WEBVTT - Businessweek Extra-Jim Steyer

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<v Speaker 1>This is Bloomberg Business Week from Bloomberg Radio and Carol

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<v Speaker 1>Master along with Bloomberg's Paul Sweeney. Welcome to the Bloomberg

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<v Speaker 1>Business Week Extra. It's our weekly podcast featuring one of

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<v Speaker 1>our favorite conversations from the week. And keep in mind

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<v Speaker 1>that there was some big technology news this week, and

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<v Speaker 1>that is, of course, the US Justice Department following an

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<v Speaker 1>anti trust lawsuit against Alphabet's Google. They were accusing it

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<v Speaker 1>of abusing its monopoly and search in what was one

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<v Speaker 1>of the most significant antitrust actions against an American company

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<v Speaker 1>in more than two decades. Well, just before that news

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<v Speaker 1>came out, Bloomberg's Paul Sweeney and I spent some time

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<v Speaker 1>with Jim sty Are, founder and CEO of Common Sense Media.

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<v Speaker 1>It's a nonprofit focusing on improving the lives of kids

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<v Speaker 1>and families by providing information, education, and an objective, independent voice.

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<v Speaker 1>He's got a new book out, Which Side of History,

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<v Speaker 1>How Technology is Reshaping Democracy in our lives. It's a

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<v Speaker 1>collection of essays from a lot of voices that you know,

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<v Speaker 1>we're talking about salesforces, Mark Bennioff, former reddits EO Ellen Pow,

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<v Speaker 1>also actor, producer, director, Sasha Baron, Cohen and a lot more.

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<v Speaker 1>It's all about how technology affects our world. Check this out.

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<v Speaker 1>I run common Sense Media, which is the biggest kid

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<v Speaker 1>media and adjeccy group in the country. So it's not

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<v Speaker 1>I've been doing that for seventeen years. And so we

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<v Speaker 1>are basically, I think all of us, the common Sense

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<v Speaker 1>with our hundred million users and schools and an advocacy

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<v Speaker 1>platform field, that we're at this pivotal moment in history

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<v Speaker 1>as technology collides with our democracy as well as our

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<v Speaker 1>fundamental approach to education and for many of its our mental, physical,

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<v Speaker 1>and emotional health. And so what I did was get

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<v Speaker 1>some fifty at the smartest people in the world, including

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<v Speaker 1>Mike Bloomberg, by the way, and business leaders like Mark

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<v Speaker 1>Benny Off and and John Hennessy the borgre Google to

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<v Speaker 1>write fifty different pieces about the impact of technology on democracy,

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<v Speaker 1>on kids and families, on our social, emotional and cognitive development,

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<v Speaker 1>and also basically on our lives. And and the idea

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<v Speaker 1>was to say to the people who run the major

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<v Speaker 1>tech companies in this country, whom we had common Sense

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<v Speaker 1>deal with a lot, which side of history do you

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<v Speaker 1>want to be on? Because you are having an incredible

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<v Speaker 1>impact on everybody's life and our economy and our democracy,

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<v Speaker 1>and that was the point of the book and so

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<v Speaker 1>far awesome response. So, Jim, kind of what's been some

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<v Speaker 1>of the most compelling arguments that coming out of your book, um,

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<v Speaker 1>as it relates to technology and it's impact on society,

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<v Speaker 1>because there's a a growing debate about you know, the

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<v Speaker 1>relative merits. Yeah, that's it's actually a great question, Paul.

