WEBVTT - An October Surprise

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<v Speaker 1>Broadcasting live from the Abraham Lincoln Radio Studio at the

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<v Speaker 1>George Washington Broadcast Center.

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<v Speaker 2>Jack Armstrong and Joe Getty.

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<v Speaker 3>Armstrong and Getty.

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<v Speaker 2>And now, here's Armstrong and Getty.

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<v Speaker 4>Democrats are waiting to see how al-Sayed will handle claims

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<v Speaker 4>that he's tied to the Muslim Brotherhood after this testy

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<v Speaker 4>exchange with a voter.

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<v Speaker 2>Will you disavow the Muslim Brotherhood? Sure.

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<v Speaker 3>Yeah, absolutely.

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<v Speaker 5>You're asking the question because implicitly you assume that I'll

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<v Speaker 5>have dual loyalties, right? You assume that somehow I wouldn't

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<v Speaker 5>disavow or that I'll have some higher order Allegiance to

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<v Speaker 5>the Constitution.

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<v Speaker 2>Correct. Tommy, is that what you want?

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<v Speaker 4>Former Obama staffers calling on El-Sayed to change his tone.

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<v Speaker 2>I thought it was good.

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<v Speaker 6>I think he could use like 20 percent less condescension

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<v Speaker 6>than the.

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<v Speaker 3>Slightly more empathetic version of that. Yeah, that's what I

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<v Speaker 3>was talking about earlier. I want to hear Lonnie Chen's

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<v Speaker 3>theory on this. Lonnie Chen, we have on regularly. He's

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<v Speaker 3>the David and Diane Steffi Fellow in American Public Policy

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<v Speaker 3>Studies at the Hoover Institution and the Director of Domestic

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<v Speaker 3>Policy Studies at Stanford University and an overall good dude

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<v Speaker 3>and smart guy. Lonny, welcome back to the Armstrong and

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<v Speaker 3>Getty Show.

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<v Speaker 6>Jack, thank you.

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<v Speaker 2>Good morning.

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<v Speaker 3>Which of the Sunday shows you're on? I watch them all,

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<v Speaker 3>so I have trouble keeping track of my head. Meet

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<v Speaker 3>the Press. You're on Meet the Press.

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<v Speaker 7>Cool.

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<v Speaker 6>Yeah, that's the one I'm on regularly.

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<v Speaker 3>Yeah, cool. So I said earlier in the show, I

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<v Speaker 3>wonder how El-Sayed is wearing in Michigan. I feel like

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<v Speaker 3>he's got a Chris Christie thing where when Chris Christie

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<v Speaker 3>first came on the scene, it was like, oh, I

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<v Speaker 3>like this guy's aggressiveness and the way he claps back

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<v Speaker 3>so quickly. And then over time, it became enough already,

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<v Speaker 3>smartest guy who ever lived. You're kind of wearing me out.

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<v Speaker 3>And I wonder if El-Sayed is starting to come off

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<v Speaker 3>that way to voters in Michigan.

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<v Speaker 6>Yeah, I think there's two issues at play here, Jack.

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<v Speaker 6>Number one is I think you're right that as voters

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<v Speaker 6>hear more of him and as they see more of

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<v Speaker 6>his temperament, they have reason to wonder if that's really

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<v Speaker 6>what they want. I mean, it's a little bit disassociated,

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<v Speaker 6>I would say, from what most people in Michigan are

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<v Speaker 6>probably looking for, which is someone who's going to be

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<v Speaker 6>a little bit more civil and someone who will fight,

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<v Speaker 6>of course, but not to the degree, to your point,

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<v Speaker 6>that he sort of desires to poke everyone in the eye.

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<v Speaker 6>I think the other issue, though, which is the more

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<v Speaker 6>fundamental one for Al-Sayed is just his positions on issues

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<v Speaker 6>and the fact that I think on most issues, he's

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<v Speaker 6>going to be pretty out of touch with where most

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<v Speaker 6>people in that state are. Most people in that state

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<v Speaker 6>are not going to be for socialized medicine, government-run health care.

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<v Speaker 6>Most people in that state are not going to be

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<v Speaker 6>for increased tax burdens on working families. Most people are

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<v Speaker 6>not going to be for the kinds of things that

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<v Speaker 6>he's talked about. And then you add to that some

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<v Speaker 6>dimensionality around, you know, his, his comments in the past,

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<v Speaker 6>his association with, uh, Hassan Piker, the crazy progressive streamer. And,

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<v Speaker 6>and you end up with a formula that I think will,

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<v Speaker 6>will end up really harming him in the stretch run. Now,

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<v Speaker 6>does that mean I think Mike Rogers is going to

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<v Speaker 6>win that race? I don't know. That race is going

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<v Speaker 6>to be really, really close, but I do think that

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<v Speaker 6>a lot of the shine is worn off of Al

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<v Speaker 6>Saeed for sure.

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<v Speaker 3>Clearly, Election Day or election night, we're likely to have

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<v Speaker 3>like a half dozen Senate races that are going to

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<v Speaker 3>be really close. And who knows which direction are going

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<v Speaker 3>to go? Although it was pretty interesting. You said on

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<v Speaker 3>Meet the Press the other day, you think Paxson's going

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<v Speaker 3>to win in Texas. Why do you think that?

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<v Speaker 6>Well, yeah, first of all, the fact that the Senate's

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<v Speaker 6>even competitive at all is quite remarkable if you think

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<v Speaker 6>about it.

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<v Speaker 2>Right.

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<v Speaker 6>Because the states that Democrats needed to be able to

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<v Speaker 6>turn over to get to a Democratic Senate. are all

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<v Speaker 6>states that President Trump won and won with pretty handy margins.

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<v Speaker 6>You talk about places like Ohio and Iowa and Alaska and,

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<v Speaker 6>of course, Texas, where the president won by 14 points.

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<v Speaker 6>And the point I was making about Paxton was simply

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<v Speaker 6>that I think there's a certain amount of basic math

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<v Speaker 6>in Texas. Now, that math has changed a little bit

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<v Speaker 6>as the population of Texas has changed. But you have

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<v Speaker 6>to believe that essentially there is going to be such

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<v Speaker 6>a significant swing in the electorate that you're wiping out

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<v Speaker 6>both the advantage that President Trump had, but the advantage

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<v Speaker 6>that registered Republicans have in Texas. And, you know, the

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<v Speaker 6>theory that others go with is just that, you know,

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<v Speaker 6>Paxton's a really bad candidate, he's got some really bad baggage,

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<v Speaker 6>and that's all true. He has horrible baggage, and he's

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<v Speaker 6>not a great candidate, and he seems to be a

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<v Speaker 6>little bit lazy, too. All that being said, there are just,

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<v Speaker 6>you'd have to believe that Democrats would historically outperform their

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<v Speaker 6>vote share in parts of the state like the South

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<v Speaker 6>Plains and the panhandle of Texas in order to believe

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<v Speaker 6>that the Democrat, Talrico, is going to be able to win.

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<v Speaker 6>And I just think that the numbers are still there,

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<v Speaker 6>just barely. The numbers are still there for Paxton, even

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<v Speaker 6>with all of the in-migration, all the other stuff. So,

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<v Speaker 6>I mean, it's going to be a close race. And

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<v Speaker 6>I think the Republican who's running for governor there is

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<v Speaker 6>going to do much better than Paxton will in the

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<v Speaker 6>Senate race. But all that being said, I just think

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<v Speaker 6>he's got enough people in Texas to get him over

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<v Speaker 6>the finish line.

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<v Speaker 3>So here's something I don't fully understand, and I'm sure

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<v Speaker 3>you do. So if the Democrats take the House but

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<v Speaker 3>don't have the Senate, what does that mean for the

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<v Speaker 3>next two years? If the Democrats take the House and

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<v Speaker 3>the Senate, what does that mean for the next two years?

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<v Speaker 3>A couple of things.

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<v Speaker 6>The biggest difference in the Democrats taking the Senate or

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<v Speaker 6>not taking the Senate will be to confirming the president's nominees.

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<v Speaker 6>So the president's going to nominate people to executive positions

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<v Speaker 6>in his administration. He's going to nominate judges, which has

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<v Speaker 6>been actually one of the biggest legacies of the six

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<v Speaker 6>years of the Trump presidency. All of those nominations are

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<v Speaker 6>going to get stopped by the Democrats. Very, very few

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<v Speaker 6>people are going to get through if the Democrats control

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<v Speaker 6>the Senate versus just controlling the House. The other thing

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<v Speaker 6>the Democrats can do if they control the Senate is

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<v Speaker 6>they can pass legislation because they'll have majority, you know,

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<v Speaker 6>working majorities potentially in the Senate and the House. Now,

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<v Speaker 6>they won't have 60 votes in the Senate, which is

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<v Speaker 6>usually what you need to pass legislation. But they'll have

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<v Speaker 6>enough to do some bare amount of legislative activity. And

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<v Speaker 6>that activity is then going to go to Trump and

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<v Speaker 6>Trump's going to veto it. So it's going to create

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<v Speaker 6>maybe not a difference in outcome, but a difference certainly

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<v Speaker 6>in the level of conflict potentially on legislative matters. The

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<v Speaker 6>only thing I'll say about this, Jack, is I think

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<v Speaker 6>it doesn't really matter. Actually, if Democrats take the Senate

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<v Speaker 6>at the end of the day. What really matters is

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<v Speaker 6>if they take one chamber, which is the House, and

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<v Speaker 6>it looks like they're going to take that one chamber,

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<v Speaker 6>they are going to use that as a launching pad

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<v Speaker 6>for investigations against the president and the administration and against

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<v Speaker 6>companies that did work with the president and against the

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<v Speaker 6>president's family, the president's pets, if he has any. I mean,

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<v Speaker 6>they're going to investigate everything. It only takes one chamber

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<v Speaker 6>to do that.

