Your State of the Union Prep: Economic Outlook for 2011

The Commonwealth Club hosted a private, off-the-record panel discussion on the U.S. and California economies, prior to the member’s-only Bank of America/Walter E. Hoadley Annual Economic Forecast luncheon on Friday, January 21, 2011. Panelists included former U.S. Representative and California State Finance Director Tom Campbell, former Semiconductor Industry Association President George Scalise, Public Policy Institute of California economist Dr. Jed Kolko, and Brian Riley, managing director of Merrill Lynch.

In light of the expected focus by President Obama on jobs and economic growth in tonight’s State of the Union address, we thought some of the ideas and observations of the panelists last Friday might be of interest. Because the session was not for attribution, we have not identified the individual sources of the observations below.

• In California, increases in output are still outpacing employment growth. The latest statistics on California unemployment rates show a recent rise: the jobless rate in the state now stands at 12.5 percent.

• The semiconductor industry experienced 30-percent growth in the past year, and technology and electronics remains California’s largest export industry. There was 10-percent growth in both the film and tech industries overall. But with the manufacturing companies mainly investing in capacity overseas, the future picture is not so rosy. In the longer term, based on decisions that have already been made and are being made, the growth and the jobs will occur outside of California and much of that outside of the United States.

• The federal budget deficit is extremely worrisome. Currently 38 percent of our budget is borrowed. The national debt has escalated to $45,000 today for each person in the United States. This is about triple what it was in the mid-1990s. Investment by business, particularly by small businesses, is driven by future profit expectations; large federal budget deficits increase uncertainty about the future stability of the economy. The result — businesses invest less and thus hire fewer workers. This, in turn, impedes the economy's recovery.

• The budget deficit must be addressed through Social Security and Medicare means-testing, probably also through cuts in defense spending. Unfunded pension liabilities must also be addressed.

• One thing the federal government could do to encourage businesses to hire employees would be a moratorium on costs to hire new employees, for a year. The cost of a new hire now is $10,585 in addition to salary, with required benefits and other costs imposed by regulation.

• The government must create incentives for companies to build their facilities and base their business in the United States. A five-year tax holiday for companies would have a dramatic impact. The economic activity caused by the resulting job creation would compensate for the lost tax revenue three to four times over.

• There is $1.8 trillion of cash on hand in the private sector. Economic policy needs to take the appropriate steps to increase confidence and certainty, such as reducing the deficit and creating incentives for businesses to expand and do it here in the United States.

• The industries that have been hurt the most will be the sites of most growth in the future – e.g. housing construction.

• Expanding sectors will include professional business services. Health care and nursing will be important, due to the aging population.

• Agriculture is still the largest industry in California, but government policy is getting in the way. The limits of access to water (federal regulations) and labor (immigration) are limiting the growth of this industry.
• The underfunding of higher education in California is a serious threat to our long-term leadership in technology, medicine and the other fields in which the United States and California have been so successful.

R. Sargent Shriver's 1963 Peace Corps Speech to The Commonwealth Club

R. Sargent Shriver, the Peace Corp's first leader and a longtime public servant, passed away earlier this week. We wanted to share with you a speech he gave to The Commonwealth Club of California on October 11, 1963, in which he discussed the volunteer organization.

Below are two scans from a 47-year old copy of The Commonwealth, the official magazine of The Commonwealth Club. Click on the images below to view them in larger size; you can print them out for clearer viewing, if you wish.

First sheet:

Second sheet:

Remembering L. Jay Tenenbaum

The Commonwealth Club of California lost a treasured member of its Board of Governors January 16 when L. Jay Tenenbaum passed away in Woodside, California. He was 87.

A retired investment banker, Tenenbaum contributed greatly to the Club, chairing or serving on its development (fundraising) committee and its annual dinner committee. He was generous with his time and effort and, in the words of one Club executive, was a "gung-ho fundraiser" ready to call potential supporters of the Club and bring new people into the fold.

Tenenbaum joined the trading and arbitrage business of investment firm Goldman Sachs & Co. in 1953, and he was made a partner in 1958. He remained head of trading & arbitrage until 1976 and became a limited partner in San Francisco.

Writing on Forbes.com, Robert Lenzner noted the loss of Tenenbaum, his former boss at Goldman Sachs in the 1960s. "Tenenbaum was an assiduous master to his apprentice, and I honor his crucial role in my development here in this writing," wrote Lenzner. "He chose to retire early and to become a pillar of San Francisco activities like the San Francisco ballet and his beloved Commonwealth Club, where he played a key role."

