eBay CEO on Latest Innovations

" Fox Business alert on the same day that America votes and Warren Buffett puts 44 billion into an all in wager on the US economy another company. Also taking a big gamble on its future Internet auction site each day. Making changes that you buy things online -- expanding its PayPal unit across the Internet but also the top concern of voters. Is still the economy does that concern my next guest. John Donahoe is the president and CEO of the united giant joins Wright and mr. did you. And an afternoon daylight to be here on bled away the country and various states are going you guys to profit big if they just auctioned off everything on site how close. Why I don't know we're. We're seeing some stabilization. And consumer behavior and both across or eBay and PayPal businesses. Consumers are are being very thoughtful with their dollar. Buys searching for great deals and and and finding that. Yeah item they want but that we see we don't -- cautiously optimistic about the economy as we go into the fourth quarter of the holiday season. Now wasn't fascinated by -- John because you guys can benefit and a good nor weak economy it is gradually economy because. I guess they are -- goes of people are really hard up they just auction gremlins Rangan put an army that whatever but. But whatever it's it's benefited hi how long do you see that happening."

" Why you know I don't think anyone benefited. From a really poor economy have last fourth quarter where people simply stop buying things. But what -- benefits from is when people are looking for great deals. The lowest prices in the -- is clearly has the lowest prices on line. And they're looking to get. Every mile further dollar and and and that happens on eBay where -- someone instead of buying a new Blackberry maybe buys a refurbished Blackberry instead of buying a I knew a brand name computer that by private label net book and you -- offers the greatest collection to do that. On your predecessor Meg Whitman. Wants to be California's next governor. What is it that happens to some see as I don't know if you've got the blog and wears its politics politics."

" Miguel I can assure you I definitely don't have that but you don't announce some but I won't say. I will say that maybe it was a great CEO and I think magma and make a great governor of the state of California. I our citizens -- be lucky to have her all right. I guess it's it it's it's fairly tight race right there now but that. The prevailing wisdom seems to be that Republicans in general. Haven't been able to capitalize not across the board -- a lot of key places. On this notion of the economy is struggling precisely because as you animated John there are signs that maybe it's not struggling anymore. On or as much --"

" Well I think what we're seeing -- is in the technology sector which is the one I'm most -- Innovation is leading. There were economic recovery. And so technology companies are coming at the front end of that recovery because technology is no longer no longer -- discretion are adamant that essential. And let me give you an example of some of the innovations that we're doing that I think what help drive economic growth. Today we announce that we are opening up our PayPal. Platform. And we are the first payment system in history. To open up our platform. On we just described per minute what that means. Think about PI found. The iPhone was a platform that opened up. Eighteen to 24 months ago. And since that time hundreds or tens of thousands of applications have been built on top of the iPhone. That if created. That have created innovations and and and use cases. That no one would have imagined. A good example is. The eBay application on the iPhone will do half a billion dollars of volume this year. That's about it that I -- presented at least that's about his second the government spend -- probably -- that gets it. That's for a it's. Except this is healthy profitable spending. And and that's not a divisive didn't exist the two years ago and -- application didn't exist a year ago. By opening up the PayPal platform we believe that what you will see is thousands if not tens of thousands. New use cases aren't paid Peltz built ten. -- let me give you know and I have always -- my job -- coming -- hits as heartbreak that comes up here but agenda I want to thank you very very much and I'm busy. Election night at that for stopping by. I'd done the the day. CEO very good at."