Beware, fellow plutocrats, the pitchforks are coming | Nick Hanauer

1,511,971 views ใƒป 2014-08-12

TED


ืื ื ืœื—ืฅ ืคืขืžื™ื™ื ืขืœ ื”ื›ืชื•ื‘ื™ื•ืช ื‘ืื ื’ืœื™ืช ืœืžื˜ื” ื›ื“ื™ ืœื”ืคืขื™ืœ ืืช ื”ืกืจื˜ื•ืŸ.

ืžืชืจื’ื: Zeeva Livshitz ืžื‘ืงืจ: Ido Dekkers
00:13
You probably don't know me,
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ืืชื ื›ื ืจืื” ืœื ืžื›ื™ืจื™ื ืื•ืชื™,
00:15
but I am one of those .01 percenters
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ืื‘ืœ ืื ื™ ืื—ื“ ืžืืœื” ืฉืžืฉืชื™ื™ื›ื™ื ืœืื•ืชื• 0.1 ืื—ื•ื–
00:19
that you hear about and read about,
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ืฉืืชื ืฉื•ืžืขื™ื ื•ืงื•ืจืื™ื ืขืœื™ื•,
00:20
and I am by any reasonable definition a plutocrat.
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ื•ืื ื™ ืขืœ ืคื™ ื›ืœ ื”ื’ื“ืจื” ืกื‘ื™ืจื” ืื™ืœ-ื”ื•ืŸ.
00:25
And tonight, what I would like to do is speak directly
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ื•ื”ืขืจื‘, ืžื” ืฉืื ื™ ืจื•ืฆื” ืœืขืฉื•ืช ื”ื•ื ืœื“ื‘ืจ ื™ืฉื™ืจื•ืช
00:28
to other plutocrats, to my people,
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ืืœ ืื™ืœื™ ื”ื•ืŸ ืื—ืจื™ื, ืœืื ืฉื™ื ืฉืœื™,
00:30
because it feels like it's time for us all
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ื›ื™ ื™ืฉ ื”ืจื’ืฉื” ืฉื–ื” ื”ื–ืžืŸ
00:33
to have a chat.
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ืฉืขืœื™ื ื• ืœื“ื‘ืจ.
00:35
Like most plutocrats, I too am a proud
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ื›ืžื• ืจื•ื‘ ืื™ืœื™ ื”ื”ื•ืŸ, ื’ื ืื ื™ ืงืคื™ื˜ืœื™ืกื˜
00:37
and unapologetic capitalist.
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ื’ืื” ื•ื‘ืœืชื™ ืžืชื ืฆืœ.
00:40
I have founded, cofounded or funded
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ืื ื™ ื™ื™ืกื“ืชื™, ื”ืฉืชืชืคืชื™ ื‘ื”ืงืžื” ืื• ื‘ืžื™ืžื•ืŸ
00:43
over 30 companies across a range of industries.
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ืฉืœ ืžืขืœ ืœ-30 ื—ื‘ืจื•ืช ื‘ืžื’ื•ื•ืŸ ืฉืœ ืชืขืฉื™ื•ืช.
00:47
I was the first non-family investor in Amazon.com.
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ื”ื™ื™ืชื™ ื”ืžืฉืงื™ืข ื”ืœื-ืžืฉืคื—ืชื™ ื”ืจืืฉื•ืŸ ื‘-Amazon.com.
00:50
I cofounded a company called aQuantive
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ืื ื™ ื”ืฉืชืชืคืชื™ ื‘ื”ืงืžืช ื—ื‘ืจื” ื‘ืฉื ืื™ ืงื•ืื ื˜ื™ื‘
00:53
that we sold to Microsoft for 6.4 billion dollars.
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ืฉื ืžื›ืจื” ืœืžื™ืงืจื•ืกื•ืคื˜ ื‘-6.4 ืžื™ืœื™ืืจื“ ื“ื•ืœืจ
00:57
My friends and I, we own a bank.
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ื—ื‘ืจื™ื™ ื•ืื ื™, ื™ืฉ ื‘ื‘ืขืœื•ืชื ื• ื‘ื ืง.
01:00
I tell you this โ€” (Laughter) โ€”
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ืื ื™ ืื•ืžืจ ืœื›ื ืืช ื–ื” - (ืฆื—ื•ืง) -
01:02
unbelievable, right?
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ืœื ื™ืื•ืžืŸ, ื ื›ื•ืŸ?
01:04
I tell you this to show
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ืื ื™ ืžืกืคืจ ืœื›ื ืืช ื–ื” ื›ื“ื™ ืœื”ืจืื•ืช
01:07
that my life is like most plutocrats.
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ืฉื—ื™ื™ ื”ื ื›ืžื• ืฉืœ ืจื•ื‘ ืื™ืœื™ ื”ื”ื•ืŸ.
01:10
I have a broad perspective on capitalism
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ื™ืฉ ืœื™ ืคืจืกืคืงื˜ื™ื‘ื” ืจื—ื‘ื” ืขืœ ืงืคื™ื˜ืœื™ื–ื
01:13
and business,
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ื•ืขืกืงื™ื,
01:15
and I have been rewarded obscenely for that
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ื•ืชื•ื’ืžืœืชื™ ื‘ืื•ืคืŸ ืžื’ื•ื ื” ืขืœ ื›ืš
01:19
with a life that most of you all
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ืขื ื—ื™ื™ื ืฉืจื•ื‘ื›ื
01:21
can't even imagine:
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ืœื ื™ื›ื•ืœื™ื ืืคื™ืœื• ืœื“ืžื™ื™ืŸ:
01:23
multiple homes, a yacht, my own plane,
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ื‘ืชื™ื ืจื‘ื™ื, ื™ืื›ื˜ื”, ืžื˜ื•ืก ืžืฉืœื™,
01:26
etc., etc., etc.
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ื•ื›ื• ', ื•ื›ื•', ื•ื›ื• '
01:30
But let's be honest: I am not the smartest person you've ever met.
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ืื‘ืœ ื‘ื•ืื• ื•ื ื”ื™ื” ื›ื ื™ื: ืื ื™ ืœื ื”ืื“ื ื”ื—ื›ื ื‘ื™ื•ืชืจ ืฉืื™ ืคืขื ืคื’ืฉืชื.
01:33
I am certainly not the hardest working.
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ืื ื™ ื•ื“ืื™ ืœื ืžื™ ืฉืขื•ื‘ื“ ื”ื›ื™ ืงืฉื”.
01:35
I was a mediocre student.
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ื”ื™ื™ืชื™ ืชืœืžื™ื“ ื‘ื™ื ื•ื ื™
01:37
I'm not technical at all.
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ืื ื™ ืœื ืื“ื ื˜ื›ื ื™ ื‘ื›ืœืœ.
01:39
I can't write a word of code.
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ืื ื™ ืœื ื™ื›ื•ืœ ืœื›ืชื•ื‘ ืžื™ืœืช ืงื•ื“ ืื—ืช.
01:41
Truly, my success is the consequence
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ืœืืžื™ืชื• ืฉืœ ื“ื‘ืจ, ื”ื”ืฆืœื—ื” ืฉืœื™ ื”ื™ื ื”ืชื•ืฆืื”
01:44
of spectacular luck,
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ืฉืœ ืžื–ืœ ืžื“ื”ื™ื,
01:47
of birth, of circumstance and of timing.
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ืชื•ืœื“ื” ืฉืœ ื ืกื™ื‘ื•ืช ื•ืชื–ืžื•ืŸ.
01:52
But I am actually pretty good at a couple of things.
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ืื‘ืœ ืื ื™ ืœืžืขืฉื” ื“ื™ ื˜ื•ื‘ ื‘ื›ืžื” ื“ื‘ืจื™ื.
01:56
One, I have an unusually high tolerance for risk,
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ืื—ื“, ื™ืฉ ืœื™ ืกื•ื‘ืœื ื•ืช ื’ื‘ื•ื”ื” ื‘ืฆื•ืจื” ื™ื•ืฆืืช ื“ื•ืคืŸ ืœืกื™ื›ื•ืŸ,
02:01
and the other is I have a good sense,
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ื•ื”ืฉื ื™ ื”ื•ื ืฉื™ืฉ ืœื™ ื—ื•ืฉื™ื ื˜ื•ื‘ื™ื,
02:03
a good intuition about what will happen in the future,
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ืื™ื ื˜ื•ืื™ืฆื™ื” ื˜ื•ื‘ื” ืœืžื” ืฉื™ืงืจื” ื‘ืขืชื™ื“,
02:06
and I think that that intuition about the future
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ื•ืื ื™ ื—ื•ืฉื‘ ืฉืื™ื ื˜ื•ืื™ืฆื™ื” ื–ื• ื‘ืงืฉืจ ืœืขืชื™ื“
02:09
is the essence of good entrepreneurship.
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ื”ื™ื ื”ืžื”ื•ืช ืฉืœ ื™ื–ืžื•ืช ื˜ื•ื‘ื”.
02:13
So what do I see in our future today,
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ืื– ืžื” ืื ื™ ืจื•ืื” ื”ื™ื•ื ืœื’ื‘ื™ ื”ืขืชื™ื“ ืฉืœื ื•,
02:15
you ask?
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ืืชื ืฉื•ืืœื™ื?
02:17
I see pitchforks,
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ืื ื™ ืจื•ืื” ืงืœืฉื•ื ื™ื
02:19
as in angry mobs with pitchforks,
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ื›ืžื• ื‘ืืกืคืกื•ืฃ ื–ื•ืขื ืขื ืงืœืฉื•ื ื™ื,
02:24
because while people like us plutocrats
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ื›ื™ ื‘ื–ืžืŸ ืฉืื ืฉื™ื ื›ืžื•ื ื•, ืื™ืœื™ ื”ื•ืŸ
02:29
are living beyond the dreams of avarice,
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ื—ื™ื™ื ืžืขื‘ืจ ืœื›ืœ ื“ืžื™ื•ืŸ ืชืื‘ ื‘ืฆืข,
02:32
the other 99 percent of our fellow citizens
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99 ื”ืื—ื•ื–ื™ื ื”ืื—ืจื™ื ืฉืœ ื”ืื–ืจื—ื™ื ืฉืœื ื•
02:35
are falling farther and farther behind.
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ื ื•ืชืจื™ื ื™ื•ืชืจ ื•ื™ื•ืชืจ ืžืื—ื•ืจ.
02:38
In 1980, the top one percent of Americans
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ื‘ืฉื ืช 1980, ื”ืื—ื•ื–ื•ืŸ ื”ืขืœื™ื•ืŸ ืฉืœ ื”ืืžืจื™ืงืื™ื
02:41
shared about eight percent of national [income],
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ื—ืœืงื• ื›-8 ืื—ื•ื–ื™ื ืžื”ื”ื›ื ืกื” ื”ืœืื•ืžื™ืช,
02:43
while the bottom 50 percent of Americans
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ื‘ืขื•ื“ ืฉ50 ื”ืื—ื•ื–ื™ื ื”ืชื—ืชื•ื ื™ื ืžื”ืืžืจื™ืงืื™ื
02:46
shared 18 percent.
