[Script Info]
Title: 
[Events]
Format: Layer, Start, End, Style, Name, MarginL, MarginR, MarginV, Effect, Text
Dialogue: 0,0:00:00.00,0:00:03.80,Default,,0000,0000,0000,,[This talk contains graphic language\NViewer discretion is advised]
Dialogue: 0,0:00:04.97,0:00:07.74,Default,,0000,0000,0000,,So, this is the first and the last slide
Dialogue: 0,0:00:07.77,0:00:12.10,Default,,0000,0000,0000,,each of my 6,400 students\Nover the last 15 years has seen.
Dialogue: 0,0:00:12.12,0:00:15.86,Default,,0000,0000,0000,,I do not believe you can build\Na multibillion-dollar organization
Dialogue: 0,0:00:15.88,0:00:21.37,Default,,0000,0000,0000,,unless you are clear on which instinct\Nor organ you are targeting.
Dialogue: 0,0:00:21.39,0:00:24.48,Default,,0000,0000,0000,,Our species has a need for a superbeing.
Dialogue: 0,0:00:24.51,0:00:27.53,Default,,0000,0000,0000,,Our competitive advantage\Nas a species is our brain.
Dialogue: 0,0:00:27.56,0:00:30.70,Default,,0000,0000,0000,,Our brain is robust enough to ask\Nthese really difficult questions,
Dialogue: 0,0:00:30.72,0:00:34.22,Default,,0000,0000,0000,,but, unfortunately, it doesn't have\Nthe processing power to answer them,
Dialogue: 0,0:00:34.25,0:00:36.54,Default,,0000,0000,0000,,which creates a need for a superbeing
Dialogue: 0,0:00:36.57,0:00:38.100,Default,,0000,0000,0000,,that we can pray to\Nand look to for answers.
Dialogue: 0,0:00:39.02,0:00:40.31,Default,,0000,0000,0000,,What is prayer?
Dialogue: 0,0:00:40.33,0:00:42.61,Default,,0000,0000,0000,,Sending a query into the universe,
Dialogue: 0,0:00:42.63,0:00:45.40,Default,,0000,0000,0000,,and hopefully there's some sort\Nof divine intervention --
Dialogue: 0,0:00:45.43,0:00:47.76,Default,,0000,0000,0000,,we don't need to understand\Nwhat's going on --
Dialogue: 0,0:00:47.78,0:00:49.94,Default,,0000,0000,0000,,from an all-knowing, all-seeing superbeing
Dialogue: 0,0:00:49.96,0:00:53.77,Default,,0000,0000,0000,,that gives us authority\Nthat this is the right answer.
Dialogue: 0,0:00:53.80,0:00:56.51,Default,,0000,0000,0000,,"Will my kid be all right?"
Dialogue: 0,0:00:56.53,0:00:58.18,Default,,0000,0000,0000,,You have your planet of stuff,
Dialogue: 0,0:00:58.20,0:00:59.85,Default,,0000,0000,0000,,you have your planet of work,
Dialogue: 0,0:00:59.88,0:01:01.68,Default,,0000,0000,0000,,you have your planet of friends.
Dialogue: 0,0:01:01.70,0:01:03.20,Default,,0000,0000,0000,,If you have kids,
Dialogue: 0,0:01:03.22,0:01:06.32,Default,,0000,0000,0000,,you know that once something\Ncomes off the rails with your kids,
Dialogue: 0,0:01:06.34,0:01:07.87,Default,,0000,0000,0000,,everything melts,
Dialogue: 0,0:01:07.89,0:01:10.53,Default,,0000,0000,0000,,in your universe\Nto the Sun that is your kids.
Dialogue: 0,0:01:10.56,0:01:13.44,Default,,0000,0000,0000,,"Will my kid be all right?"
Dialogue: 0,0:01:13.46,0:01:17.55,Default,,0000,0000,0000,,"Symptoms and treatment of croup"\Nin the Google query box.
Dialogue: 0,0:01:17.58,0:01:21.51,Default,,0000,0000,0000,,One in six queries presented to Google\Nhave never been asked before
Dialogue: 0,0:01:21.54,0:01:22.86,Default,,0000,0000,0000,,in the history of mankind.
Dialogue: 0,0:01:22.89,0:01:28.29,Default,,0000,0000,0000,,What priest, teacher, rabbi, scholar,\Nmentor, boss has so much credibility
Dialogue: 0,0:01:28.32,0:01:30.86,Default,,0000,0000,0000,,that one in six questions\Nposed to that person
Dialogue: 0,0:01:30.89,0:01:32.64,Default,,0000,0000,0000,,have never been asked before?
Dialogue: 0,0:01:32.66,0:01:35.93,Default,,0000,0000,0000,,Google is our modern man's God.
Dialogue: 0,0:01:35.95,0:01:40.26,Default,,0000,0000,0000,,Imagine your face and your name\Nabove everything you've put into that box,
Dialogue: 0,0:01:40.28,0:01:44.40,Default,,0000,0000,0000,,and you're going to realize\Nyou trust Google more than any entity
Dialogue: 0,0:01:44.42,0:01:45.64,Default,,0000,0000,0000,,in your history.
Dialogue: 0,0:01:45.66,0:01:46.73,Default,,0000,0000,0000,,(Laughter)
Dialogue: 0,0:01:46.75,0:01:48.51,Default,,0000,0000,0000,,Let's move further down the torso.
Dialogue: 0,0:01:48.54,0:01:50.54,Default,,0000,0000,0000,,(Laughter)
Dialogue: 0,0:01:50.56,0:01:53.04,Default,,0000,0000,0000,,One of the other wonderful things\Nabout our species
Dialogue: 0,0:01:53.06,0:01:56.55,Default,,0000,0000,0000,,is we not only need to be loved,\Nbut we need to love others.
Dialogue: 0,0:01:56.58,0:01:59.54,Default,,0000,0000,0000,,Children with poor nutrition\Nbut a lot of affection
Dialogue: 0,0:01:59.56,0:02:04.15,Default,,0000,0000,0000,,have better outcomes than children\Nwith good nutrition and poor affection.
Dialogue: 0,0:02:04.52,0:02:07.94,Default,,0000,0000,0000,,However, the best signal\Nthat you might make it
Dialogue: 0,0:02:07.97,0:02:12.03,Default,,0000,0000,0000,,to be part of the number-one fastest\Ngrowing demographic in the world --
Dialogue: 0,0:02:12.05,0:02:14.46,Default,,0000,0000,0000,,centenarians, people\Nwho live to triple digits --
Dialogue: 0,0:02:14.48,0:02:15.66,Default,,0000,0000,0000,,there are three signals.
Dialogue: 0,0:02:15.68,0:02:19.62,Default,,0000,0000,0000,,In reverse order: your genetics --\Nnot as important as you'd like to think,
Dialogue: 0,0:02:19.64,0:02:21.92,Default,,0000,0000,0000,,so you can continue to treat\Nyour body like shit
Dialogue: 0,0:02:21.94,0:02:23.83,Default,,0000,0000,0000,,and think, "Oh, Uncle Joe lived to 95,
Dialogue: 0,0:02:23.85,0:02:25.08,Default,,0000,0000,0000,,the die have been cast."
Dialogue: 0,0:02:25.10,0:02:26.80,Default,,0000,0000,0000,,It's less important than you think.
