Libertarian love-in takes hold in LA

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May 07, 2024 View in browser
 
Global Playbook - Milken

By Suzanne Lynch

Welcome to Global Playbook, coming to you from Los Angeles where the Milken Institute Global Conference is in full swing.

Dancing till dark: Delegates were boogieing to the wee hours yesterday at the late-night Hilton bash where Jared Freid and Reggie Watts — best known as the band leader for the “The Late Late Show with James Corden” — along with singer Aloe Blacc, kept the revelers entertained.

Battle of the lines: It was celebrity central in the Beverly Hills Hilton throughout the day, with attendees forming queues to secure a spot at some of the coveted events.

While the line to see sporting legend David Beckham and Argentinian President Javier Milei began almost an hour before their sessions, the queue for Elon Musk — snaking through the hotel — knocked the others out of the park.

“You’re waiting in line just to wait in line at this point,” a firm but polite hotel official told hundreds of disappointed delegates, before pointing them to one of the (many) overflow rooms.

It’s the Musk show: During a softball one-on-one with Michael Milken, Musk expounded on some of his familiar themes. These ranged from warning against unfettered migration, predicting that Starlink will move the GDP of countries, and casting “plummeting” birth rates as a “civilizational risk.”

Bromance simmers: As predicted, Musk met privately with fellow libertarian Javier Milei, with both racing to publicize their meeting on social media. “Long live freedom, damnit!” extolled Milei as he posted a selfie of the two. Musk recommended investing in Argentina.

The buzz around the appearance of the two controversial figures will do little to dampen suspicion that the Milken Conference has become a safe space for outliers on the right (reminder: Donald Trump pardoned Michael Milken from his conviction for securities fraud in the early 90s).

Beckham’s streaming dreams: Meanwhile, David Beckham played it straight in his session, focusing on his entertainment ambitions. Discussing the recent Netflix documentary “Beckham,” the football legend revealed that his in-house production firm Studio 99 had about “10 or 11” documentaries on the slate.

HIGH ENERGY

CLIMATE CONUNDRUM: Some of the big names in the United States climate and energy sectors have been taking to the stage at Milken, with things getting interesting Monday.

Politics meets Big Oil: Top White House climate official John Podesta and Energy Department loan programs office director Jigar Shah went head-to-head with oil CEOs, POLITICO’s Blanca Begert reports, touting the Biden administration’s climate policies.

Tackling the climate problem: Chevron CEO Michael Wirth made it clear he didn’t like the government’s approach to climate policy. “The best way but also the most difficult way to accomplish this would be just to have a price on carbon,” he said. But Shah defended the administration’s stance, highlighting the role that government subsidies have in getting clean technology off the ground — name-checking Elon Musk’s Tesla, which received a loan in 2009.

Rap on the knuckles: Democratic Senator Joe Manchin, co-author of the Inflation Reduction Act, expressed his disappointment over the Biden administration’s implementation of the law, arguing it’s too focused on electric vehicles.

“It’s already showing certain favors to EVs,” said Manchin, countering that it was supposed to equally boost all domestic energy, including hydrogen and fossil fuels.

WHEN GEOGRAPHY GETS POLITICAL

LIVEABLE CITIES: Carlos Moreno is best known as the man who pioneered the concept of the 15-minute city — the idea that people should be able to access all essentials like work, food and leisure within a 15-minute walk or bike ride. A Professor at the Sorbonne University in Paris, he’ll launch his new book, “The Fifteen Minute City: A Solution to Saving Our Time and Our Planet,” today at the conference.

“The idea is that we need a radical change to our lifestyle and our workstyle,” he explained in an interview. “The central paradigm of most of the 20th century — inspired by LeCorbusier — was “zonification” where there were residential areas, cultural areas, etc. Rethinking this, relocalizing work for example, has ecological, economic and social benefits.”

Urban warfare: But in this age of hyper-polarization, it seems that nothing can escape the culture wars. The 15-minute city concept has become a latest target for conspiracy theorists and climate change skeptics, who cast the movement as an attack on individual freedoms and part of an anti-car crusade.

Close to home: Moreno and his family have received death threats and abuse via social media and snail mail. “I am not a politician, I am not a candidate for anything,” he said. “Ultimately, it’s a small number of people who use social media to amplify their views.”

