YouSaid · the spoken record

Linda McMahon

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47

first

2018-06-13

most recent

2018-06-13

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1

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1. “What tax policy was going to be, how they were going to be supported, was there going to be revenue to help them grow loans, if you will, to help them grow and start their businesses? So that's changed. And you'll see now, I believe, more growth.”

   2018-06-13 · Decoder with Nilay Patel · Recode Decode: Linda McMahon, U.S. Small Business Administrator (Live at Code 2018) · IDENTIFIED FROM THE TRANSCRIPT

2. “What's changing that is the view of optimism that you see from small businesses now that didn't exist even a few years ago. When I was, you know, I have been now to 39 states in the past year, and I've talked to over 700 business owners and business roundtable discussions. And without a doubt, they have talked to me about their level of optimism that they're growing, that they're going to invest, tax cuts was a big issue to them. And when tax cuts passed, the focus then became, believe it or not, a skilled workforce and we could probably spend a whole hour talking about the skilled workforce. So I think you were seeing Entrepreneurs at a time of not knowing.”

   2018-06-13 · Decoder with Nilay Patel · Recode Decode: Linda McMahon, U.S. Small Business Administrator (Live at Code 2018) · IDENTIFIED FROM THE TRANSCRIPT

3. “Well, I think that's what we are trying to do. SBA clearly in helping small businesses and entrepreneurs develop and grow those businesses will help to fill that gap. And we are seeing more of small businesses start. I think for larger businesses, I mentioned, you know, OTC a little bit earlier. UTC, not OTC, UTC up in Connecticut, and I think you see a lot of bigger businesses now that are branching out to take advantage, I think, of the tax laws, the new tax law for investment and for growth. And so I think that is another thing that you're going to see that is going to raise more businesses and have more businesses grow.”

   2018-06-13 · Decoder with Nilay Patel · Recode Decode: Linda McMahon, U.S. Small Business Administrator (Live at Code 2018) · IDENTIFIED FROM THE TRANSCRIPT

4. “Listen, I applaud all of the work that all of you do and on all of the opinions that are offered, and I think debate is good and healthy, and that's what our country is about.”

   2018-06-13 · Decoder with Nilay Patel · Recode Decode: Linda McMahon, U.S. Small Business Administrator (Live at Code 2018) · IDENTIFIED FROM THE TRANSCRIPT

5. “I have found on both sides that he's misquoted, and sometimes he does say things that he retracts and revisits upon looking at it again.”

   2018-06-13 · Decoder with Nilay Patel · Recode Decode: Linda McMahon, U.S. Small Business Administrator (Live at Code 2018) · IDENTIFIED FROM THE TRANSCRIPT

6. “Thank you for raising that issue. I don't find in my interaction with him that there is anything that he has said when I've been in his presence that was not true. I do think the media blows things out of proportions and twists things sometimes. And so I think we just have to parse through and find out exactly what it is he's saying.”

   2018-06-13 · Decoder with Nilay Patel · Recode Decode: Linda McMahon, U.S. Small Business Administrator (Live at Code 2018) · IDENTIFIED FROM THE TRANSCRIPT

7. “To live in that city or in that hub zone designated area, which normally are in cities, have to live there and work there in order for that contracting to be fulfilled. So it's growing the economic area and completing the diversity of that. So I think there are good programs for outreach for minorities, for women, as well as many other programs. I think we're seeing a lot of good growth. Our loan guarantees for this full-time part of the year compared to last year up about 5%. So that's good growth in the guaranteeing of those contracts, those loans.”

   2018-06-13 · Decoder with Nilay Patel · Recode Decode: Linda McMahon, U.S. Small Business Administrator (Live at Code 2018) · IDENTIFIED FROM THE TRANSCRIPT

8. “The Donald Trump that I have known even before he was president had great diversity in his companies and is well thought of for the diversity that he had within his companies. And as far as SBA goes, we have a very diverse environment, not only in the people who were working there, but in the small businesses. I mean, a lot of the programs I think about, as I said a moment ago, about a third of the loans go to women. We've had about 41% of the loans that went to minorities last year. We also have programs to do outreach to minorities. We have hub zone programs, which are in areas that need economic development, and the loans are going in there to help those areas get government contracts to help them grow. And what that does is there are people who have”

