- Hi, everyone, Sal Khan here, from Khan Academy.
Welcome to our Daily Homeroom livestream.
For those of y'all who this maybe the first time
that your seeing this you're like,
"What is this link on YouTube or Facebook?"
This is our way of keeping everyone connected.
And when we saw the school closures start to happen
it seems like a lifetime ago,
but maybe seven or eight weeks ago,
we knew that Khan Academy had a unique role to play.
We saw our usage go up by a factor of three.
We started doing parent webinars, teacher webinars.
And we said in the time of social distancing
it would also be a way for people to feel connected,
if we did something like this.
And so this is just a forum to ask questions,
have interesting guests,
and make sure that all of you feel supported.
Today we have a really exciting guest,
I'll introduce her in a second.
But I do wanna give my standard announcement,
a reminder to everyone,
that Khan Academy we are a not-for-profit organization,
we exist because of philanthropic donations.
And so if you're in a position to do so,
please think about donating to Khan Academy.
I do wanna give a special shout out.
The last several weeks when they realized
that we were already running at a deficit before the crisis,
and that deficit was gonna get larger
because of this crisis, our server costs,
our ability to provide you even more supports,
they immediately stepped up.
First and foremost, was Bank of America,
that very first weekend when we realized
that the school closures were happening.
Followed closely be Google.org, AT&T, Novartis,
and Fastly have all stepped up to support this effort.
So if you, as an individual,
can help support that is great.
And if you are representing, or a corporation,
that is great as well.
We still need more help.
So with that I'm super excited to introduce our guest,
someone that I've known for awhile,
who I consider a friend,
and, I hope that she doesn't mind, a mentor,
someone who I've gotten a lot
of learning from over the last,
almost decade, that we've been working together.
Anne Finucane, who's the vice chairman of Bank of America.
And maybe a good place to start,
Anne, first of all,
I'd love to know how you're doing,
how you're navigating the crisis.
But especially as a leader of an organization
that has 210,000 employees,
how is your team coping with that?
And what are y'all doing to try to support
those 210,000 folks?
- Well it's great to be with you, Sal,
and thanks for having me.
So it is busy, it's busy for everybody of course.
But, at the bank, we are I'd say
80% of the population are working from home.
20% are in the office or in the financial centers
because we're considered a critical service,
so we have to be open, our doors open, trading,
as well as, being in the financial centers.
And it's, like everybody else, a lot going on for everybody.
People are trying to keep their kids educated,
so thank you.
While also getting to work in some way or another,
whether it's at home or in the office.
Of our 208, you said 210, I think it's 208,000 people.
The first thing we wanted them to know
is that everyone will be employed for 2020,
so that there'll be no layoffs
and that wouldn't be a concern that they would have.
If you have childcare needs,
we're trying to help with that.
So we are picking up the cost of trying to help
with childcare for everybody,
whether they're at home or they're in the office.
And then making sure people's medical needs
are taken care of.
This is an extraordinary health crisis.
We've never seen anything like it.
I don't think there's much to fully prepare us.
But as other guests have said,
honestly the financial crisis was maybe a dress rehearsal,
9/11 was another sort of dress rehearsal for this.
And in each of these cases,
you're able to learn something
and apply it to the next time.
- And you know given your experience here,
well you know, y'all have been stepping up big time.
And I mentioned, you know I'm not just having you here
because y'all are one of our big supporters, but you are,
for many, many, years and then y'all stepped up even more
over this crisis.
But is a part of a broader strategy
that y'all are trying to do.
You know y'all announced a significant amount of support
for the COVID crisis,
and that's all things that are under your responsibility.
How are you thinking about that?
Where are you seeing the biggest needs?
Where are you trying to help?
What problems are you still trying to figure out?
- Well the first thing is probably,
what are we doing for our customers?
Well like maybe the first thing is the employees,
but I tried to give you a sense of that.
For our customers,
those that need it,
so a lot of people need help in a time like this.
They've lost their job,
or they're afraid they're gonna lose their job,
or their partner, or wife, or husband,
or whoever they're living with is maybe not working.
So we have offered to our customers,
and they can just go on the mobile app and do this,
if they need to defer their mortgage payment,
their small business loan, their auto loan,
their credit card, they can do that with a click.
