boomers, the first generation suddenly told midstream. it is for you to put together. it is not that great. perhaps some of you want to talk about that. can we probably have those numbers on hand so i will start. we look at what people have now a different age groups, my team at the new school, and we project out what their income will look like. about six other groups at universities and centers do it appeared our numbers conform with most of theirs. when we look at what people have, people 50 and over on average have a little over 100 thousand dollars. it is a huge variation and motion -- most people have nothing in their retirement accounts. we are just looking at near retirees look at what they're going to have, and low to

after that it's up to midstream companies to start reducing some of their variable expense in cuttinge in the early innings, you know i think that cap x cuts are probably somewhere in the second or third inning. i think you might see more. of course, 2015 is the year that that's implemented but more costs certainly need to be cut from the equation. >> when does m&a take off? some of them have cash. when do they put it to work if at all? >> i think from an m&a perspective you really haven't seen that much of a separation between multiples and we really don't expect a lot of m&a towards the end of the year. there's a lot of private equity money out there across the midstream asset clasp m&a really could be more, i think, of a back half of 15 maybe first half of 2016-type event. >> are the dividends safe in the sector. >> we think so. a lot of it comes down to capital allocation being prudent in how you allocate capital and balance sheet management focusing on lowering leverage, retaining cash. but the way we see it distributions are safe. remember, a lot of the pipeline companies are mo

some idea about how many people will make our -- but please honor that and because were changing midstream but that's basically how we been able to do when we go to 2 or 3 myths i find out how many people want to speak. i just want to point that out. that's how the judgment is made. is very simply based on numbers. >> president: a quick commission will please call the next line item >> clerk: line item 3, discussion of possible action to approve new district station boundaries or to take other action as necessary. >> president: colleagues you have in your packet presentation on the san francisco dept. district police boundary analysis., as you're all aware, we started this process in december 10th 2014. where we heard from the controller's office about the data-driven process the department had undergone for about a year to look at identifying a map they would pose to us. the consideration. we undertook more than 90 day public comment. and stayed in conversation with neighbors about the proposed changes. we had a number of community meetings and a couple times it's come before this commiss

some idea about how many people will make our -- but please honor that and because were changing midstream but that's basically how we been able to do when we go to 2 or 3 myths i find out how many people want to speak. i just want to point that out. that's how the judgment is made. is very simply based on numbers. >> president: a quick commission will please call the next line item >> clerk: line item 3, discussion of possible action to app

. >> particularly among the boomers, the first generation suddenly told midstream. it is for you to put together. it is not that great. perhaps some of you want to talk about that. can we probably have those numbers on hand so i will start. we look at what people have now a different age groups, my team at the new school, and we project out what their income will look like. about six other groups at universities and centers do it appeared our numbers conform with most of theirs. when we look at what people have, people 50 and over on average have a little over 100 thousand dollars. it is a huge variation and motion -- most people have nothing in their retirement accounts. we are just looking at near retirees look at what they're going to have, and low to middle-class people, they will be downward the mobile. about $17 per day. the only way i can get my students and journalists and myself to understand what that really means. it is the first time since social security was started for graham present terms of in sums -- income security. the same time, many of them but

hey, you know, i spread my bets a little bit across midstream integrated and the oil services firms but'm looking to make a fund upstream. laredo petroleum has great acreage and is a low cost producer. i'm wondering your thoughts on lpi. >> i'm not with you on that. i understand you want to do a speck spec, but why not buy a mobil, they have much more firepower and the great kicker out of israel. i think noble is your play. let's if to kurt in tennessee, please. >> caller: hey, jim, how you doing? >> well, i feel better than i sound. how about that? >> caller: hey, i have a question for you. i bought cog about a year ago. it's little down not done a whole lot. should i buy some more or sell or hold? >> i'm concerned about natural gas not bouncing back. i don't want you to buying any more cabot. hold it there. jim in idaho, jim. >> caller: yes. the last year i bought some shares of this board walk pipeline partners. i thought they were construction projects and the expansion they had that i'd get a price depreciation. i haven't got any -- >> no, that's a valuable asset. i'm telling you o

