FedEx suing the United States government over export rules

alright well next up we're also watching Fed Ex because it's suing the US government now the company is arguing that it shouldn't be held reliable for policing exports to China calling it a quote impossible task we have akiko fujita here with the latest and Akiko what does this mean just in terms of Fed Ex is feature and then also for the US government yeah that's gonna be the key question a lot of investors have when the company reports after the bell today this is a stock that's down roughly 4% year today and it has faced many headaches a lot of them coming from the trade war so let's talk about this lawsuit first of all because this was filed in federal court in Washington DC and what the company is essentially alleging is that this entity list the commerce department is created this is a trade blacklist that essentially bans American suppliers from selling to fois way well FedEx says that action that law is impossible to comply with both logistically as well as legally now this lawsuit came after a few incidents a few mishaps if you will resulting in some kwame packages being diverted the first one came last month when there were Huawei packages intended for China that were diverted back to FedEx's hub in Memphis and then we had last week where FedEx had to apologize after a huawei smartphone was sent by a UK journalist from the UK over to the US and then sent back and FedEx is saying they've had these mishaps because they've had to change the internal system to comply with this issue and what they're saying is look we've got 15 million packages that are shipped out every day it is impossible to be able to scan every single one of them to make sure that they don't contain the kind of products that are banned on the entity list and what are we doing line in that lawsuit they're coming from FedEx lawyers saying FedEx is certain to find itself in violation of this act and will suffer irreparable harm if forced to see significant business operations in order to eliminate any risk of violation specifically FedEx pointing to the risk of any kind of fines that could come with a violation of this act and if we're talking about criminal violation that carries fines of up to $1,000,000 there's the potential for civil privacy violation essentially if FedEx has to go through these packages well their customers certainly are going to like them having to go through that so there are three specific things that companies now asking for in this lawsuit one in order granting permanent injunctive relief number two making sure this action is unlawful as it applies to FedEx and then compensation not only for fines but as well as attorney fees so Seana we're gonna be watching the numbers when they come out after the bell today as you know FedEx has faced a lot of headaches has been a bumpy ride for this company not just because of tariffs but also because of the competition from Amazon and this is just one more thing that's gonna add to that call later this afternoon it certainly is an Akiko I want to ask you if we do in fact see FedEx blacklisted in China do you think that this escalates the tensions here between the US and China especially ahead of the meeting between President Trump and she's in pain later on this week yeah I don't get the sense that they're going to be blacklisted as a result of this China certainly has opened an investigation into the company they want to send a message that look if you are an American company that is complying with this we may make it a little more harder to do business in China for you remember we had reports last week of semiconductors who sell in China getting called in by the Chinese government about whether they were in fact mint comply with the US so what you're seeing is a lot of these American companies being caught right in the middle especially given that they do business between these two countries and these are two very very important markets especially for a company like FedEx and they are a Kiko thank you

Opposition slams Trudeau over Trans Mountain pipeline approval | Power & Politics

the trans mountain pipeline expansion was first pitched in 2012 by Kinder Morgan the plan was to twin the existing pipeline which runs from outside of Edmonton to Burnaby that would triple the capacity from 300,000 barrels of oil per day to 890,000 the Government of Canada has approved the Kinder Morgan trans mountain expansion project in 2016 Ottawa approved the project but in the spring of 2017 the political landscape in BC changed the NDP and Green Party reached a deal to form government and use quote every tool available to stop the expansion from opposition led by some indigenous groups and municipalities now had a strong ally in the province fed up with the forced delays Kinder Morgan walked away from the project last year and the Liberal government stepped in and bought it for four and a half billion dollars government's position is clear it must be built and it will be built digging began in August but days later a federal court halted construction ruling that the first review of the project was flawed and needed to be in part redone the court pointed to inadequate consultations with indigenous groups and an inadequate review of the project's effect on marine life in February the National Energy Board recommended approval for a second time and the feds continued their consultations with indigenous groups and as other governments the responsibility to engage in a meaningful way to a dialogue sincere serious and dialogue with all indigenous groups who are impacted which brings us to today the Trudeau cabinet has approved the trans mountain expansion for a second time we're joined in Vancouver right now by Stockwell day former Conservative cabinet minister journalist Graham Thompson is with us from Edmonton in Toronto Tim Murphy managing director of Macmillan Vantage and in our Ottawa studio political commentator and former NDP MP frost waz Bowman hi everybody nice to see youse stock well I'll start with you your take on the decision today some new things announced like money for example generated by the pipeline going towards green energy projects sure we have to say that those those who wanted to see this go ahead we're obviously pleased with the announcement and we can say well it took too long and there's other bills that are gonna make things move slower but you know this is a good announcement and Vassy on your show right here some of us are well one or two of us have said consistently that this pipeline will help the environment that this pipeline will in fact help First Nations there are 30 groups who are completely supportive of it and it will send a positive signal it's still gonna take a while to get moving but overall this is a good announcement and let's just say maybe it was overdue but we're glad to see it moving ahead Graham what's the reception like in Alberta and and I'd pointed that there are a lot of people saying that about the economic argument there are a lot of people also criticizing I mean they would not agree with the assessment that it's gonna be good for the environment but Graham what do you think well you just saw premier Kenny so yes you know as two thumbs up they're happy with it but this isn't going to help the Liberals politically in Alberta it's way too late for that this is taking too long even though is a federal court of appeal that delayed this you know last August I think the any sort of challenge 16 challenges were defeated in court the pipe I'm just gonna go ahead then the Court of Appeal said no but the brakes on it now it's going to go I had so no big surprise today I think we were expecting this in Alberta but again you've got Kenny now of course the premier is saying yeah it's all great but first of all when will it start construction you know we've been led down this road for some time that we'll be getting out getting built getting built that hasn't been built yet still some skepticism being approved finally but when will construction start but even having said that Kenny course is basically on the campaign trail these days to defeat Trudeau and the federal Liberals in the October federal election speaking of sorry I hate to interrupt you I apologize speaking of people on the soon-to-be on the campaign trail federal Conservative Party late leader Andrew sure just came up to the mic he's responding to this decision here in Ottawa let's take a listen there is never really any doubt the real question today is and the real question Justin Trudeau was unable to answer is when will the trans mountain pipeline actually get built after approving the trans mountain pipeline expansion in 2016 the Trudeau liberals failed to demonstrate the leadership and political will to get this pipeline built by failing to exert federal jurisdiction Justin Trudeau has ensured that we are in the exact same place as we were in 2016 way back when he approved this project the first time they knew a new valid Lord we knew today's news should not be surprising after all this is the third time the Liberals approve this project everyone knows or has known for months that this was going to happen the real question today and the real question Justin Trudeau must answer this time is when will this be built Mountain expansion was supposed to be operating this year that turned out like so many liberal promises to be not as advertised and now we are going to miss another construction season now before Justin Trudeau became prime minister we had three private companies willing to invest more than 30 billion dollars to build three nation-building projects that would have created tens of thousands of jobs and generated billions in economic activity those companies Kinder Morgan Enbridge and TransCanada continue to invest in pipelines just not in Canada but Trudeau let the radical anti energy lobby get in the way of real action that will deliver economic benefit to the entire country and with the project in jeopardy and with nowhere left to turn the Liberal government purchased it with 4.5 billion dollars in taxpayer dollars 4.5 billion dollars of your money now this sent a devastating message to the world and the business community that the only way to get a big project built in Canada is to have the government nationalize it under the previous Conservative government Canada saw four major pipelines built without a single cent of taxpayers money including one to Tidewater unfortunately the Trudeau Liberals have done everything possible to get in the way of progress despite liberal after liberal approval not a single inch of new pipeline has been laid on this project and not a single ounce of dirt has been moved these delays have cost Canadians billions in economic activity today's cabinet decision gets us really no closer to having this vital job-creating project than we were when it was first approved two and a half years ago we all know what Justin Trudeau's real thoughts about Canada's oil and gas sector and Canada's oil and gas workers really are Justin Trudeau said he wants to quote phase out Canada's oil and gas sector and he smeared our workers in that industry for once for Trudeau this is all going according to plan new 7 to cyka is your stance a little puff we all know what Justin Trudeau really thinks of the oil and gas sector and it's workers in Canada they want to eliminate the oil and gas sector in Canada and they attack the reputation of construction workers in reality everything is going the way they want with a different choice a different choice that will get pipelines built and deliver a real economic benefit to our entire country Canada's Conservatives will cancel the Trudeau carbon tax will repeal that no more pipelines bill c69 and the oil export ban bill see 48 they call 702 Canada vault Canada's Conservatives will cancel the Trudeau carbon tax we will cancel the anti pipeline bill see 69 and see 48 against oil exploration timelines for approvals eliminate foreign interference in the approvals process and invoke federal jurisdiction when it is in the national interest conservatives have gotten pipelines built in the past and we will do it again thank you very much merci beaucoup colleagues I have my question let's open the pret Marcus Johnson Matthew go yay de radio-canada Matthew GUI red you can end up good afternoon mister Shearer what would you have done different given that the Federal Court of Appeal had sent the government back to the drawing board what could you have done more well the current government had different choices particularly it had the opportunity to propose an amendment to the law to ensure that the analysis by Transport Canada could be used by the National Energy Board it made another choice redid the process from scratch and that's what caused the great delays was also asked to send all legal questions to the Supreme Court to determine the finality on all questions between different areas of jurisdictions and aspects of the law and it decided not to do the two things we suggested mr. Trudeau clearly said that major energy project and the environment would be the ballot question in the next election what do you answer to that what are you going to do to suppose what you want on that front well if mr. Trudeau wants to battle the next election on what party can build pipelines and manage our environment I'm really eager for that choice because it's quite clear that it's the Conservative Party that has an excellent track record on both those fronts we have had a situation where there have been four major pipelines built under our government and at the same time we implemented real measures to reduce emissions and as I will announce tomorrow we will have a lot to say about that but Justin Trudeau's track record is that he cancelled two pipelines and now he's announced approval without really having any construction going on so sure you're being highly critical of the Prime Minister here today even though this decision he's going to take a beating with a lot of progressive voters who helped elect him in the last election primarily to boost an economy in a part of the country that he has no hopes of making any kind of real gains why do you continue to doubt his sincerity on getting this project done it seems like he can take yes for an answer mmm well I doubt his sincerity because he hasn't actually done anything and show me the pipeline where is it he announced last year that it would be operating this year and it's not I don't believe he actually wants a built he doesn't support our energy sector I take him at his word when he travels around the world and talks about phasing out