Dialogue: 0,0:02:26.83,0:02:28.39,Default,,0000,0000,0000,,Number two is lifestyle.
Dialogue: 0,0:02:28.41,0:02:30.68,Default,,0000,0000,0000,,Don't smoke, don't be obese,\Nand prescreen --
Dialogue: 0,0:02:30.70,0:02:33.66,Default,,0000,0000,0000,,get rid of about two-thirds\Nof early cancers
Dialogue: 0,0:02:33.68,0:02:35.19,Default,,0000,0000,0000,,and cardiovascular disease.
Dialogue: 0,0:02:35.21,0:02:38.78,Default,,0000,0000,0000,,The number one indicator or signal\Nthat you'll make it to triple digits:
Dialogue: 0,0:02:38.80,0:02:41.94,Default,,0000,0000,0000,,How many people do you love?
Dialogue: 0,0:02:42.70,0:02:45.53,Default,,0000,0000,0000,,Caretaking is the security camera --
Dialogue: 0,0:02:45.55,0:02:48.47,Default,,0000,0000,0000,,we call the low-resolution\Nsecurity camera in our brain --
Dialogue: 0,0:02:48.50,0:02:50.68,Default,,0000,0000,0000,,deciding whether or not\Nyou are adding value.
Dialogue: 0,0:02:50.70,0:02:54.34,Default,,0000,0000,0000,,Facebook taps into our instinctive need\Nnot only to be loved,
Dialogue: 0,0:02:54.36,0:02:55.57,Default,,0000,0000,0000,,but to love others,
Dialogue: 0,0:02:55.59,0:02:57.67,Default,,0000,0000,0000,,mostly through pictures\Nthat create empathy,
Dialogue: 0,0:02:57.69,0:03:00.20,Default,,0000,0000,0000,,catalyze and reinforce our relationships.
Dialogue: 0,0:03:00.22,0:03:03.12,Default,,0000,0000,0000,,Let's continue our journey down the torso.
Dialogue: 0,0:03:03.74,0:03:05.87,Default,,0000,0000,0000,,Amazon is our consumptive gut.
Dialogue: 0,0:03:06.20,0:03:09.40,Default,,0000,0000,0000,,The instinct of more is hardwired into us.
Dialogue: 0,0:03:09.78,0:03:13.78,Default,,0000,0000,0000,,The penalty for too little\Nis starvation and malnutrition.
Dialogue: 0,0:03:13.80,0:03:15.99,Default,,0000,0000,0000,,Open your cupboards, open your closets,
Dialogue: 0,0:03:16.02,0:03:19.41,Default,,0000,0000,0000,,you have 10 to 100x times what you need.
Dialogue: 0,0:03:19.43,0:03:20.60,Default,,0000,0000,0000,,Why?
Dialogue: 0,0:03:20.62,0:03:23.38,Default,,0000,0000,0000,,Because the penalty\Nfor too little is much greater
Dialogue: 0,0:03:23.41,0:03:25.29,Default,,0000,0000,0000,,than the penalty for too much.
Dialogue: 0,0:03:25.31,0:03:29.15,Default,,0000,0000,0000,,So "more for less" is a business strategy\Nthat never goes out of style.
Dialogue: 0,0:03:29.17,0:03:30.68,Default,,0000,0000,0000,,It's the strategy of China,
Dialogue: 0,0:03:30.70,0:03:32.32,Default,,0000,0000,0000,,it's a the strategy of Walmart,
Dialogue: 0,0:03:32.34,0:03:35.73,Default,,0000,0000,0000,,and now it's the strategy of the most\Nsuccessful company in the world,
Dialogue: 0,0:03:35.75,0:03:36.91,Default,,0000,0000,0000,,Amazon.
Dialogue: 0,0:03:36.94,0:03:39.08,Default,,0000,0000,0000,,You get more for less into your gut;
Dialogue: 0,0:03:39.10,0:03:42.89,Default,,0000,0000,0000,,digest, send it to your muscular\Nand skeletal system of consumption.
Dialogue: 0,0:03:42.91,0:03:44.57,Default,,0000,0000,0000,,Moving further,
Dialogue: 0,0:03:44.59,0:03:48.20,Default,,0000,0000,0000,,once we know we will survive,\Nthe basic instinct,
Dialogue: 0,0:03:48.22,0:03:50.66,Default,,0000,0000,0000,,we move to the second\Nmost powerful instinct,
Dialogue: 0,0:03:50.68,0:03:55.40,Default,,0000,0000,0000,,and that is to spread and select\Nthe strongest, smartest and fastest seed
Dialogue: 0,0:03:55.43,0:03:57.15,Default,,0000,0000,0000,,to the four corners of the earth,
Dialogue: 0,0:03:57.17,0:03:59.51,Default,,0000,0000,0000,,or pick the best seed.
Dialogue: 0,0:03:59.54,0:04:01.26,Default,,0000,0000,0000,,This is not a timepiece.
Dialogue: 0,0:04:01.28,0:04:03.38,Default,,0000,0000,0000,,I haven't wound it in five years.
Dialogue: 0,0:04:03.40,0:04:05.62,Default,,0000,0000,0000,,It's my vain attempt to say to people,
Dialogue: 0,0:04:05.65,0:04:08.76,Default,,0000,0000,0000,,"If you mate with me,\Nyour children are more likely to survive
Dialogue: 0,0:04:08.79,0:04:11.43,Default,,0000,0000,0000,,than if you mate with someone\Nwearing a Swatch watch."
Dialogue: 0,0:04:11.46,0:04:13.05,Default,,0000,0000,0000,,(Laughter)
Dialogue: 0,0:04:13.07,0:04:17.46,Default,,0000,0000,0000,,The key to business is tapping into\Nthe irrational organs.
Dialogue: 0,0:04:17.49,0:04:21.22,Default,,0000,0000,0000,,"Irrational" is Harvard Business School's\Nand New York Business School's term
Dialogue: 0,0:04:21.25,0:04:24.76,Default,,0000,0000,0000,,for fat profit margins\Nand shareholder value.
Dialogue: 0,0:04:24.79,0:04:27.35,Default,,0000,0000,0000,,"High-caloric paste for your children."
Dialogue: 0,0:04:27.37,0:04:28.54,Default,,0000,0000,0000,,No?
Dialogue: 0,0:04:28.56,0:04:30.80,Default,,0000,0000,0000,,You love your choosy mom.
Dialogue: 0,0:04:30.82,0:04:34.01,Default,,0000,0000,0000,,Why choosy moms choose JIF:\Nyou love your kids more.
Dialogue: 0,0:04:34.03,0:04:37.13,Default,,0000,0000,0000,,The greatest algorithm for shareholder\Ncreation from World War II
Dialogue: 0,0:04:37.16,0:04:38.51,Default,,0000,0000,0000,,to the advent of Google
Dialogue: 0,0:04:38.53,0:04:41.63,Default,,0000,0000,0000,,was taking an average product\Nand appealing to people's hearts.
Dialogue: 0,0:04:41.66,0:04:44.97,Default,,0000,0000,0000,,You're a better a mom,\Na better person, a better patriot
Dialogue: 0,0:04:44.100,0:04:48.31,Default,,0000,0000,0000,,if you buy this average soap\Nversus this average soap.
Dialogue: 0,0:04:48.34,0:04:51.75,Default,,0000,0000,0000,,Now, the number one algorithm\Nfor shareholder value isn't technology.