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<v Speaker 3>Which is why Joe and I are taking two years off,

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<v Speaker 3>and we're going to do something, learn pottery or something,

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<v Speaker 3>and then come back. Because, I mean, that's going to

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<v Speaker 3>be a drag, man, the never-ending investigations. So I don't remember. Well,

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<v Speaker 3>do you think they'll go full-on impeachment? I've read various

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<v Speaker 3>think pieces from Democrats where they think, oh, right off

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<v Speaker 3>the bat, we've got to start impeaching this guy. Or

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<v Speaker 3>others that say people are tired of that. That's not

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<v Speaker 3>the best road for us to go down. Do you

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<v Speaker 3>think they'll impeach?

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<v Speaker 2>You know, it depends on.

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<v Speaker 6>It's like the devil and the angel on your shoulder, right?

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<v Speaker 6>Do you listen to the devil or do you listen

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<v Speaker 6>to the angel? Just strictly from a political perspective, I'm

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<v Speaker 6>not going to. you know, opine on whether and how

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<v Speaker 6>they should do it. But my point is that I

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<v Speaker 6>think that there are some number of Democrats who just say,

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<v Speaker 6>you know what, it feels good. Let's just do it.

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<v Speaker 3>Let's impeach him again.

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<v Speaker 6>And those who are thinking about the long-term health of

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<v Speaker 6>the Democratic Party and their ability to be competitive, for example,

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<v Speaker 6>in the 2028 presidential election, I think that that depends

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<v Speaker 6>on them taking a more measured route and one that

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<v Speaker 6>doesn't fixate on Trump but instead fixates on what is

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<v Speaker 6>their agenda.

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<v Speaker 3>I think that crowd's right. I think the country would

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<v Speaker 3>react very poorly to another impeachment.

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<v Speaker 2>Probably.

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<v Speaker 3>Oh, my God.

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<v Speaker 2>We're sick of it.

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<v Speaker 6>People are sick of it. I mean, you know, Trump

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<v Speaker 6>is going to be gone in two years. And a

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<v Speaker 6>lot of people already are more than familiar with Trump's

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<v Speaker 6>downsides and the things they don't like about him. And,

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<v Speaker 6>you know, the big question going into this election, and

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<v Speaker 6>I think going into the next several elections, is what

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<v Speaker 6>do the Democrats actually stand for beyond being the party

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<v Speaker 6>of not Trump? Because that's pretty much in every single campaign,

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<v Speaker 6>whether it's California or anywhere else. They basically just stand

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<v Speaker 6>up and say, oh, by the way, I'm not Donald Trump.

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<v Speaker 6>I mean, I see these ads for people in California saying,

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<v Speaker 6>And other states. And it's like, whether you win or not,

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<v Speaker 6>and whatever you do, it's got nothing to do with

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<v Speaker 6>Donald Trump. There's nothing in your job title or description

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<v Speaker 6>that has anything to do with Donald Trump. And that's

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<v Speaker 6>all they've been talking about for the last, since 2016.

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<v Speaker 6>So they've got a real challenge, which is what are

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<v Speaker 6>they going to be for as we look ahead? And

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<v Speaker 6>I think that's what they should focus on.

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<v Speaker 3>Well, I've quoted you a bunch of times since the

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<v Speaker 3>last time we had you on, on the whole, don't

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<v Speaker 3>be surprised if AOC's the candidate. That's what's going to

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<v Speaker 3>be the most interesting thing to me. Are they going

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<v Speaker 3>to decide to double down on all the energy of

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<v Speaker 3>the youth and the people with too many degrees who

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<v Speaker 3>want socialism? Are they going to actually take a swing

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<v Speaker 3>at that or not? And I can't... I'm not that

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<v Speaker 3>interested in all these midterm races. I am super interested

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<v Speaker 3>in who who's going to emerge as a nominee for

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<v Speaker 3>the Democratic Party.

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<v Speaker 6>Yeah, I'm fascinated by that, too. And I think the

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<v Speaker 6>reason why AOC has a level of interest, at least

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<v Speaker 6>as I look at the contest, is because she actually

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<v Speaker 6>you know, there are actually things that she says she's

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<v Speaker 6>for now. we i personally disagree with pretty much all

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<v Speaker 6>of what she's for but at least she talks about

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<v Speaker 6>some agenda right she talks about increases to increasing taxes

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<v Speaker 6>and socialized medicine and wanting to make sure that government

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<v Speaker 6>gets more involved in people's lives she's got a point

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<v Speaker 6>of view about all of that And at the very least,

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<v Speaker 6>whether you agree or disagree, that is an agenda. And

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<v Speaker 6>I think she's also, you know, a pretty compelling messenger

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<v Speaker 6>because she knows how to talk about that agenda. So

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<v Speaker 6>it's going to be incumbent upon Democrats to figure out

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<v Speaker 6>what it is they're actually for. And I think that's

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<v Speaker 6>going to be the definitional question of the next couple

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<v Speaker 6>of years.

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<v Speaker 3>And that all starts right away. Oh, I don't know

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<v Speaker 3>if you saw this. Mark Halpern wrote the other day

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<v Speaker 3>that his sources are showing him that Pete Buttigieg is

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<v Speaker 3>all in on kneecapping Gavin Newsom hard and early to

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<v Speaker 3>make sure he doesn't even get out of the gate.

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<v Speaker 3>That's exciting.

0:10:54.540 --> 0:10:56.380
<v Speaker 6>Oh, it's so funny. You know, Jack, I was, I

0:10:56.420 --> 0:11:00.820
<v Speaker 6>was actually on television the other day and, and Buttigieg

0:11:00.860 --> 0:11:04.250
<v Speaker 6>did the interview right before me. And I almost fell

0:11:04.290 --> 0:11:07.870
<v Speaker 6>asleep during that interview. I mean, I, I, you could

0:11:07.890 --> 0:11:12.860
<v Speaker 6>not find a, a more bland kind of dry interview. Now, Look,

0:11:13.360 --> 0:11:15.479
<v Speaker 6>in some ways, it's because he's got a lot of

0:11:15.540 --> 0:11:17.679
<v Speaker 6>ideas and he wants to talk about those ideas. But

0:11:18.350 --> 0:11:20.510
<v Speaker 6>if he wants to kneecap Gavin Newsom, go right ahead

0:11:20.550 --> 0:11:22.030
<v Speaker 6>and try. I mean, I think that's going to be

0:11:22.050 --> 0:11:24.450
<v Speaker 6>a very difficult endeavor because I think Newsom is still

0:11:24.470 --> 0:11:28.530
<v Speaker 6>going to be a fairly significant candidate in the 2028

0:11:28.530 --> 0:11:29.849
<v Speaker 6>race for the Democrats. And I think a lot of

0:11:29.870 --> 0:11:31.200
<v Speaker 6>people know who he is. He's been governor of the

0:11:31.220 --> 0:11:33.580
<v Speaker 6>biggest state in the country. And a lot of Democrats

0:11:33.640 --> 0:11:35.220
<v Speaker 6>like the way he's taking the fight to Trump. So

0:11:35.480 --> 0:11:37.140
<v Speaker 6>it's not going to be that easy to kneecap him

0:11:37.179 --> 0:11:38.959
<v Speaker 6>if that's what Buttigieg does. And certainly not with the

0:11:39.000 --> 0:11:41.860
<v Speaker 6>Buttigieg energy that he projected on that interview the other day.

0:11:41.920 --> 0:11:42.459
<v Speaker 2>Holy cow.

0:11:44.179 --> 0:11:46.280
<v Speaker 3>And before we let you go. So, Gavin, do you

0:11:46.320 --> 0:11:49.179
<v Speaker 3>think Gavin has chosen a lane or is he waiting

0:11:49.200 --> 0:11:51.580
<v Speaker 3>to see how things shake out? If he should tack

0:11:51.640 --> 0:11:56.300
<v Speaker 3>toward the, you know, the woke communist progressive crowd or

0:11:56.360 --> 0:11:58.480
<v Speaker 3>like mainstream Democrat? Do you think he's waiting to see

0:11:58.990 --> 0:12:00.350
<v Speaker 3>which way the party wants?

0:12:01.160 --> 0:12:06.200
<v Speaker 6>That's a great question and actually a super insightful observation

0:12:06.280 --> 0:12:09.809
<v Speaker 6>because a lot of people have assumed, look, Newsom, he's

0:12:09.850 --> 0:12:12.449
<v Speaker 6>going to run on this platform or that. I don't

0:12:12.490 --> 0:12:14.650
<v Speaker 6>actually think we know yet. And I think you're right

0:12:14.770 --> 0:12:17.209
<v Speaker 6>that he's waiting because he's got some optionality. Does he

0:12:17.250 --> 0:12:19.929
<v Speaker 6>want to be San Francisco Gavin? Or does he want

0:12:19.970 --> 0:12:24.940
<v Speaker 6>to be very occasional Sacramento Gavin, dealmaker Gavin?

0:12:25.380 --> 0:12:26.440
<v Speaker 3>I think he could be either.

