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tv   Squawk Alley  CNBC  November 15, 2016 11:00am-12:01pm EST

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here in san francisco. 11:00 am on wall street and "squawk alley" is live. ♪ good morning. welcome to "squawk alley." i'm carl quintanilla, coming to you live from ge's mind and machines conference in san francisco. john fort, kayla tausche and nick milken joins us. we're a few minutes away from our interview with ceo jeff
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immelt. adapting to a new media and political landscape following donald trump's surprise victory one week ago. and efforts to control hate speech onity platform, google banning new fake sites reportedly from using its proprietary advertising software and facebook continues to push back saying fake news on the network helped skew the election in trump's favor. nick, question this morning -- >> in my favor? >> -- at large is facing some kind of identity crisis. >> it's interesting. i wrote a column for vanity fair in april that said silicon valley created donald trump. the backlash i got from that was insane. people saying it was nonsense, there was no base to it, i was making stuff up. now they're all realizing that they did. you know, there were no rules, no regulations, no anything on these platforms. and trump used that to his advantage. and, you know, it was
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propaganda. it was lies. it was fake news. it was everything. and these platforms did nothing to stop it. now, finally, they're looking at themselves and saying, wait a second. what have we done? >> nick, i saw where legacy journalism is about transmitting quality of information but the tech component we're now seeing of journalism is transmitting volume of data. are they just trying to shovel as much bits as they possibly can? is that what this is about? >> a problem that a lot of these sites face is, yes, it is about volume, right? the more numbers they have, the higher numbers they have, the more people on the platform, tweets and things create more advertising. more advertising, the more their stock goes up. so if they start banning users, start deleting things and stopping people from being able to share, then it affects the bottom line. so, it has never been in their interest to fix this. i think there was an article
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written in buzz feed a while back, talking about how troling on twitter was not a bug, it was a feature. it was a feature because it allowed people to join the platform. it was one of the things that made it so successful. at the same time, you know, one of the great things about what we're seeing right now is that it turns out that silicon valley actually has some morals. they're questioning what exactly they have done to create this. inside these companies, there are a lot of employees i've spoken to that are saying, hey, should we have stopped this earlier? my response is, yes, absolutely. and finally, they're starting to realize that at the top side of the company. >> tech companies have tried for a long time to avoid becoming content companies. they haven't wanted the editorial messiness that comes along with that. they wanted user-generated content that was democratizing
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from the bottom up and be as functional as commercially produced content. from netflix, amazon, we have this idea of the rise of original content, that it is worth the hassle of creating your own and this backlash of dominant platforms distributing news that perhaps isn't news, according to our traditional definitions. it's fake. isn't this silicon valley having to come to terms with content at its core? >> yeah. i mean, it's interesting. we've all covered these companies. we've all seen this said we're not media companies. but they are. at the end of the day, facebook, twitter, snap chat, instagram, they are media companies. they sell media ad buys. they host media. we can get into the discussion of what the difference is between the words, semantics and so on. that is what they are. they have a responsibility, if that is the case, to decide what is right and what is wrong. the problem is when i've spoken to people at facebook they said,
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look, you don't want us to get into the business of saying what is news and what is fake and what is not because at the end of the day, the cure may be worse than the disease. and i completely understand that argument. i'm not saying that somebody should be saying on facebook yes, no, yes, no. but there has to be something in the middle that really kind of protects the users and also protects the company and doesn't lead to what's happened that we're dealing with today with donald trump as president on the basis of hate and fake news and things that helped get him there. >> why your right it's a slippery slope, that facebook in making what would appear at the face of it be a binary decision between fake and real would then become an arbiter of trustworthiness of news organizations. from an investment standpoint, so many investors refuse to buy shares of alibaba because of the counterfeit goods on its platform. they fear counterfeits are a large percentage of the goods they sell and some government retribution is coming. it's a different good that
