S NO REASON ONE COULDN'T DO TWO THINGS. ONE
|
| 00:27:42 |
Unidentified Speaker, -
IS MORE OF THE LONG-TERM FISCAL STUFF THAT
|
| 00:27:44 |
Unidentified Speaker, -
I HOPE WE COULD GET TO BECAUSE I THINK IT WOULD BE CONFIDENCE-INSPIRING TO ENACT NOW PROPOSALS THAT WILL HELP TO REDUCE THE MEDIUM AND LONG-TERM DEFICIT...
|
| 00:29:06 |
Unidentified Speaker, -
FRAMEWORKS. ONE OF THE THINGS -- THERE'S ALWAYS A LAG IN THE DECLINE IN THEIR REVENUES AND THAT THE REVENUES DECLINE WILL BE A DAMPER ON THEIR ECONOMY...
|
| 00:30:17 |
Unidentified Speaker, -
POINT IS I WASN'T OPPOSED TO THE
|
| 00:30:19 |
Unidentified Speaker, -
STIMULUS. I THINK IT WAS VERY BADLY DESIGNED AND IN THE SHORT TERM THERE WAS NO QUESTION THAT SOMETHING HAD TO BE DONE. IT'S WHETHER A SECOND STIMULUS...
|
| 00:31:12 |
Unidentified Speaker, -
PLACE. BUT IF YOU HAD BOTH, THAT'S THE BEST COMBINATION. MORE NOW AND A LOT LESS LATER. >> WHY CAN'T WE HAVE THEM BOTH? >> THAT'S JUST THE POINT OF CALLING...
|
| 00:31:27 |
Unidentified Speaker, -
ROADMAP FOR FISCAL
|
| 00:31:28 |
Unidentified Speaker, -
REFORM IS THAT IT ACTUALLY OFFERS A SHORT-TERM JUMPSTART IN THE FORM NOT JUST OF CONTROLLING OUTGOINGS ON ENTITLEMENTS BUT ALSO OF TRYING TO RESTRUCTURE...
|
| 00:33:12 |
Unidentified Speaker, -
ALMOST
|
| 00:33:13 |
Unidentified Speaker, -
270,000 PEOPLE WHO ARE IN THE COMPANY THAT WE
|
| 00:33:16 |
Unidentified Speaker, -
SUPPORT WHO ACTUALLY WORK FOR A LIVING CREATING JOBS. AND WHAT I WILL SAY IS TWO THINGS. ONE IS THAT I THINK NIALL IS RIGHT. TO GET THE JOB CREATION...
|
| 00:35:02 |
Unidentified Speaker, -
RIGHT? >> I WOULD -- I WOULD AS A -- I THINK WE HAVE AN OBLIGATION IN THE COUNTRY TO TAKE CARE OF THE MOST DISADVANTAGED.
|
| 00:35:09 |
Unidentified Speaker, -
AND THAT'S WHY I WOULD FOCUS MY ATTENTION THERE AND LONG-TERM INFRASTRUCTURE IS EXTREMELY IMPORTANT. I WOULD INVEST IN THAT. I THINK THAT'S EXTRAORDINARILY...
|
| 00:35:30 |
Unidentified Speaker, -
PERSON'S PERSPECTIVE WE THINK ABOUT THE INCOME STATEMENT AND THE BALANCE SHEET BEING DEFICIT AND THE OPERATING SHEET BEING DEFENDANT THAN
|
| 00:35:36 |
Unidentified Speaker, -
CAPITAL INVESTMENT. I WOULD BE PREPARED TO BORROW, TO INVEST IN INFRASTRUCTURE THAT GENERATES THE POSITIVE RETURN. >> THAT'S DIFFERENT FROM -- >> I...
|
| 00:35:48 |
Unidentified Speaker, -
PAY TODAY FOR -- >> I THINK THAT'S
|
| 00:35:50 |
Unidentified Speaker, -
RIGHT. I VIEW INFRASTRUCTURE AND EDUCATION AS LONG-TERM INVESTMENTS AND THERE'S A LONGER LINE IN TERMS
|
| 00:35:57 |
Unidentified Speaker, -
OF WHEN YOU GET THE BENEFITS ON THE JOB CREATION SIDE THAT I THINK WOULD BE VERY BAD IN THESE SHORT-TERM PROBLEMS. REBATING MONEY BACK, CASH TO CONSUMERS,...
|
| 00:37:26 |
Unidentified Speaker, -
GETTING DEFICITS DOWN AND THAT WILL LEAD TO MORE INVESTMENT. I THINK THAT'S BASICALLY NONSENSE. >> BASICALLY NONSENSE, OKAY. RIGHT. [LAUGHTER] >> THAT...
|
| 00:37:41 |
Unidentified Speaker, -
TWO APPROACHES TO HOW TO HANDLE ECONOMIC DOWNTURNS, AND THEY'RE REALLY
|
| 00:37:46 |
Unidentified Speaker, -
IN TERMS OF PRESCRIPTIONS ALMOST DIAMETRICALLY OPPOSED ALTHOUGH THERE'S THIS WAY OF RECONCILING THAT WE'VE BEEN TALKING ABOUT IN TERMS OF INVESTMENTEDS...
|
| 00:39:25 |
Unidentified Speaker, -
DIFFICULT. I DON'T WANT TO SAY THERE'S AN
|
| 00:39:27 |
Unidentified Speaker, -
EASY RECIPE, BUT WE SHOULD BE CLEAR THAT THE LOANS TO SMALL BUSINESSES ARE STILL LESS THAN THEY WERE BEFORE -- >> WHAT, HOW IS THAT? LET ME STOP YOU...
|
| 00:39:41 |
Unidentified Speaker, -
YOU WERE PART OF THAT DEAL, WHY THE HELL CAN'T WE GET IT OUT OF THE BANK? [LAUGHTER] >> [INAUDIBLE] >> I'D BE INTERESTED TO KNOW. THEY GOT AWAY WITH...
|
| 00:39:52 |
Unidentified Speaker, -
LET ME FIRST SAY IT
|
| 00:39:55 |
Unidentified Speaker, -
IS CAREERLY, I AGREE WITH JOE THAT FINANCING ESPECIALLY FOR SMALL BUSINESSES REMAINS A PROBLEM. FOR LARGE BUSINESSES
|
| 00:40:01 |
Unidentified Speaker, -
WHICH ARE LESS DEPENDENT ON BANKS AND THEIR CAPITAL MARKETS, NOT A PROBLEM. AND I KNOW SHEILA AND OTHERS ARE FOCUSED ON TRYING TO GET MORE CREDIT FLOWING...
