The post-crisis consumer - John Gerzema
[Music]
thirteen<00:00:16.610> trillion<00:00:17.210> dollars<00:00:17.570> in<00:00:17.750> wealth<00:00:17.900> has
thirteen trillion dollars in wealth has
thirteen trillion dollars in wealth has
evaporated<00:00:18.740> over<00:00:19.460> the<00:00:19.550> course<00:00:19.760> of<00:00:19.970> the<00:00:20.060> last
evaporated over the course of the last
evaporated over the course of the last
two<00:00:20.510> years<00:00:20.920> we've<00:00:21.920> questioned<00:00:22.490> the<00:00:22.580> future<00:00:22.880> of
two years we've questioned the future of
two years we've questioned the future of
capitalism<00:00:23.240> we've<00:00:24.140> questioned<00:00:24.680> the
capitalism we've questioned the
capitalism we've questioned the
financial<00:00:25.520> industry<00:00:26.060> we've<00:00:26.540> looked<00:00:26.840> at<00:00:26.960> our
financial industry we've looked at our
financial industry we've looked at our
government<00:00:27.530> oversight<00:00:27.950> we've<00:00:28.610> questioned
government oversight we've questioned
government oversight we've questioned
where<00:00:29.150> we're<00:00:29.330> going<00:00:29.660> and<00:00:29.840> yet<00:00:30.350> at<00:00:30.440> the<00:00:30.530> same
where we're going and yet at the same
where we're going and yet at the same
time<00:00:30.770> this<00:00:31.280> very<00:00:31.670> well<00:00:31.970> may<00:00:32.000> be<00:00:32.150> a<00:00:32.270> seminal
time this very well may be a seminal
time this very well may be a seminal
moment<00:00:33.140> in<00:00:33.170> American<00:00:33.590> history<00:00:33.620> an
moment in American history an
moment in American history an
opportunity<00:00:35.150> for<00:00:35.300> the<00:00:35.390> consumer<00:00:35.960> to<00:00:36.170> actually
opportunity for the consumer to actually
opportunity for the consumer to actually
take<00:00:36.830> control<00:00:37.309> and<00:00:37.580> guide<00:00:38.059> us<00:00:38.120> to<00:00:38.930> a<00:00:38.960> new
take control and guide us to a new
take control and guide us to a new
trajectory<00:00:39.410> in<00:00:39.860> America<00:00:40.309> I'm<00:00:40.640> calling<00:00:41.449> this
trajectory in America I'm calling this
trajectory in America I'm calling this
the<00:00:41.629> great<00:00:41.960> unwind<00:00:42.379> and<00:00:42.739> the<00:00:43.610> idea<00:00:43.940> is<00:00:44.089> a
the great unwind and the idea is a
the great unwind and the idea is a
simple<00:00:44.750> simple<00:00:45.350> idea<00:00:45.620> which<00:00:46.400> is<00:00:46.430> the<00:00:46.699> fact
simple simple idea which is the fact
simple simple idea which is the fact
that<00:00:47.059> the<00:00:47.239> consumer<00:00:47.960> has<00:00:48.140> moved<00:00:48.890> from<00:00:49.159> a<00:00:49.309> state
that the consumer has moved from a state
that the consumer has moved from a state
of<00:00:49.550> anxiety<00:00:49.820> to<00:00:50.600> action<00:00:51.140> consumers<00:00:51.979> who
of anxiety to action consumers who
of anxiety to action consumers who
represent<00:00:53.170> 72%<00:00:54.170> of<00:00:54.320> the<00:00:54.409> GDP<00:00:54.860> of<00:00:54.890> America<00:00:55.460> have
represent 72% of the GDP of America have
represent 72% of the GDP of America have
actually<00:00:56.570> started<00:00:57.019> just<00:00:57.379> like<00:00:57.559> banks<00:00:58.010> and
actually started just like banks and
actually started just like banks and
just<00:00:58.550> like<00:00:58.670> businesses<00:00:59.180> to<00:00:59.600> deleverage
just like businesses to deleverage
just like businesses to deleverage
to<00:01:00.830> unwind<00:01:01.339> their<00:01:01.640> leverage<00:01:01.879> in<00:01:02.180> daily<00:01:02.900> life
to unwind their leverage in daily life
to unwind their leverage in daily life
to<00:01:03.379> remove<00:01:03.739> themselves<00:01:04.010> from<00:01:04.460> the<00:01:04.640> liability
to remove themselves from the liability
to remove themselves from the liability
and<00:01:05.449> risk<00:01:05.900> that<00:01:06.650> it<00:01:06.890> presents<00:01:07.159> itself<00:01:07.729> as<00:01:08.000> they
and risk that it presents itself as they
and risk that it presents itself as they
move<00:01:08.600> forward<00:01:08.840> so<00:01:09.620> to<00:01:09.680> understand<00:01:10.280> this<00:01:10.490> and
move forward so to understand this and
move forward so to understand this and
I'm<00:01:11.000> going<00:01:11.150> to<00:01:11.240> stress<00:01:11.690> this<00:01:11.900> it's<00:01:12.080> not<00:01:12.200> about
I'm going to stress this it's not about
I'm going to stress this it's not about
the<00:01:12.530> consumer<00:01:12.950> being<00:01:13.100> in<00:01:13.250> retreat<00:01:13.640> the
the consumer being in retreat the
the consumer being in retreat the
consumer<00:01:14.540> is<00:01:14.690> empowered<00:01:15.259> in<00:01:15.590> order<00:01:16.009> to
consumer is empowered in order to
consumer is empowered in order to
understand<00:01:16.490> this<00:01:16.610> we're<00:01:16.759> going<00:01:16.850> to<00:01:16.939> step<00:01:17.149> back
understand this we're going to step back
understand this we're going to step back
and<00:01:17.450> look<00:01:17.539> a<00:01:17.630> little<00:01:17.719> bit<00:01:17.840> at<00:01:17.990> what's<00:01:18.140> happened
and look a little bit at what's happened
and look a little bit at what's happened
over<00:01:18.770> the<00:01:19.340> course<00:01:19.579> of<00:01:19.729> the<00:01:19.850> last<00:01:19.969> year<00:01:20.270> and<00:01:20.360> a
over the course of the last year and a
over the course of the last year and a
half<00:01:20.450> so<00:01:21.020> if<00:01:21.110> you've<00:01:21.229> been<00:01:21.380> gone<00:01:21.560> this<00:01:21.920> is<00:01:21.979> the
half so if you've been gone this is the
half so if you've been gone this is the
easy<00:01:22.340> cliff<00:01:22.789> notes<00:01:23.030> on<00:01:23.210> what's<00:01:23.390> happened<00:01:23.719> in
easy cliff notes on what's happened in
easy cliff notes on what's happened in
the<00:01:23.899> economy<00:01:23.990> okay
the economy okay
the economy okay
unemployment<00:01:26.390> up<00:01:26.509> housing<00:01:27.439> values<00:01:27.740> down
unemployment up housing values down
unemployment up housing values down
equity<00:01:28.340> markets<00:01:28.640> down<00:01:28.820> commodity<00:01:29.270> prices<00:01:29.600> are
equity markets down commodity prices are
equity markets down commodity prices are
like<00:01:29.930> this<00:01:30.170> if<00:01:30.590> you're<00:01:30.799> a<00:01:30.829> mom<00:01:31.130> trying<00:01:31.460> to
like this if you're a mom trying to
like this if you're a mom trying to
manage<00:01:31.969> a<00:01:32.060> budget<00:01:32.329> and<00:01:32.659> the<00:01:33.049> oil<00:01:33.259> was<00:01:33.590> a
manage a budget and the oil was a
manage a budget and the oil was a
hundred<00:01:34.070> and<00:01:34.189> fifty<00:01:34.369> dollars<00:01:34.609> a<00:01:34.700> barrel<00:01:34.820> last
hundred and fifty dollars a barrel last
hundred and fifty dollars a barrel last
summer<00:01:35.359> and<00:01:35.570> it's<00:01:35.659> somewhere<00:01:35.930> between<00:01:36.049> 50<00:01:36.500> and
summer and it's somewhere between 50 and
summer and it's somewhere between 50 and
70<00:01:37.070> do<00:01:37.399> you<00:01:37.460> plan<00:01:37.670> vacations<00:01:37.820> how<00:01:38.420> do<00:01:38.479> you<00:01:38.630> buy
70 do you plan vacations how do you buy
70 do you plan vacations how do you buy
what's<00:01:39.409> your<00:01:39.530> strategy<00:01:39.770> in<00:01:40.100> your<00:01:40.219> household
what's your strategy in your household
what's your strategy in your household
will<00:01:40.850> the<00:01:41.329> bailout<00:01:41.719> work<00:01:41.960> we<00:01:42.560> have<00:01:42.710> national
will the bailout work we have national
will the bailout work we have national
debt<00:01:43.369> Detroit<00:01:43.850> currency<00:01:44.390> valuations<00:01:44.960> health
debt Detroit currency valuations health
debt Detroit currency valuations health
care<00:01:45.560> all<00:01:45.710> these<00:01:45.859> issues<00:01:46.189> facing<00:01:46.429> this<00:01:46.670> you
care all these issues facing this you
care all these issues facing this you
put<00:01:47.179> them<00:01:47.299> all<00:01:47.359> together<00:01:47.479> you<00:01:47.719> mix<00:01:47.990> them<00:01:48.109> up<00:01:48.200> in
put them all together you mix them up in
put them all together you mix them up in
a<00:01:48.409> bouillabaisse<00:01:48.679> and<00:01:48.859> you<00:01:49.189> have<00:01:49.369> consumer
a bouillabaisse and you have consumer
a bouillabaisse and you have consumer
confidence<00:01:50.420> it's<00:01:50.869> basically<00:01:51.289> a<00:01:51.439> ticking<00:01:51.859> time
confidence it's basically a ticking time
confidence it's basically a ticking time
bomb<00:01:52.100> in<00:01:52.630> fact<00:01:53.630> let's<00:01:54.320> go<00:01:54.439> back<00:01:54.590> and<00:01:54.740> look<00:01:54.890> at
bomb in fact let's go back and look at
bomb in fact let's go back and look at
what<00:01:55.100> caused<00:01:55.340> this<00:01:55.640> crisis<00:01:56.090> because<00:01:56.210> the
what caused this crisis because the
what caused this crisis because the
consumer<00:01:56.869> all<00:01:57.079> of<00:01:57.350> us<00:01:57.469> in<00:01:57.859> our<00:01:57.979> daily<00:01:58.039> lives
consumer all of us in our daily lives
consumer all of us in our daily lives
actually<00:01:58.820> contribute<00:01:59.659> a<00:01:59.719> large<00:01:59.929> part<00:02:00.229> to<00:02:00.289> the
actually contribute a large part to the
actually contribute a large part to the
problem<00:02:00.890> this<00:02:01.429> is<00:02:01.609> something<00:02:01.880> I<00:02:01.939> call<00:02:02.149> the
problem this is something I call the
problem this is something I call the
5020<00:02:03.109> paradox
5020 paradox
5020 paradox
it<00:02:04.130> took<00:02:04.490> us<00:02:04.840> 50<00:02:05.840> years<00:02:06.200> to<00:02:06.979> reach<00:02:07.280> annual
it took us 50 years to reach annual
it took us 50 years to reach annual
savings<00:02:08.660> ratings<00:02:09.080> of<00:02:09.289> almost<00:02:09.590> 10<00:02:09.830> percent<00:02:10.009> 50
savings ratings of almost 10 percent 50
savings ratings of almost 10 percent 50
years<00:02:11.240> do<00:02:11.870> you<00:02:11.900> know<00:02:12.020> what<00:02:12.170> this<00:02:12.260> was<00:02:12.470> right
years do you know what this was right
years do you know what this was right
here<00:02:12.860> this<00:02:13.250> is<00:02:13.310> world<00:02:13.610> war<00:02:13.790> two<00:02:13.940> you<00:02:13.970> know<00:02:14.210> why
here this is world war two you know why
here this is world war two you know why
savings<00:02:14.660> was<00:02:14.810> so<00:02:14.930> high<00:02:15.670> there<00:02:16.670> was<00:02:16.760> nothing<00:02:17.030> to
savings was so high there was nothing to
