the emerging sharing economy is democratizing wealth and decision making in new networking modes of production, consumption, and governance. the sharing economy is driven by economic, environmental, and social crisis, also new technologies come a new culture of sharing, and a new generation, the first one raised on the net where schering is part of their value system -- where sharing is part of their value system. there is car sharing, open source software. co-working and the collaborative consumption companies with us today. many of the legacy institutions have lost their capacity to serve in some cases. or they have lost their credibility. all of these types of innovations, these share rubble innovations -- shareable innovations are on the rise. they are not centrally- controlled, one-size-fits-all solutions. instead, the increase access to resources locally and globally through market driven and volunteer-based platforms that unleashed the creativity of citizens to create an exchange value directly with each other. it is very adaptable to local conditions. with this economic shift, there is

i counted 20 share economy places in my neighborhood. there are new companies launched every week. this is just a small sample, some the leaders in san francisco. jay, give us some background on the sharing economy working group and how you think it benefits san francisco, including underserved communities. >> it is historic we are being thoughtful, looking forward in shaping the policies. mayor lee and board president david chiu and the supervisors announced the sharing economy working group. the idea is to look at the issues at play as well as understand the benefits of the sharing economy, whether environmental or economic. you can see with the companies that there is tremendous dahlia to society. it is getting ahead of the curve so that we're not applying outdated rules to a new approach. earlier legislation did not imagine some of these companies. who would have thought there would be peer to peer car sharing. it is transformative. we have a role to play from a city hall perspective to nurture and understand the space better to resolve some of the tensions. >> cars sharing is i

innovative companies, looking at shared space and how to complement our environmental goals here with new economies that are merging out. i think that is challenging the way our tax structure has been and the way we look at certain industries, but inviting a collaborative spirit of new ideas that would create literally new jobs and new economies. it is exciting. when you allow collaborative approaches to be focused on. >> i promised the last word on the panel. >> great. the one thing i will add to that is that, speaking to michael's point earlier, one thing you have here, a lot of people who have done it, that started companies. they succeeded, failed, succeeded. they had invested. they have done all of the things that we at start-ups are trying to do and are navigating through. having both those that are being educated coming up with the bright ideas and the desire to start something new in those who have done it, it creates a great a the system. >> now a round of applause for our panel. [applause] >> panelists, what an outstanding discussion on regional innovation. james, as always, it is a delig

the emerging sharing economy is democratizing wealth and decision making in new networking modes of production, consumption, and governance. the sharing economy is driven by economic, environmental, and social crisis, also new technologies come a new culture of sharing, and a new generation, the first one raised on the net

i would like to clarify -- this is not us versus them, new economy versus old economy. there is room for both of us. these are complete the experiences that someone would have in the old economy. the trick is figuring out what is different about this, making sure laws and regulations and policies apply reasonably to this new economy, and make sure that there is room carved out for both. >> thanks for making that point. one more question? >> [inaudible] i'm curious if this conversation about companies devoted to schering physical space. the idea of using or facilitating, seven commercial space for nonprofits and that sort of thing. [inaudible] are there any modalities for sharing their? >> the question is there's a lot of vacant commercial space that could be mobilized for civil society, so is there a way to do that? >> i know of one company, loose cubes. i'm sure there's others that many of you know there. >> i see mark in the audience there. do you want to explain what liquid space does? i think it answers the question, actually. >> [inaudible] [laughter] >> mark reall

our city, creating thousands of more jobs, creating an environment that will be welcoming of the new economy, technology, and innovation to reinforce what we have been saying. we are the innovation capital of the world. with your help and involvement. we would like to have the rest of the city picked up and be part of it as well. we think we can have that conversation. we will need your help. we will need you to represent the new industry. these companies are here to keep the dialogue and collaboration at a high-level going with us. it is the ongoing dialogue like the one we are reading about a new tax structure for the city that does not punish the inventiveness we want to have. i would like to open with that introduction, welcome all of you here. i think he will see and hear an exciting introduction of these new companies. they're going to raise questions we do not have the answers to yet, but i do believe we have the spirit in this city to welcome solutions with your involvement. we will have the ability to do this on line as well is in these forums. i will be part of the ongoing discussi

