tv Bloomberg Business Week Bloomberg July 20, 2019 12:00pm-1:00pm EDT
♪ carol: welcome to "bloomberg businessweek." i'm carol massar. jason: and i'm jason kelley. we are in new york. carol: have the most powerful banker in new york turns out his critics. jason: and in cannabis, alleviating pains. carol: plus, amazon's revolutionary plans to skip the checkout line. we begin with "bloomberg businessweek's" editor-in-chief, joel weber. we begin with jay powell. joel: take something complicated and simple it down.
the cover is an expression of that this week. jay powell, fed chair, probably the most important person in the world of finance. he heads the financial institution that is probably the most important anywhere in the world and for a year now, he's been the target of trump's friend are ire, because trump wants lower rates, lower rates, and jay powell has basically been a stoic figure through all of that. carol: we believe this is an independent organization and for the first time, we are wondering
is it going to remain independent? >> and can they continue to fend off the executive branch's desire for lower rates? we will see what happens this next week with rate cuts. the market basically thinks there will be a rate cut. the bigger story is one we wanted to ask to dig into, which is for a year now, we've lived through the tension between trump and powell, more from trump than from powell. it is one-sided, for sure. what effect has not had on the fed? what chris got to was, not much of an effect on a policy standpoint, but there is a certain nomination in progress right now. it will take a few months to evolve. this could be radical. jason: judy shelton is nominated for the fed. we don't know how that will go and we also don't know what she might do if she gets into that seat. carol: --
joel: we are at the beginning of this process. it could last the rest of the year but has dramatic implications for markets, for the financial viability of the whole world, and it all comes down to the fed and what jay powell is able to accomplish. he has been this stoic figure. we can bet he will continue to do that but there is a lot going on here. carol: it is so timely and definitely a must-read for this week. joel weber, thank you. jason: i talked with reporter chris condon about this story. >> judy shelton is a former economic adviser to president trump. she is currently a director at the european bank for reconstruction and development, a position that was foisted by the president, and she could be seen as one of two things. either a political partisan, because despite her past hard money views, she has said recently that she would want to lower interest rates as quickly as possible if she became a fed governor. now, that doesn't really fit with her deeper background in thinking and writing about
monetary policy and economics. when i said she is a fan of hard money, that is generally associated with aiming for very low -- inflation. even zero inflation. philosophically, she does not believe there ought to be a central bank setting a benchmark interest rate for the financial markets. jason: i want to stop you there, because that alone is a very provocative stance to say the least and the idea you would have someone coming into the fed that would on a regular basis essentially be questioning, if not its very existence, certainly all the key roles that traditionally we have seen it play. how would that affect even the day-to-day operations and certainly the deliberative process of the fed? chris: think of it this way. sometimes an unorthodox person
comes into the fed with a different view on economics. that does not describe judy shelton. she has no place in the debates that the fed holds around the table. she does not believe that debate hot to be happening. o --ught -- ought to be happening. she is interested in a debate on a different level. she does not believe in having a central bank said interest rates. she would rather money be considered -- or be tied to a fixed unit of measure like a weight in gold. this was a debate that was settled long time ago by the people involved in central banking around the world. she wants to revert to a much older debate. that would turn the fed on its head. i have to say that as a governor, that would not be that
disruptive. one governor has really not that much influence at the fed, but think of it in this context in which the president obviously has great disdain for the current fed chair and would like even to remove him if he could. if a person like judy shelton is installed as a governor, she would fairly or unfairly be seen as a chair in waiting. let's say trump is reelected and powell's term expired, she might then be named the next fed chair or even before that, trump could consider trying to demote powell from the chair and replacing him with judy shelton. judy shelton as a governor would not be that disruptive, but judy shelton as the chair of the fed would threaten to turn that institution upside down. jason: just as we wrap up, one of the things you address in your piece -- you talked to a lot of people about is the notion that chair jay powell may say forget it.
i'm out. that seems unlikely based on the people you talked to. chris: absolutely. not a single person i spoke to who knows jay powell pretty well at all thought that was even a remote possibility. he is very squarely focused on the job he has in front of him. he could make plenty of mistakes in that job, but he is very clearly not the type of person that is going to walk away. he's not in a position that serves at the pleasure of the president. the chairman of the fed has a fixed term with other certain protections found in the law and constitution. it is not entirely clear argument, but jay powell is not seen as the type of person who will wilt under this kind of pressure. he's a pretty strong-minded and stoic individual, and he is very likely going to whether this just fine.