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facebook is pedaling. is there a comparison to be drawn here between what alibaba is dealing with and facebook is dealing with? >> absolutely. one of the reasons twitter has been so unsuccessful with investors is because of the fact that a lot of people have not joined the service. because that have is all the hate on the service, all the trolls. annet do eecdota anecdotally, i've seen it over and over again with people. there's also the data to prove it. these companies at the end of the day will lose credibility if they don't some up with some sort of solution. it's amazing you have a company like facebook with 1.7 billion users and can build the infrastructure to make that website go every single day without fail and yet they can't come up with any algorhythmic solutions. i'm not saying it's all or nothing. there has to be some balance in the middle. if they don't, if this continues, there will be some
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sort of retaliation, investors, users, whatever it is. i truly do believe that. >> hey, nick, it's been a year, i think. but i remember you coming on the show and saying that trolling and abuse was an existential threat. >> it was probably 3 billion a year ago. >> all right. when you have a certain amount of scale like facebook's, is that kind of prediction invalid? >> what's real interesting is, you know -- again, i'm not attacking facebook for this. i really do understand the middle ground of all of this. what's really interesting is that all the data, pollsters and everything came out. they said look at the numbers of people who voted. if one in 100 people would have voted differently, voted for hillary rather than trump, hillary clinton would have been the president. when you look at that, that's 1%, right? if you look at what mark
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zuckerberg was saying only 1% of fake news shared on our site -- news shared on our site is fake. that 1% could have changed the election. it played an important role, very important role that could have changed the outcome of this country. there has to be some responsibility for that. whether it's 1.7 billion people or 300 million people, these companies when you lock from a percentage standpoint, they are playing a massive role in what's happening in the state of politics. in the piece i wrote earlier this year, the line between politics, entertainment and the media has completely evaporated because of things like social media. that is the truth. we're seeing the results of that as we look at who is going to be the next president of the unite it will change and like "the new york times," cnbc, fox news as
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they seek to have power in determining the business of the platform and media companies seek access to that audience? >> you know, i think that there's a really interesting thing that's happening within media today. you know, you have -- there are all these different factions going on. you have newspapers that are doing tremendous journalism. then you have the cable news shows. some of which -- come on. we know what fox is like. they're spewing out propaganda half the time. and then cnn, of course, goes all over the place. i think from a consumer standpoint, a lot of consumers do not care what a byline is. they don't even care what the place is that put out the story as a result of the denver gazette, putting out all this fake news. there has to be something that journalism, as a whole, has to do to try to figure out how to communicate to the public that something is real and something is not, that something has been
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vetted in a certain way or something is opinion. i don't think that they've done that. "new york times," for example, there are 10 different kinds of stories from opinion and editorial to straight fact news. and the differential, most readers don'tnd the difference. and i think there has to be something maybe that social networks and newssites can do together to figure that out. >> that's a big collective action problem. we'll see where the industry goes with that. good to talk to you again. see you soon. nick bilton, joining us from vanity fair. when we come back, exclusive interview with jeff immelt. we'll talk about the election, market response and how digital is changing the face of the industrial economy. we'll go live to partnering for cures conference and talk to michael milken of the milken institute. you're watching "squawk alley." don't go away.
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breaking news with the fed and its stress test. steve liesman has that. >> saying the fed failed to give vital information to some companies. qualified victory for the banks who have complained about their ability to meet the stress test and disclosure of what's involved in them, in assessing them. they do say, though, one of the faults of the fed here is in not stressing other situations. that of just a single situation.
