tv Titans at the Table Bloomberg July 18, 2015 11:30am-12:01pm EDT
>> turning ideas into action, the clinton global initiative has a goal of finding solutions to economic problems and establishing commitments that improve lives. on this bloomberg television special, we take you to the cgi meeting in denver, colorado, where a discussion of the nations growing wealth gap featured the housing and urban development secretary. >> we want folks to have a comfortable, decent, safe place. >> a panel of visionaries explore diversity and vision in
the economy. >> this is the new economy, and we are all going to love it if we just artistic pate in it. >> this year, questions on over the clintons of how they fund the initiative. bill clinton addressed these questions head with bloombergs betty liu. betty: i want to get to some of the commitments you are excited to talk about today, that i also want to talk about some of the topics that have overshadowed some of the good work that cgi has done. you have something like 200,000 plus sponsors that have supported cgi since 2001. a few of them have begun to reassess their sponsorship of the clinton global initiative. exxon mobil said they will not sponsor you this year. is this because of the funding controversy?
mr. clinton: i think they don't want to be involved in politics. they don't think we were ever political. there has never been a foundation with a more prominent political person. i have had george and laura bush, mitt romney, john mccain. sarah palin came. rupert murdoch and his son giving money to us along with mayor bloomberg. we just solve problems. there are people who just don't like bad press and you cannot be involved in american politics without somebody attacking you and i think the fact there are so many other channels like bloomberg and social media, if someone wants to go negative -- it is sort of a tribute to my wife. [laughter]
we have social media and alternative ways of communicating. in the end, the foundation will stand or fall on the work it does. betty: knowing the outcome now, are there any things you would have done differently? mr. clinton there may be a thing or two i would change, but the basic idea i still believe is the right thing to do. we try to solve as many problems as possible with networks that are inclusive across political party lines with nongovernmental groups. >> chelsea clinton moderated the meeting's opening panel. the map of making it in america. she asked secretary castro how he assesses the nation's progress in creating affordable housing. mr. castro: this is the 50th anniversary of hud. lyndon johnson inaugurated it in 1965.
we have made tremendous progress. things like child poverty in that time. we still have tremendous challenges. every couple of years, there is something called the worst case housing needs assessment. the last one we did found there are 7.7 million families out there who are either paying 50% or more of their income in rent, or living in substandard housing or both of those things. just last week, the national low-income housing coalition put out a report with an analysis that said no where in the u.s. can you afford a two-bedroom apartment or home to rent on a minimum wage salary. with the exception of a few communities, people cannot even afford a one-bedroom apartment on minimum wage.
you get a sense of the gravity of challenge out there. we want to address that affordable housing issue so more people can live comfortably in a decent, safe place. the second thing we're working with communities on is not just stopping at four walls and a roof. we are beyond that. what i mean by that is breaking through the silos of understanding that it is housing and education, housing and having a good job where you can support your family, housing and including everybody in upward mobility. i think the number one thing local leaders can do is to organize themselves across those silos. when i was mayor of san antonio,
that meant we sat down at the table with the head of the local community college district, the head of the local public utility, local transit agency, universities, housing authorities -- where the decision-makers have the maps on the table and the list of resources and plans for the future and think about improving those communities. if people organize themselves in that way, the leverage they can get from the federal government, nonprofits, private sector, i think goes up exponentially, and we are encouraged by that. chelsea clinton: how do you know when that starts to work? do you still judge that from an affordable housing perspective? how do you start to know when you are like "we are in this city at this point in time"? mr. castro: that is something we have begun to get our arms around.
i think it is fair to say generally, the way we measure success is, does the family have a roof over their head? that is still the primary way we are going to measure outcomes. are we doing our job of ensuring that people have housing opportunities? we are also getting better about measuring outcomes in terms of the young people in the public housing communities. how many of those young people do well on their third grade reading or math exams? how many go on to graduate high school and have higher education opportunities? how many of the people because we do something like jobs plus or family self-sufficiency that are meant to create more opportunity, how many of those working age adults are able to get job training and actually get employed or go up a notch in
terms of their position? we have not always been great about measuring those outcomes and over the next 20 months, that is what we want to accomplish. >> still to come, how technology can provide tools for inclusion -- a provocative panel discussion next. more with former president bill clinton on his foundation and his family. mr. clinton: that would be not an easy decision should she be elected.
