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and ... with all ... the source of jobs and cultural renewal technology has proven and is likely to continue to prove ... a terrible disappointment ... speaking for the resolution more or less Peter Thiel speaking against ... Andy Kessler ... uncommon Knowledge now ... the the the the ... welcome to uncommon knowledge on Peter Robinson ... a graduate of Cornell University and because the work as an analyst in New York before moving to Northern California to found velocity Capital Management ... which are in the nineteen nineties turned investments of one hundred million dollars into more than one billion dollars ... since leaving velocity Mr. Tesla has devoted himself to journalism ... keep years often in publications such as forums wired in The Wall Street Journal ... he is the author of more than half a dozen books ... including the people ... and other unapologetic rules for game changing entrepreneurs ... although the founder of the teal fellowships which each year award college students one hundred thousand dollars apiece ... to pursue business by quitting college ... Peter teal holds both BA and JD degrees from Stanford University ... a co-founder of PayPal and Pelletier Mr teal ... was the first outside investor in Facebook ... among his other activities he now serves as a partner in the founder's Fund ... and the president of peal Capital ... Andy Kessler ... Peter Steele ... welcome ... Peter Keogh ... in remarks to the international students for liberty ... I'd quote you ... how much technological progress is actually happening ... is the getting faster and faster actually diesel rating and in some way slowing down a great ... deal ... the basic conclusion that I've reached is that outside a few areas we've had ... very little innovation ... in forty ... years ... Peter forty years has taken us from the Ford ... Pinto ... to the global driverless vehicle ... explain years ... will it if you ... if you look it up if you look of the last ... forty years ... we've had tremendous progress in computers ... and drool progress on just about everywhere else ... and so if you look at to ... the most on most straightforward way to measure how fast moving is ... literally of cost are we moving ... and trouble SPY's Doncaster sentry a percent predicted a particular faster sailboats ... in the nineteen Sentry faster ... on trains ... and faster cars faster planes ... on the call made with a calm before it ... was decommissioned in two thousand three ... and today's conclude the Bluetec airport security systems ... were back to travel speed circa nineteen sixty ... aam ... in energy there's been a massive failure of innovation ... which is reflected by the fact that to ... oil prices and energy costs still have not recovered from the oil shocks the nineteen seventies in inflation adjusted dollars ... other costs as much ... as it did on ... in the quarter at the end of the quarter years of today his job despite fracking ... that was quite pricey but the drop zone as ... relevant with the tree without cracking it would be even worse ... but despite fracking where basically arm and a quarter of age energy crisis of ... two to biotechnology of recalling about thirties many drugs being approved by the FDA for year ... after being approved twenty years ago ... to go through a sector after sector ... and to say the technology is not live blog of its hopes ... on ... certain hope this quiz starts Iksil regular on the cusp of the new golden age which is what were costly being promised ... but to any guesses about to make that promise but think um ... I think that after forty years of on a plate ... and pale disappoints ... fields of ... expectations ... the burden of proof as a shift in very much ... of ... course those who claim that were about to see a lot more but ... I think I think the sales slowdown is of course reflected ... in the economic data we had ... generally stagnant wages since nineteen seventy three ... I mean wages and stagnant ... with median wages of a stagnant mean wages of maybe twenty two percent ... of ... this of this order ... is reflected in the sense that things are not getting better for for a lot of people eighty percent of people United States ... think this country's on the wrong track ... the next generation of the last fall off the current generation which is radically in August ... with the sauce for cornucopian ... technology features that were Constantine promised ... before I wanna get to that piece he wrote the Wall Street Journal ... this past summer in which you ... mention specific segments of the economy the new ball that you think technology is about to ... reinvigorate ... the first to kind of opening statement from Andy Kessler quote ... history shows this is you in the last return was well history shows that better higher paying jobs are all was created by Petco ... history shows that ... you just heard what Mr teal here has to say ... as he shaken you ... to fly ... you know I think ... peers on to something and in the physical world in the in the outside world in that ... you know technology bold digital technology and in the physical world technology coast of these massive long time cycles so eighteen fifty nine oil was ... first discovered and Titus and Pennsylvania in eighteen seventy ... Rockefeller started drilling oil ... and cook till nineteen seventy three when the OPEC oil shocks or the ... spike in prices that we've never really recovered from and so ... all of the ... physical world Juan in terms of faster ... cars and planes and trains and the like for service ... in this high energy world and in a sort of ... very difficult to break that barrier ... go a hundred years after eighteen