we were taught you have to be careful in a capitalist society because there is no bottom to the bottom. that $7.25 worker is actually underbid in the marketplace for wages less than $6, $4 an hour. there are domestic workers that getting a paycheck at all is kind of a gamble. they're not sure they're going to be paid at the end of a given week. so part of the reason why we fight for unions, worker centers and legal protections for workers is that in the market, there is no bottom. that's the whole point. we mitigate market impacts. >> and new york, of course, a place where still there's a relatively high percentage of work who are are unionized and on the cutting edge. ed ott, thank you so much. i'll be talking more with ed after the show for our web series "krystal continues." check that out when we post it later this evening on thecycle.msnbc.com. up next, some of the smartest b-school grads in the country