[Script Info]
Title: 
[Events]
Format: Layer, Start, End, Style, Name, MarginL, MarginR, MarginV, Effect, Text
Dialogue: 0,0:00:08.21,0:00:09.47,Default,,0000,0000,0000,,Good evening.
Dialogue: 0,0:00:09.47,0:00:11.27,Default,,0000,0000,0000,,Thirteen trillion dollars in wealth
Dialogue: 0,0:00:11.27,0:00:14.64,Default,,0000,0000,0000,,has evaporated\Nover the course of the last two years.
Dialogue: 0,0:00:14.64,0:00:17.00,Default,,0000,0000,0000,,We've questioned the future of capitalism.
Dialogue: 0,0:00:17.00,0:00:19.65,Default,,0000,0000,0000,,We've questioned the financial industry.
Dialogue: 0,0:00:19.65,0:00:22.00,Default,,0000,0000,0000,,We've looked at our government oversight.
Dialogue: 0,0:00:22.00,0:00:23.85,Default,,0000,0000,0000,,We've questioned where we're going.
Dialogue: 0,0:00:23.85,0:00:26.13,Default,,0000,0000,0000,,And yet, at the same time,\Nthis very well may be
Dialogue: 0,0:00:26.13,0:00:28.00,Default,,0000,0000,0000,,a seminal moment in American history,
Dialogue: 0,0:00:28.00,0:00:30.00,Default,,0000,0000,0000,,an opportunity for the consumer
Dialogue: 0,0:00:30.00,0:00:32.00,Default,,0000,0000,0000,,to actually take control and guide us
Dialogue: 0,0:00:32.00,0:00:34.00,Default,,0000,0000,0000,,to a new trajectory in America.
Dialogue: 0,0:00:34.00,0:00:37.00,Default,,0000,0000,0000,,I'm calling this The Great Unwind.
Dialogue: 0,0:00:37.00,0:00:39.56,Default,,0000,0000,0000,,And the idea is a simple, simple idea,
Dialogue: 0,0:00:39.56,0:00:41.77,Default,,0000,0000,0000,,which is the fact that the consumer
Dialogue: 0,0:00:41.77,0:00:45.00,Default,,0000,0000,0000,,has moved from a state of anxiety\Nto action.
Dialogue: 0,0:00:45.00,0:00:47.31,Default,,0000,0000,0000,,Consumers who represent 72 percent
Dialogue: 0,0:00:47.31,0:00:50.51,Default,,0000,0000,0000,,of the GDP of America\Nhave actually started,
Dialogue: 0,0:00:50.51,0:00:52.70,Default,,0000,0000,0000,,just like banks and just like businesses,
Dialogue: 0,0:00:52.70,0:00:55.55,Default,,0000,0000,0000,,to de-leverage, to unwind their leverage,
Dialogue: 0,0:00:55.55,0:00:57.78,Default,,0000,0000,0000,,in daily life, to remove themselves
Dialogue: 0,0:00:57.78,0:00:59.61,Default,,0000,0000,0000,,from the liability and risk
Dialogue: 0,0:00:59.61,0:01:03.00,Default,,0000,0000,0000,,that presents itself as we move forward.
Dialogue: 0,0:01:03.00,0:01:05.64,Default,,0000,0000,0000,,So, to understand this -\Nand I'm going to stress this -
Dialogue: 0,0:01:05.64,0:01:07.91,Default,,0000,0000,0000,,it's not about the consumer\Nbeing in retreat.
Dialogue: 0,0:01:07.91,0:01:09.18,Default,,0000,0000,0000,,The consumer is empowered.
Dialogue: 0,0:01:09.18,0:01:12.08,Default,,0000,0000,0000,,In order to understand this,\Nwe're going to step back and look
Dialogue: 0,0:01:12.08,0:01:13.53,Default,,0000,0000,0000,,a little bit at what's happened
Dialogue: 0,0:01:13.53,0:01:15.52,Default,,0000,0000,0000,,over the course\Nof the last year and a half.
Dialogue: 0,0:01:15.52,0:01:18.05,Default,,0000,0000,0000,,So, if you've been gone,\Nthis is the easy CliffsNotes
Dialogue: 0,0:01:18.05,0:01:20.03,Default,,0000,0000,0000,,on what's happened in the economy. Okay?
Dialogue: 0,0:01:20.03,0:01:22.74,Default,,0000,0000,0000,,Unemployment up. Housing values down.\NEquity markets down.
Dialogue: 0,0:01:22.74,0:01:24.44,Default,,0000,0000,0000,,Commodity prices are like this.
Dialogue: 0,0:01:24.44,0:01:26.58,Default,,0000,0000,0000,,If you're a mom trying to manage a budget,
Dialogue: 0,0:01:26.58,0:01:29.00,Default,,0000,0000,0000,,and oil was 150 dollars a barrel\Nlast summer,
Dialogue: 0,0:01:29.00,0:01:31.84,Default,,0000,0000,0000,,and it's somewhere between 50 and 70,\Ndo you plan vacations?
Dialogue: 0,0:01:31.84,0:01:33.00,Default,,0000,0000,0000,,How do you buy?
Dialogue: 0,0:01:33.00,0:01:35.00,Default,,0000,0000,0000,,What is your strategy in your household?
Dialogue: 0,0:01:35.00,0:01:37.56,Default,,0000,0000,0000,,Will the bailout work?\NWe have national debt, Detroit,
Dialogue: 0,0:01:37.56,0:01:40.37,Default,,0000,0000,0000,,currency valuations, healthcare,\Nall these issues facing us.
Dialogue: 0,0:01:40.37,0:01:43.27,Default,,0000,0000,0000,,You put them all together,\Nyou mix them up in a bouillabaisse,
Dialogue: 0,0:01:43.27,0:01:47.00,Default,,0000,0000,0000,,and you have consumer confidence\Nthat's basically a ticking time-bomb.
Dialogue: 0,0:01:47.00,0:01:49.84,Default,,0000,0000,0000,,In fact, let's go back and look\Nat what caused this crisis,
Dialogue: 0,0:01:49.84,0:01:52.36,Default,,0000,0000,0000,,because the consumer, all of us,\Nin our daily lives,
Dialogue: 0,0:01:52.36,0:01:55.00,Default,,0000,0000,0000,,actually contributed a large part\Nto the problem.
Dialogue: 0,0:01:55.00,0:01:57.00,Default,,0000,0000,0000,,This is something I call\Nthe 50-20 paradox.
Dialogue: 0,0:01:57.00,0:01:59.78,Default,,0000,0000,0000,,It took us 50 years
Dialogue: 0,0:01:59.78,0:02:03.27,Default,,0000,0000,0000,,to reach annual savings ratings
Dialogue: 0,0:02:03.55,0:02:05.59,Default,,0000,0000,0000,,of almost 10 percent. 50 years.