carol: welcome back to "bloomberg businessweek." i'm carol massar. jason: and i'm jason kelley. join us every day on the radio from 2:00 to 5:00 wall street time. carol: in the business section this week, a look at the cannabis industry. it is growing and global. jason: and getting bigger as state after state and country after country legalizes marijuana. the new green supply chain is global, exploding markets for cbd pet products -- carol: we call them stoner pets.
jason: and even the grass ceiling women come up against when they tried to rise in the weed business. >> cannabis encompasses hemp and marijuana and for the last century, both have been banned. hemp is used for fiber and textiles but got lumped in with marijuana and fell under prohibition. the major thing last december is the farm bill shepherded by mitch mcconnell from kentucky. he wanted the farmers to grow hemp. they legalize industrial hemp and the cbd, which doesn't get you stoned but has some of the benefits of cannabis. that is what is driving a lot of this now is there is no -- now a federally legal cannabis market in the united states. carol: that means profits made are not complicated for the
other side of the cannabis market? craig: the answer is complicated but less than when you are talking about marijuana. marijuana, the problem is there are 11 states -- where it is illegal and their store is opened. the federal government considers marijuana like cocaine or heroin. completely illegal and that creates a lot of tension. the reason investors have pushed to hemp is some of those restrictions are gone. there is a federal market, you can grow hemp in kentucky and send it to oregon. you can make it in oregon and send it to new york. there is an interstate commerce market in hemp and that is why the focus is on hemp. carol: as it becomes more traditional, that means some of the pitfalls of becoming a traditional company come along, and that includes the ability for women to be in this industry. when cannabis the industry was young, there were a lot of women in that industry and prominent in higher positions. craig: and a narrative this would be a great industry for women. it wouldn't be burdened by the problems of banking and tech, and women would thrive. no glass ceiling because in
colorado and washington when this got started, it was startups. those states took steps to limit outside investment and everyone had a fair crack. you didn't need a ton of capital to get started so there was this narrative it would be a great place for women. turns out we have public companies, wall street has shown up some of the vc's have shown up and it is starting to look like everything. it is more white, more male and a problem for the female executives. there are no women on these boards. it is a problem in the spotlight. jason: one of the most fascinating places this is going -- stoner pets. using cannabis to help your dog in a pretty meaningful way. craig: the anecdotal stories are powerful. my dog was 14 years old, i thought i was going to have to put it down, the dog wouldn't eat, couldn't jump, started giving it cannabis and several weeks later, it was better. cbd people are using cbd too.
there is very little research on this because it was thenned -- banned for a century. anecdotally, people are hearing it helped buster come help their dog get better with its joints and people are trying it. is it a placebo effect? people think the placebo is a strong factor here but who is to argue with these powerful stories? the story of the pet market has been premiumization. people want organic food for their pet. all the things we think about in the food and beverage world have shown up in pets. cbd is the premium ingredient in the pet food market right now. carol: cbd market could be worth 24 billion in the u.s. by 2023 with 27% coming from the pet market. craig: a lot of people think the cbd market will be bigger than the marijuana market at the end of the day because there are a
bunch of people out there, and a dog's too, that can't be stoned. you could take cbd before work, there are a lot of use cases where another product would work. jason: you spent a lot of time looking at the biggest consumer package, the big food and beverage companies. where are they on all of this? consolation was out ahead, but it feels like everyone is looking to the pepsis, cokes, cosmetic firms. who goes index? -- in next? craig: cbd is illegal by the letter of the law. the problem is, the fda hasn't done the regulations. it is not technically legal to put cbd in food or drinks. what coke and procter & gamble and pepsi are waiting for is for the fda to come out and say we think the average adult can have 100 milligrams of cbd a day and it is safe to eat and drink.
