ILLINOIS DEMOCRATS POSTED GETTING BIG THINGS DONE AT THE ILLINOIS STATE FAIR THIS YEAR BUT IS THERE STILL A LONG WAY TO GO. JOINING US NOW IS ILLINOIS TREASURER WITH US GOOD TO HAVE YOU WITH US. MARK, GOOD TO BE WITH YOU. GIVE US AN OVERVIEW OF THE ILLINOIS ECONOMY. YOU LIKE OUT FOR THE FISCAL HEALTH OF THE STATE WHAT IS THE CURRENT STATE OF ILLINOIS PHYSICAL OUT LIKE. THE ILLINOIS ECONOMY IS GOOD. THERE’S A BIG BACKLOG OF BILLS THAT WE NEED TO PAY DOWN. ABOUT 6 BILLION. WE HAD A NICE CASH INFUSION WE WEREN’T EXPECT STING. IF YOU LOOK AT THE NATIONAL ECONOMY THERE ARE SIGNS OF A RECESSION. I THINK WE NEED TO CONDITIONS SUN TRAIT ON OUR BILL BACKLOG AND PAYING THAT DOWN. GIVE US A LOOK AT THAT. WHY ARE SOME ECONOMISTS LOOKING FORWARD AND HAVING SOME TREPIDATION ABOUT THE STABILITY OF THE ECONOMY. WHAT ARE THE WARNING SIGNS? . THERE ARE SEVERAL INDICATORS A LOT OF PEOPLE FEEL UNEMPLOYMENT IS LOW STOCK MARKET IS HIGH AND THERE’S NOTHING TO WORRY ABOUT BUT THE ECONOMY IS MORE COMPLEX THAN THAT. ECONOMISTS HAVE SEEN WARNING SIGNS. THERE’S NO GUARANTEE OUT THERE BUT I THINK THE TRADE WAR WITH CHINA AS THE PRESIDENT ENGAGED IN HAS NOT BEEN HELPFUL. YOU’VE SEEN THIS AROUND THE WORLD. THE GERMAN ECONOMY STARTED SLOWING AND THE ENGINE OR HEART OF EUROPE AND SO WE NEED TO BE CAREFUL. IT DOESN’T MEAN IT’S GOING TO HAPPEN BUT I THINK NOW IS A GOOD TIME TO START PLANNING FOR THE RAINY DAY. THE JOBS IN ILLINOIS ARE INCHING UP MAYBE A SEASONAL UPTICK PERHAPS BUT STILL NOT QUITE GROWING AS FAST AS MAYBE IT COULD. WHAT ARE SOME THINGS THAT ILLINOIS STATE GOVERNMENT IS DOING EVEN THROUGH YOUR OFFICE TO HELP SPUR OR INCENTIVIZE JOB GROWTH AND ARE THERE SPECIFIC SECTORS THAT YOU SEE MORE JUICE IN THAT YOU COULD GET MORE OUT OF? YEAH I THINK THERE’S THE TECH INDUSTRY. WE’RE PUTTING MONEY INTO ILLINOIS VENTURE CAPITAL AND PRIVATE EQUITY AND INVEST IN ILLINOIS START-UP COMPANIES. WE THINK IF WE DO THAT WE EARN A GOOD RETURN IN THE STATE. IF WE CAN HELP GROW ILLINOIS TECHNOLOGY EMPLOY MORE PEOPLE IN GOOD WAGES THIS HAS AN ADDED BENEFIT OF THOSE PEOPLE PAYING MORE TAXES INTO THE STATE. ILLINOIS HAS A LOT OF INVESTMENTS IN ITS PORTFOLIO. A LOT OF COMPANIES ILLINOIS STATE GOVERNMENT IS INVEST INVESTED IN YOUR OFFICE BUT WHAT ABOUT-FACE BOOK. YOU PUT OUT A PRESS RELEASE EARLIER THIS SUMMER A NUMBER OF STATE TRESH CHURCH REMEMBERS LOBBYING OR TRYING TO — TREASURER’S. INSTEAD MARK ZUCKERBERG WHY TRY TO REST CONTROL FROM HIM OR WHAT WAS THE ANGLE THERE? THIS IS A GOOD CORPORATE GOVERNANCE PRACTICE. MOST ALL THE COMPANIES LISTED ON THE STOCK EXCHANGE HAVE AN INDEPENDENT BOARD INDEPENDENT FROM THEIR C.E.O. THIS IS A GOOD PRACTICE BUT MARK ZUCKERBERG WANTS COMPLETE CONTROL OF THE COMPANY AND WE THINK IT’S CAUSED PROBLEMS THEY’VE REPORTED ON WITH FACEBOOK. WE’RE NOT SAYING HE NEEDS TO LEAVE THE COMPANY. HE CAN MAKE A CHOICE. IF HE WANTS TO BE C.E.O. OR THE CHAIRMAN WHO IS OVERALL