savings was so high there was nothing to
buy<00:02:17.270> unless<00:02:17.480> you<00:02:17.690> wanted<00:02:17.870> to<00:02:17.930> buy<00:02:18.020> some<00:02:18.230> rivets
buy unless you wanted to buy some rivets
buy unless you wanted to buy some rivets
right<00:02:19.070> so<00:02:19.730> what<00:02:20.000> happened<00:02:20.360> though<00:02:20.510> over<00:02:20.840> the
right so what happened though over the
right so what happened though over the
course<00:02:21.170> of<00:02:21.320> the<00:02:21.440> last<00:02:21.710> 20<00:02:22.190> years<00:02:22.220> we<00:02:23.030> went<00:02:23.270> from
course of the last 20 years we went from
course of the last 20 years we went from
a<00:02:23.570> 10%
a 10%
a 10%
rate<00:02:24.780> to<00:02:25.410> a<00:02:25.440> negative<00:02:25.770> savings<00:02:26.190> rate<00:02:26.520> because
rate to a negative savings rate because
rate to a negative savings rate because
we<00:02:27.360> binge
we binge
we binge
we<00:02:28.620> bought<00:02:28.860> extra<00:02:29.730> car<00:02:30.000> large<00:02:30.420> cars
we bought extra car large cars
we bought extra car large cars
super-sized<00:02:31.530> everything<00:02:32.130> we<00:02:32.640> bought
super-sized everything we bought
super-sized everything we bought
remedies<00:02:33.270> for<00:02:33.450> restless<00:02:34.290> leg<00:02:34.560> syndrome<00:02:34.590> all
remedies for restless leg syndrome all
remedies for restless leg syndrome all
these<00:02:35.640> things<00:02:35.880> together<00:02:36.060> basically<00:02:36.780> created
these things together basically created
these things together basically created
a<00:02:37.710> you<00:02:38.190> know<00:02:38.310> a<00:02:38.340> factor<00:02:38.940> where<00:02:39.120> the<00:02:39.240> consumer
a you know a factor where the consumer
a you know a factor where the consumer
sort<00:02:40.110> of<00:02:40.200> drove<00:02:40.380> us<00:02:40.560> headlong<00:02:40.890> into<00:02:41.130> the
sort of drove us headlong into the
sort of drove us headlong into the
crisis<00:02:41.700> that<00:02:41.760> we<00:02:41.820> face<00:02:42.090> today<00:02:42.320> the<00:02:43.320> personal
crisis that we face today the personal
crisis that we face today the personal
debt<00:02:44.190> to<00:02:44.790> income<00:02:45.090> ratio<00:02:45.750> basically<00:02:46.380> went<00:02:46.590> from
debt to income ratio basically went from
debt to income ratio basically went from
65<00:02:47.400> percent<00:02:47.940> to<00:02:48.140> 135<00:02:49.140> percent<00:02:49.590> in<00:02:49.890> the<00:02:50.070> span<00:02:50.310> of
65 percent to 135 percent in the span of
65 percent to 135 percent in the span of
about<00:02:50.550> 15<00:02:51.090> years<00:02:51.300> so<00:02:52.110> consumers<00:02:52.800> got<00:02:52.980> over
about 15 years so consumers got over
about 15 years so consumers got over
leveraged<00:02:53.730> and<00:02:53.940> of<00:02:54.270> course<00:02:54.480> our<00:02:54.660> banks<00:02:54.990> did<00:02:55.140> as
leveraged and of course our banks did as
leveraged and of course our banks did as
well<00:02:55.500> as<00:02:55.560> get<00:02:56.040> our<00:02:56.130> federal<00:02:56.460> government<00:02:56.490> this
well as get our federal government this
well as get our federal government this
is<00:02:57.330> an<00:02:57.450> absolutely<00:02:58.080> staggering<00:02:58.650> chart<00:02:59.040> it
is an absolutely staggering chart it
is an absolutely staggering chart it
shows<00:02:59.700> leverage<00:03:00.330> trended<00:03:01.080> out<00:03:01.170> from<00:03:01.440> 1919<00:03:02.370> to
shows leverage trended out from 1919 to
shows leverage trended out from 1919 to
2009<00:03:03.660> and<00:03:03.990> what<00:03:04.230> you<00:03:04.350> end<00:03:04.470> up<00:03:04.590> seeing<00:03:04.890> is<00:03:05.100> the
2009 and what you end up seeing is the
2009 and what you end up seeing is the
whole<00:03:05.760> phenomenon<00:03:06.450> of<00:03:06.600> the<00:03:06.660> fact<00:03:06.900> that<00:03:07.050> we<00:03:07.170> are
whole phenomenon of the fact that we are
whole phenomenon of the fact that we are
actually<00:03:07.670> stepping<00:03:08.670> forth<00:03:09.150> in<00:03:09.390> basically
actually stepping forth in basically
actually stepping forth in basically
leveraging<00:03:10.380> future<00:03:10.830> education<00:03:11.490> future
leveraging future education future
leveraging future education future
children<00:03:12.360> in<00:03:12.600> our<00:03:12.720> households<00:03:13.320> so<00:03:13.860> if<00:03:14.070> you
children in our households so if you
children in our households so if you
look<00:03:14.310> at<00:03:14.400> this<00:03:14.520> in<00:03:14.700> the<00:03:14.790> context<00:03:15.270> of
look at this in the context of
look at this in the context of
visualizing<00:03:15.810> the<00:03:16.050> bailout<00:03:16.380> what<00:03:16.800> you<00:03:16.890> can<00:03:17.040> see
visualizing the bailout what you can see
visualizing the bailout what you can see
is<00:03:17.400> if<00:03:17.550> you<00:03:17.670> stack<00:03:18.000> up<00:03:18.030> dollar<00:03:18.450> bills
is if you stack up dollar bills
is if you stack up dollar bills
first<00:03:19.530> of<00:03:19.710> all<00:03:20.000> 360,000<00:03:21.000> dollars<00:03:21.030> is<00:03:21.450> about
first of all 360,000 dollars is about
first of all 360,000 dollars is about
the<00:03:22.020> size<00:03:22.290> of<00:03:22.440> a<00:03:22.560> 5<00:03:22.770> foot<00:03:23.010> 4<00:03:23.220> guy<00:03:23.430> but<00:03:24.300> if<00:03:24.420> you
the size of a 5 foot 4 guy but if you
the size of a 5 foot 4 guy but if you
stack<00:03:24.810> it<00:03:24.840> up<00:03:25.110> you<00:03:25.260> just<00:03:25.290> see<00:03:25.590> this<00:03:25.710> amazing
stack it up you just see this amazing
stack it up you just see this amazing
staggering<00:03:26.880> amount<00:03:27.060> of<00:03:27.180> basically<00:03:27.960> dollars
staggering amount of basically dollars
staggering amount of basically dollars
that<00:03:28.530> have<00:03:28.620> been<00:03:28.650> put<00:03:28.950> into<00:03:29.100> the<00:03:29.250> system<00:03:29.280> to
that have been put into the system to
that have been put into the system to
fund<00:03:30.030> and<00:03:30.209> bail<00:03:30.330> us<00:03:30.360> out<00:03:30.690> so<00:03:31.260> this<00:03:31.380> is<00:03:31.440> the
fund and bail us out so this is the
fund and bail us out so this is the
first<00:03:31.920> 315<00:03:32.670> billion<00:03:33.120> but<00:03:33.690> I<00:03:33.720> read<00:03:33.930> this<00:03:34.050> fact
first 315 billion but I read this fact
first 315 billion but I read this fact
of<00:03:34.500> the<00:03:34.590> day<00:03:34.709> that<00:03:34.920> one<00:03:35.280> trillion<00:03:35.760> seconds
of the day that one trillion seconds
of the day that one trillion seconds
equals<00:03:36.950> 32,000<00:03:37.950> years<00:03:38.130> so<00:03:38.850> if<00:03:38.910> you<00:03:39.000> think
equals 32,000 years so if you think
equals 32,000 years so if you think
about<00:03:39.510> that<00:03:39.690> the<00:03:39.870> context<00:03:40.410> the<00:03:40.500> casualness
about that the context the casualness
about that the context the casualness
with<00:03:41.400> which<00:03:41.580> we<00:03:41.760> talk<00:03:41.970> about<00:03:42.150> trillion<00:03:42.930> dollar
with which we talk about trillion dollar
with which we talk about trillion dollar
bailout<00:03:43.380> here<00:03:43.770> and<00:03:44.010> trillion<00:03:44.370> there<00:03:44.520> we<00:03:44.850> are
bailout here and trillion there we are
bailout here and trillion there we are
stacking<00:03:45.360> ourselves<00:03:45.959> up<00:03:46.140> for<00:03:46.680> long<00:03:47.010> term
stacking ourselves up for long term
stacking ourselves up for long term
leverage<00:03:47.730> however<00:03:49.010> consumers<00:03:50.010> have<00:03:50.340> moved
leverage however consumers have moved
leverage however consumers have moved
they<00:03:51.030> are<00:03:51.150> taking<00:03:51.600> responsibility<00:03:52.160> what
they are taking responsibility what
they are taking responsibility what
we're<00:03:53.310> seeing<00:03:53.550> is<00:03:53.790> an<00:03:53.970> uptick<00:03:54.390> in<00:03:54.420> the<00:03:54.570> savings
we're seeing is an uptick in the savings
we're seeing is an uptick in the savings
rate<00:03:55.080> in<00:03:55.350> fact<00:03:55.800> 11<00:03:56.160> straight<00:03:56.580> months<00:03:56.640> of
rate in fact 11 straight months of
rate in fact 11 straight months of
savings<00:03:57.540> have<00:03:57.660> happened<00:03:57.989> since<00:03:58.170> the
savings have happened since the
savings have happened since the
beginning<00:03:58.560> of<00:03:58.590> the<00:03:58.680> crisis<00:03:59.100> we<00:03:59.520> are<00:03:59.640> working
beginning of the crisis we are working
beginning of the crisis we are working
our<00:04:00.120> way<00:04:00.150> back<00:04:00.450> up<00:04:00.480> to<00:04:00.750> that<00:04:00.870> 10%<00:04:01.310> also
our way back up to that 10% also
our way back up to that 10% also
remarkably<00:04:02.910> in<00:04:03.030> the<00:04:03.120> fourth<00:04:03.390> quarter
remarkably in the fourth quarter
remarkably in the fourth quarter
spending<00:04:04.350> dropped<00:04:04.680> to<00:04:05.100> its<00:04:05.130> lowest<00:04:05.340> level<00:04:05.880> in
spending dropped to its lowest level in
spending dropped to its lowest level in
62<00:04:06.900> years<00:04:07.380> almost<00:04:07.860> a<00:04:08.100> 3<00:04:08.310> point<00:04:08.580> 7<00:04:08.820> percent
62 years almost a 3 point 7 percent
62 years almost a 3 point 7 percent
decline<00:04:09.570> visa<00:04:10.560> now<00:04:10.830> reports<00:04:11.250> that<00:04:11.370> more
decline visa now reports that more
decline visa now reports that more
people<00:04:11.640> are<00:04:11.850> using<00:04:11.970> debit<00:04:12.330> cards<00:04:12.750> than
people are using debit cards than
people are using debit cards than
they're<00:04:13.020> using<00:04:13.260> credit<00:04:13.560> cards<00:04:13.590> so<00:04:14.310> we're
they're using credit cards so we're
they're using credit cards so we're
starting<00:04:14.700> to<00:04:15.030> pay<00:04:15.450> for<00:04:15.959> things<00:04:16.200> with<00:04:16.530> money
starting to pay for things with money
starting to pay for things with money
that<00:04:16.830> we<00:04:17.040> have<00:04:17.250> and<00:04:17.520> we're<00:04:17.910> starting<00:04:18.180> to<00:04:18.239> be
that we have and we're starting to be
that we have and we're starting to be
much<00:04:18.660> more<00:04:18.870> careful<00:04:19.109> about<00:04:19.410> how<00:04:19.560> we<00:04:19.620> save<00:04:19.950> and
much more careful about how we save and
much more careful about how we save and
how<00:04:20.190> we<00:04:20.250> invest<00:04:20.580> but<00:04:21.359> that's<00:04:21.540> not<00:04:21.690> really<00:04:21.930> the
how we invest but that's not really the
how we invest but that's not really the