Canada's energy sector today's announcement it doesn't get us any closer he redid an entire process I spent a year redoing things that he could have handled in a much different way and there was never any doubt that a sound summit isn't news we all knew he was going to approve it what Canadians were hoping for today was a clear timeline for construction to start and he failed to be able to tell Canadians on what date construction would actually start so today's announcement doesn't do anything for those Canadians who recognize the benefits of our energy sector not just to Western Canada but to people all throughout Canada who benefit from the richness and the prosperity that our natural resource sector brings to all Canadians once this is built if this is bill they'll funnel it into a clean energy transition is that a wise use of that money by the federal government well when we have a government track record that sends millions of dollars to multibillion-dollar corporations I look at that and I worry that that's just going to be bigger checks to companies like Loblaws we know that they have they love handing out big checks to their rich friends and picking winners and losers I don't think Canadians are gonna look at that and think that that's a wise use of their tax dollars million Makela press we have been watching federal Conservative Party leader Andrew Shearer respond to questions from reporters on the approval of the TMX pipeline expansion the power panel has also been standing by listening in Stockwell day Graham Thompson tim murphy and francois flavin Tim I'll start with you the the leader mr. shears argument essentially seems to be we don't have a date on construction and he doubts the sincerity of this decision by the federal government particularly of the prime minister he says he doesn't want to get the pipeline built and his comments on you know phasing out fossil fuels in the past should should you know we should take him at his word when he says that what do you think of what mr. shears criticism is well I can't figure out whether he's being deliberately obtuse or doesn't actually understand how the law works because you know is at the end of the day is main criticism is you don't coming to the table with a construction date well one of the most important factors in this approval process and the criticism of the last one was effectively that in order for a consultation process to be real you had to engage in that without prejudging the outcome so guess what happens if you come to the table today and announce a construction timeline and a result and approvals all done in the package all tied up in neat bow guess what the suspicion is that you didn't actually consult with communities or engage in the process in good faith and we are back in two courts again so the notion that we don't have a construction date today is an absurd and ridiculous criticism that actually is built on misunderstanding the law and what the court said about the process the government has been very careful to do this properly to engage in a full consultation why so that this actually survives up the approval process and so they can get to construction and look I I actually practice in the air of building big infrastructure projects and the fact that you get an approval from an environmental assessment process does not mean you can put a shovel in the ground next day you've got to go get a set of other permits even us when we do a home we got to go get a building permit before we can put a shovel in the ground and there are a bunch of steps that need to be taken and those are normal course the company will run that process so I I think it's kind of an embarrassment actually the nature of his criticism because he didn't really have much else to say I think the government is clearly putting at risk some of the support of God in the hasslein I thought that one of that reporters question I mean look there's unquestionably a set of people who are very critical of the government today despite the fact that it said we're gonna try balance both economic growth and the environment and I think the government is sincerely trying to do that Roz was what do you think I mean I take Tim's point definitely around the you know the construction season and all the criticism that you know happened in the past the Prime Minister did say that construction that there would be shovels this season this construction season but but just sort of the salience e of the or the you know will that argument resonate there are I think a lot of people perhaps who are depending on that pipeline are looking towards that pipeline who saw it get approved once and didn't see construction you know basically construction had to stop what is fascinating with this announcement in parantesis my ex cynical MP side is kind of going with a big off today because I was still to the last minute thinking that the Liberals might come up with some type of rabbit in the Hat and find other ways to delay and no they went ahead on because they had bought the the pipelines that would have sounded a bit ridiculous and would have looked so much political so now they have that pipeline they give it the the go-ahead there's already been a lot of consultation otherwise they would have not been able to give their their go-ahead light there what is amazing Vashi is that from everything I've read in the last half-hour they seem to have unified pretty much everybody against their their go-ahead thing I already see the blocks position in Quebec trying to paint themselves like the only real people who will defend Environment and this is a hypocrite Prime Minister and so on and so forth the only thing I thought that lacked from from the press conference from the prime minister was the details on a very important factor which is an interesting concept in my point of view of letting the resource flow like Alberta wants and and help jobs in that aspect and at the same time with the revenue that the federal government is going to make be able to address the issues of phasing out a resource that except for certain people inside ourselves there's not many things we're not all specialists in environment but we do know that we have to change this but it won't happen tomorrow so that was an interesting concept that might shut down all the progressive or environmentalist very to the to the left if they come up with a with a specific plan but there were no years no dates no exactly what do they they mean by that but a lot a lot of details to come stock well I think what Francis is referring to is the announcement today which was kind of the new part of this approval we had been expecting the approval considering they originally bought the pipeline but they said that all of the revenue generated by the pipeline and I think Bill Morneau at one point said it could be once it's up and running up to five hundred million dollars a year and any profit potentially generated by the sale of the pipeline would then be reinvested in you know some kind of green technology fund or fun that gets you away from conventional energy like France was said there weren't a lot of details provided today do you think that works to allay some of the concerns that people opposed to the pipeline have or will it kind of fall on deaf ears I actually think it will help and I'm not saying it's good or bad policy as premier Kenney said that's for the federal government to decide so I think will help but where the federal Liberals are being especially insightful here in fact they know I mean it says oh all these parties are lined up against them now and it's gonna hurt them actually it's not because all polling shows that when you ask Canadians about pipeline and about natural resources and you talk about a project and you say if it passes the various requirements and if there is agreement and if it's not going to be overall harmful to the environment do you agree and most Canadians say let's go ahead with it if it meets those tests so in fact what the Prime Minister has seized on is exactly as we've said here for a number of months right on this show it does pass the test it is going to help other countries reduce their emissions is gonna vastly help the First Nations group who are dependent and who love the environment as much as anybody I think you're also going to see a shift in Quebec because we always hear that Quebecers don't like they're opposed to energy East in fact the polling shows clearly that especially outside of Montreal there is an opposition to these pipelines matter of fact there are MPs from Quebec and MPs from Alberta who are sort of collaborating together on getting the message across I think this is going to be helpful in terms of the overall nurse standing and the point that premier Kenney made today is very important that over the last 10 years just the ability to reduce emissions to produce a barrel of oil that's decreased by 20% be another 20% decrease in oil and gas production in the next ten years so this alarmist message that some in the prime minister's cabinet minister McKenna being one that we've only got 10 years to live it's not working in fact people are not buying it and it's making them more open to the other side of the argument look to pick up on one thing you said Graham that Stockwell said this idea that the Liberals are seizing on you know the idea that there are a lot of people on this country who care about the environment but also see the merits of this particular pipeline you could really hear that in this almost cementing of their messaging today they keep talking and in the past few months they've really sort of said the NDP only cares about the environment the Conservatives only care about the economy we're the only party to tackle that middle ground yeah this is what they're trying to do of course is find a balance between the economy and the environment if you go back the majority of Canadians it seems are in favor of the pipeline because it didn't know they understand it's gonna help the economy of Alberta and the entire country and something else the Liberals have done in terms of approving the pipeline today you go back two and a half years ago when they first gave conditional approval that was Trudeau was praising Alberta under the NDP government and Rachel Notley for bringing in the climate leadership plan which included a cap on emissions from the oil sands and a carbon tax we have fast-forward this year of course Kenney won the election he has scrapped the Alberta carbon tax it's all of a sudden you're wondering well how could the Liberals then approve the pipeline of course they announced last week that they'll be imposing a carbon an Alberta next year so that's one condition met as for the cap on emissions Kenny who was not a fan of the cap on emissions is now saying the caps a moot point there's a hundred million tons as the cap right now but about 70 million tons a year emissions from the oil sands so got a long way to go so he's not fighting for that cap to be removed so those two conditions have been met in the Liberals eyes so that's why they can actually go ahead and approve this and also say we're trying to protect the environment as well so this is sort of balancing act I think that there's a pretty good job because most I guess Canadians want the pipeline to go ahead 60% apparently in British Columbia approve of the trans mountain pipeline going ahead but it's also this idea of protecting the environment so the Liberals are saying look we can do both and they've got conservatives too far on one side on the economy the NDP is all about the environment and they're trying to find a sweet spot in the middle and I think today actually helped them do that and it's not going to help them in Alberta but it's going to help them in the rest of the country I think all right I have to sorry to interrupt him first I'm just gonna head over to the National Press theater because NDP leader jug meet Singh is reacting to that decision let's take a listen in for a fuel for the marine diversity for the biodiversity and for the thousands of jobs that depend on the coastlines this is deeply concerning particularly given that those environmental concerns aren't addressed still they remain to be addressed and finally because the indigenous concerns that were raised are still present the fact that the decision was made before the consultations occurred that is not meaningful in terms of consultations when the decision has been predetermined before meeting with the people impacted those concerns continue we have opposed this project believe it is harmful to the coastline harmful to people harmful to workers and is not good for the province of BC or for Canada Danka Dasia Monson a note opposition disobey it impose iki but we express their opposition to this project which is going to be very bad for workers because a bitumen spill is something that we cannot resolve we have no evidence proving that we will know what to do with that it threatens biodiversity it is something that is very dangerous and it will threaten our stance with regard to greenhouse gas emissions reduction so we continue to oppose this project and we will work hard with a strong voice in opposition to this additional voices for my caucus axel Alexander booed Elise and Peter Julian will add additional comments on behalf of our caucus on their perspective the environment and the fiscal viability of this project see that was federal NDP leader jug meat Singh addressing the government's decision to approve the TMX pipeline we're standing by with the power panel I've got Tim Murphy Francoise Fleming Graham Thompson and Stockwell date Tim why don't I pick up with you again so not a surprise from the NDP they have long been in opposition to this pipeline very specifically so perhaps a bit of a bit of a potential issue for them going forward is the LNG project in BC a lot of people saying well you're very clear on TMX but not as much so on LNG yeah so I you know I think I think we will find well to be fair I think you know there is always that tension between the environment and economy and our country and in part because we have real regional differences about where both those economic resources are and the environmental challenges are and I think the NDP are gonna see that same problem I think we're gonna see the end NDP migrate even further left over the course of the next month's especially you know given we're seeing polling them as the NDP trailing the Green Party's in some numbers and so I suspect we'll see mr. Singh move even more aggressively to the left whether that means they move against some other projects as well we'll have to see