He made his presence felt throughout San Francisco. A former vice chairman of the San Francisco Ballet, Tenenbaum served on its board for 28 years. He also served on the boards of KQED and the Stern Grove Festival Board. He was San Francisco's deputy chief of protocol from 1992 to 1996. And for the past 12 years, he served on the Commonwealth Club's Board of Governors.

Tenenbaum majored in mechanical engineering at Vanderbilt University. He was a 1st lieutenant in the 10th Mountain Division during World War II and held the Silver Star, the Bronze Star, and 2 Purple Hearts. Serving in Italy, he earned one of his purple hearts when he was shot in the same engagement that saw the wounding of future Senator Bob Dole, who served in a neighboring regiment.

An avid tennis player, he had a clay court at his house where he liked to invite friends to play. His love for the game extended to his support for Youth Tennis Advantage, a group that taught inner city children to increase their skills and self-confidence through playing tennis.

We are sad for the loss of this local treasure, but we're heartened by the knowledge of all of the things he did for The Commonwealth Club and the people of the Bay Area.

San Francisco Giants' Bruce Bochy, Brian Sabean at Commonwealth Club in February

Fresh off their World Series-winning season and right before heading to spring break to defend their title, San Francisco Giants manager Bruce Bochy and senior vice president and general manager Brian Sabean will appear together at a special Commonwealth Club of California event on February 3.

Photo courtesy of the San Francisco Giants

The noontime program will be moderated by Roy Eisenhardt – a man who knows a thing or two about Bay Area baseball, having served as president of the cross-bay Oakland A's.

Don't miss this opportunity to meet up close the two men running the team that brought the World Series trophy to San Francisco for the first time.

For more information and for tickets, visit our web site.

Video of Secretary of State HIllary Rodham Clinton

U.S. Secretary of State Hillary Rodham Clinton addressed Climate One at The Commonwealth Club of California in San Francisco on Friday, October 15, 2010. Here's the video:

Hillary Clinton Photo Slideshow, from 10-15-10 at The Commonwealth Club

U.S. Secretary of State Hillary Rodham Clinton's visit to a Climate One program of The Commonwealth Club of California in San Francisco last Friday is presented in photos in the slideshow below. Photos by Ed Ritger and Sonya Abrams.

U.S. Treasury Secretary Timothy Geithner to Speak at Commonwealth Club Silicon Valley

Over the weekend, The Commonwealth Club of California announced that U.S. Treasury Secretary Timothy Geithner will be speaking to the Club on Monday, October 18, in Silicon Valley.

Secretary Geithner will address the Obama administration’s proposals to help get more Americans back to work and help reinforce long-term growth at home as well as efforts to build a more stable financial system and to strengthen the global economy.

Don't miss this chance to get up close and personal with one of the most important figures entrusted with getting the nation’s economy back on track.

Generation Know

By Sally Schilling

Generation Me, Generation Y, Generation Q, iGeneration, Echo Boomers, Millenials, etc…

If you were born between the years 1980 and 2000, you belong to a generation that has been very difficult to define.

New York Times columnist Thomas Friedman has labeled this generation Generation Q, the “Quiet Americans.” Friedman argued that while students are increasingly engaged in service programs like Teach For America, they are not getting loud about our current crises.

Schwarzenegger, AB32, and the Future of California's Environmental Commitment

California Governor Arnold Schwarzenegger is coming to The Commonwealth Club September 27 to highlight the anniversary of AB32, the state's landmark climate-change legislation.

Schwarzenegger will be heading up a program of The Club's Climate One series, which focuses on bringing together people from across the political spectrum, from business to environmental movements and beyond, to address climate-change issues.

He has spoken at The Club for each of the past few years to mark AB32, but this year the discussion should be most poignant. The climate-change bill is the subject of withering criticism from conservative politicians who are arguing that the state should focus on jobs first, then the environment. But Schwarzenegger has been a vocal proponent of using climate-change initiatives to create green jobs and industries.

What does he think of his party's candidates in the fall election who are campaigning on plans to restrict climate-change legislation? Will they undo his legacy? What about Proposition 23?

This is a don't-miss program.