   2018-06-13 · Decoder with Nilay Patel · Recode Decode: Linda McMahon, U.S. Small Business Administrator (Live at Code 2018) · IDENTIFIED FROM THE TRANSCRIPT

9. “Wow, that's certainly a loaded premise to start with. I'd have to push back a little bit a bit defensively to say that some of your comments are clearly taken out of context. He doesn't call all Mexicans. He doesn't say all of that, but that's really how it's presented. But it has not affected my work at all at SBA because clearly and also”

   2018-06-13 · Decoder with Nilay Patel · Recode Decode: Linda McMahon, U.S. Small Business Administrator (Live at Code 2018) · IDENTIFIED FROM THE TRANSCRIPT

10. “And I think my credibility was there to run the SBA. I've been a big donor, and it takes money to run campaigns, and you have to contribute to the people that you think can be successful.”

    2018-06-13 · Decoder with Nilay Patel · Recode Decode: Linda McMahon, U.S. Small Business Administrator (Live at Code 2018) · IDENTIFIED FROM THE TRANSCRIPT

11. “Point ahead of the SBA. I'm just curious what your argument is for folks out there who are skeptical of the administration's ability to actually curb the influence of money in politics when they look at a lot of donors who end up in part at least kind of having access to people in power. What's the best argument you can make to skeptics who say that the administration hasn't done enough to keep opportunities like heading the SBA open to a lot of people? Well, let me just suggest to you, not to suggest to you, but tell you what the president said to me when he called me in and asked me if I'd take on this job. And clearly I've known him for 25 years, but he said to me, he said, look, I want somebody who's actually built a business, who knows what that's like, who knows what it's about, who can walk the walk and talk the walk, who's had successes and failures. He said, will you consider running this agency? And I told him, yes. And I think he looked at me.”

    2018-06-13 · Decoder with Nilay Patel · Recode Decode: Linda McMahon, U.S. Small Business Administrator (Live at Code 2018) · IDENTIFIED FROM THE TRANSCRIPT

12. “If he was running against me, I'd have to vote for me. If he's running against maybe Stephanie McMahon, I might have to vote for, I wouldn't, not Mike.”

    2018-06-13 · Decoder with Nilay Patel · Recode Decode: Linda McMahon, U.S. Small Business Administrator (Live at Code 2018) · IDENTIFIED FROM THE TRANSCRIPT

13. “I think the key message to entrepreneurs is you have to take risk by entrepreneur by definition is a risk taker, but a moderate risk taker so that you're not putting everything on the line all the time. So you have to try to manage your downside, but you have to take risk and you have to not only look at opportunities as they come along, but you also oftentimes have to create opportunities. And so I think that's one of the reasons of WWE's great success.”

    2018-06-13 · Decoder with Nilay Patel · Recode Decode: Linda McMahon, U.S. Small Business Administrator (Live at Code 2018) · IDENTIFIED FROM THE TRANSCRIPT

14. “But now there are about 2.2 million subscribers to the network. It's global and continues to grow, so that volume has clearly not only made up for it, but surpassed.”

    2018-06-13 · Decoder with Nilay Patel · Recode Decode: Linda McMahon, U.S. Small Business Administrator (Live at Code 2018) · IDENTIFIED FROM THE TRANSCRIPT

15. “To, you know, it's now seen in 180 countries and translated by 25 languages. But it is that technological growth that really is the forefront. Like what's next? We have the WWE network, which OTT, 24-7, incredibly successful network, but that was a disruption in WWE's revenue flow because there were 12 pay-per-views and pay-per-view was one of the largest contributors shown on cable and satellite. And you would charge between 45, 50, 55 dollars. Those are the ranges I remember. So now the network, you subscribe to the network for $9.99 a month, and you get all the pay-per-views. That was a real disruption in paradigm shifting revenue. So it was a risk to take that kind of a risk.”

    2018-06-13 · Decoder with Nilay Patel · Recode Decode: Linda McMahon, U.S. Small Business Administrator (Live at Code 2018) · IDENTIFIED FROM THE TRANSCRIPT

16. “The news Well, in terms of WWE, and I'm not there, I'm not guiding, and I left in 2009, so there's things that I'm watching and talking to the folks who are still there. But it's like, okay, what is that next level that you're going to take you to? First of all, WWE had international growth.”