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ื—ืœืงื• 18 ืื—ื•ื–.
02:48
Thirty years later, today, the top one percent
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ืฉืœื•ืฉื™ื ืฉื ื” ืžืื•ื—ืจ ื™ื•ืชืจ, ื”ื™ื•ื, ื”ืื—ื•ื–ื•ืŸ ื”ืขืœื™ื•ืŸ
02:52
shares over 20 percent of national [income],
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ื—ื•ืœืง ืžืขืœ ืœ-20 ืื—ื•ื–ื™ื ืžื”ื”ื›ื ืกื” ื”ืœืื•ืžื™ืช
02:55
while the bottom 50 percent of Americans
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ื‘ืขื•ื“ ืฉ50 ื”ืื—ื•ื–ื™ื ื”ืชื—ืชื•ื ื™ื ืžื”ืืžืจื™ืงืื™ื
02:57
share 12 or 13.
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ื—ื•ืœืงื™ื 12 ืื• 13.
03:00
If the trend continues,
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ืื ื”ืžื’ืžื” ืชื™ืžืฉืš,
03:03
the top one percent will share
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ื”ืื—ื•ื– ื”ืื—ื“ ื”ืขืœื™ื•ืŸ ื™ื—ืœื•ืง
03:04
over 30 percent of national [income]
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ืžืขืœ ืœ-30% ืฉืœ ื”ื›ื ืกื” ืœืื•ืžื™ืช
03:06
in another 30 years,
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ื‘ืขื•ื“ 30 ืฉื ื”,
03:08
while the bottom 50 percent of Americans
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ื‘ืขื•ื“ ืฉ50 ื”ืื—ื•ื–ื™ื ื”ืชื—ืชื•ื ื™ื ืžื”ืืžืจื™ืงืื™ื
03:10
will share just six.
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ื™ื—ืœืงื• ืจืง 6.
03:12
You see, the problem isn't that we have
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ืืชื ืจื•ืื™ื, ื”ื‘ืขื™ื” ื”ื™ื ืœื ืฉื™ืฉ ืœื ื•
03:14
some inequality.
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ืื™-ืฉื•ื•ื™ื•ืŸ ื›ืœืฉื”ื•.
03:16
Some inequality is necessary
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ืื™ ืฉื•ื•ื™ื•ืŸ ืžืกื•ื™ื ื”ื•ื ื”ื›ืจื—ื™
03:19
for a high-functioning capitalist democracy.
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ืœื“ืžื•ืงืจื˜ื™ื” ืงืคื™ื˜ืœื™ืกื˜ื™ืช ื‘ืชืคืงื•ื“ ื’ื‘ื•ื”.
03:22
The problem is that inequality
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ื”ื‘ืขื™ื” ื”ื™ื ืฉื—ื•ืกืจ ืฉื•ื•ื™ื•ืŸ ื–ื”
03:24
is at historic highs today
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ื ืžืฆื ื‘ืฉื™ืื™ื ื”ื™ืกื˜ื•ืจื™ื™ื ื”ื™ื•ื
03:27
and it's getting worse every day.
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ื•ื–ื” ื”ื•ืœืš ื•ืžื—ืžื™ืจ ื‘ื›ืœ ื™ื•ื.
03:30
And if wealth, power, and income
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ื•ืื ืขื•ืฉืจ, ื›ื•ื—, ื•ื”ื›ื ืกื•ืช
03:33
continue to concentrate
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ื™ืžืฉื™ื›ื• ืœื”ื™ื•ืช ืžืจื•ื›ื–ื™ื
03:35
at the very tippy top,
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ื‘ืงืฆื” ืงืฆื”ื• ืฉืœ ื”ืงืฆื” ื”ืขืœื™ื•ืŸ
03:37
our society will change
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ื”ื—ื‘ืจื” ืฉืœื ื• ืชืฉืชื ื”
03:39
from a capitalist democracy
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ืžื“ืžื•ืงืจื˜ื™ื” ืงืคื™ื˜ืœื™ืกื˜ื™ืช
03:41
to a neo-feudalist rentier society
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ืœื—ื‘ืจืช ืจื ื˜ื” ื ื™ืื•-ืคื™ืื•ื“ืœื™ืช
03:45
like 18th-century France.
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ื›ืžื• ืฆืจืคืช ืฉืœ ื”ืžืื” ื”ืฉืžื•ื ื” ืขืฉืจื”.
03:47
That was France
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ื–ื• ื”ื™ืชื” ืฆืจืคืช
03:50
before the revolution
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ืœืคื ื™ ื”ืžื”ืคื™ื›ื”
03:51
and the mobs with the pitchforks.
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ื•ื”ืืกืคืกื•ืฃ ืขื ื”ืงืœืฉื•ื ื™ื.
03:53
So I have a message for my fellow plutocrats
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ืื– ื™ืฉ ืœื™ ื”ื•ื“ืขื” ืœืขืžื™ืชื™ื™ ืื™ืœื™ ื”ื”ื•ืŸ
03:56
and zillionaires
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ื•ื”ื–ื™ืœื™ื•ื ืจื™ื
03:58
and for anyone who lives
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ื•ืœื›ืœ ืžื™ ืฉื—ื™
03:59
in a gated bubble world:
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ื‘ืขื•ืœื ืฉืœ ื‘ื•ืขื” ืžื’ื•ื“ืจืช:
04:02
Wake up.
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ื”ืชืขื•ืจืจื•.
04:03
Wake up. It cannot last.
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ื”ืชืขื•ืจืจื•. ื–ื” ืœื ื™ื›ื•ืœ ืœื”ื™ืžืฉืš.
04:07
Because if we do not do something
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ืžืฉื•ื ืฉืื ืื ื• ืœื ืขื•ืฉื™ื ืžืฉื”ื•
04:09
to fix the glaring economic inequities in our society,
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ื›ื“ื™ ืœืชืงืŸ ืืช ื—ื•ืกืจ ื”ืฉื•ื•ื™ื•ืŸ ื”ื›ืœื›ืœื™ ื”ื‘ื•ืœื˜ ื‘ื—ื‘ืจื” ืฉืœื ื•,
04:13
the pitchforks will come for us,
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ื”ืงื™ืœืฉื•ื ื™ื ื™ื’ื™ืขื• ืืœื™ื ื•,
04:16
for no free and open society can long sustain
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ื›ื™ ืฉื•ื ื—ื‘ืจื” ื—ื•ืคืฉื™ืช ื•ืคืชื•ื—ื” ืœื ื™ื›ื•ืœื” ืœืฉืืช
04:20
this kind of rising economic inequality.
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ืกื•ื’ ื–ื” ืฉืœ ืื™ ืฉื•ื•ื™ื•ืŸ ื›ืœื›ืœื™ ืฉื’ื“ืœ.
04:23
It has never happened. There are no examples.
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ื–ื” ืžืขื•ืœื ืœื ืงืจื”. ืื™ืŸ ืœื›ืš ื“ื•ื’ืžืื•ืช.
04:26
You show me a highly unequal society,
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ื”ืจืื• ืœื™ ื—ื‘ืจื” ืžืื•ื“ ืื™-ืฉื•ื•ื™ื•ื ื™ืช
04:27
and I will show you a police state
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ื•ืืจืื” ืœื›ื ืžื“ื™ื ืช ืžืฉื˜ืจื”
04:29
or an uprising.
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ืื• ื”ืชืงื•ืžืžื•ืช.
04:31
The pitchforks will come for us
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ื”ืงื™ืœืฉื•ื ื™ื ื™ื’ื™ืขื• ืืœื™ื ื•
04:33
if we do not address this.
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ืื ืœื ื ืชื™ื™ื—ืก ืœื›ืš.
04:35
It's not a matter of if, it's when.
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ื–ื• ืœื ืฉืืœื” ืฉืœ ืื, ืืœื ืžืชื™
04:39
And it will be terrible when they come
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ื•ื–ื” ื™ื”ื™ื” ื ื•ืจื ื›ืฉื”ื ื™ื’ื™ืขื•
04:42
for everyone,
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ืœื›ื•ืœื,
04:44
but particularly for people like us plutocrats.
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ืืš ื‘ืžื™ื•ื—ื“ ืขื‘ื•ืจ ืื ืฉื™ื ื›ืžื•ื ื• ืื™ืœื™ ื”ื•ืŸ.
04:49
I know I must sound like some liberal do-gooder.
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ืื ื™ ื™ื•ื“ืข ืฉืื ื™ ื ืฉืžืข ื›ืžื• ืื™ื–ืฉื”ื• ืžืชืงืŸ-ืขื•ืœื ืœื™ื‘ืจืœื™.
04:52
I'm not. I'm not making a moral argument
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ืื ื™ ืœื. ืื ื™ ืœื ืขื•ืฉื” ื˜ื™ืขื•ืŸ ืžื•ืกืจื™
04:54
that economic inequality is wrong.
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ืฉืื™-ืฉื•ื•ื™ื•ืŸ ื›ืœื›ืœื™ ื”ื•ื ืฉื’ื•ื™.
04:58
What I am arguing is that rising economic inequality
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ืžื” ืฉืื ื™ ื˜ื•ืขืŸ ื”ื•ื ืฉื”ืขืœื™ื™ื” ื‘ืื™-ืฉื•ื•ื™ื•ืŸ ื›ืœื›ืœื™
05:02
is stupid and ultimately self-defeating.
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ื”ื™ื ื˜ืคืฉื™ืช ื•ื‘ืกื•ืคื• ืฉืœ ื“ื‘ืจ ืžื•ืœื™ื›ื” ืœืชื‘ื•ืกื” ืขืฆืžื™ืช.
05:05
Rising inequality doesn't just increase our risks
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ืื™ ืฉื•ื•ื™ื•ืŸ ืžืชื’ื‘ืจ ืœื ืจืง ืžื’ื“ื™ืœ ืืช ื”ืกื™ื›ื•ื ื™ื ืฉืœื ื•
05:09
from pitchforks,
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ืžืคื ื™ ืงืœืฉื•ื ื™ื,
05:11
but it's also terrible for business too.
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ืืœื ื”ื•ื ื ื•ืจื ื’ื ืœืขืกืงื™ื.
05:15
So the model for us rich guys should be Henry Ford.