|
| 00:41:01 |
Unidentified Speaker, -
DESTROYED IN
|
| 00:41:03 |
Unidentified Speaker, -
PAUL KRUGMAN'S ECONOMICS IS PAUL KRUGMAN. >> CAN I JUST CALL HIM FOR A MINUTESOME. >> SO WE DEBATED THESE ISSUES LAST WEEK IN SEOUL -- HE DIDN'T
|
| 00:41:23 |
Unidentified Speaker, -
WANT TO DO IT ANYWHERE CLOSER TO HOME THAN THAT -- AND
|
| 00:41:26 |
Unidentified Speaker, -
WHAT STRIKES ME IS THE CONFUSION BETWEEN THE SHORT TERM AND THE LONG TERM. FIRST OF ALL, IN ORDER TO WIN THE ARGUMENT, THEY TRY TO ARGUE THEIR OPPONENTS...
|
| 00:43:18 |
Unidentified Speaker, -
TWIEB OR 2010, BUT IF YOU DON'T HAVE A PLAN ONE DAY -- RIGHT
|
| 00:43:22 |
Unidentified Speaker, -
NOW CONGRESSIONAL BUDGET OFFICE PROJECTS THE U.S. WILL RUN A DEFICIT EVERY YEAR UNTIL 2083. >> THAT RIGHT? >> IS THAT A SUSTAINABLE POLICY? IS. >> ASK...
|
| 00:43:35 |
Unidentified Speaker, -
THAT'S RIGHT. >> THAT'S RIGHT. DID YOU HEAR
|
| 00:43:37 |
Unidentified Speaker, -
THAT? [LAUGHTER] >> AND THAT WOULD ALSO BE THE CASE UNDER
|
| 00:43:40 |
Unidentified Speaker, -
PAUL RYAN'S PLAN
|
| 00:43:41 |
Unidentified Speaker, -
IF IT ACTUALLY TOOK
|
| 00:43:42 |
Unidentified Speaker, -
EFFECT. I KNOW YOU'RE MANAGING THE TIME HERE, BUT I THINK WE
|
| 00:43:45 |
Unidentified Speaker, -
JUST BRIEFLY HAVE TO TURN TO HEALTH CARE SINCE THAT IS THE KEY TO THE LONG-TERM FISCAL PROBLEM. LOOK, THERE ARE BASICALLY FOUR APPROACHES TO RETAINING...
|
| 00:44:46 |
Unidentified Speaker, -
THE TIME ON THE LONG TERM BECAUSE THE UNITED STATES IS, CLEARLY, FACING AN UNPRECEDENTED SITUATION, PARTICULARLY IN LIGHT OF WHAT'S HAPPENING GLOBALLY....
|
| 00:45:16 |
Unidentified Speaker, -
IF SOMEONE IS TO MAKE THE CASE THE WAY JOE IS FOR SOME INFRASTRUCTURE, FOR EXAMPLE, WHETHER IT BE 50 BILLION OR 100 BILLION AND WE HAVE A TRILLION AND...
|
| 00:47:37 |
Unidentified Speaker, -
INVEST MORE IN
|
| 00:47:39 |
Unidentified Speaker, -
INFRASTRUCTURE. WE HAVE TO INVEST MORE MANY SCIENCE AND
|
| 00:47:42 |
Unidentified Speaker, -
SO FORTH. AND YOU SAY, FINE. WHERE ARE YOU GOING TO GET THE RESOURCES? BECAUSE THE INTEREST COSTS WILL ABSOLUTELY KILL YOU. SO MY FOCUS IN THE LONG...
|
| 00:48:07 |
Unidentified Speaker, -
IS REALLOCATING. SO I THINK, FOR INSTANCE, WE'RE SPENDING HUNDREDS OF BILLIONS OF DOLLARS ON WEAPONS THAT DON'T WORK AGAINST ENEMIES THAT DON'T EXIST....
|
| 00:48:28 |
Unidentified Speaker, -
AND AFGHANISTAN, THE DISABLED PEOPLE COMING BACK. WE'RE TALKING ABOUT TRILLIONS OF
|
| 00:48:34 |
Unidentified Speaker, -
DOLLARS INCLUDING OUR NEW NUMBERS SHOW THAT THE COST OF THE DISABILITY AND HEALTH CARE COSTS ARE ALMOST UNFUNDED LIABILITY OF ALMOST A TRILLION DOLLARS...
|
| 00:49:18 |
Unidentified Speaker, -
DOWN AGAIN DESPITE THE FACT YOU'RE KEEPING AN YEEG L EYE ON THEM? I KNOW PETE'S COMPLETELY RIGHT, WE ALL AGREE TO FOCUS ON THE LONG TERM, BUT IN...
|
| 00:49:38 |
Unidentified Speaker, -
HAVE DONE A BETTER JOB LENDING. THEIR LOAN BALANCES HAVE MAINTAINED FAIRLY CONSTANT, THE SMALL BANKS IT'S BUMPED UP A BIT. I THINK THERE ARE A COUPLE...
|
| 00:51:28 |
Unidentified Speaker, -
LIKE TO ASK THE PANEL, THE GLOBAL FINANCIAL SITUATION, THE UNITED STATES' GLOBAL FINANCIAL SITUATION, HAVE WE STILL -- FLOGGING THIS DEAD HORSE? THE...
|
| 00:52:45 |
Unidentified Speaker, -
FINANCIAL INTERMEDIATUATION SUGGEST THEY TAKE A WHILE. THE 20 EPISODES THAT ARE OF THIS ILK, FOR EXAMPLE, AND AGAIN, CAUSED BY A COLLAPSE IN BORROWING...
|
| 00:53:53 |
Unidentified Speaker, -
CRISIS OF LEHMAN BROTHERS COLLAPSE, THERE WAS A MOMENT OF UNITY IN THE INTERNATIONAL DISCUSSION. I WORRY VERY MUCH THAT IF OTHER COUNTRIES FOLLOW...
|
| 00:54:49 |
Unidentified Speaker, -
LARGER QUESTION, AND ANY OF
|
| 00:54:50 |
Unidentified Speaker, -
YOU CAN COMMENT ON THIS WHICH IS, BASICALLY, WOULD YOU -- YOU'VE BEEN IN THE POLITICAL
|
| 00:54:55 |
Unidentified Speaker, -
SYSTEM. WOULD YOU NOT AGREE THAT IT'S DYSFUNCTIONAL? THAT GLOBAL LEADERSHIP IS NONEXISTENT? THAT WE'VE COLLAPSED ON THE G20, THE IMF MEETING WAS A...
|
| 00:55:15 |
Unidentified Speaker, -
WHITE HORSE TO
|
| 00:55:16 |
Unidentified Speaker, -
FIX IT. THERE ARE STRUCTURAL FORCES, THE UNINTENDED CONSEQUENCES OF GERRYMANDERING, THE UNINTENDED CONSEQUENCES OF TECHNOLOGICAL DEVELOPMENT AND INCREASINGLY-FILTERED...
|
| 00:55:44 |
Unidentified Speaker, -
SOME CONSIDERABLE TIME,
|
| 00:55:45 |
Unidentified Speaker, -
AND IT'S GOT WORSE. BUT WE MUSTN'T BE TOO PAROCHIAL IN OUR DISCUSSION. I KNOW WE'RE FOCUSED ON REBOOTING THE U.S. ECONOMY, BUT LET'S NOT LOSE SIGHT...