fifty seven nineteen ... thirty two fifty nine nineteen fifty nine Richard fine minute ... um ... from ... then until the California of the famous physicists as ... there's plenty of Roman bought a ... meeting ... you know Phil smaller and smaller and find your innovation which which ... which ... own ... ever the integrated circuit was invented in nineteen fifty eight the year before and so with that in Moore's Law sort of sort of previews lot is ... Moore's law says that the of the transistors and ... electronics gets cheaper or by a half every eighteen months or more is the ... of Intel and so ... we are ... the clothes were fifty years into that cycle and and ... you know I think ... that the beauty of the digital ... technology ... cycle ... is that it drives productivity just like cheaper energy troll productivity of moving people around move goods around some of globalization ... and although ... the great labor saving devices that that we all enjoyed today whether Tourre Carter dishwashers or whatever else were we waste ... energy to to to move things around ... here we waste ... technology we weave transistors we waste bandwidth to get all the productivity out of ... out of our computer systems of tomorrow I Phones and the like ... and therefore spinout freed capital to go when Avastin whatever that next wave of technology ... maybe ... let's get to a few of the ... specific segments of the economy mention European Wall Street Journal ... three dimensional ... printer Pursell to use three D printer ... well ... for the laser printer seven hundred s that would diagnose can have a piece of paper and put little droplets of income that you can you have a printed page write a three D printer just as it in in three dimensions instead of just a good if it can solidify ... various materials and so you can use your arm of Autodesk ... software on your PC and created three D object and his friends ... and a aam and perhaps for now the little pieces of ... plastic that broke off on the handle of your Warren rather than spend a thousand dollars to replace the door to door ... go to some shop affair ... I made this little thing here is the three D model of its ... full next year ... this is due next year ... we will see the appearance of of cheaper three D printers and the growth of an industry ... why is that what is it that the mother of a sudden turn of one form of three D printing Africa and the Reserve Center in Oakland ... that ... once that happens is up then you're going to see twenty entrants who use this much cheaper form of of three different ... so what are three different dislike laser printer the first one was seventeen dollars and dollars and now they're to one dollars or they give them away ... it's gonna take a number of years for three D printers to get cheaper but likely to printers ... ushered in the era of anyone to be a publisher ... they want to start a magazine anyone can publish a book more or less ... I think three D printers will that that will drive increased jobs ... by small shops whoever the town ... maybe I didn't ... write like an auto shop will be a three D printing shop ANU this this world awful my vacuum cleaner this broke off of ... let alone people who are creating ... new objects ... that can even think a basic things that continues to be feeling more cheerful ... well I think ... the claim is not that there's no innovation happening for the innovations altogether this is that it's been ... it's been slow down so I think ... that the thing that's very tricky with all of these of ... innovations that are happening with that maybe just around the corner is to have a handle on how big they are really some how many jobs will create how much would add to the GDP ... and of the amazing thing about Moore's law which has been a ... phenomenal ... of ... driver of of the computer revolution for forty years ... is that has barely moved to dial in terms of ... um ... median remain in cups ... and so that is this ... so it's it's significant from a perspective Computer Sciences enormous progress ... and it has certainly transform certain industries and stress from the cold in some ways ... but to ... but did not actually it's not one of the economic numbers and what I what I would what I would submit to you ... is that so we think of a world of stop and world events items and bets ... on the atoms are somehow more important I'd I'd been involved in computer industry the finance industry ... forty years and have a lot innovation computers and finance what a blessing financed by the whizzes Tuscany outlawed right now ... um but dove but in the world of stuff that has been outlawed ... by government regulation systematically for the last forty years from ... an environmental rules ... and and and and and so going into science or technology ... was generally a very bad idea for the last forty years if you were when the nuclear engineering ... that was a bad idea ... there were a strange hearing ... that idea ... is ... because they were no dogs because and so does ... the designer Lisa Leslie said this is what about regulation of all I've got a quotation from again this is your speed you Peter speaking last year ... we have incredible progress in areas where there was no regulation ... and extremely limited progress with their was regulations not that we're on the bike is a really is the story of two different economies ... it's a slightly different argument from your daemon I understand it to be making ... maybe fill your mind are standing at the ... beginning of the conversation ... that is the same ... technology ... is failing us ... the government is giving away what I don't think there ... that that the claim is just for having less technological progress the