[Script Info]
Title: 
[Events]
Format: Layer, Start, End, Style, Name, MarginL, MarginR, MarginV, Effect, Text
Dialogue: 0,0:00:01.39,0:00:03.67,Default,,0000,0000,0000,,You probably don't know me,
Dialogue: 0,0:00:03.67,0:00:07.01,Default,,0000,0000,0000,,but I am one of those .01 percenters
Dialogue: 0,0:00:07.01,0:00:08.96,Default,,0000,0000,0000,,that you hear about and read about,
Dialogue: 0,0:00:08.96,0:00:13.02,Default,,0000,0000,0000,,and I am by any reasonable definition a plutocrat.
Dialogue: 0,0:00:13.02,0:00:16.11,Default,,0000,0000,0000,,And tonight, what I would like to do is speak directly
Dialogue: 0,0:00:16.11,0:00:18.42,Default,,0000,0000,0000,,to other plutocrats, to my people,
Dialogue: 0,0:00:18.42,0:00:21.23,Default,,0000,0000,0000,,because it feels like it's time for us all
Dialogue: 0,0:00:21.23,0:00:23.30,Default,,0000,0000,0000,,to have a chat.
Dialogue: 0,0:00:23.30,0:00:25.88,Default,,0000,0000,0000,,Like most plutocrats, I too am a proud
Dialogue: 0,0:00:25.88,0:00:28.23,Default,,0000,0000,0000,,and unapologetic capitalist.
Dialogue: 0,0:00:28.23,0:00:31.76,Default,,0000,0000,0000,,I have founded, cofounded or funded
Dialogue: 0,0:00:31.76,0:00:35.29,Default,,0000,0000,0000,,over 30 companies across a range of industries.
Dialogue: 0,0:00:35.29,0:00:38.89,Default,,0000,0000,0000,,I was the first non-family investor in Amazon.com.
Dialogue: 0,0:00:38.89,0:00:41.61,Default,,0000,0000,0000,,I cofounded a company called aQuantive
Dialogue: 0,0:00:41.61,0:00:45.48,Default,,0000,0000,0000,,that we sold to Microsoft for 6.4 billion dollars.
Dialogue: 0,0:00:45.48,0:00:48.03,Default,,0000,0000,0000,,My friends and I, we own a bank.
Dialogue: 0,0:00:48.03,0:00:50.92,Default,,0000,0000,0000,,I tell you this — (Laughter) —
Dialogue: 0,0:00:50.92,0:00:52.17,Default,,0000,0000,0000,,unbelievable, right?
Dialogue: 0,0:00:52.17,0:00:55.38,Default,,0000,0000,0000,,I tell you this to show
Dialogue: 0,0:00:55.38,0:00:58.14,Default,,0000,0000,0000,,that my life is like most plutocrats.
Dialogue: 0,0:00:58.14,0:01:01.45,Default,,0000,0000,0000,,I have a broad perspective on capitalism
Dialogue: 0,0:01:01.45,0:01:03.25,Default,,0000,0000,0000,,and business,
Dialogue: 0,0:01:03.25,0:01:07.04,Default,,0000,0000,0000,,and I have been rewarded obscenely for that
Dialogue: 0,0:01:07.04,0:01:09.20,Default,,0000,0000,0000,,with a life that most of you all
Dialogue: 0,0:01:09.20,0:01:11.46,Default,,0000,0000,0000,,can't even imagine:
Dialogue: 0,0:01:11.46,0:01:14.16,Default,,0000,0000,0000,,multiple homes, a yacht, my own plane,
Dialogue: 0,0:01:14.16,0:01:18.28,Default,,0000,0000,0000,,etc., etc., etc.
Dialogue: 0,0:01:18.28,0:01:21.55,Default,,0000,0000,0000,,But let's be honest: I am not the\Nsmartest person you've ever met.
Dialogue: 0,0:01:21.55,0:01:23.95,Default,,0000,0000,0000,,I am certainly not the hardest working.
Dialogue: 0,0:01:23.95,0:01:25.92,Default,,0000,0000,0000,,I was a mediocre student.
Dialogue: 0,0:01:25.92,0:01:27.14,Default,,0000,0000,0000,,I'm not technical at all.
Dialogue: 0,0:01:27.14,0:01:29.64,Default,,0000,0000,0000,,I can't write a word of code.
Dialogue: 0,0:01:29.64,0:01:32.77,Default,,0000,0000,0000,,Truly, my success is the consequence
Dialogue: 0,0:01:32.77,0:01:35.22,Default,,0000,0000,0000,,of spectacular luck,
Dialogue: 0,0:01:35.22,0:01:40.12,Default,,0000,0000,0000,,of birth, of circumstance and of timing.
Dialogue: 0,0:01:40.12,0:01:44.62,Default,,0000,0000,0000,,But I am actually pretty good at a couple of things.
Dialogue: 0,0:01:44.62,0:01:49.26,Default,,0000,0000,0000,,One, I have an unusually high tolerance for risk,
Dialogue: 0,0:01:49.26,0:01:51.68,Default,,0000,0000,0000,,and the other is I have a good sense,
Dialogue: 0,0:01:51.68,0:01:54.30,Default,,0000,0000,0000,,a good intuition about what will happen in the future,
Dialogue: 0,0:01:54.30,0:01:57.59,Default,,0000,0000,0000,,and I think that that intuition about the future
Dialogue: 0,0:01:57.59,0:02:01.16,Default,,0000,0000,0000,,is the essence of good entrepreneurship.
Dialogue: 0,0:02:01.16,0:02:03.67,Default,,0000,0000,0000,,So what do I see in our future today,
Dialogue: 0,0:02:03.67,0:02:05.68,Default,,0000,0000,0000,,you ask?
Dialogue: 0,0:02:05.68,0:02:07.33,Default,,0000,0000,0000,,I see pitchforks,
Dialogue: 0,0:02:07.33,0:02:12.12,Default,,0000,0000,0000,,as in angry mobs with pitchforks,
Dialogue: 0,0:02:12.12,0:02:17.34,Default,,0000,0000,0000,,because while people like us plutocrats
Dialogue: 0,0:02:17.34,0:02:20.87,Default,,0000,0000,0000,,are living beyond the dreams of avarice,
Dialogue: 0,0:02:20.87,0:02:23.78,Default,,0000,0000,0000,,the other 99 percent of our fellow citizens
Dialogue: 0,0:02:23.78,0:02:26.59,Default,,0000,0000,0000,,are falling farther and farther behind.
Dialogue: 0,0:02:26.59,0:02:29.08,Default,,0000,0000,0000,,In 1980, the top one percent of Americans
Dialogue: 0,0:02:29.08,0:02:31.56,Default,,0000,0000,0000,,shared about eight percent of national [income],
Dialogue: 0,0:02:31.56,0:02:34.23,Default,,0000,0000,0000,,while the bottom 50 percent of Americans
Dialogue: 0,0:02:34.23,0:02:36.78,Default,,0000,0000,0000,,shared 18 percent.
