Recorded at | August 06, 2014 |
---|---|
Event | TEDSalon NY2014 |
Duration (min:sec) | 20:09 |
Video Type | TED Stage Talk |
Words per minute | 148.18 very slow |
Readability (FK) | 40.64 very difficult |
Speaker | Nick Hanauer |
Country | United States of America |
Occupation | entrepreneur |
Description | American businessman |
Official TED page for this talk
Synopsis
Nick Hanauer is a rich guy, an unrepentant capitalist — and he has something to say to his fellow plutocrats: Wake up! Growing inequality is about to push our societies into conditions resembling pre-revolutionary France. Hear his argument about why a dramatic increase in minimum wage could grow the middle class, deliver economic prosperity ... and prevent a revolution.
1 | 00:13 | You probably don't know me, | ||
2 | 00:15 | but I am one of those .01 percenters | ||
3 | 00:19 | that you hear about and read about, | ||
4 | 00:20 | and I am by any reasonable definition a plutocrat. | ||
5 | 00:25 | And tonight, what I would like to do is speak directly | ||
6 | 00:28 | to other plutocrats, to my people, | ||
7 | 00:30 | because it feels like it's time for us all | ||
8 | 00:33 | to have a chat. | ||
9 | 00:35 | Like most plutocrats, I too am a proud | ||
10 | 00:37 | and unapologetic capitalist. | ||
11 | 00:40 | I have founded, cofounded or funded | ||
12 | 00:43 | over 30 companies across a range of industries. | ||
13 | 00:47 | I was the first non-family investor in Amazon.com. | ||
14 | 00:50 | I cofounded a company called aQuantive | ||
15 | 00:53 | that we sold to Microsoft for 6.4 billion dollars. | ||
16 | 00:57 | My friends and I, we own a bank. | ||
17 | 01:00 | I tell you this — (Laughter) — | ||
18 | 01:02 | unbelievable, right? | ||
19 | 01:04 | I tell you this to show | ||
20 | 01:07 | that my life is like most plutocrats. | ||
21 | 01:10 | I have a broad perspective on capitalism | ||
22 | 01:13 | and business, | ||
23 | 01:15 | and I have been rewarded obscenely for that | ||
24 | 01:19 | with a life that most of you all | ||
25 | 01:21 | can't even imagine: | ||
26 | 01:23 | multiple homes, a yacht, my own plane, | ||
27 | 01:26 | etc., etc., etc. | ||
28 | 01:30 | But let's be honest: I am not the smartest person you've ever met. | ||
29 | 01:33 | I am certainly not the hardest working. | ||
30 | 01:35 | I was a mediocre student. | ||
31 | 01:37 | I'm not technical at all. | ||
32 | 01:39 | I can't write a word of code. | ||
33 | 01:41 | Truly, my success is the consequence | ||
34 | 01:44 | of spectacular luck, | ||
35 | 01:47 | of birth, of circumstance and of timing. | ||
36 | 01:52 | But I am actually pretty good at a couple of things. | ||
37 | 01:56 | One, I have an unusually high tolerance for risk, | ||
38 | 02:01 | and the other is I have a good sense, | ||
39 | 02:03 | a good intuition about what will happen in the future, | ||
40 | 02:06 | and I think that that intuition about the future | ||
41 | 02:09 | is the essence of good entrepreneurship. | ||
42 | 02:13 | So what do I see in our future today, | ||
43 | 02:15 | you ask? | ||
44 | 02:17 | I see pitchforks, | ||
45 | 02:19 | as in angry mobs with pitchforks, | ||
46 | 02:24 | because while people like us plutocrats | ||
47 | 02:29 | are living beyond the dreams of avarice, | ||
48 | 02:32 | the other 99 percent of our fellow citizens | ||
49 | 02:35 | are falling farther and farther behind. | ||
50 | 02:38 | In 1980, the top one percent of Americans | ||
51 | 02:41 | shared about eight percent of national [income], | ||
52 | 02:43 | while the bottom 50 percent of Americans | ||
53 | 02:46 | shared 18 percent. | ||
54 | 02:48 | Thirty years later, today, the top one percent | ||
55 | 02:52 | shares over 20 percent of national [income], | ||
56 | 02:55 | while the bottom 50 percent of Americans | ||
57 | 02:57 | share 12 or 13. | ||
58 | 03:00 | If the trend continues, | ||
59 | 03:03 | the top one percent will share | ||
60 | 03:04 | over 30 percent of national [income] | ||