Dialogue: 0,0:04:51.77,0:04:53.00,Default,,0000,0000,0000,,Look at the Forbes 400.
Dialogue: 0,0:04:53.03,0:04:55.46,Default,,0000,0000,0000,,Take out inherited wealth,\Ntake out finance.
Dialogue: 0,0:04:55.48,0:04:57.70,Default,,0000,0000,0000,,The number one source of wealth creation:
Dialogue: 0,0:04:57.72,0:04:59.83,Default,,0000,0000,0000,,appealing to your reproductive organs.
Dialogue: 0,0:04:59.85,0:05:04.73,Default,,0000,0000,0000,,The Lauders; the number\None wealthiest man in Europe, LVMH.
Dialogue: 0,0:05:04.76,0:05:07.34,Default,,0000,0000,0000,,Numbers two and three: H&M and Inditex.
Dialogue: 0,0:05:07.36,0:05:12.64,Default,,0000,0000,0000,,You want to target the most\Nirrational organs for shareholder value.
Dialogue: 0,0:05:13.36,0:05:17.13,Default,,0000,0000,0000,,As a result, these four companies --\NApple, Amazon, Facebook and Google --
Dialogue: 0,0:05:17.15,0:05:18.86,Default,,0000,0000,0000,,have disarticulated who we are.
Dialogue: 0,0:05:18.89,0:05:21.18,Default,,0000,0000,0000,,God love consumption sex!
Dialogue: 0,0:05:21.20,0:05:24.87,Default,,0000,0000,0000,,The proportion in your approach\Nto those things is who you are,
Dialogue: 0,0:05:24.89,0:05:28.64,Default,,0000,0000,0000,,and they have reassembled who we are\Nin the form of for-profit companies.
Dialogue: 0,0:05:28.66,0:05:30.51,Default,,0000,0000,0000,,At the end of the Great Recession,
Dialogue: 0,0:05:30.53,0:05:33.40,Default,,0000,0000,0000,,the market capitalization\Nof these companies was equivalent
Dialogue: 0,0:05:33.42,0:05:34.57,Default,,0000,0000,0000,,to the GDP of Niger.
Dialogue: 0,0:05:34.60,0:05:37.22,Default,,0000,0000,0000,,Now it is equivalent to the GDP of India,
Dialogue: 0,0:05:37.24,0:05:40.60,Default,,0000,0000,0000,,having blown past\NRussia and Canada in '13 and '14.
Dialogue: 0,0:05:40.62,0:05:41.98,Default,,0000,0000,0000,,There are only five nations
Dialogue: 0,0:05:42.01,0:05:45.52,Default,,0000,0000,0000,,that have a GDP greater\Nthan the combined market capitalization
Dialogue: 0,0:05:45.55,0:05:47.27,Default,,0000,0000,0000,,of these four firms.
Dialogue: 0,0:05:47.29,0:05:49.43,Default,,0000,0000,0000,,Something is happening, though.
Dialogue: 0,0:05:49.92,0:05:54.32,Default,,0000,0000,0000,,The conversation just a year ago\Nwas, which CEO was more Jesus-like?
Dialogue: 0,0:05:54.34,0:05:56.76,Default,,0000,0000,0000,,Who was running for president?
Dialogue: 0,0:05:56.78,0:05:58.22,Default,,0000,0000,0000,,Now the worm has turned.
Dialogue: 0,0:05:58.24,0:06:00.46,Default,,0000,0000,0000,,Everything they're doing is bothering us.
Dialogue: 0,0:06:00.49,0:06:02.45,Default,,0000,0000,0000,,We're worried they're tax avoiders.
Dialogue: 0,0:06:02.47,0:06:05.85,Default,,0000,0000,0000,,Walmart, since the Great Recession,\Nhas paid 64 billion dollars
Dialogue: 0,0:06:05.88,0:06:07.41,Default,,0000,0000,0000,,in corporate income tax;
Dialogue: 0,0:06:07.43,0:06:09.43,Default,,0000,0000,0000,,Amazon has paid 1.4.
Dialogue: 0,0:06:09.79,0:06:13.37,Default,,0000,0000,0000,,How do we pay our firefighters,\Nour soldiers and our social workers
Dialogue: 0,0:06:13.39,0:06:16.88,Default,,0000,0000,0000,,if the most successful companies\Nin the world don't pay their fair share?
Dialogue: 0,0:06:16.90,0:06:18.07,Default,,0000,0000,0000,,Pretty easy.
Dialogue: 0,0:06:18.09,0:06:20.63,Default,,0000,0000,0000,,That means the less successful\Ncompanies have to pay
Dialogue: 0,0:06:20.65,0:06:21.97,Default,,0000,0000,0000,,more than their fair share.
Dialogue: 0,0:06:21.99,0:06:23.82,Default,,0000,0000,0000,,Alexa, is this a good thing?
Dialogue: 0,0:06:23.85,0:06:25.82,Default,,0000,0000,0000,,This is despite that fact --
Dialogue: 0,0:06:25.84,0:06:26.92,Default,,0000,0000,0000,,(Laughter)
Dialogue: 0,0:06:26.94,0:06:28.86,Default,,0000,0000,0000,,This is despite the fact
Dialogue: 0,0:06:29.62,0:06:33.68,Default,,0000,0000,0000,,that Amazon has added the entire\Nmarket capitalization of Walmart
Dialogue: 0,0:06:33.70,0:06:37.82,Default,,0000,0000,0000,,to its market cap in the last 19 months.
Dialogue: 0,0:06:40.42,0:06:42.65,Default,,0000,0000,0000,,Whose fault is it? It's our fault.
Dialogue: 0,0:06:42.67,0:06:46.49,Default,,0000,0000,0000,,We're electing regulators\Nwho don't have the backbone
Dialogue: 0,0:06:46.51,0:06:48.94,Default,,0000,0000,0000,,to actually go after these companies.
Dialogue: 0,0:06:48.96,0:06:50.97,Default,,0000,0000,0000,,Facebook lies to EU regulators
Dialogue: 0,0:06:50.99,0:06:54.07,Default,,0000,0000,0000,,and says, "It would be impossible\Nfor us to share the data
Dialogue: 0,0:06:54.10,0:06:57.89,Default,,0000,0000,0000,,between our core platform\Nand our proposed acquisition of WhatsApp.
Dialogue: 0,0:06:57.92,0:06:59.30,Default,,0000,0000,0000,,Approve the merger."
Dialogue: 0,0:06:59.32,0:07:03.11,Default,,0000,0000,0000,,They approve the merger and then --\Nspoiler alert! -- they figure it out.
Dialogue: 0,0:07:03.13,0:07:04.85,Default,,0000,0000,0000,,And the EU says, "I feel lied to.
Dialogue: 0,0:07:04.87,0:07:08.26,Default,,0000,0000,0000,,We're fining you 120 billion dollars,"
Dialogue: 0,0:07:08.28,0:07:12.55,Default,,0000,0000,0000,,about .6 percent of the acquisition price\Nof 19 billion dollars.
Dialogue: 0,0:07:12.57,0:07:15.17,Default,,0000,0000,0000,,If Mark Zuckerberg could take out\Nan insurance policy
Dialogue: 0,0:07:15.20,0:07:17.92,Default,,0000,0000,0000,,that the acquisition would\Ngo through for .6 percent,
Dialogue: 0,0:07:17.94,0:07:19.30,Default,,0000,0000,0000,,wouldn't he do it?