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<v Speaker 1>It say, it goes through in a couple of different areas. So,

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<v Speaker 1>first of all, a number of people in the book

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<v Speaker 1>wrote about the impact on democracy and basically a lot

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<v Speaker 1>about disinformation, misinformation which of course we're seeing right now

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<v Speaker 1>at the end of the Selectives historic electoral campaign. So

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<v Speaker 1>Kara Swisher, Sasha Baron Cohen, um Uh, a bunch of

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<v Speaker 1>other folks. Aaron Sorkin, the writer wrote a out the

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<v Speaker 1>impact on democracy and and basically in some cases very

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<v Speaker 1>critical of undermining democratic forms institutions. Other people the former

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<v Speaker 1>surgeon Generals to Ake Murphy for example, or Nick Kristoffs

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<v Speaker 1>and um Tom Friedman from The New York Times wrote

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<v Speaker 1>about stuff that about how it was impacting kids and

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<v Speaker 1>families lives and how people were increasingly addicted to screens

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<v Speaker 1>and etcetera, etcetera, etcetera. And then there were a number

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<v Speaker 1>of people wrote about the intersection of technology and race.

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<v Speaker 1>And then I'd say the big thing that people from

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<v Speaker 1>Mark Senator Mark Warner to other folks like Tim Woo

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<v Speaker 1>and and others wrote, here's what we need to do

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<v Speaker 1>in the future. So there's sort of a general recognition,

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<v Speaker 1>Paul and Carroll that technology is shaping so much of

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<v Speaker 1>our lives for good and for bad. And I think

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<v Speaker 1>we want to send a very clear message to the

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<v Speaker 1>technodustry into the leader of those companies that number one

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<v Speaker 1>they're they're having an existential impact on our lives. Number two,

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<v Speaker 1>history is watching them. And three, we hope they want

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<v Speaker 1>to be on the right side of history at this

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<v Speaker 1>pivotal moment in America. So, Jim, you know you talk

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<v Speaker 1>about this book. It's a collection of of essays, fifty

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<v Speaker 1>different pieces on the impact of technology and democracy. And

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<v Speaker 1>it's not like there's one consensus about it, right, that's true,

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<v Speaker 1>But I'll tell you this, there's definitely consensus that it

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<v Speaker 1>has this incredible impact on all of our laws in

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<v Speaker 1>our society and that we need to do something too.

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<v Speaker 1>If you will put common sense framework constructure around it,

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<v Speaker 1>because right before the break you were saying that basically

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<v Speaker 1>that the tech industry in the United States over the

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<v Speaker 1>past ten or fifteen years has pretty much had free reign.

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<v Speaker 1>They've done whatever they wanted. There's been almost no regulatory

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<v Speaker 1>structure other than the privacy laws that common Sense Media

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<v Speaker 1>wrote and spearheaded in California and in Europe, you haven't

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<v Speaker 1>seen much regulation and and and if you will, common

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<v Speaker 1>sense legislation around tech. But I think that's coming into

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<v Speaker 1>any twenty one, no matter what the outcome of the election,

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<v Speaker 1>I think we're going to see major efforts in that area.

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<v Speaker 1>What is common sense legislation around tech, I'd say several things. First,

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<v Speaker 1>you're gonna see we have the Law of the Land

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<v Speaker 1>and privacy basically the California Consumer Privacy Act the past

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<v Speaker 1>in because Congress has not been able to get it

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<v Speaker 1>back together to a federal law. I think you'll see

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<v Speaker 1>a federal privacy law next year or the year after.

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<v Speaker 1>I think you're also going to see holding the social

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<v Speaker 1>media platforms like Facebook and Instagram and YouTube accountable for

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<v Speaker 1>the content on their platforms. This is known as Section

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<v Speaker 1>to thirty legislation. But I think you're going to see

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<v Speaker 1>major reforms proposed by people on both sides the political

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<v Speaker 1>aisle to require stronger content moderation to protect our democracy

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<v Speaker 1>against this information and outright lies, and also to protect

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<v Speaker 1>kids and families. I think you're also going to see

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<v Speaker 1>anti trust UH enforcement on the on the agenda for

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<v Speaker 1>sure in in UH one. So these are big changes

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<v Speaker 1>when you think about the context of tex in America

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<v Speaker 1>and the other one that's heared are our heart is