Us vs. them: The Colombian-born academic sees his unlikely emergence as public enemy No. 1 as part of a pattern that intensified during the Covid pandemic, when scientists and prominent climate campaigners elicited vitriol for their views (think Anthony Fauci). But he’s adamant he’ll continue his work, noting that cities from Paris to Portland, Cleveland to Buenos Aires have begun implementing the concept. “I think that speaks for itself.”

CHASING THE AMERICAN DREAM: Meanwhile, Harvard economist Raj Chetty is in town to highlight his work on how economic opportunity varies across Zip codes. Spoiler alert: where you’re born in the U.S. matters when it comes to economic and social mobility.

“What we’re finding is that the environment in which you grow up, the neighborhood in which you live, the people you’re connected to, the schools and colleges you go to — all these ultimately greatly shape your life trajectory,” he told Playbook. “You take a child and move that child to a different environment, you’ll see completely different life outcomes for those children.”

Digging into the data: Through the use of big data — from platforms like Facebook to anonymized tax records to census data — he’s leading a team at Harvard to understand the patterns that drive social mobility. “We’re basically trying to figure out based on that kind of big data: How do you make the American dream of upward mobility accessible to everyone?”

HOCHUL STIRS CONTROVERSY: Meanwhile, New York Governor Kathy Hochul waded into hot water Monday over comments she made during a panel discussion, reports POLITICO’s Nick Reisman. “Right now, we have … young Black kids growing up in the Bronx who don’t even know what the word computer is,” she said, sparking backlash.

OVERHEARD AT MILKEN

— Citadel CEO and Republican mega-donor Ken Griffin on the prospect of a Trump presidency 2.0: “The good news on the Trump side is the names being thrown about for his cabinet are really good people … I’ve seen a list of people that are interested in various roles. These are really good people.” (h/t Zach Warmbrodt)

— Argentinian President Javier Milei. “Argentina has all the conditions to be the new Mecca of the West … Help me — you, who are human progress incarnate — make Argentina the new Rome of the 21st century.”

— New York Governor Kathy Hochul on Columbia University’s decision to cancel its main graduation ceremony: “Disappointing. One thing I don’t want to do is have the lives of families and all the young people who worked so hard disrupted. I wanted them to have the benefit of walking across the stage. They earned it. This is a testament to the resiliency of our education system that we can allow these norms to continue.” (h/t Nick Reisman)

— Former United Kingdom Prime Minister Theresa May: “We need to be very concerned about the level of polarization that we see, because it isn’t just about people supporting one political party or another political party. It’s leading to an absolutism in our world — the idea that if you’re 100 percent with me, you’re an angel; if you’re 100 percent against me, you’re a devil.”

— SpaceX founder Elon Musk: “There’s almost no AI used in space exploration. I’m not against using it. We haven’t seen a use for it.”

SPOTTED

Rupert Murdoch making an entrance on Monday morning dressed in a navy suit and blue and white sneakers, along with his fiance Elena Zhukova

— Luxembourg’s Deputy Prime Minister Xavier Bettel sporting Union Jack socks

— Former U.S. Secretary of Treasury Steve Mnuchin embracing the casual look, wearing a soft blue sweater (cashmere presumably)

— Political pundits Kellyanne Conway and Van Jones. The D.C. power brokers may have different political perspectives (Conway was adviser to Donald Trump, Jones an Obama-era aide), but were seen hanging out together in the green room getting miked up before their session.

Obiageli “Oby” Ezekwesili of Human Capital Africa, former World Bank vice-president, in deep conversation with Dame Louise Richardson of the Carnegie Corporation of New York outside the boardroom

AROUND TOWN

ALL HAIL DOLLY PARTON: She may not be attending the Milken conference, but country legend Dolly Parton topped a poll of who most embodies the American dream at a session in the Wilshire Garden on Monday. The audience opted for the music star — with Milken founder Michael Milken coming in last. Ouch.

GRAB ‘EM WHILE YOU CAN: It was survival of the fittest along the executive corridor as delegates battled to nab one of the free bagged lunches that were lined up for attendees at lunchtime. To quote the movie “Crazy Rich Asians”: No one loves free stuff more than rich people.

A LITTLE BIT OF ZEN: Ease into the day with a morning mindfulness session, courtesy of MindTravel creator Murray Hidary this morning. Listen to the composer’s improvised live compositions through headphones as you reconnect with your inner self.

