Salient to Investors:
Alan Patricof at Greycroft said:
- Real unemployment is worse than the data because it does not include the large number of part-time workers. Manufacturing usually employs far more than tech companies, but the tech business is so robust with thousands of start-ups.
- We are in a transformational economy with an entrepreneurial surge from incubator companies formed by unemployed workers happening all over America, and in England and France and all over the world. Most big company CEOs have no sense of this fervent activity which will be job creative but it does not happen overnight.
Leo Hindery at Intermedia Partners said:
- Real unemployment is horrible. There are two Americas: 90% of US wage earners have not had a real wage increase since 1967.
- The 8% of women in manufacturing is 1/3 of what it needs to be to sustain this economy absent a credit bubble, and to match the vibrancy of the German economy
- Facebook employs only 3500 people. So if you work in tech you think it is swell but if you live in Dayton Ohio it is not swell.
- We are rebuilding credit bubbles in housing and autos.
- Trickle down does not work.
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