>> welcome back to this bloomberg television special from cgi america in denver, colorado. can technology and innovation be forces for expanding opportunity and enhancing diversity in the workplace? that topic with a panel of thinkers and doers from the world of tech. betty: when people talk about technology and the labor force, they think about it mostly in a negative way. they think about robots taking over the labor force and we will see lower wages and fewer jobs. give me a sense of how you are deploying technology for the greater good. annesh: last thursday, a report by mckinsey was issued that suggested if we applied those same technologies that might be modernizing our manufacturing operations or addressing how we shop on the internet but put them more to connect us to the
jobs and opportunities, we could boost the gdp by $2.7 trillion globally. on human capital, we are still stuck in a decades-old approach at the job title at your lost place of employment and where might you have a similar job title for the next place. if we have the same sophisticated analytic capability, we could identify that, while i was performing a function like this in the economy, the skills i have that allowed me to do that would also be applied in this job i never thought i could do. kay: this is the new economy and we will all love it if we learn to participate in it. i am optimistic and i think there is improvement with our health care system, more information, more predictive analytics. we are very active in the retail
sector. with predictive analytics. it's huge. rather than mourn for what was, let us celebrate what we can be because i am totally optimistic about our future. betty: how about you, jake? jake: our vision is to build a global community of consumers empowered to do work they love. i think our job is really to help all of the upcoming generation of college graduates and people in their 20's and college graduates and people in their 20's and 30's who actually feel that optimism and to be able to embrace what their career and potential would be. the reality is that technology is no longer a sector in and of itself. technology is in every industry, every nook and cranny of the economy. one of the reasons we need diversity in the tech sector is because it has stopped being just a sector. it has become our entire economy. we all know that a diverse economy is more healthy and will perform better in the future. our job in that process is to help bridge education and
employment. betty: a comment by governor mark warner. he says congress should be more attuned to it. he talks about the gig economy. rather than asking the company for a full-time job, people collect a bunch of gigs to create a full-time income. however, that does not come with health insurance, a 401(k). what happens when the economy turns south and all of those gig laborers find those jobs no longer exist? who picks at the bill? annesh: this is an area of great passion for me. senator warner is my mentor. i would suggest the following. the conversation needs to begin in washington and with the public and private sectors
together on how we move forward. one of the most powerful secondary effects of improving access to health insurance was the creation of these marketplaces that decoupled what was a traditional employer in the last 50 years. once individuals can be free to choose their own health insurance plans, then they can make better choices. to take that analogy further, you can start to ask yourself the question -- might there be a marketplace for workmen's comp, paid maternity leave? how do these insurance companies and other stakeholders design and organized said market prices? only after that may you have a conversation to say who should pay what share. betty: you saw the study about entrepreneurship in the u.s. we hear somewhat about technology companies and startups and it seems like every other day there is another 22-year-old with a big idea that will be a unicorn. however, according to this study, entrepreneurship is on a
10 year decline and at pre-recession lows. are we creating an economy where there are much greater haves and have-nots? jake: there's a lot more of this exciting headline grabbing entrepreneurship. small businesses are not being started at the same level and you see some of these software platforms eat up some of the world of small businesses and what used to be mom and pop operations. i think that's something we should be mindful of. kay: in the financial meltdown, there was no lending from the banks. the banks quit lending to small businesses across the country, almost without exception. it was really starving these organically-grown small businesses. peer-to-peer lending is a growth aspect in our economy and i think it will have a big impact
on the small businesses. they can get loans from individuals willing to support them and get a return on their investment. it is different from the banks, but i think it will bring up investment at the local level that has been missing since the downturn since the financial collapse. i think there are some solutions that are coming on board. anesh: i am bullish that we will see more entrepreneurs, more women led companies, more companies in different geographies then just silicon valley. i also believe in what caused the rise of the west. the next wave of economic growth powered by the internet will not be tech in and of itself. it will be tech-enabled, regulated sectors of the economy. modernizing the health, education, consumer financial products. i want to celebrate the presidents tech hire initiative.
sometimes, organizing and convening, not unlike cgi america, helps draw more attention. this summer, the white house will host demo day. women and minority entrepreneurs will be able to present their story from the white house to the world. they will be celebrated, showcased, honored, inspiring others. that kind of trend -- us putting focus and attention -- will work. kay: we are participating in that day. crowdfunding for equity is only less than a year old. there are more rules to come on it but there is crowdfunding going on and let me say women and minorities are able to stay on par with everybody else and women are raising 12% more than men are on crowdfunding.