that hasn't happened. right now, this is the wild west. it is treated like a health supplement where there is not a ton of regulation but the big boys, the companies will wait for the fda to say this stuff is safe and legal and here is what you can do with it. carol: in the meantime, we are seeing a global supply chain created. talk about that. craig: coming off the farm bill, the u.s. market for cbd is exploding. around the world, you are getting legal cannabis markets in places you could never have imagined even three years ago. everyone is looking to the u.s. and saying cbd is the next buzzy ingredient. let's grow some hemp. it is happening in china, colombia, across europe, other countries in asia. hemp because it is less restricted the marijuana is becoming a thing at the center of the first legal global cannabis supply chain. jason: taylor riggs joins us now. taylor: gtv , we are
tracking the stock performance of the big companies. take a look at this. this has a lot of people concerned about the supply chain. we've come off the highs a little bit. i would highlight big companies like canopy growth, up 40% to 150% in the last two years but there has been focus on companies. where is the next phase of growth? the pet sector, the u.s. market? some people say canada has been tapped out. carol: investors want to see performance. coming up, betsy devos came to washington as a government outsider. we are told how she is handling the job now that she is on the inside. jason: a legal case that has ramifications in washington and wall street. everyone is talking about jeffrey epstein's business and political connections coming under a lot of scrutiny.
jason: welcome back to "bloomberg businessweek." i'm jason kelley. carol: i'm carol massar. you can listen to us on radio on sirius xm channel 119, and on am 1130 in new york, 106.1 in boston, 99.1 fm in washington, d.c. and am 960 in the bay area. jason: in this week's featured section, a spotlight falls on one of donald trump's many controversial cabinet members. we are talking about secretary of education betsy devos. carol: while she had no government experience, she was a wealthy activist who had bankrolled schools. she has taken moves to leave her mark. jason: devin leonard has tracked a lot of the cabinet. he talked about how she has measured up.
devin: she went to calvin college named after john calvin, and her father invented the lighted sun visor and became rich and she married dick devos, the son of the founder of the cosell and empire. --coselling empire. in michigan, this is a royal wedding. jason: we should point out since you mentioned the name prints, her maiden name, her brother is erik prince of blackwater fame who has his own political and geo-everything story. devin: there's another story, but they are very conservative and both mr. and misses devos became very involved in conservative causes, especially with a focus on education and among other things, they
supported -- she in particular, a furtherance of lightly regulated charter sector with a high number of schools run by for profit companies. to put it mildly, they have had mixed results for children. carol: talk about her administration and what she has been able to get done because it sounds like she doesn't have a lot of backing from the white house nor congress, but she has been able to roll back some educational initiatives put in place under the obama administration. devin: that is the whole thing. everybody thinks you are the secretary of k-12 education. you are not. the federal government contributes less than 8% of the roughly trillion dollars the
federal government spends -- the country spends on k-12 education, but they oversee the student loan program and that is a $1.4 trillion program, so that is where she has had the most impact. her real cause is school choice. pushing charter -- especially pushing vouchers. sending kids to private school, that has been her cause. carol: has she made progress on that? devin: no. i guess there was a little victory in the tax cuts and jobs bill of 2017. ted cruz. an amendment passed that would enable us to save -- put money away in our college savings account to spend on private school, but that has been it. she has tried to push much
bigger school choice plan. she is trying to do one now and house democrats are against it. to your point before, the trump's not that interested in education. carol: also in featured, a story in the headlines this week. jeffrey epstein has pleaded not guilty to sexual misconduct and conspiracy charges. meanwhile, questions over how he allegedly built a fortune on wall street and developed powerful connections in washington. jason: our reporter tom metcalf joins us from london, because he put together this map of sorts of epstein's orbit. tom, how do you get your arms around a fast-moving and pretty complicated story?
tom: from corporate america, manhattan high society, british royals, and effectively this is a combination of these news stories that have been flying around the last week or so and trying to make it a one-stop reference point in all the different strands this story has taken. carol: this story is disturbing, fascinating on many levels and beyond the allegations and charges that have been levied against him, we are wondering how did he get all of these relationships? how did he get so much money? that is what you are getting at. tom: that is what everyone is chasing. at the center of this horrific story is this man who seems to have been able to keep connections with billionaires, with celebrities, socialites despite 10 years ago being known as a sex offender. this is the guy, one of america's richest people. why did he feel the need to give so much control over his financial affairs to a character like epstein? who even now, after years in the public eye, we really don't know what his business was about.
we don't know how he occurred so much wealth or connections. what we do know and what the article points out is how far his web extended. how are these people connected? why are they in this orbit? jason: you also lay out the assets that he had. that is a huge issue for the government, a huge issue for the folks who are trying to both understand where he came from but also figure out how they are going to dispose of that and keep them from leveraging all that. tom: i've spoken with prosecutors and they think the asset side of things could be the key to all of this. he has two private islands in the u.s. virgin islands, he had infamous manhattan townhouse and a place in florida.
