Is Davos Still Relevant?

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Jan. 24 (Bloomberg) -- Bloomberg View Columnist Barry Ritholtz discusses the relevancy of this weeks World Economic Forum Davos, Switzerland on Bloomberg Television's "Street Smart." (Source: Bloomberg)

Welcome back.

We want to focus on the world economic forum underway in davos . we're joined for the hour again by barry ritholtz.

The question for this segment is, is davos relevant?

Let's ask barry.

Why are you not there?

It is an eight-hour plane ride and six-hour train ride.

I have stuff to do.

There are important people.

You get to shake a lot of hands.

Networking opportunities.

Unlike new york city, where there is nobody important.

Mayor johnson had a quote about going to davos.

He describes the for him as a constellation of egos involved in of self adulation.

There is something to that.

The filipino billionaire said something similar.

He said it is loaded with bloated self-importance.

I'm here to do business not save the world.

If someone promised me i could hang with bono, it might be worth the trip.

But i'm not going to spend all that round-trip time.

They have classes of areas.

I am not excited about being on the other side of the velvet ropes.

There's something to be said about these wealthy people talking about income inequality.

Nonetheless, robert shiller still thinks it is important.

That is what he told us.

Take a listen.

The business community is not always idealistic, but the people here are on the idealistic, socially conscious side of business.

That is the future, i think.

We need people like this.

Ok.

i love bob shiller.

He is one of my favorite yale economic professors, one of my favorite economists in general.

But it begs the question.

If you have the ability to make those changes in your company, you do not have to go to davos.

Marc made a good point.

He said if you really wanted to help society, why not hold it in a place -- why switzerland?

Why not detroit?

Security in davos is supposed to be outstanding.

They are concerned about protests and this and that.

If you really want to do good for the world, maybe you could hold it in a place --somewhere -- the food is great.

They hold the sundance film festival.

They do not take that to detroit either.

There are reason why these junkets -- why you get to go to these exotic, beautiful places and hobnob.

At sundance, they are not talking about income inequality.

Some of the movies are about income inequality.

A lot of deals are done at sundance.

I promise you more deals get done at sundance than davos.

Do you think davos is just a photo up or something gets done?

It does not hurt for people who do not get to see each other on a regular basis who are running companies and countries.

I do not want to be too negative.

It is fine they get to mix.

A lot of positive things come out of it.

At a certain point, it is funny

This text has been automatically generated. It may not be 100% accurate.

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