>> welcome back to bloomberg television's special report from cgi 2015. here is betty liu with bill clinton. betty: tell me the commitment you think will have the biggest impact. that has been made so far at cgi america. mr. clinton: diverse people have a chance to grow with our partnership. some of them that are really exciting are those who have a chance to grow. a fascinating commitment involving financial institutions putting in developmental funds to bring clean energy jobs to native americans. they are still the poorest group of americans. the native americans who live on tribal land who don't have casinos.
that has gotten a chance to really blow up. there are several like that. the biggest one in terms of dollars and jobs by far is the continuation of the original $10 billion for the american federation of teachers, infrastructure. the first $5.6 billion of this commitment had been deployed and spent. they created 50,000 jobs. that's a lot of jobs. betty: what happens to the foundation's work? the great work you have done -- you mentioned many times this year is different because your wife is running for president. what happens if she does win the election and enters the white house? what happens to the foundations work? what happens to you? [laughter]
mr. clinton: i don't know. i will be almost grown by then. [laughter] mr. clinton: my serious answer is this -- i believe if you have been president and the current president of either party asks you to do anything and in good conscience you can do it, you should do it. part of being husband and wife -- that will not be an easy decision should she be elected. she will have to decide my best use, including being around to book her up every morning. i mean really, if she wins, and i think it will be a good thing for america if she did win. [applause] mr. clinton: but -- betty: it will be a hard decision.
mr. clinton: we will have to talk about it. i always took all the money people gave us and put it into the work. the reason i finally went out and tried to raise the endowment is i thought there were so many lives riding on the work of the foundation and the initiative, separate from the global initiative. it would be irresponsible for me not to have an endowment. before that, president bush opened his library with a $250 million endowment. i did not ever care if i had one at all. i figured if we were doing good work, people would support us and if we were not, fine. i decided in the end that my successors and interests, including my daughter -- they
may or may not be able to raise the money to do the work so i at least wanted to have a modest endowment. it's just not responsible to have something that has gotten as big as this is with no endowment. so we did do that. betty: will you still give paid speeches if your wife is in the white house? mr. clinton: i don't think so. once you get to be president, you are making a daily story. i will still give speeches. i have really enjoyed those things. i get to go meet with smart people. i have met with oracle's major investors twice in the last year. it is fascinating. i learned so much. if someone told me in 2001 that people still wanted me to come talk, i would be stunned.
[laughter] mr. clinton: i don't just tell war stories. when someone asks me a specific question -- people want to live in the present and look to the future. betty: in a bloomberg politics poll, if hillary clinton were to be elected to the white house, 83% of those voters polled said it was mostly good for her to turn to you as a chief advisor. mr. clinton: well, that is nice. [laughter] mr. clinton: i appreciate that. betty: what would you advise her? mr. clinton: if she gets elected president, she will make good decisions. she works hard, she is on top of things. she will consult widely.
she will be inclusive, which we need. if there is one thing she knows more about than anybody on earth, it's on what subject i should be listened to. [laughter] mr. clinton: and what subject i shouldn't. [applause] mr. clinton: let me say something serious. i hope i will be asked to help support her main determination, which is to get the country a middle class and give poor people the chance to work into it and making a dynamic, inclusive society. i think it is important -- the good news about all of this technological revolution is we have more options than ever before. the bad news is we can get side silo'd. we get isolated from one another. there are all of these horrible instances where young people have been killed by these encounters with law-enforcement.
it has revealed almost a total lack of trust in neighborhood after neighborhood in america. somehow, if to succeed we have got to be able to create a sense of inclusion were people at least feel safe in their basic functions and safe expressing their opinions, safe to disagree, safe to argue. i think she will do that. if i can help, i would like to. but believe me, she has better judgment than anybody else. about what the highest and best use of me is. she has been stuck with it for 40 years. she is about to figure it out. [laughter] betty: i want to thank mr. president bill clinton for joining me. appreciate it again for allowing me to join the stage with you. thank you. mr. clinton: thank you. ♪
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