tv WSJ at Large With Gerry Baker FOX Business March 9, 2019 5:30am-6:01am EST
join us five plus five 10 am eastern on fox news. plus right here on fox business, start smart every weekend to tune in weekdays at 6:00 a.m. to nine name eastern for mornings with maria. as we set the tone for news for the day. that will do it for us right here on wall street. thanks for watching. haeat weekend everybody! i will see you again next time. >> hello. welcome to the wall street journal at large. on friday the labor department said 20,000 jobs compared with average monthly gains of 200,000 of last year. no request for alarm here. then employment rate fell again to just 3.8 percent and the u.s. has now had more than 100 months of consecutive job
gains. in fact, we are now living through what my colleagues at the wall street journal last weekend described as the hottest jobs market in half a century. all sorts of people the journal reported who previously had difficulty finding work are now employed. racial minorities, relatively less well educated. people working the lowest paying jobs are getting pay raises. in many cases, their expressing the lowest unemployment rate ever recorded for their groups. they are joining manufacturing workers and those with criminal records among others in finding approved job prospects of the years of disappointment. it is worth recalling this remarkable picture will consider some of the political and policy context. much was made about this week of other data that showed the u.s. trade deficit hit its highest level ever last year. these numbers are unlikely to please president trump who after all, has made cutting the trade deficit a key priority of his administration. but the trade picture needs to be set alongside the job story. when an economy is growing as strongly as this, with big increases in employment and
wages, people have more money to spend and they buy more imports. foreign cars, clothing, even food. this trend is accentuated when the rest of the world is slowing. this week the european central bank became the first major central bank to announce new stimulus measures to revive drooping european economy for chinese president xi jinping also this week warned that his countries economy is slowing. rising trade deficit can be an right now is a sign of economic strength that weakness. it doesn't mean that china should necessarily be let off the hook over the trade practices. but the long-term lies in getting faster domestic economic growth there and elsewhere. so that foreigners buy more american products. one of the things that we've seen in the jobs data is that women in their prime working years have been big beneficiaries of the strong u.s. economy. with the latest in employment rate for women now down to 3.4 percent. as it happens, friday marked
international women's day. and so this week we're taking a look at how women are changing work and how work is changing women. i'm joined by two women who at the forefront in empowering women in their workforce. the founder and chair of the nonprofit group, girls who invest. the focus on increasing the number of women in the financial world. and allison medina the founder and ceo of tech ladies p which is the name implies, aims at helping women in the technology sector. thank you both for being here. girls who invest. tell us a little bit about that. and what you are aiming to do in terms of getting women into the financial workforce. >> girls who invest is a nonprofit that i found that i was a chief investment officer of a pension fund until june 2014. when i sat in the seat managing hundred $60 billion, i recognized as every manager the world that there hardly any
women on the investment teams. when asked why is that? i was told that they did not get resumes from women. so i told the leaders, we can solve this. it clearly is a pipeline problem so let's focus on it. that's what "girls who invest" does. four years since we started the organization we put nearly 350 women through our core flagship summer program which is educating college women in between the sophomore and junior years. attend a program where four weeks is training. it's educational training. they are taught by some of the business school professors in the world. by the way, we take women of all majors of study. english, plus a fee, finance, business majors. for the next six weeks to secure internships.we allow them access to a world that for a lot of reasons, they did not think was for them. press in terms of women that are you know what proportion of
asset managers or bankers what proportion are women right now? >> unfortunately, the numbers are not good. less than 10 percent. >> not if you are a woman. not so bad if you're a man may be. >> not so good for the industry actually. right? research is out there that suggest more gender diversity might get better outcomes. clearly when you're trying to make these hard investment decisions you would want to have the most diverse perspectives around this table. it's all good for investors over time. >> let me come to allison. can you tell us what "tech ladies" is. >> we see a lot of similar issues in our sector as well. "tech ladies" is women that work in technology. with 50,000 memos around the world. biggest in the united states but we are everywhere. and we started because just to be a place for women to come and to network with each other. we have a job where one of the main goals is to help women get
more jobs in tech and help companies fill the pipeline with women intact. that's been one of our main goals. >> you're getting there, what sort of proportion of jobs you know, in different types of jobs, particularly the engineering and some of the key jobs in technology.what proportion are held by women right now?>> it is very low. we are very underrepresented. even in the are about a million women in technology that are not currently working in the sector that could be. there is also said things that keep them out or push them out culturally in these industries. >> what you think it is -- again, very low numbers in both of these sectors. and it is striking because in other sectors you do have quite large numbers. the law for example you have a lot of women lawyers. not necessarily top partners but in a lot of jobs in marketing and media, there's a lot of women in jobs like that. what is about the financial
sector you think, that results in such a small number of women having these positions? >> i think there are a number of things. there are just cultural issues. i think not just in this industry, but in other industries. >> what kind of culture issues? is it -- >> it is interviewing. you tend to want to interview people and hire people that look like you and came from the same town as you come more to the same school as you.as part of the problem. ultimately, you people that look a lot of the same and think a lot of the same and i would suggest that the 2008 financial crisis was not just a lack of regulation. i think it was a lot of group -- is something we need to fight. it is certain cultural norms and just many more men in the industry and when they are in those positions of power,