policy midstream because someone paid her husband for a speech.is not even remotely close to what happened. >> can someone explain to me -- again, bill clinton can do whatever the heck he wants. the other thing i thought when i read the article was, why wasn't there someone saying, hey, bill, you could turn down the speaking engagements. we don't need the half million dollars. >> well, we don't know. maybe they have. he is by far the number one draw, and he has been for a decade. maybe he has turned them down. that specific one. >> i'm saying a russian bank comes in and it's like, okay, well some format or process where you say this russian bank wants to pay half a million dollars. okay. what are they up to, right? someone who says actually, you know, it's probably best if you turn down this half million dollars. it's a ton of money. it's easy to say don't take a half a million dollars. >> easy for you and i. >>> right. but at the same time these are not people hurting for cash generally. i don't know why that drives me crazy about this. but i jus

they showed it high level games in midstream and they said, hey, what's the smart next move here? they're at the point right now where that system is able to come up with the exact same move as the human expert more than 50% of the time. this is after six months or less work on this problem. i made a bet on twitter platform for all deep thoughts, i made a bet the world's best "go" player will no longer be a human being. with a couple of examples like that, it becomes more and more clear to me and erik that the future is coming at us more than the experts are predicting. that means the economic consequences are coming more quickly than a lot of us are expecting and makes the discussions for today all the more important. thanks very much. [ applause ] >>> in the second part of the discussion on technology and the workforce, we hear from larry summers, as well as the chief technology officer from president obama's first term. >> thank you all for joining us this morning. my name is melissa carney. i have the privilege of moderating our first panel discussion this morning. this panel

typical permitting times for energy generation and production sources and a much longer time for midstreameated complex processes that in some cases have taken years or longer to complete. so i'm glad that the administration is acknowledging that the federal permitting process is broken. but i do have concerns about some of the recommendations to fix it. the administration recommends more permitting fees more coordination among federal agencies, more public engagement, but it really -- the administration doesn't make mention of establishing deadlines for permit decisions. it doesn't mention repealing duplicative permitting regulations. it doesn't mention limiting lawsuits which slow the permitting process. so, you know, with all due respect, do we really believe that more money and coordination and engagement is also that's necessary to resolve the delays in the federal permitting process? >> no, i certainly don't. and going, in fact by the way to your opening statement, senator brasso opening words i'm going to say that over these last years, we've kind of seen a shift where often the inf

. >> the boomers were the first generation suddenly told midstream it is up to you to put this together and savings rate is not that great for that group and at the same time people are living longer. perhaps some of you want to talk about that. >> chip and i probably have the numbers on hand. so i'll start. we look at what people have now at different age groups. this is my team at the news school, then project out what their income will look like. about six other groups at universities and centers do it, too, so our numbers conform with most of theirs. so when we look at what people have, people at 50 and over on average have a little over $100,000, but there's a huge variation, and most people have nothing in their retirement accounts, an ira or 401(k). near retirees, look at what they have, and most middle class people, this is stunning, are downwardly mobile and be poor or near poor. that's about $17 per day. the only way i can get my students and journalists and myself to understand what that means. so this is the first time that a generation since social security was started, the

. >> the boomers were the first generation suddenly told midstream it is up to you to put this together. and savings rate is not that great for that group and at the same time people are living longer. perhaps some of you want to talk about that. >> chip and i probably have the numbers on hand. so i'll start. we look at what people have now at different age groups. this is my team at the news school, then project out what their income will look like. about six other groups at universities and centers do it, too, so our numbers conform with most of theirs. so when we look at what people have, people at 50 and over on average have a little over $100,000, but there's a huge variation, and most people have nothing in their retirement accounts an ira or 401(k). near retirees look at what they have, and most middle class people, this is stunning are downwardly mobile and be poor or near poor. that's about $17 per day. the only way i can get my students and journalists and myself to understand what that means. so this is the first time that a generation since social security was started, they'