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<v Speaker 1>closing the digital divide because in an era when kids

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<v Speaker 1>are all doing distance learning and learning at home rather

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<v Speaker 1>than in school, every kid ought to have the same

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<v Speaker 1>opportunity to do distant forty. So I think you're gonna

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<v Speaker 1>see a big tech agenda under the next administration. Jim,

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<v Speaker 1>do you think there's any material risk um for breaking

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<v Speaker 1>up any of these big companies, whether it's an Amazon

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<v Speaker 1>or an Alphabet or Facebook. I think it's a really

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<v Speaker 1>great question, and I think the answer is depends on

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<v Speaker 1>your political prospective. I do think you're going to see it.

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<v Speaker 1>I think that either state attorneys general or the U. S.

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<v Speaker 1>Attorney General will probably bring some kind of antitrust case

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<v Speaker 1>against one or more of the big companies. It depends

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<v Speaker 1>take your pick. If it's Facebook, it would be to

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<v Speaker 1>have them to vest what's happened Instagram. If it were

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<v Speaker 1>a Google, it would maybe to be split some of

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<v Speaker 1>the far reaching element to the company into smaller ones.

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<v Speaker 1>But I do think it's going to be on the table,

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<v Speaker 1>and I think business is gonna matter. You know, your

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<v Speaker 1>audience is going to really matter in this because obviously

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<v Speaker 1>tech is the engine that drives our economy. Obviously their

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<v Speaker 1>tremendous benefits to technology, but there are downside. So the

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<v Speaker 1>key is going to be common sense, as I said,

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<v Speaker 1>balancing innovation with the need for fair market competitions. These

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<v Speaker 1>are all going to be on the table next year,

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<v Speaker 1>and I think it's going to be an incredibly important time.

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<v Speaker 1>And as my book said, history is going to be

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<v Speaker 1>watching and that's going to be fascinating. So I do

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<v Speaker 1>wonder among the fifty essays, Um, Jim that were written,

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<v Speaker 1>and as you mentioned, it's a great it's an amazing

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<v Speaker 1>kind of lineup. Will Obey sal Khan of Kon Academy. Um,

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<v Speaker 1>it's just they're all over Chelsea Clinton, you said, Kara Swisher,

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<v Speaker 1>Mark Bennioff, and I do wonder um of the essays,

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<v Speaker 1>and I know you obviously read them all. I mean,

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<v Speaker 1>is there one that really surprised you? You know, it's interesting.

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<v Speaker 1>I actually think Benny offs Mark is a good friend

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<v Speaker 1>of mine, the founder in Field Salesforce, is really good.

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<v Speaker 1>It's about conscious capitalist and it's really good. By the way,

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<v Speaker 1>your namesaker, the station's namesake, Mike Bloomberg, did a terrific

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<v Speaker 1>essay about how dated drives decisions, largely in the context

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<v Speaker 1>of climate change, which he cares a lot about. Um.

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<v Speaker 1>I actually think that that the Keras Switcher's article is amazing.

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<v Speaker 1>I think Tim Woo, the Columbia Professor, has a fabulous essay. UM.

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<v Speaker 1>I think a couple of the ones by Jeff Cannada,

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<v Speaker 1>the founder of Harlem Chilton's Own, and the author Michelle

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<v Speaker 1>Alexander about the newest Jim Crow are really powerful. There

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<v Speaker 1>are so many. I mean, it was really fun for me.