question why that's happening ... could be because we're out of ideas it could be because the government's ... along it ... ALM ... that that something a lot of us do with govern regulation ... but the fact remains that we have less technological progress in ... all we have no energy ambition ... you can you can travel faster ... things like that because she sees things in our last weekend in gene therapy ... using the Reagan era of gene therapy is upon us ... Peter Siddle for that you know that to ... energy which is a highly regulated ... industry and while to ... know they're there been very few drugs that have been approved ... which I agree billion dollars B of the ... current average around twenty billion dollars into the FDA process ... at the end ... of the problem ... or I agree are bold and the two over regulated industries but the problem specifically ... in the in the pharmaceutical and biotech Christmas ... is that drugs that are developed art tend to be one fits all ... and any other maybe but a disease that is only a hundred thousand people have but there's a drug that comes out and have to have trouble safety in an effort to see him very few things to do ... the beauty others and there's not so new but ... it seems that the time is now calm for something called gene therapy which initially packaging in YouTube pick up ... in effect the virus some ... injected with the correct DNA that you can then inject back into the gym and then the DNA one to the repair and is the soul so ... you know it's early and dogs for example they've been eliminated highpoint diabetes let's hope that that can be used in humans as well but instead of a mass ... market likes that means for heart disease which at a thinker ... a lot of baloney I that that the title and stabbings which is a ten billion post our business does a heckuva lot of good aam ... however ... with gene therapy it's it's the Damascus mass customization is you have that schools like three brothers ... are tools for ... molding plastic ... tube schools in every hospital in the United States around the world ... and when someone comes into the ... disease and of all here's your specific these now when a disease that now you can have as an individual ... is treated ... well and that with a specific ... gene therapy rather than peers first up winner here's a stat nor here's your best friend which is just as good as as most ... of the things I know ... that's gonna change ... it's early ... but you know mom of the the the piece that I wrote about job creation think three D printing this sooner but this is over the next ten years I've been gene therapy will become a reality within the next decade and I think will literally change ... our disease gets treated you know that the jobs that create havoc will ... begin towards the end of those ten years ... um ... but I think it it can be explosive Peter ... Willis ... you know the venture couple stylus they want an enormous challenges is that almost no can be nobody left investing in biotech companies if you look at the life science using gene therapy ... um well that is daily life science funds ... by the clients ... of all them out of business because they made no money the last fifteen years ... and so on so I do think you have this complicated combination of of ... of scientific progress which may be there but a ... regulatory ... context which is of which is really quite deadly ... and I do think aam ... I do think it's no longer really captures the imagination of our ... of our ... broader public so when Nixon declared war on cancer in nineteen seventy ... he said We defeated by the Bicentennial by nineteen seventy six ... to forty three years later ... were ... forty three years close to that goal by definition but to perhaps ... posting John Kennedy saying that we would put a man on the moon by the end of the decade and we write within six or seven years exactly ... but does ... you could not imagine Obama present today declaring war all stripes even though one can really take the easy five ... are suffering from incipient dimension ... and so on ... so well I think we are living in a world in which ... people's expectations for science and technology have been dramatically reduced in just contrast when thing about Alzheimer's today ... versus the way a ... Nixon could talk about cancer in nineteen seventy ... except for one thing which is I wanna go back to something you said before that that term on technology hasn't really affected don't the general population whether the household incomes of instead and the like ... I think technology ... in ... increase and leave behind the scenes really sort of taken for granted ... has ... increased living standards even in the physical world you take an automobile ... and compare ... the two thousand and fourteen shiny new Camaro when compared with the nineteen sixty nine all asset class Camaro bubble ... is ... read about and there are a hundred different microprocessors and that twenty fourteen version it's safer it gets better fuel economy it's more comparable to the Arctic is better ... identifies jostling of Dodd told the ... inquiry into with the sword ... um you know that there's there's all sorts of innovation that has ... increased living standards in an F on a real basis those two machines cost the same and therefore doesn't really show up as ... you know of ... increase leverage to make all sorts of the dollar to just so this is of ... if you look into measuring in the spring when one enters the US and I think the Lord would normally dynamic is the Damac Justin's actually to get ... that sort of applaud ... the government likes to put it to suggest that it's not printing as much money is it a CFO and so on so I think you know