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that's sort of defeatus. it seems to be a victory for the banks. fed essentially gives the banks enough chance to pass the stress tests and if it's fair in implementing them. let's go to carl in san francisco. >> steve, thanks so much. steve liesman at hq. jeff immelt has been a huge proponent of tpp and free tad. with donald trump headed to the white house, what is ge's strategy going forward? here in san francisco is the chairman and ceo of general electric, jeff immelt. >> hey, carl. >> always good to have you. >> good to see you. >> thanks for having us. we want to talk about the amazing things going on behind us today. what a week. you got this election. you got this market response. people want to write this script, investors warming to a pro growth playbook where we've
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gone from deflation scare to inflation story. >> after brexit and a number of things around the world, nothing should surprise people anymore. the election broke definitely the way most people thought. we shouldn't be surprised. you have a president in place that's talking growth that looks like he's willing to invest back in the economy in a number of different ways. you see bond prices going up and investor enthusiasm, maybe a little bit of relief for the banks, which i think is a good thing. so, look, we've been in such a slow growth world, i really think that if you can find the right mechanisms to drive some growth back in the united states, that's a good thing. now, you know, the real missing gap has been productivity. so we've got to get some investment back into the u.s. economy, some capital investment, which really has been lacking since the financial crisis. and that, i think, is the president's biggest task. >> so of the pillars that are intended to do that,
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infrastructure, tax reform, profit repatriorepatriotion. >> i look at tax reform, carl, and say basically what's been sitting out the past decade is capital investment back in the u.s. it's a good chance that tax reform is kind of the missing ingredient that can help drive some of that capital investment back. that's the difference between a 3% gdp growth u.s. and 2% gdp growth. 0% interest rates for a decade now. if you're a consumer and have a job, you feel rich. but that's not enough to create the kind of economic growth that i think the president wants to create and most people want to see. i think tax reform is actually quite important with territorial system, repatriation is part of
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that. >> you sound optimistic. >> i've been through every cycle known to mankind. the u.s. had been in a slow growth mode. there's enough growth around the world to be able to keep us going forward. and i think if you could just solve a few things in the u.s. -- it doesn't matter who does them, but if you could just get a few things going, there's lots of pent-up demand and opportunities for growth. >> trade has been a big part of this story. carrier plant is turning into a test of whether a trump presidency can keep production from going overseas or being reversed, coming back in. how likely is that? voters who voted on that, is that a fool's bet or not? >> so, i think protectionism has been going on for a decade or more. president trump isn't the first one to talk about it. it's been going on in europe, china.
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the world i grew up in with these free trade deals and anything like that, anybody that was planning on that going into the future is -- that's not the way we've thought about ge. i think it remains to be seen exactly what the new trade rules are going to be. and i think we have to wait and see. for someone like us that's an exporter, really, we make and sell things around the world. we can navigate the world on our own. but if you walk through walmart, home depot, do all those products have to come back to the united states? do all the hair dryers and sneakers and refrigerators have to come back -- is that what's going to, you know, make the economy grow again? i think people have to sit and think through exactly what the puts and takes are. for us we're a global company. we sell in 190 countries around the world. we do it from a local standpoint. we're going to keep globalizing. we're an exporter. we're going to keep globalizing. i think the world we live in today is so different than it
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was 10, 15, 20 years ago. you know, i believe in trade deals. but we don't need trade deals in ge. what the president will learn, what president trump will learn is that as he travels the world, trade deals gives him power. the ability to use trade as an economic, let's say, negotiating technique, makes him more powerful. >> because he's speaking the language of our country. >> other countries. >> who are trying to do the same thing? >> exactly. i've traveled the world, carl, for 35 years. people care about safety. they care about growth. if the president of the united states travels around the world and has nothing to offer from a standpoint of economic connection, you lose half of your negotiating power. this guy is a negotiator, a deal maker. let's just wait and see what he does. >> can you think of a policy -- can you game out a policy change that would result in a net increase in ge domestic
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production? is that easy to do? >> look, i think -- so our domestic production will go to different markets around the world. things that make us more productive in the u.s. will make us better, tax reform, the ability to invest better. better roads. better ports. export/import bank. things like that. for us to make more jet engines, we have to win even higher market shares in africa, latin america, china, places like that. that's the footprint we have. our growth here has to come through exports. >> you gave a now famous speech at nyu in may where you basically said look, backlash against globalization isn't going anywhere. it's going to be around for a while. we're going to localize. the old playbook is not going to cut it. i assume the election of trump reinforces that view? >> at that point, carl, we had
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two people running for president, neither one who wanted trade deals. if you're sitting here as a ceo of a company and want a trade deal you should have your head examined. i think what i would say to your viewers is i've done this job since 2001. if you asked me to write down all the ways that the world is different today than it was in 2001, we would still be here at midnight. and i worry about people using an old playbook to look at the world today. the way european union is different, the way the middle east works, after having these conflicts in the middle east for so long, is different. i hope president trump takes a forward-looking view and not backward-looking view. i hope he puts people around him that have a contemporary
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perspective not from 2005, 1995 or 1985. >> you worked with him before. you said he was endearing, fun to work with, competitive. is there an experience you've had with him that you find instructive? >> look, i think he likes to win. if you just think about "the apprentice" saga itself, this -- this is a comcast problem now, not mine, right? but we handed him a show that was the thinnest concept i had ever seen and he made it like a 14-year hit success. so, this is a guy that's a competitor. he wants to win. i always found him to be a listener and a guy that wanted to do good work. right? >> one last thing here. i don't want to inflate this question. you have steve bannon on the cover of the "new york times." how does an appointment like that get talked about in business? >> i never met steve bannon.