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ืื– ื”ืžื•ื“ืœ ื‘ืฉื‘ื™ืœื ื• ื”ืขืฉื™ืจื™ื ืฆืจื™ืš ืœื”ื™ื•ืช ื”ื ืจื™ ืคื•ืจื“
05:19
When Ford famously introduced the $5 day,
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ื›ืืฉืจ ืคื•ืจื“ ื”ืขืœื” ื‘ืื•ืคืŸ ืžื”ื•ืœืœ ืืช ืจืขื™ื•ืŸ ื”-$5 ืœื™ื•ื,
05:23
which was twice the prevailing wage at the time,
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ืฉื”ื™ื” ืคื™ ืฉื ื™ื™ื ืžื”ืฉื›ืจ ืฉื”ื™ื” ื ื”ื•ื’ ื‘ืื•ืชื” ืชืงื•ืคื”,
05:26
he didn't just increase the productivity
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ื”ื•ื ืœื ืจืง ื”ื’ื“ื™ืœ ืืช ื”ืชืคื•ืงื”
05:28
of his factories,
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ืฉืœ ื”ืžืคืขืœื™ื ืฉืœื•,
05:30
he converted exploited autoworkers who were poor
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ื”ื•ื ื”ืคืš ืืช ืขื•ื‘ื“ื™ ืชืขืฉื™ื™ืช ื”ืžื›ื•ื ื™ื•ืช ื”ืžื ื•ืฆืœื™ื ืฉื”ื™ื• ืขื ื™ื™ื
05:33
into a thriving middle class who could now afford
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ืœื‘ื ื™ ืžืขืžื“ ื‘ื™ื ื•ื ื™ ืžืฉื’ืฉื’ ืฉื™ื›ืœื• ื›ืขืช ืœื”ืจืฉื•ืช ืœืขืฆืžื
05:36
to buy the products that they made.
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ืœืจื›ื•ืฉ ืืช ื”ืžื•ืฆืจื™ื ืฉื”ื ื™ืฆืจื•.
05:39
Ford intuited what we now know is true,
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ืœืคื•ืจื“ ื”ื™ืชื” ืื™ื ื˜ื•ืื™ืฆื™ื” ื›ืœืคื™ ืžื” ืฉืื ื—ื ื• ื›ืขืช ื™ื•ื“ืขื™ื ืฉื”ื•ื ื ื›ื•ืŸ,
05:43
that an economy is best understood as an ecosystem
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ืฉื”ื“ืจืš ื”ื˜ื•ื‘ื” ื‘ื™ื•ืชืจ ืœื”ื‘ื™ืŸ ื›ืœื›ืœื” ื”ื™ื ื›ืžืขืจื›ืช ืืงื•ืœื•ื’ื™ืช
05:47
and characterized by the same kinds
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ื•ืžืชืืคื™ื™ื ืช ื‘ืื•ืชื ืกื•ื’ื™ื
05:49
of feedback loops you find
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ืฉืœ ืœื•ืœืื•ืช ืžืฉื•ื‘ ืฉืžื•ืฆืื™ื
05:52
in a natural ecosystem,
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ื‘ืžืขืจื›ืช ืืงื•ืœื•ื’ื™ืช ื˜ื‘ืขื™ืช,
05:54
a feedback loop between customers and businesses.
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ืœื•ืœืืช ืžืฉื•ื‘ ื‘ื™ืŸ ืœืงื•ื—ื•ืช ื•ืขืกืงื™ื.
05:58
Raising wages increases demand,
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ื”ืขืœืืช ืฉื›ืจ ืžื’ื“ื™ืœ ืืช ื”ื‘ื™ืงื•ืฉ,
06:01
which increases hiring,
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ืืฉืจ ืžื’ื“ื™ืœ ืืช ื”ื’ื™ื•ืก
06:03
which in turn increases wages
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ืืฉืจ ื‘ืชื•ืจื• ืžื’ื“ื™ืœ ืืช ื”ืฉื›ืจ
06:05
and demand and profits,
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ื•ื”ื‘ื™ืงื•ืฉ ื•ื”ืจื•ื•ื—ื™ื.
06:07
and that virtuous cycle of increasing prosperity
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ื•ืžื—ื–ื•ืจ ื•ื™ืจื˜ื•ืื•ื–ื™ ื–ื” ืฉืœ ืฉืคืข ื’ื“ืœ
06:12
is precisely what is missing
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ื”ื•ื ื‘ื“ื™ื•ืง ื”ื“ื‘ืจ ืฉื—ืกืจ
06:14
from today's economic recovery.
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ื‘ื”ืชืื•ืฉืฉื•ืช ื”ื›ืœื›ืœื™ืช ืฉืœ ื”ื™ื•ื.
06:19
And this is why we need to put behind us
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ื•ื–ื• ื”ืกื™ื‘ื” ืžื“ื•ืข ืื ื• ื—ื™ื™ื‘ื™ื ืœืฉื™ื ืžืื—ื•ืจื™ื ื•
06:24
the trickle-down policies that so dominate
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ืืช ืžื“ื™ื ื™ื•ืช ื”ื—ื™ืœื—ื•ืœ ื›ืœืคื™ ืžื˜ื” ืฉื›ืœ ื›ืš ืฉื•ืœื˜ืช
06:28
both political parties
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ื‘ืฉืชื™ ื”ืžืคืœื’ื•ืช ื”ืคื•ืœื™ื˜ื™ื•ืช
06:30
and embrace something I call middle-out economics.
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ื•ืžืืžืฆืช ืžืฉื”ื• ืฉืื ื™ ืžื›ื ื” ื›ืœื›ืœืช ื”ืžืจื›ื– ื”ื—ื•ืฆื”
06:33
Middle-out economics rejects
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ื›ืœื›ืœืช ื”ืžืจื›ื– ื”ื—ื•ืฆื” ื“ื•ื—ื”
06:35
the neoclassical economic idea
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ืืช ื”ืจืขื™ื•ืŸ ื”ื›ืœื›ืœื™ ื”ื ื™ืื•-ืงืœืืกื™
06:38
that economies are efficient, linear, mechanistic,
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ืฉื›ืœื›ืœื•ืช ื”ืŸ ื™ืขื™ืœื•ืช, ืœื™ื ื™ืืจื™ื•ืช, ืžื›ื ื™ืกื˜ื™ื•ืช
06:42
that they tend towards equilibrium and fairness,
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ืฉื”ืŸ ื ื•ื˜ื•ืช ืœืžืฆื‘ื™ ืื™ื–ื•ืŸ ื•ื”ื’ื™ื ื•ืช,
06:45
and instead embraces the 21st-century idea
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ื•ื‘ืžืงื•ืžืŸ ืžืืžืฆืช ืืช ื ืงื•ื“ืช ื”ืžื‘ื˜ ืฉืœ ื”ืžืื” ื”-21
06:49
that economies are complex, adaptive,
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ืฉื›ืœื›ืœื•ืช ื”ืŸ ืžื•ืจื›ื‘ื•ืช, ืžืกืชื’ืœื•ืช,
06:52
ecosystemic,
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ืืงื•ืกื™ืกื˜ืžื™ื•ืช,
06:54
that they tend away from equilibrium and toward inequality,
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ืฉื”ืŸ ืคื•ื ื•ืช ื”ื—ื•ืฆื” ืžืŸ ื”ืื™ื–ื•ืŸ ืœืงืจืืช ืื™-ื”ืฉื•ื•ื™ื•ืŸ
06:58
that they're not efficient at all
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ืฉื”ืŸ ื›ืœืœ ืœื ื™ืขื™ืœื•ืช
06:59
but are effective if well managed.
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ืื‘ืœ ืืคืงื˜ื™ื‘ื™ื•ืช ืื ืžื ื•ื”ืœื•ืช ื”ื™ื˜ื‘.
07:03
This 21st-century perspective
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ื ืงื•ื“ืช ืžื‘ื˜ ื–ื• ืฉืœ ื”ืžืื” ื”-21
07:06
allows you to clearly see that capitalism
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ืžืืคืฉืจืช ืœื›ื ืœืจืื•ืช ื‘ื‘ื™ืจื•ืจ ืฉืงืคื™ื˜ืœื™ื–ื
07:09
does not work by [efficiently] allocating
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ืื™ื ื• ืขื•ื‘ื“ ืขืœ ื™ื“ื™ ื”ืงืฆืื” (ื‘ื™ืขื™ืœื•ืช)
07:12
existing resources.
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ืฉืœ ืžืฉืื‘ื™ื ืงื™ื™ืžื™ื.
07:14
It works by [efficiently] creating new solutions
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ื–ื” ืขื•ื‘ื“ ืขืœ ื™ื“ื™ ื™ืฆื™ืจืช ืคืชืจื•ื ื•ืช ื—ื“ืฉื™ื ื‘ื™ืขื™ืœื•ืช
07:20
to human problems.
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ืœื‘ืขื™ื•ืช ืื ื•ืฉื™ื•ืช.
07:22
The genius of capitalism
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ื”ื’ืื•ื ื•ืช ืฉืœ ื”ืงืคื™ื˜ืœื™ื–ื ื”ื™ื
07:24
is that it is an evolutionary solution-finding system.
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ืฉื–ื• ืžืขืจื›ืช ืื‘ื•ืฆื™ื•ื ืœื™ืช ืœืžืฆื™ืืช ืคื™ืชืจื•ืŸ.
07:29
It rewards people for solving other people's problems.
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ื”ื™ื ืžืชื’ืžืœืช ืื ืฉื™ื ืขืœ ืคืชืจื•ืŸ ื”ื‘ืขื™ื•ืช ืฉืœ ืื ืฉื™ื ืื—ืจื™ื.
07:35
The difference between a poor society
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ื”ื”ื‘ื“ืœ ื‘ื™ืŸ ื—ื‘ืจื” ืขื ื™ื”
07:38
and a rich society, obviously,
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ืœื—ื‘ืจื” ืขืฉื™ืจื”, ื›ืžื•ื‘ืŸ
07:40
is the degree to which that society
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ื”ื•ื ื”ืžื™ื“ื” ืฉืืœื™ื” ื—ื‘ืจื” ื–ื•
07:43
has generated solutions in the form
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ื™ืฆืจื” ืคืชืจื•ื ื•ืช ื‘ืฆื•ืจื” ืฉืœ
07:45
of products for its citizens.
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ืžื•ืฆืจื™ื ืขื‘ื•ืจ ืื–ืจื—ื™ื”.
07:48
The sum of the solutions
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ืกื›ื•ื ื”ืคืชืจื•ื ื•ืช
07:49
that we have in our society
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ืฉื™ืฉ ืœื ื• ื‘ื—ื‘ืจื” ืฉืœื ื•
07:51
really is our prosperity, and this explains
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ืœืžืขืฉื” ื”ื•ื ื”ืฆืžื™ื—ื” ืฉืœื ื•, ื•ื–ื” ืžืกื‘ื™ืจ
07:54
why companies like Google and Amazon
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ืžื“ื•ืข ื—ื‘ืจื•ืช ื›ืžื• ื’ื•ื’ืœ ื•ืืžื–ื•ืŸ
07:56
and Microsoft and Apple
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ื•ืžื™ืงืจื•ืกื•ืคื˜ ื•ืืคืœ
07:58
and the entrepreneurs who created those companies
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ื•ื”ื™ื–ืžื™ื ืฉื™ืฆืจื• ื—ื‘ืจื•ืช ืืœื•
08:01
have contributed so much
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ืชืจืžื• ื›ืœ ื›ืš ื”ืจื‘ื”
08:05
to our nation's prosperity.