|
| 00:56:13 |
Unidentified Speaker, -
A WHOLE SERIES OF SILLY
|
| 00:56:15 |
Unidentified Speaker, -
CORNERS HERE. [LAUGHTER] >> ARE YOU WORRIED ABOUT PAUL KRUGMAN? >> HOW LONG HAVE YOU GOT? [LAUGHTER] THE CHINESE ARE MORE COMMITTED TO CAPITALISM THAN...
|
| 00:56:24 |
Unidentified Speaker, -
LOOK AT ANY SURVEY OF
|
| 00:56:26 |
Unidentified Speaker, -
CHINA'S OPINION, THEY PASSIONATELY BELIEVE IN IT, THEY BELIEVE IN THE FREE MARKET. THEY'VE GOT A MODEL WHICH IS UNENCUMBERED BY ERRORS OF THE PAST....
|
| 00:57:55 |
Unidentified Speaker, -
YOU. >> OF THE BRITISH EMPIRE. LET ME JUST ASK ALL OF YOU BECAUSE WE'VE REACHED THAT POINT
|
| 00:58:00 |
Unidentified Speaker, -
NOW. IT'S 98 YEARS SINCE A MAN,
|
| 00:58:02 |
Unidentified Speaker, -
A GERMAN CALLED SPANGLER WROTE A BOOK CALLED "DECLINE OF THE WEST." AND BASICALLY, WE'RE NOW AT THE END OF OUR TETHER. ACCORDING TO SPANGLER, WE ARE...
|
| 00:58:51 |
Unidentified Speaker, -
THAT ARGUMENT. ONE OF THE REASONS WE'RE IN THIS SITUATION IS NOT THAT THE WEST'S
|
| 00:58:55 |
Unidentified Speaker, -
SOMEHOW IMPLODING, IT'S
|
| 00:58:56 |
Unidentified Speaker, -
THAT THE REST OF THE WORLD HAS COPIED THE THINGS THAT WE FIGURED OUT TO DO FIRST, AND WE SHOULD REALLY CELEBRATE THE FACT THAT AFTER CENTURIES OF STAGNATION,...
|
| 00:59:23 |
Unidentified Speaker, -
INTERESTING. SO GROWING
|
| 00:59:24 |
Unidentified Speaker, -
UP ABROAD THE
|
| 00:59:26 |
Unidentified Speaker, -
SON OF A DIPLOMAT,
|
| 00:59:28 |
Unidentified Speaker, -
I WITNESSED FIRSTHAND THE COMPETITION POSED BY CAPITALISM AND THE COLD WAR. CAPITALISM KIND OF WON, RIGHT? THIS BUT WHAT WE'RE WITNESSING NOW IS A CONTEST,...
|
| 01:00:11 |
Unidentified Speaker, -
US ARE VERY CLEAR. ENTITLEMENTS, TAX
|
| 01:00:14 |
Unidentified Speaker, -
REFORM, YOU GO DOWN THE LIST, DEFENSE SPENDING. YOU KNOW EXACTLY WHAT YOU HAVE TO DO. YOU GO TO WASHINGTON, YOU OFFER THESE PROBLEMS, AND THE POLITICAL...
|
| 01:00:48 |
Unidentified Speaker, -
GET IT RIGHT WHEN WE HAD
|
| 01:00:50 |
Unidentified Speaker, -
A CRISIS. I DON'T KNOW ABOUT ANYBODY ELSE IN THIS ROOM, 2008-2009 FELT LIKE A CRISIS TO ME. SHEILA, YOU WERE AT THE CENTER OF IT. FELT LIKE A CRISIS,...
|
| 01:01:07 |
Unidentified Speaker, -
ABOUT THE TWO PAULS. THE
|
| 01:01:09 |
Unidentified Speaker, -
TWO SAINTS, ST. PAUL RYAN AND ST. PAUL KRUGMAN, AND TALK ABOUT WHAT'S GOOD FOR THE UNITED STATES. >> OKAY, PETE, TAKING THIS LONG VIEW, AND WE'RE OUT...
|
| 01:01:24 |
Unidentified Speaker, -
WE JUST HEARD. GIVE US THE LONG-TERM VIEW, BECAUSE THAT ON ACCESSES YOU. >> LET ME, FIRST, I WOULDN'T WANT THIS PANEL TO BE COMPLETE WITHOUT SOMEBODY...
|
| 01:01:37 |
Unidentified Speaker, -
OF CONFIDENCE-BUILDING. WE TENDED TO DISCUSS THIS IN THE CONTEXT OF U.S. BUSINESSMEN AND SO FORTH WANTING TO KNOW WHAT THE TAXES ARE GOING TO BE AND...
|
| 01:02:56 |
Unidentified Speaker, -
LOOKED AT A VARIETY OF PLANS TO RESTRUCTURE OUR FISCAL
|
| 01:02:59 |
Unidentified Speaker, -
SITUATION. AND THERE ARE MORE TAXES AND ENTITLEMENTS AND, YOU KNOW, ON AND ON. BUT FOR THE FIRST TIME IN A LONG TIME -- AND PETER KNOWS MORE ABOUT...
|
| 01:04:02 |
Unidentified Speaker, -
COFFEE. SO IF YOU HAVE ANY QUESTIONS, YOU CAN CALL ON THEM THEN, AND THEY WON'T BE ABLE TO ESCAPE. SO JUST TAKE THE -- BEFORE WE LEAVE, I WANT A QUICK...
|
| 01:04:24 |
Unidentified Speaker, -
ABOUT FOREIGN POLICY? >> >> YOU
|
| 01:04:26 |
Unidentified Speaker, -
JUST DON'T KNOW. ARE YOU GOING TO STAY OR GO? >> I HAVE ENOUGH TO WORRY
|
| 01:04:30 |
Unidentified Speaker, -
ABOUT. [LAUGHTER] >>
|
| 01:04:31 |
Unidentified Speaker, -
|
| 01:04:32 |
Unidentified Speaker, -
YOU'RE SKULKING THE QUESTION. >> I AM,
|
| 01:04:36 |
Unidentified Speaker, -
THANK YOU. >> OKAY, NIALL. >> THE UNINTENDED
|
| 01:04:41 |
Unidentified Speaker, -
COSTS OF PREMATURE WITHDRAWAL
|
| 01:04:43 |
Unidentified Speaker, -
ARE BEING WILDLY UNDERESTIMATED
|
| 01:04:45 |
Unidentified Speaker, -
IN THIS DISCUSSION BY AT LEAST TWO MEMBERS OF THE PANEL, AND I
|
| 01:04:48 |
Unidentified Speaker, -
HOPE ONLY TWO. >> OKAY. CHAIRMAN? >> WELL, I -- THIS IS DEFINITELY OUTSIDE MY PORTFOLIO -- >> A QUICK ANSWER. >> I WOULD
|
| 01:04:55 |
Unidentified Speaker, -
SAY THAT I THINK THERE NEEDS TO BE A BETTER ARTICULATION
|
| 01:04:58 |
Unidentified Speaker, -
OF WHY WE ARE STILL IN AFGHANISTAN. I HAVE
|
| 01:05:00 |
Unidentified Speaker, -
HEARD GOOD
|
| 01:05:01 |
Unidentified Speaker, -
ARTICULATIONS OF WHY WE ARE IN AFGHANISTAN, BUT I'M NOT SURE THEY'VE DONE AS WELL AS THEY SHOULD FROM THIS ADMINISTRATION. IF WE ARE THERE, PEOPLE...