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we're a diverse company. we have many muslims, mexicans and many great americans that work for the company. a million people in the u.s. depend on ge to get it right for their livelihood. our workers, our suppliers. we believe that every person around the world deserves to be treated with respect. i don't care who he brings in. i'll never change my opinion on how much i believe merit, diversity, treating people with respect -- that's a core american value. that's a core american value. that's what makes american capitalism the envy of the world, the fact that we know how to win in markets but we also know how to develop people. we know how to treat people. we know how to follow the rules and set high standards. that's why we're welcome. >> you're not worried about a change? >> it can't change. in other words, it's so core to
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who we are. that's not the donald trump i knew, though. i'll let people draw their own equations, but we can never forget who we are. >> i want to talk about what's going on in this room. i just walked past an area where you could put on a microsoft hollow lens and, using that, help to determine the efficiency of your manufacturing process and machinery. >> yeah. >> you've been doing this for five years now, right? >> yeah. >> the tools you're using are seen as play things by a lot of people. >> especially some of the guys on your set. >> yes. we've done that before. how is this evolving? >> it's all about productivity. if you look at the world of productivity, particularly an industrial company, this notion of being able to get analytics off industrial products or manufacturing in new ways, it's real. this is happening. for us it's a $7 billion plus business that's going 20, 25% a
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year. when you walk through this hall, four years ago, carl, we did it. there were 300 people. now there's 2,500 people. there's a partner program, customers. this is kind of the future of productivity. it's going to happen with or without ge. we just want to be part of it. we want to lead it. >> you talked about the likelihood of other competitors coming in. >> sure. >> amazon could do something like this. >> horizontal players, people like amazon, google. vertical players, people like seman's or others. we talk about facebook, social media. consumer internet. it's going to be very different than the consumer internet or enterprise internet. companies like ge have a real advantage and opportunity to play this game very hard and very well. >> you talked about the people you bring in, the new graduates you bring in every year, 4,000 to 5,000 graduates. every one of them will learn to code? >> computer science is kind of
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the new liberal arts. it's the new language. people have to be proficient if they want to be successful in the modern world. it doesn't matter what function, what job you're in. for your viewers, it's worth understanding. for investors out there, it's worth understanding exactly how profound this change is going to be. it's going to impact every industry. >> does the election change any strategy regarding m & a? you've done a lot of both buying and selling. >> my view is our strategies haven't changed. i don't regret being in financial services even though bank stocks have had a great week. i cheer my friends like jamie dimon and say, you guys have earned it. but it doesn't make me say holy why did we get out of ge capital? we know what we're doing, have a
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good vision for the company. we like the way they shape up for ge. >> wells fargo, best since election day, if you can believe that. the biggest lagger is alphabet. >> i know. >> whether a big infrastructure program draws capital out of innovative start-ups and just into just making stuff that involves -- >> certainly people doing a trade right now from a financial standpoint. again, i would go back, carl. what's been missing in u.s. economic growth the last decade? capital investment. the consumer is doing fine. so, consumer companies like google, like facebook, they've done fine. we have not reinvested back in the core of this country for a long time. and it really predates even president obama. so if, in fact, we reinvest in infrastructure, we make the u.s. more productive -- productivity has stunk in the u.s. for a decade now. that is the difference between a