And so we have had more than a million,
like 1.2 million of those deferrals made already.
And I'm sure that would continue on
for another couple of months.
So that's one very basic thing.
Another is to work with our customers
on the CARES Act, the new legislation.
So the new legislation has this program
called the Paycheck Protection Program for small businesses.
And we signed up 400,000 applicants
for that PPP program, as we call it.
And we have put thousands of people,
that don't normally do this, against that effort,
working 24 hours,
so three, 8 hour shifts,
to try to help people with signing up for it,
getting a loan.
And just to give you some stats on that,
about 78% of those that are signing up
are asking for something less than $100,000.
More than 75% of those have less than 10 people.
So it's really for the small businesses,
I mean truly small businesses.
If you look at less than 100 people,
it's about 98% of the population.
So between deferring payments
and setting up to signing up
for the Payroll Protection Program,
those are two very significant ways.
And then what you were referring
to is our philanthropic giving.
We give away, or we donate,
about $250 million a year in philanthropic giving,
and we do it at a local level.
So we try to participate,
through our Market President Group,
in 90 different markets,
giving to affordable housing, food insecurity,
to the homeless, you name it.
But, in this case, we added another $100 million.
And the reason we did is because there are
these emergency needs.
And actually, Khan Academy was one of the emergency needs
where obviously we have been a supporter for several years,
and we have a program with you, called Better Money Habits,
that we are crazy about.
And we have millions of people that have used it.
But in a case like this,
where you're going to be reaching out to schools
all over the country,
and helping teachers,
and those that are homeschooling their kids,
get up to speed, you needed money by today.
And so the same as local food banks, and homeless shelters,
and some programs helping people
that are in the emergency medical field.
We felt that we needed to do that very quickly,.
and a little less paperwork
and a little more haste, if you will.
- You know what I have to say,
you know very transparent,
and I'm not just saying this 'cause
we're on the livestream together,
but that very first weekend I remember
we had a meeting scheduled
with some of your team members,
and I was a little late for the meeting.
And I was like, "Oh, I'm so sorry I'm late for the meeting.
"You know we're just seeing a 3x rise in our traffic,
"and you know all of this stuff is happening."
And they immediately said, "Oh, well what's going on?"
And I said, "All our traffic is 3x,
"we're trying to do all these things."
And they're like, "Hold on, we've gotta be able
"to figure out some way to help you guys out,
"'cause this should be kind of."
- Right.
- And it was literally over that weekend,
so thank you for that.
And y'all were the first and then that helped
I think other corporations to see the value
of supporting this.
So super appreciate that.
I mean there's several really interesting
things you touched on.
I am intrigued,
you know when you mentioned the mortgage deferral.
And that does feel like the exact right thing to do
when you kind of lead with your heart.
'Cause people are not gonna be able to pay their mortgage
for reasons outside of their control right now.
But what's the conversation like inside the bank?
Because on the other side of that,
what does it do to the finances of the bank?
What does it do to kind of how those mortgages look,
I guess you know if you view them as a financial instrument?
How do y'all handle that balance?
- Well, I think we learned a lot
out of the financial crisis,
where we had to apply both humility and tenacity
to make our way through that.
And as you may recall,
there were a lot of foreclosures.
There was also a glut of housing on the market.
Today it's very different.
First of all, this is a health emergency,
not a financial crisis.
Although the finances of the industry and of the country
are certainly gonna suffer here.
So the thinking around this was
let's see if we can help people to defer payments
for a period of time,
while the country tries to get back on it's feet.
And with the hope that through
these Paycheck Protection Programs,
through our deferrals,
through all that is being done legislatively
on a bipartisan basis,
that all of that collectively, and most importantly,
the kinds of things that Bill Gates
was talking about the other day,
in terms of coming up
with vaccinations and continuing
the physical distancing programs until we have that,
All of that is to prepare
for getting ourselves back in shape.
And I have to say that...
I talked to our research analysts yesterday.
And what they are proposing we're looking at is
we've already had an almost 5% downward turn
on our GDP for the first quarter,
and that quarter was okay until March.
