ILLINOIS DEMOCRATS POSTED
GETTING BIG THINGS DONE AT THE
ILLINOIS STATE FAIR THIS YEAR
BUT IS THERE STILL A LONG WAY TO
GO.
JOINING US NOW IS ILLINOIS
TREASURER WITH US GOOD TO HAVE
YOU WITH US.
MARK, GOOD TO BE WITH YOU.
GIVE US AN OVERVIEW OF THE
ILLINOIS ECONOMY.
YOU LIKE OUT FOR THE FISCAL
HEALTH OF THE STATE WHAT IS THE
CURRENT STATE OF ILLINOIS
PHYSICAL OUT LIKE.
THE ILLINOIS ECONOMY IS GOOD.
THERE'S A BIG BACKLOG OF BILLS
THAT WE NEED TO PAY DOWN.
ABOUT 6 BILLION.
WE HAD A NICE CASH INFUSION
WE WEREN'T EXPECT STING.
IF YOU LOOK AT THE NATIONAL
ECONOMY THERE ARE SIGNS OF A
RECESSION.
I THINK WE NEED TO CONDITIONS
SUN TRAIT ON OUR BILL BACKLOG
AND PAYING THAT DOWN.
GIVE US A LOOK AT THAT.
WHY ARE SOME ECONOMISTS LOOKING
FORWARD AND HAVING SOME
TREPIDATION ABOUT THE STABILITY
OF THE ECONOMY.
WHAT ARE THE WARNING SIGNS?
.
THERE ARE SEVERAL INDICATORS
A LOT OF PEOPLE FEEL
UNEMPLOYMENT IS LOW STOCK MARKET
IS HIGH AND THERE'S NOTHING TO
WORRY ABOUT BUT THE ECONOMY IS
MORE COMPLEX THAN THAT.
ECONOMISTS HAVE SEEN WARNING
SIGNS.
THERE'S NO GUARANTEE OUT THERE
BUT I THINK THE TRADE WAR WITH
CHINA AS THE PRESIDENT ENGAGED
IN HAS NOT BEEN HELPFUL.
YOU'VE SEEN THIS AROUND THE
WORLD.
THE GERMAN ECONOMY STARTED
SLOWING AND THE ENGINE OR HEART
OF EUROPE AND SO WE NEED TO BE
CAREFUL.
IT DOESN'T MEAN IT'S GOING TO
HAPPEN BUT I THINK NOW IS A GOOD
TIME TO START PLANNING FOR THE
RAINY DAY.
THE JOBS IN ILLINOIS ARE
INCHING UP MAYBE A SEASONAL
UPTICK PERHAPS BUT STILL NOT
QUITE GROWING AS FAST AS MAYBE
IT COULD.
WHAT ARE SOME THINGS THAT
ILLINOIS STATE GOVERNMENT IS
DOING EVEN THROUGH YOUR OFFICE
TO HELP SPUR OR INCENTIVIZE JOB
GROWTH AND ARE THERE SPECIFIC
SECTORS THAT YOU SEE MORE JUICE
IN THAT YOU COULD GET MORE OUT
OF?
YEAH I THINK THERE'S THE TECH
INDUSTRY.
WE'RE PUTTING MONEY INTO
ILLINOIS VENTURE CAPITAL AND
PRIVATE EQUITY AND INVEST IN
ILLINOIS START-UP COMPANIES.
WE THINK IF WE DO THAT WE EARN A
GOOD RETURN IN THE STATE.
IF WE CAN HELP GROW ILLINOIS
TECHNOLOGY EMPLOY MORE PEOPLE IN
GOOD WAGES THIS HAS AN ADDED
BENEFIT OF THOSE PEOPLE PAYING
MORE TAXES INTO THE STATE.
ILLINOIS HAS A LOT OF
INVESTMENTS IN ITS PORTFOLIO.