Photos: Commonwealth Club's Annual Dinner Gathered Bay Area Leaders

The Commonwealth Club's 107th Anniversary and 22nd Annual Distinguished Citizen Award Dinner brought out the local stars on April 29, 2010. Gathering at the Palace Hotel in San Francisco, attendees ranged from former U.S. Secretary of State Condoleeza Rice to California First Lady Maria Shriver. Honorees included Jack O'Neill, Dr. Bill Rutter, The Honorable George P. Shultz, Charlotte Mailliard Shultz, and Brad Bird.

Here's a photographic overview of the evening:





For more on the dinner, visit the Commonwealth Club's Annual Dinner home.

What's at Stake in California Higher Education Challenges

By Allison Vale

Recently, the University of California system was honored by Global Green USA with the California Environmental Leadership Award. While certainly an admirable achievement, the award highlights the potential for tragedy for public higher education in California – long a national leader, but one with an uncertain future.

Again and again, the problem stems from a greater statewide crisis. The University of California has lost $813 million in state support. Yes, the university system needs more money, but where is this money going to come from?

HD Video: California Higher Education in Peril

California's higher education system is facing severe financial strains, challenging its ability to provide widespread, high-quality education.


On June 16, 2010, the Commonwealth Club of California hosted an expert panel at its San Francisco headquarters. Club President and CEO Dr. Gloria C. Duffy moderated a panel that included Charles Reed, chancellor of California State University; Jack Scott, chancellor of California Community Colleges; and Mark Yudof, president of University of California.

Together, they gave a candid look at the problems facing the public higher education system here. "It's not raining; it's storming," said Dr. Reed.

Watch the video above to see a fascinating discussion about what the schools do well, how they're funded, what the options are, and what the higher education system means to the people, politics, and economy of California.

San Francisco Mayor Gavin Newsom Quizzed by Gloria Duffy

This past year has been a one of big transitions for San Francisco's second-term mayor, Gavin Newsom. When he sat down at The Commonwealth Club for a conversation with Club President and CEO Dr. Gloria Duffy on April 7, lots of people were just as interested in hearing his thoughts about his bid to be the state's next lieutenant governor as they were in hearing his comments about San Francisco.

Finalists for the 19th California Book Awards

The following books are finalists for the 79th Annual California Book Awards. The winners will be announced April 19th and will be celebrated in an Awards Ceremony on Thursday, June 3, 2010.

George Shultz & Charlotte Mailliard Shultz to Be Honored at Commonwealth Club Annual Dinner

The Honorable George P. Shultz, former U.S. secretary of state under President Ronald Reagan, and his wife, California and San Francisco Chief of Protocol Charlotte Mailliard Shultz, will receive The Commonwealth Club of California's Distinguished Citizen Award.

They will receive the award at the Club’s 22nd Annual Distinguished Citizen Award Dinner, which will take place April 29, 2010, at The Palace Hotel in San Francisco. The Club is honoring George P. Shultz and Charlotte Mailliard Shultz for their decades of service on the local, regional, national, and international levels.

Leaving the Bay Area where he had served as President of Bechtel Corporation since 1975, George Shultz served as President Ronald Reagan’s secretary of state from 1982 to 1989. Before that appointment, he served as labor secretary and treasury secretary during the Nixon Administration and as a senior staff economist on the Council of Economic Advisers during the Eisenhower administration. Regarded as one of the preeminent political minds of our time, Secretary Shultz played a pivotal role in the most precarious and delicate international issues facing the United States during his day, including the Cold War. In 1989, he was awarded the Medal of Freedom, the nation's highest civilian honor. Today he offers his insights on global political and economic policy as a distinguished fellow at Stanford University’s Hoover Institution. In 1997 The Commonwealth Club of California honored Secretary Shultz with the Distinguished Citizen Award, along with former Secretary of Defense William J. Perry; Secretary Shultz is the only person to receive the Club’s Distinguished Citizen Award twice. The author of five books and numerous academic articles, he has taught at a number of prestigious universities, including the Massachusetts Institute of Technology, the Chicago Graduate School of Business, and Stanford. He earned his Ph.D. in industrial economics from the Massachusetts Institute of Technology in 1949. He received his B.A. in economics from Princeton University in 1942, joining the US Marine Corps that same year.