and I think if you look at things like the gold price which to ... me about this earlier from above ... gold increased about Goldman to look at that to ... it's just there's been more inflation ... than people think and that somehow the Saddam it adjustments have consistently been overstated ... but that again ... so that that's the automobiles of something in the physical I agree that that for the most part the energy and pharmaceuticals have been left behind that looks like the sticky automobile of ... it ... degrees change significant in forty years the look of the forty years before that ... on if you ... compare the ... Camaro from nineteen six late sixties to multi in the nineteen twenties ... that's the word bigger change forty years before was seen last forty years ... if you get self driving cars I can see that would be a big change but that again so that it's in the future there was a few well okay it made in the future but there was a piece in the Journal earlier this week ... Mercedes says within five years that they have these says there will sit there alone ... okay it's not a regulatory probe on hold one of the return of the one that ... health care ... just think of microscopic for how much to for the gallbladder issue you were in the hostel for two weeks now we are here ... chopsticks in a couple little holes that their figure out the next that ... same thing with stands for for ... part of the masses unless people died of heart attacks is one big fear is to ... keep our job a lot of stress in about a heart attack if it does not ... know of of all servers are are long gone and so I would argue that you can point to any government statistic I don't believe it can show that the standard of living have increased ... from ten years ago from twenty years ago the phone from socially ... you they don't debate is whether the rate of increase as the rate of increase is accelerating was a piece already ... if you look at life expectancy ... is going up it's going up of a slower rate than it was a new record ... high and draw a line that people like that on the ... lake having one or one more one more big ... of a segment of the economy robots and because of poor robots might bring back some mass manufacturing from offshore ... but the real upside ... is that they can do things that haven't been done ... before that there's a very in ... in this ... formulation it appeals to the imagination I'm hoping of Mr. teal here ... can you fill that out ... the effect of the three D printer common it's the same thing is that you know we have ... robots and in the news in the automobile Mr for welding of things that are on sale ... but now you have devices that are twenty thousand dollars that in effect if Iran the couple shows are for dollar an hour devices ... get rid of workers in the memo ... it you whatever one thinks of robots this as the mass market you know pick and place the move ... as opposed to something that's programmable so instead of mass market I think the world is moving towards mass customization three of the tolls for that we can create ... products and services that are customized for individuals and then robots not in China are not in Japan and ANA Korea but sitting in our own country ... that ... can be programmed to come up with ... devices and potentially services ... for people I think is the isthe is a few changes and will lower the cost of these customizable ... to a huge change ... is again it's it's really been ... up to over promise for long times the history of robotics we have the Johnsons we had on ... you know of Rosie the robot the Jetsons aam it's a it's still I think a whistle plate ... I was talking to the Columbia robotics lab a few years ago ... when did they expect robust able to fold people's laundry ... and of not our lifetimes ... now it's possible there too pessimistic but certainly ... after forty years of ... over hyped predictions ... no one has reasons to be skeptical of giveaways and teenage children who have the problem is going on in their lifetime deliver for them on the go ahead one example though ... you know ... one listing of Japan is in the country is very advanced robotics ... and the offically Shimon nuclear disaster this would've been something where ... aam having a robot going to the nuclear plant ... and fix it ... would seem like ... the most straightforward application of of of robotic technology ... nothing like that exists ... we we always did the scan to see this the sort of technology exists ... is just up there are wars are fought with robots now ... write them in their flying robots and there are crawling robots and ... which which ... changes the lives of soldiers for ... the social ... shift to one ... industry with which you ... will dissatisfied ... higher education ... the two fellowships ... not only are you Stanford ... BA and a Stanford law school graduate you ... teach it stand for ... and yet the kill fellowships ... big kids can get the money to get out of college ... how come ... why think of the progress of my maker has never been that nobody should go to college the claim is that to ... me too ... early we think ... education ... and has changed quite a bit going on in recent decades where when Peter you I went to college on ... a ready cost a lot of costs escalated ... dramatically in the last twenty years and so the question of ... what the cost benefit is is is quite different when concerning up with a hundred two thousand dollars student debt ... and it sort of but tracks them ... into bonds into sort of careers that are props up the consequent risk of their jobs or anything like that because they have to just ... basically pay off these debts were turning ... on the next generation into the costs of