0:12:26.600 --> 0:12:28.120
<v Speaker 6>He could be either depending on what he needs to be.

0:12:28.880 --> 0:12:30.929
<v Speaker 3>Yeah, that's that's an interesting one, too. I'd love to

0:12:30.950 --> 0:12:33.110
<v Speaker 3>be in those meetings where they're like reading the tea

0:12:33.130 --> 0:12:33.770
<v Speaker 3>leaves on that.

0:12:34.210 --> 0:12:36.050
<v Speaker 6>Yeah, yeah. And a lot of it will depend on

0:12:36.490 --> 0:12:38.490
<v Speaker 6>how the electorate shakes that into your point. Does the

0:12:38.630 --> 0:12:42.350
<v Speaker 6>energy behind this democratic socialist movement continue to grow? And

0:12:42.390 --> 0:12:45.190
<v Speaker 6>if it does, boy, you're going to start seeing some

0:12:45.390 --> 0:12:48.330
<v Speaker 6>images of Gavin from his time as mayor. And he

0:12:48.370 --> 0:12:51.320
<v Speaker 6>was the progressive champion and yada, yada, yada. If it

0:12:51.360 --> 0:12:53.040
<v Speaker 6>moves in the other direction, you're going to say you're

0:12:53.059 --> 0:12:55.360
<v Speaker 6>going to see someone who talks about all of the

0:12:55.460 --> 0:12:57.480
<v Speaker 6>things he did to, you know, whatever, increase.

0:12:57.540 --> 0:13:00.560
<v Speaker 3>Nobody says Latinx. You know, he'll be that guy.

0:13:00.620 --> 0:13:05.120
<v Speaker 6>I've never said that. So anyway, it'll be interesting. But

0:13:05.420 --> 0:13:07.740
<v Speaker 6>I'll tell you what, you're absolutely right, Jack. The day

0:13:07.940 --> 0:13:11.420
<v Speaker 6>after the midterm elections, November 4th, so in just two weeks,

0:13:12.000 --> 0:13:14.900
<v Speaker 6>we're going to have the start of the 2028 presidential primary.

0:13:15.000 --> 0:13:18.150
<v Speaker 3>Buckle up. It's coming. That I am interested in. Lonny Heachin,

0:13:18.170 --> 0:13:20.630
<v Speaker 3>thanks for your time, is always the director of domestic

0:13:20.670 --> 0:13:23.670
<v Speaker 3>policy studies at Stanford University and an all-around great guy. Thanks, Lonny.

0:13:24.429 --> 0:13:27.470
<v Speaker 3>Thank you. Have a good one. Yeah, that is interesting.

0:13:28.260 --> 0:13:29.300
<v Speaker 3>Is he going to go woke or is he going

0:13:29.320 --> 0:13:31.800
<v Speaker 3>to go mainstream? And he doesn't know himself yet. I'll bet.

0:13:33.280 --> 0:13:34.600
<v Speaker 3>We want to tell you about our friends at Blue

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<v Speaker 1>Armstrong and Getty are not clients of Talon. They are

0:14:18.950 --> 0:14:21.580
<v Speaker 1>paid endorsers and receive compensation for this endorsement, which creates

0:14:21.620 --> 0:14:24.500
<v Speaker 1>a financial incentive to promote Talon. Advisory services are offered

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<v Speaker 1>through Talon, LLC, and SEC-registered investment advisor. Learn more at bluecollardollar.com.

0:14:30.580 --> 0:14:31.660
<v Speaker 1>Armstrong and Getty.

0:14:46.080 --> 0:14:47.940
<v Speaker 2>The Armstrong and Getty Show.

0:14:50.160 --> 0:14:52.780
<v Speaker 3>Ah, man, I don't want to do this. I don't

0:14:52.840 --> 0:14:54.850
<v Speaker 3>want to do this. I feel like if Joe were here,

0:14:54.870 --> 0:14:58.430
<v Speaker 3>he might talk us out of it. Joe's not here,

0:14:58.710 --> 0:15:00.350
<v Speaker 3>so I have to make the decision on my own.

0:15:01.330 --> 0:15:05.370
<v Speaker 3>There is an October surprise that has just broken around

0:15:05.510 --> 0:15:11.500
<v Speaker 3>Lindsey Graham. Lindsey Graham. Headline on Lindsey Graham is he's dead.

0:15:11.860 --> 0:15:14.979
<v Speaker 3>He's not running for office. His sister's running for office.

0:15:15.020 --> 0:15:17.620
<v Speaker 3>Have you seen the breaking news, Katie?

0:15:18.080 --> 0:15:21.340
<v Speaker 7>Is this, are we hitting like the hashtag too soon thing?

0:15:21.640 --> 0:15:24.940
<v Speaker 3>Well, no, no. Well, so this, this is what's breaking.

0:15:25.800 --> 0:15:29.970
<v Speaker 3>Lindsey Graham paid off three male escorts, including one who

0:15:29.990 --> 0:15:34.310
<v Speaker 3>was 17 at the time. Explosive documentary alleges. Now this

0:15:34.390 --> 0:15:37.050
<v Speaker 3>comes out of the young Turks. I don't know if

0:15:37.090 --> 0:15:40.050
<v Speaker 3>you know their act, but they are. Hassan Piker was

0:15:40.090 --> 0:15:44.300
<v Speaker 3>a young Turks guy and, It's very popular with the

0:15:44.340 --> 0:15:47.180
<v Speaker 3>young crowd, but a lot of crazy stuff that turns

0:15:47.200 --> 0:15:48.840
<v Speaker 3>out to not to be true. So I feel a

0:15:48.860 --> 0:15:52.780
<v Speaker 3>little dirty about even bringing this up, helping promote this story.

0:15:53.120 --> 0:15:56.910
<v Speaker 3>The other side of this would be that it's exploding

0:15:56.970 --> 0:15:59.190
<v Speaker 3>on social media and it's going to be all over

0:15:59.210 --> 0:16:01.230
<v Speaker 3>the place. I don't know if Fox will ever cover

0:16:01.270 --> 0:16:03.340
<v Speaker 3>it or respond to it or if the. like ABC

0:16:03.380 --> 0:16:06.240
<v Speaker 3>News would talk about it or whatever. We're going to

0:16:06.260 --> 0:16:08.100
<v Speaker 3>play a little bit from the documentary in just a second.

0:16:09.100 --> 0:16:11.420
<v Speaker 3>One response from one of my political pundits was, this

0:16:11.480 --> 0:16:15.820
<v Speaker 3>is your big October surprise that Lindsey Graham was gay? First,

0:16:15.860 --> 0:16:18.660
<v Speaker 3>this is not surprising. Secondly, he's dead, which is a

0:16:18.660 --> 0:16:22.490
<v Speaker 3>good point. Here's a little bit from the documentary, using

0:16:22.550 --> 0:16:25.970
<v Speaker 3>my finger quotes, that in theory features one of the

0:16:26.050 --> 0:16:27.570
<v Speaker 3>dudes that had sex with Lindsey Graham.

0:16:28.270 --> 0:16:29.030
<v Speaker 8>My name is Kelvin.

0:16:29.270 --> 0:16:32.300
<v Speaker 3>I had sex with Lindsey Graham when I was 17.

0:16:32.300 --> 0:16:35.160
<v Speaker 6>You're aware of a lot of anonymous comments made by

0:16:35.200 --> 0:16:37.870
<v Speaker 6>people that may be afraid of a powerful senator.

0:16:37.630 --> 0:16:38.970
<v Speaker 2>Regarding your sexuality?

0:16:39.050 --> 0:16:40.050
<v Speaker 6>This is different to me.

0:16:40.230 --> 0:16:42.990
<v Speaker 3>He's like, I really like to be degraded. The more degrading,

0:16:43.050 --> 0:16:43.450
<v Speaker 3>the better.

0:16:43.470 --> 0:16:46.470
<v Speaker 6>I believe elected officials should make those decisions when it

0:16:46.510 --> 0:16:47.630
<v Speaker 6>comes to life and when it.

0:16:47.630 --> 0:16:49.650
<v Speaker 3>Comes to marriage. He's like, I want you to state

0:16:49.710 --> 0:16:52.810
<v Speaker 3>out loud again how old you are. Chelsea Handler put

0:16:52.850 --> 0:16:55.670
<v Speaker 3>out a tweet about you, referring to you as National

0:16:55.710 --> 0:16:56.380
<v Speaker 3>Coming Out Day.

0:16:56.390 --> 0:16:58.000
<v Speaker 6>Three countries say what you want to say.

0:16:58.020 --> 0:16:58.580
<v Speaker 8>I don't care.

0:16:58.620 --> 0:17:00.020
<v Speaker 2>She knows zero about me.

0:17:00.240 --> 0:17:00.820
<v Speaker 3>I'm not gay.

0:17:01.600 --> 0:17:04.920
<v Speaker 6>Gave me $ 260 and my rate was $ 250. I did

0:17:05.960 --> 0:17:07.889
<v Speaker 6>not have change on me for the 20, so I

0:17:08.090 --> 0:17:09.850
<v Speaker 6>just kept the rest.

0:17:12.950 --> 0:17:16.330
<v Speaker 3>So I was a Lindsey Graham fan. I didn't agree

0:17:16.430 --> 0:17:19.169
<v Speaker 3>with all of his aggressive hawkishness, but most of it.

0:17:19.910 --> 0:17:24.179
<v Speaker 3>And so he died unexpectedly. Hart gave out on him.