    2018-06-13 · Decoder with Nilay Patel · Recode Decode: Linda McMahon, U.S. Small Business Administrator (Live at Code 2018) · IDENTIFIED FROM THE TRANSCRIPT

17. “It was like a shockwave that went across. That was real news. Yeah, real news. We were correcting the fake news. Right, right.”

    2018-06-13 · Decoder with Nilay Patel · Recode Decode: Linda McMahon, U.S. Small Business Administrator (Live at Code 2018) · IDENTIFIED FROM THE TRANSCRIPT

18. “Clearly, yes, I was the first one to testify that it was entertainment and that it was scripted entertainment and the outcomes were determined.”

    2018-06-13 · Decoder with Nilay Patel · Recode Decode: Linda McMahon, U.S. Small Business Administrator (Live at Code 2018) · IDENTIFIED FROM THE TRANSCRIPT

19. “I was never interested in being in the technology business because it changes and goes too fast. You folks out there are creating it. God bless you. I have no ability to do that. It's expensive. It changes. And we wanted though to be able to utilize all of the platforms of technology. So our goal as content providers was to make sure that we could develop that content for all of the platforms so that our consumers could get it when they wanted it, how they wanted it, and on what device they wanted to get it on. So that has driven a lot of the continuing growth of our WWE. And it was so much fun and so fascinating to be there and be part to see a lot of that growth.”

    2018-06-13 · Decoder with Nilay Patel · Recode Decode: Linda McMahon, U.S. Small Business Administrator (Live at Code 2018) · IDENTIFIED FROM THE TRANSCRIPT

20. “Oh my goodness, it's just really exploded. Really exploded a great deal because of technology. WWE consumers are early adapters of technology. And we learned early on, I mean, the first sort of technology of them producing television, I wanted to communicate with our fans with a newsletter. And we were doing a print newsletter. I couldn't get it out fast enough. It became too expensive. I said, there has to be a way to do it. So I brought in AOL and CompuServe at the time and sat down and talked about how they could do that. We eventually made a deal with AOL. So we were one of the first big content providers on AOL, and we actually helped build up their subscriber base and got a piece of the subscriber fee. At first, it was good business for us, but it broadened our reach.”

    2018-06-13 · Decoder with Nilay Patel · Recode Decode: Linda McMahon, U.S. Small Business Administrator (Live at Code 2018) · IDENTIFIED FROM THE TRANSCRIPT

21. “Well, my husband Vince is third generation in this particular industry, and now our children are fourth generation in this particular industry. So Vince never wanted to do anything in his life except be involved in this industry to build the business. His father had a little northeastern regional promotion up in New England as far south as Washington. And so really it was his drive to want to be in this particular industry. We all have our strength. Mine was not the creative, innovative side of that, but clearly mine was to help manage how to execute it. People like me have to keep it on its axis, let's say, so it doesn't spin out of control. And it goes in the right places. And so that was really my role and my job.”

    2018-06-13 · Decoder with Nilay Patel · Recode Decode: Linda McMahon, U.S. Small Business Administrator (Live at Code 2018) · IDENTIFIED FROM THE TRANSCRIPT

22. “I think the conversations have to continue. And there is some middle ground to be reached, and we just have to keep reaching for that middle ground.”

    2018-06-13 · Decoder with Nilay Patel · Recode Decode: Linda McMahon, U.S. Small Business Administrator (Live at Code 2018) · IDENTIFIED FROM THE TRANSCRIPT

23. “He wants to keep illegal immigrants out. He wants to stop drug trafficking from coming in. And he really does believe, as other countries have seen success, you know, with walls, that we need a firmer border. There's walls, there's technology that's added to it. It's the whole thing, but we're not monitoring and policing our borders well enough. And it really breaks his heart and infuriates him all at the same time. When you see gangs that are coming in, and I'm not for a second saying majority of people who are coming in or gangs, but there are. I'm glad you're not. Clearly, and I don't believe that. I certainly don't believe that. Look, we're a nation of immigrants.”