Dialogue: 0,0:02:05.59,0:02:07.71,Default,,0000,0000,0000,,Do you know what this was right here?
Dialogue: 0,0:02:07.71,0:02:10.56,Default,,0000,0000,0000,,This was World War II.\NDo you know why savings was so high?
Dialogue: 0,0:02:10.56,0:02:13.90,Default,,0000,0000,0000,,There was nothing to buy, unless\Nyou wanted to buy some rivets. Right?
Dialogue: 0,0:02:13.90,0:02:17.11,Default,,0000,0000,0000,,So, what happened though,\Nover the course of the last 20 years -
Dialogue: 0,0:02:17.11,0:02:21.26,Default,,0000,0000,0000,,we went from a 10 percent savings rate\Nto a negative savings rate.
Dialogue: 0,0:02:21.26,0:02:25.00,Default,,0000,0000,0000,,Because we binged.\NWe bought extra-large cars,
Dialogue: 0,0:02:25.00,0:02:29.00,Default,,0000,0000,0000,,supersized everything, we bought remedies\Nfor restless leg syndrome.
Dialogue: 0,0:02:29.72,0:02:31.88,Default,,0000,0000,0000,,All these things together\Nbasically created
Dialogue: 0,0:02:31.88,0:02:34.96,Default,,0000,0000,0000,,a factor where the consumer\Nsort of drove us
Dialogue: 0,0:02:34.96,0:02:37.18,Default,,0000,0000,0000,,headlong into the crisis\Nthat we face today.
Dialogue: 0,0:02:37.18,0:02:40.28,Default,,0000,0000,0000,,The personal debt-to-income ratio
Dialogue: 0,0:02:40.28,0:02:42.18,Default,,0000,0000,0000,,basically went from 65 percent
Dialogue: 0,0:02:42.18,0:02:45.58,Default,,0000,0000,0000,,to 135 percent in the span\Nof about 15 years.
Dialogue: 0,0:02:46.10,0:02:48.52,Default,,0000,0000,0000,,So consumers got overleveraged.
Dialogue: 0,0:02:48.52,0:02:51.79,Default,,0000,0000,0000,,And of course our banks did as well,\Nas did our federal government.
Dialogue: 0,0:02:51.79,0:02:53.85,Default,,0000,0000,0000,,This is an absolutely staggering chart.
Dialogue: 0,0:02:53.85,0:02:57.35,Default,,0000,0000,0000,,It shows leverage,\Ntrended out from 1919 to 2009.
Dialogue: 0,0:02:58.22,0:03:00.85,Default,,0000,0000,0000,,And what you end up seeing\Nis the whole phenomenon
Dialogue: 0,0:03:00.85,0:03:02.61,Default,,0000,0000,0000,,of the fact that we are actually
Dialogue: 0,0:03:02.61,0:03:04.72,Default,,0000,0000,0000,,stepping forth and basically leveraging
Dialogue: 0,0:03:04.72,0:03:07.91,Default,,0000,0000,0000,,future education,\Nfuture children in our households.
Dialogue: 0,0:03:07.91,0:03:11.03,Default,,0000,0000,0000,,So if you look at this in the context\Nof visualizing the bailout,
Dialogue: 0,0:03:11.03,0:03:13.67,Default,,0000,0000,0000,,what you can see is\Nif you stack up dollar bills,
Dialogue: 0,0:03:13.67,0:03:15.76,Default,,0000,0000,0000,,first of all, 360,000 dollars
Dialogue: 0,0:03:15.76,0:03:18.00,Default,,0000,0000,0000,,is about the size of a five-foot-four guy.
Dialogue: 0,0:03:18.00,0:03:21.73,Default,,0000,0000,0000,,But if you stack it up, you just see\Nthis amazing, staggering amount
Dialogue: 0,0:03:21.73,0:03:24.67,Default,,0000,0000,0000,,of dollars that have been put\Ninto the system
Dialogue: 0,0:03:24.67,0:03:26.25,Default,,0000,0000,0000,,to fund and bail us out.
Dialogue: 0,0:03:26.25,0:03:28.55,Default,,0000,0000,0000,,So this is the first 315 billion.
Dialogue: 0,0:03:28.55,0:03:31.59,Default,,0000,0000,0000,,But I read this fact the other day,\Nthat one trillion seconds
Dialogue: 0,0:03:31.59,0:03:33.71,Default,,0000,0000,0000,,equals 32 thousand years,
Dialogue: 0,0:03:33.71,0:03:36.79,Default,,0000,0000,0000,,so if you think about that,\Nthe context, the casualness
Dialogue: 0,0:03:36.79,0:03:40.36,Default,,0000,0000,0000,,with which we talk about trillion-dollar\Nbailout here, and trillion there,
Dialogue: 0,0:03:40.36,0:03:43.31,Default,,0000,0000,0000,,we are stacking ourselves up\Nfor long-term leverage.
Dialogue: 0,0:03:43.31,0:03:46.07,Default,,0000,0000,0000,,However, consumers have moved.
Dialogue: 0,0:03:46.07,0:03:48.20,Default,,0000,0000,0000,,They are taking responsibility.
Dialogue: 0,0:03:48.20,0:03:50.79,Default,,0000,0000,0000,,What we're seeing is an uptake\Nin the savings rate.
Dialogue: 0,0:03:50.79,0:03:53.36,Default,,0000,0000,0000,,In fact, 11 straight months\Nof savings have happened
Dialogue: 0,0:03:53.36,0:03:55.05,Default,,0000,0000,0000,,since the beginning of the crisis.
Dialogue: 0,0:03:55.05,0:03:57.40,Default,,0000,0000,0000,,We are working our way\Nback up to that 10 percent.
Dialogue: 0,0:03:57.40,0:03:59.32,Default,,0000,0000,0000,,Also, remarkably, in the fourth quarter,
Dialogue: 0,0:03:59.32,0:04:02.91,Default,,0000,0000,0000,,spending dropped to its lowest level\Nin 62 years,
Dialogue: 0,0:04:02.91,0:04:05.29,Default,,0000,0000,0000,,almost a 3.7 percent decline.
Dialogue: 0,0:04:05.29,0:04:08.11,Default,,0000,0000,0000,,Visa now reports that more people\Nare using debit cards
Dialogue: 0,0:04:08.11,0:04:09.78,Default,,0000,0000,0000,,than they're using credit cards.
Dialogue: 0,0:04:09.78,0:04:13.10,Default,,0000,0000,0000,,So we're starting to pay for things\Nwith money that we have.
Dialogue: 0,0:04:13.10,0:04:15.22,Default,,0000,0000,0000,,And we're starting to be much more careful
Dialogue: 0,0:04:15.22,0:04:16.95,Default,,0000,0000,0000,,about how we save and how we invest.
Dialogue: 0,0:04:16.95,0:04:18.84,Default,,0000,0000,0000,,But that's not really the whole story.
