Shelly Palmer talks about how to translate social media into money.

Google translates search into value – they can translate intention into currency.

Street Cred (Mommy bloggers) translate to wealth.

It’s important to see the new behaviors and currencies and translate it into currency and wealth.

There are Artists who suffer for their art and I admire that, but I don’t want to be one of them.

If your outside the system, the system sucks but if your in the system, like Jeff Jarvis or Rachel Maddow, then life is great.

But big media is best positioned to take advantage of new media. The idea of bubbling up talent and wealth has never been proven.

Program Directors, filtering content for you, isn’t always done well but it’s an art form.

The only differences between now and the past is the speed of distribution.

Social Media might be there for most people to “take over the world” but truth is, according to Shelly,is most people aren’t that good.

Shelly had a lot to say and he said it well, not all of it did I have a chance to write down.

Glenn Manishin is moderating this panel (standing).

Brock Morris, Center for Democracy & Technology. (far left in photo). When ever the government sees a new technology it decided when to reign it in.

Peter Corbett, CEO of iStrategyLabs (center of photo)- engage citizen innovation with an open data model.

Beau Phillips, Partner, CLS, (next to Glenn) thinks no one reads the online privacy TOS. We will probably end up see a new online privacy bill that will be tacked on to some piece of major legislation sometime this spring, yet few if any elected official will read the find print or even understand the law tjey will end up voting on.

Glenn said there is no actual rule preventing accidental disclosure of someone’s social security number.

Also Glenn pointed out that much of our privacy laws are based on Opt Out, not Opt In, as is the case in the rest of the world.

Weather your content is anon or not, there’s trademark and defamation lawsuits, and individual Bloggers don’t have the resources to fight, and would rather retract.

Law and Ligitation are used by for profit companies to create turmoil that ends up rasing prices for the consumer.

How about Obama’s Blackberry? We are going to see change from the bottom up.

FTC can now set up a process where comments on pending rules can be crowd sourced because technology is in place that was not 2 years.

A privacy law has been introduced which will probably pass this spring according to Beau Phillips (who has seen it but can’t comment on it’s specific contents) and it will most likely pass, in some form. But Duane Morris says it won’t be released for comments until it’s approved by a committee.

And that IS A PROBLEM as it’s typical, and how Washington has worked, that some get to see early versions of Bills, like this “privacy” bill, before the the rest of us can, and Duane thinks even Obama won’t be able to change this.

Also, when legislation is proposed, there’s Still no way to comment on each article of legislation.

Jeff Jarvis is in the house, talking about What Would Google do.

I took a video of the first 5 minutes of Jeff Jarvis’s talk today; as you might know, I read a lot of Jeff Jarvis’s posts, especially when he goes to Davos, Dubai, and when he talks about the future of Newspapers.

Jeff says he didn’t eat his own dogfood because his book isn’t free but he thinks ideas ought to be free, where ever they come from.

What would a Google Dinning experience be like (Google Eats)? (I answered you’d have to be exposed to ads as you eat, ha, ha, ha!). The audience had many ideas about this.

Consensus was a meal would be about Data.

Google Shops (a company built on people).

Next week, Jeff Jarvis will be at Google, about the book, but he hasn’t interviewed anyone from Google, and he thinks Google might dismiss some of his book, but, he thinks his book is about what others think, not what Google Thinks.