    2018-06-13 · Decoder with Nilay Patel · Recode Decode: Linda McMahon, U.S. Small Business Administrator (Live at Code 2018) · IDENTIFIED FROM THE TRANSCRIPT

24. “Well, I think that the one thing the president has constantly said is for legal immigration. He is against illegal immigration. And he believes in a merit system, much like Canada has. There are points for skills and you can evaluate in how you move those people. And so it's not certainly turning a deaf ear or a blind eye to what the needs are.”

    2018-06-13 · Decoder with Nilay Patel · Recode Decode: Linda McMahon, U.S. Small Business Administrator (Live at Code 2018) · IDENTIFIED FROM THE TRANSCRIPT

25. “I think it should be a partnership with the private sector, but typically, you know what? Private sector leads. And I think that's typically how things get done”

    2018-06-13 · Decoder with Nilay Patel · Recode Decode: Linda McMahon, U.S. Small Business Administrator (Live at Code 2018) · IDENTIFIED FROM THE TRANSCRIPT

26. “By the way, I think this is the most fun time to be in business and technology and all the things that are happening. With AI, machine learning, and all of that. And we have to make sure that we as jobs are displacement by that increased technology, that we are reskilling and retraining that workforce to take different jobs.”

    2018-06-13 · Decoder with Nilay Patel · Recode Decode: Linda McMahon, U.S. Small Business Administrator (Live at Code 2018) · IDENTIFIED FROM THE TRANSCRIPT

27. “I was talking with the Under Secretary of Science last week or week before, and he was telling me a lot about these programs that they're working on. And he said, you know, you'll be pleased to know. He said that the president recommended and has authorized a 16% increase in our innovation studies and experimentation because he believes in what we need to do. So that was very good news for me to hear and to make sure that we do have our science division out of energy so continuing to focus on development of this technology, which I think is amazing.”

    2018-06-13 · Decoder with Nilay Patel · Recode Decode: Linda McMahon, U.S. Small Business Administrator (Live at Code 2018) · IDENTIFIED FROM THE TRANSCRIPT

28. “Of the leading edge, bigger companies in that regard, but they can help the smaller companies help develop that workforce.”

    2018-06-13 · Decoder with Nilay Patel · Recode Decode: Linda McMahon, U.S. Small Business Administrator (Live at Code 2018) · IDENTIFIED FROM THE TRANSCRIPT

29. “Well, let's take, for example, one company, UTC, that you might not consider just a tech company. It's in Connecticut. I know a little bit about UTC because I live there, but I happen to have been there last week and talked to the CEO Greg Hayes and actually SBA signed a partnership agreement to help them in their supply training because the supply chain of parts and materials come from small businesses generally into the large businesses. But one of the things that UTC is doing as a tech company to help develop more of its workforce is to retrain people who are already there to help them keep up with changing technology and also to work together with universities or other companies in apprenticeships and partnerships all to continue to develop this workforce. And I do think that that's where tech companies can be part of.”

    2018-06-13 · Decoder with Nilay Patel · Recode Decode: Linda McMahon, U.S. Small Business Administrator (Live at Code 2018) · IDENTIFIED FROM THE TRANSCRIPT

30. “Yeah, absolutely. I do think that government has a role in aiding to do that. And these development projects, I think, are incredibly important for help us stay on the cutting edge of what's going on in innovation because a lot of companies cannot put in the resources.”

    2018-06-13 · Decoder with Nilay Patel · Recode Decode: Linda McMahon, U.S. Small Business Administrator (Live at Code 2018) · IDENTIFIED FROM THE TRANSCRIPT

31. “Is all about innovation with technology. It manages a program for 11 agencies across the government. It's about $2.5 billion each of those 11 agencies have to put in about $3.2% of their extramural investments in technology and SBA manages that. And this is all for startups for technology development. These are some of the ways that government is actually helping to develop and continue to innovate. So you're really about big government.”