Together, the Shultzes constitute a dynamic and accomplished team of devoted San Franciscans. Serving in the volunteer position of chief of protocol for the State of California, it has been Mrs. Shultz’ job since 2004 to promote California on the global stage. To accomplish such a task, she has planned a multitude of events to highlight the many facets of the state’s economic and cultural life, from its technological capabilities and cosmopolitan business hubs, to its environmental diversity and scenic attractions. In her additional role as chief of protocol and director of special events for the City and County of San Francisco, Mrs. Shultz has served seven different mayors of San Francisco in a similar function, organizing, among other events, the visits of numerous foreign dignitaries to the Bay Area. Mrs. Shultz is no stranger to either civic involvement or civic honors. She is widely acknowledged as responsible for having revived the San Francisco Symphony’s Black and White Ball, for which she served as chair in 1982, ’83, ’85 and ’87. Currently she serves on the boards of the San Francisco Ballet, the San Francisco Museum of Modern Art, the War Memorial Performing Arts Center, the World Affairs Council of Northern California, and The Commonwealth Club of California. She has been named the State of California Woman of the Year and received the United Nations Association of San Francisco’s Eleanor Roosevelt Humanitarian Award for Lifetime Achievement.

Also being honored at the annual celebration are Jack O'Neill, founder and chairman of the board of O’Neill Wetsuits; Pixar Animation Studios' writer and director Brad Bird; and Dr. Bill Rutter, chairman and CEO of Synergenics. As leaders and innovators, these distinguished citizens embody “The Spirit of California” in creative, technological, civic, entrepreneurial, environmental, and, increasingly, global contexts.

Visit our web site for more information on The Commonwealth Club's 107th Anniversary and 22nd Annual Distinguished Citizen Award Dinner.

Funding California's Massive Transportation Needs in the Future

Nearly 300,000 cars cross the Bay Bridge every day. So, when some of its support rods failed and 5,000 pounds of steel and concrete came crashing down during rush-hour traffic last week, serious concern was in order. The six-day closure of the span for emergency repairs not only inconvenienced commuters and stressed the rail and bus system, it called into order close scrutiny of our aging infrastructure.

Transportation issues in California are as expansive as the state itself. Structural safety, unstable terrain, environmental laws and an ever-growing population have stretched our current system thin. Compounding all of these issues is, of course, funding, and furthermore, deciding where to spend it in the nation’s third-largest state.

At an October 29 Commonwealth Club panel discussion about California transportation, the overarching theme was the need for involvement at all levels (see photo of panelists). “This issue is not one to speculate on capriciously at cocktail parties,” said Therese McMillan, deputy administrator for the Federal Transit Authority. “It’s serious.”

The population of California is expected to double by 2050, meaning upgrades, along with maintenance on structures like the 73-year-old Bay Bridge, are crucial. Revenues have decreased, meaning that more public money is needed, something that is not a popular message during an economic crisis.

How to secure funding has brought up some questions. More fuel-efficient automobiles have helped drivers save at the pump and keep smog levels at bay, but revenues derived from fuel taxes have decreased. “We’re not advocating that everyone go back to gas-guzzlers,” said Norma Ortega, Interim Chief Financial Officer of Caltrans. “But this reduced funding means less for maintenance.”

The option of public and private partnerships (PPPs) is a popular method to bring in revenue, but it will still come with a hefty price tag to taxpayers. Steve Heminger, executive director of MTC (Metropolitan Transportation Commission), said that such partnerships can only address part of the problem.

“PPPs will play a small role. Many advocates try to use it as a replacement, but it’s a tool; a small wrench compared to the big hammer we need,” he said. “There’s no one from Goldman Sachs who wants to pay for this. It’s going to have to come from public [sources].”

No matter which way the issue is viewed, it involves the attention of public and private sectors on a very pragmatic level. An increased population leads to the need for improved management of demand, rather than simple expansion of the existing system.

“We have to prioritize with limited money,” said Ortega. “The funding picture for California is such that decisions must be made on a regional level.… The challenge with the legislature is that funds don’t get spent quickly; they get tied up for years.”

And when we need money to fix things, we need it immediately, as illustrated with the emergency repairs on the Bay Bridge. February’s federal stimulus bill gave the state about $2.5 billion to spend on transportation and the opportunity to apply for funding for projects such as high-speed rail, but it was a one-time grant, which doesn’t augment the loss of transportation funding.