It's gonna be quite extreme in the second quarter.
But the third quarter looks like it's gonna stabilize.
And then we're gonna see a move up in the fourth quarter.
If we can apply all that we're talking about,
the deferrals, the Paycheck Program,
the kinds of activity that the Fed and Treasury
are trying to do to keep liquidity in the system,
that those companies that are now sort of on the sidelines
can come back into business.
And that may be well into the summer,
but you know we're hopeful.
And once that happens,
the fundamentals of the economy
should in large part come back.
It doesn't mean that restaurants that we all know and love
aren't gonna go out of business.
It doesn't mean that some small businesses
will have great difficulty.
But it does mean, on balance,
that we are more hopeful.
Still we see, in aggregate, probably
about sort of the ups and downs
I just talked about,
maybe a 6% downward trend for 2020,
and probably about the same up for 2021.
- Oh that's super useful.
And I wanna encourage everyone who's listening,
we have team members who are looking
at the message boards on YouTube and Facebook.
So feel free to put the questions
in that they'd get surfaced to myself and Anne,
and I will ask as many of these as I can.
Actually I'll start with one of them,
and then I have a bunch of questions for Anne.
I wanna go a little bit into how she became Anne Finucane,
because there's a lot of young people here
I think could get inspiration from that.
But from YouTube, AndreaR.316 asks,
"What are some ways to be money wise during this pandemic?"
And maybe I'll extend it, you know, money wise generally.
- Well some of the best money wise
information and advice we have
comes from you, Sal,
the work that you do with us in Better Money Habits.
And that is it's always good to spend within your means
but now you really have to.
So there are some benefits right now,
I mean interest rates are about zero.
So if you don't run up a deficit on your credit card,
if you can try to live within your means,
that really helps.
I would put off big purchases right at the moment.
You know mortgage applications are down 40%,
that's usually a pretty good bellwether
of where we're at as a country.
But it's different this time,
in that there are also not a lot
of houses on the market for sale,
so it's not like it was 10 years ago.
There is actually very little
on the market for sale on a relative basis.
So I guess what I would say is,
try to live within your means,
don't make big purchases if you can help it.
We all are traveling less,
so our gas bills should be down,
obviously oil prices are down.
And I think just try to be prudent with the decisions
you make in the short term.
- Yeah, and what Anne is referring to,
we've had a partnership,
you know we've both alluded
to it over the course of this livestream,
for I think it's seven or eight years now.
Where back in 2010, 2011, and this when Khan Academy
was a very small organization,
so I give Bank of America a lot of credit,
where they said, "You know we really want to educate folks."
And I remember those first conversations
with Anne and her team.
You know we were a little suspicious of you frankly.
You know big bank, we're the small startup.
And we said, "Well, you know
"we wanna have editorial freedom."
They're like, "Of course, you need that editorial freedom."
And so we got into that partnership
around Better Money Habits and just financial literacy,
'cause I think both sides of us think
that this is a key thing.
I mean if we were masters of the education system,
we would make financial literacy part of that school system,
alongside algebra, and American history,
and everything else.
But I have to say, Anne, you know this has been
a really, and I don't think I've actually had
a chance to tell you this,
I mean the partnership has kind of given me a lot of faith.
In that, a lot of the stereotypes folks have
about, "Oh, you know big companies."
'Cause from day one y'all have just said,
"Well, what do you think is right to tell students?"
And you know, in our stuff that we publish together
we talk about things, some of the same things
that you just alluded to,
like pay off your credit card debt as soon as possible,
try to pay off your high interest rate type of things,
you know leverage your 401K, if there's a match,
and all of that type of thing.
And this isn't always in the, so to speak,
financial interest of financial institutions.
But it's because y'all see yourselves
as such major actors for society generally,
that y'all want this information out there.
And you know I found that very rewarding,
that at no point did we feel that we're in some way
feeling held back in our openness
in making sure we're empowering folks.
So that I think has been great.
And so for anyone who's curious,
you can check out Better Money Habits.
You can check out the personal finance section
on Khan Academy.
That's all work that we've done together,
because of sponsorship from Bank of America.
So there's a question from YouTube, J.R. Foster,
and maybe I'll connect this to your life.