whole<00:04:22.169> story<00:04:22.200> because<00:04:22.740> this<00:04:23.460> has<00:04:23.610> also<00:04:23.760> been<00:04:23.880> a
whole story because this has also been a
whole story because this has also been a
dramatic<00:04:24.720> time<00:04:24.930> of<00:04:25.169> transformation<00:04:25.680> and<00:04:26.130> you
dramatic time of transformation and you
dramatic time of transformation and you
got<00:04:26.610> to<00:04:26.700> admit<00:04:26.760> over<00:04:27.030> the<00:04:27.120> course<00:04:27.300> of<00:04:27.450> the<00:04:27.540> last
got to admit over the course of the last
got to admit over the course of the last
year-and-a-half<00:04:28.110> consumers<00:04:28.650> have<00:04:28.740> been
year-and-a-half consumers have been
year-and-a-half consumers have been
doing<00:04:28.980> some<00:04:29.130> pretty<00:04:29.310> weird<00:04:29.520> things<00:04:29.820> because
doing some pretty weird things because
doing some pretty weird things because
it's<00:04:30.240> been<00:04:30.510> pretty<00:04:30.750> pretty<00:04:31.320> staggering<00:04:31.650> that
it's been pretty pretty staggering that
it's been pretty pretty staggering that
we<00:04:32.160> live<00:04:32.370> through<00:04:32.550> if<00:04:33.150> you<00:04:33.270> take<00:04:33.450> into<00:04:33.630> account
we live through if you take into account
we live through if you take into account
80%<00:04:34.650> of<00:04:34.770> all<00:04:34.830> Americans<00:04:34.890> were<00:04:35.460> born
80% of all Americans were born
80% of all Americans were born
after<00:04:35.979> World<00:04:36.160> War<00:04:36.250> two<00:04:36.580> this<00:04:37.210> was<00:04:37.419> essentially
after World War two this was essentially
after World War two this was essentially
our<00:04:38.110> depression<00:04:38.139> and<00:04:38.889> so<00:04:39.400> as<00:04:39.520> a<00:04:39.580> result<00:04:39.789> some
our depression and so as a result some
our depression and so as a result some
crazy<00:04:40.720> things<00:04:41.020> have<00:04:41.169> happened
crazy things have happened
crazy things have happened
I'll<00:04:42.220> give<00:04:42.370> you<00:04:42.430> some<00:04:42.580> examples<00:04:42.669> let's<00:04:43.240> talk
I'll give you some examples let's talk
I'll give you some examples let's talk
about<00:04:43.650> dentists<00:04:44.849> vasectomies<00:04:45.849> guns<00:04:46.539> and
about dentists vasectomies guns and
about dentists vasectomies guns and
shark<00:04:47.080> attacks<00:04:47.410> okay
shark attacks okay
shark attacks okay
dentists<00:04:50.560> report<00:04:51.009> molars
dentists report molars
dentists report molars
you<00:04:52.419> know<00:04:52.539> people<00:04:52.840> grinding<00:04:53.229> their<00:04:53.349> teeth
you know people grinding their teeth
you know people grinding their teeth
coming<00:04:54.069> in<00:04:54.310> reporting<00:04:54.849> the<00:04:54.940> fact<00:04:55.120> that<00:04:55.180> they
coming in reporting the fact that they
coming in reporting the fact that they
have<00:04:55.509> stress<00:04:55.900> and<00:04:55.930> so<00:04:56.199> there's<00:04:56.380> an<00:04:56.500> increase
have stress and so there's an increase
have stress and so there's an increase
in<00:04:57.130> people<00:04:57.759> having<00:04:57.940> to<00:04:58.030> have<00:04:58.120> their<00:04:58.240> fillings
in people having to have their fillings
in people having to have their fillings
replaced<00:04:58.889> guns<00:04:59.889> gun<00:05:00.610> sales<00:05:00.880> according<00:05:01.120> to<00:05:01.330> the
replaced guns gun sales according to the
replaced guns gun sales according to the
FBI<00:05:01.690> who<00:05:01.840> does<00:05:02.199> background<00:05:02.410> checks<00:05:02.680> are<00:05:03.099> up
FBI who does background checks are up
FBI who does background checks are up
almost<00:05:03.490> 25%<00:05:04.120> since<00:05:04.810> January<00:05:05.759> vasectomies<00:05:06.759> are
almost 25% since January vasectomies are
almost 25% since January vasectomies are
up<00:05:07.050> 48%<00:05:08.050> according<00:05:08.590> to<00:05:08.740> the<00:05:08.860> Cornell
up 48% according to the Cornell
up 48% according to the Cornell
Institute<00:05:10.240> and<00:05:10.479> lastly<00:05:11.470> but<00:05:11.860> a<00:05:11.919> really<00:05:12.340> good
Institute and lastly but a really good
Institute and lastly but a really good
point
point
point
hopefully<00:05:13.569> not<00:05:13.659> related<00:05:14.020> to<00:05:14.139> the<00:05:14.229> former
hopefully not related to the former
hopefully not related to the former
point<00:05:14.680> I<00:05:14.800> just<00:05:14.830> made<00:05:15.039> which<00:05:15.880> is<00:05:15.909> it<00:05:16.180> shark
point I just made which is it shark
point I just made which is it shark
attacks<00:05:16.780> are<00:05:16.930> at<00:05:16.990> their<00:05:17.110> lowest<00:05:17.259> level<00:05:17.650> from
attacks are at their lowest level from
attacks are at their lowest level from
2003<00:05:18.520> does<00:05:19.449> any<00:05:19.599> anybody<00:05:19.930> know<00:05:20.199> why<00:05:21.599> we're<00:05:22.599> no
2003 does any anybody know why we're no
2003 does any anybody know why we're no
ones<00:05:22.900> at<00:05:22.990> the<00:05:23.110> beach<00:05:23.259> so<00:05:23.500> there's<00:05:23.680> a<00:05:23.740> bright
ones at the beach so there's a bright
ones at the beach so there's a bright
side<00:05:23.979> to<00:05:24.430> everything<00:05:24.569> but<00:05:25.569> seriously<00:05:26.050> what<00:05:26.979> we
side to everything but seriously what we
side to everything but seriously what we
see<00:05:27.340> happening<00:05:27.729> and<00:05:27.940> the<00:05:28.000> reason<00:05:28.300> I<00:05:28.389> want<00:05:28.569> to
see happening and the reason I want to
see happening and the reason I want to
stress<00:05:28.870> that<00:05:28.900> the<00:05:29.110> consumer<00:05:29.590> is<00:05:29.620> not<00:05:29.889> in
stress that the consumer is not in
stress that the consumer is not in
retreat<00:05:30.520> is<00:05:30.699> that<00:05:31.240> this<00:05:31.569> is<00:05:31.750> a<00:05:31.780> tremendous
retreat is that this is a tremendous
retreat is that this is a tremendous
opportunity<00:05:32.979> for<00:05:33.039> the<00:05:33.190> consumer<00:05:33.819> who<00:05:34.180> drove
opportunity for the consumer who drove
opportunity for the consumer who drove
us<00:05:34.569> into<00:05:34.750> this<00:05:34.930> recession<00:05:35.110> to<00:05:35.860> lead<00:05:36.039> us<00:05:36.190> right
us into this recession to lead us right
us into this recession to lead us right
back<00:05:36.580> out<00:05:36.759> and<00:05:37.330> what<00:05:37.509> I<00:05:37.539> mean<00:05:37.720> by<00:05:37.780> that<00:05:38.020> is<00:05:38.169> that
back out and what I mean by that is that
back out and what I mean by that is that
we<00:05:38.409> can<00:05:38.590> move<00:05:38.770> from<00:05:38.949> mindless<00:05:39.639> consumption<00:05:40.150> to
we can move from mindless consumption to
we can move from mindless consumption to
mindful<00:05:41.259> consumption<00:05:41.880> right<00:05:42.880> if<00:05:43.360> you<00:05:43.570> think
mindful consumption right if you think
mindful consumption right if you think
about<00:05:44.080> the<00:05:44.440> last<00:05:44.800> three<00:05:45.669> decades<00:05:46.120> the
about the last three decades the
about the last three decades the
consumer<00:05:46.780> has<00:05:46.930> moved<00:05:47.199> from<00:05:47.440> savvy<00:05:48.400> about
consumer has moved from savvy about
consumer has moved from savvy about
marketing<00:05:49.150> in<00:05:49.300> the<00:05:49.389> 90s<00:05:49.840> to<00:05:50.349> gathering<00:05:50.770> all
marketing in the 90s to gathering all
marketing in the 90s to gathering all
these<00:05:51.159> amazing<00:05:51.520> social<00:05:52.360> and<00:05:52.479> search<00:05:52.659> tools<00:05:53.050> in
these amazing social and search tools in
these amazing social and search tools in
this<00:05:53.349> decade<00:05:53.770> but<00:05:54.370> the<00:05:54.430> one<00:05:54.639> thing<00:05:54.820> that's
this decade but the one thing that's
this decade but the one thing that's
been<00:05:54.969> holding<00:05:55.210> them<00:05:55.479> back<00:05:55.570> is<00:05:55.630> the<00:05:55.900> ability<00:05:56.199> to
been holding them back is the ability to
been holding them back is the ability to
discriminate<00:05:56.889> by<00:05:57.610> restricting<00:05:58.060> their<00:05:58.419> demand
discriminate by restricting their demand
discriminate by restricting their demand
consumers<00:05:59.380> can<00:05:59.530> actually<00:05:59.800> align<00:06:00.430> their
consumers can actually align their
consumers can actually align their
values<00:06:01.270> with<00:06:01.419> their<00:06:01.599> spending<00:06:02.020> and<00:06:02.199> drive
values with their spending and drive
values with their spending and drive
capitalism<00:06:03.460> in<00:06:03.580> business<00:06:04.120> to<00:06:04.509> not<00:06:04.659> just<00:06:04.840> be
capitalism in business to not just be
capitalism in business to not just be
about<00:06:05.169> more<00:06:05.469> but<00:06:05.830> be<00:06:05.979> about<00:06:06.190> better<00:06:06.520> we're
about more but be about better we're
about more but be about better we're
going<00:06:07.539> to<00:06:07.599> explain<00:06:07.900> that<00:06:08.110> right<00:06:08.319> now<00:06:08.500> based<00:06:09.340> on
going to explain that right now based on
going to explain that right now based on
why<00:06:09.940> anarse<00:06:10.240> brand<00:06:10.960> asset<00:06:11.349> valuator
why anarse brand asset valuator
why anarse brand asset valuator
proprietary<00:06:12.550> tool<00:06:12.789> of<00:06:13.030> vml<00:06:13.449> and<00:06:13.630> Young<00:06:13.750> &
proprietary tool of vml and Young &
proprietary tool of vml and Young &
Rubicam<00:06:13.900> we<00:06:14.800> set<00:06:15.039> out<00:06:15.159> to<00:06:15.310> understand<00:06:15.789> what's
Rubicam we set out to understand what's
Rubicam we set out to understand what's
been<00:06:16.090> happening<00:06:16.509> in<00:06:16.599> the<00:06:16.690> crisis<00:06:17.139> with<00:06:17.469> the
been happening in the crisis with the
been happening in the crisis with the
consumer<00:06:18.039> marketplace<00:06:18.400> we<00:06:19.240> found<00:06:19.479> a<00:06:19.539> couple
consumer marketplace we found a couple
consumer marketplace we found a couple
of<00:06:19.810> really<00:06:19.990> interesting<00:06:20.319> things<00:06:20.590> we're<00:06:21.400> going
of really interesting things we're going
of really interesting things we're going
to<00:06:21.580> go<00:06:21.669> through<00:06:21.880> four<00:06:22.330> values<00:06:23.110> shifts<00:06:23.710> that<00:06:23.830> we
to go through four values shifts that we
to go through four values shifts that we
see<00:06:24.159> driving<00:06:24.490> new<00:06:24.849> consumer<00:06:25.360> behaviors<00:06:25.840> that
see driving new consumer behaviors that