“Here in the Bay Area, we anticipated the stimulus bill and acted to allocate the money two weeks after we got it,” said Heminger. “But we had to just pick the meat-and-potatoes projects – pave some roads, get new signs, buy some buses, that sort of thing.”

As the economy rights itself, some transportation experts believe the attention of the public and leaders is crucial to ensuring the proper allocation of funds and oversight of our transportation authority.

“The challenge with infrastructure investment is that it’s something we’re in for decades,” said McMillan. “We’re not able to respond as quickly or nimbly as we need to be. The question now is whether we can build flexibility into a system.”

--By Heather Mack

California's Solar Power Leadership Role -- An Economic Strength?

Things are shaping up to look a lot brighter in the Golden State. Going against a downward national trend, clean energy leader California is on a streak to more than double installation of solar energy systems during 2009, far more than any other state in the nation.

Even during the worst phases of the economic downturn, installations in California have risen. Taking full advantage of federal stimulus money and the Solar Investment Tax Credit, California holds the majority of solar patents and has proven to be committed to clean up its act and lead the country on sustainable energy. Installations are projected to jump 120 percent this year, compared with a 27-percent global decline.

Technology research house iSuppli expects 350 megawatts worth of solar systems will be installed in California during 2009, while the rest of the country is expected to install only 132 MW in that same time. The trend is expected to continue to 2010, when California photovoltaic installations, in terms of megawatts of power generated, would increase another 68 percent, while solar panel installations around the world grow 54 percent.

In a late September visit to the Club, Gov. Arnold Schwarzenegger expressed his support for solar energy and outlined key strategies that are keeping California ahead on energy issues, touting the state as a national and global leader on environmental politics. The governor’s visit marked the third anniversary of AB32, legislation that catapulted California to worldwide leadership in green economics.

"Leaders from around the world are coming to California to see all the innovation and excitement that is going on in our state," Schwarzenegger told the audience during his speech at the Fairmont hotel. "A wave of green innovation is washing over our state now."

The governor also recently signed an executive order to direct the California Air Resource Board to adopt regulations increasing California’s Renewable Portfolio Standard to 33 percent by 2020. The order upholds the state’s leadership in environmental policies and builds on AB32 goals by ensuring California will have the ability to use renewable energy sources.

And all that clean technology could be helping to pull California out of its economic slump as well. "Fighting climate change is not just about the environment; it’s also about seizing an incredible economic opportunity," said Schwarzenegger. "Since 2005, green jobs in California have grown 10 times more than any other jobs.”

President Obama has expressed the desire to pass a climate bill that not only creates new American jobs but also continues offering incentives that spur innovation, so California can serve as an example of how such goals are implemented.

"One hundred fifty years ago, it was the industrial revolution that changed the world and ushered in a new era of prosperity," said the governor. "But now, today the green revolution will do exactly the same."

--By Heather Mack

(Photo courtesy NASA.)

Commonwealth Club Names Pioneering Businesswoman Dr. Ruth Shapiro First "Social Entrepreneur in Residence"

SAN FRANCISCO (September 28, 2009) --- Following the momentum generated by The Commonwealth Club’s annual dinner earlier this year honoring three Bay Area social entrepreneurs, the Club has officially named Dr. Ruth Shapiro its first Social Entrepreneur in Residence. After having successfully launched several socially responsible businesses herself, including the Hong Kong-based Asia Business Council, Dr. Shapiro will now contribute to the Club’s ongoing mission of creating and developing positive social change at home and abroad.

“Venture capital firms often have entrepreneurs in residence, who work on their own ideas and help foster entrepreneurship within the firm. We believe that model also applies to the non-profit world and social entrepreneurship. We are delighted that Dr. Ruth Shapiro, herself a seasoned social entrepreneur who has started several programs and organizations, will take on this role,” said Club President and CEO Dr. Gloria Duffy.

“The term social entrepreneurship is used widely today but few would define it in the same way," added Shapiro. "The Commonwealth Club applauds social innovation. This year, the annual dinner celebrated the work of three funders -- Bill Draper, the Skoll Foundation and Google.org -- for their landmark efforts to promote social entrepreneurship and innovation. The Club realizes, however, that more public awareness of social innovation models and approaches would go far to increase public support and, ideally, increase funding and activity in this area.”