You know the question is,
how can we be leaders during a crisis like this one?
And I'm guessing J.R. might be younger,
we have a lot of high school students who watch this thing.
But maybe you know, how could you be leaders?
And I'd love to connect that you know to get to know you,
Anne Finucane, a little bit better.
You know how did you end up on the trajectory
that you are on?
How did you end up becoming,
you know one of the leaders, the top leaders,
in the financial sector globally?
- It took a long time (laughs).
So you know what, I wanna go back to something
that the previous guest asked,
and that was about what to do right now.
There is something that people can do
that's unusual right now,
and that is that you can,
if you need emergency funds, you can
use a percentage of your 401K savings without penalty.
So while we wouldn't normally advise that,
that is cash that's available to be used, if you need it.
How did I become me?
Well so I am not really a banker actually.
I understand banking but my background was in city politics,
and then in broadcasting,
to advertising, marketing, and research.
And I came to the bank about 25 years ago,
actually a predecessor bank,
or an acquired bank of Bank of America.
And I was brought in because they needed some help
given that how many mergers and acquisitions
were going on in the financial services industry.
And I probably understood the outside world
better than I understood the inside of a bank.
So I did that work for Fleet Bank,
which was a regional bank for New England,
and then later for the Northeast.
Bank of America acquired us in 2004.
And honestly, I didn't think I would stay with the bank.
They were headquartered in Charlotte, North Carolina,
I'm from Boston.
I spend most of my time somewhere
between Washington, New York, and Boston.
So I had maybe been to Charlotte once or twice,
and mostly just to change planes,
you know it's a big connecting flight location.
So I didn't think it would work out
but it did work out.
And it worked out because in their acquisition
of our company there were questions
that were being raised in Washington,
by the head of the Financial Services Committee
in the House, that was Barney Frank,
and by the head of the Senate Banking Committee, Chris Dodd.
Luckily for us that they were both from New England.
I understood where their issues were.
And I think that we were able to ameliorate
the kinds of concerns they had about employment,
banking practices, et cetera.
And I got to know this company better, Bank of America,
and I was very impressed with the work they were doing.
And that allowed me to maybe show them what I could do.
And certainly I was impressed with what the bank was doing.
And so we went from there.
But as far as the past ones,
I think everything's kind of a prologue for your future.
You take each thing you have
and you try to apply it to the next thing.
I didn't understand banking particularly well.
Bankers had been my clients but I hadn't been inside a bank.
Actually I'd never been inside a large public company,
other than a brief time for a company
that then dissolved later.
So you know you just one thing begets another,
you apply what you've learned from the past
and you stay where you're happy.
So in each of these cases, I've been happy.
The bank was probably not something I thought
that they would either particularly like me
or that I could see myself in a big corporation.
But the kinds of things we just talked about earlier,
the ability to give what will now be $350 million
to worthy causes and actually help.
Whether it's food security, or helping with education,
or affordable housing, or environmental causes,
that's really important stuff
and it takes big companies to be able to do that.
It takes small operations as well.
So when you can combine, that's really important.
And the trick is not to overwhelm.
So in our case, with Khan Academy,
I'll tell you, and I've told you this before over dinner,
that the way we came to Khan Academy is
I was working with my daughter who had a learning disability
and math was particularly difficult for her.
So I discovered you,
and we started to use
Khan Academy for her to relearn some math skills
that she was getting rusty on.
And it was so good that I thought,
"Well, we're supposed to do financial literacy,
"and some of what we've got is kind of boring,
"and I wouldn't watch it myself."
Which is always a pretty good bellwether
for whether it's good or not,
would you watch something yourself?
And I'd been watching what you did and I thought,
"Could we get you to come in and help us
"figure out how to talk to people?"
And the first video you did for us was
The Anatomy of a Paycheck.
And it was very, very successful
because who doesn't wanna know,
your first job let's just say,
you think you're going to be making $500 a week.
And you look at your check and it's $275,
what happened to my money?
So the ability to take people through
what each of those deductions are,
and what they mean,
and whether you'll ever see it again,
I thought was so terrific.
And we had millions of views of that.
