Behemoth Builder Warns of Looming Jobs Crisis

Published on
May 27th, 2019
Duration
67 minutes

Behemoth Builder Warns of Looming Jobs Crisis

The Interview ·
Featuring Art Bilger

Published on: May 27th, 2019 • Duration: 67 minutes

Art Bilger sees a jobs crisis on the horizon. Over the course of a career that took him from Drexel Burnham Lambert, to private equity behemoth Apollo, to Akamai Technologies, he met some of the most brilliant people in the worlds of finance, media and technology. In this interview with Alex Rosenberg, Bilger shares some incredible stories from his career, and explains how the lessons he learned have led him to advocate for a new way of thinking about employment. Filmed on March 27, 2019 in New York.

Comments

Transcript

  • NI
    Nate I.
    2 June 2019 @ 05:36
    Good interview. I was happy to hear someone (other than me) calling BS on the low unemployment narrative. A so called "tight labor market" is complete nonsense with 62.8% participation. There is a standing army of prospective employees not seen in 40 years. I don't agree that technology is a culprit. Technology has created more jobs than it has eliminated. I believe the biggest driver is the race to the bottom brought on by central bank largess/interference in markets. When I started in the workforce (1970s), management was eager to embrace new ideas for better products/services that would delight customers. Fast forward 40 years and now it's about cutting corners and lowering costs. I believe that's a consequence of central bank rate suppression that encourages financial shenanigans in lieu of product development. As Charlie Munger says, so me the incentives and I'll show you the outcome. When someone invented the shovel, it eliminated some hole digging jobs but the hole diggers moved on to bigger and better things. Labor saving tools raise the standard of living in the absence of perverse incentives. That would be just as true today with new forms of robotic automation and computers were it not for the race to the bottom. I would ask Art to give that some thought and consider modifying his list of four drivers.
  • SA
    Stephen A.
    30 May 2019 @ 17:18
    Very distinguished guest for sure. I have huge respect for junk bond people. This guy certainly has a very interesting background. Some commenters below complain about the extensive coverage of his background but his background is actually the highlight of the interview and I am glad they spent so much time on it. I was a bit underwhelmed by the host. "Post -agrarian period" really?!? Apparently before the millennial, everybody was planting rice with stone tools on the fields. What the hell, dude? While we are at it, yes, I fought in George Washington's army as well....
  • BS
    Bill S.
    30 May 2019 @ 17:13
    I may be in the minority, but I have plenty of time to take a journey with long-tenured financial players and listen to their tales. RV represents a rare opportunity to provide engaging long format interviews with “positive convexity”. Some guests may tell better stories than others, but there is a delete button for a reason. When the host has parallel experience with the guest, magic happens. I welcome RV’s willingness to seek out a diverse set of hosts and guests. BTW, I also cut the cord with MiB, mostly due to the host’s incessant bloviating.
  • EN
    Eric N.
    30 May 2019 @ 08:55
    Alex, as he said, wanted the viewer to get an idea of where Art is coming from, and then maybe move on to discuss what's happening today. When Alex in the conversation asked a question skipping ahead in the timeline a little, Art continued where he left off instead, and told the entirety of his story without really being asked to do so. It makes me think that Art went into the interview with a set of expectations which, as it turned out, didn't fully align with what he was then confronted with once he was there. From that, it seems he used RV as a plattform for his own idea of what it stands for, rather than to enrich the plattform that RV already is, with how RV can use his insight - which would have undoubtedly been valuable. While it is Arts brain that was picked, Alex wasn't there as an mere enabler for great history to unfold, he was there to direct the path of the conversation, and in my opinion Art disregarded that role.
  • TC
    Trevor C.
    29 May 2019 @ 22:38
    not my favourite
  • SS
    Sam S.
    29 May 2019 @ 16:26
    Brain Storm!
  • WG
    Wade G.
    29 May 2019 @ 16:15
    I liked the interview and guest better than others expressing comments below, which to me honestly, seem sort of harsh, but I think I appreciate where they're coming from. No, this wasn't the most productive use of an hour+ of my time, but it was easy to listen to, and I picked up a few things. Maybe the description could have better helped listeners understand what they were getting into with just a few tweaks. Calling it auto-biographical, conversational, meandering, whatever. The title "Behemoth builder warns of looming jobs crisis" was probably not well chosen. Nevertheless I appreciate the guest and interview, thank you.