THE BIGGER PICTURE BECAUSE WE I THINK IT’S THE SAME THING WITH THE GOVERNOR. OUR FOUNDING FATHERS CREATED CHECKS AND BALANCES. WE I THINK THAT PRODUCEES BETTER RESULTS IF YOU HAVE MORE PEOPLE AND MORE INDEPENDENT OVERSIGHT. CERTAINLY THE WILL ARE BEN FIGHTS CHECKS AND BALANCES BUT THERE ARE DIFFERENCES BETWEEN A PRIVATE ENTITY AND GOVERNMENT. I’M AWARE OF THAT BUT THAT’S WHY ALMOST ALL THE CORPORATE BOARD LISTED ON THE NASDAQ HAVE AN INDEPENDENT CHAIRMAN OF THE BOARD FROM THEIR C.E.O. IT MAKES GOOD BUSINESS SENSE. WE THINK FACEBOOK IMPLEMENTED IT AS WELL. A LOT OF THINGS THESE TECH COMPANIES YOUTUBE, ITUNES GOT THEIR START THROUGH THE U O.I. MAYBE A LOT OF PEOPLE AREN’T AWARE OF — SO WE’VE GOT TO A RESEARCH HUB THIS TECH DRIVER IN CENTRAL ILLINOIS BUT WE HAVE WARREN SAYING LET’S BREAK UP TAX. YOU CAME OUT THE FIRST STATEWIDE ELKT OFFICER TO ENDORSE HER FOR PRESIDENT. YOU WANT TO DRIVE HIGH-TECH BUT BREAK UPSTATE TAX. SHE’S SAYING THERE’S A PROBLEM WITH TECH. TECH IS TOO BIG. YOU’VE SEEN THIS. LIKE REPUBLICAN PRESIDENTS LIKE TEDDY ROOSEVELT. YOU HAD COMPANIES THAT WERE SO LARGE THEY WERE MONOPOLIES. THEY WEREN’T GOOD FOR OUR COUNTRY. THE GREAT THING ABOUT TECH IS IT’S BEEN A DISRUPTER AND YOU’VE HAD PEOPLE LIKE UNIVERSAL GRADUATES INVOLVED IN PAY PAL INVOLVED IN EBAY. U OF I GRADUATES CREATED THE WEB BROWSER NETSCAPE. AND SO I THINK YOU STILL WANT TO HAVE THAT INVASION. WHAT YOU DON’T WANT TO HAVE IS IT GETTING TOO LARGE AND STIFLING INVASION. IS THAT THE ARGUMENT THAT SOME ECONOMIC CONSERVATIVES OR MORE LIBERTARIAN ECONOMISTS WILL MAKE IF YOU TRY TO REGULATE BIG TECH YOU’RE GOING TO STIFLE THE SMALL GUYS ISN’T THERE ANY TRUTH TO THAT. I THINK PEOPLE HAVE DIFFERENT OPINIONS OUT THERE BUT I THINK BEING NIMBLE AND BEING SMALL NOT HAVING AVENUES BLOCKED BY LARGE CORPORATIONS I THINK SOME OF THEM BECOME SO LARGE THAT THEY REALLY ARE ABLE TO KEEP OTHERS OUT OF THE MARKET. THAT DOESN’T PROMOTE COMPETITION. IT DOESN’T PROMOTE INVASION. WHY ELIZABETH WARREN. I HAVE BEEN WATCHING THE CANDIDATES. I LIKE A LOT GOOD CANDIDATES BUT I THINK SHE IS SOMEONE WHO HAS A PLAN FOR MAKING AMERICA WORKING FOR EVERYONE. I PLAN TO SUPPORT THE MIDDLE CLASS. I THINK HER ISSUES WHETHER IT BE CURBING FINANCIAL SERVICE INDUSTRIES THE LARGE BANKS OR CREDIT CARD COMPANIES OR FIGHTING FOR CONSUMERS OR WHETHER IT BE COLLEGE AFFORDABILITY THESE ARE THINGS I WORK ON I LIKE HER PROPOSALS. SHE HAS CONCRETE PROPOSALS. SHEET NOT SOMEONE WHO THROWS OUT A COUPLE OF PHRASES AND OUR PRIMARY OUGHT TO BE ABOUT IDEAS. WE SHOULDN’T BE AFRAID TO SHOW THEM. THAT’S WHAT HAS WON HER OVER. SHE’S FROM MASSACHUSETTS CAMBRIDGE SORT OF HARVARD PART OF THE COUNTRY. DO YOU I THINK SHE CAN CONNECT IN RURAL AMERICA. SHE GREW UP IN RURAL OKLAHOMA. AND REPUBLICAN. AS A REPUBLICAN. SHE LIVED IN TEXAS. SHE SPENT MOST OF HER LIFE STUDYING THE HOLE LEAGUE OUT OF THE MIDDLE CLASS. SHE SAW THAT WITH HER FATHER