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ืœืฉื’ืฉื•ื’ ืฉืœ ื”ืื•ืžื” ืฉืœื ื•.
08:08
This 21st-century perspective
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ื ืงื•ื“ืช ืžื‘ื˜ ื–ื• ืฉืœ ื”ืžืื” ื” -21
08:10
also makes clear
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ื’ื ืžื‘ื”ื™ืจื”
08:13
that what we think of as economic growth
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ืฉืžื” ืฉืื ื—ื ื• ื—ื•ืฉื‘ื™ื ืขืœื™ื• ื›ืขืœ ืฆืžื™ื—ื” ื›ืœื›ืœื™ืช
08:15
is best understood as
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ื”ื›ื™ ืžื•ื‘ืŸ
08:17
the rate at which we solve problems.
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ื›ืฉื™ืขื•ืจ ืฉื‘ื• ืื ื• ืคื•ืชืจื™ื ื‘ืขื™ื•ืช.
08:20
But that rate is totally dependent upon
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ืื‘ืœ ืฉื™ืขื•ืจ ื–ื” ืชืœื•ื™ ื‘ืื•ืคืŸ ืžื•ื—ืœื˜
08:23
how many problem solvers โ€”
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ื‘ืฉืืœื” ื›ืžื” ืคื•ืชืจื™ ื‘ืขื™ื•ืช -
08:27
diverse, able problem solvers โ€” we have,
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ืžื’ื•ื•ื ื™ื, ืคื•ืชืจื™ ื‘ืขื™ื•ืช ื‘ืขืœื™ ื™ื›ื•ืœืช ื™ืฉ ืœื ื•,
08:29
and thus how many of our fellow citizens
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ื•ืœืคื™ื›ืš ื›ืžื” ืžื”ืื–ืจื—ื™ื ืฉืœื ื•
08:32
actively participate,
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ืžืฉืชืชืคื™ื ื‘ืื•ืคืŸ ืคืขื™ืœ,
08:34
both as entrepreneurs who can offer solutions,
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ื”ืŸ ื›ื™ื–ืžื™ื ืฉื™ื›ื•ืœื™ื ืœื”ืฆื™ืข ืคืชืจื•ื ื•ืช,
08:38
and as customers who consume them.
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ื•ื”ืŸ ื›ืœืงื•ื—ื•ืช ืฉืฆื•ืจื›ื™ื ืื•ืชื.
08:42
But this maximizing participation thing
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ืื‘ืœ ื”ื’ื“ืœืช ื”ืฉืชืชืคื•ืช ื–ื•
08:46
doesn't happen by accident.
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ืœื ืงื•ืจื™ืช ื‘ืžืงืจื”.
08:47
It doesn't happen by itself.
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ื–ื” ืœื ืงื•ืจื” ืžืขืฆืžื•,
08:49
It requires effort and investment,
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ื–ื” ื“ื•ืจืฉ ืžืืžืฅ ื•ื”ืฉืงืขื”,
08:53
which is why all
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ืฉื–ื• ื”ืกื™ื‘ื” ืฉื›ืœ
08:56
highly prosperous capitalist democracies
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ื”ื“ืžื•ืงืจื˜ื™ื•ืช ื”ืงืคื™ื˜ืœื™ืกื˜ื™ื•ืช ื”ืžืฉื’ืฉื’ื•ืช ื‘ื™ื•ืชืจ
08:59
are characterized by massive investments
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ืžืื•ืคื™ื™ื ื•ืช ื‘ื”ืฉืงืขื•ืช ืžืกื™ื‘ื™ื•ืช
09:01
in the middle class and the infrastructure
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ื‘ืžืขืžื“ ื”ื‘ื™ื ื™ื™ื ื•ื”ืชืฉืชื™ื•ืช
09:04
that they depend on.
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ืฉื”ื ืชืœื•ื™ื™ื ื‘ื”ืŸ.
09:07
We plutocrats need to get this
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ืื ื• ืื™ืœื™ ื”ื”ื•ืŸ ืฆืจื™ื›ื™ื ืœืฉื™ื
09:09
trickle-down economics thing behind us,
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ืืช ื›ืœื›ืœืช ื”ื—ื™ืœื—ื•ืœ ื›ืœืคื™ ืžื˜ื” ื”ื–ื• ืžืื—ื•ืจื™ื ื•
09:12
this idea that the better we do,
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ืจืขื™ื•ืŸ ื–ื” ืฉื›ื›ืœ ืฉืื ื• ืขื•ืฉื™ื ื™ื•ืชืจ ื˜ื•ื‘
09:14
the better everyone else will do.
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ื›ืš ื™ืขืฉื• ื˜ื•ื‘ ื’ื ื›ืœ ื”ืื—ืจื™ื
09:16
It's not true. How could it be?
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ื–ื” ืœื ื ื›ื•ืŸ. ืื™ืš ื–ื” ื™ื›ื•ืœ ืœื”ื™ื•ืช?
09:20
I earn 1,000 times the median wage,
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ืื ื™ ืžืจื•ื•ื™ื— ืคื™ ืืœืฃ ืžื”ืฉื›ืจ ื”ื—ืฆื™ื•ื ื™
09:24
but I do not buy 1,000 times as much stuff,
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ืื‘ืœ ืื ื™ ืœื ืงื•ื ื” ืคื™ ืืœืฃ ื™ื•ืชืจ ื“ื‘ืจื™ื,
09:27
do I?
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ืœื ื›ืŸ?
09:28
I actually bought two pairs of these pants,
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ืœืžืขืฉื” ืงื ื™ืชื™ 2 ื–ื•ื’ื•ืช ืฉืœ ืžื›ื ืกื™ื™ื ืืœื”,
09:32
what my partner Mike calls
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ืฉื”ืฉื•ืชืฃ ืฉืœ ืžื™ื™ืง ืฉืœื™ ืงื•ืจื ืœื”ื
09:34
my manager pants.
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ืžื›ื ืกื™ ื”ืžื ื”ืœ ืฉืœื™.
09:35
I could have bought 2,000 pairs,
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ื™ื›ื•ืœืชื™ ืœืงื ื•ืช 2000 ื–ื•ื’ื•ืช,
09:38
but what would I do with them? (Laughter)
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ืื‘ืœ ืžื” ื”ื™ื™ืชื™ ืขื•ืฉื” ืื™ืชื? (ืฆื—ื•ืง)
09:41
How many haircuts can I get?
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ื›ืžื” ืชืกืคื•ืจื•ืช ืื ื™ ื™ื›ื•ืœ ืœืงื‘ืœ?
09:44
How often can I go out to dinner?
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ื‘ืื™ื–ื• ืชื“ื™ืจื•ืช ืื ื™ ื™ื›ื•ืœ ืœืฆืืช ืœืืจื•ื—ืช ืขืจื‘?
09:48
No matter how wealthy a few plutocrats get,
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ืœื ืžืฉื ื” ืขื“ ื›ืžื” ืื™ืœื™ ื”ื•ืŸ ืžืชืขืฉืจื™ื,
09:52
we can never drive a great national economy.
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ืื ื—ื ื• ืœืขื•ืœื ืœื ื ื•ื›ืœ ืœื”ื ื™ืข ื›ืœื›ืœื” ืœืื•ืžื™ืช ื’ื“ื•ืœื”.
09:55
Only a thriving middle class can do that.
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ืจืง ืžืขืžื“ ื‘ื™ื ื•ื ื™ ืžืฉื’ืฉื’ ื™ื›ื•ืœ ืœืขืฉื•ืช ืืช ื–ื”.
10:01
There's nothing to be done,
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ืœื ื ื™ืชืŸ ืœืขืฉื•ืช ืฉื•ื ื“ื‘ืจ,
10:03
my plutocrat friends might say.
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ื—ื‘ืจื™ื™ ืื™ืœื™ ื”ื”ื•ืŸ ืขืฉื•ื™ื™ื ืœื•ืžืจ.
10:07
Henry Ford was in a different time.
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ื”ื ืจื™ ืคื•ืจื“ ื—ื™ ื‘ืชืงื•ืคื” ืื—ืจืช.
10:10
Maybe we can't do some things.
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ืื•ืœื™ ืื ื—ื ื• ืœื ื™ื›ื•ืœื™ื ืœืขืฉื•ืช ื›ืžื” ื“ื‘ืจื™ื.
10:12
Maybe we can do some things.
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ืื•ืœื™ ืื ื—ื ื• ื™ื›ื•ืœื™ื ืœืขืฉื•ืช ื›ืžื” ื“ื‘ืจื™ื.
10:15
June 19, 2013,
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ื‘-19 ื‘ื™ื•ื ื™ 2013,
10:19
Bloomberg published an article I wrote called
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ื‘ืœื•ืžื‘ืจื’ ืคื™ืจืกื ืžืืžืจ ืฉื›ืชื‘ืชื™ ื‘ืฉื:
10:23
"The Capitalistโ€™s Case for a $15 Minimum Wage."
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"ื”ืžืงืจื” ืฉืœ ื”ืงืคื™ื˜ืœื™ืกื˜ ื‘ืขื“ ืฉื›ืจ ืžื™ื ื™ืžื•ื ืฉืœ 15 $."
10:28
The good people at Forbes magazine,
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ื”ืื ืฉื™ื ื”ื˜ื•ื‘ื™ื ื‘ืžื’ื–ื™ืŸ ืคื•ืจื‘ืก,
10:31
among my biggest admirers,
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ืฉื‘ืงืจื‘ ืžืขืจื™ืฆื™ ื”ื’ื“ื•ืœื™ื ื‘ื™ื•ืชืจ,
10:33
called it "Nick Hanauer's near-insane proposal."
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ืงืจืื• ืœื–ื”"ื”ื”ืฆืขื” ื”ื›ืžืขื˜ ืžื˜ื•ืจืคืช ืฉืœ ื ื™ืง ื”ื ืื•ืืจ."