0:17:24.980 --> 0:17:26.720
<v Speaker 3>His sister, I don't think this was a good idea,

0:17:26.800 --> 0:17:29.840
<v Speaker 3>but ended up being the nominee because Trump put the

0:17:29.859 --> 0:17:33.429
<v Speaker 3>thumb on the scale for that. But she is likely

0:17:33.470 --> 0:17:35.490
<v Speaker 3>to win in South Carolina, although it's a close enough

0:17:35.550 --> 0:17:38.130
<v Speaker 3>race that Trump was in South Carolina last night giving

0:17:38.150 --> 0:17:42.390
<v Speaker 3>a speech. And now this drops. I don't know how

0:17:42.470 --> 0:17:44.790
<v Speaker 3>South Carolina voters will react to this. I don't know

0:17:44.810 --> 0:17:47.889
<v Speaker 3>what the pushback will be. That guy on that documentary

0:17:47.910 --> 0:17:51.490
<v Speaker 3>better have lawyers because I assume the Graham people or

0:17:51.510 --> 0:17:54.130
<v Speaker 3>the Republican Party or somebody is going to go after

0:17:54.170 --> 0:17:55.710
<v Speaker 3>him and sue him because you can't just go around

0:17:55.750 --> 0:17:59.649
<v Speaker 3>making claims like that. Oh, yeah. Lawyers and proof. Lawyers

0:17:59.690 --> 0:18:02.450
<v Speaker 3>and proof. So we'll be hearing more about this throughout

0:18:02.490 --> 0:18:05.610
<v Speaker 3>the day. I think if we don't hear anything about

0:18:05.650 --> 0:18:07.710
<v Speaker 3>it and you ended up only hearing it here, I

0:18:07.750 --> 0:18:09.830
<v Speaker 3>am going to feel really bad about myself because we

0:18:09.850 --> 0:18:12.609
<v Speaker 3>shouldn't be putting out there crap.

0:18:13.250 --> 0:18:16.109
<v Speaker 7>That was information, Jack. You were not putting out news.

0:18:16.150 --> 0:18:18.350
<v Speaker 7>You're just letting everyone know what's happening.

0:18:18.710 --> 0:18:21.560
<v Speaker 3>Yeah. You're fine. I didn't know Lindsey Graham had ever

0:18:21.619 --> 0:18:26.359
<v Speaker 3>stated unequivocally he's not gay. Not that it matters. But anyway,

0:18:26.580 --> 0:18:28.340
<v Speaker 3>that's that. Now you know that. Aren't you happy?

0:18:30.050 --> 0:18:31.210
<v Speaker 1>Armstrong and Getty.

0:18:31.230 --> 0:18:35.910
<v Speaker 5>The Armstrong and Getty Show.

0:18:57.250 --> 0:19:01.020
<v Speaker 3>He's a CapTrust financial advisor. He's given me lots of

0:19:01.080 --> 0:19:03.500
<v Speaker 3>advice over the years. He's Kelly Brothers. Welcome back to

0:19:03.540 --> 0:19:05.260
<v Speaker 3>the Armstrong and Getty Show, Kelly.

0:19:05.820 --> 0:19:07.880
<v Speaker 2>Jack, great to be on with you, my friend. Thanks

0:19:07.900 --> 0:19:08.260
<v Speaker 2>so much.

0:19:08.440 --> 0:19:11.990
<v Speaker 3>Quick question. When does the AI stock bubble burst? If

0:19:12.030 --> 0:19:13.609
<v Speaker 3>you could give me a time and a day, that

0:19:13.630 --> 0:19:14.250
<v Speaker 3>would be very handy.

0:19:16.520 --> 0:19:20.580
<v Speaker 9>You know, I think you had me on back in, like, 09,

0:19:20.580 --> 0:19:22.060
<v Speaker 9>and you asked, when does this turn?

0:19:22.080 --> 0:19:25.109
<v Speaker 2>And I said, like, August 23rd, 2 p.m. And I

0:19:25.140 --> 0:19:28.570
<v Speaker 2>wasn't far off. I wasn't far off, I must say.

0:19:29.910 --> 0:19:32.990
<v Speaker 9>You know, it depends on what piece of the AI

0:19:33.070 --> 0:19:36.100
<v Speaker 9>bubble you want to see bursting. On the one hand,

0:19:36.619 --> 0:19:38.560
<v Speaker 9>as much as the market has gone up this year,

0:19:39.640 --> 0:19:40.800
<v Speaker 9>Earnings have gone up more.

0:19:42.080 --> 0:19:43.980
<v Speaker 2>On the other hand, the one thing that does bother me.

0:19:43.940 --> 0:19:47.770
<v Speaker 9>Is the incestuousness of all this, where you have Nvidia

0:19:47.970 --> 0:19:51.220
<v Speaker 9>loaning money to companies so that they can buy NVIDIA chips,

0:19:51.540 --> 0:19:55.679
<v Speaker 9>and there's just a lot of incest going on financially.

0:19:56.820 --> 0:19:59.969
<v Speaker 9>That doesn't feel right, but so far I'm not too

0:20:00.010 --> 0:20:00.580
<v Speaker 9>worried about it.

0:20:00.590 --> 0:20:03.969
<v Speaker 3>So that means these AI companies are actually making money then?

0:20:04.570 --> 0:20:06.670
<v Speaker 9>Oh, they're, oh my God, they're making, yeah, this is not,

0:20:06.750 --> 0:20:08.470
<v Speaker 9>this is not 2000 all over again.

0:20:08.510 --> 0:20:10.570
<v Speaker 2>This is not, oh, what could happen?

0:20:10.930 --> 0:20:15.150
<v Speaker 9>This is real money coming in and it's astounding some

0:20:15.170 --> 0:20:19.449
<v Speaker 9>of the numbers for NVIDIA and Microsoft and Amazon and

0:20:19.869 --> 0:20:23.670
<v Speaker 9>on and on down the line. They're making real money. Even,

0:20:23.840 --> 0:20:27.040
<v Speaker 9>you know, even Intel has bounced back nicely and they're

0:20:27.100 --> 0:20:29.379
<v Speaker 9>trying to ramp up as fast as they can.

0:20:29.420 --> 0:20:32.360
<v Speaker 2>These fab plants in Ohio and Arizona.

0:20:31.800 --> 0:20:35.400
<v Speaker 9>Are, uh to to begin manufacturing in this country which

0:20:35.480 --> 0:20:39.300
<v Speaker 9>is of course part of the trump platform um and

0:20:39.320 --> 0:20:41.010
<v Speaker 9>they got a lot of government money to do that

0:20:41.050 --> 0:20:43.950
<v Speaker 9>or a big government investment i should say but no

0:20:43.970 --> 0:20:44.830
<v Speaker 9>the earnings are.

0:20:44.790 --> 0:20:48.290
<v Speaker 3>Real well okay cool that that's a big deal because

0:20:48.310 --> 0:20:50.909
<v Speaker 3>like pets.com or whatever that website was you know all

0:20:50.950 --> 0:20:53.399
<v Speaker 3>those examples from the dot-com era they never made a

0:20:53.520 --> 0:20:56.620
<v Speaker 3>cent they never even really existed And they were and.

0:20:56.560 --> 0:20:59.459
<v Speaker 9>They were they were even doing multiples of sales. And

0:20:59.640 --> 0:21:02.710
<v Speaker 9>this is multiples of earnings. Remember, you know, you have revenues,

0:21:02.750 --> 0:21:04.850
<v Speaker 9>which is the money you bring in. And they were

0:21:04.869 --> 0:21:08.030
<v Speaker 9>trying to extrapolate, do multiples on that. But that is

0:21:08.109 --> 0:21:11.190
<v Speaker 9>not OK. Now, what are your actual earnings? So subtract

0:21:11.369 --> 0:21:14.619
<v Speaker 9>off everything it takes to actually the cost of goods sold.

0:21:14.630 --> 0:21:16.800
<v Speaker 2>What is the cost to make what you're doing and

0:21:16.840 --> 0:21:17.619
<v Speaker 2>what are your earnings?

0:21:17.640 --> 0:21:20.300
<v Speaker 9>These are These are real earnings that are growing at

0:21:20.580 --> 0:21:24.640
<v Speaker 9>incredible rates and in some cases still accelerating for some

0:21:24.680 --> 0:21:28.020
<v Speaker 9>of these companies. You know, you know, yesterday there was

0:21:28.040 --> 0:21:32.140
<v Speaker 9>a lot of talk about SpaceX and Tesla merging. And oh, man,

0:21:32.260 --> 0:21:34.840
<v Speaker 9>what a behemoth that would be. Well, that would at

0:21:34.859 --> 0:21:37.830
<v Speaker 9>today's valuation, that would create a three and a half

0:21:37.980 --> 0:21:40.530
<v Speaker 9>trillion dollar company if the two were to merge.

0:21:42.310 --> 0:21:45.350
<v Speaker 2>NVIDIA and Apple are both above five trillion. So, yeah.

0:21:45.830 --> 0:21:46.630
<v Speaker 2>These are big companies.

0:21:46.650 --> 0:21:48.590
<v Speaker 9>And by the way, you know, that's kind of an

0:21:48.630 --> 0:21:51.220
<v Speaker 9>interesting point, too, Jack, I like to bring up. If

0:21:51.260 --> 0:21:54.820
<v Speaker 9>you look at the number of publicly traded stocks that

0:21:54.840 --> 0:21:57.750
<v Speaker 9>are out there today versus going.