Dialogue: 0,0:02:36.78,0:02:40.13,Default,,0000,0000,0000,,Thirty years later, today, the top one percent
Dialogue: 0,0:02:40.13,0:02:43.75,Default,,0000,0000,0000,,shares over 20 percent of national [income],
Dialogue: 0,0:02:43.75,0:02:45.65,Default,,0000,0000,0000,,while the bottom 50 percent of Americans
Dialogue: 0,0:02:45.65,0:02:48.56,Default,,0000,0000,0000,,share 12 or 13.
Dialogue: 0,0:02:48.56,0:02:51.01,Default,,0000,0000,0000,,If the trend continues,
Dialogue: 0,0:02:51.01,0:02:52.49,Default,,0000,0000,0000,,the top one percent will share
Dialogue: 0,0:02:52.49,0:02:54.80,Default,,0000,0000,0000,,over 30 percent of national [income]
Dialogue: 0,0:02:54.80,0:02:56.59,Default,,0000,0000,0000,,in another 30 years,
Dialogue: 0,0:02:56.59,0:02:58.87,Default,,0000,0000,0000,,while the bottom 50 percent of Americans
Dialogue: 0,0:02:58.87,0:03:00.61,Default,,0000,0000,0000,,will share just six.
Dialogue: 0,0:03:00.61,0:03:02.60,Default,,0000,0000,0000,,You see, the problem isn't that we have
Dialogue: 0,0:03:02.60,0:03:04.68,Default,,0000,0000,0000,,some inequality.
Dialogue: 0,0:03:04.68,0:03:07.14,Default,,0000,0000,0000,,Some inequality is necessary
Dialogue: 0,0:03:07.14,0:03:10.43,Default,,0000,0000,0000,,for a high-functioning capitalist democracy.
Dialogue: 0,0:03:10.43,0:03:12.14,Default,,0000,0000,0000,,The problem is that inequality
Dialogue: 0,0:03:12.14,0:03:15.50,Default,,0000,0000,0000,,is at historic highs today
Dialogue: 0,0:03:15.50,0:03:18.92,Default,,0000,0000,0000,,and it's getting worse every day.
Dialogue: 0,0:03:18.92,0:03:21.54,Default,,0000,0000,0000,,And if wealth, power, and income
Dialogue: 0,0:03:21.54,0:03:23.38,Default,,0000,0000,0000,,continue to concentrate
Dialogue: 0,0:03:23.38,0:03:25.68,Default,,0000,0000,0000,,at the very tippy top,
Dialogue: 0,0:03:25.68,0:03:27.53,Default,,0000,0000,0000,,our society will change
Dialogue: 0,0:03:27.53,0:03:29.26,Default,,0000,0000,0000,,from a capitalist democracy
Dialogue: 0,0:03:29.26,0:03:33.03,Default,,0000,0000,0000,,to a neo-feudalist rentier society
Dialogue: 0,0:03:33.03,0:03:35.02,Default,,0000,0000,0000,,like 18th-century France.
Dialogue: 0,0:03:35.02,0:03:38.21,Default,,0000,0000,0000,,That was France
Dialogue: 0,0:03:38.21,0:03:39.96,Default,,0000,0000,0000,,before the revolution
Dialogue: 0,0:03:39.96,0:03:41.98,Default,,0000,0000,0000,,and the mobs with the pitchforks.
Dialogue: 0,0:03:41.98,0:03:44.54,Default,,0000,0000,0000,,So I have a message for my fellow plutocrats
Dialogue: 0,0:03:44.54,0:03:46.36,Default,,0000,0000,0000,,and zillionaires
Dialogue: 0,0:03:46.36,0:03:47.83,Default,,0000,0000,0000,,and for anyone who lives
Dialogue: 0,0:03:47.83,0:03:50.07,Default,,0000,0000,0000,,in a gated bubble world:
Dialogue: 0,0:03:50.07,0:03:51.42,Default,,0000,0000,0000,,Wake up.
Dialogue: 0,0:03:51.42,0:03:55.14,Default,,0000,0000,0000,,Wake up. It cannot last.
Dialogue: 0,0:03:55.14,0:03:57.16,Default,,0000,0000,0000,,Because if we do not do something
Dialogue: 0,0:03:57.16,0:04:01.49,Default,,0000,0000,0000,,to fix the glaring economic inequities in our society,
Dialogue: 0,0:04:01.49,0:04:04.24,Default,,0000,0000,0000,,the pitchforks will come for us,
Dialogue: 0,0:04:04.24,0:04:08.18,Default,,0000,0000,0000,,for no free and open society can long sustain
Dialogue: 0,0:04:08.18,0:04:11.19,Default,,0000,0000,0000,,this kind of rising economic inequality.
Dialogue: 0,0:04:11.19,0:04:14.11,Default,,0000,0000,0000,,It has never happened. There are no examples.
Dialogue: 0,0:04:14.11,0:04:15.97,Default,,0000,0000,0000,,You show me a highly unequal society,
Dialogue: 0,0:04:15.97,0:04:17.45,Default,,0000,0000,0000,,and I will show you a police state
Dialogue: 0,0:04:17.45,0:04:19.22,Default,,0000,0000,0000,,or an uprising.
Dialogue: 0,0:04:19.22,0:04:21.36,Default,,0000,0000,0000,,The pitchforks will come for us
Dialogue: 0,0:04:21.36,0:04:23.27,Default,,0000,0000,0000,,if we do not address this.
Dialogue: 0,0:04:23.27,0:04:27.12,Default,,0000,0000,0000,,It's not a matter of if, it's when.
Dialogue: 0,0:04:27.12,0:04:30.75,Default,,0000,0000,0000,,And it will be terrible when they come
Dialogue: 0,0:04:30.75,0:04:32.20,Default,,0000,0000,0000,,for everyone,
Dialogue: 0,0:04:32.20,0:04:37.18,Default,,0000,0000,0000,,but particularly for people like us plutocrats.
Dialogue: 0,0:04:37.18,0:04:40.60,Default,,0000,0000,0000,,I know I must sound like some liberal do-gooder.
Dialogue: 0,0:04:40.60,0:04:42.86,Default,,0000,0000,0000,,I'm not. I'm not making a moral argument
Dialogue: 0,0:04:42.86,0:04:46.12,Default,,0000,0000,0000,,that economic inequality is wrong.
Dialogue: 0,0:04:46.12,0:04:50.40,Default,,0000,0000,0000,,What I am arguing is that rising economic inequality
Dialogue: 0,0:04:50.40,0:04:53.92,Default,,0000,0000,0000,,is stupid and ultimately self-defeating.
Dialogue: 0,0:04:53.92,0:04:57.15,Default,,0000,0000,0000,,Rising inequality doesn't just increase our risks
Dialogue: 0,0:04:57.15,0:04:59.02,Default,,0000,0000,0000,,from pitchforks,
Dialogue: 0,0:04:59.02,0:05:03.59,Default,,0000,0000,0000,,but it's also terrible for business too.
