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Speaker 1: Thanks for listening. For earlier access to these episodes, access

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Speaker 1: to Ask Me Anything sessions, and extended breakdowns of historical

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Speaker 1: and current events. Please consider joining our Warning Premium community

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Speaker 1: by clicking the link in the description to this episode.

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Speaker 1: Really Pleased to be Joyed this afternoon by NYU Professor

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Speaker 1: Scott Galloway, a prolific author, commentator, and one of the

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Speaker 1: most interesting people out there. Welcome Scott.

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Speaker 2: That's how it's going to be with you, save thanks

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Speaker 2: for having me.

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Speaker 1: You bet, Scott. You have written a lot of books.

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Speaker 1: The first time that I met, you talked about one

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Speaker 1: that I read that was very impactful for me, The

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Speaker 1: Algebra of Happiness, Notes on the Pursuit of Success, Love

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Speaker 1: and Meaning. Talk about that book for a second.

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Speaker 2: Well, thanks for that. That is how we met. And

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Speaker 2: you you do something most men don't have the confidence

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Speaker 2: to do. You came up to me and you were

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Speaker 2: very complimentary right out of the gates and said that

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Speaker 2: I had an impact on you, and most men, including myself,

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Speaker 2: are until recently, don't have the confidence to do that.

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Speaker 2: We see generosity as or affection as or compliments as

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Speaker 2: a zero sum game, and somehow we say nice things

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Speaker 2: to other people, especially as men, that it takes away

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Speaker 2: from our success or masculinity. Anyway, in terms of the book,

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Speaker 2: it's not my domain expertise I don't have. I'm not

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Speaker 2: certified in social psychology or evolutionary anthology. What I do

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Speaker 2: have is I struggle. I struggle with depression and anger,

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Speaker 2: and I think about it a lot. And one Sunday night,

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Speaker 2: I was on a call with my sister, and my

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Speaker 2: sister to stop me and said, why are you so

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Speaker 2: pissed off all the time. You have less license to

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Speaker 2: be pissed off than anybody I know, and I have

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Speaker 2: blessings the size of Saturn and mood the size of

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Speaker 2: you know, something much smaller. So I decided to do

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Speaker 2: something about in the way I attack of problems. I'm

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Speaker 2: trying to learn a lot about it. I learned enough

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Speaker 2: about it that I want to do a video on it.

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Speaker 2: The video got a few million views, and my agent

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Speaker 2: said we should write a book on this. And I

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Speaker 2: basically read every study I think that's been done on

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Speaker 2: happiness and wrote out some best practices, and we've did

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Speaker 2: it with some personal anecdotes. But it's more an exploration

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Speaker 2: of how I can just be a little bit more

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Speaker 2: mindful and grateful and let my blessings wash over me

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Speaker 2: and impect my mood.

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Speaker 1: Let's talk about that for a second, because by any

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Speaker 1: objective measure, you are a super successful person. Why do

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Speaker 1: you think it is that men have such difficulty going

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Speaker 1: up to another man and saying, I admire you, I

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Speaker 1: learned something from you, I got something out of this.

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Speaker 1: This touched me in in some type of way. I

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Speaker 1: was talking about this to a gen z er who

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Speaker 1: I had on the podcast, and for good and for bad,

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Speaker 1: one of the things they've missed out on or the

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Speaker 1: men that we knew in our lives, the World War

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Speaker 1: two generation generation that lived through the depression. They are

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Speaker 1: mostly gone now, but they were a distinct generation, unique

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Speaker 1: from our parents, I think. But they were not the huggy,

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Speaker 1: touchy feely type in the men of my experience. And

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Speaker 1: you know, I know even with my father, you know,

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Speaker 1: we kind of do the stilted handshake, you know it,

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Speaker 1: love each other very much. But what what do you

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Speaker 1: think that that that is about men our age? I

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Speaker 1: do think we're a little bit different than some of

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Speaker 1: the younger generations that are that are a bit more,

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Speaker 1: a bit more open, but where how do you see that?

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Speaker 1: Where does that come from? That kind of restriction.

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Speaker 2: There's a lot of different dimensions to it. Some of

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Speaker 2: it is instinctual, and that is are our instincts haven't

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Speaker 2: caught up to through audience situations. So most men, for

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Speaker 2: ninety nine percent of our three hundred thousand years on

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Speaker 2: this planet, most men logically presented other men presented a

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Speaker 2: threat if you didn't know them. We were also competing

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Speaker 2: for a limited amount of resources, food, mating opportunities, so

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Speaker 2: we saw other men as our competition. So naturally there's

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Speaker 2: a level of instinctive mistrust among anyone outside your immediate circle,

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Speaker 2: because a lot of interactions between men for much of

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Speaker 2: our history involved one person taking the other things or

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Speaker 2: harming them. And so we're naturally just as men, a

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Speaker 2: little bit mistrusting. We see our job as to protect

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Speaker 2: the people around us, So it's our job to be

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Speaker 2: a little bit suspicious of other men who might have

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Speaker 2: the same physical power as us and be more aggressive.