Dialogue: 0,0:04:18.84,0:04:21.91,Default,,0000,0000,0000,,Because this has also been\Na dramatic time of transformation.
Dialogue: 0,0:04:21.91,0:04:23.10,Default,,0000,0000,0000,,And you've got to admit,
Dialogue: 0,0:04:23.10,0:04:25.22,Default,,0000,0000,0000,,over the course\Nof the last year and a half,
Dialogue: 0,0:04:25.22,0:04:27.64,Default,,0000,0000,0000,,consumers have been doing\Nsome pretty weird things.
Dialogue: 0,0:04:27.64,0:04:30.45,Default,,0000,0000,0000,,It's been pretty staggering,\Nwhat we've lived through.
Dialogue: 0,0:04:30.45,0:04:32.96,Default,,0000,0000,0000,,If you take into account\N80 percent of all Americans
Dialogue: 0,0:04:32.96,0:04:34.34,Default,,0000,0000,0000,,were born after World War II,
Dialogue: 0,0:04:34.34,0:04:36.17,Default,,0000,0000,0000,,this is essentially our Depression.
Dialogue: 0,0:04:36.17,0:04:38.31,Default,,0000,0000,0000,,As a result,\Nsome crazy things have happened.
Dialogue: 0,0:04:38.31,0:04:40.84,Default,,0000,0000,0000,,I'll give you some examples.\NLets talk about dentists,
Dialogue: 0,0:04:40.84,0:04:44.13,Default,,0000,0000,0000,,vasectomies, guns and shark attacks. Okay?
Dialogue: 0,0:04:44.13,0:04:45.53,Default,,0000,0000,0000,,(Laughter)
Dialogue: 0,0:04:45.53,0:04:47.78,Default,,0000,0000,0000,,Dentists report molars,
Dialogue: 0,0:04:47.78,0:04:50.16,Default,,0000,0000,0000,,you know, people grinding their teeth,\Ncoming in
Dialogue: 0,0:04:50.16,0:04:52.71,Default,,0000,0000,0000,,and reporting the fact\Nthat they've had stress.
Dialogue: 0,0:04:52.71,0:04:56.41,Default,,0000,0000,0000,,And so there is an increase in people\Nhaving to have their fillings replaced.
Dialogue: 0,0:04:56.41,0:04:58.22,Default,,0000,0000,0000,,Guns, gun sales, according to the FBI,
Dialogue: 0,0:04:58.22,0:05:01.99,Default,,0000,0000,0000,,who does background checks,\Nare up almost 25 percent since January.
Dialogue: 0,0:05:01.99,0:05:03.94,Default,,0000,0000,0000,,Vasectomies are up 48 percent,
Dialogue: 0,0:05:03.94,0:05:06.16,Default,,0000,0000,0000,,according to the Cornell institute.
Dialogue: 0,0:05:06.16,0:05:08.60,Default,,0000,0000,0000,,And lastly, but a very good point,
Dialogue: 0,0:05:08.60,0:05:11.16,Default,,0000,0000,0000,,hopefully not related\Nto the former point I just made,
Dialogue: 0,0:05:11.16,0:05:14.27,Default,,0000,0000,0000,,which is that shark attacks\Nare at their lowest level from 2003.
Dialogue: 0,0:05:14.76,0:05:16.64,Default,,0000,0000,0000,,Does anybody know why?
Dialogue: 0,0:05:16.86,0:05:20.74,Default,,0000,0000,0000,,No one is at the beach.\NSo there is a bright side to everything.
Dialogue: 0,0:05:21.11,0:05:23.66,Default,,0000,0000,0000,,But seriously, what we see happening,
Dialogue: 0,0:05:23.66,0:05:26.86,Default,,0000,0000,0000,,and the reason I want to stress\Nthat the consumer is not in retreat,
Dialogue: 0,0:05:26.86,0:05:28.100,Default,,0000,0000,0000,,is that this is a tremendous opportunity
Dialogue: 0,0:05:28.100,0:05:31.71,Default,,0000,0000,0000,,for the consumer\Nwho drove us into this recession
Dialogue: 0,0:05:31.71,0:05:33.22,Default,,0000,0000,0000,,to lead us right back out.
Dialogue: 0,0:05:33.22,0:05:36.70,Default,,0000,0000,0000,,And what I mean by that is\Nthat we can move from mindless consumption
Dialogue: 0,0:05:36.70,0:05:39.04,Default,,0000,0000,0000,,to mindful consumption. Right?
Dialogue: 0,0:05:39.04,0:05:42.58,Default,,0000,0000,0000,,If you think about the last three decades,
Dialogue: 0,0:05:44.12,0:05:47.83,Default,,0000,0000,0000,,the consumer has moved\Nfrom savvy about marketing in the '90s,
Dialogue: 0,0:05:47.83,0:05:51.83,Default,,0000,0000,0000,,to gathering all these amazing\Nsocial and search tools in this decade,
Dialogue: 0,0:05:51.83,0:05:54.11,Default,,0000,0000,0000,,but the one thing\Nthat has been holding them back
Dialogue: 0,0:05:54.11,0:05:55.81,Default,,0000,0000,0000,,is the ability to discriminate.
Dialogue: 0,0:05:55.81,0:05:58.34,Default,,0000,0000,0000,,By restricting their demand,\Nconsumers can actually
Dialogue: 0,0:05:58.34,0:06:00.53,Default,,0000,0000,0000,,align their values with their spending,
Dialogue: 0,0:06:00.53,0:06:02.46,Default,,0000,0000,0000,,and drive capitalism and business
Dialogue: 0,0:06:02.46,0:06:05.19,Default,,0000,0000,0000,,to not just be about more,\Nbut be about better.
Dialogue: 0,0:06:05.19,0:06:07.10,Default,,0000,0000,0000,,We're going to explain that right now.
Dialogue: 0,0:06:07.10,0:06:09.80,Default,,0000,0000,0000,,Based on Y&R's BrandAsset Valuator,
Dialogue: 0,0:06:09.80,0:06:12.62,Default,,0000,0000,0000,,proprietary tool of VML\Nand Young & Rubicam,
Dialogue: 0,0:06:12.62,0:06:15.46,Default,,0000,0000,0000,,we set out to understand\Nwhat's been happening in the crisis
Dialogue: 0,0:06:15.46,0:06:16.93,Default,,0000,0000,0000,,with the consumer marketplace.
Dialogue: 0,0:06:16.93,0:06:19.32,Default,,0000,0000,0000,,We found a couple\Nof really interesting things.
Dialogue: 0,0:06:19.32,0:06:22.24,Default,,0000,0000,0000,,We're going to go through\Nfour value-shifts that we see
Dialogue: 0,0:06:22.24,0:06:24.09,Default,,0000,0000,0000,,driving new consumer behaviors,
Dialogue: 0,0:06:24.09,0:06:26.34,Default,,0000,0000,0000,,that offer new management principles.