Dialogue: 0,0:05:03.59,0:05:07.46,Default,,0000,0000,0000,,So the model for us rich guys should be Henry Ford.
Dialogue: 0,0:05:07.46,0:05:11.27,Default,,0000,0000,0000,,When Ford famously introduced the $5 day,
Dialogue: 0,0:05:11.27,0:05:14.22,Default,,0000,0000,0000,,which was twice the prevailing wage at the time,
Dialogue: 0,0:05:14.22,0:05:16.29,Default,,0000,0000,0000,,he didn't just increase the productivity
Dialogue: 0,0:05:16.29,0:05:18.26,Default,,0000,0000,0000,,of his factories,
Dialogue: 0,0:05:18.26,0:05:21.65,Default,,0000,0000,0000,,he converted exploited autoworkers who were poor
Dialogue: 0,0:05:21.65,0:05:24.35,Default,,0000,0000,0000,,into a thriving middle class who could now afford
Dialogue: 0,0:05:24.35,0:05:27.57,Default,,0000,0000,0000,,to buy the products that they made.
Dialogue: 0,0:05:27.57,0:05:31.86,Default,,0000,0000,0000,,Ford intuited what we now know is true,
Dialogue: 0,0:05:31.86,0:05:35.86,Default,,0000,0000,0000,,that an economy is best understood as an ecosystem
Dialogue: 0,0:05:35.86,0:05:37.78,Default,,0000,0000,0000,,and characterized by the same kinds
Dialogue: 0,0:05:37.78,0:05:40.34,Default,,0000,0000,0000,,of feedback loops you find
Dialogue: 0,0:05:40.34,0:05:42.08,Default,,0000,0000,0000,,in a natural ecosystem,
Dialogue: 0,0:05:42.08,0:05:46.02,Default,,0000,0000,0000,,a feedback loop between customers and businesses.
Dialogue: 0,0:05:46.02,0:05:49.12,Default,,0000,0000,0000,,Raising wages increases demand,
Dialogue: 0,0:05:49.12,0:05:51.20,Default,,0000,0000,0000,,which increases hiring,
Dialogue: 0,0:05:51.20,0:05:53.29,Default,,0000,0000,0000,,which in turn increases wages
Dialogue: 0,0:05:53.29,0:05:55.92,Default,,0000,0000,0000,,and demand and profits,
Dialogue: 0,0:05:55.92,0:06:00.76,Default,,0000,0000,0000,,and that virtuous cycle of increasing prosperity
Dialogue: 0,0:06:00.76,0:06:02.91,Default,,0000,0000,0000,,is precisely what is missing
Dialogue: 0,0:06:02.91,0:06:07.90,Default,,0000,0000,0000,,from today's economic recovery.
Dialogue: 0,0:06:07.90,0:06:12.52,Default,,0000,0000,0000,,And this is why we need to put behind us
Dialogue: 0,0:06:12.52,0:06:16.23,Default,,0000,0000,0000,,the trickle-down policies that so dominate
Dialogue: 0,0:06:16.23,0:06:18.03,Default,,0000,0000,0000,,both political parties
Dialogue: 0,0:06:18.03,0:06:21.43,Default,,0000,0000,0000,,and embrace something I call middle-out economics.
Dialogue: 0,0:06:21.43,0:06:23.97,Default,,0000,0000,0000,,Middle-out economics rejects
Dialogue: 0,0:06:23.97,0:06:26.28,Default,,0000,0000,0000,,the neoclassical economic idea
Dialogue: 0,0:06:26.28,0:06:30.48,Default,,0000,0000,0000,,that economies are efficient, linear, mechanistic,
Dialogue: 0,0:06:30.48,0:06:33.61,Default,,0000,0000,0000,,that they tend towards equilibrium and fairness,
Dialogue: 0,0:06:33.61,0:06:37.05,Default,,0000,0000,0000,,and instead embraces the 21st-century idea
Dialogue: 0,0:06:37.05,0:06:40.82,Default,,0000,0000,0000,,that economies are complex, adaptive,
Dialogue: 0,0:06:40.82,0:06:42.82,Default,,0000,0000,0000,,ecosystemic,
Dialogue: 0,0:06:42.82,0:06:46.17,Default,,0000,0000,0000,,that they tend away from\Nequilibrium and toward inequality,
Dialogue: 0,0:06:46.17,0:06:47.92,Default,,0000,0000,0000,,that they're not efficient at all
Dialogue: 0,0:06:47.92,0:06:51.20,Default,,0000,0000,0000,,but are effective if well managed.
Dialogue: 0,0:06:51.20,0:06:54.48,Default,,0000,0000,0000,,This 21st-century perspective
Dialogue: 0,0:06:54.48,0:06:57.14,Default,,0000,0000,0000,,allows you to clearly see that capitalism
Dialogue: 0,0:06:57.14,0:07:00.43,Default,,0000,0000,0000,,does not work by [efficiently] allocating
Dialogue: 0,0:07:00.43,0:07:02.87,Default,,0000,0000,0000,,existing resources.
Dialogue: 0,0:07:02.87,0:07:08.86,Default,,0000,0000,0000,,It works by [efficiently] creating new solutions
Dialogue: 0,0:07:08.86,0:07:10.12,Default,,0000,0000,0000,,to human problems.
Dialogue: 0,0:07:10.12,0:07:12.33,Default,,0000,0000,0000,,The genius of capitalism
Dialogue: 0,0:07:12.33,0:07:17.21,Default,,0000,0000,0000,,is that it is an evolutionary solution-finding system.
Dialogue: 0,0:07:17.21,0:07:23.16,Default,,0000,0000,0000,,It rewards people for solving\Nother people's problems.
Dialogue: 0,0:07:23.16,0:07:26.11,Default,,0000,0000,0000,,The difference between a poor society
Dialogue: 0,0:07:26.11,0:07:28.43,Default,,0000,0000,0000,,and a rich society, obviously,
Dialogue: 0,0:07:28.43,0:07:31.36,Default,,0000,0000,0000,,is the degree to which that society
Dialogue: 0,0:07:31.36,0:07:33.30,Default,,0000,0000,0000,,has generated solutions in the form
Dialogue: 0,0:07:33.30,0:07:36.16,Default,,0000,0000,0000,,of products for its citizens.