A LOT OF COMPANIES ILLINOIS
STATE GOVERNMENT IS INVEST
INVESTED IN YOUR OFFICE BUT WHAT
ABOUT-FACE BOOK.
YOU PUT OUT A PRESS RELEASE
EARLIER THIS SUMMER A NUMBER OF
STATE TRESH CHURCH REMEMBERS
LOBBYING OR TRYING TO --
TREASURER'S.
INSTEAD MARK ZUCKERBERG WHY TRY
TO REST CONTROL FROM HIM OR WHAT
WAS THE ANGLE THERE?
THIS IS A GOOD CORPORATE
GOVERNANCE PRACTICE.
MOST ALL THE COMPANIES LISTED ON
THE STOCK EXCHANGE HAVE AN
INDEPENDENT BOARD INDEPENDENT
FROM THEIR C.E.O.
THIS IS A GOOD PRACTICE BUT MARK
ZUCKERBERG WANTS COMPLETE
CONTROL OF THE COMPANY AND WE
THINK IT'S CAUSED PROBLEMS
THEY'VE REPORTED ON WITH
FACEBOOK.
WE'RE NOT SAYING HE NEEDS TO
LEAVE THE COMPANY.
HE CAN MAKE A CHOICE.
IF HE WANTS TO BE C.E.O. OR THE
CHAIRMAN WHO IS OVERALL THE
BIGGER PICTURE BECAUSE WE I
THINK IT'S THE SAME THING WITH
THE GOVERNOR.
OUR FOUNDING FATHERS CREATED
CHECKS AND BALANCES.
WE I THINK THAT PRODUCEES BETTER
RESULTS IF YOU HAVE MORE PEOPLE
AND MORE INDEPENDENT OVERSIGHT.
CERTAINLY THE WILL ARE BEN
FIGHTS CHECKS AND BALANCES BUT
THERE ARE DIFFERENCES BETWEEN A
PRIVATE ENTITY AND GOVERNMENT.
I'M AWARE OF THAT BUT THAT'S
WHY ALMOST ALL THE CORPORATE
BOARD LISTED ON THE NASDAQ HAVE
AN INDEPENDENT CHAIRMAN OF THE
BOARD FROM THEIR C.E.O.
IT MAKES GOOD BUSINESS SENSE.
WE THINK FACEBOOK IMPLEMENTED IT
AS WELL.
A LOT OF THINGS THESE TECH
COMPANIES YOUTUBE, ITUNES GOT
THEIR START THROUGH THE U O.I.
MAYBE A LOT OF PEOPLE AREN'T
AWARE OF -- SO WE'VE GOT TO A
RESEARCH HUB THIS TECH DRIVER IN
CENTRAL ILLINOIS BUT WE HAVE
WARREN SAYING LET'S BREAK UP
TAX.
YOU CAME OUT THE FIRST STATEWIDE
ELKT OFFICER TO ENDORSE HER FOR
PRESIDENT.
YOU WANT TO DRIVE HIGH-TECH BUT
BREAK UPSTATE TAX.
SHE'S SAYING THERE'S A
PROBLEM WITH TECH.
TECH IS TOO BIG.
YOU'VE SEEN THIS.
LIKE REPUBLICAN PRESIDENTS LIKE
TEDDY ROOSEVELT.
YOU HAD COMPANIES THAT WERE SO
LARGE THEY WERE MONOPOLIES.
THEY WEREN'T GOOD FOR OUR
COUNTRY.
THE GREAT THING ABOUT TECH IS
IT'S BEEN A DISRUPTER AND YOU'VE
HAD PEOPLE LIKE UNIVERSAL
GRADUATES INVOLVED IN PAY PAL
INVOLVED IN EBAY.
U OF I GRADUATES CREATED THE WEB
BROWSER NETSCAPE.
AND SO I THINK YOU STILL WANT TO
HAVE THAT INVASION.