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<v Speaker 1>I wrote a piece my pieces about section two thirty

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<v Speaker 1>and how section two thirty is sad for kids. This

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<v Speaker 1>is that lack of the fact that's basically the immunity

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<v Speaker 1>clause pro tect industry. But I just think there's so

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<v Speaker 1>much in here and and as you mentioned, Chelsea and

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<v Speaker 1>other people wrote about the impact on kids. Collette Hassani,

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<v Speaker 1>the guy who wrote Kite Runner, talked about how technology

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<v Speaker 1>had reformed in a good way democracy in his home

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<v Speaker 1>country of Afghanistan. Um Jeff could be the famous dad

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<v Speaker 1>guy wrote about is our Facebook, Google and Amazon the

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<v Speaker 1>new tobacco industry? So I think it allows reader to

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<v Speaker 1>ask this fundamental question, which is we all know technology

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<v Speaker 1>is in all aspects of our lives. What do we

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<v Speaker 1>want from it? What do we want to hold the

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<v Speaker 1>companies accountable for? How do we want it to shape

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<v Speaker 1>the future. We should note that Mike Bloomberg is the

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<v Speaker 1>founder and principal owner of Bloomberg LP, blood a philanthropies,

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<v Speaker 1>radio and TV operation. Jim, do we know anything about

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<v Speaker 1>uh former Vice President Biden how he views these broader

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<v Speaker 1>tech issues or if we heard anything from the campaign

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<v Speaker 1>on these disclosure? Your brother is Tom Steyer correct? That

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<v Speaker 1>is my brother Tom ran against him, correct and knows

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<v Speaker 1>him very well. And and and I know I know Joe.

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<v Speaker 1>I know Joe Biden quite well. Yes. In fact, his

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<v Speaker 1>chief policy advisor, Bruce Reid, who used to work for

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<v Speaker 1>Common Sense Media, is the birth is who co authored

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<v Speaker 1>the article with me that section two thirty reform and

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<v Speaker 1>holding the platforms scountable. So we know I I do

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<v Speaker 1>know that actually Vice President Biden takes this very seriously.

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<v Speaker 1>He has definitely been on the side of the idea

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<v Speaker 1>that there needs to be common sense structure and regulations

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<v Speaker 1>around media and that he's been particularly critical of Facebook

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<v Speaker 1>and Instagram. UM and when we did our whole stop

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<v Speaker 1>paid for profit campaign, the advertising boycott that we started

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<v Speaker 1>in July, UM Vice Friend and Biden campaign cannot and

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<v Speaker 1>spoke about that. So I actually think no matter who

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<v Speaker 1>whoever is the next president and whoever controls the conquers,

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<v Speaker 1>you are going to see major new efforts to put

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<v Speaker 1>this in perspective and that see and to make sure

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<v Speaker 1>that technology companies are on the right side of history.

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<v Speaker 1>Do you think, and we just we've just got about

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<v Speaker 1>forty seconds left. Should investors should investors be a little

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<v Speaker 1>worried about this in terms of what it means for

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<v Speaker 1>I don't think. I'll tell you what I actually think.

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<v Speaker 1>Like we did the privacy legislation in CALIFORNI you two

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<v Speaker 1>years ago, and all the big tech companies were worried.

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<v Speaker 1>There comes has gone up massively in their prices. And

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<v Speaker 1>by the way, no, I think the public wants sort

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<v Speaker 1>of a healthy, balanced environment. So actually, I think of

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<v Speaker 1>ourn investor, I would think that common sense, thoughtful regulations

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<v Speaker 1>will ultimately benefit the tech industry much more than hurting it.

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<v Speaker 1>And I bet you that that is I would be

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<v Speaker 1>willing to bet my bottom dollar on them. That was

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<v Speaker 1>common sense. Media founder and CEO Jim Styre. Check out

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<v Speaker 1>that new book, Which Side of History, How Technology Is

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<v Speaker 1>Reshaping democracy and our lives. Well, you've been listening to

0:11:34.000 --> 0:11:36.880
<v Speaker 1>Bloomberg Business Week Extra, be sure to listen to Bloomberg

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<v Speaker 1>Business Week Radio, airing live Monday through Friday at two

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<v Speaker 1>pm Wall Street Time on Bloomberg Radio. I'm Carol Master

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<v Speaker 1>along with Bloomberg's Paul Sweeney. This this Bloomberg