Dialogue: 0,0:07:36.16,0:07:37.98,Default,,0000,0000,0000,,The sum of the solutions
Dialogue: 0,0:07:37.98,0:07:39.97,Default,,0000,0000,0000,,that we have in our society
Dialogue: 0,0:07:39.97,0:07:42.34,Default,,0000,0000,0000,,really is our prosperity, and this explains
Dialogue: 0,0:07:42.34,0:07:44.62,Default,,0000,0000,0000,,why companies like Google and Amazon
Dialogue: 0,0:07:44.62,0:07:46.99,Default,,0000,0000,0000,,and Microsoft and Apple
Dialogue: 0,0:07:46.99,0:07:49.89,Default,,0000,0000,0000,,and the entrepreneurs who created those companies
Dialogue: 0,0:07:49.89,0:07:53.45,Default,,0000,0000,0000,,have contributed so much
Dialogue: 0,0:07:53.45,0:07:56.16,Default,,0000,0000,0000,,to our nation's prosperity.
Dialogue: 0,0:07:56.16,0:07:58.96,Default,,0000,0000,0000,,This 21st-century perspective
Dialogue: 0,0:07:58.96,0:08:01.54,Default,,0000,0000,0000,,also makes clear
Dialogue: 0,0:08:01.54,0:08:03.99,Default,,0000,0000,0000,,that what we think of as economic growth
Dialogue: 0,0:08:03.99,0:08:05.94,Default,,0000,0000,0000,,is best understood as
Dialogue: 0,0:08:05.94,0:08:08.43,Default,,0000,0000,0000,,the rate at which we solve problems.
Dialogue: 0,0:08:08.43,0:08:11.85,Default,,0000,0000,0000,,But that rate is totally dependent upon
Dialogue: 0,0:08:11.85,0:08:15.43,Default,,0000,0000,0000,,how many problem solvers —
Dialogue: 0,0:08:15.43,0:08:17.91,Default,,0000,0000,0000,,diverse, able problem solvers — we have,
Dialogue: 0,0:08:17.91,0:08:20.64,Default,,0000,0000,0000,,and thus how many of our fellow citizens
Dialogue: 0,0:08:20.64,0:08:22.87,Default,,0000,0000,0000,,actively participate,
Dialogue: 0,0:08:22.87,0:08:26.52,Default,,0000,0000,0000,,both as entrepreneurs who can offer solutions,
Dialogue: 0,0:08:26.52,0:08:30.16,Default,,0000,0000,0000,,and as customers who consume them.
Dialogue: 0,0:08:30.16,0:08:34.28,Default,,0000,0000,0000,,But this maximizing participation thing
Dialogue: 0,0:08:34.28,0:08:35.90,Default,,0000,0000,0000,,doesn't happen by accident.
Dialogue: 0,0:08:35.90,0:08:37.87,Default,,0000,0000,0000,,It doesn't happen by itself.
Dialogue: 0,0:08:37.87,0:08:41.60,Default,,0000,0000,0000,,It requires effort and investment,
Dialogue: 0,0:08:41.60,0:08:44.03,Default,,0000,0000,0000,,which is why all
Dialogue: 0,0:08:44.03,0:08:47.26,Default,,0000,0000,0000,,highly prosperous capitalist democracies
Dialogue: 0,0:08:47.26,0:08:49.81,Default,,0000,0000,0000,,are characterized by massive investments
Dialogue: 0,0:08:49.81,0:08:52.37,Default,,0000,0000,0000,,in the middle class and the infrastructure
Dialogue: 0,0:08:52.37,0:08:55.24,Default,,0000,0000,0000,,that they depend on.
Dialogue: 0,0:08:55.24,0:08:57.24,Default,,0000,0000,0000,,We plutocrats need to get this
Dialogue: 0,0:08:57.24,0:09:00.38,Default,,0000,0000,0000,,trickle-down economics thing behind us,
Dialogue: 0,0:09:00.38,0:09:02.28,Default,,0000,0000,0000,,this idea that the better we do,
Dialogue: 0,0:09:02.28,0:09:04.95,Default,,0000,0000,0000,,the better everyone else will do.
Dialogue: 0,0:09:04.95,0:09:08.87,Default,,0000,0000,0000,,It's not true. How could it be?
Dialogue: 0,0:09:08.87,0:09:12.100,Default,,0000,0000,0000,,I earn 1,000 times the median wage,
Dialogue: 0,0:09:12.100,0:09:15.92,Default,,0000,0000,0000,,but I do not buy 1,000 times as much stuff,
Dialogue: 0,0:09:15.92,0:09:16.99,Default,,0000,0000,0000,,do I?
Dialogue: 0,0:09:16.99,0:09:20.18,Default,,0000,0000,0000,,I actually bought two pairs of these pants,
Dialogue: 0,0:09:20.18,0:09:22.11,Default,,0000,0000,0000,,what my partner Mike calls
Dialogue: 0,0:09:22.11,0:09:23.62,Default,,0000,0000,0000,,my manager pants.
Dialogue: 0,0:09:23.62,0:09:26.56,Default,,0000,0000,0000,,I could have bought 2,000 pairs,
Dialogue: 0,0:09:26.56,0:09:29.63,Default,,0000,0000,0000,,but what would I do with them? (Laughter)
Dialogue: 0,0:09:29.63,0:09:32.66,Default,,0000,0000,0000,,How many haircuts can I get?
Dialogue: 0,0:09:32.66,0:09:36.36,Default,,0000,0000,0000,,How often can I go out to dinner?
Dialogue: 0,0:09:36.36,0:09:40.43,Default,,0000,0000,0000,,No matter how wealthy a few plutocrats get,
Dialogue: 0,0:09:40.43,0:09:43.98,Default,,0000,0000,0000,,we can never drive a great national economy.
Dialogue: 0,0:09:43.98,0:09:49.67,Default,,0000,0000,0000,,Only a thriving middle class can do that.
Dialogue: 0,0:09:49.67,0:09:51.37,Default,,0000,0000,0000,,There's nothing to be done,
Dialogue: 0,0:09:51.37,0:09:55.51,Default,,0000,0000,0000,,my plutocrat friends might say.
Dialogue: 0,0:09:55.51,0:09:58.71,Default,,0000,0000,0000,,Henry Ford was in a different time.
Dialogue: 0,0:09:58.71,0:10:00.99,Default,,0000,0000,0000,,Maybe we can't do some things.
Dialogue: 0,0:10:00.99,0:10:03.92,Default,,0000,0000,0000,,Maybe we can do some things.
Dialogue: 0,0:10:03.92,0:10:07.78,Default,,0000,0000,0000,,June 19, 2013,
Dialogue: 0,0:10:07.78,0:10:11.22,Default,,0000,0000,0000,,Bloomberg published an article I wrote called
Dialogue: 0,0:10:11.22,0:10:16.15,Default,,0000,0000,0000,,"The Capitalist’s Case for a $15 Minimum Wage."
Dialogue: 0,0:10:16.15,0:10:19.07,Default,,0000,0000,0000,,The good people at Forbes magazine,
Dialogue: 0,0:10:19.07,0:10:21.27,Default,,0000,0000,0000,,among my biggest admirers,
Dialogue: 0,0:10:21.27,0:10:25.99,Default,,0000,0000,0000,,called it "Nick Hanauer's near-insane proposal."