AND HERSELF AND CHALLENGES OUT THERE. SHE HAS PROPOSALS TO DEAL WITH THESE. THAT’S WHAT WON HER OVER TO ME AND LED ME TO MAKE AN ENDORSEMENT SO EARLY. IF I RECALL I THINK A STORY YOU SHARED LAST YEAR AT ILLINOIS BRUNCH YOU YOURSELF ARE A DEMOCRATIC CONVERT ARE YOU NOT? YOU GREW UP REPUBLICAN. SURE. I GREW UP. MY MOTHER WAS REPUBLICAN. MY FATHER WAS A DEMOCRAT. MY FATHER APPS FATHER WAS AN F D.R. DEMOCRAT. HE GREW UP ON A DAIRY FARM. HIS FATHER DIED WHEN HE WAS YOUNG. HE HAD A PROBLEM. HE MOVED THROUGH THE GREAT RECESSION SHN. HE SAW DEMOCRATS BRING ELECT TRIES TOY RURAL HOUSEHOLDS AND FARMERS COULD SUPPORT THEMSELVES. SO I GREW UP IN A DIVIDED HOUSEHOLD. INTERESTING. AND IN A DIVIDED STATE I SUPPOSE. THERE’S SORT OF A POLL ALREADY RISED REGIONAL DICHOTOMY IN ILLINOIS WHERE WE HAVE DOWN STATE MORE RURAL MORE RED AND THEN DEMOCRATIC POWER SOURCE COMING THERE HOW DO YOU SPEAK TO THAT AS A LEADER IN THIS STATE ESPECIALLY KNOWING THAT THERE ARE SOME PEOPLE TRYING TO STOKE THE FEARS OF RESENTMENT RIGHT NOW? WHAT DO YOU SAY AS SOMEONE WHO IS SORT OF MAYBE MIGRATED OR EVOLVED OVERTIME FROM SOMEONE WHO IS YOUNGER IN ILLINOIS BECOMING A DEMOCRAT HERE? ARE YOU SAYING I’M GETTING OLDER NOW? EVERY DAY I DO. I’M SAYING YOU EVOLVED IN YOUR VIEWS AN MAYBE IF YOU GREW UP IN A FAMILY WITH REPUBLICAN LANE NEXT YOU SORT OF MIGRATED ONE WAY. CAN YOU LOOK BACK WITH CLEAR PERSPECTIVE HOW YOU DO TALK TO THAT PERSON? I WOULD SAY THE PARTIES HAVE CHANGED. THE PARTY I GREW UP IN THAT MY MOTHER SUPPORTED IS NOT THE PARTY THAT IS BEING LED BY PRESIDENT TRUMP TODAY. MY MOTHER WOULD TELL YOU THAT AS WELL. SHE’S CALLING HERSELF A REPUBLICAN BUT SHE DOES NOT AGREE WITH MANY OF THE THINGS THIS REPUBLICAN IS DOING. THERE’S ONE LAST PUSH AND HE SAYS IT WILL HELP TO FIX PENSIONS AND A LOT OF PROBLEMS THAT EXIST AND PERSIST AND THAT’S THAT PROGRESSIVE INCOME TAX ISN’T THAT A HEAVY LIFT KNOWING YOU NEED A 60% OF PEOPLE TO SUPPORT IT AND THERE’S A LOT OF BIG INTERESTS THAT ARE TRYING TO PAINT THAT PUSH AS A BLANK CHECK FOR INSIDER POLITICIANS WHO WILL TAKE YOUR TAX MONEY AND USE IT AS THEY SEE FIT. IS THAT A BIG BLANK CHECK OR DO YOU THINK THAT IS A LOT PROBLEM? I THINK THIS IS A GOOD WAY TO RAISE REVENUE FOR THE STATE. YES YOU’RE GOING TO BE UP AGAINST BIG MONEY. THEY’RE GOING TO TRY TO SCARE PEOPLE OUT THERE BUT I WILL TELL YOU THAT THE FAIR TAX THE VAST MAJORITY OF STATES THAT HAVE AN INCOME TAX HAVE DIFFERENT RATES. THEY’LL SAY THIS WILL BE PROBLEM FOR OUR ECONOMY. WELL, WE HAVE HAD DIFFERENT RATES AT THE FEDERAL LEVEL FOR OTHER 100 YEARS. AT THAT TIME YOU’VE SEEN PHENOMENAL GROWTH. OUR ECONOMY HAS DONE INCREDIBLY WELL. LOOK AT WHAT’S HAPPENED AT THE FEDERAL LEVEL AND OR STATES THAT HAVE DONE THIS AND LOOK AT THEIR LEVELS OF GROWTH AND DON’T FALL INTO SCARE TACTICS BEING EMPLOYED BY THE OTHER SIDE. TREASURER THANK YOU FOR BEING

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