61 | 03:06 | in another 30 years, | ||
62 | 03:08 | while the bottom 50 percent of Americans | ||
63 | 03:10 | will share just six. | ||
64 | 03:12 | You see, the problem isn't that we have | ||
65 | 03:14 | some inequality. | ||
66 | 03:16 | Some inequality is necessary | ||
67 | 03:19 | for a high-functioning capitalist democracy. | ||
68 | 03:22 | The problem is that inequality | ||
69 | 03:24 | is at historic highs today | ||
70 | 03:27 | and it's getting worse every day. | ||
71 | 03:30 | And if wealth, power, and income | ||
72 | 03:33 | continue to concentrate | ||
73 | 03:35 | at the very tippy top, | ||
74 | 03:37 | our society will change | ||
75 | 03:39 | from a capitalist democracy | ||
76 | 03:41 | to a neo-feudalist rentier society | ||
77 | 03:45 | like 18th-century France. | ||
78 | 03:47 | That was France | ||
79 | 03:50 | before the revolution | ||
80 | 03:51 | and the mobs with the pitchforks. | ||
81 | 03:53 | So I have a message for my fellow plutocrats | ||
82 | 03:56 | and zillionaires | ||
83 | 03:58 | and for anyone who lives | ||
84 | 03:59 | in a gated bubble world: | ||
85 | 04:02 | Wake up. | ||
86 | 04:03 | Wake up. It cannot last. | ||
87 | 04:07 | Because if we do not do something | ||
88 | 04:09 | to fix the glaring economic inequities in our society, | ||
89 | 04:13 | the pitchforks will come for us, | ||
90 | 04:16 | for no free and open society can long sustain | ||
91 | 04:20 | this kind of rising economic inequality. | ||
92 | 04:23 | It has never happened. There are no examples. | ||
93 | 04:26 | You show me a highly unequal society, | ||
94 | 04:27 | and I will show you a police state | ||
95 | 04:29 | or an uprising. | ||
96 | 04:31 | The pitchforks will come for us | ||
97 | 04:33 | if we do not address this. | ||
98 | 04:35 | It's not a matter of if, it's when. | ||
99 | 04:39 | And it will be terrible when they come | ||
100 | 04:42 | for everyone, | ||
101 | 04:44 | but particularly for people like us plutocrats. | ||
102 | 04:49 | I know I must sound like some liberal do-gooder. | ||
103 | 04:52 | I'm not. I'm not making a moral argument | ||
104 | 04:54 | that economic inequality is wrong. | ||
105 | 04:58 | What I am arguing is that rising economic inequality | ||
106 | 05:02 | is stupid and ultimately self-defeating. | ||
107 | 05:05 | Rising inequality doesn't just increase our risks | ||
108 | 05:09 | from pitchforks, | ||
109 | 05:11 | but it's also terrible for business too. | ||
110 | 05:15 | So the model for us rich guys should be Henry Ford. | ||
111 | 05:19 | When Ford famously introduced the $5 day, | ||
112 | 05:23 | which was twice the prevailing wage at the time, | ||
113 | 05:26 | he didn't just increase the productivity | ||
114 | 05:28 | of his factories, | ||
115 | 05:30 | he converted exploited autoworkers who were poor | ||
116 | 05:33 | into a thriving middle class who could now afford | ||
117 | 05:36 | to buy the products that they made. | ||
118 | 05:39 | Ford intuited what we now know is true, | ||
119 | 05:43 | that an economy is best understood as an ecosystem | ||
120 | 05:47 | and characterized by the same kinds | ||
121 | 05:49 | of feedback loops you find | ||
122 | 05:52 | in a natural ecosystem, | ||
123 | 05:54 | a feedback loop between customers and businesses. | ||
124 | 05:58 | Raising wages increases demand, | ||
125 | 06:01 | which increases hiring, | ||
126 | 06:03 | which in turn increases wages | ||
127 | 06:05 | and demand and profits, | ||
128 | 06:07 | and that virtuous cycle of increasing prosperity | ||
129 | 06:12 | is precisely what is missing | ||
130 | 06:14 | from today's economic recovery. | ||
131 | 06:19 | And this is why we need to put behind us | ||
132 | 06:24 | the trickle-down policies that so dominate | ||
133 | 06:28 | both political parties | ||
134 | 06:30 | and embrace something I call middle-out economics. | ||
135 | 06:33 | Middle-out economics rejects | ||
136 | 06:35 | the neoclassical economic idea | ||