|
| 01:05:21 |
Unidentified Speaker, -
PREMATURE, DISORDERLY, BUT THE
|
| 01:05:22 |
Unidentified Speaker, -
POINT
|
| 01:05:25 |
Unidentified Speaker, -
IS THAT -- >> DO YOU WANT AFGHANISTAN -- >> NIALL'S REFERRING TO -- >> DO YOU WANT IT TO BE SOCIETY
|
| 01:05:32 |
Unidentified Speaker, -
VIETNAM OR -- SOUTH VIETNAM OR
|
| 01:05:34 |
Unidentified Speaker, -
SOUTH KOREA? >> THE FACT IS THAT AFGHANISTAN HAS BEEN A FAILURE FOR
|
| 01:05:37 |
Unidentified Speaker, -
OTHER COUNTRIES TO TRY TO TAKE THEM OVER. U.K. SHOULD HAVE LEARNED THAT TO
|
| 01:05:41 |
Unidentified Speaker, -
TWO OR THREE TIMES ALREADY, AND THE LIKELIHOOD THAT WE WILL MAKE THINGS BETTER, YOU KNOW, IT'S NOT NECESSARILY GOING TO BE GOOD WHEN WE LEAVE. THE...
|
| 01:06:02 |
Unidentified Speaker, -
TO LEAVE SOMEDAY. WE CAN'T STAY THERE FOREVER. THE DEFENSE INTELLIGENCE
|
| 01:06:08 |
Unidentified Speaker, -
CON PLEX COSTS US ABOUT $800 BILLION A YEAR OF WHICH ABOUT 150 BILLION ARE ENTITLEMENTS IN IRAN AND AFGHANISTAN -- IRAQ AND AFGHANISTAN, IS THAT CORRECT?...
|
| 01:06:42 |
Unidentified Speaker, -
THAT ARE DISABLED, AND THAT IS THE AMOUNT I SAID, ALMOST A $1 TRILLION UNFUNDED LIABILITY THAT WE HAVE FROM THE WAR IN IRAQ AND AFGHANISTAN. PLUS THE...
|
| 01:06:59 |
Unidentified Speaker, -
I WANT A SAVING WORD FOR THE LAST WORD, BUT SINCE YOU FLUNKED THE LAST QUESTION -- [LAUGHTER] >> I GUESS I WOULD JUST SAY QUICKLY ON THE DEFENSE BUDGET,...
|
| 01:07:10 |
Unidentified Speaker, -
WEAPONS SYSTEMS ARE ABOUT A THIRD OF THE DEFENSE BUDGET OUTSIDE OF THE ONGOING WARS. THE BIG DRIVER OF OF THE BASE DEFENSE BUDGET IS TROOP LEVEL, END...
|
| 01:07:32 |
Unidentified Speaker, -
WE SHOULD DO NEXT, BUT I THINK TO A AGREE THE PANEL HAS LIT THE ROAD AHEAD EVEN IF WE CAN'T SEE THE FINAL DESTINATION. AND I WANT TO THANK THEM ON...
|
| 01:07:53 |
Unidentified Speaker, -
CONVERSATIONS] >> HELLO. WE NEED A MIC. OH, GOOD. I'M DAVID KIR
|
| 01:09:13 |
Unidentified Speaker, -
PATRICK. -- KIRKPATRICK. I WRITE FOR DAILY BEAST. WE HAVE ONE OF THE GREAT ENTREPRENEURS AND VENTURE CAPITALISTS HERE. HE'S A COFOUNDER OF MICROSYSTEMS...
|
| 01:10:28 |
Unidentified Speaker, -
PANEL. THAT WAS ABOUT MODELS AND WHAT YOU SHOULD DO AT THE MACROLEVEL. I FUNDAMENTALLY BELIEVE MOST FORECASTING MODELS ARE FUNDAMENTALLY WRONG. THINGS...
|
| 01:12:04 |
Unidentified Speaker, -
AS A GIVEN? >> YOU KNOW, MOST SIGNIFICANT CHANGES THAT HAPPEN IN SOCIETY WILL HAPPEN FROM THE BOTTOM
|
| 01:12:14 |
Unidentified Speaker, -
UP. A LITTLE PHENOMENON THAT STARTS LOCALLY AND MULTIPLY. ONCE YOU DO THAT MATH, THE MULTI INDICATION WILL HAVE DEMOCRATIC CHANGE. YOU KNOW, IN 1988...
|
| 01:13:31 |
Unidentified Speaker, -
BLACK SWAN? >> YEAH. >> WHY? >> SO WE TAKE A
|
| 01:13:37 |
Unidentified Speaker, -
VERY DIFFERENT
|
| 01:13:39 |
Unidentified Speaker, -
APPROACH, MUCH LARGER REVOLUTION
|
| 01:13:43 |
Unidentified Speaker, -
IN ENERGY OR EDUCATION THAN POSSIBLE. YOU COULD NEVER EXPLAIN IT IF YOU OPERATE IN THE SCALE OF PROBABILITIES. I'M PROBABLY THE ONLY INVESTOR SO SAYS...
|
| 01:15:40 |
Unidentified Speaker, -
KHOSLA VENTURES. WHY DID YOU DO THAT? >> AS LONG AS YOU'RE PLAYING GOOD THINGS HAPPEN. PLAY WITH IMPORTANT STUFF. IN 2000, I HAD A CHOICE.
|
| 01:15:52 |
Unidentified Speaker, -
SHOULD I PLAY IN POVERTY OR PLAY IN ENERGY? I WAS TIRED OF THE TELECOM PROBLEMS. >> AND THERE'S ONLY POVERTY AND ENERGY TO CONSIDER? >> THOSE ARE TWO...
|
| 01:16:07 |
Unidentified Speaker, -
SAID I WOULD DO LOTS AND LOTS OF LITTLE
|
| 01:16:11 |
Unidentified Speaker, -
EXPERIMENTS, IMPROBABLE EXPERIMENTS AND SEE IF SOMETHING POPPED OUT AS A LARGE PHENOMENON. I'LL GIVE YOU AN EXAMPLE. I'M PART OF THIS LITTLE OUTFIT DOING...