Dialogue: 0,0:06:26.34,0:06:29.20,Default,,0000,0000,0000,,The first cultural value shift\Nthat we see is this tendency
Dialogue: 0,0:06:29.20,0:06:31.14,Default,,0000,0000,0000,,toward something we call liquid life.
Dialogue: 0,0:06:31.14,0:06:33.93,Default,,0000,0000,0000,,This is the movement\Nfrom Americans defining their success
Dialogue: 0,0:06:33.93,0:06:36.36,Default,,0000,0000,0000,,on having things to having liquidity,
Dialogue: 0,0:06:36.36,0:06:38.99,Default,,0000,0000,0000,,because the less excess\Nthat you have around you,
Dialogue: 0,0:06:38.99,0:06:41.05,Default,,0000,0000,0000,,the more nimble and fleet of foot you are.
Dialogue: 0,0:06:41.05,0:06:43.48,Default,,0000,0000,0000,,As a result, déclassé consumption is in.
Dialogue: 0,0:06:43.48,0:06:47.32,Default,,0000,0000,0000,,Déclassé consumption is the whole idea\Nthat spending money frivolously
Dialogue: 0,0:06:47.32,0:06:50.53,Default,,0000,0000,0000,,makes you look a little bit anti-fashion.
Dialogue: 0,0:06:50.53,0:06:53.03,Default,,0000,0000,0000,,The management principle\Nis dollars and cents.
Dialogue: 0,0:06:53.03,0:06:55.84,Default,,0000,0000,0000,,So let's look at some examples\Nof this déclassé consumption
Dialogue: 0,0:06:55.84,0:06:57.29,Default,,0000,0000,0000,,that falls out of this value.
Dialogue: 0,0:06:57.29,0:06:59.86,Default,,0000,0000,0000,,First things is we see something\Nmust be happening when
Dialogue: 0,0:06:59.86,0:07:01.76,Default,,0000,0000,0000,,P. Diddy vows to tone down his bling.
Dialogue: 0,0:07:01.76,0:07:02.93,Default,,0000,0000,0000,,(Laughter)
Dialogue: 0,0:07:02.93,0:07:05.26,Default,,0000,0000,0000,,But seriously,\Nwe also have this phenomenon
Dialogue: 0,0:07:05.26,0:07:07.33,Default,,0000,0000,0000,,on Madison Avenue and in other places,
Dialogue: 0,0:07:07.33,0:07:10.08,Default,,0000,0000,0000,,where people are actually walking out\Nof luxury boutiques
Dialogue: 0,0:07:10.08,0:07:12.06,Default,,0000,0000,0000,,with ordinary, sort of generic paper bags
Dialogue: 0,0:07:12.06,0:07:13.98,Default,,0000,0000,0000,,to hide the brand purchases.
Dialogue: 0,0:07:13.98,0:07:16.69,Default,,0000,0000,0000,,We see high-end haggling in fashion today.
Dialogue: 0,0:07:16.69,0:07:19.47,Default,,0000,0000,0000,,High-end haggling for luxury\Nand real estate.
Dialogue: 0,0:07:19.47,0:07:21.78,Default,,0000,0000,0000,,We also see just a relaxing of ego,
Dialogue: 0,0:07:21.78,0:07:24.17,Default,,0000,0000,0000,,and sort of a dismantling of artifice.
Dialogue: 0,0:07:24.17,0:07:26.30,Default,,0000,0000,0000,,This is a story on the yacht club
Dialogue: 0,0:07:26.30,0:07:28.80,Default,,0000,0000,0000,,that's all basically blue collar.
Dialogue: 0,0:07:28.80,0:07:31.61,Default,,0000,0000,0000,,Blue-collar yacht club,\Nwhere you can join the yacht club,
Dialogue: 0,0:07:31.61,0:07:33.59,Default,,0000,0000,0000,,but you've got to work in the boat yard,
Dialogue: 0,0:07:33.59,0:07:35.41,Default,,0000,0000,0000,,as sort of condition of membership.
Dialogue: 0,0:07:35.41,0:07:37.48,Default,,0000,0000,0000,,We also see the trend toward
Dialogue: 0,0:07:37.48,0:07:40.44,Default,,0000,0000,0000,,tourism that's a little bit more low key.\NRight?
Dialogue: 0,0:07:40.44,0:07:43.48,Default,,0000,0000,0000,,Agritourism, going to vineyards\Nand going to farms.
Dialogue: 0,0:07:43.48,0:07:47.33,Default,,0000,0000,0000,,And then we also see this movement\Nforward from dollars and cents.
Dialogue: 0,0:07:47.33,0:07:49.11,Default,,0000,0000,0000,,What businesses can do to connect
Dialogue: 0,0:07:49.11,0:07:51.28,Default,,0000,0000,0000,,with these new mindsets\Nis really interesting.
Dialogue: 0,0:07:51.28,0:07:53.19,Default,,0000,0000,0000,,A couple things that are kind of cool.
Dialogue: 0,0:07:53.19,0:07:55.97,Default,,0000,0000,0000,,One is that Frito-Lay figured out\Nthis liquidity thing
Dialogue: 0,0:07:55.97,0:07:57.22,Default,,0000,0000,0000,,with their consumer.
Dialogue: 0,0:07:57.22,0:08:00.13,Default,,0000,0000,0000,,They found their consumer had\Nmore money at the beginning of the month,
Dialogue: 0,0:08:00.13,0:08:01.62,Default,,0000,0000,0000,,less at the end of the month.
Dialogue: 0,0:08:01.62,0:08:03.65,Default,,0000,0000,0000,,So they started to change their packaging.
Dialogue: 0,0:08:03.65,0:08:05.67,Default,,0000,0000,0000,,Larger packs\Nat the beginning of the month,
Dialogue: 0,0:08:05.67,0:08:07.88,Default,,0000,0000,0000,,smaller packaging\Nat the end of the month.
Dialogue: 0,0:08:07.88,0:08:10.77,Default,,0000,0000,0000,,Really interestingly, too,\Nwas the San Francisco Giants.
Dialogue: 0,0:08:10.77,0:08:13.42,Default,,0000,0000,0000,,They've just instituted dynamic pricing.
Dialogue: 0,0:08:13.42,0:08:16.78,Default,,0000,0000,0000,,So it takes into account\Neverything from the pitcher match-ups,
Dialogue: 0,0:08:16.78,0:08:18.64,Default,,0000,0000,0000,,to the weather, to the team records,
Dialogue: 0,0:08:18.64,0:08:20.92,Default,,0000,0000,0000,,in setting prices for the consumer.
Dialogue: 0,0:08:20.92,0:08:24.26,Default,,0000,0000,0000,,Another quick example\Nof these types of movements is
Dialogue: 0,0:08:24.26,0:08:26.15,Default,,0000,0000,0000,,the rise of Zynga.