Dialogue: 0,0:07:19.33,0:07:21.14,Default,,0000,0000,0000,,Anticompetitive behavior.
Dialogue: 0,0:07:21.62,0:07:23.62,Default,,0000,0000,0000,,A two-and-a-half-billion-dollar fine,
Dialogue: 0,0:07:23.65,0:07:26.54,Default,,0000,0000,0000,,three billion of the cash flow,
Dialogue: 0,0:07:26.56,0:07:29.61,Default,,0000,0000,0000,,three percent of the cash\Non Google's balance sheet.
Dialogue: 0,0:07:29.63,0:07:32.94,Default,,0000,0000,0000,,We are telling these companies,\N"The smart thing to do,
Dialogue: 0,0:07:33.60,0:07:35.56,Default,,0000,0000,0000,,the shareholder-driven thing to do,
Dialogue: 0,0:07:35.58,0:07:37.90,Default,,0000,0000,0000,,is to lie and to cheat."
Dialogue: 0,0:07:37.92,0:07:41.57,Default,,0000,0000,0000,,We are issuing 25-cent parking tickets
Dialogue: 0,0:07:41.60,0:07:44.82,Default,,0000,0000,0000,,on a meter that costs 100 dollars an hour.
Dialogue: 0,0:07:44.85,0:07:45.93,Default,,0000,0000,0000,,The smart thing to do is lie.
Dialogue: 0,0:07:45.96,0:07:47.48,Default,,0000,0000,0000,,"Job destruction!"
Dialogue: 0,0:07:47.51,0:07:50.81,Default,,0000,0000,0000,,Amazon only needs one person\Nfor two at Macy's.
Dialogue: 0,0:07:50.83,0:07:54.47,Default,,0000,0000,0000,,If they grow their business 20 billion\Ndollars this year, which they will,
Dialogue: 0,0:07:54.50,0:07:56.68,Default,,0000,0000,0000,,we will lose 53,000 cashiers and clerks.
Dialogue: 0,0:07:56.71,0:07:57.97,Default,,0000,0000,0000,,This is nothing unusual;
Dialogue: 0,0:07:57.99,0:08:00.30,Default,,0000,0000,0000,,this has happened all through our economy,
Dialogue: 0,0:08:00.33,0:08:02.59,Default,,0000,0000,0000,,we've just never seen\Ncompanies this good at it.
Dialogue: 0,0:08:02.61,0:08:04.89,Default,,0000,0000,0000,,That's one Yankee Stadium of workers.
Dialogue: 0,0:08:04.92,0:08:06.28,Default,,0000,0000,0000,,It's even worse in media.
Dialogue: 0,0:08:06.31,0:08:08.42,Default,,0000,0000,0000,,If Facebook and Google\Ngrow their businesses
Dialogue: 0,0:08:08.44,0:08:10.62,Default,,0000,0000,0000,,22 billion dollars this year,\Nwhich they will,
Dialogue: 0,0:08:10.64,0:08:14.27,Default,,0000,0000,0000,,we're going to lose approximately\N150,000 creative directors,
Dialogue: 0,0:08:14.29,0:08:16.27,Default,,0000,0000,0000,,planners and copywriters.
Dialogue: 0,0:08:16.29,0:08:18.60,Default,,0000,0000,0000,,Or we can fill up two-and-a-half\NYankee Stadiums
Dialogue: 0,0:08:18.62,0:08:22.02,Default,,0000,0000,0000,,and say, "You are out of work,\Ncourtesy of Amazon."
Dialogue: 0,0:08:22.04,0:08:25.29,Default,,0000,0000,0000,,We now get the majority of our news\Nfrom our social media feeds,
Dialogue: 0,0:08:25.31,0:08:29.59,Default,,0000,0000,0000,,and the majority of our news\Ncoming off of social media feeds is ...
Dialogue: 0,0:08:29.61,0:08:30.91,Default,,0000,0000,0000,,fake news.
Dialogue: 0,0:08:30.94,0:08:32.62,Default,,0000,0000,0000,,(Laughter)
Dialogue: 0,0:08:32.65,0:08:36.25,Default,,0000,0000,0000,,I am not allowed to be political\Nor use curse words,
Dialogue: 0,0:08:36.27,0:08:37.96,Default,,0000,0000,0000,,or talk about religion in class,
Dialogue: 0,0:08:37.98,0:08:40.44,Default,,0000,0000,0000,,so I can definitely not say,
Dialogue: 0,0:08:41.47,0:08:44.03,Default,,0000,0000,0000,,"Zuckerberg has become Putin's bitch."
Dialogue: 0,0:08:44.06,0:08:46.28,Default,,0000,0000,0000,,I definitely cannot say that.
Dialogue: 0,0:08:46.31,0:08:47.32,Default,,0000,0000,0000,,(Laughter)
Dialogue: 0,0:08:47.34,0:08:48.52,Default,,0000,0000,0000,,Their defense:
Dialogue: 0,0:08:48.55,0:08:51.92,Default,,0000,0000,0000,,"Facebook is not a media company;\Nit's a technology company."
Dialogue: 0,0:08:51.95,0:08:53.62,Default,,0000,0000,0000,,You create original content,
Dialogue: 0,0:08:53.64,0:08:56.54,Default,,0000,0000,0000,,you pay sports leagues\Nto give you original content,
Dialogue: 0,0:08:56.56,0:08:59.68,Default,,0000,0000,0000,,you run advertising against it --\Nboom! -- you're a media company.
Dialogue: 0,0:08:59.70,0:09:01.23,Default,,0000,0000,0000,,Just in the last few days,
Dialogue: 0,0:09:01.25,0:09:05.86,Default,,0000,0000,0000,,Sheryl Sandberg has repeated this lie,\Nthat "We are not a media company."
Dialogue: 0,0:09:05.89,0:09:09.33,Default,,0000,0000,0000,,Facebook has openly embraced\Nthe margins of celebrity
Dialogue: 0,0:09:09.36,0:09:11.73,Default,,0000,0000,0000,,and the influence of a media company
Dialogue: 0,0:09:11.75,0:09:15.44,Default,,0000,0000,0000,,yet seems to be allergic\Nto the responsibilities
Dialogue: 0,0:09:15.46,0:09:16.76,Default,,0000,0000,0000,,of a media company.
Dialogue: 0,0:09:17.14,0:09:18.75,Default,,0000,0000,0000,,Imagine McDonald's.
Dialogue: 0,0:09:19.29,0:09:21.72,Default,,0000,0000,0000,,We find 80 percent of their beef is fake,
Dialogue: 0,0:09:21.75,0:09:23.37,Default,,0000,0000,0000,,and it's giving us encephalitis,
Dialogue: 0,0:09:23.39,0:09:25.78,Default,,0000,0000,0000,,and we're making terrible decisions.
Dialogue: 0,0:09:25.80,0:09:28.63,Default,,0000,0000,0000,,And we say, "McDonald's,\Nwe're pissed off!"
Dialogue: 0,0:09:28.65,0:09:31.58,Default,,0000,0000,0000,,And they say, "Wait, wait --
Dialogue: 0,0:09:31.61,0:09:33.46,Default,,0000,0000,0000,,we're not a fast-food restaurant,
Dialogue: 0,0:09:33.48,0:09:35.72,Default,,0000,0000,0000,,we're a fast-food platform."