I think I was going to say just before the break one thing that really surprised me in the andrew shears positioning on this was he adopted that you know radical environmentalist language in terms of people who were opposing this Pope the pipeline the TMX pipeline and adopted that sort of really kind of some of the harder edged rhetoric out of the oil patch especially among some of the smaller producers which I found I just find that surprising because I think what's an example of that do you mean well he called he talked about how there was you know this opposition of the pipeline in that peered you know up here Trudeau Justin Trudeau was you know kind of aligning himself with the radical environmentalists and and you know that language around foreign influence and all of those examples and I just thought you know there was an opportunity for Andrew Shearer to be prime ministerial in this context and I think he's adopted a rhetoric and a positioning that actually puts him out on on the right flank of his own party and actually you know in comparison to actually the way I thought premier Kenny positioned Alberta there was a strong leader and a weak leader comparison where Andrew Shearer did not look positive in the comparison it's interesting yet Francis was I mean that that would be based I guess on the prep your observations on the press conferences in the past premier Kenny has used a lot of that rhetoric so he's starting the war room for example talks about foreign influence all the time yeah and the problem for all the Canadians listening right now is that I'm sure they're all mixed up and it's all a question of credibility and every poor political parties are going to have a challenge on the issue of environment even if climate change environment becomes the ballot question the more I hear one and the other because sometimes one day I listen to one of the leader and I'm thinking oh that's Elizabeth May plus or then I'm like Oh though the Prime Minister sounds like past Mr Shearer it's it's so confusing for most people because and it's I go back to the CB see survey you had a great survey I was reading this today and i hearing a Tigran II talk about it on the issue of environment and climate change and we're and we're Canadians stan from coast to coast to coast and it's like we're all for virtue but at the same time it's in the details so it might well be the ballot question but from what we're hearing from every political party there's not much to really digest that the topic and know exactly what they would be doing on the 22nd of October so on the day after a emergency climate change motion you get the the Trudeau government who arrives and and and green like the the TMX you've got Andrew Shearer tomorrow gonna give us its policy on environment I mean if that's not enough to make all your mind spin and see within all these these big phrase and sentence that will be grabbed by by different media's and and played with ad nauseam during the campaign it's I'm not sure that will be more advanced so it's very hard to understand everything yeah a couple interesting things Stockwell that Francois has touched on the first is that of course last night there was a declaration of a climate emergency a motion passed MPs other than the Conservatives supported it then the day after a lot of people noting that after you know championing that motion the day after the Liberals approved this also that survey that Eric has been reporting on air crania has been reporting on that basically show there's an overwhelming desire in Canada to do something about climate change but that only half half of Canadians polled said that they would actually be willing to pay $100 to do so so like if you ask them to pay a net the amount they pay for Netflix each month they're kind of has hesitant to do so which one der what kind of implications when you take all that together that has for a party like the Conservatives who are which is trying to figure out what their climate policy is gonna be and finally going to announce it tomorrow well I agree with France was that credibility is going to be the issue here and that was I don't wanna say laughable I don't wanna laugh at my colleagues in the House comments about one day it's it's an emergency and we're old if we don't do something right now in the next day yeah its the pipeline which we've all said is I think a good announcement and it's environmentally sensitive credibility is going to be an issue I do think the Prime Minister running to credibility on the carbon tax because it was put in at $20 per tonne and by 22 2022 it's gonna be 50 but the environmental officer out of the House of Commons that just come out and said oh man it's got to be like over a hundred yeah liberals yeah the if the Liberals want to make their goal and there is no Canadian who's gonna pay that kind of amount but added to this it's not just that Canadians are only watching their wallets they're just not buying into this whole aspect that we're all gonna be dead in a few years and the Liberals have not been able to demonstrate how in fact carbon tax is going to help reduce emissions the other thing just closing with this thought that is going to be credibility for the Prime Minister he completely like I thought it was a great announcement he could have got partisan support then he completely launched into an attack on the harper years saying no pipelines were built i was there when the decision when line 67 was put in that's 1200 kilometres of pipeline that was built exporting 800,000 barrels a day I was there when the Southern Lights pipeline was built 2010 that's in fact 2500 kilometers of pipeline going to Illinois I was there when the anchor loop was approved that's 160 kilometers right through Jasper Park highly sensitive with no problems and of course the big one with TransCanada's Keystone project 4,000 kilometres yeah going to Alaska we hear this debate between the two parties all the time I mean they're the harper government got nothing approved to Tidewater and then the people from that government say hey there were four pipelines and I think the one you're referencing specifically is the anchor loop though it wasn't the the the the implication of it was not a major difference in the amount able to export was in the same thing – yeah it ties it does tie in to transpile but but it shows that the credible is gonna be the issue he's gonna have to drop that line about no pipelines being built because they were in fact and I think moving towards this as we're seeing more and more in politics generally those who can come out with leaders come up with the facts and stay positive yes of course criticize your adversary where they're absolutely wrong that's where it's going to sway in terms of opinion grand final word to you yeah it's interesting watching shears rhetoric sounds a lot like Jason Kenney and I think that the federal servers are actually watching what actually happened in Alberta of course with Kenny his language you know the radical environmentalists you know the carbon tax was forcing people to not to heat their homes even though of course people who were in lower income got a rebate in Alberta and people were getting rebates of course federally but still it's like 2015 you had the NDP won the election Alberta the Liberals took a lot of lessons from that in terms of their sunny ways in their campaign this time around the Conservatives win in Alberta federally they're taking the same kind of thing notes from Kenny this time and turns up how to demonize your opponents how to attack environmentalist people who are opposed to the pipeline are against Canada and how to simplify things to a point to me as being very cynical politics it was very effective for Kenny the difference is though the Alberta Academy was languishing with a major recession and federally the economy is doing quite well so that's one of the things that the the Trudeau government has going for it and I think that today's announcement even though it may get some pushback from environmentalists I think overall it's probably more positive again outside of Alberta more positive to the Prime Minister than negative all right I'll leave it there thank you everyone on the power panel tonight thanks so much to Francois hua Jim Murphy Graham Thompson and Stockwell day we listen very carefully to the concerns from the communities we offer extensive meaningful accommodations and the the way we responded to any b16 recommendations will help us deal with many of the issues that communities have identified and and we are satisfied that we have discharged ever duty to consult with the indigenous communities welcome back to power and politics were coming to you from Parliament Hill today it's a green light for the trans mountain pipeline expansion again earlier Prime Minister Justin Trudeau and his cabinet announced that they are approving the project for a second time a federal court had originally thrown out the first approval arguing in part that the government did not meaningfully consult indigenous groups this time the Prime Minister says they listened and they will act on what they heard from those groups promising far more indigenous engagement in the project Charlene alik of Slayer to sizzle a Azov for the sacred trust initiative she joins us now via FaceTime from Vancouver hi there thank you so much for making time for us thanks for having so you heard the minister there energy so he say that they feel they have discharged their duty to consult that essentially they have complied with what the court said they have had meaningfully consol meaningful uh pardon me consultation what do you think yeah through the federal court a decision that came down they had said that I must do compensation differently and we slowly found that there was there was no time given adequately to have a fulsome conversation about our concerns and our rest that we know about this project what are some of your concerns I'll get to the question around time in a moment but could you sort of outline for us what the concerns are about this pipeline expansion well mainly is the through the consultation we want it to really have our voice heard about the the risks that this air inlet not just the pipe and then the holding tanks on land is their thing American shipping hey it's not in a card it's in our thing because we got most of our diet my diet from the inlet and indigenous women and community we've tried Hawk who are at the lab and take care of the waters I'm bad cleaning up it possible we know we can't get it back to its face but we try up quite hard and it's it is taking a notice the whales are back if unfortunately our connection is not really good so we're missing out on some of what you're saying I just want to ask you a final question though when you say that you didn't feel that you got adequate time that the consultation was not adequate what kind of time did the government give you how much time did they spend listening to your concerns and and why do you feel it's not enough through the first round consultation you know when you make a big decision about something like that you know we saw the the risks you know with our own bare eyes across the inlet and we see them there ship shipping tanks come in but in order to make a big decision like that we got the professionals on the scientists the biologists to prove what we know in our heart risk for our people and and the inland water and such a short period of time did not answer concern and what can you do I guess to continue the opposition what mechanisms do you have available are you prepared to go to court that kind of thing I just stepped off the stage our nation is standing with other friends and allies and relatives there's press conference here in Vancouver along with the mayor of Vancouver our chief had just spoke just before I stepped off and said that we will be looking at appealing this in the federal court of appeal okay thank you so much for joining us today and for sharing a time I really appreciate it thanks to Charlene Alec of sliwa tooth and we're gonna head over now I believe Elizabeth May leader of the federal Green Party is giving her reaction to this decision from the federal government to re-approve the TMX pipeline expansion let's take a listen in to what she has to say from climate change effects that we're in a climate emergency we talked about what it means to hold to no more than 1.5 degrees Celsius the urgency of that we talked about the fact that the current target in which the government of canada is operating is completely inconsistent with holding to no more than 1.5 celsius global average temperature increase it needs to be said that for what Prime Minister Trudeau put forward today to work he's betting against Paris working there's no way to build an additional pipeline more fossil fuel infrastructure for exporting raw bitumen out of this country there's no way that works without expanding the oil sense he admitted as much in his response to you when he said well within our Paris goals we have a cap on the Alberta oil cents it can't be said often enough or loudly enough that when Justin Trudeau or Catherine McKenna talk about their Paris targets they are not talking about what we agreed to do in Paris the Paris agreement the treaty is clearly about holding global average temperature increase to no more than 1.5 degrees Celsius and as far below 2 degrees as possible the information around which we first debated that we were in it we had an emergency motion October 15th in Parliament in response to the Intergovernmental Panel on Climate Change report what that report told us that we didn't know in Paris was that 2 degrees is far too dangerous that 2 degrees we risk going into passed tipping points that lead us into self accelerating unstoppable runaway global warming that undermines the very foundations of human civilization and leads to the extinction of millions of species the IPCC report was hopeful in that it told us it's not too late you can hold global emissions to no more than 1.5 degrees Celsius but not on our current trajectory it calls on us to go off fossil fuels 100 percent by 2050 and used dramatically less by 2030 Justin Trudeau's much vaunted cap on oil sands emissions which was agreed to with Rachel Notley so who knows if it has any status with Jason Kenny involves an increase in emissions in the oil sands far from cutting emissions that goes from 70 megatons a year with a cap at a hundred megatons a year I think what made me so angry was the cynicism of the bait-and-switch that every dollar that we make on this pipeline will go to green energy projects where the