Dialogue: 0,0:08:26.15,0:08:28.88,Default,,0000,0000,0000,,Zynga has risen on the consumer's desire
Dialogue: 0,0:08:28.88,0:08:31.19,Default,,0000,0000,0000,,to not want to be locked in to fixed-cost.
Dialogue: 0,0:08:31.19,0:08:33.95,Default,,0000,0000,0000,,Again, this theme is about\Nvariable cost, variable living.
Dialogue: 0,0:08:33.95,0:08:35.87,Default,,0000,0000,0000,,So micropayments have become huge.
Dialogue: 0,0:08:35.87,0:08:37.97,Default,,0000,0000,0000,,And lastly, some people are using Hulu
Dialogue: 0,0:08:37.97,0:08:40.80,Default,,0000,0000,0000,,actually as a device\Nto get rid of their cable bill.
Dialogue: 0,0:08:40.80,0:08:42.60,Default,,0000,0000,0000,,So, really clever ideas there
Dialogue: 0,0:08:42.60,0:08:46.23,Default,,0000,0000,0000,,that are kind of being taken ahold\Nand marketers are starting to understand.
Dialogue: 0,0:08:46.23,0:08:47.84,Default,,0000,0000,0000,,The second of the four values
Dialogue: 0,0:08:47.84,0:08:50.26,Default,,0000,0000,0000,,is this movement toward\Nethics and fair play.
Dialogue: 0,0:08:50.26,0:08:53.17,Default,,0000,0000,0000,,We see that play itself out\Nwith empathy and respect.
Dialogue: 0,0:08:53.17,0:08:54.97,Default,,0000,0000,0000,,The consumer is demanding it.
Dialogue: 0,0:08:54.97,0:08:57.30,Default,,0000,0000,0000,,And, as a result, businesses must provide
Dialogue: 0,0:08:57.30,0:08:59.26,Default,,0000,0000,0000,,not only value, but values.
Dialogue: 0,0:08:59.26,0:09:02.45,Default,,0000,0000,0000,,Increasingly, consumers are looking\Nat the culture of the company,
Dialogue: 0,0:09:02.45,0:09:04.67,Default,,0000,0000,0000,,looking for their conduct\Nin the marketplace.
Dialogue: 0,0:09:04.67,0:09:08.05,Default,,0000,0000,0000,,So, what we see with empathy and respect,\Nlots of really hopeful things
Dialogue: 0,0:09:08.05,0:09:09.84,Default,,0000,0000,0000,,that have come out of this recession.
Dialogue: 0,0:09:09.84,0:09:11.22,Default,,0000,0000,0000,,I'll give you a few examples.
Dialogue: 0,0:09:11.22,0:09:13.74,Default,,0000,0000,0000,,One is the rise toward communities\Nand neighborhoods,
Dialogue: 0,0:09:13.74,0:09:16.76,Default,,0000,0000,0000,,and increased emphasis on your neighbors\Nas your support system.
Dialogue: 0,0:09:16.76,0:09:20.54,Default,,0000,0000,0000,,Also a wonderful byproduct\Nof sort of a really lousy thing,
Dialogue: 0,0:09:20.54,0:09:22.65,Default,,0000,0000,0000,,which has been unemployment, is a rise
Dialogue: 0,0:09:22.65,0:09:24.93,Default,,0000,0000,0000,,in volunteerism that's been noted\Nin our country.
Dialogue: 0,0:09:24.93,0:09:26.67,Default,,0000,0000,0000,,We also see the phenomenon -
Dialogue: 0,0:09:26.67,0:09:28.74,Default,,0000,0000,0000,,some of you may have "boomerang kids" -
Dialogue: 0,0:09:28.74,0:09:30.55,Default,,0000,0000,0000,,these are "boomerang alumni,"
Dialogue: 0,0:09:30.55,0:09:33.22,Default,,0000,0000,0000,,where universities are actually\Nreconnecting with alumni
Dialogue: 0,0:09:33.22,0:09:36.27,Default,,0000,0000,0000,,in helping them with jobs,\Nsharing skills and retraining.
Dialogue: 0,0:09:36.27,0:09:39.17,Default,,0000,0000,0000,,We also talked about\Ncharacter and professionalism.
Dialogue: 0,0:09:39.17,0:09:42.82,Default,,0000,0000,0000,,We had this miracle on the Hudson\Nin New York City, you know, in January,
Dialogue: 0,0:09:42.82,0:09:46.70,Default,,0000,0000,0000,,and suddenly Sully has become\Na key name on Babycenter.
Dialogue: 0,0:09:46.70,0:09:47.99,Default,,0000,0000,0000,,(Laughter)
Dialogue: 0,0:09:47.99,0:09:50.15,Default,,0000,0000,0000,,So, from a value and values standpoint,
Dialogue: 0,0:09:50.15,0:09:53.21,Default,,0000,0000,0000,,what companies can do is connect\Nin lots of different ways.
Dialogue: 0,0:09:53.21,0:09:55.12,Default,,0000,0000,0000,,Microsoft is doing something wonderful.
Dialogue: 0,0:09:55.12,0:09:59.07,Default,,0000,0000,0000,,They are actually vowing to retrain\Ntwo million Americans with I.T. training,
Dialogue: 0,0:09:59.07,0:10:02.09,Default,,0000,0000,0000,,using their existing infrastructure\Nto do something good.
Dialogue: 0,0:10:02.09,0:10:04.76,Default,,0000,0000,0000,,Also a really interesting company\Nis Gore-Tex.
Dialogue: 0,0:10:04.76,0:10:07.42,Default,,0000,0000,0000,,Gore-Tex is all about\Npersonal accountability
Dialogue: 0,0:10:07.42,0:10:09.32,Default,,0000,0000,0000,,of their management and their employees,
Dialogue: 0,0:10:09.32,0:10:12.96,Default,,0000,0000,0000,,to the point where they really\Nkind of shun the idea of bosses.
Dialogue: 0,0:10:12.96,0:10:14.71,Default,,0000,0000,0000,,But they also talk about the fact
Dialogue: 0,0:10:14.71,0:10:17.20,Default,,0000,0000,0000,,that their executives,\Nall of their expense reports
Dialogue: 0,0:10:17.20,0:10:20.07,Default,,0000,0000,0000,,are put onto their company\Nintranet for everyone to see.
Dialogue: 0,0:10:20.07,0:10:21.89,Default,,0000,0000,0000,,Complete transparency.
Dialogue: 0,0:10:21.89,0:10:24.25,Default,,0000,0000,0000,,Think twice\Nbefore you have that bottle of wine.
Dialogue: 0,0:10:24.25,0:10:27.91,Default,,0000,0000,0000,,The third of the four laws\Nof post-crisis consumerism
Dialogue: 0,0:10:27.91,0:10:29.45,Default,,0000,0000,0000,,is about durable living.