    2018-06-13 · Decoder with Nilay Patel · Recode Decode: Linda McMahon, U.S. Small Business Administrator (Live at Code 2018) · IDENTIFIED FROM THE TRANSCRIPT

32. “They support 17 labs around the country. They own 17 labs. You know, one of them is located in Livermore, Lawrence Livermore Lab, the Sandia Lab. So they are actually on the forefront of all of the technology discovery and development. So what they are doing is working more with the Small Business Community to make sure that those inventions, that technology that they're working on goes to small businesses so that it can be commercialized, so that it can actually be developed and applied. So when you have those labs that are government owned and government running like 30-some billion dollars a year going into that kind of research, we're going to continue to have the technological development. Also SBA, and we'll get around to answering your question. Then SBA has a program called SBIR, which”

    2018-06-13 · Decoder with Nilay Patel · Recode Decode: Linda McMahon, U.S. Small Business Administrator (Live at Code 2018) · IDENTIFIED FROM THE TRANSCRIPT

33. “Well, if I could digress just for a second and talk a little bit as to how government, especially through programs that SBA looks at, is able to help innovation in tech. I think I still believe that America needs to be the number one technology country in the world, and we need to continue to invest in that. So if you look at the Department of Science, which is part of the Department of Energy,”

    2018-06-13 · Decoder with Nilay Patel · Recode Decode: Linda McMahon, U.S. Small Business Administrator (Live at Code 2018) · IDENTIFIED FROM THE TRANSCRIPT

34. “Which is really good. We have 504 loan programs that's more for real estate and equipment. And these are lower interest rates longer term. And that's why these loans are attractive also for people who can't get them. We have a microloan program that we give grants then to typically 501c3 companies who then make awards. And that's up to about $50,000 per loan. And the average is about $14,000, a large portion of those loans are going to women also going to minorities to help start their businesses. So it's really giving a good platform for businesses to start.”

    2018-06-13 · Decoder with Nilay Patel · Recode Decode: Linda McMahon, U.S. Small Business Administrator (Live at Code 2018) · IDENTIFIED FROM THE TRANSCRIPT

35. “So the government guarantees a portion of these loans so that these entrepreneurs want to be entrepreneurs, sometimes those who are already in business, can get access to this capital to starter to grow. But I find that not only is access to capital key, but that mentoring program. And that technical assistance, if you will, I think is key to these entrepreneurs being successful. So there are several kinds of loan programs. The 7A's the most popular, and that was about our loan program, it's about $25 billion last year and about 30 to 33 percent of those did go to women.”

    2018-06-13 · Decoder with Nilay Patel · Recode Decode: Linda McMahon, U.S. Small Business Administrator (Live at Code 2018) · IDENTIFIED FROM THE TRANSCRIPT

36. “Well, they are. And SBA really, you know, our job is to counsel those who would like to develop businesses that counsel entrepreneurs, provide mentoring for them, to help them get government contracts because the government is the largest employer. They buy more goods and services than anyone in the country. And so there are government contracts. It's often small businesses have a niche to get in there, often as a subcontractor to a larger company. So we do those two things. Then we have a really robust guaranteed loan program, different programs, 7A program, which we provide guarantee loans to small businesses. Now, let me back up for a second. These are loans that Those that are applying for these loans can't get credit elsewhere.”

    2018-06-13 · Decoder with Nilay Patel · Recode Decode: Linda McMahon, U.S. Small Business Administrator (Live at Code 2018) · IDENTIFIED FROM THE TRANSCRIPT

37. “So I said, I would look at combining different agencies that could be one of them wasn't necessarily saying SBA should be combined under commerce. But I thought that if we have duplicative agencies and duplicative programs, we ought to combine them. And I'll tell you, there's sometimes there can be 270-some programs doing one thing in different agencies.”

    2018-06-13 · Decoder with Nilay Patel · Recode Decode: Linda McMahon, U.S. Small Business Administrator (Live at Code 2018) · IDENTIFIED FROM THE TRANSCRIPT

38. “So, what we were talking about really was how do we combine programs, et cetera? And there was President Obama had suggested that. Yes.”

    2018-06-13 · Decoder with Nilay Patel · Recode Decode: Linda McMahon, U.S. Small Business Administrator (Live at Code 2018) · IDENTIFIED FROM THE TRANSCRIPT

39. “Exactly. So talk about why you decided to do this. You're running, we're going to talk about WWE in a second and what being an entrepreneur is like, but you were running WWE successful business and lots of, we'll talk about the history of that, but when you were running, you wanted to take out the SBA and move it into commerce. And then when you were in front of Congress, you said, well Said that at the time because you thought you'd do cost savings. I think that was what you said in your testimony or something like that. But talk about how you conceived of going into the SBA and what it does because what do you feel like its role is”

    2018-06-13 · Decoder with Nilay Patel · Recode Decode: Linda McMahon, U.S. Small Business Administrator (Live at Code 2018) · IDENTIFIED FROM THE TRANSCRIPT

40. “It's about $6.7 billion last year, hurricane relief. I was just thinking about where that was. And as we're coming into the new season, we've already got stuff going on in Maryland with flooding. It's not just hurricanes, it's flooding. We haven't yet gotten any kind of reports yet from Hawaii for those disasters to be declared, if you will, so that we can move in. But SBA guarantees loans doesn't actually make the loans.”