all of those are up for grabs for the prosecutors. the question is, a lot of interesting things going on here. he bought a second island in 2016, spent a lot of money redeveloping what was going on there. why did the government over there allow that to happen? not just the properties. he has jets, a helicopter. one of those jets and one helicopter are up for sale. carol: still ahead, nobody knows amazon like brad stone so he is the perfect person to dig into jeff bezos scheme to dominate another slice of retail. jason: and how uber might want to take a page from jeff bezos playbook. ba ol: this is "bloomberg
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jason: we begin in the featured section, the company that reinvented retail -- they are not done disrupting. carol: jeff bezos has been sending lots of content loads of money on a plan to rid the world of checkout line and cash register. jason: it is called amazon go and if you live in major cities, you may have seen it. to understand what it is about, we went to the guy who wrote the book on amazon and bezos. he told us more. that -- >> there are 13 now. san francisco, new york. chicago. it is best described like a convenience store where you pick up lunch or breakfast and a smattering of grocery store items. they are small. not larger than 2000 square feet. the innovation and the reason why amazon has been working on this for so long is there are no cashiers. app, pick up whatever you want and walk out.
as if you are shoplifting. if you look up, there are dozens of cameras that are watching you and tracking what you do in the store to see what you are taking. they can charge you. this is amazon's debt to revolutionize retail. carol: i was fascinated by the weighing of items, people moving products around if something is on the wrong shelf. tell us how it works. is something my colleague and i were curious about when we started to research this. one thing i knew from following amazon was they have worked on this for an extraordinarily long time. probably longer than most companies would invest. they start this in 2012. jeff bezos told a top lieutenant, figure out a way to do something unique in retail. this is what they went on. they investigated a number of to removeke it work
the lines of the checkout. they were looking at rfid chips and packages, having customers scan barcodes. what they landed on was the combination of computer vision sensors. there are cameras on the feelings. there are cameras behind the shelves. there are weight sensors in the shelves. --combines a shattering smattering of inputs to figure out what has been trade away as opposed to what has been put back. the other thing is there is a small selection of cases. the computers get confused. employees,mazon probably contractors looking at the footage, saying, did he pick up a chicken panini? one of the questions is, does this thing scale? carol: that somebody a lot of technology and you have to have people doing things. that sounds expensive. brad: one of our sources
describes it as the most expensive rnd project in amazon history. who didd to dylan kumar not think that was right. they have spent millions on it. this skips to how amazon operates and how we should look at the store. it is the small convenience store that they are thinking about it as something much more. we are reporting there is a 10 the5,000 foot store in capitol hill neighborhood that is about to open that will be a larger version of amazon go. they are looking at this not as -- to replace cashiers and whole foods. to create a new customer experience in retail so the go stories they -- go store is an experiment. carol: the potential price is it is a $12 billion market. they wanted piece of this.
brad: as we look at its, $250 billion revenue company -- what in their planning sessions is they go, how do we get a $500 billion? larger in terms of annual sales. how do we become the biggest retailer in the world? they are not going to do that unless they crack the 90% of all retail that happens in physical stores. jason: we talked more about bezos and his own purchases on our business week extra podcast. check that out at itunes and of course at bloomberg.com. that: amazon has got all money to poor and projects and it's is probably because of the decision it made a decade ago to branch out into web services. aws has turned into a fast-growing rabbit stream -- profit stream. wise to do would be something similar. she offers advice on this week that edge.
poo bear is a company that has spent a decade honing its own technology to match people who want rides with all these drivers around the world. it has mapping and routing. that is all really hard to do. >> it is technology officers you point out thought about this. suggestednference, he uber has got lots of business ideas that are on the front burner at this idea of doing any ws technology is on the back burner. he brought it up almost unannounced and made the comparison to aws on his own. >> he does not want to do it soon. >> it is not front and center. >> the market for aws is bigger and a different market potential for uber and its software. arguments --ential
audience. carol: everybody needs it. will usenot everyone web services but they need computing. carol: not every company in the world has a uber like business model and has technology underneath it. that is a big reason it might not work. jason: the thing with aws is the introduction of that changed the landscape of the other big technology companies, the acquisitions they make, the business strategy decisions they made as well -- it would be interesting to see if you were getting into this business would change how lyft thinks about airbnb. be in the -- >> maybe uber does not exist if there is no way. it uses a cloud outsourced computer model that aws invented. you see companies if uber moves ahead. it might create categories of companies that were not have been possible otherwise.