Dialogue: 0,0:10:29.45,0:10:32.06,Default,,0000,0000,0000,,We're seeing on our data\Nthat consumers are realizing
Dialogue: 0,0:10:32.06,0:10:33.77,Default,,0000,0000,0000,,this is a marathon, not a sprint.
Dialogue: 0,0:10:33.77,0:10:34.98,Default,,0000,0000,0000,,They are digging in.
Dialogue: 0,0:10:34.98,0:10:37.16,Default,,0000,0000,0000,,And they're looking for ways\Nto extract value
Dialogue: 0,0:10:37.16,0:10:39.06,Default,,0000,0000,0000,,out of every purchase that they make.
Dialogue: 0,0:10:39.06,0:10:41.94,Default,,0000,0000,0000,,Witness the fact that Americans\Nare holding on to their cars
Dialogue: 0,0:10:41.94,0:10:43.12,Default,,0000,0000,0000,,longer than ever before,
Dialogue: 0,0:10:43.12,0:10:46.25,Default,,0000,0000,0000,,9.4 years on average, in March. A record.
Dialogue: 0,0:10:46.25,0:10:49.04,Default,,0000,0000,0000,,We also see the fact\Nthat libraries have become
Dialogue: 0,0:10:49.04,0:10:51.04,Default,,0000,0000,0000,,a huge resource for America.
Dialogue: 0,0:10:51.04,0:10:53.16,Default,,0000,0000,0000,,Did you know that 68 percent of Americans
Dialogue: 0,0:10:53.16,0:10:54.72,Default,,0000,0000,0000,,now carry a library card?
Dialogue: 0,0:10:54.72,0:10:57.28,Default,,0000,0000,0000,,The highest percentage ever\Nin our nation's history.
Dialogue: 0,0:10:57.28,0:10:59.41,Default,,0000,0000,0000,,So what you see in this trend is also
Dialogue: 0,0:10:59.41,0:11:01.04,Default,,0000,0000,0000,,the accumulation of knowledge.
Dialogue: 0,0:11:01.04,0:11:02.61,Default,,0000,0000,0000,,Continuing education is up.
Dialogue: 0,0:11:02.61,0:11:05.16,Default,,0000,0000,0000,,Everything is focused on betterment,\Nand training,
Dialogue: 0,0:11:05.16,0:11:07.21,Default,,0000,0000,0000,,and development and moving forward.
Dialogue: 0,0:11:07.21,0:11:09.56,Default,,0000,0000,0000,,We also see a big DIY movement.
Dialogue: 0,0:11:09.56,0:11:12.52,Default,,0000,0000,0000,,I was fascinated to learn that 30 percent
Dialogue: 0,0:11:12.52,0:11:16.66,Default,,0000,0000,0000,,of all homes in America\Nare actually built by owners.
Dialogue: 0,0:11:16.66,0:11:19.58,Default,,0000,0000,0000,,That includes cottages and the like.\NBut 30 percent.
Dialogue: 0,0:11:19.58,0:11:23.20,Default,,0000,0000,0000,,So, people are getting their hands dirty.\NThey are rolling up their sleeves.
Dialogue: 0,0:11:23.20,0:11:24.40,Default,,0000,0000,0000,,They want these skills.
Dialogue: 0,0:11:24.40,0:11:28.16,Default,,0000,0000,0000,,We see that with the phenomenon of raising\Nbackyard hens and chickens and ducks.
Dialogue: 0,0:11:28.16,0:11:30.04,Default,,0000,0000,0000,,And when you work out the math,
Dialogue: 0,0:11:30.04,0:11:32.58,Default,,0000,0000,0000,,they say it doesn't work,\Nbut the principle is there
Dialogue: 0,0:11:32.58,0:11:35.56,Default,,0000,0000,0000,,that it's about being sustainable\Nand taking care of yourself.
Dialogue: 0,0:11:35.56,0:11:37.91,Default,,0000,0000,0000,,And then we look at the High Line\Nin New York City,
Dialogue: 0,0:11:37.91,0:11:39.36,Default,,0000,0000,0000,,an excellent use of reimagining
Dialogue: 0,0:11:39.36,0:11:41.32,Default,,0000,0000,0000,,existing infrastructure\Nfor something good,
Dialogue: 0,0:11:41.32,0:11:43.41,Default,,0000,0000,0000,,which is a brand new park\Nin New York City.
Dialogue: 0,0:11:43.41,0:11:45.63,Default,,0000,0000,0000,,So, what brands can do, and companies,
Dialogue: 0,0:11:45.63,0:11:47.72,Default,,0000,0000,0000,,is pay dividends to consumers,
Dialogue: 0,0:11:47.72,0:11:50.27,Default,,0000,0000,0000,,be a brand that lasts, offer transparency,
Dialogue: 0,0:11:50.27,0:11:52.87,Default,,0000,0000,0000,,promise you're going to be there\Nbeyond today's sale.
Dialogue: 0,0:11:52.87,0:11:55.20,Default,,0000,0000,0000,,Perfect example of that is Patagonia.
Dialogue: 0,0:11:55.20,0:11:57.53,Default,,0000,0000,0000,,Patagonia's Footprint Chronicles basically
Dialogue: 0,0:11:57.53,0:12:00.90,Default,,0000,0000,0000,,goes through and tracks\Nevery product that they make,
Dialogue: 0,0:12:00.90,0:12:02.85,Default,,0000,0000,0000,,and gives you social responsibility,
Dialogue: 0,0:12:02.85,0:12:04.58,Default,,0000,0000,0000,,and helps you understand the ethics
Dialogue: 0,0:12:04.58,0:12:06.59,Default,,0000,0000,0000,,that are behind the product\Nthat they make.
Dialogue: 0,0:12:06.59,0:12:08.36,Default,,0000,0000,0000,,Another great example is Fidelity.
Dialogue: 0,0:12:08.36,0:12:11.91,Default,,0000,0000,0000,,Rather than instant cash-back rewards\Non your credit or debit purchases,
Dialogue: 0,0:12:11.91,0:12:14.19,Default,,0000,0000,0000,,this is about 529 rewards
Dialogue: 0,0:12:14.19,0:12:16.32,Default,,0000,0000,0000,,for your student education.
Dialogue: 0,0:12:16.32,0:12:18.75,Default,,0000,0000,0000,,Or the interesting company SunRun.
Dialogue: 0,0:12:18.75,0:12:22.05,Default,,0000,0000,0000,,I love this company.\NThey've created a consumer collective
Dialogue: 0,0:12:22.05,0:12:24.95,Default,,0000,0000,0000,,where they put solar panels on households
Dialogue: 0,0:12:24.95,0:12:27.20,Default,,0000,0000,0000,,and create a consumer-based utility,
Dialogue: 0,0:12:27.20,0:12:30.92,Default,,0000,0000,0000,,where the electricity\Nthat they generate is basically
Dialogue: 0,0:12:30.92,0:12:33.17,Default,,0000,0000,0000,,pumped back out into the marketplace.