10:37
And yet, just 350 days
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ื•ื‘ื›ืœ ื–ืืช, ืจืง 350 ื™ืžื™ื
10:41
after that article was published,
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ืœืื—ืจ ืฉื”ืžืืžืจ ืคื•ืจืกื,
10:43
Seattle's Mayor Ed Murray signed into law
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ืจืืฉ ื”ืขื™ืจ ืฉืœ ืกื™ืื˜ืœ ืื“ ืžื•ืจื™ื™ ื—ืชื ืขืœ ื—ื•ืง
10:46
an ordinance raising the minimum wage in Seattle
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ืคืงื•ื“ืช ื”ืขืœืืช ืฉื›ืจ ื”ืžื™ื ื™ืžื•ื ื‘ืกื™ืื˜ืœ
10:50
to 15 dollars an hour,
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ืœ- 15 $ ืœืฉืขื”,
10:52
more than double
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ื™ื•ืชืจ ืžื›ืคื•ืœ
10:53
what the prevailing federal $7.25 rate is.
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ืžื”ืฉื™ืขื•ืจ ื”ืคื“ืจืœื™ ื”ืจื•ื•ื— ืฉืœ 7.25 $.
10:58
How did this happen,
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ืื™ืš ื–ื” ืงืจื”,
11:00
reasonable people might ask.
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ืื ืฉื™ื ื”ื’ื™ื•ื ื™ื™ื ืขืฉื•ื™ื™ื ืœืฉืื•ืœ.
11:02
It happened because a group of us
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ื–ื” ืงืจื” ื‘ื’ืœืœ ืฉืงื‘ื•ืฆื” ืžืฉืœื ื•
11:03
reminded the middle class
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ื”ื–ื›ื™ืจื” ืœืžืขืžื“ ื”ื‘ื™ื ื™ื™ื
11:05
that they are the source
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ืฉื”ื•ื ื”ืžืงื•ืจ
11:06
of growth and prosperity in capitalist economies.
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ืœืฆืžื™ื—ื” ื•ืฉื’ืฉื•ื’ ื‘ื›ืœื›ืœื•ืช ืงืคื™ื˜ืœื™ืกื˜ื™ื•ืช.
11:10
We reminded them that when workers have more money,
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ื”ื–ื›ืจื ื• ืœื”ื ืฉื›ืืฉืจ ืœืขื•ื‘ื“ื™ื ื™ืฉ ื™ื•ืชืจ ื›ืกืฃ,
11:14
businesses have more customers,
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ืœืขืกืงื™ื ื™ืฉ ื™ื•ืชืจ ืœืงื•ื—ื•ืช,
11:15
and need more employees.
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ื•ื”ื ืฆืจื™ื›ื™ื ื™ื•ืชืจ ืขื•ื‘ื“ื™ื.
11:17
We reminded them that when businesses
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ื”ื–ื›ืจื ื• ืœื”ื ืฉื›ืืฉืจ ืขืกืงื™ื
11:20
pay workers a living wage,
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ืžืฉืœืžื™ื ืœืขื•ื‘ื“ื™ื”ื ืฉื›ืจ ืžื—ื™ื™ื”,
11:23
taxpayers are relieved of the burden
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ืžืฉืœืžื™ ื”ืžืกื™ื ืคื˜ื•ืจื™ื ืžื”ื ื˜ืœ
11:25
of funding the poverty programs
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ืฉืœ ืžื™ืžื•ืŸ ืชื•ื›ื ื™ื•ืช ืขื•ื ื™
11:26
like food stamps and medical assistance
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ื›ืžื• ืชืœื•ืฉื™ ืžื–ื•ืŸ ื•ืกื™ื•ืข ืจืคื•ืื™
11:29
and rent assistance
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ื•ืกื™ื•ืข ื‘ืฉื›ืจ ื“ื™ืจื”
11:31
that those workers need.
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ืฉืขื•ื‘ื“ื™ื ืืœื” ื ื–ืงืงื™ื ืœื”ื.
11:33
We reminded them that low-wage workers
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ื”ื–ื›ืจื ื• ืœื”ื ืฉืขื•ื‘ื“ื™ื ื‘ืฉื›ืจ ื ืžื•ืš
11:36
make terrible taxpayers,
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ื ืขืฉื™ื ืžืฉืœืžื™ ืžืกื™ื ื ื•ืจืื™ื™ื
11:39
and that when you raise the minimum wage
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ื•ื›ืืฉืจ ืืชื ืžืขืœื™ื ืืช ืฉื›ืจ ื”ืžื™ื ื™ืžื•ื
11:41
for all businesses,
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ื‘ื›ืœ ื”ืขืกืงื™ื,
11:43
all businesses benefit
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ื›ืœ ื”ืขืกืงื™ื ืžืคื™ืงื™ื ืชื•ืขืœืช ืžื›ืš
11:44
yet all can compete.
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ื•ืขื“ื™ื™ืŸ ื›ื•ืœื ื™ื›ื•ืœื™ื ืœื”ืชื—ืจื•ืช.
11:47
Now the orthodox reaction, of course,
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ื›ืขืช ื”ืชื’ื•ื‘ื” ื”ืฉืžืจื ื™ืช, ื›ืžื•ื‘ืŸ
11:49
is raising the minimum wage costs jobs. Right?
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ื”ื™ื ืฉื”ืขืœืืช ืฉื›ืจ ื”ืžื™ื ื™ืžื•ื ืขื•ืœื” ื‘ืžืฉืจื•ืช. ื ื›ื•ืŸ?
11:53
Your politician's always echoing
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ื”ืคื•ืœื™ื˜ื™ืงืื™ ืฉืœื›ื ืชืžื™ื“ ืžื”ื“ื”ื“
11:55
that trickle-down idea by saying things like,
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ืืช ืจืขื™ื•ืŸ ื”ื—ื™ืœื—ื•ืœ ืžื˜ื” ื›ืฉื”ื•ื ืื•ืžืจ ื“ื‘ืจื™ื ื›ืžื•.
11:58
"Well, if you raise the price of employment,
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"ื•ื‘ื›ืŸ, ืื ืืชื ืžืขืœื™ื ืืช ืžื—ื™ืจ ื”ืชืขืกื•ืงื”,
12:00
guess what happens? You get less of it."
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ื ื—ืฉื• ืžื” ืงื•ืจื”? ืืชื ืžืงื‘ืœื™ื ืคื—ื•ืช ืžืžื ื”."
12:03
Are you sure?
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ื”ืื ืืชื ื‘ื˜ื•ื—ื™ื?
12:06
Because there's some contravening evidence.
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ืžืฉื•ื ืฉื™ืฉ ื›ืžื” ืจืื™ื•ืช ื ื•ื’ื“ื•ืช.
12:09
Since 1980, the wages of CEOs in our country
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ืžืื– 1980, ืฉื›ืจ ื”ืžื ื›"ืœื™ื ื‘ืžื“ื™ื ื” ืฉืœื ื•
12:14
have gone from about 30 times the median wage
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ืขืœื” ืž-ืคื™ 30 ืžื”ืฉื›ืจ ื”ื—ืฆื™ื•ื ื™
12:16
to 500 times.
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ืœ-500 ืคืขืžื™ื.
12:19
That's raising the price of employment.
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ื–ื” ืžืขืœื” ืืช ืžื—ื™ืจ ื”ืชืขืกื•ืงื”
12:22
And yet, to my knowledge,
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ื•ื‘ื›ืœ ื–ืืช, ืœืžื™ื˜ื‘ ื™ื“ื™ืขืชื™,
12:25
I have never seen a company
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ืžืขื•ืœื ืœื ืจืื™ืชื™ ื—ื‘ืจื”
12:27
outsource its CEO's job, automate their job,
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ืขื•ืฉื” ืžื™ืงื•ืจ ื—ื•ืฅ ืœืขื‘ื•ื“ืช ื”ืžื ื›"ืœ ืฉืœื”, ืžืžื›ื ืช ืืช ืขื‘ื•ื“ืชื•
12:31
export the job to China.
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ืžื™ื™ืฆืืช ืืช ืขื‘ื•ื“ืชื• ืœืกื™ืŸ.
12:33
In fact, we appear to be employing
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ืœืžืขืฉื” ื ืจืื” ืฉืื ื• ืžืขืกื™ืงื™ื
12:35
more CEOs and senior managers than ever before.
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ื™ื•ืชืจ ืžื ื›"ืœื™ื ื•ืžื ื”ืœื™ื ื‘ื›ื™ืจื™ื ืžืื™ ืคืขื.
12:38
So too for technology workers
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ื›ืš ื’ื ืœื’ื‘ื™ ืขื•ื‘ื“ื™ ื˜ื›ื ื•ืœื•ื’ื™ื”
12:42
and financial services workers,
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ื•ืขื•ื‘ื“ื™ ืฉื™ืจื•ืชื™ื ืคื™ื ื ืกื™ื™ื,
12:44
who earn multiples of the median wage
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ืฉืžืจื•ื•ื™ื—ื™ื ื›ืคื•ืœื•ืช ืฉืœ ื”ืฉื›ืจ ื”ื—ืฆื™ื•ื ื™
12:47
and yet we employ more and more of them,
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ื•ืขื“ื™ื™ืŸ, ืื ื• ืžืขืกื™ืงื™ื ื™ื•ืชืจ ื•ื™ื•ืชืจ ืžื”ื,
12:49
so clearly you can raise the price of employment
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ืื– ื‘ืจื•ืจ ืฉืืชื ื™ื›ื•ืœื™ื ืœื”ืขืœื•ืช ืืช ืžื—ื™ืจ ื”ืชืขืกื•ืงื”
12:54
and get more of it.
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ื•ืœืงื‘ืœ ื™ื•ืชืจ ืžื–ื”.
12:56
I know that most people
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ืื ื™ ื™ื•ื“ืข ืฉืจื•ื‘ ื”ืื ืฉื™ื
12:58
think that the $15 minimum wage
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ื—ื•ืฉื‘ื™ื ืฉืฉื›ืจ ืžื™ื ื™ืžื•ื ืฉืœ 15 $
13:00
is this insane, risky economic experiment.
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ื”ื•ื ื ื™ืกื•ื™ ืžื˜ื•ืจืฃ, ืžืกื•ื›ืŸ ื›ืœื›ืœื™ืช.
13:04
We disagree.
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ืื ื—ื ื• ืœื ืžืกื›ื™ืžื™ื.
13:06
We believe that the $15 minimum wage
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ืื ื• ืžืืžื™ื ื™ื ืฉืฉื›ืจ ืžื™ื ื™ืžื•ื ืฉืœ 15 $
13:08
in Seattle
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ื‘ืกื™ืื˜ืœ
13:09
is actually the continuation
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ื”ื•ื ืœืžืขืฉื” ื”ื”ืžืฉืš
13:11
of a logical economic policy.
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ืฉืœ ืžื“ื™ื ื™ื•ืช ื›ืœื›ืœื™ืช ื”ื’ื™ื•ื ื™ืช
13:14
It is allowing our city
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ื”ื•ื ืžืืคืฉืจ ืœืขื™ืจ ืฉืœื ื•
13:16
to kick your city's ass.
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ืœื‘ืขื•ื˜ ื‘ืื—ื•ืจื™ ื”ืขื™ืจ ืฉืœื›ื.