influence, whether leading a culture or leading the recruiting or the hiring decisions, unfortunately, what happens is they go to the same schools to recruit. they end up recruiting the same kind of people. >> you talk about going to the same schools and i was going to ask you this too. one of the striking things in the last 50 years, since especially international women's day. women going to college, graduating i think routinely now in the united states and most western economies, or women exit graduate than the men. it's a slightly higher proportion. why is it if they are going to college, why are they not -- and they do well in some sectors. why not technology? what other pressures keeping women from succeeding in technology companies? >> i think it's similar in technology that there's a lot of bias in the interviewing process. and we all have that bias.it is not something like i would have to -- it is not an easy
thing to fix. but one of the ways to do is bring different people into interviews. and have different people on the interview panels. and so it is something we see a lot. especially in technology. one of the big problems we has is that venture capital, it funds a lot of the startups it's really homogenous, and a lot of white men. they will naturally -- >> you're making me feel very very -- >>. [laughter] there funding a lot of people that look just like them. they remind them of their younger selves. it is really human and natural but -- >> would you do the same? do you think you be subject to the same biases? >> i think so. i think we have to admit that. i think to get the next step is not finger-pointing and blame but really think, what would my bias be when i hire and how can i work on that?>> let's take a quick break. we come back we will see how much gender differences might be affecting work outcomes for men and women. don't go away.
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and allison esposito medina. if i may ask again about "girls who invest".tell us what the program has achieved so far and what it aims to do in terms of helping women get into the financial workforce? >> it's been very exciting.we decided that we wanted to reach women of all backgrounds. all backgrounds of study, all backgrounds of ethnicity, also socioeconomic background in go to college across the entire country. the application process, they apply, which is accepted hundred and 50 women into the program for the summer. we just started out with 30 women in 2016 we are up to 150 now. what we've seen happen is even spidered these young women. they go through these four weeks of rigorous training that when they go to their internships, based on what they
learn and the confidence we help them build, they execute so well that the firms are so impressed but they are hiring them back. not only their hiring them back next summer but then full-time and women are getting four and five offers. >> time to go to the program? >> nearly 350 total women through this flagship program was of online programs. another couple of hundred go through those programs. 80 percent of women that go through our programs stay in the investment business. which is an exciting statistic. >> allison, you have an educational component to "tech ladies" but tell us exactly what you do and how it works. >> ever really active online community with 50,000 women that help each other . it's been really surprising to see how generous people are. whether someone is having trouble at work were stuck on something. they really able to get help in the community and we have a job board. hundreds of tech companies to help hire more women. and help these women get jobs
in tech. i'm going to tread carefully here. the way i look in the way you look. there are fundamental gender differences peer there are biological differences, the difference between men and women's brains work that may be better or worse in particular types of jobs. you do see women succeeding in some fields and not in others. technology allison, it was very famous and controversial issue a couple of years ago when someone at google was fired for raising the possibility that women may be biologically or just different in a way that maybe did not suit them so offer things like engineering jobs in particular. what is your response to that? >> we know that is total nonsense. to be quite frank. but there might be some differences between genders as far as how our brains work or what we are better at. it is all the more reason to have more voices in the room. that is how you make sure that you are filling in the gaps when you're building a product that will be used not by just one gender but all genders. i think it is important to have. >> another biological factor is
that women bear children. and a lot of i think a lot of challenges still for women in the workplace is that the key childbearing years are also a key time in their careers. they take time out and not necessarily a long period of time by employers are trying very hard to think any to accommodate that. but is that something that can easily be dealt with now? are we seeing now, companies and employers generally dealing with women that want to take time off to have a baby and maybe even the first year or so of the babies life? or are we now in a position of? gender equality there will women and men can do it and it does not affect their careers? >> i think we are getting better about it. what's great about investing is you can do it anywhere.with technology you can literally have your laptop and trade your positions in a portfolio and really be anywhere.i think it suits women very well. for those who do want to have families and step out for a little while. when i was at the city of new
york we invested in fema portfolio managers.we had several of those portfolio managers go on maternity leave. but that doesn't mean you get nervous and decide they're not going to perform well anymore. in fact often you'll find women work harder when they are at home. >> do you worry about what you know, even a relatively short break in an employees career. for pregnancy or for child birth or early childbearing. they worry that can disrupt the ability of someone to continue to do a job and move through a career. again, is it just old-fashioned thinking? >> i think if you think about how much it costs to hire someone and find the right person for a role, you know, it's short-term thinking to just say, you have two leave for a few months for maternity leave so you're not worth keeping. i do not think is a smart way to build the company. but i also have seen that women who are moms are really good at