Dialogue: 0,0:10:25.99,0:10:29.22,Default,,0000,0000,0000,,And yet, just 350 days
Dialogue: 0,0:10:29.22,0:10:31.80,Default,,0000,0000,0000,,after that article was published,
Dialogue: 0,0:10:31.80,0:10:34.74,Default,,0000,0000,0000,,Seattle's Mayor Ed Murray signed into law
Dialogue: 0,0:10:34.74,0:10:38.51,Default,,0000,0000,0000,,an ordinance raising the minimum wage in Seattle
Dialogue: 0,0:10:38.51,0:10:40.20,Default,,0000,0000,0000,,to 15 dollars an hour,
Dialogue: 0,0:10:40.20,0:10:41.64,Default,,0000,0000,0000,,more than double
Dialogue: 0,0:10:41.64,0:10:46.33,Default,,0000,0000,0000,,what the prevailing federal $7.25 rate is.
Dialogue: 0,0:10:46.33,0:10:48.11,Default,,0000,0000,0000,,How did this happen,
Dialogue: 0,0:10:48.11,0:10:50.20,Default,,0000,0000,0000,,reasonable people might ask.
Dialogue: 0,0:10:50.20,0:10:51.86,Default,,0000,0000,0000,,It happened because a group of us
Dialogue: 0,0:10:51.86,0:10:53.23,Default,,0000,0000,0000,,reminded the middle class
Dialogue: 0,0:10:53.23,0:10:54.88,Default,,0000,0000,0000,,that they are the source
Dialogue: 0,0:10:54.88,0:10:58.54,Default,,0000,0000,0000,,of growth and prosperity in capitalist economies.
Dialogue: 0,0:10:58.54,0:11:02.11,Default,,0000,0000,0000,,We reminded them that when\Nworkers have more money,
Dialogue: 0,0:11:02.11,0:11:03.82,Default,,0000,0000,0000,,businesses have more customers,
Dialogue: 0,0:11:03.82,0:11:05.80,Default,,0000,0000,0000,,and need more employees.
Dialogue: 0,0:11:05.80,0:11:08.49,Default,,0000,0000,0000,,We reminded them that when businesses
Dialogue: 0,0:11:08.49,0:11:11.21,Default,,0000,0000,0000,,pay workers a living wage,
Dialogue: 0,0:11:11.21,0:11:13.10,Default,,0000,0000,0000,,taxpayers are relieved of the burden
Dialogue: 0,0:11:13.10,0:11:14.81,Default,,0000,0000,0000,,of funding the poverty programs
Dialogue: 0,0:11:14.81,0:11:17.71,Default,,0000,0000,0000,,like food stamps and medical assistance
Dialogue: 0,0:11:17.71,0:11:19.42,Default,,0000,0000,0000,,and rent assistance
Dialogue: 0,0:11:19.42,0:11:21.82,Default,,0000,0000,0000,,that those workers need.
Dialogue: 0,0:11:21.82,0:11:24.78,Default,,0000,0000,0000,,We reminded them that low-wage workers
Dialogue: 0,0:11:24.78,0:11:27.11,Default,,0000,0000,0000,,make terrible taxpayers,
Dialogue: 0,0:11:27.11,0:11:29.13,Default,,0000,0000,0000,,and that when you raise the minimum wage
Dialogue: 0,0:11:29.13,0:11:31.25,Default,,0000,0000,0000,,for all businesses,
Dialogue: 0,0:11:31.25,0:11:32.92,Default,,0000,0000,0000,,all businesses benefit
Dialogue: 0,0:11:32.92,0:11:35.65,Default,,0000,0000,0000,,yet all can compete.
Dialogue: 0,0:11:35.65,0:11:37.37,Default,,0000,0000,0000,,Now the orthodox reaction, of course,
Dialogue: 0,0:11:37.37,0:11:41.18,Default,,0000,0000,0000,,is raising the minimum wage costs jobs. Right?
Dialogue: 0,0:11:41.18,0:11:43.76,Default,,0000,0000,0000,,Your politician's always echoing
Dialogue: 0,0:11:43.76,0:11:46.86,Default,,0000,0000,0000,,that trickle-down idea by saying things like,
Dialogue: 0,0:11:46.86,0:11:48.95,Default,,0000,0000,0000,,"Well, if you raise the price of employment,
Dialogue: 0,0:11:48.95,0:11:51.74,Default,,0000,0000,0000,,guess what happens? You get less of it."
Dialogue: 0,0:11:51.74,0:11:54.17,Default,,0000,0000,0000,,Are you sure?
Dialogue: 0,0:11:54.17,0:11:57.82,Default,,0000,0000,0000,,Because there's some contravening evidence.
Dialogue: 0,0:11:57.82,0:12:02.58,Default,,0000,0000,0000,,Since 1980, the wages of CEOs in our country
Dialogue: 0,0:12:02.58,0:12:04.85,Default,,0000,0000,0000,,have gone from about 30 times the median wage
Dialogue: 0,0:12:04.85,0:12:07.12,Default,,0000,0000,0000,,to 500 times.
Dialogue: 0,0:12:07.12,0:12:10.29,Default,,0000,0000,0000,,That's raising the price of employment.
Dialogue: 0,0:12:10.29,0:12:13.26,Default,,0000,0000,0000,,And yet, to my knowledge,
Dialogue: 0,0:12:13.26,0:12:15.43,Default,,0000,0000,0000,,I have never seen a company
Dialogue: 0,0:12:15.43,0:12:19.18,Default,,0000,0000,0000,,outsource its CEO's job, automate their job,
Dialogue: 0,0:12:19.18,0:12:21.27,Default,,0000,0000,0000,,export the job to China.
Dialogue: 0,0:12:21.27,0:12:23.29,Default,,0000,0000,0000,,In fact, we appear to be employing
Dialogue: 0,0:12:23.29,0:12:26.52,Default,,0000,0000,0000,,more CEOs and senior managers than ever before.
Dialogue: 0,0:12:26.52,0:12:30.70,Default,,0000,0000,0000,,So too for technology workers
Dialogue: 0,0:12:30.70,0:12:32.53,Default,,0000,0000,0000,,and financial services workers,
Dialogue: 0,0:12:32.53,0:12:35.15,Default,,0000,0000,0000,,who earn multiples of the median wage
Dialogue: 0,0:12:35.15,0:12:37.15,Default,,0000,0000,0000,,and yet we employ more and more of them,
Dialogue: 0,0:12:37.15,0:12:42.05,Default,,0000,0000,0000,,so clearly you can raise the price of employment
Dialogue: 0,0:12:42.05,0:12:44.09,Default,,0000,0000,0000,,and get more of it.
Dialogue: 0,0:12:44.09,0:12:46.68,Default,,0000,0000,0000,,I know that most people
Dialogue: 0,0:12:46.68,0:12:48.40,Default,,0000,0000,0000,,think that the $15 minimum wage
Dialogue: 0,0:12:48.40,0:12:52.31,Default,,0000,0000,0000,,is this insane, risky economic experiment.