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2% gdp growth country and a 3% gdp growth. and that means everything to us. getting the country back up to 3% and 3.5%. tax reform, infrastructure. these are really important items, really. >> and in the back of your mind, are you thinking about how we will handle a truly inflationary environment or is that -- >> really, i think it's so bizarre to have had 0% interest rates for so long. think about things like state pensions and stuff like that. 15 billion euros trading with negative interest rates. that's warped. i think the notion of getting a yield curve back, getting a little bit of growth back, getting productivity back in the system so you can off-set inflation and things like that. and then i come back to 5% of the world's population, 25% of the world's gdp. every american should know that. this country has to win
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globally. we have to engage globally. it's the only way we can sustain our standard of living. in many ways the election, both bernie sanders, donald trump, hillary clinton, everybody that ran talked about creating a middle class job, $30 an hour manufacturing job. in order to do that you need infrastructure. you also need global markets, less regulation. we all need to understand what it takes to create that and go get that work done. >> last question for me. you bought some shares in a couple of rounds this summer. >> yep. >> it doesn't appear to be any kind of grant or orpgss exercise. is that a statement you're making? >> i love where the company's positioned. i can never own enough ge stock. i love the positioning for the future. and, you know, i have a very simple portfolio. ge. and i keep buying. >> jeff, good to have you.
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>> thank you. >> jeff imelt, ge chairman and ceo at the conference. we'll go to dr. milken of the milken institute when "squawk alley" continues. don't go away. a basketball costs $14. what's team spirit worth? (cheers) what's it worth to talk to your mom? what's the value of a walk in the woods? the value of capital is to create, not just wealth, but things that matter. morgan stanley
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hi, everybody. i'm sue herrera. international court prosecutors say a preliminary probe indicates members of the u.s. armed forces and cia may have committed war crimes by
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torturing detainees in afghanistan. they say they will decide soon whether to seek authorization to open up a full scale investigation. united air will start selling lower basic economy seats in order to boost profits. flyers will not be able to pick their seats and will be limited to a single carry-on bag that has to fit under the seat. they will also be the last to board. seats will be sold in january for flights after march. mazda recalling cars in the u.s., possible fuel leaks that cause fires, 2004 to 2008 model years. mcdonald is now testing a siracha big mac in the columbus, ohio, area. it marks the first time they've switched out the sauce. they will offer bigger and smaller versions of the big mac. new take on special sauce.
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back downtown to "squawk alley." >> they should bottle up that old big mac sauce and sell it in the store. it is so good and so classic. thank you, sue. close in the uk a few minutes ago. seema is here with that. >> modest moves in europe this morning, amid weaker than expected inflation data out of the uk. euro zone's gdp as a whole, weaker numbers out of germany, encouraging numbers out of italy. tech moves, finland's nokia among the losers today, saying it expects its network's business to decline further next year as it struggles with weak demand. shares down 4% on the day. very different story for retail. testco sales at britain's largest supermarket operator rising at its fastest pace in three years. surprising rebound for the embattled retailer and sticking
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with the uk, mark carney blasting those who blamed central bankers, saying, quote, in many respects it's a massive blame deflection exercise. meantime at a joint news conference with president obama in athens, greek prime minister pushed for substantial debt relief and inclusion in the ecb's qb program. >> sticking with foreign policy and geo politics, russian leader vladimir putin calling to offer his congratulations to donald trump on winning an historic election emerging markets have been under a bit of pressure. russian index has been out performing, having to do with the prospect of relations being restored between washington and moscow. >> that will be tricky. thank you, seema. >> exactly. >> still to come, we are live with a look at institutes.