13:19
Because, you see,
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ืžืฉื•ื, ืฉืืชื ืจื•ืื™ื,
13:20
Washington state already has
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ื‘ืžื“ื™ื ืช ื•ื•ืฉื™ื ื’ื˜ื•ืŸ ื›ื‘ืจ ื ื”ื•ื’
13:22
the highest minimum wage
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ืฉื›ืจ ื”ืžื™ื ื™ืžื•ื ื”ื’ื‘ื•ื” ื‘ื™ื•ืชืจ
13:24
of any state in the nation.
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ืžื›ืœ ืžื“ื™ื ื” ืื—ืจืช ื‘ืื•ืžื”.
13:25
We pay all workers $9.32,
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ืื ื—ื ื• ืžืฉืœืžื™ื ืœื›ืœ ื”ืขื•ื‘ื“ื™ื 9.32 $,
13:28
which is almost 30 percent more
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ืฉื”ื•ื ื›ืžืขื˜ 30 ืื—ื•ื–ื™ื ื™ื•ืชืจ
13:29
than the federal minimum of 7.25,
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ืžื”ืžื™ื ื™ืžื•ื ื”ืคื“ืจืœื™ ืฉืœ 7.25,
13:32
but crucially, 427 percent more
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ืืš ื‘ืื•ืคืŸ ืžื›ืจื™ืข, 427 ืื—ื•ื–ื™ื ื™ื•ืชืจ
13:36
than the federal tipped minimum of 2.13.
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ืžืžื™ื ื™ืžื•ื ื”ืชืฉืจ ื”ืคื“ืจืœื™ ืฉืœ 2.13.
13:40
If trickle-down thinkers were right,
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ืื ื”ื•ื’ื™ ื”ืจืขื™ื•ืŸ ืฉืœ ื—ื™ืœื—ื•ืœ ื›ืœืคื™ ืžื˜ื” ื”ื™ื• ืฆื•ื“ืงื™ื,
13:42
then Washington state should have massive unemployment.
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ืื– ื‘ืžื“ื™ื ืช ื•ื•ืฉื™ื ื’ื˜ื•ืŸ ื”ื™ืชื” ืฆืจื™ื›ื” ืœื”ื™ื•ืช ืื‘ื˜ืœื” ืžืกื™ื‘ื™ืช.
13:45
Seattle should be sliding into the ocean.
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ืกื™ืื˜ืœ ื”ื™ืชื” ืฆืจื™ื›ื” ืœื’ืœื•ืฉ ืœืชื•ืš ื”ืื•ืงื™ื™ื ื•ืกโ€‹โ€‹.
13:48
And yet, Seattle
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ื•ื‘ื›ืœ ื–ืืช, ืกื™ืื˜ืœ
13:51
is the fastest-growing big city in the country.
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ื”ื™ื ื”ืขื™ืจ ื‘ืขืœืช ื”ืฆืžื™ื—ื” ื”ืžื”ื™ืจื” ื‘ื™ื•ืชืจ ื‘ืžื“ื™ื ื”.
13:55
Washington state is generating small business jobs
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ืžื“ื™ื ืช ื•ื•ืฉื™ื ื’ื˜ื•ืŸ ืžื™ืฆืจืช ืžืงื•ืžื•ืช ืขื‘ื•ื“ื” ืœืขืกืงื™ื ืงื˜ื ื™ื
13:59
at a higher rate than any other major state
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ื‘ืฉื™ืขื•ืจ ื’ื‘ื•ื” ื™ื•ืชืจ ืžืืฉืจ ื›ืœ ืžื“ื™ื ื” ื’ื“ื•ืœื” ืื—ืจืช
14:02
in the nation.
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ื‘ืื•ืžื”.
14:03
The restaurant business in Seattle? Booming.
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ืขืกืงื™ ื”ืžืกืขื“ื•ืช ื‘ืกื™ืื˜ืœ? ืคื•ืจื—ื™ื.
14:07
Why? Because the fundamental law of capitalism is,
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ืœืžื”? ืžืฉื•ื ืฉื”ื—ื•ืง ื”ื‘ืกื™ืกื™ ืฉืœ ื”ืงืคื™ื˜ืœื™ื–ื ื”ื•ื,
14:12
when workers have more money,
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ืฉื›ืืฉืจ ืœืขื•ื‘ื“ื™ื ื™ืฉ ื™ื•ืชืจ ื›ืกืฃ,
14:13
businesses have more customers
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ืœืขืกืงื™ื ื™ืฉ ื™ื•ืชืจ ืœืงื•ื—ื•ืช
14:15
and need more workers.
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ื•ืฆืจื™ื›ื™ื ื™ื•ืชืจ ืขื•ื‘ื“ื™ื.
14:17
When restaurants pay restaurant workers enough
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ื›ืืฉืจ ืžืกืขื“ื•ืช ืžืฉืœืžื•ืช ืœืขื•ื‘ื“ื™ ืžืกืขื“ื” ืžืกืคื™ืง ื›ืกืฃ
14:20
so that even they can afford to eat in restaurants,
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ื›ืš ืฉื’ื ื”ื ื™ื›ื•ืœื™ื ืœื”ืจืฉื•ืช ืœืขืฆืžื ืœืื›ื•ืœ ื‘ืžืกืขื“ื•ืช,
14:24
that's not bad for the restaurant business.
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ื–ื” ืœื ืจืข ืœืขืกืงื™ ื”ืžืกืขื“ื•ืช.
14:27
That's good for it,
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ื–ื” ื˜ื•ื‘ ืขื‘ื•ืจืŸ,
14:28
despite what some restaurateurs may tell you.
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ืœืžืจื•ืช ืžื” ืฉื›ืžื” ืžืกืขื“ื ื™ื ื™ื›ื•ืœื™ื ืœื•ืžืจ ืœื›ื,
14:33
Is it more complicated than I'm making out?
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ื”ืื ื–ื” ื™ื•ืชืจ ืžืกื•ื‘ืš ืžืžื” ืฉืื ื™ ืžืชืืจ?
14:35
Of course it is.
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ื›ืžื•ื‘ืŸ ืฉื›ืŸ.
14:36
There are a lot of dynamics at play.
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ื™ืฉ ื”ืจื‘ื” ื“ื™ื ืžื™ืงื” ื›ืืŸ.
14:38
But can we please stop insisting
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ืื‘ืœ ื”ืื ื ื•ื›ืœ ื‘ื‘ืงืฉื” ืœื”ืคืกื™ืง ืœื”ืชืขืงืฉ
14:40
that if low-wage workers earn a little bit more,
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ืฉืื ืขื•ื‘ื“ื™ื ื‘ืฉื›ืจ ื ืžื•ืš ื™ืจื•ื•ื™ื—ื• ืงืฆืช ื™ื•ืชืจ,
14:43
unemployment will skyrocket
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ื”ืื‘ื˜ืœื” ืชืจืงื™ืข ืฉื—ืงื™ื
14:44
and the economy will collapse?
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ื•ื”ื›ืœื›ืœื” ืชืงืจื•ืก?
14:46
There is no evidence for it.
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ืื™ืŸ ื›ืœ ืขื“ื•ืช ืœื›ืš.
14:48
The most insidious thing
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ื”ื“ื‘ืจ ื”ืขืจืžื•ืžื™ ื‘ื™ื•ืชืจ
14:50
about trickle-down economics
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ื‘ืืฉืจ ืœื›ืœื›ืœืช ื”ื—ืœื—ื•ืœ ื›ืœืคื™ ืžื˜ื”
14:51
is not the claim that if the rich get richer,
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ืื™ื ื• ื”ื˜ืขื ื” ืฉืื ื”ืขืฉื™ืจ ื ืขืฉื” ืขืฉื™ืจ ื™ื•ืชืจ,
14:54
everyone is better off.
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ื–ื” ื˜ื•ื‘ ืœื›ื•ืœื.
14:55
It is the claim made by those who oppose
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ื–ื• ื”ื˜ืขื ื” ืžืคื™ื”ื ืฉืœ ื›ืœ ืืœื” ืฉืžืชื ื’ื“ื™ื
14:58
any increase in the minimum wage
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ืœื›ืœ ืขืœื™ื™ื” ื‘ืฉื›ืจ ื”ืžื™ื ื™ืžื•ื
15:00
that if the poor get richer,
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ืฉืื ื”ืขื ื™ื™ื ื™ื”ื™ื• ืขืฉื™ืจื™ื ื™ื•ืชืจ,
15:02
that will be bad for the economy.
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ื–ื” ื™ื”ื™ื” ื“ื‘ืจ ืจืข ืœื›ืœื›ืœื”.
15:04
This is nonsense.
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ื–ื•ื”ื™ ืฉื˜ื•ืช.
15:06
So can we please dispense with this rhetoric
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ืื– ื”ืื ืื ื—ื ื• ื™ื›ื•ืœื™ื ื‘ื‘ืงืฉื” ืœื•ื•ืชืจ ืขืœ ืจื˜ื•ืจื™ืงื” ื–ื•
15:10
that says that rich guys like me
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ืฉืื•ืžืจืช ืฉื‘ืจื ืฉื™ื ืขืฉื™ืจื™ื ื›ืžื•ื ื™
15:12
and my plutocrat friends
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ื•ื—ื‘ืจื™ื™ ืื™ืœื™ ื”ื”ื•ืŸ
15:15
made our country?
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ื™ืฆืจื• ืืช ื”ืžื“ื™ื ื” ืฉืœื ื•?
15:18
We plutocrats know,
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ืื ื• ืื™ืœื™ ื”ื”ื•ืŸ ื™ื•ื“ืขื™ื
15:20
even if we don't like to admit it in public,
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ื’ื ืื ืื ื—ื ื• ืœื ืื•ื”ื‘ื™ื ืœื”ื•ื“ื•ืช ื‘ื›ืš ื‘ืคื•ืžื‘ื™,
15:22
that if we had been born somewhere else,
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ืฉืื ื”ื™ื™ื ื• ื ื•ืœื“ื™ื ื‘ืžืงื•ื ืื—ืจ,
15:24
not here in the United States,
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ืœื ื›ืืŸ ื‘ืืจืฆื•ืช ื”ื‘ืจื™ืช,
15:26
we might very well be just some dude standing barefoot
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ื”ื™ื™ื ื• ืขืฉื•ื™ื™ื ื•ื“ืื™ ืœื”ื™ื•ืช ื‘ืจื ืฉื™ื ื›ืœืฉื”ื ืฉืขื•ืžื“ื™ื ื™ื—ืคื™ื
15:29
by the side of a dirt road selling fruit.
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ื‘ืฆื™ื“ื™ ื“ืจืš ืžืื•ื‘ืงืช, ืžื•ื›ืจื™ื ืคื™ืจื•ืช.
