Speaker 1: This is Bloomberg Business Week from Bloomberg Radio and Carol
Speaker 1: Master along with Bloomberg's Paul Sweeney. Welcome to the Bloomberg
Speaker 1: Business Week Extra. It's our weekly podcast featuring one of
Speaker 1: our favorite conversations from the week. And keep in mind
Speaker 1: that there was some big technology news this week, and
Speaker 1: that is, of course, the US Justice Department following an
Speaker 1: anti trust lawsuit against Alphabet's Google. They were accusing it
Speaker 1: of abusing its monopoly and search in what was one
Speaker 1: of the most significant antitrust actions against an American company
Speaker 1: in more than two decades. Well, just before that news
Speaker 1: came out, Bloomberg's Paul Sweeney and I spent some time
Speaker 1: with Jim sty Are, founder and CEO of Common Sense Media.
Speaker 1: It's a nonprofit focusing on improving the lives of kids
Speaker 1: and families by providing information, education, and an objective, independent voice.
Speaker 1: He's got a new book out, Which Side of History,
Speaker 1: How Technology is Reshaping Democracy in our lives. It's a
Speaker 1: collection of essays from a lot of voices that you know,
Speaker 1: we're talking about salesforces, Mark Bennioff, former reddits EO Ellen Pow,
Speaker 1: also actor, producer, director, Sasha Baron, Cohen and a lot more.
Speaker 1: It's all about how technology affects our world. Check this out.
Speaker 1: I run common Sense Media, which is the biggest kid
Speaker 1: media and adjeccy group in the country. So it's not
Speaker 1: I've been doing that for seventeen years. And so we
Speaker 1: are basically, I think all of us, the common Sense
Speaker 1: with our hundred million users and schools and an advocacy
Speaker 1: platform field, that we're at this pivotal moment in history
Speaker 1: as technology collides with our democracy as well as our
Speaker 1: fundamental approach to education and for many of its our mental, physical,
Speaker 1: and emotional health. And so what I did was get
Speaker 1: some fifty at the smartest people in the world, including
Speaker 1: Mike Bloomberg, by the way, and business leaders like Mark
Speaker 1: Benny Off and and John Hennessy the borgre Google to
Speaker 1: write fifty different pieces about the impact of technology on democracy,
Speaker 1: on kids and families, on our social, emotional and cognitive development,
Speaker 1: and also basically on our lives. And and the idea
Speaker 1: was to say to the people who run the major
Speaker 1: tech companies in this country, whom we had common Sense
Speaker 1: deal with a lot, which side of history do you
Speaker 1: want to be on? Because you are having an incredible
Speaker 1: impact on everybody's life and our economy and our democracy,
Speaker 1: and that was the point of the book and so
Speaker 1: far awesome response. So, Jim, kind of what's been some
Speaker 1: of the most compelling arguments that coming out of your book, um,
Speaker 1: as it relates to technology and it's impact on society,
Speaker 1: because there's a a growing debate about you know, the
Speaker 1: relative merits. Yeah, that's it's actually a great question, Paul.
Speaker 1: It say, it goes through in a couple of different areas. So,
Speaker 1: first of all, a number of people in the book
Speaker 1: wrote about the impact on democracy and basically a lot
Speaker 1: about disinformation, misinformation which of course we're seeing right now
Speaker 1: at the end of the Selectives historic electoral campaign. So
Speaker 1: Kara Swisher, Sasha Baron Cohen, um Uh, a bunch of
Speaker 1: other folks. Aaron Sorkin, the writer wrote a out the
Speaker 1: impact on democracy and and basically in some cases very
Speaker 1: critical of undermining democratic forms institutions. Other people the former
Speaker 1: surgeon Generals to Ake Murphy for example, or Nick Kristoffs
Speaker 1: and um Tom Friedman from The New York Times wrote
Speaker 1: about stuff that about how it was impacting kids and
Speaker 1: families lives and how people were increasingly addicted to screens
Speaker 1: and etcetera, etcetera, etcetera. And then there were a number
Speaker 1: of people wrote about the intersection of technology and race.