Dialogue: 0,0:12:33.17,0:12:35.28,Default,,0000,0000,0000,,So, it's a consumer driven co-op.
Dialogue: 0,0:12:35.28,0:12:39.20,Default,,0000,0000,0000,,So, the fourth sort of post-crisis\Nconsumerism that we see
Dialogue: 0,0:12:39.20,0:12:41.73,Default,,0000,0000,0000,,is this movement about return to the fold.
Dialogue: 0,0:12:41.73,0:12:43.56,Default,,0000,0000,0000,,It's incredibly important right now.
Dialogue: 0,0:12:43.56,0:12:45.90,Default,,0000,0000,0000,,Trust is not parceled out, as we all know.
Dialogue: 0,0:12:45.90,0:12:48.23,Default,,0000,0000,0000,,It's now about connecting\Nto your communities,
Dialogue: 0,0:12:48.23,0:12:50.04,Default,,0000,0000,0000,,connecting to your social networks.
Dialogue: 0,0:12:50.04,0:12:52.41,Default,,0000,0000,0000,,In my book I talked about the fact\Nthat 72 percent
Dialogue: 0,0:12:52.41,0:12:55.87,Default,,0000,0000,0000,,of people trust what other people say\Nabout a brand or a company,
Dialogue: 0,0:12:55.87,0:12:57.74,Default,,0000,0000,0000,,versus 15 percent on advertising.
Dialogue: 0,0:12:57.74,0:12:59.21,Default,,0000,0000,0000,,So, in that respect,
Dialogue: 0,0:12:59.21,0:13:01.88,Default,,0000,0000,0000,,cooperative consumerism\Nhas really taken off.
Dialogue: 0,0:13:01.88,0:13:03.89,Default,,0000,0000,0000,,This is about consumers working together
Dialogue: 0,0:13:03.89,0:13:06.17,Default,,0000,0000,0000,,to get what they want\Nout of the marketplace.
Dialogue: 0,0:13:06.17,0:13:08.26,Default,,0000,0000,0000,,Let's look at a couple of quick examples.
Dialogue: 0,0:13:08.26,0:13:10.10,Default,,0000,0000,0000,,The artisanal movement is huge.
Dialogue: 0,0:13:10.10,0:13:12.81,Default,,0000,0000,0000,,Everything about locally derived products\Nand services,
Dialogue: 0,0:13:12.81,0:13:14.65,Default,,0000,0000,0000,,supporting your local neighborhoods,
Dialogue: 0,0:13:14.65,0:13:16.93,Default,,0000,0000,0000,,whether it's cheeses,\Nwines and other products.
Dialogue: 0,0:13:16.93,0:13:19.92,Default,,0000,0000,0000,,Also this rise of local currencies.
Dialogue: 0,0:13:19.92,0:13:22.96,Default,,0000,0000,0000,,Realizing that it's difficult\Nto get loans in this environment,
Dialogue: 0,0:13:22.96,0:13:25.09,Default,,0000,0000,0000,,you're doing business\Nwith people you trust,
Dialogue: 0,0:13:25.09,0:13:26.20,Default,,0000,0000,0000,,in your local markets.
Dialogue: 0,0:13:26.20,0:13:28.39,Default,,0000,0000,0000,,So, this rise\Nof this sort of local currency
Dialogue: 0,0:13:28.39,0:13:30.45,Default,,0000,0000,0000,,is another really interesting phenomenon.
Dialogue: 0,0:13:30.45,0:13:32.53,Default,,0000,0000,0000,,And then they did a recent report
Dialogue: 0,0:13:32.53,0:13:34.13,Default,,0000,0000,0000,,I thought was fascinating.
Dialogue: 0,0:13:34.13,0:13:37.40,Default,,0000,0000,0000,,They actually started, in certain\Ncommunities in the United States,
Dialogue: 0,0:13:37.40,0:13:39.56,Default,,0000,0000,0000,,start to publish\Npeople's electricity usage.
Dialogue: 0,0:13:39.56,0:13:42.83,Default,,0000,0000,0000,,And what they found out is\Nwhen that was available for public record,
Dialogue: 0,0:13:42.83,0:13:46.43,Default,,0000,0000,0000,,the people's electricity usage\Nin those communities dropped.
Dialogue: 0,0:13:46.43,0:13:49.17,Default,,0000,0000,0000,,Then we also look\Nat the idea of cow-pooling,
Dialogue: 0,0:13:49.17,0:13:51.51,Default,,0000,0000,0000,,which is the whole phenomenon of consumers
Dialogue: 0,0:13:51.51,0:13:53.02,Default,,0000,0000,0000,,organizing together
Dialogue: 0,0:13:53.02,0:13:55.46,Default,,0000,0000,0000,,to buy meat from organic farms
Dialogue: 0,0:13:55.46,0:13:57.52,Default,,0000,0000,0000,,that they know is safe and controlled
Dialogue: 0,0:13:57.52,0:13:59.68,Default,,0000,0000,0000,,in the way that they want it\Nto be controlled.
Dialogue: 0,0:13:59.68,0:14:02.32,Default,,0000,0000,0000,,And then there is this other\Nreally interesting movement
Dialogue: 0,0:14:02.32,0:14:05.14,Default,,0000,0000,0000,,that's happened in California,\Nwhich is about carrot mobs.
Dialogue: 0,0:14:05.14,0:14:07.41,Default,,0000,0000,0000,,The traditional thing\Nwould be to boycott right?
Dialogue: 0,0:14:07.41,0:14:09.48,Default,,0000,0000,0000,,Have a stick? Well why not have a carrot?
Dialogue: 0,0:14:09.48,0:14:12.44,Default,,0000,0000,0000,,So these are consumers organizing,\Npooling their resources
Dialogue: 0,0:14:12.44,0:14:15.06,Default,,0000,0000,0000,,to incentify companies to do good.
Dialogue: 0,0:14:15.06,0:14:17.77,Default,,0000,0000,0000,,And then we look at what companies can do.
Dialogue: 0,0:14:17.77,0:14:21.38,Default,,0000,0000,0000,,This is all the opportunity\Nabout being a community organizer.
Dialogue: 0,0:14:21.38,0:14:24.56,Default,,0000,0000,0000,,You have to realize\Nthat you can't fight and control this.
Dialogue: 0,0:14:24.56,0:14:26.20,Default,,0000,0000,0000,,You actually need to organize it.
Dialogue: 0,0:14:26.20,0:14:28.64,Default,,0000,0000,0000,,You need to harness it.\NYou need to give it meaning.
Dialogue: 0,0:14:28.64,0:14:31.96,Default,,0000,0000,0000,,And there is lots of really\Ninteresting examples here that we see.