So if I thought it was gonna work,
that first video told us it was a home run.
- No, well thanks for that.
And you know I think your journey,
I wanna maybe double click on it a little bit,
and it'll maybe make you feel a little bit awkward
'cause it's sometimes tough talking about yourself
or your own strengths.
But clearly there's something,
you know you've kind of said,
"Well you know I was a bit of an outsider.
"I came to a bank 25 years ago,
"and you know good things happened.
"You know I like it here
"and now I'm vice chair of the bank."
What traits did you bring to the table,
that actually maybe aren't even as obvious
or as intuitive for young people out there,
that allowed you to thrive?
What people saw in you that,
were they always you know,
when there was an opportunity for more leadership,
they essentially said,
"Hey, we think that's a job for Anne Finucane"?
- Yeah, actually I don't think it went that way.
I'm usually not like the immediate thought
because I am little bit of an outsider.
But I'm a lifelong learner,
I am curious, I enjoy other people.
So I'm perfectly willing to absorb your knowledge
and then see if I can apply mine to it,
and see if we can get to something better.
So I think that makes a difference.
And over time I don't like crisis,
and we've had plenty of them.
So in mergers and acquisitions
that sort of feels like a very acute moment,
and that probably is for me when I'm at my best.
So maybe that means I'm a little flaky otherwise,
but I like being able
to apply lots of thinking,
lots of reading, I read all the time.
The experiences that I've had and others,
try to aggregate it.
Take complicated things and simplify them
and let's see if we can make them better.
And like I said,
I enjoy working on a team.
And I believe in creativity,
and I believe creativity doesn't come from one source.
I think it comes in all different manners
and from all different people.
- Yeah, yep, and I mean well I think
one of the interesting things you said,
which I think it definitely resonates,
is in a time of crisis I think people are realizing,
and that's when you get to see people
and who they really are,
and I think people have probably seen something in you,
your ability to handle that well.
And I mean related to that,
this is actually J.R. Foster is asking
a lot of good questions from YouTube,
"What are some leadership skills
"that you've developed over the years,
"that you know they might not teach
"in business school, so to speak?"
- Read, I think that's a very underrated skill, read.
And it turns out a lot of people don't read.
And then read broadly.
I mean read the news of the day, read literature.
Try to pursue what you may not be particularly good at.
I'm not very good at science but I think it's interesting,
and I read about science and medical issues.
So it's the ability to have the humility to read and learn
what you're not particularly good at,
and combine it with what you like.
So I think that's huge, reading.
Listening, I think listening is way underrated.
And as it turns out,
the further up the food chain you go
the less people seem to listen.
So if you're not the one always talking,
and you're listening, and you've been reading,
and you can aggregate a lot of information,
and you can simplify it,
those are leadership skills I don't think anybody teaches,
but for me, they've been what's gotten me through.
- That's very powerful.
On the equity side of things, from Facebook,
we have this question from Kristine Xu asking,
"How are you, and the team at Bank of America,
"thinking about issues of equity in regards
"to access to capital that have been
"potentially exacerbated by this crisis?
"Thank you for your time."
- Well, I think this Paycheck Program
is a pretty good example of it.
If 98% of the people that can get this small business loan
are small businesses that have under 100 people,
that is an important step
to making sure you're repairing the country,
because that is what America looks like,
small businesses with under 100 people.
So I think it's important that,
on this program by the way,
that the money runs out when the need runs out.
And we've had two triages,
the first one was for $350 billion,
that money ran out in two weeks.
This new one that went online yesterday,
at $310 billion, is gonna run out.
And I think that Congress has to reallocate more money
until everybody has been served
and we can get businesses,
so the idea is that you are able to pay people
the next 2 1/2 to three months,
while you may not be able to actually run your businesses.
So when that point comes when you can go back to work,
or reopen your business,
the individuals that have been working for you
have been paid along the way.
So it's 75% a paycheck,
and like 25% is rent or mortgage,
or the kinds of things, the overhead,
that you would have for that.
That's one way of thinking of it.
The other is to always try to be fair in your fees,
to try to have programs like Better Money Habits,
where you're literally trying to educate people
on how to improve their FICO score, rent versus buy,
what kind of mortgages might be available to people
versus for first-time buyers, et cetera.