  • DM
    David M.
    29 May 2019 @ 08:03
    This interview prefectly embodies why I stopped listening to Bloomberg/Barry Ritholz's 'Masters in Business' podcast. Super long self indulgent walks down memory lane are for auto-biographies. RealVision can do better than this filler content.
  • GT
    Guillaume T.
    28 May 2019 @ 18:49
    Nice talk, Really give a perspective of how the retirement crisis is going to be affected. Looking forward to see how a young generation is going to stay nice and respectful enough over a old generation who have been selfish over lots of issues. Get ready old man( or young man). It's gonna hurt.
  • SU
    Shakeel U.
    28 May 2019 @ 14:29
    This interview is worth watching, Alex Rosenberg I thought was very good.
  • WB
    William B.
    28 May 2019 @ 03:06
    I think he could have said everything in about 3 minutes.
  • Hv
    Hannah v.
    27 May 2019 @ 23:59
    Well, that was an underwhelming ramble thru first-person-singular-name-drop land. But it’s only the first meh interview of the 100s I’ve listened to here. Hopefully it’s a one of. Love Alex, tho.
    • GM
      Gary M.
      29 May 2019 @ 02:55
      Agreed. Wish I had read the reviews first. Wasn't worth watching.
  • BM
    Bryan M.
    27 May 2019 @ 22:43
    I found the background stories quite entertaining actually.
  • TM
    Tom M.
    27 May 2019 @ 22:21
    The other obstacle in retraining people is their IQ. This is rarely talked about issue but one that makes retraining impossible in many situations, especially when it comes to new intellectually demanding jobs.
  • HH
    HODL H.
    27 May 2019 @ 20:23
    Best quote at a pair 21 minutes left, “My kids were going to the best private schools in Los Angeles and 5 minutes down the road it was a much different situation” So learning about education technology is imperative. Nice! For people unfamiliar to Los Angeles, that school is likely Harvard Westlake and it costs ~50k a year to attend, grade school is about 40-50k.
    • HH
      HODL H.
      27 May 2019 @ 20:28
      But Mike Milken’s so is on the board at the Brentwood School, so could be that school as well. About the Same price of admission though.
    • DS
      David S.
      28 May 2019 @ 08:12
      Two things you can try to give your kids are health and the best education that they can achieve. In an ever more rapidly changing world, why not invest in your children health and education up to your ability. DLS
  • ER
    Edward R.
    27 May 2019 @ 20:08
    Great interview..... This topic is exactly what I wrote about in my MBA dissertation at the University of Toronto back in 1963!!! I wish Art and all those involved in WorkingNation the best of luck!! Ted R.
  • HH
    HODL H.
    27 May 2019 @ 19:41
    Great video, but definitely biased towards Mike. The whole enterprise and others like it should have put more people in prison.
  • RA
    Robert A.
    27 May 2019 @ 16:26
    Sorry, but I think this one set the RV World’s record for a guest talking about his background. When it is a first time guest a maximum of 5 min (3 min maybe better) of their background is good so that we can know what weight to give their advice/thoughts. I am rarely negative about anything RV puts up for us, but to listen to this guy (as credentialed and talented as he may be) drone on about himself for most of the piece is just not a good use of our time. Don’t know if Milton got lazy on the Production equilibrium or the only way you could get the guest on was to promise him he could wax poetic about himself for 2/3 of the piece. I think Art had some excellent thoughts once we got to the Protein part of the segment, but really guys you needed to watch this one all the way through once from our point of point.
    • RM
      Robert M.
      27 May 2019 @ 20:28
      Even the 'protein part' was rambling and minimally informative. I understand from it that his non profit Working Nation makes stories of people learning how to do a new job. So yes RV, tighten up your production and don't waste our time. Get to the nub, say it clearly and simply then stop the tape.
  • RR
    Rex R.
    27 May 2019 @ 08:45
    Glad to see Alex Rosenberg back on RealVision! Alex is lively and interested in his discussion subjects!!
    • DS
      David S.
      27 May 2019 @ 18:51
      The five thumbs down seems harsh. It would be interesting to see some comments as to why. DLS
    • AR
      Alex R. | Real Vision
      27 May 2019 @ 21:08
      Thanks DLS but really guys, no comments needed...
  • GM
    George M.
    27 May 2019 @ 08:42
    This was absolutely Grade A