As the social entrepreneur in residence, Dr. Shapiro will focus on three tasks. First, she will orchestrate a year-long series of programs, including talks by social entrepreneurs, funders, academics, and corporations, focusing on social entrepreneurship. As in the venture capital model, Dr. Shapiro will also work on the business plan for her own non-profit start-up, which will focus on the relationship between business and society. She will also help The Club find new and entrepreneurial ways to promote its goal of educating the public on a wide-ranging set of issues and subjects.

Dr. Ruth Shapiro has built several successful businesses around social missions. Her latest and largest achievement was to create and run the Asia Business Council, a Hong Kong-based membership organization of top CEOs in Asia, committed to sustainable economic development. As its founder, Dr. Shapiro raised the startup capital from private foundations and individuals, recruited key chief executives to develop the initiative, and built the council into the organization it is today. On a day to day basis, Dr. Shapiro oversaw the council’s strategy, management, membership, program and finances. Through this work, Dr. Shapiro gained expertise on issues such as corporate social responsibility, scenario planning, education, training and innovation, corporate governance, energy efficiency, trade policy and regional economic growth.

Before creating the Asia Business Council, Dr. Shapiro worked in the field of international development. In this capacity, she held various management positions and established new program areas at the Academy for Educational Development, and the Harvard Institute of International Development and Global Outlook.

Dr. Shapiro, a Palo Alto resident, recently relocated back to the United States after living in Hong Kong and London for the last six years. She holds a doctorate from Stanford University and Masters degrees from Harvard University and George Washington University. She completed her undergraduate work at the University of Michigan.

For more information or to schedule an interview with Dr. Shapiro, contact Riki Rafner, director of media and public relations, at 415-597-6712.

Schwarzenegger Tells Commonwealth Club California Must Lead on Energy, Never Follow

In his third appearance at The Commonwealth Club of California in 13 months, Governor Arnold Schwarzenegger told a room of nearly 500 attendees that the state must always be a leader on fighting climate change and on generating economic growth from environmentally friendly activity.

Though his appearance focused on the third anniversary of AB32 -- legislation that set California on a path of being a national and global leader in green economics -- Schwarzenegger also touched on a wide array of topics, particularly during his question-and-answer session with Greg Dalton, director of The Commonwealth Club's Climate One program. When he was asked by a member of a fourth-grade class that was in attendance what advice he gives to his own children regarding the environment, the governor related his own upbringing in postwar Europe, where his family lived in a home without running water. As a result, he closely monitors the length of his children's showers and threatens to cut off the hot water after five minutes. He also makes his children make their own beds and do their own laundry.

From Republican gubernatorial candidate Meg Whitman's recent comments about rescinding some of his green policies, to discussing his desire to do anything possible to make the Obama administration (and future administrations of either party) successful, the governor shied away from no topic. He gave an impassioned explanation about the necessity of painful across-the-board budget cuts when an audience member questioned reductions in higher education funding.

To end the program, he was asked if, after he leaves the governor's office, he would consider holding a post in the Obama administration, being an international ambassador for green issues, or starring in a TV series about a California governor ("...like West Wing, only better..."). Schwarzenegger said he was open to all three.

We'll post the full video of the program here when it's available.

(Photos by John Zipperer)

David Letterman and the Commonwealth Club

(Image from CBS TV online video.)

Last night, President Barack Obama became the first sitting president to appear as a guest on The Late Show with David Letterman. (Obama had previously appeared numerous times while a senator and presidential candidate.) The appearance was part of the president's campaign to make his argument for his policies, chiefly health-care reform.

The appearance is getting a great deal of press attention, as you'd expect. But one throw-away line from the night was of particular interest to us here at The Commonwealth Club, and it made us wonder if Letterman and his staff are Club aficionados.

During the Top Ten List, the host read out the top 10 "reasons President Obama agreed to appear on The Late Show." The reasons ranged from the odd ("Heard the lady with the heart-shaped potato was going to be here" -- long story) to the political. But one of them resonated with us: Reason Number Seven: "Every president since Teddy Roosevelt has been here."

Well, we all know that the place that has hosted every president since Teddy Roosevelt is The Commonwealth Club of California, don't we? Roosevelt kicked it off by making the case in his Club speech for federal involvement in protection of common lands. Republican and Democrat, they've made their appearance here before our Bay Area audiences and -- through our national radio and internet arms -- before the whole country. So naturally we're looking forward to hosting a speech by President Barack Obama, and he's welcome to bring the jokes.