137 | 06:38 | that economies are efficient, linear, mechanistic, | ||
138 | 06:42 | that they tend towards equilibrium and fairness, | ||
139 | 06:45 | and instead embraces the 21st-century idea | ||
140 | 06:49 | that economies are complex, adaptive, | ||
141 | 06:52 | ecosystemic, | ||
142 | 06:54 | that they tend away from equilibrium and toward inequality, | ||
143 | 06:58 | that they're not efficient at all | ||
144 | 06:59 | but are effective if well managed. | ||
145 | 07:03 | This 21st-century perspective | ||
146 | 07:06 | allows you to clearly see that capitalism | ||
147 | 07:09 | does not work by [efficiently] allocating | ||
148 | 07:12 | existing resources. | ||
149 | 07:14 | It works by [efficiently] creating new solutions | ||
150 | 07:20 | to human problems. | ||
151 | 07:22 | The genius of capitalism | ||
152 | 07:24 | is that it is an evolutionary solution-finding system. | ||
153 | 07:29 | It rewards people for solving other people's problems. | ||
154 | 07:35 | The difference between a poor society | ||
155 | 07:38 | and a rich society, obviously, | ||
156 | 07:40 | is the degree to which that society | ||
157 | 07:43 | has generated solutions in the form | ||
158 | 07:45 | of products for its citizens. | ||
159 | 07:48 | The sum of the solutions | ||
160 | 07:49 | that we have in our society | ||
161 | 07:51 | really is our prosperity, and this explains | ||
162 | 07:54 | why companies like Google and Amazon | ||
163 | 07:56 | and Microsoft and Apple | ||
164 | 07:58 | and the entrepreneurs who created those companies | ||
165 | 08:01 | have contributed so much | ||
166 | 08:05 | to our nation's prosperity. | ||
167 | 08:08 | This 21st-century perspective | ||
168 | 08:10 | also makes clear | ||
169 | 08:13 | that what we think of as economic growth | ||
170 | 08:15 | is best understood as | ||
171 | 08:17 | the rate at which we solve problems. | ||
172 | 08:20 | But that rate is totally dependent upon | ||
173 | 08:23 | how many problem solvers — | ||
174 | 08:27 | diverse, able problem solvers — we have, | ||
175 | 08:29 | and thus how many of our fellow citizens | ||
176 | 08:32 | actively participate, | ||
177 | 08:34 | both as entrepreneurs who can offer solutions, | ||
178 | 08:38 | and as customers who consume them. | ||
179 | 08:42 | But this maximizing participation thing | ||
180 | 08:46 | doesn't happen by accident. | ||
181 | 08:47 | It doesn't happen by itself. | ||
182 | 08:49 | It requires effort and investment, | ||
183 | 08:53 | which is why all | ||
184 | 08:56 | highly prosperous capitalist democracies | ||
185 | 08:59 | are characterized by massive investments | ||
186 | 09:01 | in the middle class and the infrastructure | ||
187 | 09:04 | that they depend on. | ||
188 | 09:07 | We plutocrats need to get this | ||
189 | 09:09 | trickle-down economics thing behind us, | ||
190 | 09:12 | this idea that the better we do, | ||
191 | 09:14 | the better everyone else will do. | ||
192 | 09:16 | It's not true. How could it be? | ||
193 | 09:20 | I earn 1,000 times the median wage, | ||
194 | 09:24 | but I do not buy 1,000 times as much stuff, | ||
195 | 09:27 | do I? | ||
196 | 09:28 | I actually bought two pairs of these pants, | ||
197 | 09:32 | what my partner Mike calls | ||
198 | 09:34 | my manager pants. | ||
199 | 09:35 | I could have bought 2,000 pairs, | ||
200 | 09:38 | but what would I do with them? (Laughter) | ||
201 | 09:41 | How many haircuts can I get? | ||
202 | 09:44 | How often can I go out to dinner? | ||
203 | 09:48 | No matter how wealthy a few plutocrats get, | ||
204 | 09:52 | we can never drive a great national economy. | ||
205 | 09:55 | Only a thriving middle class can do that. | ||
206 | 10:01 | There's nothing to be done, | ||
207 | 10:03 | my plutocrat friends might say. | ||
208 | 10:07 | Henry Ford was in a different time. | ||
209 | 10:10 | Maybe we can't do some things. | ||
210 | 10:12 | Maybe we can do some things. | ||
