IT HAS BEEN ON FIRE.
DOWN A LITTLE IT ABOUT
AFTER-HOURS.
GERRI WILLIS.
>>> A LITTLE BIT OF TROUBLE IN
THE JOB MARKET TODAY IF YOU SAW
THE NUMBERS.
WE HAD MORE PEOPLE FILING FOR
UNEMPLOYMENT.
853,000 FILING FOR FIRST TIME
UNEMPLOYMENT CLAIMS, THE LARGEST
SINCE SEPTEMBER AS THE VIRUS
SURGING ACROSS THE U.S.
WE’VE SEEN RESTRICTIONS AND JOBS
CUT.
STEVE MOORE, FREEDOMWORKS
ECONOMIST.
WE’VE BEEN TALKING ABOUT WHAT WE
SHOULD DO, MORE STIMULUS, MORE
RESTRICTIONS ON THE ECONOMY.
THE REALITY MORE RESTRICTIONS
ARE GOING IN PLACE.
MORE PEOPLE ARE LOSING THEIR
JOBS, RIGHT?
>> CONNELL, I’M SURPRISED PEOPLE
WERE SURPRISESSED ABOUT THIS
NUMBER.
IT WAS NOT UNEXPECTED TO ME.
WE’VE SEEN, YOU’VE BEEN
REPORTING BIG LOCKDOWNS IN
STATES LIKE NEW YORK AND LIKE
CHICAGO, ILLINOIS, ON OBVIOUSLY
WHAT IS HAPPENING IN CALIFORNIA
WITH ITS 40 MILLION PEOPLE AND
SO MANY RESTAURANTS AND RETAIL
STORES SHUT DOWN.
SO THIS IS NOT A WEAKNESS OF THE
ECONOMY AS MUCH AS IT IS
POLITICAL DECISIONS TO A
LOCKDOWN THESE STORES.
THAT LEADS TO PEOPLE LOSING
THEIR JOBS TRAGICALLY.
SO, NOW BY THE WAY, CONNELL,
THERE WERE A COUPLE OF GOOD NEWS
ITEMS ON THE ECONOMY THAT PEOPLE
SHOULD BE AWARE OF.
THE LABOR DEPARTMENT ALSO
REPORTED THAT THERE ARE
6.7 MILLION UNFILLED JOBS.
THAT IS THE AT END OF OCTOBER.
THINK ABOUT THAT, 6.7 MILLION.
THAT IS ALMOST AN ALL TIME
RECORD IN TERMS OF UNFILLED
JOBS.
THAT MEANS EITHER PEOPLE ARE
STAYING ON THE SIDELINES,
CONNELL, OR THEY JUST DON’T HAVE
THE SKILLS TO FILL THOSE JOBS
THAT ARE NECESSARY.
THE OTHER ONE YOU SAW THE REPORT
OF A MASSIVE INCREASE IN WEALTH
OF THE NET WORTH OF THE AMERICAN
ECONOMY HIT SOMETHING LIKE
$125 TRILLION IN THE MIDDLE OF A
PANDEMIC.
THAT’S GOOD NEWS T MEANS THAT
THE WORTH AND THE WEALTH OF THE
UNITED STATES ECONOMY CONTINUES
TO EXPAND EVEN AS WE FIGHT THIS
TERRIBLE VIRUS.
CONNELL: YEAH, YOU CAN TELL THE
ECONOMY, I MEAN THERE IS SOME
DISAGREEMENT ABOUT WHAT WE
SHOULD DO ABOUT IT NOW, WHAT
TYPE OF ACTION WE SHOULD TAKE WE
TALKED SO MANY TIMES BUT YOU CAN
TELL THE ECONOMY WILL TAKE OFF
ONCE WE GET THROUGH ALL OF THIS.
I WANT TO TALK TO YOU ABOUT JOB
QUALIFICATIONS IF I CAN.
ELON MUSK MAKES INTERESTING
COMMENTS, HE WENT AFTER PEOPLE
WHO HAVE MBAs, TESLA AND SPACE
EX, CALLED FOR BUSINESS SCHOOL
LEADERS TO SPEND LESS TIME IN
THE BOARDROOMS, MORE TIME ON THE
FACTORY FLOOR.
LET’S TAKE A LISTEN.