So you know we are the largest consumer bank in the country.
We're the second largest bank,
but the largest in terms of we're the largest
small business lender, for instance.
We have a very big portfolio in the LMI community,
meaning the low-to-moderate income communities.
And that's evaluated by the government and everyone else,
so we have an outstanding rating
from the government on that.
And it's being good at those programs.
I think we were very good at them for many years.
I think the financial crisis
was not only a low point for the country,
but a low point for Bank of America.
I think we took that in,
I think we were chastened by it,
we made many changes in the bank.
Whether it's from the really prosaic things
like looking at fees and services,
to what we were to offer in terms of lines of business,
not having overdrafts...
At point-of-sale.
So just trying to do everything you can think of.
Like laying out everything you do as a company
and saying, "Is this fair?"
So we still need to make money.
Credit cards are not free,
there are interest rates that go with them.
If you write a bunch of checks
and they're you know all overdrafts,
you will pay for that.
If you don't have the money to pay
for something at a point-of-sale,
you know it won't be able to be bought
because you don't wanna take that overdraft charge.
You don't wanna keep running up bills
that you can't afford to pay.
- Right, and I think it's an important--
- So those are some of the things that we're doing.
- Yeah, no, no. - Sorry.
- That's incredible.
And no, no, I mean it's amazing
how many questions are coming through.
And whenever we're having a good conversation
the time seems to go incredibly fast.
If you have a couple of minutes,
I mean there's a lot of questions.
People are obviously curious about the economy itself,
and you have a very unique vantage point.
And you have from Facebook, Marta Wyngaard,
"Is this a crazy time to buy a house?"
Krish Shah, from YouTube,
"Should we be investing in the market,
"since the markets are down?"
Morakinyo Olugbile,
"Is this a good time to refinance a mortgage?"
So that all goes into this category of you know
people are just you know should you freeze,
should you act, should you just wait for things to play out?
What are the scenarios of how this economy might play out?
You talked about it a little bit.
Sounds like you're expecting hopefully some normalization
in the back half of this year.
- Yeah, fourth quarter is probably the beginning
of the normalization.
So you know first of all,
because it's a health crisis it's very hard to predict
when the states will open,
when the cities will open,
and therefore, when the businesses will open,
so we're kind of following along.
But presuming that, we're looking at
at least some of business opening,
and I'm talking about small businesses,
opening in the summer
and perhaps schools opening in September.
We do see normalization, of some sort,
in the fourth quarter.
And then, as I said, in 2021 we see things improving.
So overall down in 2020 at about 6%,
and about the same up in 2021.
So is it a good time to buy a house?
Well it's a good time to buy a house
if you already have a house in mind,
you have the down payment,
you are still employed,
you think you will be employed.
So if all of those things are in place,
it's a good time to buy a house.
It's not a good time to buy a house
if you didn't have all that in place
and you just think,
"Wow, maybe it would be a good time to buy a house."
Because housing prices, the theory would be
that housing prices will go down.
They might go down a little bit,
but I said earlier something that's unusual,
which is there's not a big glut
of available houses on the market,
and that's when they really go down.
So might there be a reduction in housing prices?
Yes, because someone may wanna sell their house
because they already wanted to sell their house.
But I don't think it will be pervasive.
Another question was about the market, buy or sell now?
Well you wouldn't sell in a down market
if you can help it, that's for sure.
And I listened to Mellody yesterday
on buying when the market is down.
I don't give investment advice,
so I don't think I should start now.
Other than to say,
I still say live within your means.
I don't do too much myself in the middle of a crisis,
in terms of buying or selling,
and I guess I wouldn't recommend it.
- Yeah, and I'll just triply underline
your live within the means.
I grew up in a household,
you know we used to reuse paper towels,
and I actually only later learned
that wasn't normal behavior.
We used to always dry out our paper towels after using it,
'cause you know my mom made
maybe $16,000 a year as a cashier.
But that lesson, I think if you have
that kind of financial resilience,
it pays a lot of dividends well beyond timing the market,
or getting in on some amazing investment opportunity.
That's great if that happens,
but it's really about what you, yeah.