Speaker 1: And then I'd say the big thing that people from
Speaker 1: Mark Senator Mark Warner to other folks like Tim Woo
Speaker 1: and and others wrote, here's what we need to do
Speaker 1: in the future. So there's sort of a general recognition,
Speaker 1: Paul and Carroll that technology is shaping so much of
Speaker 1: our lives for good and for bad. And I think
Speaker 1: we want to send a very clear message to the
Speaker 1: technodustry into the leader of those companies that number one
Speaker 1: they're they're having an existential impact on our lives. Number two,
Speaker 1: history is watching them. And three, we hope they want
Speaker 1: to be on the right side of history at this
Speaker 1: pivotal moment in America. So, Jim, you know you talk
Speaker 1: about this book. It's a collection of of essays, fifty
Speaker 1: different pieces on the impact of technology and democracy. And
Speaker 1: it's not like there's one consensus about it, right, that's true,
Speaker 1: But I'll tell you this, there's definitely consensus that it
Speaker 1: has this incredible impact on all of our laws in
Speaker 1: our society and that we need to do something too.
Speaker 1: If you will put common sense framework constructure around it,
Speaker 1: because right before the break you were saying that basically
Speaker 1: that the tech industry in the United States over the
Speaker 1: past ten or fifteen years has pretty much had free reign.
Speaker 1: They've done whatever they wanted. There's been almost no regulatory
Speaker 1: structure other than the privacy laws that common Sense Media
Speaker 1: wrote and spearheaded in California and in Europe, you haven't
Speaker 1: seen much regulation and and and if you will, common
Speaker 1: sense legislation around tech. But I think that's coming into
Speaker 1: any twenty one, no matter what the outcome of the election,
Speaker 1: I think we're going to see major efforts in that area.
Speaker 1: What is common sense legislation around tech, I'd say several things. First,
Speaker 1: you're gonna see we have the Law of the Land
Speaker 1: and privacy basically the California Consumer Privacy Act the past
Speaker 1: in because Congress has not been able to get it
Speaker 1: back together to a federal law. I think you'll see
Speaker 1: a federal privacy law next year or the year after.
Speaker 1: I think you're also going to see holding the social
Speaker 1: media platforms like Facebook and Instagram and YouTube accountable for
Speaker 1: the content on their platforms. This is known as Section
Speaker 1: to thirty legislation. But I think you're going to see
Speaker 1: major reforms proposed by people on both sides the political
Speaker 1: aisle to require stronger content moderation to protect our democracy
Speaker 1: against this information and outright lies, and also to protect
Speaker 1: kids and families. I think you're also going to see
Speaker 1: anti trust UH enforcement on the on the agenda for
Speaker 1: sure in in UH one. So these are big changes
Speaker 1: when you think about the context of tex in America
Speaker 1: and the other one that's heared are our heart is
Speaker 1: closing the digital divide because in an era when kids
Speaker 1: are all doing distance learning and learning at home rather
Speaker 1: than in school, every kid ought to have the same
Speaker 1: opportunity to do distant forty. So I think you're gonna
Speaker 1: see a big tech agenda under the next administration. Jim,
Speaker 1: do you think there's any material risk um for breaking
Speaker 1: up any of these big companies, whether it's an Amazon
Speaker 1: or an Alphabet or Facebook. I think it's a really
Speaker 1: great question, and I think the answer is depends on
Speaker 1: your political prospective. I do think you're going to see it.
Speaker 1: I think that either state attorneys general or the U. S.
Speaker 1: Attorney General will probably bring some kind of antitrust case
Speaker 1: against one or more of the big companies. It depends
Speaker 1: take your pick. If it's Facebook, it would be to
Speaker 1: have them to vest what's happened Instagram. If it were
Speaker 1: a Google, it would maybe to be split some of
Speaker 1: the far reaching element to the company into smaller ones.
Speaker 1: But I do think it's going to be on the table,
Speaker 1: and I think business is gonna matter. You know, your
Speaker 1: audience is going to really matter in this because obviously
Speaker 1: tech is the engine that drives our economy. Obviously their
Speaker 1: tremendous benefits to technology, but there are downside. So the
Speaker 1: key is going to be common sense, as I said,
Speaker 1: balancing innovation with the need for fair market competitions. These
Speaker 1: are all going to be on the table next year,
Speaker 1: and I think it's going to be an incredibly important time.
Speaker 1: And as my book said, history is going to be
Speaker 1: watching and that's going to be fascinating. So I do
Speaker 1: wonder among the fifty essays, Um, Jim that were written,
Speaker 1: and as you mentioned, it's a great it's an amazing
Speaker 1: kind of lineup. Will Obey sal Khan of Kon Academy. Um,
Speaker 1: it's just they're all over Chelsea Clinton, you said, Kara Swisher,
Speaker 1: Mark Bennioff, and I do wonder um of the essays,
Speaker 1: and I know you obviously read them all. I mean,
Speaker 1: is there one that really surprised you? You know, it's interesting.
Speaker 1: I actually think Benny offs Mark is a good friend
Speaker 1: of mine, the founder in Field Salesforce, is really good.