|
| 01:17:13 |
Unidentified Speaker, -
BECAUSE YOU PLAY IN BOTH SPACES. LET'S STICK WITH ENERGY BECAUSE YOU HAVE DONE SO MUCH WITH ENERGY. I MEAN, JUST GIVE US YOUR BIG PICTURE ANALYSIS OF...
|
| 01:17:35 |
Unidentified Speaker, -
THINKS THE ENERGY PROBLEM IS RELATIVELY EASILY SO HAVABLE COMPARED TO WHAT PEOPLE THINK. CAN I SEE ELECTRICITY CONSUMPTION IN THIS COUNTRY DROPPING BY...
|
| 01:18:30 |
Unidentified Speaker, -
VERY SERIOUS PROBLEM WHERE THOSE ASPIRATIONS ARE IRRESISTIBLE. >> RIGHT. THERE IS NO PHYSICAL WAY TO BRUTE FORCE TEN TIMES MORE RESOURCES THAN EXISTS...
|
| 01:18:42 |
Unidentified Speaker, -
PLANET. BUT AND THERE'S A GREAT BUT, SHOULD WE HAVE THIS LIGHT BULB TAKE 80% AND HAVE FOUR TIMES MORE LIGHT AVAILABLE. ABSOLUTELY, WE'RE DOING THAT....
|
| 01:20:04 |
Unidentified Speaker, -
YOU WOULD EVEN ARGUE THAT ENOUGH PEOPLE ARE TRYING; RIGHT. DON'T YOU THINK WE HAVE SORT OF AN ABSENCE OF AN UNDERSTANDING OF THE SCALE OF THE OPPORTUNITY...
|
| 01:20:25 |
Unidentified Speaker, -
MORE SHOTS ON GOAL. SINCE THESE ARE IMPROBABLE EVENTS, MY MODEL OF THE WORLD IS VERY SIMPLE. WE'LL PROBABLY MAKE 100 INVESTMENTS IN VARIOUS TECHNOLOGIES...
|
| 01:21:15 |
Unidentified Speaker, -
GO. WE CAN
|
| 01:21:18 |
Unidentified Speaker, -
ABSOLUTELY REINVENT THE INFRASTRUCTURE OF SOCIETY AND HAVE A MULTIPLICATION. >> IN CHINA OR ELSEWHERE. >> PEOPLE WANT SAFETY FIRST AND THAT'S EXACTLY...
|
| 01:21:42 |
Unidentified Speaker, -
DO.
|
| 01:21:44 |
Unidentified Speaker, -
THERE ARE TEN GOOGLES IN THE ENERGY SPACE IN 10 YEARS, NO QUESTION IN MY MIND. IF YOU WANT TO PARTICIPATE IN THAT, TAKE LONGER SHOTS, NOT SAFE INVESTMENT...
|
| 01:23:16 |
Unidentified Speaker, -
PLANET. ALMOST ALL THE EXPERTS THAT PUNDITS TALK ABOUT THAT ARE EXTRAPOLATED FROM THE PAST WILL BE WRONG. I CAN ALMOST CERTAINLY SAY -- I'M ONE OF THESE...
|
| 01:24:09 |
Unidentified Speaker, -
KEEP ENCOURAGING INNOVATION, I DON'T BELIEVE WE AS A COUNTRY CAN
|
| 01:24:18 |
Unidentified Speaker, -
SUCCEED IN A TOP-DOWN QUALITY DRIVEN WAY, YOU KNOW, STIMULATE THIS. IF WE ENCOURAGE INNOVATION AT THE BOTTOM -- AND WE HAVE DONE A PRETTY GOOD JOB OF...
|
| 01:25:43 |
Unidentified Speaker, -
VIEW ABOUT TECHNOLOGY AS KIND OF THE ONLY SALVATION. JUST TALK A LITTLE BIT. WHY ARE YOU SO CONVINCED THAT IT'S ONLY THROUGH TECHNOLOGY THAT WE CAN...
|
| 01:26:07 |
Unidentified Speaker, -
DIRECT IT APPROPRIATELY. BUT THE BIGGEST MULTIPLIER IS TECHNOLOGY. YOU CAN'T MANDATE REDUCTIONS WILL SOLVE THE PROBLEM WITHOUT TECHNOLOGY. YOU CAN'T...
|
| 01:27:22 |
Unidentified Speaker, -
|
| 01:27:23 |
Unidentified Speaker, -
BORING. HE'S A YOUNG GUY IN HIS LATE 20s OR EARLY 30s. I'LL TAKE THIS MATH EQUATION AND DO IT IN A TWO MINUTE YOUTUBE AND HE DOES PUT IT ON YOUTUBE...
|
| 01:28:55 |
Unidentified Speaker, -
NONPROFIT WORK WITH MICROFINANCE INSTITUTIONS. HOW DO YOU PARSE YOUR WORK IN NONPROFIT VERSUS FOR-PROFIT AND YOU RECALL THAT WILL BE OUR LAST QUESTION....
|
| 01:29:19 |
Unidentified Speaker, -
STIMULATES ME. SO AS I SAID TO DAVID WHEN WE WERE TALKING EARLIER, YOU KNOW, I COULD HAVE AFFORDED BUYING $100 MILLION YACHT. THE SERIES OF EXPERIMENTS...
|
| 01:30:04 |
Unidentified Speaker, -
YOU, EVERYBODY. THE NEXT PANEL IS THE PRACTITIONERS. (music) (music) >>
|
| 01:30:17 |
Unidentified Speaker, -
WELL, GOOD MORNING, EVERYBODY. AND WELCOME TO THE SECOND PANEL DISCUSSION OF THE
|
| 01:31:03 |
Unidentified Speaker, -
DAY. ENTITLED GETTING IT DONE. MY NAME IS JULIAN. I'M THE U.S. MANAGING EDITOR OF THE FINANCIAL TIMES. AND JOINING ME THIS MORNING IS A TERRIFIC LINEUP...
|
| 01:33:12 |
Unidentified Speaker, -
UP HERE ON STAGE WOULD SUGGEST THERE'S A GREAT DEAL THAT'S GOING RIGHT WITH INNOVATION AND THERE'S A LOT TO APPLAUD AND WE'LL GET INTO SOME OF THESE STORIES...
|
| 01:37:54 |
Unidentified Speaker, -
HAS BEEN IN DECADE OF INNOVATION FOR YOU. >> TO ME, I GUESS, I'M
|
| 01:38:01 |
Unidentified Speaker, -
DOWN IN BRAZIL AND I SEE, YOU KNOW, WE TALK ABOUT EDUCATION BEING A PROBLEM HERE.
|
| 01:38:07 |
Unidentified Speaker, -
GO TO BRAZIL. I'LL SHOW YOU SOME EDUCATION PROBLEMS. THEN I SEE PEOPLE IN BRAZIL GETTING THEIR FIRST HOME, THEIR FIRST CAR, THE BEGINNING OF THE CYCLE....
