That it becomes more and more clear to me and erik that the future is coming at us more than the experts are predicting. That means the economic consequences are coming more quickly than a lot of us are expecting and makes the discussions for today all the more important. Thanks very much. [ applause ] thank you all for joining us this morning. My name is melissa carney. I have the privilege of moderating our First Panel Discussion this morning. This panel is going to take the premise that andy and erik laid out for us, that there has been rapid technological advance particularly in the information center. We will ask the question what does that imply for the future of work, the future of workers and the nature of employment in this country in particular . As we tried to lay out in our hamilton project framing paper there are a lot of views on this topic and in particular if this will be good or bad on that or how good or bad on that for society. Fortunately this morning we have a real
History. Here are a couple of important things. Most of it seems to be about the tariff. The 16th amendment came into being. There was the oil decision in 1911 and more states admitted to the union. Tafts role, how long was stroke . That she had a 15 may 15 they went on a cruise, and they said, there is something wrong with ms. Taft. Realized she had a seizure. President ,ked at the seeing hisuch pain wife have a seizure. She had some temporary , and it came back shekly that was her voice. Lost that articulation, and it took a long time for it to come back. Earlier that morning her son had surgery. She was a nervous wreck that and worried about the operation. She was quite tense to begin with. He had blood and stuff. He was her favorite son. She said, i will never have him again. The nice thing, there are stories of him sitting on the , saying, say the. Say it again. He was running a rehab for his was also being president. Was he able to do his duties . I think he carried forward the d
We continue to move to the down side. We should add as we enter this hour, were off about 41 points. The nasdaq, though, bucking that trend. We should show you the tenyear yield as well. Thats been up ten basis points today. That gdp number had a big impact on that. Its up nine basis points to 2. 55 , and the 30years 3. 2 right now, so moving quite higher. But im stealing oh, now its at 3. 30 , as a matter of fact, 3. 31, do i hear 3. 32 . Im stealing Rick Santellis. Troubling reports out of russia and ecrane, things that may be escalating. Stocks may have lost early gains on those worries. Well talk about all that coming up. Also, forget tax inversions. Now outversions are the new Corporate Tax trick. Oh, thats right, yeah. Youve got to look up on cnbc. Com. You wrote about that on cnbc. Com in a story thats getting a lot of interest right now. It involves companies spinning off their Real Estate Holdings into Real Estate Investment trusts, all, of course, blessed by the irs. Some sto
Currency wars . At some point we ask for, have a weak dollar, which active in the next country can buy the same machines and shop in barcelona, see the local market. Are we looking at that end of the equation in terms of the offtake as they say in biofuels . Well, theres a famous economist in the 1800s called Jean Baptiste say that man creates its own demand and that is certainly true, particularly in this case. As companies become more perfect is come at cheaper the kind cheaper. So we dont have the worry about somehow people will want things. We have about 45,000 in this country and i guarantee you the vast majority people would rather have a Median Income of 200,000 for 400,000 or a million and thats just us. In terms of currency, currency is a problem. Fundamentally we cannot become our project even innovative is a country, were not going to get access to these markets. Why is the german philosophy as manufacturing jobs . Not because productivity went down. The renovation went up u
America . And second, what do you mean by needs . Do you mean American Labor or American Capital . And when you say needs, what makes manufacturing so special . When we look at the crowd, most people here dont make things. They spend all day reading and writing and talking people. Whats wrong with the Service Economy . Why do we need a renaissance to be better . Im a great fan of the Service Economy. I think theres an enormous amount of value created there. When we talk about america, we think about the royal we. And i would also add the longterm health of the country as a place to do innovation. Okay . And the principal thesis in the book that comes out of our research is that unlike the reputation that a lot of people associate with manufacturing, we actually think the ability to make things is fundamental to the ability to sustain innovation over the longer term. Especially when you have products or processes. And i think that was mr. Immelt referred to that earlier today. When you