0:21:57.550 --> 0:21:57.950
<v Speaker 2>Back 25, 26 years.

0:22:00.119 --> 0:22:03.939
<v Speaker 9>Today, there's about 60 percent as many publicly traded stocks

0:22:04.480 --> 0:22:06.240
<v Speaker 9>as there were 26 years ago.

0:22:06.330 --> 0:22:10.070
<v Speaker 2>Wow. So the number of publicly traded companies is shrinking.

0:22:10.150 --> 0:22:10.810
<v Speaker 2>Why is that?

0:22:11.550 --> 0:22:14.250
<v Speaker 9>Because it's easier to stay private. You don't have you

0:22:14.270 --> 0:22:16.490
<v Speaker 9>don't have the same level of regulation. You don't have

0:22:16.520 --> 0:22:21.240
<v Speaker 9>to report earnings every quarter. You can get private financing regularly.

0:22:21.980 --> 0:22:25.530
<v Speaker 9>So the companies are bigger today, but there's fewer of them.

0:22:25.590 --> 0:22:27.410
<v Speaker 9>And that worries me a little bit over the long

0:22:27.430 --> 0:22:30.169
<v Speaker 9>haul because you have more and more people saving for

0:22:30.230 --> 0:22:32.949
<v Speaker 9>retirement and they're chasing fewer companies.

0:22:32.990 --> 0:22:34.270
<v Speaker 3>Yeah, I don't want to get up on this topic,

0:22:34.290 --> 0:22:36.750
<v Speaker 3>but I've always been interested on the, you know, do

0:22:36.890 --> 0:22:38.270
<v Speaker 3>we need to go back to the old days where

0:22:38.290 --> 0:22:40.290
<v Speaker 3>you don't have to have these quarterly earnings reports that

0:22:40.310 --> 0:22:41.949
<v Speaker 3>you put out all the time and how it drives

0:22:42.010 --> 0:22:43.770
<v Speaker 3>a short term thinking and all that sort of stuff.

0:22:43.810 --> 0:22:46.230
<v Speaker 3>But that's a. That's a complicated topic.

0:22:46.350 --> 0:22:50.040
<v Speaker 9>It is, but it's real because most good CEOs, they

0:22:50.080 --> 0:22:53.040
<v Speaker 9>take a five to 10 year view or a 30

0:22:53.040 --> 0:22:53.720
<v Speaker 9>year view in the.

0:22:53.660 --> 0:22:54.600
<v Speaker 2>Case of Warren Buffett.

0:22:55.580 --> 0:22:57.920
<v Speaker 9>And you're right, the CEOs today, they have to take

0:22:58.000 --> 0:22:59.020
<v Speaker 9>a 90 day view.

0:23:00.580 --> 0:23:02.980
<v Speaker 3>So this is not a like investment question so much

0:23:03.050 --> 0:23:05.570
<v Speaker 3>as just like talking to a smart guy like you

0:23:05.890 --> 0:23:10.109
<v Speaker 3>who understands the world. How do you see, when you

0:23:10.130 --> 0:23:16.110
<v Speaker 3>hear the AI giant's Elon reading leading the way talking about, well,

0:23:16.550 --> 0:23:19.050
<v Speaker 3>we'll have so much stuff. We don't even need money.

0:23:19.330 --> 0:23:22.950
<v Speaker 3>I mean, the age of abundance and, and universal high income. And,

0:23:22.950 --> 0:23:24.860
<v Speaker 3>you know, everybody will just have enough money to live

0:23:24.880 --> 0:23:25.439
<v Speaker 3>and everything like that.

0:23:26.280 --> 0:23:26.460
<v Speaker 2>What?

0:23:26.580 --> 0:23:29.459
<v Speaker 3>I never hear anybody describe the mechanism for how that

0:23:29.500 --> 0:23:32.840
<v Speaker 3>would work. Who's taking the money from these companies, then

0:23:32.960 --> 0:23:36.040
<v Speaker 3>giving it out to who, how, I mean, how do

0:23:36.060 --> 0:23:37.740
<v Speaker 3>you have any guess how that's going to work? If

0:23:37.810 --> 0:23:38.380
<v Speaker 3>it's going to work.

0:23:39.720 --> 0:23:44.380
<v Speaker 9>The state of California just raised its hand. You know, basically,

0:23:44.420 --> 0:23:47.820
<v Speaker 9>California wants to take that money and then decide how

0:23:47.880 --> 0:23:51.060
<v Speaker 9>it should be doled out and to whom. And I've

0:23:51.119 --> 0:23:54.560
<v Speaker 9>never heard a good explanation either, Jack, when he talks about,

0:23:55.080 --> 0:23:59.490
<v Speaker 9>you know, kind of that universal ultra high income where

0:23:59.550 --> 0:24:03.830
<v Speaker 9>everyone just gets a check. I, I, some, someone has

0:24:03.869 --> 0:24:07.290
<v Speaker 9>to do some work somewhere. Um, and, and how much,

0:24:07.810 --> 0:24:09.850
<v Speaker 9>you know, how much are you going to have to

0:24:09.910 --> 0:24:13.220
<v Speaker 9>pay your electrician, uh, to, to do what he does

0:24:13.300 --> 0:24:16.140
<v Speaker 9>or she does or your plumber, if they can sit

0:24:16.200 --> 0:24:18.179
<v Speaker 9>on a couch and just collect a check.

0:24:18.600 --> 0:24:23.560
<v Speaker 3>Right. Yeah. Yeah, exactly. There's that. And then, um, It

0:24:23.619 --> 0:24:25.639
<v Speaker 3>almost seems like the government would have to be taking

0:24:25.680 --> 0:24:28.290
<v Speaker 3>the money because it's hard to imagine. Now, Elon, I

0:24:28.330 --> 0:24:31.170
<v Speaker 3>want to talk more about this whole Elon giving every

0:24:31.210 --> 0:24:34.430
<v Speaker 3>kid a SpaceX, you know, or whatever in a second.

0:24:34.770 --> 0:24:37.409
<v Speaker 3>But we have to count on the AI companies to

0:24:37.450 --> 0:24:40.760
<v Speaker 3>just be generous. So, yeah, they're just going to give

0:24:40.800 --> 0:24:42.920
<v Speaker 3>money back just because they like to that, that, you know,

0:24:42.980 --> 0:24:45.880
<v Speaker 3>that goes against like the history of the free market, really.

0:24:46.470 --> 0:24:46.830
<v Speaker 2>It does.

0:24:46.910 --> 0:24:49.930
<v Speaker 9>But I think we're in this really very interesting place, Jack,

0:24:49.950 --> 0:24:52.840
<v Speaker 9>where we'll look back and, you know, any time the

0:24:52.970 --> 0:24:56.700
<v Speaker 9>income disparity kind of reaches where it is today, if

0:24:56.720 --> 0:25:00.800
<v Speaker 9>you go back in history, between the gap between the.

0:25:00.760 --> 0:25:03.340
<v Speaker 2>Top and the bottom on the income scale, you know.

0:25:03.859 --> 0:25:07.540
<v Speaker 9>That usually leads to some form of revolution, whether it's

0:25:07.580 --> 0:25:10.939
<v Speaker 9>the French Revolution or what. I mean, it just when

0:25:10.980 --> 0:25:13.399
<v Speaker 9>the gap is that wide, that's when the seeds of

0:25:13.440 --> 0:25:17.470
<v Speaker 9>revolution are kind of And we're seeing that already. We're

0:25:17.520 --> 0:25:21.500
<v Speaker 9>seeing that with the rise of socialists and communists and

0:25:22.660 --> 0:25:25.000
<v Speaker 9>and them actually getting traction because people are like, I

0:25:25.200 --> 0:25:26.120
<v Speaker 9>don't understand this.

0:25:26.200 --> 0:25:29.490
<v Speaker 2>Why are they so rich? And I I'm having trouble

0:25:29.530 --> 0:25:30.350
<v Speaker 2>paying my bills.

0:25:30.450 --> 0:25:35.750
<v Speaker 9>So having having said all that, you know, that that tension,

0:25:36.310 --> 0:25:38.340
<v Speaker 9>I think, is leading, for example, anthropic.

0:25:39.380 --> 0:25:42.540
<v Speaker 2>Anthropic is a huge AI company.

0:25:42.880 --> 0:25:44.939
<v Speaker 9>It's going to go public in the next four weeks.

0:25:45.700 --> 0:25:48.980
<v Speaker 9>It's probably going to go public at a $ 2 trillion valuation.

0:25:49.000 --> 0:25:51.850
<v Speaker 9>It'll be the largest IPO ever in terms of that,

0:25:52.890 --> 0:25:56.570
<v Speaker 9>surpassing SpaceX. And they have already said we're going to

0:25:56.590 --> 0:26:00.200
<v Speaker 9>take 5%. or the value of the company and put

0:26:00.240 --> 0:26:02.940
<v Speaker 9>it into a fund for the public good. Now, what

0:26:02.980 --> 0:26:06.020
<v Speaker 9>that means, no one exactly knows it. They've talked about

0:26:06.060 --> 0:26:08.740
<v Speaker 9>how they want to help smooth the way for those

0:26:08.820 --> 0:26:12.560
<v Speaker 9>whose lives or careers are disrupted by AI to retrain them.

0:26:13.369 --> 0:26:13.679
<v Speaker 6>Okay.