indentured servants for basically be paying off he's in his college loans ... which is open to conclude that killed fellowship surely you believe more than ... the twenty third innings the thing I think people need to rethink what they're doing a very hard soap star cases where it's worth going to college ... to getting an engineering major for starting ... up some these areas where ... other direction applications for it ... it's it's ... still worth it ... in most other areas history we thought very very hard ... and in one of the symptoms of the education bubble that we have ... is that we assume it's an absolute good ... on the building to ... worry about the specifics ... it doesn't matter the shut in computer science for underwater basket weaving ... all the same as did all the two diploma of college degree ... and that's the ticket to better wife ... and I think ... of ... when these bubbles online view of ... the way of the obstructions and you start focusing what's actually going on ... and we're going to focus on what's going on the years ahead ... you will find that to ... most of it is in a couple of his opponents and because when the Weekly standard for over half ... of college graduates with bachelor degrees who are the age of twenty five or under ... don't have jobs or are unemployed ... what's the problem you continue ... the huge disconnect between what colleges are turning out ... and what employees want a new hires ... we have ... over forty five hundred colleges and universities in this country ... how did an entire sector ... of the economy ... if so what why hasn't there been adjusting what what's going on what is the sell out of whack won't economic useful part of what the market working ... part of Peter's disconnect which is you know were were were stock in the shoulder education system ... where a degree isn't a great when you graduate and the problem is ... there's still a lot of ... our ... managers and ... even math majors here you come out with a ... map and went with the map ... John ... Kell maybe that applies to some engineering skill a program of The will find but ... but ... you know there's a big debate whether liberal um ... education ... should liberal arts should stay liberal arts or whether something like engineering is considered ... vocational everytime I say you know we should have ... more specific the job training topped recovery or ... training in schools are only part of a vocational school aged engineers and low initial story of ... all when you can't order fifty grand over four years were for a ... school is now ... more than that ... you you better come out with something that ... at least launches it warrants some sort of curse I think that's one big problem with education the other one ... is that ... you know technology always is about taking the best of breed defied Oracle software you get the best of breed of the service ... and then a small but everyone gets the same ... year best of breed software when education is the most unproductive and every college has a history professor of economics professor some are good some are bad ... so I'm a big fan of online education review the legal can take the best of all worried ... and ... digitally deliver it to students and I think ... have almost of better ... learning experience you know ... yes there is a small group discussions and things that need to be replicated with the universe the quest for so much and universities are big lecture hall for people with no fall asleep about the least I did ... and then take note there's one guy takes note of what else coffers ... I think that can be ... eaten into whiff ... of ... London ... okay now ... you love Stanford have to know ... you love Cornell you have your him a boy there now to ... our ... two kids there no one to one to ... fortune Stanford ... will stand for his ... position reasonably well because it has a ... heavy engineering focuses for the ... well well well plugged into the ... new calm in Silicon Valley ... and so ... the polling under ... less pressure than immutable other university ... in the United States ... the the top universities function in many ways as a sort of tournaments credential up and that and it's it's on sale the term and will assist you went to a place like Stanford and Harvard ... the question being how well would you do if you ... were smart enough to go there but didn't go ... aam ... and guess who still do pretty well ... and if you go there people know you want there to do really well ... that he suffered a Bush people weren't full earnings may be time for such pure fiscal run triple to make forty thousand years of high school grads that eighty thousand years a Stanford graduate ... if you got into Stanford he'd make sixty thousand YouGov STEM degree that seventy six thousand ... if you actually learn easily quartiles so agree that the US that the authority ... has agreed that the online curriculum is an interesting ... part but it's only the four thousand dollars ... it's only ten percent most of its not about learning most of its about ... of a zero sometime ... in the way you can see it's a zero sum condiment ... is that to ... these colleges never want to expand the number of people they were then what sort of a business isn't which is a fantastic business for sixteen hundred students a year but the sixteen hundred per student ... that's a terrible the only business I can think of like that is maybe two of operating a nightclub ... in which you have a limited number of people you wouldn't make an exclusive so they are in the business of exquisite and dozens of school and and that nonsense education ... is actually not a positive sum game about learning in information but a zero sum game where its