this is kickstarting a new economy. this is all part of a massive national green growth plan to change the way this trillion dollars economy works. from here, you can see right across sold, all the way down the river. -- you can see right across seoul. this park is built on top of 120 meters of rubbish. this vast landfill dump is now a public park, and filled with bicycle paths, gas pipes snaking down into the trash beneath. if we were to let these into the atmosphere, the plant manager told me, it would pollute the environment, but we're using them to heat buildings and reducing pollution. at the same time, we are saving money by using these landfill gas is pentode -- landfill gases. they are developing new grain exports and demand for new products at home. -- they're developing new green exports. this steel, electronics, and other companies are spending billions of dollars investing in new technologies. >> in the past, green and growth were opposing ideas, but now the government and the private sector think that this

been a wonderful partner for our city, actively shaping our education policy for the 21st century new economya true capt. of change. week as leaders need to live by the values of social justice. these reforms in higher education have impacted generations of students across the world. congratulations on your well- deserved retirement and a big welcome for dr. leslie wong, the incoming president, who will have to fill big shoes. i want to say to the alumnus today, as you go around the west of the world with your values reject -- around the rest of the world with your values as a graduate of this university, make sure people know san francisco is and always will be a sanctuary for the rest of the nation. [applause] and to your student commencement speaker, if i may say -- [speaking foreign language] congratulations. he didn't know i could speak russian, did you? i hope to see you start a new tech company right here in the indonesian capital of the world, san francisco. -- in the innovation capital of the world, san francisco. [applause] i am thankful every single day for the opportunity to serve

for a while, credit cards and credit loans papered over the reality of this new economy. people borrowed money to keep up, but the growth that took place during this time period turned out to be a house of cards and in the fall of 2008 it all came tumbling down with the financial crisis that plunged the world into the worst economic crisis since the great depression. here in america, family's wealth declined at a rate seven times faster than when the market crashed in 1929. millions of homes were foreclosed and our deficits soared and 9 million of our citizens lost their jobs. 9 million, hard-working americans who had met their responsibilities, but were forced to pay for the irresponsibility of others. in other words, this was not your normal recession. throughout history it has typically taken companies up to ten years to recover from financial crises of this magnitude. today the economy's many european countries still aren't growi growing, and their unemployment rate averages among 11%, but here in the united states, americans showed their grit and showed their determi

pushing our legitimate businesses and the result will be a cancer ridden economic corpse from which a new economy must be born. well no matter of the state of the economy in the country your living in it seems that many of us the money we make is never quite enough this week the resident takes to the streets of new york often a place associated with big bucks to find out what size salary would make people feel. how much of an annual salary would make you feel think that's this week let's talk about that thirty five mm hm. a euro per year that would be enough for you i think it would be good seventy five thousand here on a grand hundred grand. forty thousand dollars some preserve the farm producers five with forty thousand dollars around a better hundred fifty thousand per couple that would make you feel like that's what i would say probably. two hundred thousand dollars that's a lot yeah but this is why do people want so much money can it in the united states we think about its consumption but everyone knows that the things that you own own you and that the simple life can make you happy why does

economy. today's news on wall street obama talkssident about the economy during two appearances in california. the night in los angeles. earlier in the day, he was in san francisco. we have learned mitt romney would place his fortune in a trust if he was elected president. it would prevent him from knowing where his money is invested. his assets are worth an estimated $250 million. >> the daughter of the second- democrat andng a lesbian. out as she made the announcement first washington blade. she made the revelation so fromands of people to marrywill be able the person they love. sports fans are the yellow flag on the the teamafter move training camp to richmond. a lot of fans are calling this move eight major fumble. >> every fan who we spoke with said they were a bit concerned about the washington redskins understanding of geography. , theackdrop was baseball national toasting the mats. when a flat spot -- a football dominated' conversations are around this diamond. >> they cannot do that. they are the washington redskins. moving training camp 120 miles to the south. a city thrilled to host

pushing our legitimate businesses and the result will be a cancer ridden economic corpse from which a new economy most people aren't. well no matter what the state of the economy is in in the country from where you are viewing us it may seem that for most of us the money we make is never quite enough well this week the resident in new york takes to the streets of the big apple often associated with the big bucks to find out what size salary would make the people feel happy. how much of an annual salary would make you feel successful this week let's talk about that thirty five. euro per year that would be enough for you i think it would be good seventy five thousand here on a grand hundred grand. forty thousand dollars some prudes or the fund really serves five with forty thousand dollars to rent a better hundred fifty thousand per couple that would make you feel like that's all i would say probably. two hundred thousand dollars that's a lot but yeah this is why do people want so much money and in the united states we think about is consumption but everyone knows that the things that you own own y