0:26:14.810 --> 0:26:16.960
<v Speaker 3>How do you nail that down also? And we keep saying,

0:26:17.180 --> 0:26:19.729
<v Speaker 3>when does it start? There's thousands of people that have

0:26:19.750 --> 0:26:22.629
<v Speaker 3>already lost their jobs to AI. When does this doling

0:26:22.670 --> 0:26:23.510
<v Speaker 3>out the money begin?

0:26:23.530 --> 0:26:23.609
<v Speaker 9>Yeah.

0:26:24.650 --> 0:26:27.070
<v Speaker 2>And I don't know. And I'm sure they're not going

0:26:27.090 --> 0:26:27.730
<v Speaker 2>to have a fun.

0:26:27.830 --> 0:26:30.909
<v Speaker 9>I mean, If I were to sit all the billionaires

0:26:30.950 --> 0:26:34.070
<v Speaker 9>in a room and give them PR advice, it would

0:26:34.130 --> 0:26:37.630
<v Speaker 9>be give and give conspicuously.

0:26:38.630 --> 0:26:40.560
<v Speaker 2>This whole idea that you.

0:26:40.470 --> 0:26:43.619
<v Speaker 9>Can take $ 100 million of your company stock and stick

0:26:43.660 --> 0:26:46.360
<v Speaker 9>it into your family foundation so that your niece has

0:26:46.420 --> 0:26:49.280
<v Speaker 9>a job for the next three years, that doesn't work.

0:26:49.980 --> 0:26:52.340
<v Speaker 9>You need to be putting your name on hospitals and

0:26:52.460 --> 0:26:56.919
<v Speaker 9>bridges and schools and Give conspicuously.

0:26:57.290 --> 0:27:00.330
<v Speaker 2>And not enough of them are doing that.

0:27:01.290 --> 0:27:03.629
<v Speaker 9>And there's going to be a shakeup in the way

0:27:03.670 --> 0:27:06.899
<v Speaker 9>that money is doled out. Whether it just ends up

0:27:06.940 --> 0:27:09.879
<v Speaker 9>being a check in your mailbox every month, Jack, I

0:27:09.920 --> 0:27:11.200
<v Speaker 9>just don't see how it happens either.

0:27:11.500 --> 0:27:13.980
<v Speaker 3>Well, so that's interesting. I hadn't heard the anthropic thing.

0:27:14.000 --> 0:27:15.580
<v Speaker 3>So Elon announced the other day he was going to

0:27:15.619 --> 0:27:18.310
<v Speaker 3>give every kid next year, what, a share of SpaceX

0:27:18.350 --> 0:27:19.010
<v Speaker 3>or something like that?

0:27:19.030 --> 0:27:21.570
<v Speaker 9>A share of SpaceX, and he has more than enough

0:27:21.630 --> 0:27:24.629
<v Speaker 9>to do it. And, you know, I think there's a

0:27:24.630 --> 0:27:25.310
<v Speaker 9>place here, given.

0:27:30.280 --> 0:27:35.640
<v Speaker 9>Given billionaires' needs to give conspicuously, there's a spot here

0:27:35.680 --> 0:27:40.930
<v Speaker 9>where maybe imagine a situation where when a child is born,

0:27:40.950 --> 0:27:45.050
<v Speaker 9>he or she gets a social security number and gets

0:27:45.090 --> 0:27:48.340
<v Speaker 9>an account. It could be Vanguard or Fidelity or whatever,

0:27:48.619 --> 0:27:51.340
<v Speaker 9>but it's just an account is opened in their name.

0:27:52.010 --> 0:27:54.990
<v Speaker 9>And then that is sitting there when a Michael Dell

0:27:55.050 --> 0:27:57.030
<v Speaker 9>comes along and says, hey, I want to put $ 500

0:27:56.890 --> 0:28:01.710
<v Speaker 9>in every kid's account in the country. Or Elon Musk says,

0:28:01.760 --> 0:28:03.379
<v Speaker 9>I want to put a share of SpaceX in. I

0:28:03.410 --> 0:28:05.480
<v Speaker 9>want to do more next year because he said that, too.

0:28:05.840 --> 0:28:07.719
<v Speaker 9>So this is just the beginning. But how do you

0:28:07.760 --> 0:28:10.359
<v Speaker 9>do it? There isn't a mechanism in place. So and

0:28:10.420 --> 0:28:12.900
<v Speaker 9>that and then then you just put some rules on that, like.

0:28:13.420 --> 0:28:15.800
<v Speaker 9>You know, that can be used for education. It could

0:28:15.820 --> 0:28:17.780
<v Speaker 9>be used for a down payment on your first house

0:28:18.220 --> 0:28:19.940
<v Speaker 9>or at the age of 25, it becomes your money.

0:28:19.960 --> 0:28:21.330
<v Speaker 2>You can do whatever the heck you want with it.

0:28:21.460 --> 0:28:23.050
<v Speaker 3>And then you get to the politics of it, like

0:28:23.070 --> 0:28:26.730
<v Speaker 3>you were talking about. So what would you say? Anthropic

0:28:26.750 --> 0:28:30.250
<v Speaker 3>said they'll do 5%. Well, if the public howls, 5%

0:28:30.250 --> 0:28:32.250
<v Speaker 3>is not enough. Look how rich you are.

0:28:33.310 --> 0:28:37.139
<v Speaker 2>Yeah, that could be $ 50 billion, though, in Anthropic. Sure.

0:28:38.280 --> 0:28:40.980
<v Speaker 9>But they don't know how that's doled out. I'm saying

0:28:41.340 --> 0:28:43.760
<v Speaker 9>if each kid is getting traction in a little account,

0:28:43.800 --> 0:28:44.840
<v Speaker 9>people will know that.

0:28:44.740 --> 0:28:47.080
<v Speaker 2>Money is coming in.

0:28:47.800 --> 0:28:50.500
<v Speaker 9>So I think there's something there in terms of a.

0:28:53.010 --> 0:28:56.190
<v Speaker 9>You know, a wealth redistribution, but I think billionaires are

0:28:56.310 --> 0:28:59.690
<v Speaker 9>underestimating the PR hole that they're in.

0:29:00.010 --> 0:29:00.190
<v Speaker 2>Yeah.

0:29:00.230 --> 0:29:02.690
<v Speaker 9>They, you know, the wealth tax in California is a

0:29:02.710 --> 0:29:05.600
<v Speaker 9>mistake because, because billionaires are the most.

0:29:05.390 --> 0:29:06.620
<v Speaker 2>Mobile people on the planet.

0:29:06.640 --> 0:29:07.440
<v Speaker 3>Of course they are.

0:29:07.760 --> 0:29:10.360
<v Speaker 2>They can live anywhere. They could live on their boat.

0:29:10.880 --> 0:29:11.840
<v Speaker 2>Starting tomorrow.

0:29:11.860 --> 0:29:13.960
<v Speaker 9>Go Bay and not pay. You know, I mean, that's,

0:29:14.500 --> 0:29:16.580
<v Speaker 9>you know, now, granted, they need a burner phone and

0:29:17.060 --> 0:29:21.620
<v Speaker 9>someone else's credit card. But but but and as a

0:29:21.620 --> 0:29:24.140
<v Speaker 9>matter of fact, yesterday, the Hoover Institute came out and said, hey,

0:29:24.620 --> 0:29:27.270
<v Speaker 9>the wealth tax, if passed, not only will it not

0:29:27.310 --> 0:29:31.729
<v Speaker 9>make California money, it'll cost California 40 billion because because

0:29:32.470 --> 0:29:36.730
<v Speaker 9>of the not here's the death spiral for California. Jack

0:29:36.790 --> 0:29:41.820
<v Speaker 9>would be not just if Mark Zuckerberg leaves. California, but

0:29:41.860 --> 0:29:45.780
<v Speaker 9>if Mark Zuckerberg, as discussions clearly have happened now with Facebook,

0:29:46.140 --> 0:29:49.340
<v Speaker 9>if he convinces the board at Facebook, listen, it's not

0:29:49.380 --> 0:29:51.940
<v Speaker 9>just me. A lot of you guys are billionaires because

0:29:51.980 --> 0:29:54.780
<v Speaker 9>of Facebook stock, too. It's time we move the headquarters

0:29:54.820 --> 0:29:57.720
<v Speaker 9>of the company. That's when it gets really ugly. Yeah.

0:29:58.560 --> 0:30:00.120
<v Speaker 3>Uh, no kidding. No kidding.

0:30:00.290 --> 0:30:00.610
<v Speaker 2>Wow.

0:30:01.290 --> 0:30:04.030
<v Speaker 3>Um, all that stuff is so fascinating. So I got

0:30:04.050 --> 0:30:08.050
<v Speaker 3>to believe that a lot of the things you're dealing

0:30:08.130 --> 0:30:11.230
<v Speaker 3>with as a guy giving out financial advice doesn't really

0:30:11.350 --> 0:30:13.450
<v Speaker 3>fit in with what you studied in school, does it?

0:30:13.450 --> 0:30:15.160
<v Speaker 3>I mean, aren't we into kind of a new world

0:30:15.200 --> 0:30:15.920
<v Speaker 3>of some of this stuff?

0:30:17.240 --> 0:30:21.180
<v Speaker 2>Um, we are, and it's on a number of different fronts, Jack.

0:30:21.220 --> 0:30:24.740
<v Speaker 2>I mean, imagine, Imagine.