>> I THINK THERE MIGHT BE TOO
MANY MBAs RUNNING COMPANIES.
THE MBAIZATION OF AMERICA WHICH
I THINK IS MAYBE NOT THAT GREAT.
SPEND LESS TIME IN MEETING
ROOMS.
SPEND LESS TIME ON
PRESENTATIONS.
LESS TIME IN A SPREADSHEET.
MORE TIME ON A FACTORY FLOOR.
CONNELL: KIND OF INTERESTING.
THE MBA-IZATION OF AMERICA.
I DIDN’T SEE ANY COMMENTS ON
THOSE WITH A MASTER DEGREE IN
ECONOMICS BUT WHAT ARE YOUR
THOUGHTS ON THIS.
>> I’M IN AGREEMENT WITH HIM.
BY THE WAY THIS IS NOT A NEW
ARGUMENT, CONNELL.
I’VE BEEN IN THIS BUSINESS FOR
30 YEARS, THESE ARGUMENTS HAVE
BEEN MADE A LOT OF THEE DEGREES
AMERICANS ARE GETTING ESPECIALLY
HIGHER DEGREES ARE NOT
NECESSARILY WORTH A LOT.
NOW IF GOING TO GET THOSE BASIC
SKILLS IN ACCOUNTING AND FINANCE
OBVIOUSLY YES, THOSE HAVE VALUE
BUT THEY DON’T TEACH YOU TO
INNOVATE.
THEY DON’T TEACH YOU HOW TO
SATISFY CUSTOMERS AND GIVE, GIVE
THE CUSTOMERS THE KINDS OF
PRODUCTS THEY WANT AND THOSE ARE
THE KINDS OF THINGS YOU LEARN
WITH STREET SMARTS.
IF THAT’S THE POINT THAT ELON
MUSK IS MAKING I’M IN 100%
AGREEMENT.
A LOT OF TIME "STREET SMARTS"
ARE MORE VALUABLE THAN WHAT YOU
LEARN IN A BOOK.
CONNELL: WHEN YOU THINK ABOUT
IT, ELON MUSK IS A GOOD EXAMPLE
OF THIS, SO MANY OTHERS, WHEN WE
DO STORIES, HAVE DISCUSSIONS
ABOUT HOW DOES THE UNITED STATES
COMPETE WITH CHINA, THE
ADVANTAGE ALWAYS HAS BEEN OUR
ABILITY TO INNOVATE.
PEOPLE LIKE ELON MUSK, CREATIVE
PEOPLE IN THE WORLD, MOST OF
THEM LIVE HERE, I WONDER IF THAT
WILL ALWAYS BE THE CASE?
>> YOU KNOW, ONE OF THE THINGS
THAT MAKES AMERICA I THINK A
SPECIAL PLACE, ONE OF THE
REASONS I DON’T BELIEVE THAT
CHINA IS GOING TO OVERTAKE US IN
THESE TECHNOLOGY INDUSTRIES AND
THESE NEW FRONTIERS OF THE
ECONOMY IS PRECISELY BECAUSE WE
ARE INNOVATORS, WE ARE
ENTREPRENEURS.
SO MANY OF THOSE PEOPLE WHO
START GREAT BUSINESSES, ELON
MUSK IS A GREAT EXAMPLE ARE,
IMMIGRANTS WHO CAME TO THIS
COUNTRY IN SOME CASES WITH ONLY
THE SHIRT ON THEIR BACK.
YOU THINK OF SOME OF THE GREAT
COMPANIES IN SILICON VALLEY,
CONNELL.
CONNELL, THINK ABOUT THOSE GREAT
COMPANIES FROM GOOGLE TO SPACEX
WERE FOUNDED BY PEOPLE WHO WERE
IMMIGRANTS AND THAT IS WHAT
MAKES AMERICA A SPECIAL PLACE IS
THIS MELTING POT THAT REALLY
CREATES IDEAS IN GREAT
COMPANIES.
WE GOT TO CONTINUE TO LET THE
BEST AND BRIGHTEST INTO THIS
COUNTRY.
CONNELL: MAYBE MORE OF THEM WILL
BE IN AUSTIN, TEXAS NOW THAN
SILICON VALLEY BUT STILL BE IN