Dialogue: 0,0:12:52.31,0:12:54.21,Default,,0000,0000,0000,,We disagree.
Dialogue: 0,0:12:54.21,0:12:56.68,Default,,0000,0000,0000,,We believe that the $15 minimum wage
Dialogue: 0,0:12:56.68,0:12:57.95,Default,,0000,0000,0000,,in Seattle
Dialogue: 0,0:12:57.95,0:12:59.80,Default,,0000,0000,0000,,is actually the continuation
Dialogue: 0,0:12:59.80,0:13:02.51,Default,,0000,0000,0000,,of a logical economic policy.
Dialogue: 0,0:13:02.51,0:13:04.47,Default,,0000,0000,0000,,It is allowing our city
Dialogue: 0,0:13:04.47,0:13:07.21,Default,,0000,0000,0000,,to kick your city's ass.
Dialogue: 0,0:13:07.21,0:13:08.96,Default,,0000,0000,0000,,Because, you see,
Dialogue: 0,0:13:08.96,0:13:10.68,Default,,0000,0000,0000,,Washington state already has
Dialogue: 0,0:13:10.68,0:13:12.17,Default,,0000,0000,0000,,the highest minimum wage
Dialogue: 0,0:13:12.17,0:13:13.87,Default,,0000,0000,0000,,of any state in the nation.
Dialogue: 0,0:13:13.87,0:13:16.13,Default,,0000,0000,0000,,We pay all workers $9.32,
Dialogue: 0,0:13:16.13,0:13:17.97,Default,,0000,0000,0000,,which is almost 30 percent more
Dialogue: 0,0:13:17.97,0:13:20.53,Default,,0000,0000,0000,,than the federal minimum of 7.25,
Dialogue: 0,0:13:20.53,0:13:24.48,Default,,0000,0000,0000,,but crucially, 427 percent more
Dialogue: 0,0:13:24.48,0:13:28.07,Default,,0000,0000,0000,,than the federal tipped minimum of 2.13.
Dialogue: 0,0:13:28.07,0:13:30.69,Default,,0000,0000,0000,,If trickle-down thinkers were right,
Dialogue: 0,0:13:30.69,0:13:33.80,Default,,0000,0000,0000,,then Washington state should\Nhave massive unemployment.
Dialogue: 0,0:13:33.80,0:13:36.48,Default,,0000,0000,0000,,Seattle should be sliding into the ocean.
Dialogue: 0,0:13:36.48,0:13:39.50,Default,,0000,0000,0000,,And yet, Seattle
Dialogue: 0,0:13:39.50,0:13:43.40,Default,,0000,0000,0000,,is the fastest-growing big city in the country.
Dialogue: 0,0:13:43.40,0:13:47.52,Default,,0000,0000,0000,,Washington state is generating small business jobs
Dialogue: 0,0:13:47.52,0:13:50.14,Default,,0000,0000,0000,,at a higher rate than any other major state
Dialogue: 0,0:13:50.14,0:13:51.99,Default,,0000,0000,0000,,in the nation.
Dialogue: 0,0:13:51.99,0:13:55.90,Default,,0000,0000,0000,,The restaurant business in Seattle? Booming.
Dialogue: 0,0:13:55.90,0:14:00.28,Default,,0000,0000,0000,,Why? Because the fundamental law of capitalism is,
Dialogue: 0,0:14:00.28,0:14:01.90,Default,,0000,0000,0000,,when workers have more money,
Dialogue: 0,0:14:01.90,0:14:03.43,Default,,0000,0000,0000,,businesses have more customers
Dialogue: 0,0:14:03.43,0:14:05.68,Default,,0000,0000,0000,,and need more workers.
Dialogue: 0,0:14:05.68,0:14:08.83,Default,,0000,0000,0000,,When restaurants pay restaurant workers enough
Dialogue: 0,0:14:08.83,0:14:12.46,Default,,0000,0000,0000,,so that even they can afford to eat in restaurants,
Dialogue: 0,0:14:12.46,0:14:15.12,Default,,0000,0000,0000,,that's not bad for the restaurant business.
Dialogue: 0,0:14:15.12,0:14:16.82,Default,,0000,0000,0000,,That's good for it,
Dialogue: 0,0:14:16.82,0:14:21.40,Default,,0000,0000,0000,,despite what some restaurateurs may tell you.
Dialogue: 0,0:14:21.40,0:14:23.46,Default,,0000,0000,0000,,Is it more complicated than I'm making out?
Dialogue: 0,0:14:23.46,0:14:24.45,Default,,0000,0000,0000,,Of course it is.
Dialogue: 0,0:14:24.45,0:14:26.32,Default,,0000,0000,0000,,There are a lot of dynamics at play.
Dialogue: 0,0:14:26.32,0:14:28.56,Default,,0000,0000,0000,,But can we please stop insisting
Dialogue: 0,0:14:28.56,0:14:31.36,Default,,0000,0000,0000,,that if low-wage workers earn a little bit more,
Dialogue: 0,0:14:31.36,0:14:32.87,Default,,0000,0000,0000,,unemployment will skyrocket
Dialogue: 0,0:14:32.87,0:14:34.20,Default,,0000,0000,0000,,and the economy will collapse?
Dialogue: 0,0:14:34.20,0:14:36.81,Default,,0000,0000,0000,,There is no evidence for it.
Dialogue: 0,0:14:36.81,0:14:38.04,Default,,0000,0000,0000,,The most insidious thing
Dialogue: 0,0:14:38.04,0:14:39.89,Default,,0000,0000,0000,,about trickle-down economics
Dialogue: 0,0:14:39.89,0:14:42.19,Default,,0000,0000,0000,,is not the claim that if the rich get richer,
Dialogue: 0,0:14:42.19,0:14:43.73,Default,,0000,0000,0000,,everyone is better off.
Dialogue: 0,0:14:43.73,0:14:46.79,Default,,0000,0000,0000,,It is the claim made by those who oppose
Dialogue: 0,0:14:46.79,0:14:48.69,Default,,0000,0000,0000,,any increase in the minimum wage
Dialogue: 0,0:14:48.69,0:14:50.54,Default,,0000,0000,0000,,that if the poor get richer,
Dialogue: 0,0:14:50.54,0:14:52.76,Default,,0000,0000,0000,,that will be bad for the economy.
Dialogue: 0,0:14:52.76,0:14:54.74,Default,,0000,0000,0000,,This is nonsense.
Dialogue: 0,0:14:54.74,0:14:58.61,Default,,0000,0000,0000,,So can we please dispense with this rhetoric
Dialogue: 0,0:14:58.61,0:15:00.95,Default,,0000,0000,0000,,that says that rich guys like me
Dialogue: 0,0:15:00.95,0:15:03.80,Default,,0000,0000,0000,,and my plutocrat friends
Dialogue: 0,0:15:03.80,0:15:06.38,Default,,0000,0000,0000,,made our country?