basic tenets pace with ... which the various terms that are knocked out ... the other ... is from other parents and welcome to the summit as a regulatory issue as well because they don't go to go to any HR department of a Fortune five hundred company ... and then said ok honey you hire people to you kid aptitude tests ... to incoming ... think the answer is no we're not allowed to give aptitude tests for one not well it's Coptic respective Thoratec sixty four and some of them ... Griggs vs Duke Energy advocate for that so long story but they can ... photo does give aptitude test ... University ... as the university's a creep into our shorting the can I like that ornament to educate dose of fun ... it distorting the newest opportunity to call it a go of the UN needed ... sorting mechanism but if if corporations were allowed to do ... I got the best universities we of we ... get this email IQ test to the cost to Quinlan dollars Mr. ... been for years ... so I don't know when you're ... talking to an executive Don Valley to the searches in why don't you ... than you did you know the story ... it was Stanford close the Ivies and Kalin a few others ... when she reek of recruiting at Ohio State or little liberal arts ... institutions which we all know are very fine institutions in the middle of the country a firm with a ... look ... I'm sure there are very bright people out there ... but there may have to find me ... at Stanford and in Cornell and so for I can find that this is the sorting are you ... so um ... so what happens we go from forty six hundred universities this online education begins to unfold to ... and from Cornell in the mail ... what happens when these huge pop elite universities are the best shape because they are they ... an advantage from ... the sorting ... backers of the business ... I think all the others are to be under pressure it's it's un clear what the place of universities are in the best shape because they took the top universities not because they actually do better job of Education because that's what people wanna be one of the one to have a credential from a top university because it has an IQ test the Scots yes ... well yes but I forgot about ... college university ... go back to the ... kid that well ... you know this is more online education is about a great ... it's about getting the best of breed to handle the seventh and eighth graders twelfth graders were left traders anyway before they go off to college ... and and and an restructuring how that is that because that is the most inefficient unproductive ... and and ... um ... you know ten year and so you you you get ... up people who may live in for decades as the teachers in the K through twelve ... in your optimistic ... that online education will we have the in form K through twelve the same problem Peters ... energy and pharmaceutical to read for the issue is the second thing that touches ... the loses this of course this was the Chelsea lawyer sectors of our economy our government run because I government on ... and so on you if you define technologies doing more with less Moore's Law more computing power ... with less of ... a less cost ... aam ... education which is the opposite were doing less with more ... we're spending more more money the quality of the public school teachers has steadily gone down ... to getting ... um ... um less for more says actually moved ... in the opposite of the tech market and a technological frontier ... watches from a diagram said ... the most ecological things of things that ... would is ... the most ... improvement ... more for last ... education is it that far off the soda ... and so ... I'm not even sure how to formally declare you guys can help inform the wheels come a long will that mean you can type it's a question for me ... but ... you would expect ... online technologies to overwhelm online education to overwhelm the regulatory obstacles ... that ... was less convinced that ... in five years in ten years ever ... I think at some point the system ... just collapses on the onthe higher education side ... it's not clear what will replace it ... but if this is this is your waiting for Eastern Europe in nineteen eighty nine year when the Soviet Union in nineteen ninety one to ... I think the institutions are not open to reforming Colonel all really ... it is like where the music companies open to working with Napster to ninety nine two thousand ... was the New York Times and isn't really going on the internet ... in ... two thousand to more than just reading a big sigh of relief that ... the nineties were over the internet was ... taken nothing was going to happen ... I think ... the universities ... as Wells the public up ... to high schools high schools ... are on are going to basically ... of ... you know keep it going as long as the candle with a crisis so silly year ago right now ... the Chicago public school teachers went on strike for an Rahm Emanuel ... the ... mayor of Sharon deceptive the Goebel rather new mayor Chicago ... ay ay ay ay formulated in the event published later sank ... this is great when you should do is ... pull in and fire all of the Chicago public school teachers ... in issue every child a ... I pad with and with the fall for I will presume that in the humdrum school and work on it ... and better education would cost up to half of what was to pay for the teachers you look foward Turco schoolteachers and they are an Orbitz beating ninety thousand dollar of ... loan know the the the pension costs ... of course it didn't happen ... but what if we were going to need something along those lines where there's a trigger to say you know what ... here's here's a group that did use online education Ashley their outcomes are better ... than those