|
| 01:38:52 |
Unidentified Speaker, -
I CAN CUT THE INCARCERATION RATE BY FIVE OR SIX TIMES. WHO WOULD ARGUE WITH THAT KIND OF THINKING? THERE'S THE TEACHERS UNION. THEN HE ALSO ARGUES IF...
|
| 01:40:41 |
Unidentified Speaker, -
DON'T
|
| 01:40:43 |
Unidentified Speaker, -
RIDE SUBWAYS, I'VE GOT
|
| 01:40:45 |
Unidentified Speaker, -
MY METRO CARD IN MY POCKET. IT'S GOOD TO GO NORTH AND SOUTH THAT YOU GOT TO GO ACROSS TOWN TO ALL THE CROSSTOWN STREETS ARE CROSS. BLOCK. THERE WAS A...
|
| 01:42:15 |
Unidentified Speaker, -
YOURSELF OFF THE NEAREST BUILDING BECAUSE THE POLICY DISCUSSION IS SO DEPRESSING. AND SO UNPRODUCTIVE. AND EFFECTIVE PEOPLE ARE VISITING WITH IDEAS...
|
| 01:42:38 |
Unidentified Speaker, -
OF
|
| 01:42:39 |
Unidentified Speaker, -
THE NATION ARE ACTUALLY AFFECTING YOUR INVESTMENT PLAN. I WILL ASK YOU THAT IN A MINUTE. BUT BEFORE, SHANE, WHAT YOU SEE IS THE KEY ISSUE FOR YOUR...
|
| 01:43:06 |
Unidentified Speaker, -
INFORMATION TECHNOLOGY IN THE WORLD. WELL KNOWN FOR INNOVATION, AND PRIMARILY INNOVATION HAS BEEN FOCUSED ON THE TECHNOLOGY PART. I THINK WHAT WE'RE...
|
| 01:44:31 |
Unidentified Speaker, -
IN WHAT MIGHT BE CALLED ONE OF THE SEXIEST PART OF THE BUSINESS
|
| 01:44:34 |
Unidentified Speaker, -
RIGHT NOW, IN TERMS OF WORKING IN GREEN
|
| 01:44:37 |
Unidentified Speaker, -
TECHNOLOGY. YOU ARE SUPPOSEDLY FLAVOR OF THE MONTH IN TERMS OF POLICY SIDE OF THINGS. MANY PARTS OF THE MINISTRATION WOULD LIKE TO PIN THEIR HOPES ON...
|
| 01:45:06 |
Unidentified Speaker, -
BUSINESS. I MEANT ENERGY ENTREPRENEURS. I GOT INTO ENERGY, I WAS AN ENGINEERING -- ENERGY ENGINEER AND A SON OPPORTUNITY WHEN U.S. FIRST DEREGULATE...
|
| 01:47:35 |
Unidentified Speaker, -
PROBABLY HAVE
|
| 01:47:36 |
Unidentified Speaker, -
A 2008. WHY? BECAUSE THERE'S VERY LITTLE MARKET EXIST. THERE IS NO MARKET, OKAY? WE ARE RELYING ALREADY THE RACE WOULD HAVE RENEWABLE NOW IS BECAUSE...
|
| 01:48:33 |
Unidentified Speaker, -
IS NOT AN AIRLINE BUSINESS THAT HAVE CHEAPER FARE, YOUR CUSTOMERS. IN ENERGY UNIT CHEAPER ELECTRICITY, BUT WE DON'T HAVE MEANS TO DELIVER TO CONSUMERS...
|
| 01:49:30 |
Unidentified Speaker, -
OKAY? I THINK WE MADE TO STIMULATE A LITTLE BIT BUT THE KEY IS THE MARKET. IF SOMEBODY INVENTED HOW TO MAKE ELECTRICITY CHEAPER, FUEL CHEAPER, THEY...
|
| 01:49:48 |
Unidentified Speaker, -
THE GOVERNMENT ITSELF HAD HAD THE SOURCE OF THE MEN AND BOUGHT THINGS THAT WHY THEY'RE SIMPLY TRYING TO RIG THE MARKET IN OTHER WAYS. BUT I COULD...
|
| 01:50:14 |
Unidentified Speaker, -
DENY EVERYTHING AND PEOPLE, AS YOU MENTIONED, YOU KNOW, SORT OF INVESTING FOR THOSE WHO DON'T WANT TO CHANGE BUT TO DENY. BUT THE WORLD NOW IS MOVING...
|
| 01:51:39 |
Unidentified Speaker, -
TO KNOW. I RUNNING AIRLINES, BUT I DO KNOW -- [INAUDIBLE] [LAUGHTER] >> I PUT A LOT OF ARTICULATE INTO THE ATMOSPHERE, AIRPLANES. BUT I HEAR GUYS COMING...
|
| 01:51:52 |
Unidentified Speaker, -
JUST COMPLAINING ABOUT GREENHOUSE GASES. AT LEAST I'M TAKING A BUNCH OF PEOPLE I WANT TIME INSTEAD OF ONE PERSON IN A JET. WELL, WHAT'S THE BIGGEST,...
|
| 01:53:46 |
Unidentified Speaker, -
BETH. MICHAEL? >> WHO WOULD LIKE TO TAKE ON NUCLEAR ENERGY? >> I'M NOT DISAGREEING THAT NUCLEAR IS CLEAN. IT DOES NOT PRODUCE
|
| 01:53:54 |
Unidentified Speaker, -
GREENHOUSE GASES, BUT THERE ARE OTHER WAYS TO DO IT THE
|
| 01:53:56 |
Unidentified Speaker, -
NUCLEAR. NUCLEAR IS EXTREMELY EXPENSIVE, OKAY. OBVIOUSLY, WE ARE NOT TALKING ABOUT REGULATION, BUT NUCLEAR IS A HIGHLY RATED. FOR EXAMPLE, I KNOW PEOPLE...
|
| 01:54:46 |
Unidentified Speaker, -
NUCLEAR. SPOKE WE HAVE AN INTERESTING BACKSTAGE ARGUMENT. >>
|
| 01:54:51 |
Unidentified Speaker, -
TO WE'LL TURN THE LIGHTS OUT OF WHAT? >> WE HAVE A LARGE NUCLEAR FACILITY OR THE END UP COSTING SO MANY MORE TIMES THAN THEY
|
| 01:54:58 |
Unidentified Speaker, -
HAD
|
| 01:55:00 |
Unidentified Speaker, -
ORIGINALLY PROJECTED. >> HERE IN NEW ORLEANS? >> RIGHT SPECS SO YOU ARE INTERFACING,
|
| 01:55:10 |
Unidentified Speaker, -
ARDUOUS? >> YES RIGHT,
|
| 01:55:13 |
Unidentified Speaker, -
RIGHT. AND I COME IN IDC FOR A COMPLETELY DIFFERENT PERSPECTIVE BECAUSE I'M WORKING WITH A
|
| 01:55:20 |
Unidentified Speaker, -
NONPROFIT WORKING ON SOCIAL ENTREPRENEUR DEVELOPMENT IN A CITY OF NEW ORLEANS. AND I THINK JUST HAD TO THE DIALOGUE WE'VE ALL BEEN SITTING HERE LISTENING...