15:32
It's not that they don't have good entrepreneurs in other places,
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ื–ื” ืœื ืฉืื™ืŸ ืœื”ื ื™ื–ืžื™ื ื˜ื•ื‘ื™ื ื‘ืžืงื•ืžื•ืช ืื—ืจื™ื,
15:35
even very, very poor places.
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ืืคื™ืœื• ื‘ืžืงื•ืžื•ืช ืžืื•ื“, ืžืื•ื“ ืขื ื™ื™ื .
15:37
It's just that that's all
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ื–ื” ืจืง ืฉื–ื” ื›ืœ
15:38
that those entrepreneurs' customers can afford.
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ืžื” ืฉื”ืœืงื•ื—ื•ืช ืฉืœ ื™ื–ืžื™ื ืืœื” ื™ื›ื•ืœื™ื ืœื”ืจืฉื•ืช ืœืขืฆืžื
15:43
So here's an idea for a new kind of economics,
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ืื– ื”ื ื” ืจืขื™ื•ืŸ ืœืกื•ื’ ื—ื“ืฉ ืฉืœ ื›ืœื›ืœื”,
15:47
a new kind of politics
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ืกื•ื’ ื—ื“ืฉ ืฉืœ ืคื•ืœื™ื˜ื™ืงื”
15:49
that I call new capitalism.
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ืฉืื ื™ ืงื•ืจื ืœื” ืงืคื™ื˜ืœื™ื–ื ื—ื“ืฉ.
15:52
Let's acknowledge that capitalism
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ื‘ื•ืื• ื•ื ื›ื™ืจ ื‘ื›ืš ืฉืงืคื™ื˜ืœื™ื–ื
15:54
beats the alternatives,
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ืžื ืฆื— ืืช ื”ืืœื˜ืจื ื˜ื™ื‘ื•ืช,
15:56
but also that the more people we include,
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ืื‘ืœ ื’ื ืฉื›ื›ืœ ืฉื ื›ืœื™ืœ ื™ื•ืชืจ ืื ืฉื™ื,
16:00
both as entrepreneurs and as customers,
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ื”ืŸ ื›ื™ื–ืžื™ื ื•ื”ืŸ ื›ืœืงื•ื—ื•ืช,
16:04
the better it works.
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ื–ื” ื™ืขื‘ื•ื“ ื˜ื•ื‘ ื™ื•ืชืจ.
16:06
Let's by all means shrink the size of government,
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ื‘ื•ืื• ื•ื ื›ื•ื•ืฅ ื‘ื›ืœ ื”ืืžืฆืขื™ื ืฉื‘ื™ื“ื ื• ืืช ื’ื•ื“ืœื” ืฉืœ ื”ืžืžืฉืœื”,
16:10
but not by slashing the poverty programs,
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ืื‘ืœ ืœื ืขืœ ื™ื“ื™ ืงื™ืฆื•ืฅ ืชื•ื›ื ื™ื•ืช ื”ืขื•ื ื™,
16:12
but by ensuring that workers are paid enough
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ืืœื ืขืœ ื™ื“ื™ ื›ืš ืฉื ื‘ื˜ื™ื— ืฉืžืฉืœืžื™ื ืœืขื•ื‘ื“ื™ื ืฉื›ืจ ืžืกืคื™ืง
16:14
so that they actually don't need those programs.
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ื›ืš ืฉื”ื ื‘ืขืฆื ืœื ื™ื–ื“ืงืงื• ืœืชื•ื›ื ื™ื•ืช ื”ืืœื”.
16:18
Let's invest enough in the middle class
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ื‘ื•ืื• ื•ื ืฉืงื™ืข ืžืกืคื™ืง ื‘ืžืขืžื“ ื”ื‘ื™ื ื™ื™ื
16:21
to make our economy fairer and more inclusive,
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ื›ื“ื™ ืœื”ืคื•ืš ืืช ื”ื›ืœื›ืœื” ืฉืœื ื• ืœื”ื•ื’ื ืช ื•ื›ื•ืœืœื ื™ืช ื™ื•ืชืจ,
16:24
and by fairer, more truly competitive,
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ื•ื‘ืื•ืคืŸ ื”ื•ื’ืŸ ื™ื•ืชืจ ื‘ืืžืช ืชื—ืจื•ืชื™ืช ื™ื•ืชืจ,
16:28
and by more truly competitive,
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ื•ื‘ื›ืš ืฉืชื”ื™ื” ื‘ืืžืช ืชื—ืจื•ืชื™ืช ื™ื•ืชืจ
16:29
more able to generate the solutions
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ืžืกื•ื’ืœืช ื™ื•ืชืจ ืœื™ื™ืฆืจ ืคืชืจื•ื ื•ืช
16:32
to human problems
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ืœื‘ืขื™ื•ืช ืื ื•ืฉื™ื•ืช
16:34
that are the true drivers of growth and prosperity.
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ืฉื”ื ื”ืžื•ื‘ื™ืœื™ื ื”ืืžื™ืชื™ื™ื ืœืฆืžื™ื—ื” ื•ืฉื’ืฉื•ื’.
16:39
Capitalism is the greatest social technology
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ื”ืงืคื™ื˜ืœื™ื–ื ื”ื•ื ื”ื˜ื›ื ื•ืœื•ื’ื™ื” ื”ื—ื‘ืจืชื™ืช ื”ื’ื“ื•ืœื” ื‘ื™ื•ืชืจ
16:43
ever invented
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ืฉื”ื•ืžืฆืื” ืื™ ืคืขื
16:44
for creating prosperity in human societies,
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ืœื™ืฆื™ืจืช ืฉื’ืฉื•ื’ ื‘ื—ื‘ืจื•ืช ืื ื•ืฉื™ื•ืช,
16:47
if it is well managed,
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ืื ื”ื•ื ืžื ื•ื”ืœ ื”ื™ื˜ื‘,
16:49
but capitalism, because of the fundamental
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ืื‘ืœ ื”ืงืคื™ื˜ืœื™ื–ื, ื‘ื’ืœืœ
16:52
multiplicative dynamics of complex systems,
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ื”ื“ื™ื ืžื™ืงื” ื”ื‘ืกื™ืกื™ืช ื”ืžื•ื›ืคืœืช ืฉืœ ืžืขืจื›ื•ืช ืžืกื•ื‘ื›ื•ืช
16:55
tends towards, inexorably, inequality,
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ื ื•ื˜ื” , ืœืœื ืจื—ื, ืœื›ื™ื•ื•ืŸ ืฉืœ ืื™ ืฉื•ื•ื™ื•ืŸ,
16:58
concentration and collapse.
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ืจื™ื›ื•ื–ื™ื•ืช ื•ืงืจื™ืกื”.
17:03
The work of democracies
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ืขื‘ื•ื“ืชืŸ ืฉืœ ื“ืžื•ืงืจื˜ื™ื•ืช
17:05
is to maximize the inclusion of the many
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ื”ื™ื ืœืžืงืกื ืืช ื”ื›ืœืœืชื ืฉืœ ื”ืจื‘ื™ื
17:10
in order to create prosperity,
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ื‘ืžื˜ืจื” ืœื™ืฆื•ืจ ืฉื’ืฉื•ื’
17:12
not to enable the few to accumulate money.
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ืœื ืœืืคืฉืจ ืœืžืขื˜ื™ื ืœืฆื‘ื•ืจ ื›ืกืฃ.
17:16
Government does create prosperity and growth,
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ื”ืžืžืฉืœื” ืื›ืŸ ืžื™ื™ืฆืจืช ืฉื’ืฉื•ื’ ื•ืฆืžื™ื—ื”
17:20
by creating the conditions that allow
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ืขืœ ื™ื“ื™ ื™ืฆื™ืจืช ื”ืชื ืื™ื ื”ืžืืคืฉืจื™ื
17:23
both entrepreneurs and their customers
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ื”ืŸ ืœื™ื–ืžื™ื ื•ื”ืŸ ืœืœืงื•ื—ื•ืช
17:26
to thrive.
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ืœืฉื’ืฉื’.
17:27
Balancing the power of capitalists like me
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ืื™ื–ื•ืŸ ื”ื›ื— ืฉืœ ื‘ืขืœื™ ื”ื•ืŸ ื›ืžื•ื ื™
17:31
and workers isn't bad for capitalism.
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ื•ื”ืขื•ื‘ื“ื™ื ืื™ื ื” ืจืขื” ืœืงืคื™ื˜ืœื™ื–ื.
17:34
It's essential to it.
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ื–ื” ื—ื™ื•ื ื™ ืœื•.
17:36
Programs like a reasonable minimum wage,
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ืชื•ื›ื ื™ื•ืช ื›ืžื• ืฉื›ืจ ืžื™ื ื™ืžื•ื ืกื‘ื™ืจ,
17:38
affordable healthcare,
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ื‘ืจื™ืื•ืช ื‘ืžื—ื™ืจ ืกื‘ื™ืจ,
17:40
paid sick leave,
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ื—ื•ืคืฉืช ืžื—ืœื” ื‘ืชืฉืœื•ื,
17:42
and the progressive taxation necessary
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ื•ืžื™ืกื•ื™ ืคืจื•ื’ืจืกื™ื‘ื™ ื”ื›ืจื—ื™
17:45
to pay for the important infrastructure
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ื›ื“ื™ ืœืฉืœื ืขื‘ื•ืจ ื”ืชืฉืชื™ืช ื”ื—ืฉื•ื‘ื”
17:47
necessary for the middle class like education, R and D,
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ื”ื”ื›ืจื—ื™ืช ืœืžืขืžื“ ื”ื‘ื™ื ื™ื™ื ื›ืžื• ื—ื™ื ื•ืš, ืžื—ืงืจ ื•ืคื™ืชื•ื—,
17:51
these are indispensable tools
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ื›ืœ ืืœื” ื”ื ื›ืœื™ื ื”ื›ืจื—ื™ื™ื
17:54
shrewd capitalists should embrace
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ืฉืงืคื™ื˜ืœื™ืกื˜ื™ื ืืžื™ืชื™ื™ื ืฆืจื™ื›ื™ื ืœืืžืฅ
17:56
to drive growth, because no one benefits from it
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ื›ื“ื™ ืœื”ื ื™ืข ืืช ื”ืฆืžื™ื—ื”, ืžืฉื•ื ืฉืืฃ ืื—ื“ ืœื ืžืจื•ื•ื™ื— ืžื–ื”
18:00
like us.
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ื›ืžื•ื ื•.
18:02
Many economists would have you believe
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ื›ืœื›ืœื ื™ื ืจื‘ื™ื ื”ื™ื• ื’ื•ืจืžื™ื ืœื›ื ืœื”ืืžื™ืŸ
18:04
that their field is an objective science.
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ืฉื”ืชื—ื•ื ืฉืœื”ื ื”ื•ื ืžื“ืข ืื•ื‘ื™ื™ืงื˜ื™ื‘ื™.