0:30:24.340 --> 0:30:28.380
<v Speaker 9>That AI is everything we think it is, and imagine

0:30:28.420 --> 0:30:33.500
<v Speaker 9>that AI helps us cure cancer. And now imagine that

0:30:33.540 --> 0:30:36.220
<v Speaker 9>they come out and they have the Nobel Prize goes

0:30:36.260 --> 0:30:39.500
<v Speaker 9>to this doctor who found the key to unlocking the cure.

0:30:39.300 --> 0:30:42.460
<v Speaker 2>To cancer, which we know we're getting closer to on

0:30:42.500 --> 0:30:43.900
<v Speaker 2>a number of fronts. Thank God.

0:30:45.500 --> 0:30:51.640
<v Speaker 9>And imagine that person on your show and other shows and.

0:30:49.880 --> 0:30:51.380
<v Speaker 2>Given the Presidential Medal of Honor.

0:30:51.640 --> 0:30:55.190
<v Speaker 9>And then imagine, as we understand, that that cure of

0:30:55.270 --> 0:30:59.150
<v Speaker 9>cancer means that that all of our social safety nets

0:30:59.310 --> 0:31:03.810
<v Speaker 9>are bankrupt immediately, are completely insolvent. Because that would add,

0:31:03.970 --> 0:31:05.510
<v Speaker 9>I don't know, what would that add? Would that add

0:31:05.590 --> 0:31:07.650
<v Speaker 9>five years to everyone's life expectancy?

0:31:08.110 --> 0:31:08.710
<v Speaker 2>Probably more.

0:31:08.730 --> 0:31:09.670
<v Speaker 3>It would be very expensive.

0:31:10.190 --> 0:31:14.030
<v Speaker 9>So imagine the hole that Medicare is in or the

0:31:14.150 --> 0:31:17.890
<v Speaker 9>hole that Social Security currently is in, and we just

0:31:17.910 --> 0:31:21.580
<v Speaker 9>don't have the political will to fix. Or imagine CalPERS

0:31:21.640 --> 0:31:24.120
<v Speaker 9>and CalSTRS are the big pension funds around the country,

0:31:24.540 --> 0:31:27.300
<v Speaker 9>you know, suddenly realizing, holy cow, we don't have enough money.

0:31:28.120 --> 0:31:29.540
<v Speaker 9>And we have no way of meeting some of the

0:31:30.000 --> 0:31:34.630
<v Speaker 9>future liabilities we have signed up for because it's until death. that, that's,

0:31:34.970 --> 0:31:38.229
<v Speaker 9>that will, that will, that, that's when the, you know,

0:31:38.270 --> 0:31:40.090
<v Speaker 9>as I, as I told one client, Hey, I'm not

0:31:40.110 --> 0:31:40.790
<v Speaker 9>worried about another.

0:31:40.930 --> 0:31:42.870
<v Speaker 2>Oh, wait, we're going to have big dips in the market.

0:31:42.890 --> 0:31:44.560
<v Speaker 2>There's no, I'm worried about you living to 108.

0:31:44.550 --> 0:31:44.710
<v Speaker 6>Yeah.

0:31:44.810 --> 0:31:48.010
<v Speaker 2>Right. And if you live to.

0:31:47.890 --> 0:31:49.990
<v Speaker 9>108, well, the plan that we have for you to

0:31:50.030 --> 0:31:52.710
<v Speaker 9>live to 95 doesn't go far enough.

0:31:52.750 --> 0:31:53.880
<v Speaker 3>Yeah. Right.

0:31:53.990 --> 0:31:54.800
<v Speaker 2>Wow. Crap.

0:31:55.300 --> 0:31:57.140
<v Speaker 3>Here's an interesting thing I can tell you before I

0:31:57.200 --> 0:32:00.570
<v Speaker 3>let you go. Uh, I'm going to think more about this.

0:32:00.610 --> 0:32:02.830
<v Speaker 3>So I was talking to my kids last night about,

0:32:03.600 --> 0:32:06.380
<v Speaker 3>so you know, last spring when all the graduations were happening,

0:32:06.500 --> 0:32:09.520
<v Speaker 3>anytime anybody brought up AI at a college graduation, the

0:32:09.560 --> 0:32:12.650
<v Speaker 3>crowd booed like crazy. And so last night I'm talking

0:32:12.670 --> 0:32:14.510
<v Speaker 3>to my kids. My kids are younger than yours. I

0:32:14.550 --> 0:32:17.940
<v Speaker 3>got two high schoolers. I brought up AI and one

0:32:17.980 --> 0:32:20.180
<v Speaker 3>of them was talking about AI slop. And I said, well,

0:32:20.260 --> 0:32:22.060
<v Speaker 3>what do most of your friends think about it? Oh,

0:32:22.080 --> 0:32:24.140
<v Speaker 3>we all hate it. Everybody hates it. You too, Henry.

0:32:24.160 --> 0:32:26.830
<v Speaker 3>So both of them, both of their grades, sophomore and

0:32:26.950 --> 0:32:31.010
<v Speaker 3>junior in high school, everybody they know hates AI. So

0:32:31.110 --> 0:32:34.970
<v Speaker 3>that is a PR problem that the AI companies have,

0:32:35.070 --> 0:32:39.180
<v Speaker 3>that this young crowd has developed a real, like, hatred

0:32:39.220 --> 0:32:41.479
<v Speaker 3>for it. They didn't say people don't like it. Oh,

0:32:41.500 --> 0:32:43.180
<v Speaker 3>we hate it. We hate AI.

0:32:43.960 --> 0:32:44.220
<v Speaker 2>Yeah.

0:32:44.440 --> 0:32:47.080
<v Speaker 3>That's interesting. They're going to be the most valuable companies

0:32:47.120 --> 0:32:47.600
<v Speaker 3>in the world.

0:32:48.080 --> 0:32:48.540
<v Speaker 2>They are.

0:32:48.600 --> 0:32:50.980
<v Speaker 9>But once it's seen as a threat to the actual

0:32:51.280 --> 0:32:53.280
<v Speaker 9>human existence, you can see how.

0:32:53.760 --> 0:32:54.700
<v Speaker 2>Sentiment would turn.

0:32:54.740 --> 0:32:56.680
<v Speaker 9>Although, you know, a local high school here that my

0:32:56.720 --> 0:32:59.640
<v Speaker 9>kids went to this year, no more cell phones.

0:33:00.910 --> 0:33:03.840
<v Speaker 2>Oh, yeah. No, no complaints from anyone.

0:33:03.970 --> 0:33:04.100
<v Speaker 8>No.

0:33:04.120 --> 0:33:05.960
<v Speaker 2>I mean, the kids are happier.

0:33:06.000 --> 0:33:06.180
<v Speaker 9>Yeah.

0:33:06.520 --> 0:33:10.320
<v Speaker 2>No, they're actually they're actually speaking to people. They can't

0:33:10.440 --> 0:33:13.580
<v Speaker 2>use it as a crutch. So, you know, it's.

0:33:14.340 --> 0:33:18.500
<v Speaker 9>It's not technology that's the hard part. It's humans understanding

0:33:18.580 --> 0:33:20.860
<v Speaker 9>where and when to limit that technology. That is the

0:33:20.900 --> 0:33:21.300
<v Speaker 9>hard part.

0:33:21.560 --> 0:33:23.500
<v Speaker 3>Kelly Brothers, one of the smartest people I know. Cap

0:33:23.520 --> 0:33:25.510
<v Speaker 3>Trust Financial Advisor. Appreciate your time today.

0:33:25.950 --> 0:33:27.390
<v Speaker 2>Thank you, Jack. Appreciate the show.

0:33:27.570 --> 0:33:30.610
<v Speaker 3>You bet. Take care, buddy. Yeah, I was surprised to

0:33:30.650 --> 0:33:32.410
<v Speaker 3>find out all the young people, or at least all

0:33:32.430 --> 0:33:36.690
<v Speaker 3>their friends, hate AI. That's a problem for those companies

0:33:36.710 --> 0:33:38.950
<v Speaker 3>like Kelly was talking about. They got a PR problem

0:33:39.050 --> 0:33:41.070
<v Speaker 3>they got to get on top of as the world

0:33:41.130 --> 0:33:43.550
<v Speaker 3>changes and it's all laid at their feet. I want

0:33:43.570 --> 0:33:45.190
<v Speaker 3>to tell you real quick about what you can do

0:33:45.250 --> 0:33:49.030
<v Speaker 3>for your dog super easy and super fast. Make what

0:33:49.050 --> 0:33:50.730
<v Speaker 3>they're eating a heck of a lot healthier. You don't

0:33:50.750 --> 0:33:53.520
<v Speaker 3>have to change dog food for your dog. You just

0:33:53.960 --> 0:33:55.719
<v Speaker 3>sprinkle rough greens on top of it and it's going

0:33:55.740 --> 0:33:59.210
<v Speaker 3>to be a lot more healthy. a lot healthier for

0:33:59.230 --> 0:34:01.970
<v Speaker 3>your dog. So you add one scoop of rough greens

0:34:02.090 --> 0:34:03.950
<v Speaker 3>to what he already eats, and you're adding all natural

0:34:04.010 --> 0:34:08.430
<v Speaker 3>vitamins and minerals and live probiotics, enzymes, omega oils, and antioxidants,

0:34:08.469 --> 0:34:10.609
<v Speaker 3>and so much more. You're going to love it. Take

0:34:10.650 --> 0:34:12.670
<v Speaker 3>the rough greens, healthy dog challenge. You get a 14

0:34:12.670 --> 0:34:14.879
<v Speaker 3>day supply of rough greens, vitus smart for just 14

0:34:14.880 --> 0:34:18.640
<v Speaker 3>bucks with free shipping, 14 days, 14 bucks. It does

0:34:18.700 --> 0:34:21.160
<v Speaker 3>not get any easier than that. Get your jumpstart trial

0:34:21.200 --> 0:34:23.620
<v Speaker 3>bag today. Go to rough greens.com. That's R U F

0:34:23.880 --> 0:34:28.350
<v Speaker 3>F greens.com. And use the promo code Armstrong. That's promo

0:34:28.370 --> 0:34:32.609
<v Speaker 3>code Armstrong for your 14-day supply for just $ 14. Rough

0:34:32.660 --> 0:34:35.140
<v Speaker 3>Greens makes any dog food better. If you have any

0:34:35.180 --> 0:34:38.379
<v Speaker 3>comments on any of that stuff about money going into

0:34:38.420 --> 0:34:42.219
<v Speaker 3>your accounts for your kids or for you from Anthropic

0:34:42.280 --> 0:34:44.779
<v Speaker 3>or what you think that's going to look like, I'd

0:34:44.800 --> 0:34:47.700
<v Speaker 3>be interested in your thoughts. Text line 415-295-KFTC. Armstrong and Getty.