Dialogue: 0,0:09:35.74,0:09:37.52,Default,,0000,0000,0000,,(Laughter)
Dialogue: 0,0:09:38.31,0:09:40.65,Default,,0000,0000,0000,,These companies and CEOs wrap themselves
Dialogue: 0,0:09:40.67,0:09:44.53,Default,,0000,0000,0000,,in a neon-blue pink rainbow\Nand blue blanket
Dialogue: 0,0:09:44.55,0:09:47.90,Default,,0000,0000,0000,,to create an illusionist trick\Nfrom their behavior each day,
Dialogue: 0,0:09:47.92,0:09:52.40,Default,,0000,0000,0000,,which is more indicative\Nof the spawn of Darth Vader and Ayn Rand.
Dialogue: 0,0:09:52.42,0:09:56.49,Default,,0000,0000,0000,,Why? Because we as progressives\Nare seen as nice but weak.
Dialogue: 0,0:09:57.04,0:10:00.40,Default,,0000,0000,0000,,If Sheryl Sandberg had written\Na book on gun rights
Dialogue: 0,0:10:00.42,0:10:02.83,Default,,0000,0000,0000,,or on the pro-life movement,
Dialogue: 0,0:10:02.85,0:10:05.83,Default,,0000,0000,0000,,would they be flying Sheryl to Cannes?
Dialogue: 0,0:10:05.86,0:10:07.01,Default,,0000,0000,0000,,No.
Dialogue: 0,0:10:07.04,0:10:09.18,Default,,0000,0000,0000,,And I'm not doubting\Ntheir progressive values,
Dialogue: 0,0:10:09.21,0:10:11.28,Default,,0000,0000,0000,,but it foots to shareholder value,
Dialogue: 0,0:10:11.30,0:10:13.37,Default,,0000,0000,0000,,because we as progressives\Nare seen as weak.
Dialogue: 0,0:10:13.40,0:10:15.80,Default,,0000,0000,0000,,They're so nice -- remember Microsoft?
Dialogue: 0,0:10:15.83,0:10:17.32,Default,,0000,0000,0000,,They didn't seem as nice,
Dialogue: 0,0:10:17.35,0:10:21.62,Default,,0000,0000,0000,,and regulators stepped in much earlier\Nthan the regulators now,
Dialogue: 0,0:10:21.64,0:10:25.33,Default,,0000,0000,0000,,who would never step in\Non those nice, nice people.
Dialogue: 0,0:10:25.35,0:10:27.16,Default,,0000,0000,0000,,I'm about to get on a plane tonight,
Dialogue: 0,0:10:27.18,0:10:29.90,Default,,0000,0000,0000,,and I'm going to have a guy\Nnamed Roy from TSA molest me.
Dialogue: 0,0:10:29.93,0:10:33.11,Default,,0000,0000,0000,,If I am suspected of a DUI\Non the way home,
Dialogue: 0,0:10:33.13,0:10:35.80,Default,,0000,0000,0000,,I can have blood taken from my person.
Dialogue: 0,0:10:36.55,0:10:39.62,Default,,0000,0000,0000,,But wait! Don't tap into the iPhone --
Dialogue: 0,0:10:39.65,0:10:41.07,Default,,0000,0000,0000,,it's sacred.
Dialogue: 0,0:10:41.09,0:10:42.53,Default,,0000,0000,0000,,This is our new cross.
Dialogue: 0,0:10:42.55,0:10:44.16,Default,,0000,0000,0000,,It shouldn't be the iPhone X,
Dialogue: 0,0:10:44.19,0:10:46.18,Default,,0000,0000,0000,,it should be called the "iPhone Cross."
Dialogue: 0,0:10:46.21,0:10:48.37,Default,,0000,0000,0000,,We have our religion; it's Apple.
Dialogue: 0,0:10:48.40,0:10:50.17,Default,,0000,0000,0000,,Our Jesus Christ is Steve Jobs,
Dialogue: 0,0:10:50.20,0:10:53.48,Default,,0000,0000,0000,,and we've decided this is holier\Nthan our person, our house
Dialogue: 0,0:10:53.50,0:10:54.80,Default,,0000,0000,0000,,or our computer.
Dialogue: 0,0:10:54.83,0:10:57.35,Default,,0000,0000,0000,,We have become totally out of control
Dialogue: 0,0:10:57.37,0:11:01.16,Default,,0000,0000,0000,,with the gross idolatry\Nof innovation and of youth.
Dialogue: 0,0:11:01.19,0:11:03.66,Default,,0000,0000,0000,,We no longer worship\Nat the altar of character,
Dialogue: 0,0:11:03.68,0:11:04.84,Default,,0000,0000,0000,,of kindness,
Dialogue: 0,0:11:04.86,0:11:08.44,Default,,0000,0000,0000,,but of innovation and people\Nwho create shareholder value.
Dialogue: 0,0:11:08.46,0:11:11.36,Default,,0000,0000,0000,,Amazon has become so powerful\Nin the marketplace,
Dialogue: 0,0:11:11.38,0:11:12.94,Default,,0000,0000,0000,,it can conduct Jedi mind tricks.
Dialogue: 0,0:11:12.97,0:11:15.96,Default,,0000,0000,0000,,It can begin damaging other industries\Njust by looking at them.
Dialogue: 0,0:11:15.98,0:11:19.15,Default,,0000,0000,0000,,Nike announces they're distributing\Non Amazon, their stock goes up,
Dialogue: 0,0:11:19.17,0:11:20.98,Default,,0000,0000,0000,,every other footwear stock goes down.
Dialogue: 0,0:11:21.00,0:11:24.01,Default,,0000,0000,0000,,When Amazon stock goes up,\Nthe rest of retail stocks go down,
Dialogue: 0,0:11:24.03,0:11:27.34,Default,,0000,0000,0000,,because they assume what's good\Nfor Amazon is bad for everybody else.
Dialogue: 0,0:11:27.37,0:11:31.74,Default,,0000,0000,0000,,They cut the cost on salmon 33 percent\Nwhen they acquired Whole Foods.
Dialogue: 0,0:11:31.76,0:11:34.87,Default,,0000,0000,0000,,In between the time they announced\Nthe acquisition of Whole Foods
Dialogue: 0,0:11:34.89,0:11:36.06,Default,,0000,0000,0000,,and when it closed,
Dialogue: 0,0:11:36.09,0:11:38.36,Default,,0000,0000,0000,,Kroger, the largest\Npure-play grocer in America,
Dialogue: 0,0:11:38.38,0:11:40.12,Default,,0000,0000,0000,,shed a third of its value,
Dialogue: 0,0:11:40.14,0:11:46.52,Default,,0000,0000,0000,,because Amazon purchased a grocer\None-eleventh the size of Kroger.
Dialogue: 0,0:11:47.17,0:11:48.40,Default,,0000,0000,0000,,I got very lucky.
Dialogue: 0,0:11:48.42,0:11:51.84,Default,,0000,0000,0000,,I predicted the acquisition\Nof Whole Foods by Amazon
Dialogue: 0,0:11:51.86,0:11:53.20,Default,,0000,0000,0000,,the week before it happened.
Dialogue: 0,0:11:53.23,0:11:55.92,Default,,0000,0000,0000,,This is me boasting; I said\Nthis publicly in the media.