dollars coming from to build the pipeline that we object to so strenuously in British Columbia they come from our own public resources this is public money ten to thirteen billion dollars additional on top of the 4.5 billion they already squandered buying a 65 year old pipeline they will build a pipeline to blow through our Paris targets use our own money to do it and then try to trick us by saying every dollar made on this project as if there's ever going to be a profit that's another question it's going to go to clean energy projects say Claire come at no news some d'argent climate situation and that is Green Party leader Elizabeth May responding to the federal government's decision to re-approach emx pipeline expansion she's speaking to reporters over at the National Press Theatre here in Ottawa that main gist of her argument is that approving the pipeline flies in the face of the rhetoric from the federal government on fighting climate change and that essentially approving the pipeline will blow through the targets those are the target set of course to reduce carbon emissions by the year 2030 by a certain percentage 30% below 2005 levels she is not happy with this decision and she made that very clear although I regret the federal government's decision it is within their authority to make that decision it's now up to George and I at the governor of British Columbia to make sure as this project proceeds we have no impacts on our marine life we have no impact on our natural environment and we do not put at risk one of the hottest economies in the country an economy that's working for all British Columbians not just a select few that was BC premier John Horgan reacting to the decision today from the federal government to re-approach and mountain pipeline expansion a federal court rejected the federal government's first approval saying that the review of the project was partly flawed there's a lot riding on the decision politically and economically just as we near a fall federal election here's some a sampling of the reaction from today's announcement fundamentally this isn't a choice between producing more conventional energy or less it's a choice about where we can sell it and how we get it there safely I doubt his sincerity because he hasn't actually done anything show me the pipeline where is it he announced last year that it would be operating this year we have opposed this project believe it is harmful to the coastline harmful to people harmful to workers and is not good for the province of BC or for Canada they will build a pipeline to blow through our Paris targets use our own money to do it and then try to trick us by saying every dollar made on this project as if there's ever going to be a profit that's another question it's going to go to clean energy projects but this second approval of the trans mountain pipeline isn't a victory to celebrate it's just another step in a process that has frankly taken too long so we're happy with today's decision but now let's get it built hi I'm Vashti Capello host of power and politics see more of our show by subscribing to the CBC news channel or click the link for another video thanks for watching


well good evening to sound like Steve wishing you well and I hope you'll have as pleasant a weekend as I did and we finally got a little bit of sunshine so I was out in the garden but what I want to talk about seedling is a little clip that was sent to me by a friend and this is a big shout out to a supporter of mine Jack in BC there thank you very much for sending me this information and it's just a short piece and it is jean-claude juncker and some committee meeting in brussels talking about how they were expecting officials to be bribed and remain as sorry black cities to be bribed to change their vote or to force another referendum and so it's very interesting it's very short and you know I'll play that for you in a second but what I wanted to address really is that what this is about is that five letter word that all-important five letter word that we cannot live without no business is able to transact without this five letter word and that five letter word is trust everything in our life depends on being able to trust that somebody or something or some organization is going to do what they say they're going to do and you all know I'm sure because we've all been in several relationships during the course of our lives whether it be business relationships or whether it be personal relationships how long it can take to build up a trusting relationship and how quickly it can be ended you know 25 years in go up in smoke in about five seconds flat and yes we all know how easily trust can be broken it doesn't take a moment lie stealing something from somebody failing to perform on a contract you name it Trust is invaluable and what's it's broken that you may never be able to fully regain the other person's and you know you see this in situations when you know partner is unfaithful in a marriage how difficult it is for the other partner to fully believe that this is not going to happen again because it happened the first time and if it happens once and of course that is a an actual part of the law that if you lie once you assumed to be lying all the time because to break that rule once is crossing line that cannot be undone and so this is why it is invaluable and this actually just on a bit of a site by here it's why I'm just stunned at the way people behave on the Internet the kind of scams that are going on when we all know I don't think there is a person on this planet doesn't understand and realize the importance of trust in any relationship so anyway let's go over this clip and i will do the dialogue in type so you can actually make out what he's saying it's not a great video and I think somebody snuck a phone into this kind of meeting then you can tell by the angle that it's taken out but anyway let's take a look and come back and do a quick wrap-up okey-dokey here we go [Applause] so when it comes down to trust is this a man that you would trust ask yourself if there was a contract to be signed would you expect this man to uphold his end of the bargain when you know we can see quite easily that the plan was to do an end run around the brexit vote and to get a second vote or the deal that they set forward for treasom a which was the worst deal that you can possibly imagine and in fact it was so bad that it was referred to as the kind of deal that you wouldn't make if you had lost a war a complete capitulation Britain would have become a vassal state of Europe and that would have been at that so you know would you hire this guy as a contractor to do a job on your house no I don't think so based on what I saw in that clip you can clearly see that this person would basically backdoor you as soon as look at you okay well if you've enjoyed this video please like comment and subscribe below I'd love to hear your opinion on this and whether you would hire this guy let me know whether you would hire this guy to do a job or represent you in a case of law or something like that and in the meantime this is hound-dog Steve's signing off wishing you a very pleasant evening and we shall talk very very shortly see you now take care bye

Corporate Governance, Prof. Miroslav Volf

so let me make just a few introductory remarks and then I'll over things to to dug into to gym yesterday I'm sorry last Thursday discussion I think few things we need to maybe highlight and one that bears repeating in this in this class and that is class on faith and faiths and globalization is that fates do not have monopoly on values less some of you who aren't of any particular faith thing that that's being communicated in this class but religions are as I've said many times here about self social relations and the good and just because they are about those things they are also about values and I think it's important to keep in mind that religions aren't primarily telling people what to believe they aren't primarily also telling people what to do they're primarily kind of sketching the kind of world people inhabit and therefore giving accounts of what it means to lead one's life well and I think so also do a various humanist perspective so also I think but the kind of set of values is embedded in kind of business practices and also in the science dominant modes of science that explains business practices in our economic life i was talking to doug over over lunch yesterday about some of these some of these things sure values are embedded in that that was that that's exactly right even when they're not explicitly stated selves as discrete individuals who are maximizing their own utility one social relations as kind of modes of contractual relationships we are traders in wide variety of relationship that we have as this thing from say in traditional societies where people saw themselves as fundamentally givers or remember the stacks that we read from gita right which is a text about you know fundamental relationship that you have to all all people and your whole whole reality is that of receiver of a gift and giver of gifts and i suppose there is also embodiment of the idea of the goods mark markets which maximize utility judged by revealed preference and that account of self that account of the social relations and the good also has its own explicit and values that can be coded and are embedded because they're embedded in it and sometimes then religious values and values that are embedded in markets themselves and business practices they collide and in that sense I think we need to reflect also about the relationship between faith and globalization as it relates to market as I have suggested in our discussion last time I want to differentiate between the two ways in which values bear upon economic activity one is I said function internal functioning of the markets and the two is kinds of values that are brought to bear on the purposes in the ends of economic activity and I think that applies also of not just a market as a whole but certainly applies also to individual enterprises and to corporations I will make two more set of comments and then I'll pass a pass it on to dog and one is about values worldly goods and faith traditions just to frame a bit more continued framing a bit more what we're doing and then the other one about what can be described as kind of spirituality of work especially the text that we read on on kind of Gita reflection of what it means to to work well because that type of reflection is present in most faith traditions we haven't done much with it but it's a very very important aspect of faith traditions and I'll say just a few words about that so values worldly goods and faith traditions and I take it that from perspective of internal to the functioning of the market or individual corporation or even globalization processes as a whole fades up here either as kind of dysfunctional right if they interfere with the processes is there our supposed to to run or they may be functional in a sense in that they are helping along they may be either either the sand or they may be oil in the in the in the larger machineries so the important for from that perspective is fades functional utility and and goal might be then of course to reduce this function and to improve on function right fades utility might be consistent that but from the perspective of fades that can be how things look like him because the perfect of fate see themselves as overarching perspectives and therefore there's a strong resistance about thinking of faith simply mayor is simply in terms of their utility for whatever purpose it is that we that we have in mind so I think fades more ask the question how do we make sense of what we're doing how do we evaluate what we are doing which is kind of a moral assessment how do we strengthen the mend and transform which is a kind of practical engagement issue and so so that so that sort of fades themselves see them see themselves as both providing the framework of meaning and also steering the processes and that gives fades a certain kind of preachy characteristic as I was discussing the other day with with Joel about about this that they can appear as a kind of moralizing and this is annoying especially if people if they don't understand processes at hand but then wag their fingers at you all the time right then then then things become become rather rather rather difficult in resistances are are great and maybe that's why it's important to keep in mind that fates aren't primarily about commands fates are primarily about situating the self in the broader account of reality and in many ways I think many many fates would think certainly Christian faithful thing that it's primarily not about following rules but it's about perceiving life as a gift and one's own sense of giftedness and responsibilities out of giftedness rather than kind of structuring simply life as such in any case I think this moralizing attitude isn't so terribly helpful you know I'm I have been schooled some of you mentioned I think to say that I've done my doctoral work on Karl Marx and and those of you who have read Karl Marx you know the big debates between between kind of utopian socialists and consented scientific Marxist then one of the big debates was right that utopian socialist their finger wagging folks right and marks I think rightly pointed out that you can just wag fingers around against reality it's you've got to kind of respect the inner dynamics and development of realities and I think that's what I suppose people of faith often need to be reminded off now let me switch to the idea of spirituality of work and as I mentioned earlier there's a kind of long tradition in in various faiths to think about work particularly significance of work in human life its relative importance and work not understood simply as means to an end although that too it is but as a form of being human you need in some tradition like in Christian Jewish traditions as a end I think to some degree also in Muslim as being form of likeness to divine creativity proper goals of work what it is it is appropriate to achieve with work and then the character of work as an action often reflection of work as a form of worship work and service unto the divine right you see how work is then taken out of simple reference to oneself and placed into the wall indeed cosmic framework I mean tilling of the ground by a single lonely individual placed in the cosmic framework you may say well that's from certain perspective secular projected economy lunacy right from other perspective you can see how large of a sense of the self had that of its own