Dialogue: 0,0:15:06.38,0:15:08.45,Default,,0000,0000,0000,,We plutocrats know,
Dialogue: 0,0:15:08.45,0:15:10.08,Default,,0000,0000,0000,,even if we don't like to admit it in public,
Dialogue: 0,0:15:10.08,0:15:12.74,Default,,0000,0000,0000,,that if we had been born somewhere else,
Dialogue: 0,0:15:12.74,0:15:14.64,Default,,0000,0000,0000,,not here in the United States,
Dialogue: 0,0:15:14.64,0:15:17.50,Default,,0000,0000,0000,,we might very well be just some dude standing barefoot
Dialogue: 0,0:15:17.50,0:15:20.65,Default,,0000,0000,0000,,by the side of a dirt road selling fruit.
Dialogue: 0,0:15:20.65,0:15:23.18,Default,,0000,0000,0000,,It's not that they don't have good\Nentrepreneurs in other places,
Dialogue: 0,0:15:23.18,0:15:25.21,Default,,0000,0000,0000,,even very, very poor places.
Dialogue: 0,0:15:25.21,0:15:26.76,Default,,0000,0000,0000,,It's just that that's all
Dialogue: 0,0:15:26.76,0:15:31.30,Default,,0000,0000,0000,,that those entrepreneurs' customers can afford.
Dialogue: 0,0:15:31.30,0:15:35.90,Default,,0000,0000,0000,,So here's an idea for a new kind of economics,
Dialogue: 0,0:15:35.90,0:15:37.44,Default,,0000,0000,0000,,a new kind of politics
Dialogue: 0,0:15:37.44,0:15:40.33,Default,,0000,0000,0000,,that I call new capitalism.
Dialogue: 0,0:15:40.33,0:15:42.80,Default,,0000,0000,0000,,Let's acknowledge that capitalism
Dialogue: 0,0:15:42.80,0:15:44.60,Default,,0000,0000,0000,,beats the alternatives,
Dialogue: 0,0:15:44.60,0:15:48.60,Default,,0000,0000,0000,,but also that the more people we include,
Dialogue: 0,0:15:48.60,0:15:52.12,Default,,0000,0000,0000,,both as entrepreneurs and as customers,
Dialogue: 0,0:15:52.12,0:15:54.28,Default,,0000,0000,0000,,the better it works.
Dialogue: 0,0:15:54.28,0:15:58.06,Default,,0000,0000,0000,,Let's by all means shrink the size of government,
Dialogue: 0,0:15:58.06,0:16:00.78,Default,,0000,0000,0000,,but not by slashing the poverty programs,
Dialogue: 0,0:16:00.78,0:16:02.80,Default,,0000,0000,0000,,but by ensuring that workers are paid enough
Dialogue: 0,0:16:02.80,0:16:06.12,Default,,0000,0000,0000,,so that they actually don't need those programs.
Dialogue: 0,0:16:06.12,0:16:09.04,Default,,0000,0000,0000,,Let's invest enough in the middle class
Dialogue: 0,0:16:09.04,0:16:12.23,Default,,0000,0000,0000,,to make our economy fairer and more inclusive,
Dialogue: 0,0:16:12.23,0:16:16.17,Default,,0000,0000,0000,,and by fairer, more truly competitive,
Dialogue: 0,0:16:16.17,0:16:17.93,Default,,0000,0000,0000,,and by more truly competitive,
Dialogue: 0,0:16:17.93,0:16:20.74,Default,,0000,0000,0000,,more able to generate the solutions
Dialogue: 0,0:16:20.74,0:16:22.22,Default,,0000,0000,0000,,to human problems
Dialogue: 0,0:16:22.22,0:16:27.85,Default,,0000,0000,0000,,that are the true drivers of growth and prosperity.
Dialogue: 0,0:16:27.85,0:16:31.12,Default,,0000,0000,0000,,Capitalism is the greatest social technology
Dialogue: 0,0:16:31.12,0:16:32.59,Default,,0000,0000,0000,,ever invented
Dialogue: 0,0:16:32.59,0:16:35.45,Default,,0000,0000,0000,,for creating prosperity in human societies,
Dialogue: 0,0:16:35.45,0:16:37.18,Default,,0000,0000,0000,,if it is well managed,
Dialogue: 0,0:16:37.18,0:16:40.36,Default,,0000,0000,0000,,but capitalism, because of the fundamental
Dialogue: 0,0:16:40.36,0:16:43.12,Default,,0000,0000,0000,,multiplicative dynamics of complex systems,
Dialogue: 0,0:16:43.12,0:16:46.65,Default,,0000,0000,0000,,tends towards, inexorably, inequality,
Dialogue: 0,0:16:46.65,0:16:51.07,Default,,0000,0000,0000,,concentration and collapse.
Dialogue: 0,0:16:51.07,0:16:53.52,Default,,0000,0000,0000,,The work of democracies
Dialogue: 0,0:16:53.52,0:16:58.02,Default,,0000,0000,0000,,is to maximize the inclusion of the many
Dialogue: 0,0:16:58.02,0:17:00.100,Default,,0000,0000,0000,,in order to create prosperity,
Dialogue: 0,0:17:00.100,0:17:04.92,Default,,0000,0000,0000,,not to enable the few to accumulate money.
Dialogue: 0,0:17:04.92,0:17:08.02,Default,,0000,0000,0000,,Government does create prosperity and growth,
Dialogue: 0,0:17:08.02,0:17:11.25,Default,,0000,0000,0000,,by creating the conditions that allow
Dialogue: 0,0:17:11.25,0:17:14.14,Default,,0000,0000,0000,,both entrepreneurs and their customers
Dialogue: 0,0:17:14.14,0:17:15.98,Default,,0000,0000,0000,,to thrive.
Dialogue: 0,0:17:15.98,0:17:19.17,Default,,0000,0000,0000,,Balancing the power of capitalists like me
Dialogue: 0,0:17:19.17,0:17:22.34,Default,,0000,0000,0000,,and workers isn't bad for capitalism.
Dialogue: 0,0:17:22.34,0:17:24.14,Default,,0000,0000,0000,,It's essential to it.
Dialogue: 0,0:17:24.14,0:17:26.80,Default,,0000,0000,0000,,Programs like a reasonable minimum wage,
Dialogue: 0,0:17:26.80,0:17:28.82,Default,,0000,0000,0000,,affordable healthcare,
Dialogue: 0,0:17:28.82,0:17:30.12,Default,,0000,0000,0000,,paid sick leave,
Dialogue: 0,0:17:30.12,0:17:33.54,Default,,0000,0000,0000,,and the progressive taxation necessary
Dialogue: 0,0:17:33.54,0:17:35.74,Default,,0000,0000,0000,,to pay for the important infrastructure
Dialogue: 0,0:17:35.74,0:17:39.79,Default,,0000,0000,0000,,necessary for the middle class like education, R and D,
Dialogue: 0,0:17:39.79,0:17:42.35,Default,,0000,0000,0000,,these are indispensable tools
Dialogue: 0,0:17:42.35,0:17:44.46,Default,,0000,0000,0000,,shrewd capitalists should embrace
Dialogue: 0,0:17:44.46,0:17:48.45,Default,,0000,0000,0000,,to drive growth, because no one benefits from it
Dialogue: 0,0:17:48.45,0:17:50.09,Default,,0000,0000,0000,,like us.