see driving new consumer behaviors that
offer<00:06:26.530> new<00:06:26.800> management<00:06:27.130> principles<00:06:27.789> the
offer new management principles the
offer new management principles the
first<00:06:28.690> cultural<00:06:29.080> value<00:06:29.380> shift<00:06:29.620> we<00:06:29.740> see<00:06:29.919> is
first cultural value shift we see is
first cultural value shift we see is
this<00:06:30.310> tendency<00:06:30.819> towards<00:06:31.120> something<00:06:31.389> we<00:06:31.479> call
this tendency towards something we call
this tendency towards something we call
liquid<00:06:31.870> life<00:06:32.199> this<00:06:32.979> is<00:06:33.130> the<00:06:33.250> movement<00:06:33.699> from
liquid life this is the movement from
liquid life this is the movement from
America<00:06:34.330> is<00:06:34.389> defining<00:06:34.930> their<00:06:35.080> success<00:06:35.500> on
America is defining their success on
America is defining their success on
having<00:06:36.550> things<00:06:36.819> to<00:06:37.120> having<00:06:37.599> liquidity
having things to having liquidity
having things to having liquidity
because<00:06:38.590> the<00:06:38.710> less<00:06:38.979> excess<00:06:39.729> that<00:06:40.000> you<00:06:40.060> have
because the less excess that you have
because the less excess that you have
around<00:06:40.539> you<00:06:40.750> the<00:06:41.080> more<00:06:41.289> nimble<00:06:41.530> and<00:06:41.860> fleet<00:06:42.099> of
around you the more nimble and fleet of
around you the more nimble and fleet of
foot<00:06:42.370> you<00:06:42.550> are<00:06:42.580> as<00:06:43.030> a<00:06:43.419> result<00:06:43.870> Dec<00:06:44.139> laws<00:06:44.320> say
foot you are as a result Dec laws say
foot you are as a result Dec laws say
consumption<00:06:45.099> is<00:06:45.250> in<00:06:45.400> debt<00:06:45.940> Class<00:06:46.120> A
consumption is in debt Class A
consumption is in debt Class A
consumption<00:06:46.839> is<00:06:46.930> the<00:06:47.020> whole<00:06:47.139> idea<00:06:47.440> of
consumption is the whole idea of
consumption is the whole idea of
spending<00:06:47.949> money
spending money
spending money
makes<00:06:49.990> you<00:06:50.110> look<00:06:50.380> a<00:06:50.560> little<00:06:50.830> bit<00:06:50.949> anti-fashion
makes you look a little bit anti-fashion
makes you look a little bit anti-fashion
the<00:06:52.660> management<00:06:53.050> principle<00:06:53.410> is<00:06:53.530> dollars<00:06:53.860> and
the management principle is dollars and
the management principle is dollars and
cents<00:06:54.310> so<00:06:55.120> let's<00:06:55.300> go<00:06:55.360> look<00:06:55.449> at<00:06:55.540> some<00:06:55.630> examples
cents so let's go look at some examples
cents so let's go look at some examples
of<00:06:56.290> this<00:06:56.380> debt<00:06:56.650> class<00:06:56.830> a<00:06:57.010> consumption<00:06:57.580> that
of this debt class a consumption that
of this debt class a consumption that
falls<00:06:57.940> out<00:06:58.120> of<00:06:58.150> this<00:06:58.330> value<00:06:58.720> first<00:06:59.350> thing<00:06:59.530> is
falls out of this value first thing is
falls out of this value first thing is
we<00:06:59.770> see<00:06:59.949> something<00:07:00.220> must<00:07:00.490> be<00:07:00.550> happening<00:07:00.940> when
we see something must be happening when
we see something must be happening when
p-diddy<00:07:01.479> vows<00:07:01.780> to<00:07:02.020> tone<00:07:02.260> down<00:07:02.290> is<00:07:02.590> bling<00:07:03.870> but
p-diddy vows to tone down is bling but
p-diddy vows to tone down is bling but
seriously<00:07:05.229> we<00:07:05.470> also<00:07:05.620> have<00:07:05.889> this<00:07:05.979> phenomenon
seriously we also have this phenomenon
seriously we also have this phenomenon
on<00:07:06.820> Madison<00:07:07.570> Avenue<00:07:07.690> in<00:07:07.930> another<00:07:08.260> place<00:07:08.530> is
on Madison Avenue in another place is
on Madison Avenue in another place is
where<00:07:08.979> people<00:07:09.280> are<00:07:09.460> actually<00:07:09.810> walking<00:07:10.810> out<00:07:10.930> of
where people are actually walking out of
where people are actually walking out of
luxury<00:07:11.380> boutiques<00:07:11.770> with<00:07:11.979> ordinary<00:07:12.490> sort<00:07:12.850> of
luxury boutiques with ordinary sort of
luxury boutiques with ordinary sort of
generic<00:07:13.330> paper<00:07:13.570> bags<00:07:13.840> to<00:07:14.110> hide<00:07:14.260> the<00:07:14.440> brand
generic paper bags to hide the brand
generic paper bags to hide the brand
purchases<00:07:15.400> we<00:07:16.030> see<00:07:16.240> high-end<00:07:16.630> haggling<00:07:17.199> in
purchases we see high-end haggling in
purchases we see high-end haggling in
fashion<00:07:18.190> today<00:07:18.370> high-end<00:07:19.210> haggling<00:07:19.570> for
fashion today high-end haggling for
fashion today high-end haggling for
luxury<00:07:20.139> and<00:07:20.229> real<00:07:20.470> estate<00:07:20.590> we<00:07:21.520> also<00:07:21.669> see<00:07:22.000> just
luxury and real estate we also see just
luxury and real estate we also see just
a<00:07:22.300> relaxing<00:07:22.960> of<00:07:23.110> ego<00:07:23.530> and<00:07:23.800> sort<00:07:24.039> of<00:07:24.100> a
a relaxing of ego and sort of a
a relaxing of ego and sort of a
dismantling<00:07:25.030> of<00:07:25.180> artifice<00:07:25.690> this<00:07:26.199> is<00:07:26.350> a<00:07:26.380> story
dismantling of artifice this is a story
dismantling of artifice this is a story
on<00:07:26.919> the<00:07:27.070> Yacht<00:07:27.340> Club
on the Yacht Club
on the Yacht Club
that's<00:07:28.150> all<00:07:28.389> basically<00:07:28.810> blue<00:07:29.260> collar<00:07:29.500> blue
that's all basically blue collar blue
that's all basically blue collar blue
collar<00:07:30.039> Yacht<00:07:30.400> Club<00:07:30.610> where<00:07:30.820> you<00:07:30.850> can<00:07:31.060> join<00:07:31.270> the
collar Yacht Club where you can join the
collar Yacht Club where you can join the
Yacht<00:07:31.750> Club<00:07:31.780> but<00:07:32.080> you've<00:07:32.199> got<00:07:32.320> to<00:07:32.410> work<00:07:32.530> in<00:07:32.650> the
Yacht Club but you've got to work in the
Yacht Club but you've got to work in the
boat<00:07:32.889> yard<00:07:33.039> is<00:07:33.280> sort<00:07:33.520> of<00:07:33.580> condition<00:07:34.000> of
boat yard is sort of condition of
boat yard is sort of condition of
membership<00:07:34.530> we<00:07:35.530> also<00:07:35.680> see<00:07:36.100> the<00:07:36.520> trend<00:07:36.820> toward
membership we also see the trend toward
membership we also see the trend toward
tourism<00:07:38.139> that's<00:07:38.320> a<00:07:38.410> little<00:07:38.620> bit<00:07:38.710> more<00:07:38.860> low-key
tourism that's a little bit more low-key
tourism that's a little bit more low-key
right<00:07:39.789> Agri<00:07:40.389> tourism<00:07:40.539> going<00:07:41.350> to<00:07:41.440> vineyards
right Agri tourism going to vineyards
right Agri tourism going to vineyards
and<00:07:41.979> going<00:07:42.160> to<00:07:42.250> farms<00:07:42.639> and<00:07:43.300> then<00:07:43.419> we<00:07:43.479> also<00:07:43.630> see
and going to farms and then we also see
and going to farms and then we also see
this<00:07:44.680> movement<00:07:45.220> forward<00:07:45.639> from<00:07:45.970> dollars<00:07:46.330> and
this movement forward from dollars and
this movement forward from dollars and
cents<00:07:46.750> what<00:07:46.960> businesses<00:07:47.590> can<00:07:47.650> do<00:07:47.889> to<00:07:48.010> connect
cents what businesses can do to connect
cents what businesses can do to connect
with<00:07:48.490> these<00:07:48.610> new<00:07:48.789> mindsets<00:07:49.300> are<00:07:49.449> really
with these new mindsets are really
with these new mindsets are really
interesting<00:07:50.260> a<00:07:50.380> couple<00:07:50.949> things<00:07:51.100> that<00:07:51.250> are
interesting a couple things that are
interesting a couple things that are
kind<00:07:51.580> of<00:07:51.639> cool<00:07:51.820> one<00:07:52.419> is<00:07:52.539> it<00:07:52.660> frito-lay
kind of cool one is it frito-lay
kind of cool one is it frito-lay
figured<00:07:54.099> out<00:07:54.220> this<00:07:54.340> liquidity<00:07:54.760> thing<00:07:55.210> with
figured out this liquidity thing with
figured out this liquidity thing with
their<00:07:55.510> consumer<00:07:56.050> they<00:07:56.289> found<00:07:56.500> their<00:07:56.590> consumer
their consumer they found their consumer
their consumer they found their consumer
had<00:07:57.070> more<00:07:57.220> money<00:07:57.400> at<00:07:57.580> the<00:07:57.610> beginning<00:07:57.729> of<00:07:58.030> the
had more money at the beginning of the
had more money at the beginning of the
month<00:07:58.240> less<00:07:58.900> at<00:07:59.080> the<00:07:59.169> end<00:07:59.289> of<00:07:59.380> the<00:07:59.440> month<00:07:59.650> so
month less at the end of the month so
month less at the end of the month so
what<00:08:00.099> they<00:08:00.220> did<00:08:00.280> is<00:08:00.400> they<00:08:00.610> started<00:08:00.669> to<00:08:01.030> change
what they did is they started to change
what they did is they started to change
their<00:08:01.419> packaging<00:08:01.930> larger<00:08:02.440> packs<00:08:02.650> at<00:08:02.800> the
their packaging larger packs at the
their packaging larger packs at the
beginning<00:08:03.130> of<00:08:03.190> the<00:08:03.250> month<00:08:03.370> smaller<00:08:03.940> packaging
beginning of the month smaller packaging
beginning of the month smaller packaging
at<00:08:04.960> the<00:08:05.169> at<00:08:05.590> the<00:08:05.710> end<00:08:05.740> of<00:08:05.950> the<00:08:06.010> month<00:08:06.360> really
at the at the end of the month really
at the at the end of the month really
interestingly<00:08:07.599> too<00:08:08.139> was<00:08:08.590> San<00:08:08.860> Francisco
interestingly too was San Francisco
interestingly too was San Francisco
Giants<00:08:09.789> they've<00:08:10.030> just<00:08:10.060> instituted<00:08:10.570> dynamic
Giants they've just instituted dynamic
Giants they've just instituted dynamic
pricing<00:08:11.650> so<00:08:12.430> it<00:08:12.550> takes<00:08:12.789> into<00:08:13.000> account
pricing so it takes into account
pricing so it takes into account
everything<00:08:13.599> from<00:08:14.139> the<00:08:14.260> pitcher<00:08:14.650> matchups<00:08:15.130> to
everything from the pitcher matchups to
everything from the pitcher matchups to
the<00:08:15.880> weather<00:08:16.150> to<00:08:16.570> the<00:08:16.690> team<00:08:16.900> records<00:08:17.320> and
the weather to the team records and
the weather to the team records and
setting<00:08:17.830> prices<00:08:18.130> for<00:08:18.580> the<00:08:18.669> consumer<00:08:19.199> another
setting prices for the consumer another
setting prices for the consumer another
quick<00:08:20.440> example<00:08:20.470> of<00:08:21.070> these<00:08:21.610> types<00:08:21.849> of
quick example of these types of