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michael milken, his take on donald trump, future of health care when "squawk alley" returns. plus lyft is shaving its mustache. in november, no less. what john zimer has to say about the company's new look. and later, half time report has two can't miss exclusives. goldman sachs and former house speaker john boehner on his first interview since the election. that's today, starting at noon. and "squawk alley" will be right back. amazing trading knowledge. why don't you just go to thinkorswim's chat rooms, where you can share strategies with thousands of other traders? mmm, blueberry? tap into the knowledge of other traders on thinkorswim. only at td ameritrade. or the freedom to choose what doctor you want to see. so if you have medicare parts a and b, consider an aarp medicare supplement insurance plan, insured by unitedhealthcare insurance company. like all standardized medicare supplement insurance plans, these let you choose any doctor who accepts medicare patients.
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coming up on the halftime report, down here in beautiful, naples, florida, a busy hour today on the half time report. with us, very special guests, goldman sachs president and chief operating officer gary cohn will be with us. with us today, former speaker of the house, john boehner speaks publicly for the very first time since the election of donald trump. an interview you will only see on the half time report. and the ceo of ford, mark fields, will be with us as well today, as well as cme's terry duffy all at the top of the hour on the half time report. kayla, we'll see you shortly. >> a big hour. won't miss it, scott. see you then. from naples to midtown, manhattan, health care space meeting at the conference on the future of research and medicine, we find our own meg terrell
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standing by with two special guests. over to you. >> kayla, thank you so much. mike milken and nih director collins. thanks for joining us. >> great to be here. >> your conference today focusing on accelerating new treatments, new cures. director collins, what's the future of funding for science in the u.s.? >> biomedical science, particularly, has never been a partisan issue. the u.s. is making and will need to make in this area across both parties, certainly in the congress, strong supported in both houses. it's such a compelling case. the money that the government puts into medical research, much of it, funneled through the nih through our institutions out there in the country that are doing these amazing kinds of experiments, both in the way which we'll find answers for the health problems we're already worried about or already affected by. it's a great stimulus to our american economy and it has allowed us to be the leader of
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the world in this area, which has all kinds of other spin-offs. it's such a great case to make. i'm not particularly concerned that the transitions or changes in political leadership put this in jeopardy. they all kind of agree on this one. it's nice there's something we agree on. >> mr. milken, what would you say should be job number one in the new administration? >> many job number ones. entering this golden age of science where we can provide personalized and precision medicine to everyone. and i think with francis, this is a bipartisan issue, not a republican or democratic issue. for leadership, one of the keys here is consistency of funding. when you think about the young scientist -- and i look back over a long period of time, 30, 40 years of our efforts, it's generally been people at 30, 40 years old who have made the difference in their career. and they've spent -- when you think about it they graduate high school, went to college.
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they got a graduate degree. they might have got a phd, have an md, fellowships, internships, residencies and now at 33 or 35, they're looking for research opportunities. they need to know we'll provide those in this field. whether it's health, water, air, energy, all of these are tied into the bio sciences. a lot of stops and starts have discouraged many of the brightest people in our country from following this career path. >> i talked to a lot of young scientists in academia and elsewhere. they're concerned they won't be able to get funding. going forward they're even more concerned. what would you say to young scientists who are wondering whether they should stay in the field. >> i want to be encouraging.