WHAT YOU DON'T WANT TO HAVE IS
IT GETTING TOO LARGE AND
STIFLING INVASION.
IS THAT THE ARGUMENT THAT
SOME ECONOMIC CONSERVATIVES OR
MORE LIBERTARIAN ECONOMISTS WILL
MAKE IF YOU TRY TO REGULATE BIG
TECH YOU'RE GOING TO STIFLE THE
SMALL GUYS ISN'T THERE ANY TRUTH
TO THAT.
I THINK PEOPLE HAVE DIFFERENT
OPINIONS OUT THERE BUT I THINK
BEING NIMBLE AND BEING SMALL NOT
HAVING AVENUES BLOCKED BY LARGE
CORPORATIONS I THINK SOME OF
THEM BECOME SO LARGE THAT THEY
REALLY ARE ABLE TO KEEP OTHERS
OUT OF THE MARKET.
THAT DOESN'T PROMOTE
COMPETITION.
IT DOESN'T PROMOTE INVASION.
WHY ELIZABETH WARREN.
I HAVE BEEN WATCHING THE
CANDIDATES.
I LIKE A LOT GOOD CANDIDATES BUT
I THINK SHE IS SOMEONE WHO HAS A
PLAN FOR MAKING AMERICA WORKING
FOR EVERYONE.
I PLAN TO SUPPORT THE MIDDLE
CLASS.
I THINK HER ISSUES WHETHER IT BE
CURBING FINANCIAL SERVICE
INDUSTRIES THE LARGE BANKS OR
CREDIT CARD COMPANIES OR
FIGHTING FOR CONSUMERS OR
WHETHER IT BE COLLEGE
AFFORDABILITY THESE ARE THINGS I
WORK ON I LIKE HER PROPOSALS.
SHE HAS CONCRETE PROPOSALS.
SHEET NOT SOMEONE WHO THROWS OUT
A COUPLE OF PHRASES AND OUR
PRIMARY OUGHT TO BE ABOUT IDEAS.
WE SHOULDN'T BE AFRAID TO SHOW
THEM.
THAT'S WHAT HAS WON HER OVER.
SHE'S FROM MASSACHUSETTS
CAMBRIDGE SORT OF HARVARD PART
OF THE COUNTRY.
DO YOU I THINK SHE CAN CONNECT
IN RURAL AMERICA.
SHE GREW UP IN RURAL
OKLAHOMA.
AND REPUBLICAN.
AS A REPUBLICAN.
SHE LIVED IN TEXAS.
SHE SPENT MOST OF HER LIFE
STUDYING THE HOLE LEAGUE OUT OF
THE MIDDLE CLASS.
SHE SAW THAT WITH HER FATHER AND
HERSELF AND CHALLENGES OUT
THERE.
SHE HAS PROPOSALS TO DEAL WITH
THESE.
THAT'S WHAT WON HER OVER TO ME
AND LED ME TO MAKE AN
ENDORSEMENT SO EARLY.
IF I RECALL I THINK A STORY
YOU SHARED LAST YEAR AT ILLINOIS
BRUNCH YOU YOURSELF ARE A
DEMOCRATIC CONVERT ARE YOU NOT?
YOU GREW UP REPUBLICAN.
SURE.
I GREW UP.
MY MOTHER WAS REPUBLICAN.
MY FATHER WAS A DEMOCRAT.
MY FATHER APPS FATHER WAS AN F
D.R. DEMOCRAT.
HE GREW UP ON A DAIRY FARM.
HIS FATHER DIED WHEN HE WAS
YOUNG.
HE HAD A PROBLEM.
HE MOVED THROUGH THE GREAT
RECESSION SHN.
HE SAW DEMOCRATS BRING ELECT
TRIES TOY RURAL HOUSEHOLDS AND
FARMERS COULD SUPPORT
THEMSELVES.
SO I GREW UP IN A DIVIDED
HOUSEHOLD.
INTERESTING.