quick example of these types of
movements<00:08:22.599> are<00:08:22.750> obviously<00:08:23.470> the<00:08:23.590> rise<00:08:23.770> of
movements are obviously the rise of
movements are obviously the rise of
zinga<00:08:24.460> zinga<00:08:25.180> has<00:08:25.510> risen<00:08:25.720> on<00:08:25.990> the<00:08:26.199> consumers
zinga zinga has risen on the consumers
zinga zinga has risen on the consumers
desire<00:08:27.039> to<00:08:27.280> not<00:08:27.430> want<00:08:27.669> to<00:08:27.699> be<00:08:27.760> locked<00:08:28.090> into
desire to not want to be locked into
desire to not want to be locked into
fixed<00:08:28.660> costs<00:08:29.080> again<00:08:29.470> this<00:08:29.620> theme<00:08:29.800> is<00:08:29.919> about
fixed costs again this theme is about
fixed costs again this theme is about
variable<00:08:30.789> cost<00:08:31.000> variable<00:08:31.510> living<00:08:31.900> so<00:08:32.080> micro
variable cost variable living so micro
variable cost variable living so micro
payments<00:08:32.800> have<00:08:32.890> become<00:08:33.159> huge<00:08:33.459> and<00:08:33.640> lastly
payments have become huge and lastly
payments have become huge and lastly
some<00:08:34.539> people<00:08:34.930> are<00:08:35.020> using<00:08:35.169> Hulu<00:08:35.680> actually<00:08:36.459> is<00:08:36.580> a
some people are using Hulu actually is a
some people are using Hulu actually is a
device<00:08:36.940> to<00:08:36.969> get<00:08:37.270> rid<00:08:37.390> of<00:08:37.419> their<00:08:37.599> cable<00:08:37.959> bill
device to get rid of their cable bill
device to get rid of their cable bill
so<00:08:38.860> really<00:08:39.370> clever<00:08:39.760> ideas<00:08:40.240> there<00:08:40.539> that<00:08:40.750> are
so really clever ideas there that are
so really clever ideas there that are
kind<00:08:41.050> of<00:08:41.110> being<00:08:41.440> taken<00:08:41.500> a<00:08:41.890> hold<00:08:42.099> and<00:08:42.250> marketers
kind of being taken a hold and marketers
kind of being taken a hold and marketers
is<00:08:42.789> starting<00:08:43.060> to<00:08:43.120> understand<00:08:43.510> the<00:08:44.229> second<00:08:44.650> of
is starting to understand the second of
is starting to understand the second of
the<00:08:45.010> four<00:08:45.250> values<00:08:45.490> is<00:08:45.970> this<00:08:46.120> movement<00:08:46.420> toward
the four values is this movement toward
the four values is this movement toward
ethics<00:08:47.440> and<00:08:47.620> fair<00:08:47.830> play<00:08:48.010> we<00:08:48.580> see<00:08:48.850> that<00:08:49.060> play
ethics and fair play we see that play
ethics and fair play we see that play
itself<00:08:49.690> out<00:08:49.900> with<00:08:50.170> empathy<00:08:50.560> and<00:08:50.830> respect<00:08:51.250> the
itself out with empathy and respect the
itself out with empathy and respect the
consumer<00:08:52.120> is<00:08:52.180> demanding<00:08:52.390> it<00:08:52.930> and<00:08:53.110> as<00:08:53.500> a<00:08:53.529> result
consumer is demanding it and as a result
consumer is demanding it and as a result
businesses<00:08:54.850> must<00:08:55.029> provide<00:08:55.360> not<00:08:55.570> only<00:08:55.600> value
businesses must provide not only value
businesses must provide not only value
but<00:08:56.440> values<00:08:57.010> increasingly<00:08:57.730> consumers<00:08:58.060> are
but values increasingly consumers are
but values increasingly consumers are
looking<00:08:58.270> at<00:08:58.690> the<00:08:58.810> culture<00:08:59.170> of<00:08:59.200> the<00:08:59.320> company
looking at the culture of the company
looking at the culture of the company
looking<00:09:00.070> for<00:09:00.250> their<00:09:00.339> conduct
looking for their conduct
looking for their conduct
marketplace<00:09:01.440> so<00:09:02.339> what<00:09:02.490> we<00:09:02.580> see<00:09:02.730> with<00:09:02.850> empathy
marketplace so what we see with empathy
marketplace so what we see with empathy
and<00:09:03.300> respect<00:09:03.630> lots<00:09:03.899> of<00:09:04.020> really<00:09:04.170> hopeful
and respect lots of really hopeful
and respect lots of really hopeful
things<00:09:04.980> that<00:09:05.130> have<00:09:05.220> come<00:09:05.339> out<00:09:05.430> of<00:09:05.610> this
things that have come out of this
things that have come out of this
recession<00:09:05.880> and<00:09:06.450> I'll<00:09:07.080> give<00:09:07.200> you<00:09:07.290> a<00:09:07.320> few
recession and I'll give you a few
recession and I'll give you a few
examples<00:09:07.520> one<00:09:08.520> is<00:09:08.640> the<00:09:08.760> rise<00:09:09.000> toward
examples one is the rise toward
examples one is the rise toward
communities<00:09:10.020> in<00:09:10.200> neighborhoods<00:09:10.620> and
communities in neighborhoods and
communities in neighborhoods and
increase<00:09:11.190> emphasis<00:09:11.790> on<00:09:12.029> your<00:09:12.270> neighbors<00:09:12.720> as
increase emphasis on your neighbors as
increase emphasis on your neighbors as
your<00:09:13.589> support<00:09:13.980> system<00:09:14.399> also<00:09:14.820> a<00:09:15.180> wonderful
your support system also a wonderful
your support system also a wonderful
byproduct<00:09:16.740> of<00:09:16.860> sort<00:09:17.430> of<00:09:17.490> really<00:09:18.029> lousy<00:09:18.570> thing
byproduct of sort of really lousy thing
byproduct of sort of really lousy thing
which<00:09:18.930> has<00:09:19.050> been<00:09:19.080> unemployment<00:09:19.740> is<00:09:19.830> a<00:09:19.860> rise<00:09:20.130> in
which has been unemployment is a rise in
which has been unemployment is a rise in
volunteerism<00:09:20.880> that's<00:09:21.240> been<00:09:21.510> noted<00:09:21.750> in<00:09:21.810> our
volunteerism that's been noted in our
volunteerism that's been noted in our
country<00:09:22.350> we<00:09:23.010> also<00:09:23.190> see<00:09:23.550> the<00:09:24.149> phenomenon<00:09:24.660> some
country we also see the phenomenon some
country we also see the phenomenon some
of<00:09:25.170> you<00:09:25.290> may<00:09:25.410> have<00:09:25.529> boomerang<00:09:26.100> kids
of you may have boomerang kids
of you may have boomerang kids
these<00:09:26.970> are<00:09:27.089> boomerang<00:09:27.510> alumni<00:09:27.990> where
these are boomerang alumni where
these are boomerang alumni where
universities<00:09:29.250> are<00:09:29.370> actually<00:09:29.640> reconnecting
universities are actually reconnecting
universities are actually reconnecting
with<00:09:30.300> alumni<00:09:30.839> and<00:09:30.959> helping<00:09:31.290> them<00:09:31.440> with<00:09:31.620> jobs
with alumni and helping them with jobs
with alumni and helping them with jobs
sharing<00:09:32.310> skills<00:09:32.550> and<00:09:32.880> Retraining<00:09:33.480> we<00:09:34.110> also
sharing skills and Retraining we also
sharing skills and Retraining we also
talked<00:09:34.620> about<00:09:34.709> character<00:09:35.430> and
talked about character and
talked about character and
professionalism<00:09:36.209> we<00:09:36.720> had<00:09:36.899> this<00:09:36.990> miracle<00:09:37.560> on
professionalism we had this miracle on
professionalism we had this miracle on
the<00:09:37.709> Hudson<00:09:37.830> in<00:09:38.339> New<00:09:38.430> York<00:09:38.610> City<00:09:38.850> you<00:09:39.390> know<00:09:39.480> in
the Hudson in New York City you know in
the Hudson in New York City you know in
January<00:09:40.170> and<00:09:40.350> suddenly<00:09:40.950> Sully<00:09:41.399> has<00:09:41.640> become<00:09:41.970> a
January and suddenly Sully has become a
January and suddenly Sully has become a
key<00:09:42.300> name<00:09:42.959> on<00:09:43.170> BabyCenter<00:09:44.690> so<00:09:45.690> from<00:09:45.930> a<00:09:46.050> value
key name on BabyCenter so from a value
key name on BabyCenter so from a value
and<00:09:46.620> value<00:09:46.920> standpoint<00:09:47.339> what<00:09:47.970> companies<00:09:48.630> can
and value standpoint what companies can
and value standpoint what companies can
do<00:09:48.930> is<00:09:49.080> connect<00:09:49.410> in<00:09:49.529> lots<00:09:49.770> of<00:09:49.920> different<00:09:50.250> ways
do is connect in lots of different ways
do is connect in lots of different ways
Microsoft<00:09:51.450> is<00:09:51.600> doing<00:09:51.630> something<00:09:51.959> wonderful
Microsoft is doing something wonderful
Microsoft is doing something wonderful
they're<00:09:52.529> actually<00:09:52.950> vowing<00:09:53.399> to<00:09:53.520> retrain<00:09:54.089> two
they're actually vowing to retrain two
they're actually vowing to retrain two
million<00:09:54.810> Americans<00:09:55.350> with<00:09:55.589> IT<00:09:55.800> training<00:09:56.220> using
million Americans with IT training using
million Americans with IT training using
their<00:09:57.120> existing<00:09:57.540> infrastructure<00:09:58.110> to<00:09:58.350> do
their existing infrastructure to do
their existing infrastructure to do
something<00:09:58.830> good<00:09:58.980> also<00:09:59.880> a<00:10:00.149> really<00:10:00.480> interesting
something good also a really interesting
something good also a really interesting
company<00:10:01.110> is<00:10:01.170> gore-tex<00:10:01.740> gore-tex<00:10:02.580> is<00:10:02.700> all
company is gore-tex gore-tex is all
company is gore-tex gore-tex is all
about<00:10:03.360> personal<00:10:04.080> accountability<00:10:04.830> of<00:10:04.920> their
about personal accountability of their
about personal accountability of their
management<00:10:05.400> and<00:10:05.670> their<00:10:05.850> employees<00:10:06.300> to<00:10:06.510> the
management and their employees to the
management and their employees to the
point<00:10:07.440> where<00:10:07.709> they<00:10:07.980> really<00:10:08.279> kind<00:10:08.490> of<00:10:08.580> shun<00:10:08.880> the
point where they really kind of shun the
point where they really kind of shun the
idea<00:10:09.300> of<00:10:09.510> bosses<00:10:10.050> but<00:10:10.650> they<00:10:10.770> also<00:10:10.920> talk<00:10:11.250> about
idea of bosses but they also talk about
idea of bosses but they also talk about
the<00:10:11.520> fact<00:10:11.610> that<00:10:11.910> their<00:10:12.180> executives<00:10:12.839> all<00:10:13.020> of
the fact that their executives all of
the fact that their executives all of
their<00:10:13.470> expense<00:10:13.800> reports<00:10:14.190> are<00:10:14.520> put<00:10:14.880> on<00:10:15.029> to
their expense reports are put on to
their expense reports are put on to
their<00:10:15.390> company<00:10:15.720> internet<00:10:16.320> for<00:10:16.500> everyone<00:10:16.709> to
their company internet for everyone to
their company internet for everyone to
see<00:10:17.160> complete<00:10:17.580> transparency<00:10:18.209> I<00:10:18.839> think<00:10:19.440> twice
see complete transparency I think twice
see complete transparency I think twice
before<00:10:20.040> you<00:10:20.279> have<00:10:20.400> that<00:10:20.520> bottle<00:10:20.790> of<00:10:20.880> wine<00:10:21.290> the
before you have that bottle of wine the