situatedness and implications of what is being done in this single repetitive kind of activity I think which is a venom is extraordinary in the text that we read from reflections on work from the Gita kind of sense of detached involvement is has been has been emphasized and it's interesting to compare what's happening there with what in that text with what you find in some of the upper hammock traditions non detachments to the fruits of action realization of one's higher self in the process of work the whole reflection of what it means to actualize oneself which self is this that is being actualized in work and in particular also this idea of work as giving as exercise in generosity at the table today we were with ability of a TAS we've been discussing and then John John has mentioned that in many ways you've got very opposite idea in some of the religious tradition traditions from what you have in Adam Smith right you pursue work for others it's only so that the benefit of others is being achieved but in gita it's very interesting right you have ever this one text where it says well when you give you actually give not so sort of say to achieve the good but the good gets to be achieved so to say behind your back as you're engaged in gift-giving because your life is inserted again in this cosmic framework where things are returned into you from other source which you give in generosity towards toward others even similar notions I think in the Christian Christian tradition as well though there I take it that primary purpose of work is something like a better mental world in service to God and if you take a look at the first book of Genesis first book of the Bible in Genesis you will see something of that of that sort human work is there not simply to satisfy one's own needs but to satisfy the needs of the community and indeed in this very interesting sense human work is there in a sense to make the world itself a human world which is which is you have interesting piece but the story of the creation which goes and God created human beings and so forth but there weren't yet the what vegetation wasn't yet there because there was not rained had not yet fallen and there was not a man there to till the ground so in a sense in a very if you want to say a naive form you have explication of the need for there to be a natural process as combined with cultural processes in order to create a human world and i think that's idea of human work as directed toward the creation of a habit world as a habitat for humanity again you see how widely stretch the idea it is right it's almost like a philosophy of history is embedded it rather than simply consumption of work I work in order to get a paycheck at the end of the end of the week or whenever that comes and that too is then inserting the idea of work is calling and participation in divine work right that brings the question of values but values not simply as again commands but values as goals values as large-scale perspectives into which our lives including our economic activity are always already seen as being inserted I have less than one minute and I'm done

CSIS: China Controls Canadian Politicians

well the interview itself is unprecedented but what he said is even more astounding the head of Canada's Security and Intelligence Service has divulged some shocking information to CBC News revealing details about foreign government espionage right here on Canadian soil involving Canadian politicians Richard Fadden made it clear CSIS is now keeping an eye on those politicians it all came out during the extraordinary access CSIS gave to our former senior correspondent Brian Stewart Canada's Security Intelligence Service rarely talks publicly when it does people listen in an exclusive interview with CBC the CSIS director Richard Patton exposed foreign penetration right into Canadian politics we're in fact a bit worried in a couple of provinces that we have an indication that there's some political political figures who have developed quite an attachment to foreign countries Vaughn's most starkly revelation cabinet ministers and two unnamed provinces are under control of foreign governments what are in espionage circles called agents of influence or secret supporters so for that matter are several members of BC municipal governments a number of countries take the view that if they can develop influence with people relatively early in their careers they'll follow them through before you know it a country is providing them with money there's some sort of covert guidance at least five countries are surreptitiously recruiting future political prospects in universities China the most aggressively but middle-east countries as well it's not clear how much the government has been told but leading intelligence experts today were startled by fives timing on the eve of the g20 summit it is possible CSIS feels compelled by a sense of profound Nash danger but very important principles of the rule of law and governance may have been compromised so in that sense I think CSIS may feel that it wants to let the public know and indeed let those individuals and governments know that they're being scrutinized it remains to be seen what government will do now to blunt a growing foreign influence it is yet to even acknowledge this is pretty stunning stuff absolutely the intelligence experts I talked today this is it never heard anything quite like this come out and they're there they're absolutely baffled to a certain extent but think it must be because again CSIS is profoundly worried at the amount of infiltration there is in this country all right Brian will be back with his second night on CSIS a little later in the program and then I'll ask Richard Fadden for more details about his candid remarks concerning foreign espionage in Canada I think most Canadians would be stunned to hear that what exactly are you suggesting there I'm suggesting that at least one possibly a couple of countries take a very very long range view of their efforts to influence Canada you know the days when you had somebody hiding you know in the shadow lorry behind a palm tree trying to steal a secret I think are by and large long gone you either do it through cyber or you do it this way which is you find somebody usually in your diaspora you know somebody who has a connection back to the homeland and you start developing a relationship in some cases this is this is done in universities through social clubs and whatnot that are financed by embassies and through time you you invite somebody back to the home line you pay their trips and all of a sudden you discover that when an event is occurring that is a particular interest to country X you call up and you ask the person to take a particular view well you know I I understand the problem but the director of CSIS suggesting that there are politicians in this country and now public servants as well you're suggesting without naming them we'll raise a few eyebrows in fact you know if I was a provincial cabinet minister I'd say hey who are you talking about because you're swiping us all with me I think that's fair and we just don't keep the information to ourselves in the case of the couple of cabinet ministers were in the process of discussing with the centre how we're going to inform those provinces the centre being sorry the Privy Council office the Prime Minister's Department try and get a sense of how we would best let them know that there may be a problem we'll do the same with the public servants we I'm making this comment because I think it's a it's a real danger that people are totally totally oblivious to this kind of issue when you say they'll let's take the case of a provincial cabinet minister that you felt that that person has become too close one assumes that you've must have been monitoring this person fairly closely well I think that's a fair fair statement I mean under the law we can monitor anyone in the case of these individuals it's developed over the years they haven't really hidden their association but what surprised us is that it's been so extensive over the years and we're now seeing in a couple of cases indications that they are in fact shifting their public policies as a reflection of that involvement with that particular country now you you never named any countries here but you seem to be it sounds like China well I'm not going to name any tiny countries but as I think I told Brian Stewart there were a few stories in the media a couple of months ago and I wouldn't say that those stories were entirely incorrect and the country that you've mentioned I believe was mentioned in those stories well our full interview with CSIS director Richard Fadden is now on our website just go to slash the national you'll also find Brian Stewart's exclusive look inside CSIS and check out our blog called working in shadows to get a sense of the restrictions the spy agency placed on our team while shooting this story

Donald Trump just broke the stock market | POLITICS NEWS

investors have opened up a can of blue pass on Donald Trump after he opened up a can of dumbass on them Trump decided to date to further escalate his idiotic trade war which has harmed the US economy at least as much as it's harmed the Chinese economy as a result the smart money is fleeing the stock market with the expectation that Trump's gibberish policies are sending the market toward a crash the Dow Jones Industrial is currently down around 550 points at the time of publication and was down more than 700 points earlier this afternoon Wall Street is sending a loud and clear message to Donald Trump knock off the trade war nonsense but Trump doesn't seem to be getting the message he spent all morning posting tweets which incorrectly characterized what a tariff is and who pays it then this afternoon after investors kicked him around Trump told the television cameras that this is all somehow part of his genius plan to defeat the Chinese economically Trump needs to be careful here because he's doing the one thing that actually could cause the Republican establishment to finally turn against him for Republican politicians the first rule is that you don't mess with rich people's money billionaires and mega corporations fund Republican politicians for the sole purpose of protecting their ability to keep getting richer with his nonsensical tariffs and idiotic trade war Trump is setting wealthy donors money on fire will soon see those donors use their Republican puppets in Congress to loudly push back against Trump's tariffs and what will trump do

Jeff Bezos: Leadership, Principles and The Future (2018)

well ladies and gentlemen welcome to historic Moody Coliseum in to the forum on leadership closing conversation with Jeff Bezos I hope you're glad to be here my name is Brad cheves and I serve as vice president for development External Affairs here at the University and SMU is honored to co-hosts this afternoon's closing conversation with the Bush presidential center and I'm so glad so many of you are able to join us this evening this has been a great week for SMU and the bush Center and we know tonight will be a fantastic conversation thank you for being here and now please join me in welcoming to the podium the tenth president of SMU dr. R Gerald Turner Thank You Brad and I'm too delighted to have all of you here this is the kind of event that we envisioned when we were talking to the bushes about having the library here that for big events moody Coliseum would be the perfect place I'd take an advantage of this opportunity also for us to take a moment to acknowledge the loss all of us feel in our country feels for the passing of miss Barbara Bush and the words of her son George W Bush Barbara Bush was a fabulous first lady a woman like unlike any other who brought love and literacy to millions that's why we have our white ribbons on as Laura said signifying her hair and those three strands of pearls so would you join me for a moment of silence in honor of a memory of Barbara Bush thank you tonight not only marks the conclusion of the bush Center's inaugural forum on leadership but it also occurs on the fifth anniversary of the dedication of the George W Bush presidential center which includes the library the museum and the George W Bush Institute our pride in being home to the George W Bush presidential center as we would say at SMU its unbridled it's been ten years since SMU was announced as the home of the George W Bush presidential center in that time SMU is partnered with the President and First Lady on initiatives that have truly enriched the lives of countless students faculty and staff several programs have benefited from the experts and unique resources available at the bush center over a hundred students have interned there dozens of faculty members have participated in programs and studies and of course our students and our faculty members and their families regularly visit the museum to learn from the holdings and the special exhibitions following the dedication of the center in April 2013 over 1 million people have visited the library and museum many walking the SMU campus for the very first time the president didn't graduate from SMU but he did the next best thing he married in and we were always proud of the fact that Laura graduated from SMU and is a member of our board of trustees and the president drops in to various classes from time to time in fact to last week at any time there's that he's on campus when they see those SUVs with a dark window circling then the texts start flying because they know that he's going to be speaking somewhere and obviously it's wonderful to have them here for so many basketball games he is greeted every time with www and I'm sure the players enjoy it too because they want to shake his hand so tonight is very special for the entire SMU community in honor of this occasion the Board of Trustees passed a resolution commemorating the 10th anniversary of SM use resin selection as the site and the fifth anniversary of its opening we have those resolutions out in the lobby that if you didn't see them on the way in hopefully you will on your way out so on behalf of the SMU community we again think the president mrs. Bush and the bush selection committee that was chaired by Don Evans for the unique honor it's been to collaborate with the Bush presidential center for the past five years the partnership makes us both stronger at this time I'm pleased to introduce two graduates of Princeton the old guy an 85 graduate Ken Hirsch president and CEO of the bush Center and an 86 graduate coming along right behind him Jeff Bezos founder and CEO of Amazon so please join me and welcome them