in the public school system ... maybe it will happen in inner cities where where education is sold that and and and I pad whatever else it so cheap ... that ... that is how education that I think is gonna happen outside the U S can be successful and then come and in you ... what is are we in an internationally ... nation to nation competitive environment that is to say ... what happens and who knows about China but with the Singapore which has them ... squared away ... tax base and low taxes ... and good education system ... does this in some point what is the cause of possibly losing here although I do believe we have had some sort of terrible collapse I know you know it's it's ... it's possible that global competition will push to us to become less erotic ... but to the Future divide the world in non commercial ... use of developing and developed nations ... on the developing nations are still ... really far behind the U S for country like China ... aam or Vietnam ... you basically just have to copy stuff in the U S there's so much low hanging fruit ... aam ... and then in the developed world you have school was this most other countries to says home in West Europe Palm Japan may be Israel's holder for the baby ... Singapore Singapore's will that different ... but to but ... the US is after all the place where people normally did new things this was this is the business model of this country is United States has the country where people do new things ... so you know that people really ... do you know fashion people and ... you know ... France ... on become good shops ... the US the country people was dotted with new banking cars and TV ... but instead you have other factor couples like Peter Taylor on Japan or is that Lockyer from around the world ... good ... to implement their ideas has ideas on what we wanted a partner to come here and the reason they come here ... he is there's property rights the markets are free others access to capital ... and a and also there's an experience pays with and ... you know ten miles in every direction the room or sitting in ... that you can ... have a higher probability that your ideas can come to fruition ... so so glad ... that reasoning on it's really critical for us to pivot of the regulatory roadblocks in the United States but because if we don't fix them here ... of the rest will still pretty far behind the will to fix elsewhere couple closing questions ... the ... the ... the politics five cents ... I'm actually one generation because I did ... but I sense among the young mom thing ... due to the people you're tentatively are funding that that appeal fails the kids in their twenties that you're you're dealing with these people ... that the interest in politics he is ... close to zero ... the system is what it is it doesn't work very well for large sectors just easy to use to describe such as education ... which are essentially hopeless fine just going to look for openings and drive myself into it and politics ... that uses the commercial openings technological openings ... go where there's a profit to be made which tends to mean some unregulated industry ... and politics ... just ... need to ... do you sense that as well ... on a bigger picture politics ... yes I'd I think there's an interest but think of this generation has been brainwashed and and you know just thinks life is what it is and and we should all of ... Freecycle three times a day and and then move on ... a lot ... what what do ... on to printers do is they find something that annoys and maybe as the banking system in which the irregular ago where the ticket ... maybe it was the phone company ... but the guys a couple courses and so investors plenty of of ... things that happen this country ... in a bid to way too expensive to call from Eastern Europe to the Masters ... and you know you but servers all around and you just buy passage until it collapses I think the cable industry is gonna happen you know people are Under Hawking in and delivering video over the internet rather than subscribing to ALM ... the cable company's ... goals and greatest entrepreneurs those are the ones that that it's not politics and that's wrong on one of a run for office and change the law about how cable operators ... when people don't dump in two weeks we use them and strangle him and then move on ... and you don't know so this is not the ones where say the FTA will ... Willem ... charge and finance money to the drug approved or so it doesn't handle on the way you treat others with ... what I would say is I don't think is ... the job and often are ... trying to change or her political legal system that's like an impossibly Piper ... and so ... does seem to have this on a dual ... I thing that goes on where on ... as an entrepreneur or ... someone who dreams when these businesses ... will try to find something where you can do something and maybe ... more than willfully small ... spaces that are left are ... relatively unregulated ... of it is up to the rest of us up our entire society to really try to fix ... this background Realtor context it becomes ... a thick so parks can we underestimate ... how expensive is because ... aam you know even when he's done a very good job painting a ... bright future of three D printing and ... next-generation genomics ... on most people ... aam ... cannot fully visualize that and so they don't think ok it's really important rested with of all the roadblocks that are anway ... so this great potential future ... never is quite strong enough to overcome all the inertia nurses for most it's not quite strong enough ... last ... question for the to do ... I sometimes have the feeling that the young entrepreneurs around here to the extent I see around him talk about