AND IN A DIVIDED STATE I
SUPPOSE.
THERE'S SORT OF A POLL ALREADY
RISED REGIONAL DICHOTOMY IN
ILLINOIS WHERE WE HAVE DOWN
STATE MORE RURAL MORE RED AND
THEN DEMOCRATIC POWER SOURCE
COMING THERE HOW DO YOU SPEAK TO
THAT AS A LEADER IN THIS STATE
ESPECIALLY KNOWING THAT THERE
ARE SOME PEOPLE TRYING TO STOKE
THE FEARS OF RESENTMENT RIGHT
NOW?
WHAT DO YOU SAY AS SOMEONE WHO
IS SORT OF MAYBE MIGRATED OR
EVOLVED OVERTIME FROM SOMEONE
WHO IS YOUNGER IN ILLINOIS
BECOMING A DEMOCRAT HERE?
ARE YOU SAYING I'M GETTING
OLDER NOW?
EVERY DAY I DO.
I'M SAYING YOU EVOLVED IN
YOUR VIEWS AN MAYBE IF YOU GREW
UP IN A FAMILY WITH REPUBLICAN
LANE NEXT YOU SORT OF MIGRATED
ONE WAY.
CAN YOU LOOK BACK WITH CLEAR
PERSPECTIVE HOW YOU DO TALK TO
THAT PERSON?
I WOULD SAY THE PARTIES HAVE
CHANGED.
THE PARTY I GREW UP IN THAT MY
MOTHER SUPPORTED IS NOT THE
PARTY THAT IS BEING LED BY
PRESIDENT TRUMP TODAY.
MY MOTHER WOULD TELL YOU THAT AS
WELL.
SHE'S CALLING HERSELF A
REPUBLICAN BUT SHE DOES NOT
AGREE WITH MANY OF THE THINGS
THIS REPUBLICAN IS DOING.
THERE'S ONE LAST PUSH AND HE
SAYS IT WILL HELP TO FIX
PENSIONS AND A LOT OF PROBLEMS
THAT EXIST AND PERSIST AND
THAT'S THAT PROGRESSIVE INCOME
TAX ISN'T THAT A HEAVY LIFT
KNOWING YOU NEED A 60% OF PEOPLE
TO SUPPORT IT AND THERE'S A LOT
OF BIG INTERESTS THAT ARE TRYING
TO PAINT THAT PUSH AS A BLANK
CHECK FOR INSIDER POLITICIANS
WHO WILL TAKE YOUR TAX MONEY AND
USE IT AS THEY SEE FIT.
IS THAT A BIG BLANK CHECK OR DO
YOU THINK THAT IS A LOT PROBLEM?
I THINK THIS IS A GOOD WAY TO
RAISE REVENUE FOR THE STATE.
YES YOU'RE GOING TO BE UP
AGAINST BIG MONEY.
THEY'RE GOING TO TRY TO SCARE
PEOPLE OUT THERE BUT I WILL TELL
YOU THAT THE FAIR TAX THE VAST
MAJORITY OF STATES THAT HAVE AN
INCOME TAX HAVE DIFFERENT RATES.
THEY'LL SAY THIS WILL BE PROBLEM
FOR OUR ECONOMY.
WELL, WE HAVE HAD DIFFERENT
RATES AT THE FEDERAL LEVEL FOR
OTHER 100 YEARS.
AT THAT TIME YOU'VE SEEN
PHENOMENAL GROWTH.
OUR ECONOMY HAS DONE INCREDIBLY
WELL.
LOOK AT WHAT'S HAPPENED AT THE
FEDERAL LEVEL AND OR STATES THAT
HAVE DONE THIS AND LOOK AT THEIR
LEVELS OF GROWTH AND DON'T FALL
INTO SCARE TACTICS BEING
EMPLOYED BY THE OTHER SIDE.
TREASURER THANK YOU FOR BEING