211 | 10:15 | June 19, 2013, | ||
212 | 10:19 | Bloomberg published an article I wrote called | ||
213 | 10:23 | "The Capitalist’s Case for a $15 Minimum Wage." | ||
214 | 10:28 | The good people at Forbes magazine, | ||
215 | 10:31 | among my biggest admirers, | ||
216 | 10:33 | called it "Nick Hanauer's near-insane proposal." | ||
217 | 10:37 | And yet, just 350 days | ||
218 | 10:41 | after that article was published, | ||
219 | 10:43 | Seattle's Mayor Ed Murray signed into law | ||
220 | 10:46 | an ordinance raising the minimum wage in Seattle | ||
221 | 10:50 | to 15 dollars an hour, | ||
222 | 10:52 | more than double | ||
223 | 10:53 | what the prevailing federal $7.25 rate is. | ||
224 | 10:58 | How did this happen, | ||
225 | 11:00 | reasonable people might ask. | ||
226 | 11:02 | It happened because a group of us | ||
227 | 11:03 | reminded the middle class | ||
228 | 11:05 | that they are the source | ||
229 | 11:06 | of growth and prosperity in capitalist economies. | ||
230 | 11:10 | We reminded them that when workers have more money, | ||
231 | 11:14 | businesses have more customers, | ||
232 | 11:15 | and need more employees. | ||
233 | 11:17 | We reminded them that when businesses | ||
234 | 11:20 | pay workers a living wage, | ||
235 | 11:23 | taxpayers are relieved of the burden | ||
236 | 11:25 | of funding the poverty programs | ||
237 | 11:26 | like food stamps and medical assistance | ||
238 | 11:29 | and rent assistance | ||
239 | 11:31 | that those workers need. | ||
240 | 11:33 | We reminded them that low-wage workers | ||
241 | 11:36 | make terrible taxpayers, | ||
242 | 11:39 | and that when you raise the minimum wage | ||
243 | 11:41 | for all businesses, | ||
244 | 11:43 | all businesses benefit | ||
245 | 11:44 | yet all can compete. | ||
246 | 11:47 | Now the orthodox reaction, of course, | ||
247 | 11:49 | is raising the minimum wage costs jobs. Right? | ||
248 | 11:53 | Your politician's always echoing | ||
249 | 11:55 | that trickle-down idea by saying things like, | ||
250 | 11:58 | "Well, if you raise the price of employment, | ||
251 | 12:00 | guess what happens? You get less of it." | ||
252 | 12:03 | Are you sure? | ||
253 | 12:06 | Because there's some contravening evidence. | ||
254 | 12:09 | Since 1980, the wages of CEOs in our country | ||
255 | 12:14 | have gone from about 30 times the median wage | ||
256 | 12:16 | to 500 times. | ||
257 | 12:19 | That's raising the price of employment. | ||
258 | 12:22 | And yet, to my knowledge, | ||
259 | 12:25 | I have never seen a company | ||
260 | 12:27 | outsource its CEO's job, automate their job, | ||
261 | 12:31 | export the job to China. | ||
262 | 12:33 | In fact, we appear to be employing | ||
263 | 12:35 | more CEOs and senior managers than ever before. | ||
264 | 12:38 | So too for technology workers | ||
265 | 12:42 | and financial services workers, | ||
266 | 12:44 | who earn multiples of the median wage | ||
267 | 12:47 | and yet we employ more and more of them, | ||
268 | 12:49 | so clearly you can raise the price of employment | ||
269 | 12:54 | and get more of it. | ||
270 | 12:56 | I know that most people | ||
271 | 12:58 | think that the $15 minimum wage | ||
272 | 13:00 | is this insane, risky economic experiment. | ||
273 | 13:04 | We disagree. | ||
274 | 13:06 | We believe that the $15 minimum wage | ||
275 | 13:08 | in Seattle | ||
276 | 13:09 | is actually the continuation | ||
277 | 13:11 | of a logical economic policy. | ||
278 | 13:14 | It is allowing our city | ||
279 | 13:16 | to kick your city's ass. | ||
280 | 13:19 | Because, you see, | ||
281 | 13:20 | Washington state already has | ||
282 | 13:22 | the highest minimum wage | ||
283 | 13:24 | of any state in the nation. | ||
284 | 13:25 | We pay all workers $9.32, | ||
285 | 13:28 | which is almost 30 percent more | ||
286 | 13:29 | than the federal minimum of 7.25, | ||
287 | 13:32 | but crucially, 427 percent more | ||