Northern California but of course much of the same ... you'd encounter in ... Silicon alley in New York and one footy around Boston and so forth ... I sometimes have the feeling that speaks to the extent that they think political thoughts ... to come to the conclusions the both of you ... understand have articulated today ... but they have the feeling that something ... new ... and so ... look at this clip and I'll ask a question just what the both of you to respond to this ... if we look to the answer ... why are so many years we achieved so much ... prospered is no other people on earth ... it was because here in the soul and ... we are unleash the energy and individual genius of man to a greater extent than it's ever been done before ... freedom ... and dignity the individual of them are available ... and sure to hear ... than any other place on earth ... so the question is ... is that ... that's Ronald Reagan's first inaugural address ... is that somehow sole old fashioned an uncool ... that it's not acceptable ... in some way culturally acceptable to young entrepreneurs or do they feel some quarter the Philippines ... with a history of the country do they recognize that the notion ... of ... taking that sucker down ... goes all the way back to Sam Adams and the original ... tea party ... that does a guy goes another way of love ... I'm going on and on about the question of final formulation be ... we know that the on camera ... David Cameron the Prime Minister Griffen ... of me ... in Cajun along I think in some way still continuing campaign to rebrand the conservative party ... because Mrs Thatcher was just ... permanently uncool ... kids just couldn't accept the younger generations just couldn't somehow ... relate to it ... so when you think ... will ... what used to do that is always this strange generational history where of things that happen before your board ... feel ... free to store right yet and you can't quite so ... im Kaeser brethren calls today ... were born after the Berlin Wall came down ... and so you know you're ... you're hurting my back and say that ... those who know answer you have a capital was up ... and so I think there is ... a context people ... don't really know anything other than ... the context ... that we have and ... most the system ... seems pre stable not much has changed in the US ... in twenty twenty five years and released an extremely stable SOEs ... and so people don't really ask too many questions about it ... I think ... it could obviously be much better could potentially be much worse for a lot of ... important political ... courses in questions are always ... on at least implicit ... but they did only not surfaced ... anti social you know couple Fox first of all I think ... this ... generation ... is much more ... individual driven sometimes to the point of of him ... self ego and as the Arsenal and whatever else ... but there's there's a ... there's an individual firm about it and so a lot of it is the pools that they have whether Facebook and Twitter allow them to express themselves and the individual and make ... decisions ... in smaller groups ... in one I grew up ... on ... the turndown in New York area channel to him it was Walter Cronkite and I mean what every Fed during the broadcast remember what extent the end of the broadcaster said ... that's the way this and I took it as ... you can do it ... that's just the way it is ... now believe in watches and network news that the people were seventy five in and ... laying in bed ... it's it's you know the news is gathered ... on social media and through many other means and no one is telling ... this generation or any of us anymore that's the way it is that I think there's a ... feeling that people can change may be the bigger picture things and ... in terms of what's going on in Syria and or real politic of of ... of ... of the ... chess pieces move around the world ... it's I don't always know there's someone that ... does that point but for ... almost everything else help people live their lives I think there's a fee or ... perhaps false because the donor stand all the regulatory polls and they can use the dishwasher detergent that they'd like to get the dishes clean it something that snow phosphate free now and everything else that goes along with that ... but um ... so back to Peter's boy I wish there was more transparency in the regulatory choking that is going on because I think ... that more than our generation this current generation really is more individualistic and ... will drive change absolutely the last question ... and Peter just to do with it set aside questions of statistics standards of living median income and so put that aside ... Peter said a moment ago the system could get better ... or could get much worse ... five years from now ... your works ... and ... and ... in what way in terms of standards of living in your ... in your gut when you visit is America ... a better place to live ... and ... what's a more technologically ... ominous better ... I miss a roughly the same to be remarkably stagnant ... really with costs for something to be much better something to be ... much worse I think ... we'll see continued progress in computers ... continued ... of stagnation ... and going backwards and energy ... five years from this day ... most reconvene ... Andy Kessler the author most recently of the ... people and other unapologetic rules for game changing entrepreneurs and Peter Thiel ... who is working on a book called already title called zero to one which will be published next spring ... and you Peter ... thank you ... for the Hoover institution in The Wall Street Journal ... on Peter Robinson ... thanks for joining us ... the the the the ... I ... I ... I ...