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first of all, as mike said, there's never been a better time to be engaged in biomedical science. this is the golden era. allowing us to figure out how life works and how disease happens at the molecular level and what to do about it. we went through a very tough period from 2003 to 2015. and nih lost its purchasing power, eroding purchasing power and the horrible thing called the sequester which took away more than $1.5 billion in one fell swoop. i think that corner has been turned in 2016, congress rallied in the face of what's not an easy budget circumstance and provided 7% increase. they're prepared, it seems, in the lame duck session, to do it again. that is starting to sound like a
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stable trajectory mike is talking about. science doesn't happen in one-year cycles. science cycle times are four, five, six years. to be able to know you're on a pathway where there's going to be an opportunity for people to propose and get funded to do some high risk research, that's what we need. that's what the young scientists, in particular, are looking for. that's what i think we have begun to see a real optimistic turn of events that ought to encourage people to come on board. that's certainly the most thing i'm concerned about as nih director, to keep that momentum going. >> as francis has stated here, if you went to one of our research conferences 30 years ago, you would find primarily those molecular biologists and mds today at these conferences, you have physicists, ethicists, computer scientists, mathematicians. >> robotic experts. >> robotic experts and engineering and many of our
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engineering schools today, the number one path they choose is biological engineering. so we know the future is related biology. we have 3d printers that can print biological things. if i'm going to go invest what would be half my life after high school to get all these skills, is this a career path that i should follow? one of our challenges is that countries like china have made enormous steps, japan. trying to recruit kids born in china to come back with promises of funding, et cetera. we need to make this commitment. i think the other thing we sometimes forget the number one factor has been a byproduct of medical research and biohealth. most amazing achievement of
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mankind, doubling of life expectancy in a short period of time. we sometimes forget in 11 million years of evolution. if you want to take -- particularly the last 4 million. for 4 million years, you increase life expectancy by 11 years on the planet. and in the last 115, we've increased it more than 40. that has been the driver. that is why the real growth in the world's population will incur in sub saharan africa due to the advances in aids and other diseases. this path will determine the future of the united states. >> mr. milken and dr. collins, we're out of time. thank you for joining us. >> and thank you for your interest in bio science. >> yes, indeed. >> kayla, back to you. >> thanks to meg for bringing that interview to us. before we go to break, we want to show you a couple of tweets from carl icon in touch with
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donald trump, the president-elect. i spoke with donald trump. steve mnuchin and wilbur ross are being considered for treasury and commerce. both would be great choices. if you can get your hands on these spectacles. you'll never guess what they're going for on ebay. hear from lyft co-founder and president zimer on the company's new do. [vo] quickbooks introducs jeanette. and her new business: i do, to go. jeanette was excellent at marrying people. but had trouble getting paid. not a good time, jeanette. even worse. now i'm uncomfortable. but here's the good news, jeanette got quickbooks. send that invoice, jeanette. looks like they viewed it. and, ta-da! paid twice as fast.
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at the marine mammal center, the environment is everything. we want to do our very best for each and every animal, and we want to operate a sustainable facility. and pg&e has been a partner helping us to achieve that. we've helped the marine mammal center go solar, install electric vehicle charging stations, and become more energy efficient. pg&e has allowed us to be the most sustainable organization we can be. any time you help a customer, it's a really good feeling. it's especially so when it's a customer that's doing
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such good and important work for the environment. together, we're building a better california. >> hey, josh. that is right. now, this thing right here is the so-called glow stash. it has defined lyft's image since 2012, but all that is changing as the ride hailing company grows up, and this, guys, is the next iteration. the amp. it can display personalized messages. whatever your favorite sports team is or whatever. it's what co-founder john zimmer tells us is the next level for
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the company. >> the mustache was an amazing way to launch the brand. it personified the smile and positivity that the lyft brand is all about, and it was only meant to be part of our launch for a few weeks or maybe months, and it ended up lasting in its first form as this giant pink fuzzy mustache about two years. now we're ready to take it to the next level. >> the idea is that the amp will make it easier to find your next lyft ride. rather than squinting through traffic or awkwardly hopping boo the wrong car, as many of us have, the amp displays a certain color that will match the color in your lyt app. it will save a few minutes and develop a better in-car experience. says it will eventually be much more than that. >> part of our history of taking care of our driver and passenger creating a real world physical experience, creating some fun and humanity into transportation, which i think is different than, you know, an update that focuses people's