    2018-06-13 · Decoder with Nilay Patel · Recode Decode: Linda McMahon, U.S. Small Business Administrator (Live at Code 2018) · IDENTIFIED FROM THE TRANSCRIPT

41. “All right, we'll get back into this, but let's talk about the SBA for a minute. You've targeted some certain things. One of the success areas you've had is in loans. To women, more loans to women, the hurricane relief, how many billions are going out?”

    2018-06-13 · Decoder with Nilay Patel · Recode Decode: Linda McMahon, U.S. Small Business Administrator (Live at Code 2018) · IDENTIFIED FROM THE TRANSCRIPT

42. “Well, I think a little bit like Brad said just a little bit earlier in your interview, I think there is a place for people to come together to have some compromise on issues. And I think we'll see more of that.”

    2018-06-13 · Decoder with Nilay Patel · Recode Decode: Linda McMahon, U.S. Small Business Administrator (Live at Code 2018) · IDENTIFIED FROM THE TRANSCRIPT

43. “Well, I think success is one of the things that's going to help moderate that a bit, and he's having success. This administration is having success. We just need to have more of it. But he's clearly, he pushes at his own pace, and I don't think that's going to stop. But I think the success factor will bring more people into that camp.”

    2018-06-13 · Decoder with Nilay Patel · Recode Decode: Linda McMahon, U.S. Small Business Administrator (Live at Code 2018) · IDENTIFIED FROM THE TRANSCRIPT

44. “Well, I would certainly like to see there to be more agreement that's going on, but I do think the president raises issues, he sticks with them and he pushes them forward, and he'll create disruption, but that disruption, I think, in the end is getting things done. I would like to see a little less rhetoric. I would like to see a little less at each other. But we are clearly accomplishing a lot and he is doing it.”

    2018-06-13 · Decoder with Nilay Patel · Recode Decode: Linda McMahon, U.S. Small Business Administrator (Live at Code 2018) · IDENTIFIED FROM THE TRANSCRIPT

45. “Absolutely, there's partisanship, but it's the nice part about being at SBA. Is that almost every member of Congress that I deal with says that SBA is probably the least partisan agency because everybody's concerned about small businesses helping the economy grow. So I do have a little bit of a unique position there.”

    2018-06-13 · Decoder with Nilay Patel · Recode Decode: Linda McMahon, U.S. Small Business Administrator (Live at Code 2018) · IDENTIFIED FROM THE TRANSCRIPT

46. “Well, I don't have any problem getting things done, and the president's getting a lot done. Clearly he's gotten tax cuts through. We've had a lot of regulation rollback. There are a lot of things on the table right now with the international diplomacy that he's working on, potential deal that he's looking at with North Korea. I think he's done an awful lot since he's been in office of contingents. He's one of the hardest working presidents, I think. We've had a long time in history. And he is indefatigable and really focuses on what he's doing, really cares about what he's doing.”

    2018-06-13 · Decoder with Nilay Patel · Recode Decode: Linda McMahon, U.S. Small Business Administrator (Live at Code 2018) · IDENTIFIED FROM THE TRANSCRIPT

47. “I've known the president probably about 20, 25 years. And he is really a consummate businessman. He really assesses the details pretty quickly. He has a real depth of understanding of the issues that he's dealing with. I think he brings good people around him. I'd say that. When you go in to sit with him to have a meeting with him, he expects you to really know your stuff. He's probative. Asks questions. He is a really good listener, and I think he gives good direction, at least that's been my experience.”

    2018-06-13 · Decoder with Nilay Patel · Recode Decode: Linda McMahon, U.S. Small Business Administrator (Live at Code 2018) · IDENTIFIED FROM THE TRANSCRIPT