to SMU [Applause] well Jeff welcome to Dallas I'm excited that you can see what a city that really wants you here looks like right guys [Laughter] sorry that was too tempting so I I've left 30 seconds here and just in case there's a little real estate deal that you want to it's very nice to be here all right I tried I tried the before we get started I do want to I do want to thank the sponsors tonight Amarillo National Bank and Highland Capital Management this is a multi-faceted event we're here with SMU our great partner we're here as the engage event sponsored by Highland capital and we're also here is the culminating conversation of our forum on leadership and this has been a great couple of days with Bono Priscilla Chan governor Hickenlooper Martinez Ben Bernanke Hank Paulson many others and condi rice and president mrs. Bush talking about leadership so I want to talk about leadership yeah and the the first thing to really talk about is to I want to take you back to to the beginning and in 1995 you started young you went public in 97 and I'll adjust for stock splits but you raised stock you rate you issued shares at a dollar fifty a share in 1988 your revenue was six hundred million dollars and you lost 125 million but your stock had gone to $55 a share so you doubled down sales went up threefold you lost another four hundred million but your stock went up to seventy six dollars twenty seven billion dollars of market cap your personal net worth of nine billion take us back to that time where the market is telling you you're doing great but you have red ink in the company you took on two billion dollars of debt from 99201 while you tripled while you doubled sales yet again what were you thinking back then well that's a great great question and it is kind of fun to go back and think about those days you know in those days when we had I don't know when I started the company and it was just one person and then there were ten people and today there are almost 600,000 people so there's a lot of chain but back in that time we were still pretty small company by most standards but we were we were growing fast and it was very exciting you know I had when I started I was driving all the packages through the post office myself I knew the UPS guy so well that he would let me in even like five minutes after closing so it was you I hoped one day we'd be able to afford a forklift it was that kind of operation we were so inefficient with our operations and logistics in those early days when there were just 10 of us that I didn't have packing tables we were packing on the floor on our hands and knees and I said to one of the software engineers who was packing alongside me you know we should do we should get knee pads and he looked at me like I was the dumbest guy he'd ever seen in his life and he said Jeff we should get packing tables and we next day I got packing tables and it doubled our productivity and so but by then the error you're talking about we had we'd gone public and you're riding on a split adjusted basis it's a dollar fiftieth share in today's terms and the market became very quickly a kind of an internet bubble kind of market and the stock prices went up very very high when I raise the initial funding for Amazon I had to talk to 60 prospective investors to raise a million dollars and I raised a million dollars from 22 different investors $50,000 at a time and they got 20% of the company for a million dollars and that was in 95 but just three years two or three years later you know Stanford MBA with no business experience could raise twenty five million dollars with a single phone call if they had a internet business plan so the whole thing in just two or three years the excitement really as we could shortly see when the bubble burst in the year 2000 the hyperbolic excitements about the internet had infected everybody and I I was I knew that there was that we had a fun I liked our business and I liked the fundamentals of our business but I also knew that the stock price was disconnected from what we were doing on a day to day basis and so I was always preaching we would have All Hands meetings and there was a small number of employees at that time but you know probably let's see in 97 I think we would have had a few hundred employees we have All Hands meetings and I would said look you know we ought to remember the great quote from Benjamin Graham that in the short run the stock market is a voting machine in the long run it's a weighing machine so don't think about the daily stock price who's going up every day whose stock price is going up and I didn't want because all the employees had stock options and I didn't want them counting their success that way and so I would say look when the stock is up 30% in a month don't feel 30% smarter because when it's down 30% in a month then you're gonna have to feel 30% dumber and it's not gonna feel as good and it was good that I kind of laid that groundwork because you know sure enough in the year 2000 the whole thing came tumbling down I think Amazon went back that's six dollars went down to six dollars and that I don't even know if that's on a split adjusted basis I think that's probably that was below I was on a split adjusted basis probably below $1 so and you never doubt the business model at that point no so I you know it's very interesting to me because I had all the internal metrics on you know how many customers we had what was going on I could see people thought we were losing money because we were selling dollar bills for 90 cents you know we were very clear that we were not we were we had high fixed costs and but we had contribution margin positive contribution margin and I just knew that it was a fixed cost business and as soon as we reached the sufficient scale we would have a very good business and so that was that understanding the fixed nature of our expenses relative to physical world retail is what led us to have the get big fast strategy we knew that it would be that our economics would be very much improved if we could have a sufficient scale so we worked hard so so at that time you're you're preaching the benefits of e-commerce and ass and really yeah this intermediating the business so fast-forward to today now we have content we have physical Amazon stores we have Amazon cashier les stores yeah which we used to call shoplifting and and then now you shoplifting without the jail time that's right and then and then and then buying whole foods here for a Texas company so how does that how does that fit together your vision and then how do you manage these disparate businesses with different cost structures now yeah well maybe just finishing up a little Oh in that prior point before I answer that question I and and also with you know the memory of Barbara Bush in all of our minds I I think part of if you're in a lot of people in this room are entrepreneurs start their own businesses done various things taking risks of various kinds and I think the one of the precursors one of the foundational things to being able to take risk is to have had some kind of support from somebody you have to have some mentors you have to have somebody who loves you these are the kind of things that build up and allow you to kind of you know jump off into uncharted terrain and do something new because you know you have a support system of one kind or another and and I'd certainly did so I for me I just want to point out that I feel very strongly that there's a well I've won a lot of lotteries Amazon is one of the lotteries that I've won but I had a big lottery with my parents my dad is a Cuban immigrant he came here when he was 16 years old and speaking in English my a great guy and my mother had her had me when she was seventeen years old so she was a pregnant 16 year old in Albuquerque New Mexico in high school which was not cool and she made it work and heard her parents my grandparents helped her with that whole thing and made made that all work and if you don't get that kind of support somehow it doesn't have to be your parents sometimes people get lucky it's a grandparent or it's a friend or a feeling friend or a teacher it can be somebody but you need that somebody has to step into your life and that's the lottery that I suspect a lot of people in this room have also one just like me so the question go Amazon go and all that as we do so many different things so this is the question I started get how can you do so many different things why don't you stick to the knitting the kind of traditional advice would be to stay focused and keep the business simple and the way I think about this is we actually do stick to one thing it's just not described it's not the businesses so if we do web services which is you know big enterprise is buying compute services from us and we have our retail business and we have Amazon Studios which is making original content Amazon go the things you listed so but the cultural thread that runs through all these things is the same we only have a few principles of the Amazon kind of core values that we go back to over and over again and if you looked at each of the things that we do you would see those run straight through everything so the first one and by far the most important one is customer obsession and we talk about it as customer obsession as opposed to competitor obsession and I have seen over and over again companies talk about that their customer focused but really when I pay close attention to them I believe they are competitor focused and that's just a completely different mentality by the way competitor focus can work but I don't think it works in the long run as well as customer focus for one thing once you're the leader if your whole culture is competitor obsessed it's kind of hard to stay energized and motivated if you're out in front whereas customers are always unsatisfied they're always discontent they always want more and so no matter how far you get out there in front of your competitors you're still behind your customers so they're always pulling you along so customer obsession is a deep principle that underlies everything we do another one is eagerness to invent so we love to pioneer and when we have done by the way whenever we have tried to do something in a kind of me to fashion we have failed at it we need to have something that is differentiated unique something that customers are going to like that we're kind of leading with so that's another element that works for us and then another one is long-term thinking we are willing to to take some time and be patient with our business initiatives and that runs through everything so a lot of our competitors might have two to three year kind of timeframes and we might have more of a five to seven year sort of timeframe and then the last one operational excellence so literally you know how do you have high standards around you know identifying defects fixing defects at the root all those kinds of things that lead to what I think also can be in a simpler way just stated as professionalism that you want to do things right just for the ritz sake of doing them right so let's talk about that with a with another I guess this is a corollary now that you have about 600,000 employees I calculated you're adding about 250 people a day you've mentioned that you're trying to fend off day – yeah and you've said that day two is stasis followed by irrelevance followed by excruciating ly painful decline followed by death yeah that's why it is always day one yeah yeah how's that work well so day one and this is a phrase that we use at Amazon all the time I've been using it's in my first annual shareholder letter from 20 years ago and we stay it's always day one and it needs to be day one for the reason that you just mentioned and how do you it so the real question for me is how do you go about maintaining a day one culture you know it's great to have the the scale of Amazon we have financial resources we have lots of brilliant people we can accomplish great things we have global scope we have operations all over the world but the downside of that is that you can lose your nimbleness you can lose your entrepreneurial spirit you can lose your that kind of heart the the that small companies often have and so if you could have the best of both worlds if you can have that entrepreneurial spirit and heart while at the same time having all the advantages that come with scale and scope I think think of the things that you could do and and so how the question is how do you achieve that the scale is good because it makes you robust you know a big box or can take a punch to the head the question is you also want to dodge those punches so you'd like to be nimble you want to be big and nimble and I find there are a lot of things that are protective of the day one mentality I already spent some time on one of them which is customer obsession I think that's the most important thing if you can and it gets harder as you get bigger when you're a little tiny company so you're a 10 person startup company every single person the company is focused on the customer when you get to be a bigger company you've got all the milk you've got middle managers and you've got all these layers and the those people aren't on the front lines they're not interacting with customers every day they're insulated from customers and they start to manage not the customer happiness directly but they start to manage through proxies like metrics and processes and some of those things can become bureaucratic so it's very challenging but one of the things that happens is the decision-making velocity slows down and I think the reason one of the reasons that that happens is that people also junior executives inside the big company start to model all decisions as if they are heavyweight irreversible highly consequential decisions and so even two-way doors you could make you make a decision it's the wrong decision you can just got back through the door and try again even those reversible decisions start to be made with heavyweight processes and so you can teach people that these pitfalls and and and traps and then teach them to avoid those traps and that's what we're trying to do at Amazon so that we can maintain our inventiveness and our heart and our kind of small companies spirit even as we have the scale and scope of a larger company so six hundred thousand people small company which that's a that's a trick so I know the bush Center we focus on leadership and I know that you're also a voracious reader and you're fond of a book by now seem to leave called the Black Swan yes sure and it's it's about humans tendencies to reduce thing to anecdote