Dialogue: 0,0:11:55.94,0:11:58.32,Default,,0000,0000,0000,,This was the largest\Nacquisition in their history,
Dialogue: 0,0:11:58.34,0:12:00.68,Default,,0000,0000,0000,,they'd never made\Nan acquisition over a billion,
Dialogue: 0,0:12:00.70,0:12:02.82,Default,,0000,0000,0000,,and people asked, "How did you know this?"
Dialogue: 0,0:12:02.85,0:12:06.06,Default,,0000,0000,0000,,So I'm letting this very impressive\Naudience in on the secret.
Dialogue: 0,0:12:06.09,0:12:07.28,Default,,0000,0000,0000,,How did I know this?
Dialogue: 0,0:12:07.31,0:12:09.28,Default,,0000,0000,0000,,I'm going to tell you how I knew.
Dialogue: 0,0:12:09.30,0:12:12.05,Default,,0000,0000,0000,,I bark at Alexa all day long
Dialogue: 0,0:12:12.08,0:12:13.99,Default,,0000,0000,0000,,and try to figure out what's going on.
Dialogue: 0,0:12:14.01,0:12:17.41,Default,,0000,0000,0000,,(Scott Galloway) Alexa, buy whole milk.
Dialogue: 0,0:12:17.43,0:12:19.70,Default,,0000,0000,0000,,(Alexa) I couldn't find\Nanything for whole milk,
Dialogue: 0,0:12:19.72,0:12:21.97,Default,,0000,0000,0000,,so I've added whole milk\Nto your shopping list.
Dialogue: 0,0:12:22.46,0:12:23.75,Default,,0000,0000,0000,,SG: Then I asked,
Dialogue: 0,0:12:23.77,0:12:26.92,Default,,0000,0000,0000,,(SG) Alexa, buy organic foods.
Dialogue: 0,0:12:26.94,0:12:29.08,Default,,0000,0000,0000,,(Alexa) The top search result\Nfor organic food
Dialogue: 0,0:12:29.11,0:12:32.08,Default,,0000,0000,0000,,is Plum Organics baby food,\Nbanana and pumpkin,
Dialogue: 0,0:12:32.10,0:12:34.12,Default,,0000,0000,0000,,12-pack of four ounces each.
Dialogue: 0,0:12:34.14,0:12:35.77,Default,,0000,0000,0000,,It's 15 dollars total.
Dialogue: 0,0:12:36.42,0:12:37.61,Default,,0000,0000,0000,,Would you like to buy it?
Dialogue: 0,0:12:37.64,0:12:39.64,Default,,0000,0000,0000,,SG: And then, as often happens at my age,
Dialogue: 0,0:12:39.66,0:12:40.82,Default,,0000,0000,0000,,I got confused.
Dialogue: 0,0:12:40.84,0:12:43.63,Default,,0000,0000,0000,,(SG) Alexa, buy whole foods.
Dialogue: 0,0:12:44.05,0:12:47.58,Default,,0000,0000,0000,,(Alexa) I have purchased the outstanding\Nstock of Whole Foods Incorporated
Dialogue: 0,0:12:47.61,0:12:49.40,Default,,0000,0000,0000,,at 42 dollars per share.
Dialogue: 0,0:12:49.42,0:12:53.28,Default,,0000,0000,0000,,I have charged 13.7 billion\Nto your American Express card.
Dialogue: 0,0:12:53.31,0:12:54.69,Default,,0000,0000,0000,,(Laughter)
Dialogue: 0,0:12:55.88,0:12:57.49,Default,,0000,0000,0000,,SG: I thought that'd be funnier.
Dialogue: 0,0:12:57.52,0:12:59.01,Default,,0000,0000,0000,,(Laughter)
Dialogue: 0,0:12:59.04,0:13:00.72,Default,,0000,0000,0000,,We've personified these companies,
Dialogue: 0,0:13:00.74,0:13:04.18,Default,,0000,0000,0000,,and just as when you're really angry\Nover every little thing someone does
Dialogue: 0,0:13:04.20,0:13:05.70,Default,,0000,0000,0000,,in your life and relationships,
Dialogue: 0,0:13:05.72,0:13:07.03,Default,,0000,0000,0000,,you've got to ask yourself,
Dialogue: 0,0:13:07.05,0:13:10.10,Default,,0000,0000,0000,,"What's going on here?\NWhy are we so disappointed in technology?"
Dialogue: 0,0:13:10.12,0:13:12.80,Default,,0000,0000,0000,,I believe it's because the ratio\Nof one-percent pursuit
Dialogue: 0,0:13:12.83,0:13:13.99,Default,,0000,0000,0000,,of shareholder value
Dialogue: 0,0:13:14.02,0:13:16.56,Default,,0000,0000,0000,,and 99 percent the betterment of humanity
Dialogue: 0,0:13:16.58,0:13:17.97,Default,,0000,0000,0000,,that technology used to play
Dialogue: 0,0:13:17.99,0:13:19.15,Default,,0000,0000,0000,,has been flipped,
Dialogue: 0,0:13:19.17,0:13:22.54,Default,,0000,0000,0000,,and now we're totally focused\Non shareholder value instead of humanity.
Dialogue: 0,0:13:22.56,0:13:25.84,Default,,0000,0000,0000,,One hundred thousand people came together\Nfor the Manhattan Project
Dialogue: 0,0:13:25.86,0:13:27.33,Default,,0000,0000,0000,,and literally saved the world.
Dialogue: 0,0:13:27.35,0:13:28.66,Default,,0000,0000,0000,,Technology saved the world.
Dialogue: 0,0:13:28.68,0:13:32.37,Default,,0000,0000,0000,,My mother was a four-year-old Jew\Nliving in London at the outset of the war.
Dialogue: 0,0:13:32.40,0:13:35.50,Default,,0000,0000,0000,,If we had not won the footrace\Ntowards splitting the atom,
Dialogue: 0,0:13:35.52,0:13:37.21,Default,,0000,0000,0000,,would she have survived?
Dialogue: 0,0:13:37.24,0:13:38.40,Default,,0000,0000,0000,,It's unlikely.
Dialogue: 0,0:13:38.85,0:13:40.16,Default,,0000,0000,0000,,Twenty-five years later,
Dialogue: 0,0:13:40.18,0:13:44.62,Default,,0000,0000,0000,,the most impressive accomplishment,\Narguably, ever in all of humankind:
Dialogue: 0,0:13:44.64,0:13:45.79,Default,,0000,0000,0000,,put a man on the moon.
Dialogue: 0,0:13:45.82,0:13:49.44,Default,,0000,0000,0000,,Four hundred thirty thousand Canadians,\NBritish and Americans came together,
Dialogue: 0,0:13:49.47,0:13:51.30,Default,,0000,0000,0000,,again, with very basic technology,
Dialogue: 0,0:13:51.32,0:13:52.64,Default,,0000,0000,0000,,and put a man on the moon.
Dialogue: 0,0:13:52.66,0:13:56.27,Default,,0000,0000,0000,,Now we have the 700,000\Nbest and brightest,
Dialogue: 0,0:13:56.29,0:13:59.74,Default,,0000,0000,0000,,and these are the best and brightest\Nfrom the four corners of the earth.
