This was only a warmup for the action in the second panel discussion, however. This discussion featured Oppenheim, Weiss, Marty Lafferty from DCIA, and Michael Einhorn, author of Media, Technology, and Copyright: Integrating Law and Economics. This panel consisted mainly of Oppenheim (who developed the RIAA's litigation strategy) and Weiss lobbying verbal grenades at each other, while Lafferty and Einhorn tried to focus on what is needed to develop a business model incorporating copyright and P2P.

Oppenheim started the "discussion" by tossing out such neutral statements as:
* "Networks are built and exist for the trading of copyrighted works."
* "[The P2P] business model is to make money off the illegal activities of others."
* "There are far better delivery mechanisms available than P2P."

Weiss replied by listing a series of "myths" perpetuated by the recording industry against P2P, such as the use of the term "pirates" to refer to P2P industry leaders. He also went through the recording industry's long history of taking legal action against new technologies, starting with the phonograph, up through cassette tapes, radio, FM radio, cable, and now P2P. The battle, he said, is over who will control the technology, and given the recording industry's history of opposing technological advances, it would not be wise to give them control.

The day concluded with an address by Jack Valenti, chairman and CEO of the MPAA. The difference between Valenti and the previous speakers was striking. It started with his Hollywood appearance: pink dress shirt with a white collar, black tie, wide pinstriped suit, and a shock of bright white hair, combed back, that matched his bright white teeth. Valenti's presence also filled the stage more than any of the four-person panels. As this transplanted Texan spoke, his voice reminded me of what George W. Bush might sound like at 70 years of age. Valenti spoke of the impending crisis facing the motion picture industry with the advent of high quality, high capacity, high speed downloads. This could lead to a "dismal problem" for the industry within 18 months to two years. Thus, the MPAA is launching a multi-million dollar ad campaign to, among other things, educate parents that allowing their children to use P2P software can "put your computer and personal information at risk" from viruses, identity thieves, and the like. Also, children may be exposed to the "most squalid pornography." This fall, the MPAA will have worked with thousands of colleges across the US to implement codes of conduct for students to alert them to the copyright law and potential for violation in using P2P technology. They are also working with Junior Achievement to educate middle-schoolers regarding the basics of copyright law. Valenti concluded with his belief that this "country is built on private property, and if you can't protect what you own, then you don't own anything." In response to questions from the audience, Valenti said that the MPAA's current strategy does not include litigation against P2P users, but that it may in the future.