Dialogue: 0,0:14:31.96,0:14:34.30,Default,,0000,0000,0000,,First is just the rise of the fact
Dialogue: 0,0:14:34.30,0:14:36.51,Default,,0000,0000,0000,,that Zagat's has actually moved out of
Dialogue: 0,0:14:36.51,0:14:38.72,Default,,0000,0000,0000,,and diversified from rating restaurants,
Dialogue: 0,0:14:38.72,0:14:41.07,Default,,0000,0000,0000,,into actually rating healthcare.
Dialogue: 0,0:14:41.07,0:14:43.56,Default,,0000,0000,0000,,So what credentials does Zagat's have?
Dialogue: 0,0:14:43.56,0:14:46.80,Default,,0000,0000,0000,,Well, they have a lot, because it's\Ntheir network of people. Right?
Dialogue: 0,0:14:46.80,0:14:49.10,Default,,0000,0000,0000,,So that becomes\Na very powerful force for them
Dialogue: 0,0:14:49.10,0:14:51.09,Default,,0000,0000,0000,,to make their brand more elastic.
Dialogue: 0,0:14:51.09,0:14:53.58,Default,,0000,0000,0000,,Then you look at the phenomenon of Kogi.
Dialogue: 0,0:14:53.58,0:14:56.94,Default,,0000,0000,0000,,This Kogi doesn't exist.\NIt's a moving truck. Right?
Dialogue: 0,0:14:56.94,0:15:00.06,Default,,0000,0000,0000,,It's a moving truck through L.A.,\Nand the only way you can find it
Dialogue: 0,0:15:00.06,0:15:01.64,Default,,0000,0000,0000,,is through Twitter.
Dialogue: 0,0:15:01.64,0:15:05.95,Default,,0000,0000,0000,,Or you look at\NJohnson & Johnson's Momversations.
Dialogue: 0,0:15:06.29,0:15:08.94,Default,,0000,0000,0000,,A phenomenal blog that's been built up.
Dialogue: 0,0:15:08.94,0:15:10.86,Default,,0000,0000,0000,,Where J&J basically is tapping into
Dialogue: 0,0:15:10.86,0:15:12.63,Default,,0000,0000,0000,,the power of mommy bloggers,
Dialogue: 0,0:15:12.63,0:15:14.100,Default,,0000,0000,0000,,allowing them to basically create a forum
Dialogue: 0,0:15:14.100,0:15:17.30,Default,,0000,0000,0000,,where they can communicate\Nand they can connect.
Dialogue: 0,0:15:17.30,0:15:19.44,Default,,0000,0000,0000,,And it's also become a very, very valuable
Dialogue: 0,0:15:19.44,0:15:21.84,Default,,0000,0000,0000,,sort of advertising revenue\Nfor J&J as well.
Dialogue: 0,0:15:21.84,0:15:23.74,Default,,0000,0000,0000,,This plus the fact that you've got
Dialogue: 0,0:15:23.74,0:15:25.71,Default,,0000,0000,0000,,phenomenal work from CEOs
Dialogue: 0,0:15:25.71,0:15:28.78,Default,,0000,0000,0000,,from Ford to Zappos,\Nconnecting on Twitter,
Dialogue: 0,0:15:28.78,0:15:30.47,Default,,0000,0000,0000,,creating an open environment,
Dialogue: 0,0:15:30.47,0:15:33.38,Default,,0000,0000,0000,,allowing their employees\Nto be part of the process,
Dialogue: 0,0:15:33.38,0:15:35.26,Default,,0000,0000,0000,,rather than hidden behind walls.
Dialogue: 0,0:15:35.26,0:15:37.25,Default,,0000,0000,0000,,You see this rising force in sort of
Dialogue: 0,0:15:37.25,0:15:41.10,Default,,0000,0000,0000,,total transparency and openness\Nthat companies are starting to adopt,
Dialogue: 0,0:15:41.10,0:15:43.42,Default,,0000,0000,0000,,all because the consumer is demanding it.
Dialogue: 0,0:15:43.42,0:15:45.53,Default,,0000,0000,0000,,So, when we look at this and we step back,
Dialogue: 0,0:15:45.53,0:15:48.22,Default,,0000,0000,0000,,what I believe is that\Nthe crisis that exists today
Dialogue: 0,0:15:48.22,0:15:49.90,Default,,0000,0000,0000,,is definitely real.
Dialogue: 0,0:15:49.90,0:15:52.53,Default,,0000,0000,0000,,It's been tremendously powerful\Nfor consumers.
Dialogue: 0,0:15:52.53,0:15:55.71,Default,,0000,0000,0000,,But, at the same time,\Nthis is also a tremendous opportunity.
Dialogue: 0,0:15:55.71,0:15:57.85,Default,,0000,0000,0000,,And the Chinese character for crisis
Dialogue: 0,0:15:57.85,0:16:00.38,Default,,0000,0000,0000,,is actually the same side\Nof the same coin.
Dialogue: 0,0:16:00.38,0:16:02.52,Default,,0000,0000,0000,,Crisis equals opportunity.
Dialogue: 0,0:16:02.52,0:16:04.56,Default,,0000,0000,0000,,What we're seeing with consumers right now
Dialogue: 0,0:16:04.56,0:16:06.61,Default,,0000,0000,0000,,is the ability for them to actually
Dialogue: 0,0:16:06.61,0:16:08.74,Default,,0000,0000,0000,,lead us forward out of this recession.
Dialogue: 0,0:16:08.74,0:16:11.18,Default,,0000,0000,0000,,So, we believe that values-driven spending
Dialogue: 0,0:16:11.18,0:16:13.46,Default,,0000,0000,0000,,will force capitalism to be better.
Dialogue: 0,0:16:13.46,0:16:15.27,Default,,0000,0000,0000,,It will drive innovation.
Dialogue: 0,0:16:15.27,0:16:17.38,Default,,0000,0000,0000,,It will make longer-lasting products.
Dialogue: 0,0:16:17.38,0:16:20.14,Default,,0000,0000,0000,,It will create better, more intuitive\Ncustomer service.
Dialogue: 0,0:16:20.14,0:16:22.88,Default,,0000,0000,0000,,It will give us the opportunity\Nto connect with companies
Dialogue: 0,0:16:22.88,0:16:25.06,Default,,0000,0000,0000,,that share the values that we share.
Dialogue: 0,0:16:25.06,0:16:27.46,Default,,0000,0000,0000,,So, when we look back and step out at this
Dialogue: 0,0:16:27.46,0:16:29.34,Default,,0000,0000,0000,,and see the beginning of these trends
Dialogue: 0,0:16:29.34,0:16:30.96,Default,,0000,0000,0000,,that we're seeing in our data,
Dialogue: 0,0:16:30.96,0:16:33.68,Default,,0000,0000,0000,,we see a very hopeful picture\Nfor the future of America.
Dialogue: 0,0:16:33.68,0:16:34.86,Default,,0000,0000,0000,,Thank you very much.
Dialogue: 0,0:16:34.86,0:16:35.95,Default,,0000,0000,0000,,(Applause)