before you have that bottle of wine the
third<00:10:22.589> of<00:10:22.770> the<00:10:22.890> four<00:10:23.130> laws<00:10:23.190> of<00:10:23.510> post<00:10:24.510> crisis
third of the four laws of post crisis
third of the four laws of post crisis
consumerism<00:10:25.440> is<00:10:25.650> about<00:10:25.860> durable<00:10:26.370> living
consumerism is about durable living
consumerism is about durable living
we're<00:10:27.240> seeing<00:10:27.510> on<00:10:27.600> our<00:10:27.720> data<00:10:27.900> that<00:10:28.110> consumers
we're seeing on our data that consumers
we're seeing on our data that consumers
are<00:10:28.740> realized<00:10:29.070> this<00:10:29.279> is<00:10:29.430> a<00:10:29.459> marathon<00:10:30.060> not<00:10:30.240> a
are realized this is a marathon not a
are realized this is a marathon not a
sprint
sprint
sprint
they're<00:10:31.140> digging<00:10:31.470> in<00:10:31.830> and<00:10:32.040> they're<00:10:32.250> looking
they're digging in and they're looking
they're digging in and they're looking
for<00:10:32.610> ways<00:10:32.820> to<00:10:32.940> extract<00:10:33.480> value<00:10:34.170> out<00:10:34.350> of<00:10:34.380> every
for ways to extract value out of every
for ways to extract value out of every
purchase<00:10:35.010> that<00:10:35.339> they<00:10:35.490> may<00:10:35.670> witness<00:10:36.540> to<00:10:36.810> the
purchase that they may witness to the
purchase that they may witness to the
fact<00:10:37.140> that<00:10:37.260> Americans<00:10:37.410> are<00:10:37.890> holding<00:10:38.160> out<00:10:38.279> of
fact that Americans are holding out of
fact that Americans are holding out of
their<00:10:38.459> cars<00:10:38.730> longer<00:10:38.850> than<00:10:39.390> ever<00:10:39.630> before<00:10:40.110> nine
their cars longer than ever before nine
their cars longer than ever before nine
point<00:10:41.160> four<00:10:41.490> years<00:10:41.700> on<00:10:41.880> average<00:10:42.089> in<00:10:42.510> March<00:10:42.810> a
point four years on average in March a
point four years on average in March a
record<00:10:43.620> we<00:10:44.430> also<00:10:44.579> see<00:10:44.880> the<00:10:45.000> fact<00:10:45.209> that
record we also see the fact that
record we also see the fact that
libraries<00:10:46.079> have<00:10:46.230> become<00:10:46.320> a<00:10:46.470> huge<00:10:46.950> resource
libraries have become a huge resource
libraries have become a huge resource
for<00:10:47.459> America<00:10:47.970> did<00:10:48.510> you<00:10:48.600> know<00:10:48.690> that<00:10:48.720> 68%<00:10:49.560> of
for America did you know that 68% of
for America did you know that 68% of
Americans<00:10:50.550> now<00:10:50.730> carry<00:10:51.060> a<00:10:51.150> library<00:10:51.630> card<00:10:51.839> the
Americans now carry a library card the
Americans now carry a library card the
highest<00:10:52.620> percentage<00:10:53.070> ever<00:10:53.220> in<00:10:53.459> our<00:10:53.579> nation's
highest percentage ever in our nation's
highest percentage ever in our nation's
history<00:10:54.060> so<00:10:54.870> what<00:10:55.110> you<00:10:55.230> see<00:10:55.470> in<00:10:55.560> this<00:10:55.680> trend<00:10:55.980> is
history so what you see in this trend is
history so what you see in this trend is
also<00:10:56.279> the<00:10:56.970> accumulation<00:10:57.420> of<00:10:57.630> knowledge
also the accumulation of knowledge
also the accumulation of knowledge
continuing<00:10:58.829> education<00:10:59.520> is<00:10:59.670> up<00:10:59.850> everything<00:11:00.480> is
continuing education is up everything is
continuing education is up everything is
focused<00:11:00.810> on<00:11:01.079> betterment<00:11:01.680> and<00:11:01.800> training<00:11:02.610> and
focused on betterment and training and
focused on betterment and training and
development<00:11:03.209> and<00:11:03.420> moving<00:11:03.660> forward<00:11:03.930> we<00:11:04.709> also
development and moving forward we also
development and moving forward we also
see<00:11:05.160> a<00:11:05.190> big<00:11:05.610> dy<00:11:06.209> eye<00:11:06.240> movement<00:11:06.990> I<00:11:07.170> was
see a big dy eye movement I was
see a big dy eye movement I was
fascinated<00:11:08.220> to<00:11:08.610> learn<00:11:08.730> that<00:11:09.270> 30%<00:11:09.750> of<00:11:10.260> all
fascinated to learn that 30% of all
fascinated to learn that 30% of all
homes<00:11:10.920> in<00:11:11.070> America<00:11:11.520> are<00:11:11.700> actually<00:11:12.209> built<00:11:12.480> by
homes in America are actually built by
homes in America are actually built by
owners<00:11:13.110> that<00:11:13.589> includes<00:11:13.890> cottage
owners that includes cottage
owners that includes cottage
and<00:11:14.710> the<00:11:14.770> like<00:11:14.950> but<00:11:15.190> 30%<00:11:15.940> so<00:11:16.330> people<00:11:16.600> are
and the like but 30% so people are
and the like but 30% so people are
getting<00:11:16.840> their<00:11:16.930> hands<00:11:17.110> dirty<00:11:17.230> they're
getting their hands dirty they're
getting their hands dirty they're
rolling<00:11:17.800> up<00:11:17.890> their<00:11:18.040> sleeves<00:11:18.100> they<00:11:18.550> want<00:11:18.760> these
rolling up their sleeves they want these
rolling up their sleeves they want these
skills<00:11:19.270> we<00:11:19.930> see<00:11:20.110> that<00:11:20.230> with<00:11:20.380> the<00:11:20.500> phenomenon
skills we see that with the phenomenon
skills we see that with the phenomenon
of<00:11:21.070> raising<00:11:21.550> backyard<00:11:22.060> hens<00:11:22.330> and<00:11:22.600> chickens
of raising backyard hens and chickens
of raising backyard hens and chickens
and<00:11:23.140> ducks<00:11:23.320> and<00:11:23.590> when<00:11:23.890> you<00:11:23.980> work<00:11:24.130> out<00:11:24.250> the<00:11:24.430> math
and ducks and when you work out the math
and ducks and when you work out the math
they<00:11:25.450> say<00:11:25.660> it<00:11:25.780> doesn't<00:11:26.050> work<00:11:26.230> but<00:11:26.650> the
they say it doesn't work but the
they say it doesn't work but the
principle<00:11:27.340> is<00:11:27.460> there<00:11:27.670> that<00:11:27.970> it's<00:11:28.120> about<00:11:28.300> being
principle is there that it's about being
principle is there that it's about being
sustainable<00:11:29.170> and<00:11:29.350> taking<00:11:29.650> care<00:11:29.830> of<00:11:29.860> yourself
sustainable and taking care of yourself
sustainable and taking care of yourself
and<00:11:30.520> then<00:11:31.270> we<00:11:31.390> look<00:11:31.540> at<00:11:31.630> the<00:11:31.780> High<00:11:31.930> Line<00:11:32.170> in<00:11:32.350> New
and then we look at the High Line in New
and then we look at the High Line in New
York<00:11:32.650> City<00:11:32.890> and<00:11:33.040> excellent<00:11:33.550> use<00:11:33.700> of
York City and excellent use of
York City and excellent use of
reimagining<00:11:34.750> existing<00:11:35.410> infrastructure<00:11:36.040> for
reimagining existing infrastructure for
reimagining existing infrastructure for
something<00:11:36.790> good<00:11:36.970> which<00:11:37.180> is<00:11:37.330> a<00:11:37.360> brand-new<00:11:37.750> Park
something good which is a brand-new Park
something good which is a brand-new Park
in<00:11:38.260> New<00:11:38.590> York<00:11:38.800> City<00:11:39.040> so<00:11:39.880> what<00:11:40.240> brands<00:11:40.840> can<00:11:41.020> do
in New York City so what brands can do
in New York City so what brands can do
in<00:11:41.290> companies<00:11:41.710> is<00:11:41.890> pay<00:11:42.460> dividends<00:11:43.000> to
in companies is pay dividends to
in companies is pay dividends to
consumers<00:11:43.660> be<00:11:43.990> a<00:11:44.020> brand<00:11:44.470> that<00:11:44.590> lasts<00:11:45.040> offer
consumers be a brand that lasts offer
consumers be a brand that lasts offer
transparency<00:11:46.390> promise<00:11:47.080> you're<00:11:47.200> going<00:11:47.290> to<00:11:47.350> be
transparency promise you're going to be
transparency promise you're going to be
there<00:11:47.680> beyond<00:11:47.980> today's<00:11:48.310> sale<00:11:48.610> perfect
there beyond today's sale perfect
there beyond today's sale perfect
example<00:11:49.930> of<00:11:49.990> that<00:11:50.050> is<00:11:50.410> Patagonia<00:11:51.220> Patagonia's
example of that is Patagonia Patagonia's
example of that is Patagonia Patagonia's
footprint<00:11:52.420> chronicles<00:11:52.540> basically<00:11:53.410> goes
footprint chronicles basically goes
footprint chronicles basically goes
through<00:11:54.310> and<00:11:54.460> tracks<00:11:54.820> every<00:11:55.480> product<00:11:56.050> that
through and tracks every product that
through and tracks every product that
they<00:11:56.470> make<00:11:56.680> and<00:11:56.890> gives<00:11:57.040> you<00:11:57.190> social
they make and gives you social
they make and gives you social
responsibility<00:11:58.450> and<00:11:58.630> helps<00:11:59.110> you<00:11:59.200> understand
responsibility and helps you understand
responsibility and helps you understand
the<00:11:59.710> ethics<00:12:00.220> that<00:12:00.400> are<00:12:00.520> behind<00:12:00.610> the<00:12:00.910> product
the ethics that are behind the product
the ethics that are behind the product
that<00:12:01.390> they<00:12:01.540> make<00:12:01.720> another<00:12:02.530> great<00:12:02.770> example<00:12:02.860> is
that they make another great example is
that they make another great example is
fidelity<00:12:03.640> rather<00:12:04.300> than<00:12:04.540> instant<00:12:04.990> cash<00:12:05.200> back
fidelity rather than instant cash back
fidelity rather than instant cash back
rewards<00:12:06.040> on<00:12:06.190> your<00:12:06.340> credit<00:12:06.700> or<00:12:06.790> debit
rewards on your credit or debit
rewards on your credit or debit
purchases<00:12:07.240> this<00:12:07.990> is<00:12:08.140> about<00:12:08.350> 529<00:12:09.100> rewards<00:12:09.670> for
purchases this is about 529 rewards for
purchases this is about 529 rewards for
your<00:12:10.530> student<00:12:11.530> education<00:12:12.070> or<00:12:12.250> the
your student education or the
your student education or the
interesting<00:12:13.540> companies<00:12:13.960> SunRun<00:12:14.500> I<00:12:14.770> love<00:12:15.250> this
interesting companies SunRun I love this
interesting companies SunRun I love this
company<00:12:15.790> they've<00:12:16.240> created<00:12:16.540> a<00:12:16.810> consumer
company they've created a consumer
company they've created a consumer
collective<00:12:17.890> where<00:12:18.160> they<00:12:18.250> put<00:12:18.550> solar<00:12:19.120> panels
collective where they put solar panels
collective where they put solar panels
on<00:12:19.690> households<00:12:20.260> and<00:12:20.350> create<00:12:21.040> a<00:12:21.070> consumer
on households and create a consumer
on households and create a consumer
based<00:12:21.910> utility<00:12:22.480> where<00:12:22.630> the<00:12:22.690> electricity<00:12:23.200> that
based utility where the electricity that
based utility where the electricity that