18:07
I disagree, and I think that it is equally
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ืื ื™ ืœื ืžืกื›ื™ื, ื•ืื ื™ ื—ื•ืฉื‘ ืฉื–ื” ื‘ืื•ืชื” ืžื™ื“ื”
18:10
a tool that humans use
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ื›ืœื™ ืฉื‘ื ื™ ืื“ื ืžืฉืชืžืฉื™ื ื‘ื•
18:12
to enforce and encode
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ื›ื“ื™ ืœืื›ื•ืฃ ื•ืœืงื•ื“ื“
18:14
our social and moral preferences and prejudices
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ืืช ื”ื”ืขื“ืคื•ืช ื”ื—ื‘ืจืชื™ื•ืช ื•ื”ืžื•ืกืจื™ื•ืช ืฉืœื ื• ื•ื”ื“ืขื•ืช ื”ืงื“ื•ืžื•ืช
18:17
about status and power,
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ืขืœ ืžืขืžื“ ื•ื›ื•ื—,
18:21
which is why plutocrats like me
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ืฉื–ื• ื”ืกื™ื‘ื” ืฉืœืื™ืœื™ ื”ื•ืŸ ื›ืžื•ื ื™
18:23
have always needed to find persuasive stories
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ื™ืฉ ืฆื•ืจืš ืชืžื™ื“ื™ ืœืžืฆื•ื ืกื™ืคื•ืจื™ื ืžืฉื›ื ืขื™ื
18:27
to tell everyone else
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ืœืกืคืจ ืœื›ืœ ื”ืื—ืจื™ื
18:29
about why our relative positions
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ืžื“ื•ืข ื”ืžื™ืงื•ื ื”ื™ื—ืกื™ ืฉืœื ื•
18:33
are morally righteous and good for everyone:
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ื”ื•ื ืžื•ืฆื“ืง ืžื•ืกืจื™ืช ื•ื˜ื•ื‘ ื‘ืฉื‘ื™ืœ ื›ื•ืœื:
18:37
like, we are indispensable, the job creators,
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ื›ืžื•, ืฉืื ื—ื ื• ื”ื›ืจื—ื™ื™ื, ืžื™ื™ืฆืจื™ื ื ืงื•ืžื•ืช ืขื‘ื•ื“ื”,
18:42
and you are not;
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ื•ืืชื ืœื;
18:44
like, tax cuts for us create growth,
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ื›ืžื•, ืฉืงื™ืฆื•ืฆื™ ืžืก ืขื‘ื•ืจื ื• ืžื™ืฆืจื™ื ืฆืžื™ื—ื”,
18:47
but investments in you
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ืื‘ืœ ื”ืฉืงืขื•ืช ื‘ื›ื
18:49
will balloon our debt
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ื™ื ืคื—ื• ืืช ื”ื—ื•ื‘ ืฉืœื ื•
18:51
and bankrupt our great country;
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ื•ื™ื‘ื™ืื• ืœืคืฉื™ื˜ืช ืจื’ืœ ืฉืœ ืžื“ื™ื ืชื ื• ื”ื’ื“ื•ืœื”;
18:54
that we matter;
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ืฉืื ื—ื ื• ื—ืฉื•ื‘ื™ื;
18:55
that you don't.
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ืฉืืชื ืœื.
18:58
For thousands of years, these stories were called
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ื‘ืžืฉืš ืืœืคื™ ืฉื ื™ื, ืกื™ืคื•ืจื™ื ืืœื” ื ืงืจืื•
19:00
divine right.
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ื–ื›ื•ืช ืืœื•ื”ื™ืช.
19:02
Today, we have trickle-down economics.
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ื”ื™ื•ื, ื™ืฉ ืœื ื• ื›ืœื›ืœืช ื—ื™ืœื—ื•ืœ ื›ืœืคื™ ืžื˜ื”.
19:06
How obviously, transparently self-serving
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ื›ืžื” ื‘ืจื•ืจ, ื•ืื ื•ื›ื™
19:10
all of this is.
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ื›ืœ ื–ื” ื”ื•ื.
19:12
We plutocrats need to see
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ืื ื• ืื™ืœื™ ื”ื”ื•ืŸ ืฆืจื™ื›ื™ื ืœืจืื•ืช
19:14
that the United States of America made us,
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ืฉืืจืฆื•ืช ื”ื‘ืจื™ืช ืฉืœ ืืžืจื™ืงื” ืขืฉืชื” ืื•ืชื ื•,
19:17
not the other way around;
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ื•ืœื ืœื”ื™ืคืš
19:18
that a thriving middle class is the source
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ืฉืžืขืžื“ ื‘ื™ื ื™ื™ื ืžืฉื’ืฉื’ ื”ื•ื ื”ืžืงื•ืจ
19:21
of prosperity in capitalist economies,
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ืœืฉื’ืฉื•ื’ ื‘ื›ืœื›ืœื•ืช ืงืคื™ื˜ืœื™ืกื˜ื™ื•ืช,
19:24
not a consequence of it.
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ืœื ื”ืชื•ืฆืื” ืฉืœื•.
19:26
And we should never forget
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ื•ืืกื•ืจ ืœื ื• ืืฃ ืคืขื ืœืฉื›ื•ื—
19:29
that even the best of us in the worst of circumstances
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ืฉื’ื ื”ื˜ื•ื‘ื™ื ื‘ื™ื•ืชืจ ืžืื™ืชื ื• ื‘ื ืกื™ื‘ื•ืช ื”ืงืฉื•ืช ื‘ื™ื•ืชืจ
19:33
are barefoot by the side of a dirt road selling fruit.
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ื”ื ื™ื—ืคื™ื ื‘ืฆื™ื“ื” ืฉืœ ื“ืจืš ืขืคืจ ืžืื•ื‘ืงืช, ืžื•ื›ืจื™ื ืคื™ืจื•ืช.
19:38
Fellow plutocrats, I think it may be time for us
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ืขืžื™ืชื™ื™ ืื™ืœื™ ื”ื”ื•ืŸ, ืื ื™ ื—ื•ืฉื‘ ืฉื–ื” ื™ื›ื•ืœ ืœื”ื™ื•ืช ื”ื–ืžืŸ ื‘ืฉื‘ื™ืœื ื•
19:41
to recommit to our country,
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ืœืฉื•ื‘ ื•ืœื”ืชื—ื™ื™ื‘ ืœืžื“ื™ื ื” ืฉืœื ื•.
19:43
to commit to a new kind of capitalism
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ืœื”ืชื—ื™ื™ื‘ ืœืกื•ื’ ื—ื“ืฉ ืฉืœ ืงืคื™ื˜ืœื™ื–ื
19:46
which is both more inclusive and more effective,
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ืฉื”ื•ื ื’ื ื›ื•ืœืœื ื™ ื™ื•ืชืจ ื•ื’ื ื™ืขื™ืœ ื™ื•ืชืจ,
19:50
a capitalism that will ensure
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ืงืคื™ื˜ืœื™ื–ื ืฉื™ื‘ื˜ื™ื—
19:52
that America's economy remains
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ืฉื”ื›ืœื›ืœื” ืฉืœ ืืžืจื™ืงื” ืชื™ืฉืืจ
19:55
the most dynamic and prosperous in the world.
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ื”ื“ื™ื ืžื™ืช ื•ื”ืžืฉื’ืฉื’ืช ื‘ื™ื•ืชืจ ื‘ืขื•ืœื.
19:59
Let's secure the future for ourselves,
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ื‘ื•ืื• ื•ื ื‘ื˜ื™ื— ืืช ื”ืขืชื™ื“ ืœืขืฆืžื ื•,
20:01
our children and their children.
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ืœื™ืœื“ื™ื ื• ื•ืœื™ืœื“ื™ื”ื
20:04
Or alternatively, we could do nothing,
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ืื• ืœื—ืœื•ืคื™ืŸ, ืื ื—ื ื• ื™ื›ื•ืœื™ื ืœื ืœืขืฉื•ืช ืฉื•ื ื“ื‘ืจ,
20:07
hide in our gated communities
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ืœื”ืกืชืชืจ ืžืื—ื•ืจื™ ืฉืขืจื™ ื”ืงื”ื™ืœื•ืช ืฉืœื ื•
20:09
and private schools,
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ื•ื‘ืชื™ ื”ืกืคืจ ื”ืคืจื˜ื™ื™ื
20:12
enjoy our planes and yachts
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ืœื™ื”ื ื•ืช ืžื”ืžื˜ื•ืกื™ื ื•ื”ื™ืื›ื˜ื•ืช ืฉืœื ื•
20:14
โ€” they're fun โ€”
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- ื”ื ื›ื™ืคื™ื™ื -
20:16
and wait for the pitchforks.
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ื•ืœื—ื›ื•ืช ืœืงืœืฉื•ื ื™ื.
20:18
Thank you.
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ืชื•ื“ื” ืœื›ื.
20:19
(Applause)
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(ืžื—ื™ืื•ืช ื›ืคื™ื™ื)
ืขืœ ืืชืจ ื–ื”

ืืชืจ ื–ื” ื™ืฆื™ื’ ื‘ืคื ื™ื›ื ืกืจื˜ื•ื ื™ YouTube ื”ืžื•ืขื™ืœื™ื ืœืœื™ืžื•ื“ ืื ื’ืœื™ืช. ืชื•ื›ืœื• ืœืจืื•ืช ืฉื™ืขื•ืจื™ ืื ื’ืœื™ืช ื”ืžื•ืขื‘ืจื™ื ืขืœ ื™ื“ื™ ืžื•ืจื™ื ืžื”ืฉื•ืจื” ื”ืจืืฉื•ื ื” ืžืจื—ื‘ื™ ื”ืขื•ืœื. ืœื—ืฅ ืคืขืžื™ื™ื ืขืœ ื”ื›ืชื•ื‘ื™ื•ืช ื‘ืื ื’ืœื™ืช ื”ืžื•ืฆื’ื•ืช ื‘ื›ืœ ื“ืฃ ื•ื™ื“ืื• ื›ื“ื™ ืœื”ืคืขื™ืœ ืืช ื”ืกืจื˜ื•ืŸ ืžืฉื. ื”ื›ืชื•ื‘ื™ื•ืช ื’ื•ืœืœื•ืช ื‘ืกื ื›ืจื•ืŸ ืขื ื”ืคืขืœืช ื”ื•ื•ื™ื“ืื•. ืื ื™ืฉ ืœืš ื”ืขืจื•ืช ืื• ื‘ืงืฉื•ืช, ืื ื ืฆื•ืจ ืื™ืชื ื• ืงืฉืจ ื‘ืืžืฆืขื•ืช ื˜ื•ืคืก ื™ืฆื™ืจืช ืงืฉืจ ื–ื”.

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