Dialogue: 0,0:13:59.76,0:14:03.84,Default,,0000,0000,0000,,They are literally playing with lasers\Nrelative to slingshots,
Dialogue: 0,0:14:03.87,0:14:05.15,Default,,0000,0000,0000,,relative to the squirt gun.
Dialogue: 0,0:14:05.18,0:14:07.45,Default,,0000,0000,0000,,They have the GDP of India to work at.
Dialogue: 0,0:14:07.47,0:14:10.00,Default,,0000,0000,0000,,And after studying\Nthese companies for 10 years,
Dialogue: 0,0:14:10.03,0:14:11.68,Default,,0000,0000,0000,,I know what their mission is.
Dialogue: 0,0:14:11.71,0:14:14.33,Default,,0000,0000,0000,,Is it to organize the world's information?
Dialogue: 0,0:14:14.36,0:14:15.86,Default,,0000,0000,0000,,Is it to connect us?
Dialogue: 0,0:14:15.88,0:14:18.81,Default,,0000,0000,0000,,Is it to create greater comity of man?
Dialogue: 0,0:14:18.83,0:14:19.100,Default,,0000,0000,0000,,It isn't.
Dialogue: 0,0:14:20.02,0:14:21.92,Default,,0000,0000,0000,,I know why we have brought together --
Dialogue: 0,0:14:21.94,0:14:26.25,Default,,0000,0000,0000,,I know that the greatest collection\Nof IQ capital and creativity,
Dialogue: 0,0:14:26.27,0:14:28.13,Default,,0000,0000,0000,,that their sole mission is:
Dialogue: 0,0:14:28.29,0:14:30.42,Default,,0000,0000,0000,,to sell another fucking Nissan.
Dialogue: 0,0:14:30.47,0:14:34.21,Default,,0000,0000,0000,,My name is Scott Galloway, I teach at NYU,\Nand I appreciate your time.
Dialogue: 0,0:14:34.24,0:14:38.58,Default,,0000,0000,0000,,(Applause)
Dialogue: 0,0:14:42.65,0:14:44.13,Default,,0000,0000,0000,,Chris Anderson: Not planned,
Dialogue: 0,0:14:44.15,0:14:47.11,Default,,0000,0000,0000,,but you prompted\Nsome questions in me, Scott.
Dialogue: 0,0:14:47.14,0:14:48.21,Default,,0000,0000,0000,,(Laughter)
Dialogue: 0,0:14:48.23,0:14:50.54,Default,,0000,0000,0000,,That was a spectacular rant.
Dialogue: 0,0:14:50.56,0:14:51.93,Default,,0000,0000,0000,,SG: Is this like Letterman?
Dialogue: 0,0:14:51.95,0:14:54.87,Default,,0000,0000,0000,,When you do well,\Nhe calls you onto the couch?
Dialogue: 0,0:14:54.89,0:14:58.56,Default,,0000,0000,0000,,CA: No, no, you're going to the heart\Nof the conversation right now.
Dialogue: 0,0:14:58.58,0:15:04.72,Default,,0000,0000,0000,,Everyone's aware that after years\Nof worshipping Silicon Valley,
Dialogue: 0,0:15:04.74,0:15:06.60,Default,,0000,0000,0000,,suddenly the worm has turned
Dialogue: 0,0:15:06.62,0:15:08.15,Default,,0000,0000,0000,,and in such a big way.
Dialogue: 0,0:15:08.18,0:15:11.58,Default,,0000,0000,0000,,To some people here, it will just feel\Nlike you're piling on,
Dialogue: 0,0:15:11.61,0:15:14.100,Default,,0000,0000,0000,,you're kicking the kids who've already\Nbeen kicked to pieces anyway.
Dialogue: 0,0:15:15.02,0:15:17.39,Default,,0000,0000,0000,,Don't you feel any empathy\Nfor them at all?
Dialogue: 0,0:15:17.41,0:15:18.81,Default,,0000,0000,0000,,SG: None whatsoever.
Dialogue: 0,0:15:19.26,0:15:21.21,Default,,0000,0000,0000,,Look, this is the issue:
Dialogue: 0,0:15:21.68,0:15:23.50,Default,,0000,0000,0000,,it's not their fault, it's our fault.
Dialogue: 0,0:15:23.52,0:15:25.64,Default,,0000,0000,0000,,They're for-profit companies.
Dialogue: 0,0:15:25.66,0:15:28.21,Default,,0000,0000,0000,,They're not concerned\Nwith the condition of our souls.
Dialogue: 0,0:15:28.23,0:15:30.82,Default,,0000,0000,0000,,They're not going to take care of us\Nwhen we get older.
Dialogue: 0,0:15:30.84,0:15:34.58,Default,,0000,0000,0000,,We have set up a society that values\Nshareholder value over everything,
Dialogue: 0,0:15:34.61,0:15:37.05,Default,,0000,0000,0000,,and they're doing what\Nthey're supposed to be doing.
Dialogue: 0,0:15:37.08,0:15:38.44,Default,,0000,0000,0000,,But we need to elect people,
Dialogue: 0,0:15:38.47,0:15:40.55,Default,,0000,0000,0000,,and we need to force\Nourselves to force them
Dialogue: 0,0:15:40.58,0:15:42.25,Default,,0000,0000,0000,,to be subject to the same scrutiny
Dialogue: 0,0:15:42.27,0:15:44.40,Default,,0000,0000,0000,,that the rest of business\Nendures, full stop.
Dialogue: 0,0:15:44.42,0:15:46.14,Default,,0000,0000,0000,,CA: There's another narrative
Dialogue: 0,0:15:46.17,0:15:49.79,Default,,0000,0000,0000,,that is arguably equally\Nconsistent with the facts,
Dialogue: 0,0:15:49.82,0:15:56.65,Default,,0000,0000,0000,,which is that there actually is good\Nintent in much of the leadership --
Dialogue: 0,0:15:56.67,0:15:58.42,Default,,0000,0000,0000,,I won't say everyone, necessarily --
Dialogue: 0,0:15:58.45,0:16:00.02,Default,,0000,0000,0000,,many of the employees.
Dialogue: 0,0:16:00.04,0:16:03.12,Default,,0000,0000,0000,,We all know people who work\Nin those companies,
Dialogue: 0,0:16:03.14,0:16:06.91,Default,,0000,0000,0000,,and they still are pretty convincing\Nthat their mission is to --
Dialogue: 0,0:16:06.93,0:16:10.17,Default,,0000,0000,0000,,so, the alternative narrative\Nis that there have been
Dialogue: 0,0:16:10.19,0:16:12.26,Default,,0000,0000,0000,,unintended consequences here,
Dialogue: 0,0:16:12.29,0:16:14.38,Default,,0000,0000,0000,,that the technologies\Nthat we're unleashing,
Dialogue: 0,0:16:14.41,0:16:18.98,Default,,0000,0000,0000,,the algorithms, that we're attempting\Nto personalize the internet, for example,
Dialogue: 0,0:16:19.01,0:16:25.32,Default,,0000,0000,0000,,have A, resulted in weird effects\Nlike filter bubbles
Dialogue: 0,0:16:25.34,0:16:26.84,Default,,0000,0000,0000,,that we weren't expecting;
Dialogue: 0,0:16:26.86,0:16:29.92,Default,,0000,0000,0000,,and B, made themselves vulnerable\Nto weird things like --
Dialogue: 0,0:16:29.95,0:16:32.64,Default,,0000,0000,0000,,oh, I don't know, Russian\Nhackers creating accounts
Dialogue: 0,0:16:32.67,0:16:34.64,Default,,0000,0000,0000,,and doing things that we didn't expect.