288 | 13:36 | than the federal tipped minimum of 2.13. | ||
289 | 13:40 | If trickle-down thinkers were right, | ||
290 | 13:42 | then Washington state should have massive unemployment. | ||
291 | 13:45 | Seattle should be sliding into the ocean. | ||
292 | 13:48 | And yet, Seattle | ||
293 | 13:51 | is the fastest-growing big city in the country. | ||
294 | 13:55 | Washington state is generating small business jobs | ||
295 | 13:59 | at a higher rate than any other major state | ||
296 | 14:02 | in the nation. | ||
297 | 14:03 | The restaurant business in Seattle? Booming. | ||
298 | 14:07 | Why? Because the fundamental law of capitalism is, | ||
299 | 14:12 | when workers have more money, | ||
300 | 14:13 | businesses have more customers | ||
301 | 14:15 | and need more workers. | ||
302 | 14:17 | When restaurants pay restaurant workers enough | ||
303 | 14:20 | so that even they can afford to eat in restaurants, | ||
304 | 14:24 | that's not bad for the restaurant business. | ||
305 | 14:27 | That's good for it, | ||
306 | 14:28 | despite what some restaurateurs may tell you. | ||
307 | 14:33 | Is it more complicated than I'm making out? | ||
308 | 14:35 | Of course it is. | ||
309 | 14:36 | There are a lot of dynamics at play. | ||
310 | 14:38 | But can we please stop insisting | ||
311 | 14:40 | that if low-wage workers earn a little bit more, | ||
312 | 14:43 | unemployment will skyrocket | ||
313 | 14:44 | and the economy will collapse? | ||
314 | 14:46 | There is no evidence for it. | ||
315 | 14:48 | The most insidious thing | ||
316 | 14:50 | about trickle-down economics | ||
317 | 14:51 | is not the claim that if the rich get richer, | ||
318 | 14:54 | everyone is better off. | ||
319 | 14:55 | It is the claim made by those who oppose | ||
320 | 14:58 | any increase in the minimum wage | ||
321 | 15:00 | that if the poor get richer, | ||
322 | 15:02 | that will be bad for the economy. | ||
323 | 15:04 | This is nonsense. | ||
324 | 15:06 | So can we please dispense with this rhetoric | ||
325 | 15:10 | that says that rich guys like me | ||
326 | 15:12 | and my plutocrat friends | ||
327 | 15:15 | made our country? | ||
328 | 15:18 | We plutocrats know, | ||
329 | 15:20 | even if we don't like to admit it in public, | ||
330 | 15:22 | that if we had been born somewhere else, | ||
331 | 15:24 | not here in the United States, | ||
332 | 15:26 | we might very well be just some dude standing barefoot | ||
333 | 15:29 | by the side of a dirt road selling fruit. | ||
334 | 15:32 | It's not that they don't have good entrepreneurs in other places, | ||
335 | 15:35 | even very, very poor places. | ||
336 | 15:37 | It's just that that's all | ||
337 | 15:38 | that those entrepreneurs' customers can afford. | ||
338 | 15:43 | So here's an idea for a new kind of economics, | ||
339 | 15:47 | a new kind of politics | ||
340 | 15:49 | that I call new capitalism. | ||
341 | 15:52 | Let's acknowledge that capitalism | ||
342 | 15:54 | beats the alternatives, | ||
343 | 15:56 | but also that the more people we include, | ||
344 | 16:00 | both as entrepreneurs and as customers, | ||
345 | 16:04 | the better it works. | ||
346 | 16:06 | Let's by all means shrink the size of government, | ||
347 | 16:10 | but not by slashing the poverty programs, | ||
348 | 16:12 | but by ensuring that workers are paid enough | ||
349 | 16:14 | so that they actually don't need those programs. | ||
350 | 16:18 | Let's invest enough in the middle class | ||
351 | 16:21 | to make our economy fairer and more inclusive, | ||
352 | 16:24 | and by fairer, more truly competitive, | ||
353 | 16:28 | and by more truly competitive, | ||
354 | 16:29 | more able to generate the solutions | ||
355 | 16:32 | to human problems | ||
356 | 16:34 | that are the true drivers of growth and prosperity. | ||
357 | 16:39 | Capitalism is the greatest social technology | ||
358 | 16:43 | ever invented | ||
359 | 16:44 | for creating prosperity in human societies, | ||
360 | 16:47 | if it is well managed, | ||