reduce things to anecdotal stories and to shield us from sort of the randomness of the way things actually have building narratives and and how could we human they'll to create a narrative around anything to connect any sequence of facts we can create a narrative so how do you infect that throughout the whole organization when you have that many that many layers well I think what I would say about that it's really a little different from the way that that black swan talks about anecdotes the way you're talking about but I'm actually a big fan of anecdotes in business not building a narrative structure around them necessarily but I still have an email address that customers can write to I see most of those emails and I don't answer very many of them anymore but but I see them and I and I forward them some of them the ones that catch my curiosity I forward them to the executives in charge that area but with a question mark and that question mark is just a shorthand for can you look into this why is this happening what does what's going on and what I find it strange because we have tons of metrics we have you know weekly business reviews with these metric decks and we look at our we know so many things about customers there there you know whether we're delivering on time what you know whether the packages have too much air in them and you know wasteful of packaging and so on we have so many metrics that we monitor and the thing I have noticed is that when the anecdotes and the data disagree the anecdotes are usually right there's something wrong with the way you're measuring it and that's why it's so important to to keep your you need to run it something that you were you're doing you know shipping billions of packages a year for sure you need good data and metrics are you delivering on time you deliver on time in every city are you delivering on time to apartment complexes are you delivering on time in certain countries you do need the data but then you need to check that data with your intuition and your instincts and you need to teach that to the all the senior executives and and junior executives so if you're not answering your emails can you give us your cell phone maybe a text is still have the to pizza rule and no powerpoints oh yeah the to pizza team we try to we try to create teams that are no larger than can be fed with two pizzas we call that the two pizza team rule no powerpoints are used inside of Amazon so every meeting we have that when we hire a new executive from the outside this is the weirdest meeting culture you will ever encounter and new executives have a little bit of you know culture shock in their first Amazon meeting because what we do is somebody for the meeting has prepared a six page memo a narrative lis structured memo that is got you know real sentences and topic sentences and verbs and now it's not just bullet points and it lays out and supposed to create the context for what will then be a good discussion so and then we read those memos silently in the meeting so it's like a study hall and we do that everybody sits around the table and we read silently from usually about half an hour however long it takes us to read the document and then we discuss it and it's so much better than the typical PowerPoint presentation for so many reasons I could talk about this for although nobody needs to know nobody's eating the pizza at that point because we're standing right no pizza usually at that point you know one author said that that takes you back to River Oaks Elementary School in Houston where you started where they started with a reading with a silent reading exercise I never made that connection but I you know you never know where things come from I did have a great experience there so but I definitely recommend the memo over the PowerPoint and the reason we read them in the room by the way is because just like you know high school kids executives will Bluff their way through the meeting as if they've read the memo because we're busy and so you got to actually carve out the time for the memo to get read and that's what the first half hour of the meeting is for and then everybody's actually read the memo they're not just pretending to have read that's pretty effective how has your life how has your leadership style changed over the years it's changed a lot mostly just because it's had to you know the company has changed so much and I can't you know the company is ten people or a hundred people I can be involved in every decision not just you know not just the objectives like what are we gonna do but even the methods how are we going to do it and a wedge of company gets bigger as you know the CEO or the founder whoever it is leading the company cannot be involved in all of those decisions they certainly cannot be involved in the methods of how things were going to get done so you do have to change your leadership approach as the company scales but the the but the principles of the company have not changed in fact I probably spend more of my time now on culture and studying trying to set high standards for or things the lead customer obsession and inventiveness and things like that so for me I'm I'm kind of a teacher now so it's changed quite a bit and I have this great luxury I love my job I tap dance into work even I get that I just got back for an amazing vacation in Norway I got to go dogsledding and go to a wolf preserve and all this really cool stuff but I couldn't wait to get back to work because it's so fun and the reason weather is this fun for me is I get to work in the future so my job I have very limited kind of day-to-day operational needs that you know I've constructed my job so that I don't have to be pulled into the present I can stay 2 or 3 years in the future and actually I'm I'm O's advising my senior team the people who report to me that they should organize themselves in the same way we're big enough now that they need to be able to look around corners they can't be if something pulls me into the present it's because something has gone wrong you know and we need to you know kind of fear it so it's a firefighting exercise and that's not how you should be running a business of this skill so yeah it's changed a lot ok so following up with that you were quoted as saying I believe you have to be willing to be misunderstood innovate so how are you misunderstood you're gonna do if you're gonna do anything new or innovative you have to be willing to be misunderstood and if you can't tolerate that then for God's sake don't do anything new or innovative every important thing we've done has been misunderstood often by well-meaning sincere critics sometimes of course by self-interested insincere critics but but you know I'll give you an example a thousand years ago we started this thing called customer reviews and we let customers review books we only sold books that time and customers could come in and rate a book between one and five stars and they could write a text-based review you guys are very familiar with this it's a now very normal thing but back then this was crazy and the the publishers the book publishers did not like this because of course not all the reviews are positive and the I got a letter from one publisher that said I have a good idea for you why don't you just publish the positive customer reviews and I thought about this and because and he is arguments making to me is that our sales would go up if we just published the positive customer reviews I thought about this I thought I don't I don't actually believe that because I don't think we make money when we sell something we make money when we help someone make a purchase decision and it's just a slightly different way of looking at it because people are the part of what they're paying us for is helping them make a purchase decision and if you think about it that way then you want the negative reviews too and of course it has been extremely helpful for people to have negative customer views and by the way it's come full circle now where the product manufacturers use the customer reviews to improve the next generation of the product so it's actually helping the whole ecosystem but now nobody criticizes customer reviews in fact if you were in the you know here in the year 2018 if some ecommerce company were to say we're only going to publish the positive customer views that would be the crazy thing that would get criticized so the new and innovative quickly becomes the new normal and then it's you know it's it's the new incumbent idea and then it doesn't get criticized went by the way more generally and what I preached at Amazon to all of our employees is when we are criticized there is a simple process that you need to go through which is first you look yourself in the mirror and decide is your critical right do you agree are we doing something wrong if you are change and by the way if you look yourself in the mirror and you decide that your critic as wrong as we did with the customer reviews then do not change no matter how much pressure is brought to bear do the right thing in that case as well have a deep Keil you have to have a deep teal good so why don't we shift to personal away from Amazon a little bit if if you could write your legacy what would you want your legacy to read world's oldest man as I stole that that's not original um but I would love it let's work on that I keep telling my biotech friends hurry the hell guys come on you know I don't know I'm probably if you think long term and I can talk about this great length but long term the thing if you take a really long run view you know many decades maybe even a couple of hundred years I think the most important work that I'm doing and I get increasing conviction on this with every passing year is the work I'm doing a Blue Origin on space travel well I don't what well why don't we talk about that okay because I think I think from a vision standpoint I think people should appreciate the horizon that you have so let's talk about your kind of view I'll call it your near-term objectives we'll say 75 years yeah and then your long-term objectives 100 to 300 years from there well so first of all you don't choose your passions your passions choose you and all of us are gifted with certain passions and the people who are lucky are the ones who get to follow those things and I always advise our young employees or meet with interns as well and you can have and my kids too you're gonna have a job or you can have a career or you can have a calling and if you can somehow figure out how to have a calling you have hit the jackpot because that's the big deal and most people don't ever get there you know you're very lucky if you have a career a lot of people end up with a job and so you know for me I have been interested in Rockets space travel propulsion since I was a five year old boy and I have spent a tremendous amount of time thinking about it so it's not like I really have a choice to follow this passion it has captured me but I think it's very important that we go out into space as a civilization and the reason is not the one that you that I think is very commonly there are many reasons that are there given one of the reasons that is out there and it's a very old idea one of the people who first articulated it very well was arthur c clarke he said all civilizations become spacefaring or extinct and that even may be technically true in a long run kind of long enough verizon but that idea is one of the has kind of come to be that we need to we got all our eggs in one basket and we need a plan B you know if we had a civilization elsewhere on another planet somewhere in the source system then when earth gets destroyed humanity will still be fine I find this particular argument incredibly unmotivated we we have now sent robotic probes to every planet in this solar system believe me this is the best one it is not close my friends who want to move to Mars I say I have an idea for you why don't you first for a year move to the top of Mount Everest because the top of Mount Everest is a garden paradise compared to Mars and and so it's a this planet is a gym this planet is unbelievable and as you travel around the more you travel around you the more you see how incredible it is and I'm not even just talking about nature I'm talking about the civilization we built in the urban cities that we have and all of this these amazing things and so we need to protect it now and I'm not even talking about protecting it from asteroids or nuclear holocaust or anything so although all this things are probably important and valid but we don't need to worry about that because we have something more certain that is a problem and that is if you take current baseline energy usage on Earth today global energy usage and compound that at just 3% a year then in just a few hundred years you're gonna have to cover the entire surface of the earth and solar cells that's how powerful compounding is so and by the way we have been growing energy usage at a few percent a year for a long time so and we and we our civilization has a lot of advantages because we increase our energy usage the human body if we in a state of nature if you are just an animal and the state of nature your body or metabolic rate uses about a hundred watts of power but a modern person living in a developed country you actually use your your your all in civilizational per capita metabolic rate is 11,000 watts we use a lot of energy that's about as much energy as a blue whale uses and so we have you know there are billions of us and most of us don't even aren't even really living in the kind of lifestyle of a developed country yet but they will be very soon and we hope they will be we want them to and so you're gonna face a choice and you won't face this choice and I won't face this choice but your grandchildren's grandchildren will face this choice do you want to live in a world of stasis or do you want to have a trillion humans living in the solar system because the source system is big earth is small we capture a tiny Earth surface is so small it captures a tiny tiny fraction of the solar output so once you got into space you have for practical purposes once again unlimited resources and the solar system can easily support trillion humans we've got a trillion humans and you'd have a thousand mozart's and a thousand Einsteins and so on and so on that would be a dynamic incredible civilization in which you would want your grandchildren's grandchildren to live in I think ultimately earth becomes zoned you know residential and light industrial and you know we'll have universities here and and beautiful parks and houses and but we won't