they<00:12:23.440> generate<00:12:23.770> is<00:12:23.950> basically<00:12:24.430> pumped<00:12:25.150> back
they generate is basically pumped back
they generate is basically pumped back
out<00:12:25.420> into<00:12:25.600> the<00:12:25.660> marketplace<00:12:26.050> so<00:12:26.710> with
out into the marketplace so with
out into the marketplace so with
consumer<00:12:27.280> driven<00:12:27.640> co-op
consumer driven co-op
consumer driven co-op
so<00:12:28.930> the<00:12:29.080> fourth<00:12:29.350> sort<00:12:29.800> of<00:12:29.890> post-crisis
so the fourth sort of post-crisis
so the fourth sort of post-crisis
consumerism<00:12:31.210> that<00:12:31.510> we<00:12:31.600> see<00:12:31.840> is<00:12:32.530> this<00:12:32.740> movement
consumerism that we see is this movement
consumerism that we see is this movement
about<00:12:33.340> return<00:12:33.760> to<00:12:34.000> the<00:12:34.090> fold<00:12:34.300> it's<00:12:34.930> incredibly
about return to the fold it's incredibly
about return to the fold it's incredibly
important<00:12:35.950> right<00:12:36.070> now<00:12:36.100> trust<00:12:36.580> is<00:12:36.760> not
important right now trust is not
important right now trust is not
parceled<00:12:37.570> out<00:12:37.660> as<00:12:37.930> we<00:12:38.410> all<00:12:38.560> know<00:12:38.800> it's<00:12:39.250> now
parceled out as we all know it's now
parceled out as we all know it's now
about<00:12:39.760> connecting<00:12:40.360> to<00:12:40.450> your<00:12:40.570> communities
about connecting to your communities
about connecting to your communities
connecting<00:12:41.590> to<00:12:41.650> your<00:12:41.740> social<00:12:42.130> networks<00:12:42.520> in<00:12:42.760> my
connecting to your social networks in my
connecting to your social networks in my
book<00:12:43.480> I've<00:12:43.660> talked<00:12:43.870> about<00:12:44.080> the<00:12:44.170> fact<00:12:44.380> that<00:12:44.470> 72%
book I've talked about the fact that 72%
book I've talked about the fact that 72%
of<00:12:45.580> people<00:12:45.640> trust<00:12:46.090> with<00:12:46.300> other<00:12:46.510> people<00:12:46.990> say
of people trust with other people say
of people trust with other people say
about<00:12:47.410> a<00:12:47.920> brand<00:12:48.010> or<00:12:48.400> a<00:12:48.460> company<00:12:48.490> versus<00:12:49.240> 15%<00:12:50.020> on
about a brand or a company versus 15% on
about a brand or a company versus 15% on
advertising<00:12:50.590> so<00:12:51.370> in<00:12:51.490> that<00:12:51.580> respect
advertising so in that respect
advertising so in that respect
cooperative<00:12:53.050> consumerism<00:12:53.650> has<00:12:53.800> really<00:12:54.280> taken
cooperative consumerism has really taken
cooperative consumerism has really taken
off<00:12:54.760> this<00:12:55.030> is<00:12:55.150> about<00:12:55.300> consumers<00:12:55.990> working
off this is about consumers working
off this is about consumers working
together<00:12:56.530> to<00:12:56.890> get<00:12:57.010> what<00:12:57.070> they<00:12:57.280> want<00:12:57.520> out<00:12:57.700> of
together to get what they want out of
together to get what they want out of
the<00:12:57.880> marketplace<00:12:58.240> let's<00:12:59.140> look<00:12:59.290> at<00:12:59.380> a<00:12:59.410> couple
the marketplace let's look at a couple
the marketplace let's look at a couple
of<00:12:59.770> quick<00:13:00.010> examples<00:13:00.520> the<00:13:01.089> artisanal<00:13:01.690> movement
of quick examples the artisanal movement
of quick examples the artisanal movement
is<00:13:02.200> huge<00:13:02.650> everything<00:13:03.130> about<00:13:03.310> locally<00:13:03.940> derived
is huge everything about locally derived
is huge everything about locally derived
products<00:13:04.960> and<00:13:05.080> services<00:13:05.530> supporting<00:13:06.160> your
products and services supporting your
products and services supporting your
local<00:13:06.460> neighborhoods<00:13:07.060> whether<00:13:07.300> it's
local neighborhoods whether it's
local neighborhoods whether it's
cheese's<00:13:08.050> wines<00:13:08.710> and<00:13:09.220> other<00:13:09.460> products<00:13:10.030> also
cheese's wines and other products also
cheese's wines and other products also
this<00:13:11.050> rise<00:13:11.380> of<00:13:11.740> local<00:13:12.430> currencies<00:13:12.970> realizing
this rise of local currencies realizing
this rise of local currencies realizing
this<00:13:13.960> difficult<00:13:14.500> to<00:13:14.560> get<00:13:14.680> loans<00:13:14.920> in<00:13:15.100> this
this difficult to get loans in this
this difficult to get loans in this
environment<00:13:15.520> you're<00:13:16.150> doing<00:13:16.420> business<00:13:16.600> with
environment you're doing business with
environment you're doing business with
people<00:13:16.960> you<00:13:17.290> trust<00:13:17.320> in<00:13:17.860> your<00:13:18.160> local<00:13:18.370> markets
people you trust in your local markets
people you trust in your local markets
so<00:13:19.240> this<00:13:19.420> rise<00:13:19.750> of<00:13:20.020> this<00:13:20.170> sort<00:13:20.380> of<00:13:20.410> local
so this rise of this sort of local
so this rise of this sort of local
currency<00:13:21.250> is<00:13:21.280> another<00:13:21.580> really<00:13:21.820> interesting
currency is another really interesting
currency is another really interesting
phenomenon<00:13:22.839> and<00:13:23.020> then<00:13:23.740> they<00:13:23.890> did<00:13:24.040> a<00:13:24.070> recent
phenomenon and then they did a recent
phenomenon and then they did a recent
report<00:13:24.700> I<00:13:25.180> thought<00:13:25.930> was<00:13:26.050> fascinating<00:13:26.410> they
report I thought was fascinating they
report I thought was fascinating they
actually<00:13:27.520> started<00:13:27.790> in
actually started in
actually started in
certain<00:13:28.480> communities<00:13:28.990> the<00:13:29.140> United<00:13:29.410> States
certain communities the United States
certain communities the United States
start<00:13:29.950> to<00:13:30.040> publish<00:13:30.610> people's<00:13:31.029> electricity
start to publish people's electricity
start to publish people's electricity
usage<00:13:31.990> and<00:13:32.230> what<00:13:32.649> they<00:13:32.770> found<00:13:32.950> out<00:13:33.130> is<00:13:33.310> when
usage and what they found out is when
usage and what they found out is when
that<00:13:33.580> was<00:13:33.700> available<00:13:33.910> for<00:13:34.270> public<00:13:34.630> record<00:13:35.020> the
that was available for public record the
that was available for public record the
people's<00:13:35.830> electricity<00:13:36.580> usage<00:13:36.880> in<00:13:37.060> those
people's electricity usage in those
people's electricity usage in those
communities<00:13:37.960> dropped<00:13:38.940> then<00:13:39.940> we<00:13:40.060> also<00:13:40.240> look<00:13:40.570> at
communities dropped then we also look at
communities dropped then we also look at
the<00:13:40.899> idea<00:13:41.140> of<00:13:41.230> cow<00:13:41.589> pooling<00:13:42.130> which<00:13:42.640> is<00:13:42.820> the
the idea of cow pooling which is the
the idea of cow pooling which is the
whole<00:13:43.180> phenomenon<00:13:43.750> of<00:13:43.990> consumers<00:13:44.760> organizing
whole phenomenon of consumers organizing
whole phenomenon of consumers organizing
together<00:13:46.180> to<00:13:46.750> buy<00:13:46.930> meat<00:13:47.230> from<00:13:47.470> organic<00:13:48.160> farms
together to buy meat from organic farms
together to buy meat from organic farms
that<00:13:48.850> they<00:13:48.940> know<00:13:49.120> is<00:13:49.360> safe<00:13:49.839> and<00:13:50.050> controlled<00:13:50.470> in
that they know is safe and controlled in
that they know is safe and controlled in
the<00:13:50.709> way<00:13:50.800> that<00:13:50.980> they<00:13:51.100> wanted<00:13:51.339> to<00:13:51.399> be
the way that they wanted to be
the way that they wanted to be
controlled<00:13:51.970> then<00:13:52.899> there's<00:13:53.080> this<00:13:53.170> other
controlled then there's this other
controlled then there's this other
really<00:13:53.800> interesting<00:13:53.830> movement<00:13:54.520> that's
really interesting movement that's
really interesting movement that's
happened<00:13:55.209> in<00:13:55.330> California<00:13:55.540> which<00:13:56.200> is<00:13:56.350> about
happened in California which is about
happened in California which is about
carrot<00:13:56.980> mobs<00:13:57.190> the<00:13:57.910> traditional<00:13:58.480> thing<00:13:58.839> would
carrot mobs the traditional thing would
carrot mobs the traditional thing would
be<00:13:59.080> to<00:13:59.200> boycott<00:13:59.380> right<00:13:59.890> have<00:14:00.100> a<00:14:00.130> stick<00:14:00.490> well
be to boycott right have a stick well
be to boycott right have a stick well
why<00:14:01.000> not<00:14:01.029> have<00:14:01.300> a<00:14:01.330> carrot<00:14:01.750> so<00:14:02.260> these<00:14:02.380> are
why not have a carrot so these are
why not have a carrot so these are
consumers<00:14:02.950> organizing<00:14:03.790> pooling<00:14:04.270> their
consumers organizing pooling their
consumers organizing pooling their
resources<00:14:04.680> to<00:14:05.680> incentivize<00:14:06.430> companies<00:14:06.459> to<00:14:07.149> do
resources to incentivize companies to do
resources to incentivize companies to do
good<00:14:07.589> and<00:14:08.589> then<00:14:08.740> we<00:14:08.830> look<00:14:09.010> at<00:14:09.160> what<00:14:09.430> companies
good and then we look at what companies
good and then we look at what companies
can<00:14:10.510> do<00:14:10.660> then<00:14:10.870> this<00:14:11.290> is<00:14:11.350> all<00:14:11.589> the<00:14:11.709> opportunity
can do then this is all the opportunity
can do then this is all the opportunity
about<00:14:12.490> being<00:14:12.850> a<00:14:13.029> community<00:14:13.600> organizer<00:14:14.200> you
about being a community organizer you
about being a community organizer you
have<00:14:14.890> to<00:14:15.010> realize<00:14:15.339> that<00:14:15.370> you<00:14:15.640> can't<00:14:16.029> fight<00:14:16.720> and
have to realize that you can't fight and
have to realize that you can't fight and
control<00:14:17.410> this<00:14:17.589> you<00:14:17.709> actually<00:14:18.040> need<00:14:18.160> to
control this you actually need to
control this you actually need to
organize<00:14:18.790> it<00:14:19.029> you<00:14:19.180> need<00:14:19.480> to<00:14:19.570> harness<00:14:19.839> it<00:14:20.140> you
organize it you need to harness it you
organize it you need to harness it you
need<00:14:20.560> to<00:14:20.649> give<00:14:20.800> it<00:14:20.950> meaning<00:14:21.130> and<00:14:21.430> there's<00:14:22.000> lots
need to give it meaning and there's lots
need to give it meaning and there's lots
of<00:14:22.390> really<00:14:22.660> interesting<00:14:22.899> examples<00:14:23.860> here<00:14:24.040> that
of really interesting examples here that
of really interesting examples here that