getting stuff done because they have to fit it in so they get better at figuring out how to do things and you have to get home. >> up next, we look at political matters, the 2020 presidential election, women's roles perhaps in politics more generally and maybe whether or notthere should be a woman on the balance next year. don't go away . but some give their clients cookie cutter portfolios. fisher investments tailors portfolios to your goals and needs. some only call when they have something to sell. fisher calls regularly so you stay informed. and while some advisors are happy to earn commissions whether you do well or not. fisher investments fees are structured so we do better when you do better. maybe that's why most of our clients
come from other money managers. fisher investments. clearly better money management. if you want to know why people you have to start by asking... could listening to audible help you find the secret to a stronger relationship? sometimes it doesn't take anything at all for us... just say "alexa, give me my free audible book," and your first pick is on us. but super poligrip gives him a tight seal. snacking can mean that pieces get stuck under mike's denture. to help block out food particles. so he can enjoy the game. super poligrip. >> i am back with seema
enough but certainly more than it has been. how important are their role models and people in public positions for young women to give them the kind of inspiration that they need to succeed in their own lives? >> i think it's really important. this is representation. you need to be able to see it so you can imagine yourself doing this. it's important that women representing in all of those areas. >> and seema, i have five daughters. at least one of whom was to be president of the united states. perhaps maybe they all do. we've not had a woman president in the united states. became quite close.how important it is you think maybe that as early as 2020 that woman on the ballot, maybe even a woman president? >> absolutely. i think it's about time. >> what you think of president trump? on the democratic side you like to see a woman? >> absolutely.
why not? all over the world there been women in leadership positions. in the uk there is women everywhere. in india, there been fema prime ministers. and in our country yet, we still have not had a female president. >> it is curious. what do you think that is? it is quite unusual now. allison? >> yeah, i think is just people are used to seeing the same type of person, then filling the same type of role. after the same thing that we struggle with our own industry. anything is very similar. there is that whole thing about the tallest person was the presidency. and i was think about that. are we going to get a really tall woman? are we going to break that? there are these things that we are used to seeing. and i think that we need to just break out of what we think leadership looks like and what we think a president looks like. >> do think we did get a woman president, i mean, would it make a difference in terms of policies as well as in terms of the symbolism? again, setting aside with actual politics may be. would a woman tackle the presidency ended job like that
differently than the 44 men that have done it? >> absolutely i would agree with that. >> what would they bring this different? >> one, i believe that in the way women and men certain policies in the workplace, men not having to dealt with a lot of issues that women deal with in the workplace. i think it's just being sensitive and sympathetic. i think when you're done with issues related to family paid leave for related to issues of gender pay gap. there's just a much more focus on that when you are a woman. >> someone very famous one said that men like to succeed in order to be something. women like to succeed in order to do something. do you think that is true allison? >> i think is true. i think women are very action oriented. in the think a woman you know women in politics can get a lot done. and i think they also represented the people.
it's fair to have a woman president a certain point because we are here where 50 or 51 percent of the population so we should have that representation. >> my thanks to my guests, two women that are clearly making a difference. next, the place where women next, the place where women have some of the most imp hey, who are you? oh, hey jeff, i'm a car thief... what?! i'm here to steal your car because, well, that's my job. what? what?? what?! (laughing) what?? what?! what?! [crash] what?! haha, it happens. and if you've got cut-rate car insurance, paying for this could feel like getting robbed twice. so get allstate... and be better protected from mayhem...
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is being transformed as more women into the workforce. and play increasingly important roles. there are still some way to go before there is complete gender equity. but let me leave you with one example of equality and a rather unexpected place. one country in the world with the highest offices of state are held almost exclusively by women. the country is united kingdom. the monarch is a woman of course. actually the queen.prime minister is too and that's all, head of the judiciary is fema. the first minister of scotland, also the top police officer in the country is a woman. as such at the point where children now asked the parents if it's even possible for a man to run the country. we may never find out. of course, brenda is in something of a mess at the moment with brexit and everything else but i'm confident the two things are not in any way connected. that's it for us this week. for the latest updates to follow me on twitter, facebook and instagram. i will be back next week talking with former top white house strategist, steve bannon.
right here on the wall street journal at large. thank you for joining us. ♪ >> talk about getting the keys to the city. they walk around like they own the place. >> sounds like you're the unofficial mayor of this town. >> well, that's one of my hats. >> guess what? they do. >> your dad bought the whole neighborhood? >> yes. the whole town. >> it is a real community. very close-knit. >> i was told i was born here, but i was too young to remember. >> they never thought they'd live to see this day. >> makes me sad. i don't want to have to move. >> when is the last time you got a listing for a whole town? >> never. >> will the heirs take the cash and let the bulldozers in? >> if you did sell, where would those people go? [ door creaks ] [ wind howls ] [ thunder rumbles ]