|
| 01:59:05 |
Unidentified Speaker, -
OF A NARRATIVE AND IT'S A
|
| 01:59:09 |
Unidentified Speaker, -
SHOCK. IT TIES INTO WHAT JOHN
|
| 01:59:11 |
Unidentified Speaker, -
WAS SAYING EARLIER. WHEN I WENT TO JAPAN A FEW YEARS AGO, AND WONDERFUL JAPANESE PROVERB THAT SAYS IF YOU PUT A FROG INTO A PAN OF COLD WATER AND...
|
| 02:00:00 |
Unidentified Speaker, -
OF INNOVATION, IN MY JUDGMENT IS TOO LATE IT WILL DEFINE DISCIPLINE, QUOTE UNQUOTE. IT IS, IN FACT, A LEADING EDGE OF INNOVATION ON A WORLDWIDE BASIS....
|
| 02:01:04 |
Unidentified Speaker, -
THE FISCAL PROBLEMS, THERE IS A THEORY GOING AROUND THE REASON WHY THIS IS NOT INVESTING RIGHT NOW, NOT DOING SO, IS BECAUSE OF THE LACK OF ANIMAL...
|
| 02:01:37 |
Unidentified Speaker, -
THINK IT WILL PRODUCE A SILVER BULLET. SPENT A GESTURE MICROPHONE. >> THIS IS TOO COMPLEX AN ISSUE TO EXPECT TO FIND A SENIOR SOLUTION. IF YOU LOOK...
|
| 02:01:52 |
Unidentified Speaker, -
WE ARE DOING THINGS THAT ARE SOCIALLY IMPORTANT WE'RE ALSO DOING THINGS BECAUSE THEY ARE GOOD FOR BUSINESS. WE HAVE A MASSIVE DATA CENTER IN THE U.K.,...
|
| 02:03:16 |
Unidentified Speaker, -
THE GEOGRAPHICAL DISSIPATION OF THE INVESTMENT IS SHIFTING. SO HP, WE WERE TALKING BEFORE THE PANEL ABOUT HOW 80%, 75% OF ADP'S BUSINESS ACTIVITIES...
|
| 02:04:20 |
Unidentified Speaker, -
THAT YOU SET UP YOUR FOURTH OF BEEN IN BRAZIL, NOT IN AMERICA. WHY IS THAT, AND
|
| 02:04:25 |
Unidentified Speaker, -
WOULD YOU CREATE ANOTHER
|
| 02:04:27 |
Unidentified Speaker, -
COMPANY IN AMERICA IN TODAY'S CONDITIONS? >> WELL, I THINK THAT LIKE I SAID EARLIER, BRAZIL IS KIND OF AT THE BEGINNING OF THE CYCLE. LIKE THE UNITED...
|
| 02:04:38 |
Unidentified Speaker, -
MAYBE 30 YEARS AGO IN SO MANY DIFFERENT AREAS. YOU LOOK AT WHAT WE ACCOMPLISH AND THEN ALL THE LESSONS WE'VE LEARNED, PROS AND CONS, AND THEN YOU'RE...
|
| 02:08:05 |
Unidentified Speaker, -
REPRESENT A VERSION OF THE AMERICAN DREAM BECAUSE YOU CAME
|
| 02:08:07 |
Unidentified Speaker, -
|
| 02:08:08 |
Unidentified Speaker, -
TO USUALLY FROM THE UKRAINE AND YOUR CHOSEN TO CREATE COMPANIES HERE IN AMERICA. I MEAN, FROM YOUR PERSPECTIVE DO YOU STILL THINK THAT AMERICA IS A...
|
| 02:08:30 |
Unidentified Speaker, -
WE HAVE OUR REACHES RIGHT NOW. FOR EXAMPLE, FIRST OF ALL PEOPLE TALK ACCESS TO GOOD. I THINK IN THE COUNTRY AFTER THE CRISIS, ESPECIALLY WHEN BECOME...
|
| 02:09:20 |
Unidentified Speaker, -
KNOW, AT LEAST I CAME HERE IN 1976.
|
| 02:09:22 |
Unidentified Speaker, -
AND I FEEL THAT NOW IS PROBABLY ONE OF THE MOST DIFFICULT TIMES WHERE IT'S HARD TO PREDICT WHERE SORT OF POLICY OF THIS COUNTRY WHERE WE GOING. AND...
|
| 02:10:34 |
Unidentified Speaker, -
CERTAIN THINGS, CERTAIN THINGS ARE DRIVEN BY SYSTEM. WE DID BUILD HIGHWAY
|
| 02:10:40 |
Unidentified Speaker, -
SYSTEM BECAUSE IT WAS A GREAT IDEA. BECAUSE DICTATORS SAID LET'S BUILD HIGHWAY. BECAUSE WE DECIDED IT LONG-TERM, IT'S AN INFRASTRUCTURE OF WHETHER ENERGY,...
|
| 02:11:40 |
Unidentified Speaker, -
IT AND I HAVE CREATED A COMPANY. AND YET THERE ARE STILL POLICY CHALLENGES AND STILL A CHALLENGE OF INFRASTRUCTURE WHICH REMAINS VERY, VERY WELL. SO...
|
| 02:13:07 |
Unidentified Speaker, -
WE KNOW THEY TAKE A BIG RISK,
|
| 02:13:08 |
Unidentified Speaker, -
BUT CONVENTION AND THEY BURNED WITH FIRE. GETTING NEW IDEA DONE. SO IT'S VERY BIG HONOR TO HAVE SHARE AUTHORITY WITH US. CHERYL IS ONE OF THEM IS...
|
| 02:14:24 |
Unidentified Speaker, -
A MEDICAL STUDENT THAT I WAS AT HARVARD MEDICAL SCHOOL WHEN I TOOK A YEAR OFF TO GO TO THE KENNEDY SCHOOL OF GOVERNMENT TO STUDY PUBLIC POLICY. I GOT...
|
| 02:15:22 |
Unidentified Speaker, -
IN JANUARY 1992. THAT FIRST YEAR WE
|
| 02:15:24 |
Unidentified Speaker, -
SERVED ABOUT 1200 CLIENTS ACROSS THE CITY OF BOSTON. TODAY 20 YEARS LATER WE'RE ASSERTING ABOUT THIS 7000 CLIENTS PER YEAR. >> YOU COULD HAVE BEEN A...
|
| 02:15:43 |
Unidentified Speaker, -
TO KINDLY THAT PATH AND GO INTO THE WORLD OF BEING A SOCIAL ENTREPRENEUR? >> WHAT'S INTERESTING, ACCO AND GREEN WAS A TRANSFORMATIVE MOMENT IN MY LIFE....