- I'll tell something I am thinking about,
which is we have been working very hard
on the Sustainable Development Goals
for the last several years.
And I don't want other companies,
or our company, and we won't,
lose sight of the importance of that.
So we're the largest underwriter of green bonds,
we're a big issuer of green bonds.
And green bonds are like municipal bonds,
they're kind of boring.
They pay a low interest rate
but they have very low volatility.
And the idea behind a green bond
versus a municipal bond is that,
at the end of the duration of the bond
you have to demonstrate that it did some environmental good.
So just to use a truly prosaic example
is the City of Los Angeles.
A bond was issued for them
to change over their lighting to LED lighting,
and this is a few years ago.
Now that's, okay, that's a good thing to do.
But in doing it they lowered their energy bill
and they were able to pay the bond off kind of easily,
because actually, in the longer term,
their electricity bills are lowered,
it's better for the environment.
And that kind of innovative thinking,
we don't wanna lose sight of that in a time like that,
and that sometimes happens.
But I don't think it will this time.
It's kind of in the DNA I think
of Americans to start thinking about this.
So we're thinking about it
and not losing sight of how to help on affordable housing,
or how to help on the environment,
or how to help on education.
Because these things will be here six months from now,
two years from now,
and there will be a vaccine at some point,
people will be vaccinated,
there will be remedies for this.
And these larger, big, issues don't go away.
And unless we continue and invest in them
they only will worsen.
- Yeah, and maybe related to that,
just to finish off on a high note.
Obviously, this is a strange time
for the whole planet right now.
There's a lot of bad news out there
on the healthcare front, on the economic front.
You know dream a little bit,
could there potentially be some silver linings?
Could there be some things that we come out of this crisis
maybe a little bit better than when we went in?
Any ideas on your side?
- Yeah, I have a lot of thoughts around that.
First of all, I think people are,
you know many people are working from home.
So the ability to sort of engage with your family
in a way that you have,
and for a long time, is really important.
And also an appreciation for those people
that are not working at home,
that are on the front lines in a critical job.
I mean the people that we have in the banking centers,
whether we're making sure they have protection,
and gloves, and masks, and bringing in their lunch to them,
and that sort of thing.
You just start to appreciate
those people that are on the front line.
And I think about the medical community
and all they're doing.
I think sometimes with take these things for granted,
doctors, nurses, EMTs,
we don't take them for granted anymore.
In the same way that you didn't take
firefighters and the police after 9/11,
you looked at people differently.
I think this is an opportunity
to look at things differently.
Obviously because we are driving less the use of...
Cars on the road has been reduced,
so there's been a little bit of,
if even it's even incremental improvement,
in greenhouse gas emissions.
So those are a couple of good things
that I think are worth noting.
- Yeah, no I think that's a great one.
And that first one that's alluding to maybe
we all feel a little bit more gratitude
for those around us,
and a gratitude for what we've had,
and maybe what we still have,
that even though things are tough
and very tough for a lot of folks.
Well, Anne, thank you so much.
This was you know a really fun conversation.
I hope you're willing to do this again.
There's so many questions here,
it would be nice to draw down that backlog at some point.
But thank you so much.
And thank you for being such an incredible supporter
for Khan Academy through the years,
around financial literacy
and especially through this crisis.
- Well, Sal, thank you.
And thank you for all you do.
You know you've been a great partner for us
for the last several years.
As I mentioned earlier,
your videos have actually changed
how we think about financial literacy.
And actually what we think about what people wanna know.
So we look forward to continuation with you as a partner
and all that you're doing.
And thank you for everybody that tuned in today.
- Thanks, Anne.
So I just wanna say-- - Take care.
- Thank you everyone for joining.
That was another super fun conversation
with someone that I've, as I mentioned,
view as a mentor and really look up to
and have learned a lot from.
And hopefully I think y'all have
gotten a lot from her as well.
Stay safe, stay healthy.
I will see everyone tomorrow.
And remember, we are not-for-profit.
If you're in a position to do so,
please think about making a donation
to Khan Academy so that we can support
many tens of millions,
or actually hundreds of millions,
of learners around the world.
Thank you so much.