have big factories here all of that will be much better done in space where we have access to much higher quality resources and so that's going to take several you know that's a multi hundred year vision and my piece of this vision is I'm taking my amazon lottery winnings and I'm converting them into reusable rocket vehicles so that we can lower the cost of access to space because right now the price of admission to do the interesting things in space is just too high if I look at what Amazon was able to do 20 years ago we didn't have to build a transportation network it already existed that heavy lifting was in place we didn't have to build a payment system that heavy lifting had already been done it was the credit card system we didn't have to build put a compute every desk that had already been done – mostly for playing games by the way and so on so all the pieces of heavy lifting were already in place 20 years ago and that's why as with a million dollars I could start this company today you know and and then there are even better examples on the internet over the last 20 years you know Facebook started in a dorm room I guarantee you two kids can not build a giant space company in their dorm room it's impossible but I want to create the heavy lifting infrastructure kind of do the hard part so that a future the future generation two kids in a dorm room will be able to create a giant space company so that's the goal and then because thank you you're not gonna you're not going to achieve the vision that I just laid out of a trillion humans living in space and having this dynamic world without a big industry made up of thousands of companies but it has to start with making the vehicles much more productive and right now you use a rock at once and you throw it away and that is just a very expensive way to do business so can I talk it in about another element with to get you to discuss your vision this may not be germane to the work you're doing but I'm but you are you are one of the great thinkers artificial intelligence yeah pros and cons we've heard people talk about the great benefits we've heard about disrupting and changing and leaving us all in a jobless society we've heard autonomous weapons or a disaster yeah where do you fall on the on your vision of we're in artificial intelligence is going to go and also some of the I think some of the more cautionary ounces and ever benefits well you mentioned a few things there each of those is worth visiting because they're different I think autonomous weapons are extremely scary I think it's a big and you'd by the way do not need general AI so right now the things that we know how to do you would you should think of those things of what is called narrow AI things like machine vision and so on to build incredibly scary autonomous weapons you do not need general AI the techniques that we already know and understand are perfectly adequate and these weapons some of the ideas that people have these weapons are in fact very scary and so I don't know what the solution that but smart people need to be thinking about that doing a lot of R&D is there is there a kind of you know multi it'd have to be a big treaty like the Geneva Convention or something that would help regulate these weapons because you yeah they're actually they have a lot of issues so that one I think is genuinely scary the idea that there's going to be a general AI Overlord that subjugates us or kills us all I think is not something to worry about I think that is overhyped I I'm first of all we don't know we're nowhere close to knowing how to build a general AI something that could set its own objectives we have no idea it wouldn't even it's not even hardly it's not even a valid research area we're so we're so far back on that one so that's a I think that's a very long-term prospect that it could even happen but second of all I think it's unlikely that such a things first instincts would be to exterminate us as it seems that would seem surprising to me maybe unemploy is much more likely it will help us you know because we know we're perfectly capable of hurting ourselves you know maybe we could use some help so I'm optimistic about that one and certainly don't think we need to worry about it today and then the jobless you know is are we gonna is a I gonna put everybody out of work I am not worried about this I find the people all of us I include myself we are so unimaginative about what future jobs are going to look like and what they're going to be you know if I took you back in time a hundred years when everyone almost everyone was a farmer and I told you know we're having where it's um big Farming convention or something and I say in the year 2018 there is gonna be a job occupation called massage therapist they would not have believed you and in fact I was telling this story to a friend they said Jeff forget massage therapist there are dog psychiatrists and I went I would probably find one on Amazigh went and look that up on the internet sure enough you can easily hire a psychiatrist for your dog and so what you know there is where we we humans like to do things and we like to be productive and we will figure out things to do and we will use these tools to make ourselves more powerful and and in fact what I predict is that jobs will get more engaging yes because you have to remember you know a lot of the jobs today are are quite routine they are not necessarily anybody's as I said before career or calling and so I predict that because of artificial intelligence and its ability to automate certain tasks that in the past were impossible to automate not only will we have a much wealthier civilization but that the quality of work will go up very significantly and that a higher fraction of people will have callings and careers relative to today so can I yet can I bring you back down to down to the president a little bit and then I'd be remiss if I didn't use some of our time on your personal purchase of the Washington Post so you buy the Washington Post a few years ago is it is it going the way you thought it would go much better much faster so the post is profitable today so I bought the Post in 2013 the post was still a fantastic institution at that time but it was in great financial difficulty it's a fixed cost business as most of all most all publishing is and their revenues over about six years from sort of 2007-2008 to 2013 had been cut in half from a billion dollars a year to half a billion dollars a year and that in a fixed cost business puts a tremendous amount of pressure on the business they were they needed to reduce the size of the newsroom layoffs reporters and and it was very difficult and Don Graham whose family had owned the paper for a long period of time he contacted me through dinner Meteor actually we and we'd known each other for almost 20 years actually and I was very surprised but he said that he was interested in selling the paper and he wanted to he I said look like I'm not the right buyer Don because I don't know anything about the newspaper business and he said we don't need into that we've got lots of people who understand this business we need somebody who understands the internet better and this was a great act of love of Don's because the paper had been their family for a long time and he cared more about the paper than he cared about his ownership of it and he's if any of you know him he's an incredible gentleman just a wonderful guy and so overall several conversations he finally convinced me that I could help and then I had to convince myself of a couple of things one was did I really believe it was an important institution and I and and that for me was a very quick gate to get through I I you know I I felt very powerfully that it was an important institution I do believe that democracy dies in darkness I think that the the paper is resides in Washington DC the capital city of the United States of America the most powerful country in the world needs a paper like The Washington Post and so it was easy to decide it's an important institution I would not have bought and tried to help turn around a financially upside-down salty snack food company you know I just have better things to do so that's why for me it was so important that it be I might buy a really well-run healthy soft food snack company that would just be an investment and so I so I that and then the second gate I had to go through after that was I really wanted to convince myself that it wasn't hopeless because if it had been hopeless you know also I wouldn't want to get involved but I didn't think it was and and and it has turned out to work for every well we did one very simple thing really which is we switched from it's been a lot of work and I don't mean to make it sound simple the team has done an amazing amount of work and we have a great editor and Marty Baron and a great publisher and Fred Ryan and a great technical leader inside lash I mean we've got a killer team at the post but the big kind of strategic change at the post was flipping it from being a fantastic local regional newspaper to being a fantastic national global newspaper and the reason we did that is very simple the internet took away so many gifts from newspapers mostly their kind of local ad monopolies and so on like the internet just solved all the gifts that newspapers had but the one gift that it brought to the table for newspapers is almost free global distribution because you can do it digitally and so we refocused on that and we have to we had to switch from making a relatively large amount of money per reader on a relatively small number of readers to a small amount of money per reader on a much larger number of readers and that's what we've that's what we've done and so in our time remaining a couple quick ones yeah who do you emulate what kind of role model Oh a bunch of people you know I have been a Warren Buffett fan in the business room I've been a Warren Buffett fan since my early 20s I read the things he writes I am so he's a very big fan I think kind of CEOs today out there that I like again in the business realm Jamie Dimon I think if there a couple CEOs that I think if I were a big shareholder in JPMorgan Chase I would just show up every Monday morning with like pastries and coffee for Jamie and I'd be like so you happy you good because I think he's a terrific executive and in a very complicated company same thing Bob Iger at Disney I think is a superb executive some probably bring him pastries so there are a lot of hello models healthy pastries well yeah I guess I hadn't thought about that you know that's right yeah but and then outside of that you know I've had lots of role models throughout my life yeah some of my teachers at River Oaks Elementary School that you mentioned I had you know I had my parents so I talked about a little earlier didn't talk too much about my grandfather but he was a gigantic influence in my life I had the great good fortune because my mom was so young my grandparents would take me every summer starting at age 4 every summer kind of to give her a break really for the whole summer so I'd be with my grandparents and on their ranch in Cotulla Texas which is halfway between San Antonio and Laredo we lived in Houston and so we would make the 5-hour drive out to Cotulla they dropped me off it's been a couple of days there that they go back to Houston I'd spend the summer and I went every day of the ranch with my grandfather to help now a four year old boy on a ranch in South Texas it's not a lot of help but I didn't know that I thought I was helping and and that is like by the time I was 16 I actually was helping so I have you know I I can I can suture up a prolapsed cow I can fix windmills my grandfather was so resourceful and that he made his own veterinary needles he would take a little piece of wire and pound it flat with a was like a oxy-acetylene torch and then drill a little hole through it and then we would do we did all of our own veterinary work some of the cattle even survived and so we had but we had great fun out there you know we built barns and welded things and he bought a d6 Caterpillar bulldozer used as like 1955 model year for five thousand dollars it was completely broken the gears were stripped and then we spent you know a whole summer repairing that the first thing we had to do to repair it was build a crane to take the gears out of the transmission and so you know what I learned from watching him was just how resourceful he was he didn't ever call a repairman he figured it out and I do think that that's one of the things that you know super lucky for me to grow up in that environment where you got to see resourcefulness in action so my grandfather giant role model from but Jeff you are you're an American icon and these stories really reflect how grounded you are and starting a company from the time where you were doing it yourself to where you are today and to maintain that touch that you have at the same time that you have this vision is really what leadership is all about the bush center we focus on developing and recognizing leadership and that's what we're doing this week our time is up and I do want to thank you I also want to remind people that in honor of our fifth anniversary of the bush Center our friends at Northern Trust have made it free of charge to go through the bush library and museum starting today and extending through next Friday so thank you for that thank you to our wonderful friends at SMU thank you all for being here please join me in thanking one of the great Americans [Applause]

Thank God for Government Waste!

but the reason I have some hope is mostly the major source I off hope I have frankly is because government is so inefficient that's the real hope if government were spending the 40 percent of our income even that it announcements efficiently I'd give up hope but thank God they waste most of it people complain about waste I don't complain about waste tell me would you people in this room really like the IRS to be spending its money efficiently now obviously in general we don't like waste but one of the effects of this is that government doesn't have as much control as you might think it would because you and the other businessmen you see you have a war you have a few hundred thousand or a million bureaucrats and you have 200 million people figuring ways to get around the bureaucrats and generally we mostly can outsmart them now that wastes our substance and makes us poorer but at least it's reserved some element of our freedom now that's a major source of hope because it gives us maneuver and it also means that the public learns that this is an efficient