Speaker 1: It's about conscious capitalist and it's really good. By the way,
Speaker 1: your namesaker, the station's namesake, Mike Bloomberg, did a terrific
Speaker 1: essay about how dated drives decisions, largely in the context
Speaker 1: of climate change, which he cares a lot about. Um.
Speaker 1: I actually think that that the Keras Switcher's article is amazing.
Speaker 1: I think Tim Woo, the Columbia Professor, has a fabulous essay. UM.
Speaker 1: I think a couple of the ones by Jeff Cannada,
Speaker 1: the founder of Harlem Chilton's Own, and the author Michelle
Speaker 1: Alexander about the newest Jim Crow are really powerful. There
Speaker 1: are so many. I mean, it was really fun for me.
Speaker 1: I wrote a piece my pieces about section two thirty
Speaker 1: and how section two thirty is sad for kids. This
Speaker 1: is that lack of the fact that's basically the immunity
Speaker 1: clause pro tect industry. But I just think there's so
Speaker 1: much in here and and as you mentioned, Chelsea and
Speaker 1: other people wrote about the impact on kids. Collette Hassani,
Speaker 1: the guy who wrote Kite Runner, talked about how technology
Speaker 1: had reformed in a good way democracy in his home
Speaker 1: country of Afghanistan. Um Jeff could be the famous dad
Speaker 1: guy wrote about is our Facebook, Google and Amazon the
Speaker 1: new tobacco industry? So I think it allows reader to
Speaker 1: ask this fundamental question, which is we all know technology
Speaker 1: is in all aspects of our lives. What do we
Speaker 1: want from it? What do we want to hold the
Speaker 1: companies accountable for? How do we want it to shape
Speaker 1: the future. We should note that Mike Bloomberg is the
Speaker 1: founder and principal owner of Bloomberg LP, blood a philanthropies,
Speaker 1: radio and TV operation. Jim, do we know anything about
Speaker 1: uh former Vice President Biden how he views these broader
Speaker 1: tech issues or if we heard anything from the campaign
Speaker 1: on these disclosure? Your brother is Tom Steyer correct? That
Speaker 1: is my brother Tom ran against him, correct and knows
Speaker 1: him very well. And and and I know I know Joe.
Speaker 1: I know Joe Biden quite well. Yes. In fact, his
Speaker 1: chief policy advisor, Bruce Reid, who used to work for
Speaker 1: Common Sense Media, is the birth is who co authored
Speaker 1: the article with me that section two thirty reform and
Speaker 1: holding the platforms scountable. So we know I I do
Speaker 1: know that actually Vice President Biden takes this very seriously.
Speaker 1: He has definitely been on the side of the idea
Speaker 1: that there needs to be common sense structure and regulations
Speaker 1: around media and that he's been particularly critical of Facebook
Speaker 1: and Instagram. UM and when we did our whole stop
Speaker 1: paid for profit campaign, the advertising boycott that we started
Speaker 1: in July, UM Vice Friend and Biden campaign cannot and
Speaker 1: spoke about that. So I actually think no matter who
Speaker 1: whoever is the next president and whoever controls the conquers,
Speaker 1: you are going to see major new efforts to put
Speaker 1: this in perspective and that see and to make sure
Speaker 1: that technology companies are on the right side of history.
Speaker 1: Do you think, and we just we've just got about
Speaker 1: forty seconds left. Should investors should investors be a little
Speaker 1: worried about this in terms of what it means for
Speaker 1: I don't think. I'll tell you what I actually think.
Speaker 1: Like we did the privacy legislation in CALIFORNI you two
Speaker 1: years ago, and all the big tech companies were worried.
Speaker 1: There comes has gone up massively in their prices. And
Speaker 1: by the way, no, I think the public wants sort
Speaker 1: of a healthy, balanced environment. So actually, I think of
Speaker 1: ourn investor, I would think that common sense, thoughtful regulations
Speaker 1: will ultimately benefit the tech industry much more than hurting it.
Speaker 1: And I bet you that that is I would be
Speaker 1: willing to bet my bottom dollar on them. That was
Speaker 1: common sense. Media founder and CEO Jim Styre. Check out
Speaker 1: that new book, Which Side of History, How Technology Is
Speaker 1: Reshaping democracy and our lives. Well, you've been listening to
Speaker 1: Bloomberg Business Week Extra, be sure to listen to Bloomberg
Speaker 1: Business Week Radio, airing live Monday through Friday at two
Speaker 1: pm Wall Street Time on Bloomberg Radio. I'm Carol Master
Speaker 1: along with Bloomberg's Paul Sweeney. This this Bloomberg