361 | 16:49 | but capitalism, because of the fundamental | ||
362 | 16:52 | multiplicative dynamics of complex systems, | ||
363 | 16:55 | tends towards, inexorably, inequality, | ||
364 | 16:58 | concentration and collapse. | ||
365 | 17:03 | The work of democracies | ||
366 | 17:05 | is to maximize the inclusion of the many | ||
367 | 17:10 | in order to create prosperity, | ||
368 | 17:12 | not to enable the few to accumulate money. | ||
369 | 17:16 | Government does create prosperity and growth, | ||
370 | 17:20 | by creating the conditions that allow | ||
371 | 17:23 | both entrepreneurs and their customers | ||
372 | 17:26 | to thrive. | ||
373 | 17:27 | Balancing the power of capitalists like me | ||
374 | 17:31 | and workers isn't bad for capitalism. | ||
375 | 17:34 | It's essential to it. | ||
376 | 17:36 | Programs like a reasonable minimum wage, | ||
377 | 17:38 | affordable healthcare, | ||
378 | 17:40 | paid sick leave, | ||
379 | 17:42 | and the progressive taxation necessary | ||
380 | 17:45 | to pay for the important infrastructure | ||
381 | 17:47 | necessary for the middle class like education, R and D, | ||
382 | 17:51 | these are indispensable tools | ||
383 | 17:54 | shrewd capitalists should embrace | ||
384 | 17:56 | to drive growth, because no one benefits from it | ||
385 | 18:00 | like us. | ||
386 | 18:02 | Many economists would have you believe | ||
387 | 18:04 | that their field is an objective science. | ||
388 | 18:07 | I disagree, and I think that it is equally | ||
389 | 18:10 | a tool that humans use | ||
390 | 18:12 | to enforce and encode | ||
391 | 18:14 | our social and moral preferences and prejudices | ||
392 | 18:17 | about status and power, | ||
393 | 18:21 | which is why plutocrats like me | ||
394 | 18:23 | have always needed to find persuasive stories | ||
395 | 18:27 | to tell everyone else | ||
396 | 18:29 | about why our relative positions | ||
397 | 18:33 | are morally righteous and good for everyone: | ||
398 | 18:37 | like, we are indispensable, the job creators, | ||
399 | 18:42 | and you are not; | ||
400 | 18:44 | like, tax cuts for us create growth, | ||
401 | 18:47 | but investments in you | ||
402 | 18:49 | will balloon our debt | ||
403 | 18:51 | and bankrupt our great country; | ||
404 | 18:54 | that we matter; | ||
405 | 18:55 | that you don't. | ||
406 | 18:58 | For thousands of years, these stories were called | ||
407 | 19:00 | divine right. | ||
408 | 19:02 | Today, we have trickle-down economics. | ||
409 | 19:06 | How obviously, transparently self-serving | ||
410 | 19:10 | all of this is. | ||
411 | 19:12 | We plutocrats need to see | ||
412 | 19:14 | that the United States of America made us, | ||
413 | 19:17 | not the other way around; | ||
414 | 19:18 | that a thriving middle class is the source | ||
415 | 19:21 | of prosperity in capitalist economies, | ||
416 | 19:24 | not a consequence of it. | ||
417 | 19:26 | And we should never forget | ||
418 | 19:29 | that even the best of us in the worst of circumstances | ||
419 | 19:33 | are barefoot by the side of a dirt road selling fruit. | ||
420 | 19:38 | Fellow plutocrats, I think it may be time for us | ||
421 | 19:41 | to recommit to our country, | ||
422 | 19:43 | to commit to a new kind of capitalism | ||
423 | 19:46 | which is both more inclusive and more effective, | ||
424 | 19:50 | a capitalism that will ensure | ||
425 | 19:52 | that America's economy remains | ||
426 | 19:55 | the most dynamic and prosperous in the world. | ||
427 | 19:59 | Let's secure the future for ourselves, | ||
428 | 20:01 | our children and their children. | ||
429 | 20:04 | Or alternatively, we could do nothing, | ||
430 | 20:07 | hide in our gated communities | ||
431 | 20:09 | and private schools, | ||
432 | 20:12 | enjoy our planes and yachts | ||
433 | 20:14 | — they're fun — | ||
434 | 20:16 | and wait for the pitchforks. | ||
435 | 20:18 | Thank you. | ||
436 | 20:19 | (Applause) |