we<00:14:24.279> see<00:14:24.490> first<00:14:25.240> is<00:14:25.480> just<00:14:25.630> the<00:14:25.750> rise<00:14:26.020> of<00:14:26.620> the
we see first is just the rise of the
we see first is just the rise of the
fact<00:14:27.190> that<00:14:27.310> Zagat's<00:14:28.180> is<00:14:28.330> actually<00:14:28.630> moved<00:14:28.930> out
fact that Zagat's is actually moved out
fact that Zagat's is actually moved out
of<00:14:29.260> and<00:14:29.649> diversified<00:14:30.310> from<00:14:30.610> rating
of and diversified from rating
of and diversified from rating
restaurants<00:14:31.750> in<00:14:31.930> to<00:14:32.470> actually<00:14:32.800> rating
restaurants in to actually rating
restaurants in to actually rating
healthcare<00:14:33.670> so<00:14:34.540> what<00:14:34.720> credentials<00:14:35.080> does<00:14:35.470> the
healthcare so what credentials does the
healthcare so what credentials does the
GATS<00:14:35.920> have<00:14:36.220> well<00:14:36.580> they<00:14:36.850> have<00:14:36.970> a<00:14:37.000> lot<00:14:37.270> because
GATS have well they have a lot because
GATS have well they have a lot because
it's<00:14:37.839> their<00:14:38.080> network<00:14:38.410> of<00:14:38.589> people<00:14:38.770> right<00:14:39.550> so
it's their network of people right so
it's their network of people right so
that<00:14:40.150> becomes<00:14:40.420> a<00:14:40.570> very<00:14:40.600> powerful<00:14:40.930> force<00:14:41.440> for
that becomes a very powerful force for
that becomes a very powerful force for
them<00:14:41.800> to<00:14:42.310> make<00:14:42.459> their<00:14:42.610> brand<00:14:42.850> more<00:14:43.060> elastic
them to make their brand more elastic
them to make their brand more elastic
then<00:14:44.440> you<00:14:44.560> look<00:14:44.740> at<00:14:44.890> the<00:14:45.160> phenomenon<00:14:45.700> of<00:14:45.880> Koji
then you look at the phenomenon of Koji
then you look at the phenomenon of Koji
this<00:14:47.350> Koji<00:14:47.770> doesn't<00:14:48.070> exist<00:14:48.459> it's<00:14:48.640> a<00:14:48.730> moving
this Koji doesn't exist it's a moving
this Koji doesn't exist it's a moving
truck<00:14:49.600> right<00:14:50.140> it's<00:14:50.320> a<00:14:50.380> moving<00:14:50.620> truck<00:14:50.830> to<00:14:51.010> LA
truck right it's a moving truck to LA
truck right it's a moving truck to LA
and<00:14:51.580> the<00:14:51.910> only<00:14:52.060> way<00:14:52.240> you<00:14:52.300> can<00:14:52.510> find<00:14:52.810> it<00:14:52.990> is
and the only way you can find it is
and the only way you can find it is
through<00:14:53.290> Twitter<00:14:53.470> or<00:14:53.890> you<00:14:54.850> look<00:14:55.000> at<00:14:55.180> or<00:14:55.900> you
through Twitter or you look at or you
through Twitter or you look at or you
look<00:14:56.200> at<00:14:56.380> Johnson<00:14:56.890> and<00:14:57.010> Johnson's<00:14:57.490> mom<00:14:57.820> Bruce
look at Johnson and Johnson's mom Bruce
look at Johnson and Johnson's mom Bruce
Asians<00:14:58.570> write<00:14:59.320> a<00:14:59.350> phenomenal<00:15:00.040> blog<00:15:00.310> that's
Asians write a phenomenal blog that's
Asians write a phenomenal blog that's
been<00:15:00.760> built<00:15:01.029> up<00:15:01.209> where<00:15:01.810> J&J<00:15:02.380> basically<00:15:02.920> is
been built up where J&J basically is
been built up where J&J basically is
tapping<00:15:03.670> into<00:15:03.760> the<00:15:04.000> power<00:15:04.029> of<00:15:04.420> mommy<00:15:04.779> bloggers
tapping into the power of mommy bloggers
tapping into the power of mommy bloggers
allowing<00:15:06.310> them<00:15:06.459> to<00:15:06.640> basically<00:15:06.970> create<00:15:07.180> a
allowing them to basically create a
allowing them to basically create a
forum<00:15:07.810> where<00:15:08.260> they<00:15:08.410> can<00:15:08.440> communicate<00:15:08.620> and
forum where they can communicate and
forum where they can communicate and
they<00:15:09.550> can<00:15:09.730> connect<00:15:10.060> and<00:15:10.240> it's<00:15:10.330> also<00:15:10.510> become<00:15:10.810> a
they can connect and it's also become a
they can connect and it's also become a
very<00:15:10.959> very<00:15:11.500> valuable<00:15:11.890> sort<00:15:12.520> of<00:15:12.610> advertising
very very valuable sort of advertising
very very valuable sort of advertising
revenue<00:15:13.540> for<00:15:13.720> J&J<00:15:14.110> as<00:15:14.230> well<00:15:14.410> this<00:15:15.279> plus<00:15:15.640> the
revenue for J&J as well this plus the
revenue for J&J as well this plus the
fact<00:15:16.209> that<00:15:16.300> you've<00:15:16.540> got<00:15:16.570> phenomenal<00:15:17.560> work
fact that you've got phenomenal work
fact that you've got phenomenal work
from<00:15:18.070> CEOs<00:15:18.640> from<00:15:19.089> Ford<00:15:19.600> to<00:15:20.170> Zappos<00:15:20.680> connecting
from CEOs from Ford to Zappos connecting
from CEOs from Ford to Zappos connecting
on<00:15:21.430> Twitter<00:15:21.730> creating<00:15:22.180> an<00:15:22.300> open<00:15:22.660> environment
on Twitter creating an open environment
on Twitter creating an open environment
allowing<00:15:23.829> their<00:15:24.339> employees<00:15:25.029> to<00:15:25.060> be<00:15:25.390> part<00:15:25.660> of
allowing their employees to be part of
allowing their employees to be part of
the<00:15:25.810> process<00:15:26.350> rather<00:15:26.620> than<00:15:26.770> hidden<00:15:27.040> behind
the process rather than hidden behind
the process rather than hidden behind
walls<00:15:27.670> you<00:15:28.240> see<00:15:28.390> this<00:15:28.540> rising<00:15:29.200> force<00:15:29.529> in<00:15:29.770> sort
walls you see this rising force in sort
walls you see this rising force in sort
of<00:15:30.310> total<00:15:30.880> transparency<00:15:31.630> and<00:15:31.750> openness<00:15:32.140> that
of total transparency and openness that
of total transparency and openness that
companies<00:15:32.829> are<00:15:32.860> starting<00:15:33.279> to<00:15:33.399> adopt<00:15:33.490> all
companies are starting to adopt all
companies are starting to adopt all
because<00:15:34.480> the<00:15:34.630> consumer<00:15:35.110> is<00:15:35.200> demanding<00:15:35.350> it<00:15:35.829> so
because the consumer is demanding it so
because the consumer is demanding it so
when<00:15:36.790> we<00:15:36.910> look<00:15:37.089> at<00:15:37.240> this<00:15:37.329> and<00:15:37.510> we<00:15:37.600> step<00:15:37.930> back
when we look at this and we step back
when we look at this and we step back
what<00:15:38.709> I<00:15:38.740> believe<00:15:39.100> is<00:15:39.250> that<00:15:39.279> the<00:15:39.490> crisis<00:15:40.150> that
what I believe is that the crisis that
what I believe is that the crisis that
exists<00:15:40.690> today
exists today
exists today
a<00:15:41.010> is<00:15:41.550> definitely<00:15:42.269> real<00:15:42.540> it's<00:15:42.810> been
a is definitely real it's been
a is definitely real it's been
tremendously<00:15:43.889> powerful<00:15:44.130> for<00:15:44.610> consumers<00:15:45.089> but
tremendously powerful for consumers but
tremendously powerful for consumers but
at<00:15:45.630> the<00:15:45.750> same<00:15:45.930> time<00:15:46.230> this<00:15:46.470> is<00:15:46.529> also<00:15:46.860> a
at the same time this is also a
at the same time this is also a
tremendous<00:15:47.880> opportunity<00:15:48.029> and<00:15:48.720> the<00:15:49.230> Chinese
tremendous opportunity and the Chinese
tremendous opportunity and the Chinese
character<00:15:50.160> for<00:15:50.430> crisis<00:15:50.850> is<00:15:51.029> actually<00:15:51.480> the
character for crisis is actually the
character for crisis is actually the
same<00:15:51.810> side<00:15:52.260> of<00:15:52.290> the<00:15:52.440> same<00:15:52.649> coin
same side of the same coin
same side of the same coin
crisis<00:15:53.910> equals<00:15:54.300> opportunity<00:15:54.930> what<00:15:55.589> we're
crisis equals opportunity what we're
crisis equals opportunity what we're
seeing<00:15:55.920> with<00:15:56.100> consumers<00:15:56.579> right<00:15:56.760> now<00:15:56.910> is<00:15:57.300> the
seeing with consumers right now is the
seeing with consumers right now is the
ability<00:15:57.870> for<00:15:58.050> them<00:15:58.290> to<00:15:58.350> actually<00:15:59.100> lead<00:15:59.610> us
ability for them to actually lead us
ability for them to actually lead us
forward<00:16:00.089> out<00:16:00.360> of<00:16:00.389> this<00:16:00.570> recession<00:16:00.779> so<00:16:01.740> we
forward out of this recession so we
forward out of this recession so we
believe<00:16:02.040> that<00:16:02.190> values<00:16:03.000> driven<00:16:03.269> spending<00:16:03.899> will
believe that values driven spending will
believe that values driven spending will
force<00:16:04.529> capitalism<00:16:05.250> to<00:16:05.399> be<00:16:05.550> better<00:16:05.790> it<00:16:06.449> will
force capitalism to be better it will
force capitalism to be better it will
drive<00:16:07.230> innovation<00:16:07.500> it<00:16:08.250> will<00:16:08.399> make
drive innovation it will make
drive innovation it will make
longer-lasting<00:16:09.360> products<00:16:10.139> it<00:16:10.230> will<00:16:10.350> create
longer-lasting products it will create
longer-lasting products it will create
better<00:16:10.949> more<00:16:11.220> intuitive<00:16:11.670> customer<00:16:12.149> service
better more intuitive customer service
better more intuitive customer service
it<00:16:12.750> will<00:16:13.139> give<00:16:13.470> us<00:16:13.620> the<00:16:13.769> opportunity<00:16:14.040> to
it will give us the opportunity to
it will give us the opportunity to
connect<00:16:15.000> with<00:16:15.060> companies<00:16:15.600> that<00:16:15.990> share<00:16:16.260> the
connect with companies that share the
connect with companies that share the
values<00:16:16.829> that<00:16:16.980> we<00:16:17.160> share<00:16:17.209> so<00:16:18.209> when<00:16:18.360> we<00:16:18.480> look
values that we share so when we look
values that we share so when we look
back<00:16:18.810> and<00:16:19.019> step<00:16:19.260> out<00:16:19.440> at<00:16:19.589> this<00:16:19.740> and<00:16:20.010> see<00:16:20.399> the
back and step out at this and see the
back and step out at this and see the
beginning<00:16:21.120> of<00:16:21.240> these<00:16:21.389> trends<00:16:21.839> that<00:16:21.899> we're
beginning of these trends that we're
beginning of these trends that we're
seeing<00:16:22.110> in<00:16:22.410> our<00:16:22.440> data<00:16:22.769> we<00:16:23.310> see<00:16:23.490> a<00:16:23.519> very<00:16:23.670> hopeful
seeing in our data we see a very hopeful
seeing in our data we see a very hopeful
picture<00:16:24.540> for<00:16:24.810> the<00:16:24.870> future<00:16:25.199> of<00:16:25.230> America<00:16:25.769> thank
picture for the future of America thank
picture for the future of America thank
you<00:16:26.519> very<00:16:26.639> much
you very much
you very much
[Applause]
John Gerzema, TED, TEDx, TEDxKC, TED-Ed, TED, Ed, TEDEducation, economics, financial, crisis, postive, change