Dialogue: 0,0:17:50.09,0:17:52.34,Default,,0000,0000,0000,,Many economists would have you believe
Dialogue: 0,0:17:52.34,0:17:55.42,Default,,0000,0000,0000,,that their field is an objective science.
Dialogue: 0,0:17:55.42,0:17:58.27,Default,,0000,0000,0000,,I disagree, and I think that it is equally
Dialogue: 0,0:17:58.27,0:18:00.34,Default,,0000,0000,0000,,a tool that humans use
Dialogue: 0,0:18:00.34,0:18:02.23,Default,,0000,0000,0000,,to enforce and encode
Dialogue: 0,0:18:02.23,0:18:05.80,Default,,0000,0000,0000,,our social and moral preferences and prejudices
Dialogue: 0,0:18:05.80,0:18:09.70,Default,,0000,0000,0000,,about status and power,
Dialogue: 0,0:18:09.70,0:18:11.98,Default,,0000,0000,0000,,which is why plutocrats like me
Dialogue: 0,0:18:11.98,0:18:15.99,Default,,0000,0000,0000,,have always needed to find persuasive stories
Dialogue: 0,0:18:15.99,0:18:17.66,Default,,0000,0000,0000,,to tell everyone else
Dialogue: 0,0:18:17.66,0:18:21.78,Default,,0000,0000,0000,,about why our relative positions
Dialogue: 0,0:18:21.78,0:18:25.91,Default,,0000,0000,0000,,are morally righteous and good for everyone:
Dialogue: 0,0:18:25.91,0:18:30.18,Default,,0000,0000,0000,,like, we are indispensable, the job creators,
Dialogue: 0,0:18:30.18,0:18:32.54,Default,,0000,0000,0000,,and you are not;
Dialogue: 0,0:18:32.54,0:18:35.93,Default,,0000,0000,0000,,like, tax cuts for us create growth,
Dialogue: 0,0:18:35.93,0:18:37.94,Default,,0000,0000,0000,,but investments in you
Dialogue: 0,0:18:37.94,0:18:39.62,Default,,0000,0000,0000,,will balloon our debt
Dialogue: 0,0:18:39.62,0:18:42.13,Default,,0000,0000,0000,,and bankrupt our great country;
Dialogue: 0,0:18:42.13,0:18:43.100,Default,,0000,0000,0000,,that we matter;
Dialogue: 0,0:18:43.100,0:18:46.35,Default,,0000,0000,0000,,that you don't.
Dialogue: 0,0:18:46.35,0:18:48.99,Default,,0000,0000,0000,,For thousands of years, these stories were called
Dialogue: 0,0:18:48.99,0:18:50.44,Default,,0000,0000,0000,,divine right.
Dialogue: 0,0:18:50.44,0:18:54.69,Default,,0000,0000,0000,,Today, we have trickle-down economics.
Dialogue: 0,0:18:54.69,0:18:58.58,Default,,0000,0000,0000,,How obviously, transparently self-serving
Dialogue: 0,0:18:58.58,0:19:00.17,Default,,0000,0000,0000,,all of this is.
Dialogue: 0,0:19:00.17,0:19:02.95,Default,,0000,0000,0000,,We plutocrats need to see
Dialogue: 0,0:19:02.95,0:19:05.30,Default,,0000,0000,0000,,that the United States of America made us,
Dialogue: 0,0:19:05.30,0:19:06.99,Default,,0000,0000,0000,,not the other way around;
Dialogue: 0,0:19:06.99,0:19:09.83,Default,,0000,0000,0000,,that a thriving middle class is the source
Dialogue: 0,0:19:09.83,0:19:12.12,Default,,0000,0000,0000,,of prosperity in capitalist economies,
Dialogue: 0,0:19:12.12,0:19:14.76,Default,,0000,0000,0000,,not a consequence of it.
Dialogue: 0,0:19:14.76,0:19:17.45,Default,,0000,0000,0000,,And we should never forget
Dialogue: 0,0:19:17.45,0:19:21.15,Default,,0000,0000,0000,,that even the best of us in\Nthe worst of circumstances
Dialogue: 0,0:19:21.15,0:19:26.88,Default,,0000,0000,0000,,are barefoot by the side of a dirt road selling fruit.
Dialogue: 0,0:19:26.88,0:19:29.50,Default,,0000,0000,0000,,Fellow plutocrats, I think it may be time for us
Dialogue: 0,0:19:29.50,0:19:31.70,Default,,0000,0000,0000,,to recommit to our country,
Dialogue: 0,0:19:31.70,0:19:34.26,Default,,0000,0000,0000,,to commit to a new kind of capitalism
Dialogue: 0,0:19:34.26,0:19:38.62,Default,,0000,0000,0000,,which is both more inclusive and more effective,
Dialogue: 0,0:19:38.62,0:19:40.67,Default,,0000,0000,0000,,a capitalism that will ensure
Dialogue: 0,0:19:40.67,0:19:43.83,Default,,0000,0000,0000,,that America's economy remains
Dialogue: 0,0:19:43.83,0:19:47.22,Default,,0000,0000,0000,,the most dynamic and prosperous in the world.
Dialogue: 0,0:19:47.22,0:19:49.38,Default,,0000,0000,0000,,Let's secure the future for ourselves,
Dialogue: 0,0:19:49.38,0:19:52.11,Default,,0000,0000,0000,,our children and their children.
Dialogue: 0,0:19:52.11,0:19:55.16,Default,,0000,0000,0000,,Or alternatively, we could do nothing,
Dialogue: 0,0:19:55.16,0:19:57.24,Default,,0000,0000,0000,,hide in our gated communities
Dialogue: 0,0:19:57.24,0:20:00.10,Default,,0000,0000,0000,,and private schools,
Dialogue: 0,0:20:00.10,0:20:02.14,Default,,0000,0000,0000,,enjoy our planes and yachts
Dialogue: 0,0:20:02.14,0:20:04.48,Default,,0000,0000,0000,,— they're fun —
Dialogue: 0,0:20:04.48,0:20:06.29,Default,,0000,0000,0000,,and wait for the pitchforks.
Dialogue: 0,0:20:06.29,0:20:07.81,Default,,0000,0000,0000,,Thank you.
Dialogue: 0,0:20:07.81,0:20:09.46,Default,,0000,0000,0000,,(Applause)