now we have a president who believes investing in education, transportation, infrastructure, the new economy, who is willing to stand up for the middle class. and he understands that you don't solve tough problems by issuing press release. it's the hard work of governing. it's the blocking of governing. it's listening to people and engaging. it's understanding that there's different parts of the state as there are different parts of the country. so ladies and gentlemen, let the conversation begin. because we couldn't have a bigger contrast in governing, we couldn't have a bigger contrast in standing up for the middle class than president obama and governor romney. so let it begin. let it begin. because we can tell you true partnership, we can tell you who stands up for the middle class, and president obama is all about that. it's now my pleasure to introduce david axelrod, senior strategist for the president of the united states. >> thank you. thank you. thank you. it is great to be in massachusetts, obama country. i think some of my dish get tweets from some of these folks, so i feel close

pushing our legitimate businesses and the result will be a cancer ridden economic corpse from which a new economy must be born. now that eternal question what is the price of happiness within the global economy in turmoil it seems that for many of us financial security is the number one priority right from the heart of the big apple the resident tries to find out now just how much money people very need to be happy. how much of an annual salary would make you feel think that's this week let's talk about that thirty five mm hm. a euro per year that would be enough for you i think it would be good seventy five thousand here on a grand hundred grand. forty thousand dollars some preserve the fun really serves five with forty thousand dollars around a bit a hundred fifty thousand per couple that would make you feel like that's what i would say probably. two hundred thousand dollars that's a lot but yeah why do people want so much money can it in the united states we think about its consumption but everyone knows that the things that you own own you and that the simple life can make you happy why does

for a while, credit cards and home equity loans papered over the reality of this new economy -- people borrowed money to keep up. but the growth that took place during this time period turned out to be a house of cards. and in the fall of 2008, it all came tumbling down -- with a financial crisis that plunged the world into the worst economic crisis since the great depression. here in america, families' wealth declined at a rate nearly seven times faster than when the market crashed in 1929. millions of homes were foreclosed. our deficit soared. and nine million of our citizens lost their jobs -- 9 million hardworking americans who had met their responsibilities, but were forced to pay for the irresponsibility of others. in other words, this was not your normal recession. throughout history, it has typically taken countries up to 10 years to recover from financial crises of this magnitude. today, the economies of many european countries still aren't growing. and their unemployment rate averages around 11 percent. but here in the united states, americans showed their grit and showed the

the country's new economy minister says he's ready to tap russia's massive reserve fund if there is contagionto boost its war chest the joints of russia's crown jewels was confirmed here at the forum within a year seventy percent of a call to v t v bank and russian ways and whole of shipping tides and solve conflicts will be sold by the government to private bidders the economists even said they may sell the locking so-called golden share in flagship airline aeroflot investors here tell us is a powerful symbol of russia's commitment to streamline its economy and keep it growing at the rapid pace we've seen in the past decade. and let's take a look at some international markets will start with a u.s. which is the only one trading right now and they're surprisingly all the figures are in positive territory that's because investors are reacting to the european central bank saying that it will take further steps to ease loans collateral for banks given on to europe where it was a completely different picture and that's because investors there were naturally reacting to the downgrades all fifteen

entrepreneurship is the lifeblood of a new economy and a more prosperous society, the engi engine that keeps communities growing. two-thirds of the jobs created are in small businesses, and you all should try to create a small business or join one or be part of one. and of course i would recommend that you use all of google's products to help set that off. but in any case, you all have a chance to have an original contribution. done just be a shepherd following somebody else's vision. new models, new forms of thinking. that's what we need now. you don't need to become an aid worker or a teacher, although i obviously applaud those. you don't need to be an engineer, although i obviously support that, too. everyone here can make their mark by creating new standards of brilliance and innovation. and those standards can spread and scale in ways that are unimaginable. the collective intelligence of our society, our version of the borg, if you will, is really quite different. think of it as a new society with mostly american norms and values that crosses continents and countries and unites al