Dialogue: 0,0:16:34.67,0:16:39.70,Default,,0000,0000,0000,,Isn't the unintended consequence\Na possibility here?
Dialogue: 0,0:16:39.72,0:16:40.93,Default,,0000,0000,0000,,SG: I don't think --
Dialogue: 0,0:16:40.95,0:16:42.49,Default,,0000,0000,0000,,I'm pretty sure, statistically,
Dialogue: 0,0:16:42.51,0:16:45.38,Default,,0000,0000,0000,,they're no less or better people\Nthan any other organization
Dialogue: 0,0:16:45.40,0:16:46.94,Default,,0000,0000,0000,,that has 100,000 or more people.
Dialogue: 0,0:16:46.96,0:16:48.57,Default,,0000,0000,0000,,I don't think they're bad people.
Dialogue: 0,0:16:48.59,0:16:50.22,Default,,0000,0000,0000,,As a matter of fact, I would argue
Dialogue: 0,0:16:50.25,0:16:53.07,Default,,0000,0000,0000,,that there's a lot of very\Ncivic-minded, decent leadership.
Dialogue: 0,0:16:53.09,0:16:54.25,Default,,0000,0000,0000,,But this is the issue:
Dialogue: 0,0:16:54.28,0:16:58.52,Default,,0000,0000,0000,,when you control 90 percent\Npoints of share in a market, search,
Dialogue: 0,0:16:58.54,0:17:02.08,Default,,0000,0000,0000,,that is now bigger than the entire\Nadvertising market of any nation,
Dialogue: 0,0:17:02.10,0:17:05.81,Default,,0000,0000,0000,,and you're primarily compensated\Nand trying to develop economic security
Dialogue: 0,0:17:05.83,0:17:07.87,Default,,0000,0000,0000,,for you and the families\Nof your employees,
Dialogue: 0,0:17:07.89,0:17:09.34,Default,,0000,0000,0000,,to increase that market share,
Dialogue: 0,0:17:09.37,0:17:12.50,Default,,0000,0000,0000,,you can't help but leverage\Nall the power at your disposal.
Dialogue: 0,0:17:12.52,0:17:14.44,Default,,0000,0000,0000,,And that is the basis for regulation,
Dialogue: 0,0:17:14.46,0:17:16.92,Default,,0000,0000,0000,,and it's the basis for the truism\Nthroughout history
Dialogue: 0,0:17:16.94,0:17:18.29,Default,,0000,0000,0000,,that power corrupts.
Dialogue: 0,0:17:18.31,0:17:19.51,Default,,0000,0000,0000,,They're not bad people;
Dialogue: 0,0:17:19.54,0:17:21.77,Default,,0000,0000,0000,,we've just let them get out of control.
Dialogue: 0,0:17:22.31,0:17:26.34,Default,,0000,0000,0000,,CA: So maybe the case\Nis slightly overstated?
Dialogue: 0,0:17:26.37,0:17:28.69,Default,,0000,0000,0000,,I know at least a bit --
Dialogue: 0,0:17:28.71,0:17:30.69,Default,,0000,0000,0000,,Larry Page, for example, Jeff Bezos --
Dialogue: 0,0:17:30.71,0:17:33.38,Default,,0000,0000,0000,,I don't actually believe\Nthey wake up thinking,
Dialogue: 0,0:17:33.40,0:17:35.23,Default,,0000,0000,0000,,"I've got to sell a fucking Nissan."
Dialogue: 0,0:17:35.26,0:17:36.76,Default,,0000,0000,0000,,I don't think they think that.
Dialogue: 0,0:17:36.79,0:17:42.34,Default,,0000,0000,0000,,I think they are trying to build\Nsomething cool, and are probably,
Dialogue: 0,0:17:42.37,0:17:43.69,Default,,0000,0000,0000,,in moments of reflection,
Dialogue: 0,0:17:43.71,0:17:47.58,Default,,0000,0000,0000,,as horrified that some of the things\Nthat have happened as we might be.
Dialogue: 0,0:17:47.92,0:17:51.66,Default,,0000,0000,0000,,So is there a different way\Nof framing this,
Dialogue: 0,0:17:52.29,0:17:57.49,Default,,0000,0000,0000,,to say that when your model\Nis advertising,
Dialogue: 0,0:17:57.52,0:18:02.02,Default,,0000,0000,0000,,that there are dangers there\Nthat you have to take on more explicitly?
Dialogue: 0,0:18:02.64,0:18:07.27,Default,,0000,0000,0000,,SG: I think it's very difficult\Nto set an organization up as we do,
Dialogue: 0,0:18:07.30,0:18:09.48,Default,,0000,0000,0000,,to pursue shareholder value\Nabove all else.
Dialogue: 0,0:18:09.50,0:18:10.80,Default,,0000,0000,0000,,They're not non-profits.
Dialogue: 0,0:18:10.82,0:18:14.38,Default,,0000,0000,0000,,The reason people go to work there\Nis they want to create economic security
Dialogue: 0,0:18:14.41,0:18:15.78,Default,,0000,0000,0000,,for them and their families,
Dialogue: 0,0:18:15.81,0:18:17.11,Default,,0000,0000,0000,,mostly first and foremost.
Dialogue: 0,0:18:17.13,0:18:20.42,Default,,0000,0000,0000,,And when you get to a point where\Nyou control so much economic power,
Dialogue: 0,0:18:20.45,0:18:22.84,Default,,0000,0000,0000,,you use all the weapons at your disposal.
Dialogue: 0,0:18:22.87,0:18:24.45,Default,,0000,0000,0000,,I don't think they're bad people,
Dialogue: 0,0:18:24.48,0:18:27.62,Default,,0000,0000,0000,,but I think the role of government\Nand the role of us as consumers
Dialogue: 0,0:18:27.64,0:18:29.32,Default,,0000,0000,0000,,and people who elect our officials
Dialogue: 0,0:18:29.34,0:18:31.49,Default,,0000,0000,0000,,is to ensure that there\Nare some checks here.
Dialogue: 0,0:18:31.51,0:18:34.03,Default,,0000,0000,0000,,And we have given\Nthem the mother of all hall passes
Dialogue: 0,0:18:34.05,0:18:36.11,Default,,0000,0000,0000,,because we find them just so fascinating.
Dialogue: 0,0:18:36.13,0:18:39.29,Default,,0000,0000,0000,,CA: Scott, eloquently put,\Nspectacularly put.
Dialogue: 0,0:18:39.31,0:18:44.71,Default,,0000,0000,0000,,Mark Zuckerberg, Jeff Bezos,\NLarry Page, Tim Cook, if you're watching,
Dialogue: 0,0:18:44.73,0:18:47.71,Default,,0000,0000,0000,,you're welcome to come and make\Nthe counterargument as well.
Dialogue: 0,0:18:47.73,0:18:48.96,Default,,0000,0000,0000,,Scott, thank you so much.
Dialogue: 0,0:18:48.98,0:18:50.15,Default,,0000,0000,0000,,SG: Thanks very much.
Dialogue: 0,0:18:50.17,0:18:52.54,Default,,0000,0000,0000,,(Applause)