carol: welcome back. join us for bloomberg businessweek every day on the radio from 2:00 to 5:00. carol: find us online at business week.com and on our mobile app. jason: visit our exclusive interview with antonio neary. he has been with the company 2015 -- that created hp which focuses on networking and consulting. he took over as the ceo in 2018. carol: hp introduced the subscription model for cloud computing services, carving out
a niche in a competitive space that includes companies amazon and google. jason: we spoke to him about his plan. >> we believe the future will be eccentric. the cloud, as you know has to move closer and closer to where the data is being generated. that is the edge. the edges the place where we live and work. that is where the action is. we have a strategy for that edge, which is to provide the right connectivity with a secure connection. and move the cloud computer closer to the data because it is cheaper to move the clouds in the form of a computer to where the data is, not the data where the cloud is. we have made a bold statement. we invest corporate. technology with -- will estimate the edge. carol: how much pressure are you feeling from amazon and google and others? but somea partnership
of these big companies that have put their stake in the ground when it comes to the cloud space, how much pressure do you feel? antonio: the reality when you look at the improvised level, even the main market level, would see that prediction has most of the clouds. scale with the sheer amount of data, in the data center or in a co-location at scale, though we realize there will be obligation and data on what we call the public cloud. be -- as wehat will go along. it will provide a full integrated experience and hybrid cloud approach and to help customers decide -- what is the right mix?
based ono decide policy or compliance or sovereignty. for us, we are embracing the public cloud. we are not just fighting it as a competitive threat where we provide the cloud experience. carol: do you feel pressure from other competitors? antonio: we compete with everybody. clear understanding at strategy and if you look the results, we make significant progress. acquiring have done of companies. is there anything you feel like you need to add on or you feel good about the composition of what you have? antonio: we always look for curating what is in -- out there in not just large companies but small companies. from oures sense shareholders, we have a structural discipline approach
and it helps us accelerate our strategy with the ip positions. more and more of these intelligence comes through the experiences that make the infrastructure as -- intelligence, more autonomous. consider itself. if it makes sense, we will it just consider it. wars: we have trade underway and we will see what comes out of the g20. you also have the white house pushing against other trade partners, whether mexico. .ou do manufacturing there how do you view the trade wars and how they might impact you? countries.172 how is it changing? antonio: the reality is we have to solve this problem together. i understand how we are thinking
about this but we need to work together to solve this. there needs to be a fair approach to these traits. we live in a global economy and the supply chains we have in place of the last decades are complicated. and globalarge presence so we have been able to navigate through these challenges and mitigate all of them. solutionw to a special section focusing on health care. governments are trying to bring innovation to the health care sector. we spoke with an editor about the stories in this week's issue. stowe'se we were in the death throes of the opioid crisis, the question was -- what comes after? planean we develop as a -- pain medicine and treatment that are as effective and can step in and take a place of opioids? the next big thing in pain has
been something people have been talking about for a long time. bigger companies have had mixed success so we are looking at efforts by a handful of startups that are taking testing that was happening on animals and pushing it forward. there is pushed by our government to speed up human trials. big push. -- got a dimitra: exactly. it is exciting looking at -- it dna.locking jeans and it is not gene therapy we are talking about but the underpinnings we are talking about in order to get redeveloping effective ones. pain is a tricky thing to get out. you do not want to eliminate it entirely. you want to keep some pain so we are aware of things happening to us, whether we are being cut or burned. there are other considerations.