up the economy if the eurozone situation plunges russia into crisis this year the comments by a new economy minister all enjoyed by those of a frightened businessman because it comes to just after the downgrade of fifteen top global joins planking joins the boy moody's the credit ratings agency just now we spoke to the vice chairman of one of those banks city college kids here is called the move a step back he said it doesn't reflect the bank's positive future going forward but the head of russia's top lenders burbank says that it's too strong itself to be affected by those problems. as the downgrade decisions were not unexpected and the markets didn't react to them and i don't think these actions will have any additional impact meanwhile our ratings don't have a single reason to be downgraded we are currently in a very stable situation which could be the envy of many western partners. not everyone is happy with the situation here the italian energy john and l's bosses called for help from russia's government after all sorts is broke their promise to charge people market prices for electric

the economy if the eurozone situation plunges the country into crisis this year the comments by new economy minister on jay bellows of here have frightened businessmen already scared by the thousand rate of fifteen top world banks by moody's just now the credit rating agency we spoke to the vice chairman of one of those cut citi group called us gutierrez called the move a step back which doesn't reflect the banks positive future but that of russia's top lenders that is too strong to be affected by those problems which. is because the downgrade decisions were not unexpected and the markets didn't react to them so i don't think these actions will have any additional impact meanwhile our ratings don't have a single reason to be downgraded we are currently in a very stable situation which could be the envy of many western partners. earlier i spoke with italian energy giant and l's boss who complains that russia's government has gone back on its promise to introduce market prices for electricity providers and alone is one of the biggest power providers power plants are g.k. five it called althou

that the private sector is doing fine the new fallout from those comments from president obama new economy and our in curtis's him of his friday gaffe saying the private sector is doing fine while still struggling with it they are pushing charges that it's mitt romney who is more out of touch the republicans already have a web out the r. and c. put that out you know their head in the d.v.r. and they're making the thing that has like that you have to take it out of context what's the shelf life of a gaffe romney campaign turning the president's words against him in this new political ad these videos they're trying to use the candidates remarks against them . now the fact that this is what the cable networks like to call news these days is honestly and barest just think of a state of the country's and unemployment eight point two percent officially if you look at the u. six the real unemployment rate it's a fourteen point eight percent we have over forty nine million people that are living in poverty we have millions of people that are underwater in their homes and yet since the financial cr

we use things like zip cards, air ban beam to envision a new economy that's built on sharing and pooling resources. we view things as less permanent. we're not afraid of change. indeed, we welcome it. we're adaptive. we think about the future, we can about what making us happy. we do not want our jobs to define our lives like my dad's did. we want our lives to define our jobs. an example of this, and i realize that not every young person will have this privilege, but my sister and her partner decided to leave their job a couple of years ago to travel for three months in southeast asia, for the experience. and my dad, remember, he's been at the same plant for years. he didn't understand, didn't see the value in it. why leave this job in this economy. and i realize that not every young person has the privilege to do this, but we want to live in a world where everyone can. [ applause ] so who's succeeding? i mean, my generation, like i said, we're skeptical of politicians, so what are we doing? well, we're making change from the outside. so occupy wall street and its subgroups, like occupy

for a while, credit cards and home equity loans papered over the reality of the new economy. people borrowed money to keep up. but the growth that took place during this time period turns out to be a house of cards. in fall of 2008 it came tumbling down with a financial crisis that plunges the world into the great economic crisis since great depression. here in america familiiefamilieh declined seven times faster than when the market crashed in 1929. millions of homes were foreclosed, deficits soared, and 9 million of our citizens lost their jobs. 9 million. hard-working americans who met their responsibilities but were forced to pay for the irresponsibility of others. in other words, this was not your normal recession. throughout history it has typically taken countries up to ten years to recover from financial crises of this magnitude. today the economy's many european countries still aren't growing and their unemployment rate averages around 11%. but here in the united states, americans showed their grit and showed they're determination. reacted fast. our economy started g

currently in a very stable situation which could be the envy of many western partners for the country's new economy minister says he's ready to russia's must a reserve if there is contagion to boost its war chest the joints of russia's crown jewels was confirmed here at the forum within the year seven percent of a call to v t b bank and russian ways and whole of shipping tides and so of conflict will be sold by the government to private bidders the economist even said they may sell the blocking so-called golden share inflexion pay line aeroflot investors here tell us is a powerful symbol of russia's commitment to streamline its economy and keep it growing at the rapid pace we've seen in the post decade. and we'll continue our exclusive live coverage from st petersburg on saturday but for now let's take a look at what's happening on the trading floor is the u.s. is the only one trading right now and the figures there are surprisingly quiet falls there is that both the dow and the nasdaq are adding and that's despite the downgrades as daniel was saying just there and you know we have investors focusi