|
| 02:15:54 |
Unidentified Speaker, -
REASONS. FIRST WE ARE ANGEL INVESTORS IN A SOCIAL SECTOR. WE PROVIDE SEED CAPITAL AND SUPPORT SOME OF THE WORLD'S BEST EMERGING SOCIAL AUDITORS THAT...
|
| 02:16:37 |
Unidentified Speaker, -
ENTREPRENEUR AND YOU SAY I'M GOING TO DO THIS WHEN? >> RIGHT. THREE THINGS. YOU'RE LOOKING FOR A VISIONARY LEADER OF HAMAS. ARE
|
| 02:16:47 |
Unidentified Speaker, -
LOOKING FOR SYSTEM CHANGING IDEAS, RADICAL INNOVATION THAT COULD CHANGE THE WAY I FEEL DOES BUSINESS. AND THE LAST IS YOUR BELIEF THAT THEY CAN EXECUTE...
|
| 02:17:52 |
Unidentified Speaker, -
CHOICE. >> NEVER DISAPPOINTED WHEN THE THINGS ABOUT THAT INNOVATION AND INNOVATION SECTOR IN GENERAL IS ITS COMFORT AND FAILURE. AND
|
| 02:17:59 |
Unidentified Speaker, -
ITS COMFORT
|
| 02:18:00 |
Unidentified Speaker, -
AND TAKING RISK. ECHOING GREEN DOESN'T SEE ANY OF IT INVESTMENT AS THERE'S EVEN IF THE COMPANIES DON'T SUCCEED. AT THE END OF THE DAY WE ARE INVESTING...
|
| 02:18:23 |
Unidentified Speaker, -
TO GET A SENSE OF WHO THESE SOCIAL ENTREPRENEURS ARE IT
|
| 02:18:27 |
Unidentified Speaker, -
DOESN'T, REAL. ECHOING GREEN INVESTED ALMOST 10 YEARS EARLIER WHEN HE WAS A COMMITTEE ORGANIZER CALLED KINSEY CONSULTANT. WENT OFF TO GET A Ph.D FROM...
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| 02:19:26 |
Unidentified Speaker, -
MENTOR THEM SPEAK WAS SURE. IF YOU TALK TO ANY SOCIAL ENTREPRENEUR, THEY'LL SAY SURE, THE MONEY IS IMPORTANT SEED CAPITAL IS TOUGH TO GET IT I THINK...
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| 02:20:19 |
Unidentified Speaker, -
NEW PROBLEM SOCIAL ENTREPRENEUR, AND THEY'RE
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| 02:20:21 |
Unidentified Speaker, -
ALL EXTRAORDINAIRE. I WISH I TIME TO TALK TO ALL THEM. A YOUNG MAN, JASON, ENGINEER, GOT VERY INTERESTED IN THE PROCESS OF OUR LICENSE, WHICH IS ENERGY...
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| 02:21:30 |
Unidentified Speaker, -
WHAT'S INTERESTING THE SOCIAL CAPITAL MARKOPOLOS IS PRETTY FRAGMENTED, UNSOPHISTICATED, A LOT OF US ARE WORKING HARD, HAD YOU NOT ONLY BRING MORE CAPITAL...
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| 02:22:39 |
Unidentified Speaker, -
SUSTAINABLE MODEL FOR ECONOMIC FLOWS ARE COMING OUT OF THIS REALLY INTERESTING LABORATORY. LET ME GIVE YOU AN EXAMPLE. WHEN YOU LOOK AROUND, SO THE...
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| 02:23:13 |
Unidentified Speaker, -
OF WASHINGTON IS A LOGJAM AND THE CYNICISM THAT PEOPLE ARE TURNING AWAY FROM WANTING TO GO INTO GOVERNMENT AND ARE PREFERRING TO BECOME SOCIAL ENTREPRENEURS...
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| 02:24:21 |
Unidentified Speaker, -
GLOBAL EXCITEMENT OVERSEAS. IS THERE ANYWAY THAT SOME OF THIS THAT IS GOOD OVERSEAS CAN BE BROUGHT BACK TO AMERICA? >> THE MILLENNIALS ARE A PHENOMENALLY...
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| 02:24:43 |
Unidentified Speaker, -
OF THEM, CHARACTERISTICALLY, THEY ARE GLOBAL IN SCOPE. THESE KIDS HAVE COME OF AGE WITH TECHNOLOGY AT EVERY STEP ALONG THE WAY OF THEIR DEVELOPMENT....
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| 02:25:46 |
Unidentified Speaker, -
THERE AN AREA WHERE YOU CAN SEE A LOT OF INTEREST? >> SURE. AND I THINK YOU'LL HEAR MORE OVER THE NEXT DAY OR SO WAS OF OUR SOCIAL INNOVATORS, LOOK,...
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| 02:25:56 |
Unidentified Speaker, -
TO 2007 ECHOING GREEN SAW VERY FEW SOCIAL BUSINESS PLANS THAT WERE FOR-PROFIT ENTERPRISES. IN THE PAST THREE YEARS ALONE, ABOUT A THIRD OF OUR PORTFOLIO...
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| 02:26:44 |
Unidentified Speaker, -
APPLY FOR? WOULD YOU GET IT? >> FIRST OF ALL, I ACTUALLY WOULD NOT BE COMPETITIVE WITH THESE YOUNG PEOPLE. THESE MILLENNIALS ARE STORED NO SOPHISTICATED...
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| 02:26:54 |
Unidentified Speaker, -
WAS NOT. THEY ARE VERY SMART, VERY SAVVY ABOUT THE UTILITY OF THE CAPITAL MARKOPOLOS IN A WAY THAT MY GENERATION QUITE FRANKLY WAS NOT. SO I WOULD NOT...
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| 02:27:45 |
Unidentified Speaker, -
GOODNESS. IT'S TOUGH. OKAY. IF I'VE GOT TO PICK, NOTIONAL OF FAVORITISM, BUT YOU WILL HEAR LATER TODAY FROM SOMEONE WHO IS MARKETING A NEW FINANCIAL...
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| 02:28:38 |
Unidentified Speaker, -
OF HER WORK, AND HAVE A CUP OF COFFEE. BE BACK HERE
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| 02:28:43 |
Unidentified Speaker, -
PROBABLY AT 11:15 AFTER THE BREAK. (music) (music) (music) (music) (music) (music) (music) [INAUDIBLE CONVERSATIONS] [INAUDIBLE CONVERSATIONS] [INAUDIBLE...
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| 02:30:05 |
Unidentified Speaker, -
PANEL TO HEAR FROM FASHION DESIGNER DIANE von FURSTENBERG, FORMER COMMANDER OF THE U.S. AND AFGHANISTAN FORCES, GENERAL STANLEY McCHRYSTAL, FORMER...
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NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.