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attention by staring down at an a. app. >> he said staring down at the app, that is a direct shot at its chief rival uber, which recently overhauled its app to make it more connected to the passenger through access to snap chat, yelp, others, and even your own digital calendar. lyft says it's a different way to interact with the passenger, and zimmer says their way is more fun. that's not the only shot it's taking at uber. along with this new amp, it's launching a new ad campaign that puts the competition front and center. have a listen to part of it. >> why are all the lyft drivers so happy? >> maybe it's because lyft lets passengers tip them in the app. >> now, other spots have the ride corporate bros talking about how they can compete with lyft's ratings and pickup times. jokes aside, guys, lyft is still a distant second in the u.s. in the ride-sharing market, but if this next battle in the ride-sharing space is going from the streets into the actual car
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to make a better experience for passengers, lyft is making a very big and potentially costly bet on the amp. the company expects most if not all lyft drivers to have them and be using them by the middle of next year. john, kayla. >> wonder who ride corp. is in that ad. don't leave much to the imagination there. thank you. >> meanwhile, snap chat is rolling out its new wearable spectacles. they cost $130. they report videos up to ten seconds. they're only being sold in vending machines that are placed randomly around the country. so far in california. one even in big sur, which is hardly an urban location. we borrowed a pair from the new york stock exchange which got its hands on an early model. for those outside the golden state, the only option? on-line. have your wall lets ready because some sellers on ebay are asking as much as $5,000 for the glasses. i saw some this morning for $770. what did you think when you tried them on? >> i thought they're not exactly my style, and i think it's a
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brilliantly marketing move. i don't think anybody believes that these are going to be the next iphone, even though he they're selling like a gold iphone, but i mean, come on, it is smart marketing. i don't know if i would go out in the evening like this. >> i mean, i don't have to venture very far to say you look good. i posted it on instagram and said somewhere halfway between top gun and harry potter, and our colleague said halfway might be generous. >> halfway is good on either of that spectrum. i don't know if you want to be directly in the middle. it's a smart marketing ploy. it's something that we've seen these companies do before. they're not going to sell hundreds of millions of these. >> although hands-free video, if you are a go pro or other companies, it's where the future is headed. interesting. >> when we come back, highlights from our interview with ge's jeff immelt, and as we head to break, take a look at where we stand. markets seeing some sectors reverse. the trade we saw the last week or so. we'll be right back.
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competitor. he wants to win. i always found him, you know, in one-on-one sessions to be a listener and a guy that wanted to do good work. >> that's ge chairman and ceo jeff immelt with us a few moments ago at the minds and machines conference. talking about donald trump as a president, as a person. immelt worked with him firsthand when ge owned nbc and trump was on "the apprentice." we also talked bigger picture issues about protectionism, taxes, and trade, as it applies to both ge and the country. take a listen. >> i think it remains to be seen what the new trade rules are going to be, and we have to wait and see. if went to wal-mart or home depot, all those products, do they have to come back to the united states? all the hair dryers and sneakers and refrigerators have to be
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back? is that what is going to, you know, make the economy grow again? i think people have to sit and think through exactly what the puts and takes are. for us we're a global company. >> overall, guys, i would argue immelt was net constructive on what a trump presidency could bring, whether it's through taxes or sheer infrastructure. the idea of getting productivity back, something we've talked about for such a long time. he said it would be the difference between a 1% to 2% gdp and go in the 3% and above range. we will see. >> carl, he talked about this pent up demand for global growth. how would you say his optimism was this time around? >> i think, you know, as he said in the interview, he has seen just about everything in 15 years, and he has made a very bold bet on this backlash against globalization not going away, so a lot of playbooks are being rewritten, but i think you
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could probably hear in his tone the promise of things that ge is highly leveraged to, like tax reform, like infrastructure, are pretty constructive and maybe offset long-term by maybe a down draft in trade policy, but i don't know. it sounded like he thought some good things would happen. >> and he is long ge all the while. we certainly heard that. carl, great stuff. safe travels. we'll see you tomorrow. in the meantime, let's head down to florida. scott wapner and "the half." >> thanks so much. we are live today from the cme group's annual global financial leadership conference here in naples, florida, and what a line-up we have for you today. in just alt while we'll be joined by former speaker of the house of representatives, john boehner. it will be his first television interview since donald trump's upset victory. the

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