SAY HI TO ADAM: Adam — Richtech Robotic’s “Autonomous Dual-Armed Mixologist” — is busy mixing drinks for attendees this week. The robot, which has an AI Nvidia camera that can detect when people arrive and take their order, is deployed at the Oliver Wyman stand in the Hilton.

MILKEN UPSTART: It’s not just the Milken Institute Global Conference that’s attracting the big stars this week. A mile away at the Fairmont Century Plaza, the CogX Festival focusing on AI and transformational technology opens today.

AGENDA

— 8:30 a.m. A conversation with Minneapolis Federal Reserve boss Neel Kashkari

— 8:30 a.m. M & A: Moving On and Up. Anu Aiyengar of JPMorgan Chase; Perella Weinberg CEO Andrew Bednar; Ron Eliasek of Jefferies; EY’s Andrea Guerzoni; Alan Tannenbaum of BMO Capital Markets

— 8:30 a.m. Charting India’s emergence: Prosperous or Precarious? Harshal Chaudhari of GE Asset Management; Eric Garcetti, U.S. ambassador to India; CEO of Edelweiss Mutual Fund Radhika Gupta; Asha Jadeja, president of the Motwani Jadeja Family Foundation; S. Sriniwasan of Kotak Alternate Asset Managers

— 10 a.m. Ukraine: Present Perils and Future Prospects. Bill Browder, Hermitage Capital Management; Ilya Ponomarev, former member of the Russian legislature; Evelyn Farkas, McCain Institute; Dmitri Alperovitch of Silverado Policy Accelerator; Liev Schreiber, actor, director and co-founder of BlueCheck Ukraine

— 10 a.m. A conversation with Kevin McCarthy, former speaker of the U.S. House of Representatives

— 10 a.m. Europe: An Investor’s view. John Aylward, Sona Asset Management; Alex Baldock, CEO of Currys; Johan Brand, Kahoot; Klaus Hommels, founder of Lakestar and chair of the NATO Innovation Fund. Moderated by POLITICO’s Anne McElvoy

— 11:30 a.m. Lessons from America’s best-performing cities. Michelle Kaufusi, Mayor of Provo, Utah; Levar Stoney, mayor of Richmond, Virginia; Kirk Watson, mayor of Austin, Texas; Maggie Switek, Milken Institute. Moderated by POLITICO’s Eugene Daniels

— 1 p.m. A Conversation with Saudi Arabia’s Minister of Investment Khalid A. Al-Falih

— 2:30 p.m. Leaders in Sport. A conversation with Earvin “Magic” Johnson and Mark Walter

— 2:30 p.m. Future of Diplomacy and Statecraft. Meridian CEO Stuart Holliday; Eric Garcetti, U.S. ambassador to India and former Los Angeles mayor; Kevin Rudd, Australian ambassador to the U.S. and former Australian prime minister; Panamanian Ambassador Ramón E. Martínez de la Guardia; Elizabeth Allen, U.S. public diplomacy undersecretary

— 2:30 p.m. The Future of Europe. Michael Spence, professor and dean emeritus at Stanford Business School; Benedikt Franke, vice chairman and CEO of the Munich Security Conference; Benedetta Berti of NATO; Kinga Stanisławska, founder of the European Women in VC platform. Moderated by POLITICO’s Suzanne Lynch

— 2:30 p.m. AI’s Ethical Frontier: Responsible Regulation … by Whom? California Attorney General Rob Bonta; Rob Silvers, policy undersecretary at the U.S. Department of Homeland Security; will.i.am; Frankie Williams of DeepL; John Quinn, chairman of Quinn Emanuel Urquhart & Sullivan

— 4 p.m. The Evolving Landscape of Organized Labor. Speakers include Ron Burkle of The Yucaipa Companies; Chris Keyser, former president of the Writers Guild of America; Priscilla Sims Brown of Amalgamated Bank; Pete Stavros of KKR; Randi Weingarten, American Federation of Teachers.

— 5:30 p.m. Reception for Speakers and Sponsors, Wilshire Garden

Thanks to Peter Snowdon, Blanca Begert, Zach Warmbrodt and editor Sonya Diehn

 

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Suzanne Lynch @suzannelynch1

 

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