it has been a complicated area and naomi kraske, our reporter and one of our editors who also worked on this, did a great job of looking at -- what is happening with the startups? people will be surprised to read. jason: and a reminder that so much of what we understand about pain comes down to the brain, rather than the place where the pain may actually be, to put it clumsily. the crisis is terrible but in some way it focuses people on the fact we have to move beyond opioids. opioids were lucrative for the companies putting them out. as we have seen, to the point of some of its being managed not the way it should have been. to finds not that drive what was coming next. now it is, know this is a
jason: welcome back. also listen to was on the radio on sirius xm channel 119 and on ami 11 30 in new york, 106 in boston. jason: a 960 in the bay area in london and through the bloomberg business app. peek behind the scenes at an iconic american restaurant. jason: everybody goes to eat -- bloomberglue
went to eat there with a twist. >> we have this journalist brandon presser and he has been doing stunts where we sent him undercover at supercross locations to see what is really like to be a butler at the plaza , to be a cruise director on a giant ship and our latest project was we had him go undercover. the role theof restaurant plays in the celebrity culture. l.a.u started in robert de niro convinced him to come to new york. they started this empire together. they have hotels. it is a big thing. it is a billion dollar business and they are building hotels around the world. they pay for celebrities hanging out. part of what the mayor sees is
all of the intricate behavior that happens from the restaurant side, but also the client side. 57 and worked at nobu nobu downtown. there are two in new york. this is not the most celebrity essential one. he saw tons while he was here. he saw a-rod and j. lo on a date. he describes the seating chart is a game of risk. they have descriptions to people at the restaurant so they know who cannot be seated near who are they have relationships with the celebrities so they know where they like to fit. they use the young staff who tell them that is a you tube star. you cannot see that person here. it gets intense. there are corner booths and that is coveted. everybody wants those.
it is like a puzzle and they have four corner pieces. everyone wants to be in that spot. there are also issues of privacy. branden said if you are seen as a celebrity, if you see a celebrity in a restaurant, it is because they want you to see them. more. check out much what they are doing to celebrate and a look at how elvis reinvented himself in the las vegas show. carol: let's finish up this week with the selection of one of the most amazing pursuits in american history, in human history really. that would be the effort to send a human being to the moon, which succeeded 50 years ago this weekend. that one small step was the commendation of a private public collaboration on a scale seldom attempted. what did the apollo program teaches about management? peter coy outlines the lesson.
peter: for a long time we said, we made it we got to the moon. they got to the moon. those people from long ago, and now we somehow can't or at least we're not doing it. in a way, there is something embarrassing about celebrating this anachronism of americans walking on the moon when we are not doing that. back: you do take a look 50 years ago on the process involved and some of the lessons we have learned. peter: think about it. the technology of the 1950's was so primitive compared to the technology today. particularly in the area of computers. the onboard computer in the apollo mission was so incredibly
tiny, there was no computer that primitive that exists anywhere today. yet it got them to the moon. the lesson to me is not about technology, it is about the management. the management lessons we can take today and apply them to today's jobs, whether it is curing cancer or fixing global warming, whatever. carol: this idea of coming together against all odds. they had a clear objective. peter: the first person who established that objective was kennedy when he said in 1961, that the u.s. had a mission to land astronauts on the moon and bring them safely home by the end of the decade, which was audaciously ambitious. carol: here is what we're going to do. peter: and not universally lauded especially as it went on and people spent more money.
it seemed like a full there and, especially in light of everything going on in the world and in the country in the 1960's. jason: there were pressures working against this moon mission, but because the nasa people and there were 400,001 point working on this, had such a clear mission, they were able to put that aside and get going with the side rules and get the job done. carol: i love the slide. nasa was a confederation. the idea of pulling everybody together for one mission. peter: it must be said it's not work flawlessly. the great tragedy we remember in 1967, 3 astronauts died on the launching pad in what appeared to be a routine test. they traced it back to problems
in the prime contractor in the north american aviation. jim webb, the director of nasa, had not known about the problems . this led to his resignation and whens a big blow at a time we were at that point, 1967 was getting close to 1970. they pulled together and managed to get it done. carol: bloomberg businessweek is available on newsstands now. jason: what is your must read? carol: i love this story. peter takes us back 50 years ago and what it took to get a man on the moon. just the lessons we -- that can be learned. we have big problems out there and we could learn something from what it took back then. with: i love catching up brad stone on amazon because he can really go deep but we can also spend a little extra time with him. check that out on our podcast. carol: find more stories on
david: after it did go public, it did go down by 11%. a record decline after an ipo. dara: i love how this interview is starting. i really appreciate that. david: how long will it be where there is no drivers? dara: the better thing than robots alone or humans alone is robots and humans working together. david: someone asked you to interview as the ceo of uber? did you say you already had a job? dara: at first, i said, no way. >> could you fix your tie, please? david: people would not recognize me if my tie was fixed.