0:35:00.520 --> 0:35:02.460
<v Speaker 2>The Armstrong and Getty Show.

0:35:04.810 --> 0:35:05.810
<v Speaker 3>Some sports news.

0:35:05.870 --> 0:35:09.490
<v Speaker 8>Disney announced that they will air a Star Wars-themed version

0:35:09.610 --> 0:35:12.689
<v Speaker 8>of Super Bowl 61 and that Darth Vader will start

0:35:12.750 --> 0:35:15.090
<v Speaker 8>interviewing real players on Monday Night Football.

0:35:15.550 --> 0:35:15.790
<v Speaker 9>What?

0:35:16.489 --> 0:35:18.259
<v Speaker 8>Disney said that they're excited that they found a way

0:35:18.280 --> 0:35:19.980
<v Speaker 8>to ruin Star Wars and football.

0:35:21.780 --> 0:35:22.620
<v Speaker 2>Who is that for?

0:35:23.680 --> 0:35:24.820
<v Speaker 3>Is it for Star Wars fans?

0:35:25.180 --> 0:35:26.120
<v Speaker 4>No.

0:35:27.140 --> 0:35:27.500
<v Speaker 3>I like it.

0:35:27.500 --> 0:35:28.700
<v Speaker 2>I don't know who else it would be for.

0:35:29.780 --> 0:35:31.840
<v Speaker 3>Who is that for? I feel like football people are

0:35:31.860 --> 0:35:33.580
<v Speaker 3>going to hate it, and the Star Wars people are

0:35:33.620 --> 0:35:35.490
<v Speaker 3>going to not see it, because if you're a real

0:35:35.510 --> 0:35:36.990
<v Speaker 3>Star Wars geek, you probably don't watch football.

0:35:37.590 --> 0:35:39.810
<v Speaker 9>I guess it's for all the men that play with Legos,

0:35:39.890 --> 0:35:42.850
<v Speaker 9>that like the video games, that dress up like their

0:35:42.870 --> 0:35:43.990
<v Speaker 9>favorite video game character.

0:35:44.010 --> 0:35:47.430
<v Speaker 3>That crowd does exist, but are they NFL fans? I

0:35:47.469 --> 0:35:48.670
<v Speaker 3>wouldn't think so. Or do they think they're going to

0:35:48.730 --> 0:35:49.430
<v Speaker 3>lure them in?

0:35:49.450 --> 0:35:49.750
<v Speaker 9>They aren't.

0:35:49.770 --> 0:35:50.590
<v Speaker 2>They're going to lure them in.

0:35:50.730 --> 0:35:56.760
<v Speaker 3>They aren't. We're going to talk to Anastasia Bowden after

0:35:56.820 --> 0:36:00.800
<v Speaker 3>the top of the hour. She's Such a great legal analyst,

0:36:00.840 --> 0:36:02.880
<v Speaker 3>and we'll have a good conversation. We always do. I

0:36:03.000 --> 0:36:06.600
<v Speaker 3>think I have too much cologne on today. And I

0:36:06.660 --> 0:36:10.259
<v Speaker 3>never want to be too much cologne guy. What's that?

0:36:10.660 --> 0:36:14.109
<v Speaker 3>I didn't think so. I've asked a couple of people,

0:36:14.140 --> 0:36:15.589
<v Speaker 3>and they said they couldn't smell me, which is good.

0:36:15.690 --> 0:36:17.109
<v Speaker 3>I can smell me. I feel like if I can

0:36:17.130 --> 0:36:20.989
<v Speaker 3>smell me, it's a bad thing. I bought this. It's

0:36:21.050 --> 0:36:23.790
<v Speaker 3>ridiculously expensive. I bought a tiny bottle to get the

0:36:23.810 --> 0:36:29.129
<v Speaker 3>price down. Tom Ford Leather Vanille is what it's called.

0:36:29.580 --> 0:36:31.300
<v Speaker 3>I guess it's all the rage for the young people.

0:36:32.340 --> 0:36:34.549
<v Speaker 3>It's crazy expensive. If you buy a bottle like this big,

0:36:34.570 --> 0:36:36.430
<v Speaker 3>I'm holding my fingers a couple inches apart. It's like

0:36:36.430 --> 0:36:39.940
<v Speaker 3>200 bucks. No way. So I bought a tiny little bottle.

0:36:40.650 --> 0:36:42.330
<v Speaker 3>So you bought a drop. I bought a couple of

0:36:42.370 --> 0:36:44.860
<v Speaker 3>drops and I'm dressed up today. I got to go

0:36:44.890 --> 0:36:46.359
<v Speaker 3>do a thing. And so when I wear a suit,

0:36:46.390 --> 0:36:47.799
<v Speaker 3>I usually put a tiny bit of cologne on. But

0:36:48.100 --> 0:36:50.480
<v Speaker 3>I didn't think the first squirt worked like the bottle

0:36:50.500 --> 0:36:52.600
<v Speaker 3>didn't work or something. So I hit a second squirt

0:36:52.960 --> 0:36:55.140
<v Speaker 3>and apparently the first squirt had worked because now I

0:36:55.180 --> 0:36:57.180
<v Speaker 3>really feel like I overdid it. It's a nice smell.

0:36:57.440 --> 0:37:00.739
<v Speaker 3>I feel like good cologne and good perfume is less

0:37:00.820 --> 0:37:03.120
<v Speaker 3>offensive than cheap stuff. But yeah, still.

0:37:03.920 --> 0:37:07.700
<v Speaker 7>So if you can smell it, it's not your scent.

0:37:09.120 --> 0:37:09.840
<v Speaker 7>if that makes sense.

0:37:10.739 --> 0:37:12.900
<v Speaker 3>So when you buy.

0:37:12.660 --> 0:37:15.160
<v Speaker 7>Cologne or perfume, when you spray it on you, after

0:37:15.200 --> 0:37:16.960
<v Speaker 7>a few minutes, you shouldn't be able to smell it

0:37:17.000 --> 0:37:18.540
<v Speaker 7>anymore because it's your smell.

0:37:19.000 --> 0:37:19.380
<v Speaker 2>Right.

0:37:19.540 --> 0:37:22.910
<v Speaker 3>Yeah, I overdid it. I hope it's not offensive to

0:37:22.969 --> 0:37:25.109
<v Speaker 3>anyone around. I don't want to be too much cologne guy.

0:37:26.290 --> 0:37:28.250
<v Speaker 3>Of the list of guys I don't want to be,

0:37:28.270 --> 0:37:30.350
<v Speaker 3>and there's a whole bunch of them, I really don't

0:37:30.370 --> 0:37:30.830
<v Speaker 3>want to be too.

0:37:30.770 --> 0:37:31.200
<v Speaker 9>Much cologne guy.

0:37:31.250 --> 0:37:33.650
<v Speaker 3>You're very far from that list. You're fine. I might

0:37:33.670 --> 0:37:34.090
<v Speaker 3>be today.

0:37:34.110 --> 0:37:37.670
<v Speaker 7>Hey, if you were dressed like a slob, you might be...

0:37:38.880 --> 0:37:40.319
<v Speaker 7>But you're sharp, so you're good.

0:37:40.760 --> 0:37:44.320
<v Speaker 3>Usually, too much perfume, too much cologne person is wearing

0:37:44.680 --> 0:37:48.680
<v Speaker 3>cheap stuff, which makes it even worse. Walmart sweatpants. And

0:37:48.700 --> 0:37:52.180
<v Speaker 3>then I've talked for years about there's a particular perfume

0:37:52.300 --> 0:37:54.759
<v Speaker 3>that bar chicks often wear, as a guy who used

0:37:54.780 --> 0:37:55.660
<v Speaker 3>to hang around bars a lot.

0:37:55.900 --> 0:37:56.200
<v Speaker 9>Yes.

0:37:56.700 --> 0:37:59.279
<v Speaker 3>Your bar trollop, that was a particular perfume. It has

0:37:59.480 --> 0:38:03.419
<v Speaker 3>rose in it. Anyway, we've got more in hour four.

0:38:03.460 --> 0:38:05.240
<v Speaker 3>Get the podcast, Armstrong and Getty On Demand.

0:38:07.489 --> 0:38:08.570
<v Speaker 1>Armstrong and Getty.