they kind of picked up midstream on her celebrity not -- celebritiness. she's taking it back a bit. what she wants the campaign to be about. interwoven was a message of how she. to be a champion for people. not what we heard a rea rebuttal to marco rubio said about her yesterday. i can tell you i remember being on the ground eight years ago at her first rallies. they were loud, raucous affairs, and she was a long distance from everyone. i think this is a good way for her to sit around people and be reintroduce reintroduced. a quieter tone trying to take out the celebrity as much as possible. it's not entire possible. this is scripted. i think the message is important. >> donna brazill, this is all to your point too. she wants people to say, yes, i was in the room with hillary clinton, yes, i remember meeting hillary clinton, not yes, i was in this stadium with hillary clinton. >> the stadium will come because that's also important in an campaign. i think for those american those democrats, those progressives independents who wanted to know exactly why she's running, she said it toda

are most salient we are just going to show it a bunch and then they showed it high level games in midstream they said what is the next move here. they are at the point now that system is able to come up with the exact same move as the human expert more than 50% of the time. this is after less than six months worth of work on this problem. so i made a bet on twitter a platform that by the end of 2015 the world's best player will no longer be a human being. so with a couple examples like that it becomes more and more clear that the future is coming at us more quickly than even the experts have been predicting that the consequences will also come at us more quickly than we were expecting which makes the sessions of today all the more important. thanks very much. [applause] >> thank you all for joining us this morning. my name is melissa carney and i have the privilege of moderating the first discussion this morning. this panel is going to take the premise laid out for us but there've been rapid technological advances in particular in the information sector and we are going to ask the question

savings crisis, particularly among the boomers who were the first generation who were suddenly told midstreamto you to put this together. pensions are over. savings rates is not that great for that group, at the same time people are living longer. and that's some of you want to talk about that? >> chip and i probably have the numbers on hand so i will start. okay? >> sure. >> i we look at what people have now at different age groups. this is my team at the new school. we project out what their income is going to look like. about six other groups at universities and centers do it too. so our numbers conform with knows of theirs. people with 50 and over on average have a little over $100,000, but there is huge variation. most people have nothing in their retirement accounts, an ira, or a 401(k). but we're just looking at near retirees. look at what they're going to have. and most middle class people, this is stunning, are going to be downwardly mobile or poor or near poor. that is about $17 per day. only way i can get my students and my journalists and myself to understand what that really mean

and if oil starts to lift be selective and stay with them midstream.where you're going it get yield and price appreciation. >> okay. where else are you going to make money in the second quarter? >> i think the market is telling you you're going to have a good jobs report. that will be the first step of more encouraging economic news. i'm an employer, we like transportation stocks in that rebuild. we like residential home building as well. >> it's contrarian to light transports. they've been getting slammed here recently. >> because of the high dollar and weak economic picture? we're a little contrary to that. we belief thoseve those two sectors will benefit well. >> you see value? . health care? >> health care bill, you can buy. it's been beaten down. >> biotech specialespecially. >> it's indicative of slowing the ism, slowing economy. our imports were down 4%. the trade balance looked good. it was more the imports being down. slow weather related as hurt the transports. buy europe buy japan. we've said it week after week. they're both up 15% and 20% r

. >> you can get high quality midstream players with good cash flows.u don't get growth but you can make 4% or 5% and it's a nice call on an energy recovery at some point but who knows when that happens. >> we saw stats throughout the first quarter that suggested that the average investor the small investor was generally taking money out of equities and putting them into bonds. >> yeah. >> what did you think of that? >> well i think the bond market is also going to be a place that's going to be a great place for traders as opposed to investors, too. we've got a lot of differing players in this space. you've got qe that's over. banks really have grown their balance sheets with their bond exposure, and it's kind of done because the stress tests are over. and we've got negative rates in europe and that certainly should be positive for our bond market but what if it's not. what if it's a period where maybe it's okay to have negative yields and they can't come over here and then we've got a real problem. we've got raising rates in that environment. that vola