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Speaker 2: Men are just naturally more violent. Also, I think that

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Speaker 2: in American society, affection, specifically affection even if it's verbal

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Speaker 2: and physical, was seen as either an indication that you

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Speaker 2: were gay, which for most of my upbringing was seen

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Speaker 2: as a negative or that you were using it as

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Speaker 2: a prelude to seduction for sex and outside of those

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Speaker 2: and affection wasn't allowed outside of those two things for men.

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Speaker 2: And not until recently have we decided that okay, and

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Speaker 2: I think there's been some good research that were mammals

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Speaker 2: and touch is really important, and hugging and kissing and

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Speaker 2: being in the presence of people, I mean, the nicest, literally,

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Speaker 2: the nicest moment of my life. I'm almost and step

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Speaker 2: I want to get your feedback here. My whole life,

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Speaker 2: it's always been about more. I wanted more money, I

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Speaker 2: wanted more relevance. I wanted to date more interesting and

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Speaker 2: hotter women and then be with those people in more

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Speaker 2: fabulous settings such that I could meet more interesting people

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Speaker 2: and make more contacts and get It was always just

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Speaker 2: more fucking more. And the only time I've ever felt

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Speaker 2: sort of sated, like the only moments I ever have

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Speaker 2: where I'm like, Okay, this might be it. I can't

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Speaker 2: imagine more. Occasionally I have one of those moments with

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Speaker 2: my boys, my school age boys, where they come into

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Speaker 2: the living room, they flop their legs on mine, naturally

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Speaker 2: because they just have that level of trust and affection

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Speaker 2: for me. And we're watching TV and then my other

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Speaker 2: son comes in and you know, it's also affectionate, and

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Speaker 2: the dogs jump up, and I'm like, this is it?

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Speaker 2: This is it. That is the only moment in my

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Speaker 2: life where if I'm honest with myself and I'm not like, Oh,

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Speaker 2: I published a book and it did well, I should

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Speaker 2: be grateful. Fuck that I want number one on the

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Speaker 2: New York Times bestselling list. Oh I met someone really

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Speaker 2: cool and interesting. That must mean there's even cooler and

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Speaker 2: more interesting people here. I got super lucky investment. Well,

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Speaker 2: I can imagine gating even luckier and having more. So

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Speaker 2: I'm trying to figure out how you find more of

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Speaker 2: those moments where you kind of think, Okay, I'm in

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Speaker 2: the moment. I'm not trying to I'm not trading off

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Speaker 2: the present for the future, trying to get trying to

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Speaker 2: get more. And an attribute of successful people is that

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Speaker 2: we're constantly trading off the present for the future, you know,

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Speaker 2: gratification delay. That is a key component of a successful person.

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Speaker 2: The tough part is is that it's hard to get

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Speaker 2: out of that, to break that mindset I'm constantly on

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Speaker 2: my computer. When my boys come in and want to

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Speaker 2: engage me, and I sort of engage. I'm sort of there,

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Speaker 2: but I'm in my head trying to make a better

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Speaker 2: life for all of us and be more relevant and

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Speaker 2: more impressive to my friends and strangers. So it requires

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Speaker 2: a certain level of mindfulness to just sort of slow

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Speaker 2: down and think, Okay, what's the point of all this relevance,

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Speaker 2: what's the point of this economic security if you can't

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Speaker 2: sit down and be in the moment and enjoy your relationships.

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Speaker 2: And I've been bad at that, I'm now just okay

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Speaker 2: at it. The part of it is acknowledging that you're

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Speaker 2: constantly living in the past. I live way too much

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Speaker 2: in the past. I beat up myself a lot. That's

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Speaker 2: kind of what depression is, and my view it is

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Speaker 2: for me. I'm constantly second guessing myself and not forgive

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Speaker 2: myself or all the various ways I've screwed up. And

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Speaker 2: then I'm constantly in the future, thinking about the future,

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Speaker 2: trying to figure out ways to be more successful and relevant.

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Speaker 2: And you know, the fear is that I'm going to

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Speaker 2: wake up at the end of my life or be

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Speaker 2: at the end, and it's coming faster than I'd like,

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Speaker 2: and I'll think, Okay, enormous blessings, prosperity, My parents could

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Speaker 2: have never even imagined. People who love me, who I

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Speaker 2: love immensely, born in the most amazing experiment in history,

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Speaker 2: upper lower middle class, someone who is irrationally passionate about

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Speaker 2: my well being, University of California, just all these the Internet,

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Speaker 2: economic just all of these incredible wins at my back,

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Speaker 2: all of this prosperity, all these blessings, all these wonderful

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Speaker 2: people in relationships. But I was never there, never really

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Speaker 2: lived that life. Was never there. And that's my fear

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Speaker 2: is that I get to the end of my life

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Speaker 2: and I recognize what an amazing life. It's too bad

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Speaker 2: I didn't live it. I was never there. So I'm

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Speaker 2: trying to figure out a way to be more in

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Speaker 2: the moment. And this for me was an exercise and

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Speaker 2: trying to figure that out. But going back to the

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Speaker 2: original question, and men have trouble being affection with others

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Speaker 2: because our society has said that it means something bad,

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Speaker 2: you're either a predator or gay, and that's not true

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Speaker 2: at all. And two, just instinctively, men have what used

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Speaker 2: to be a healthy suspicion of each other.

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Speaker 1: We've talked about this, We talk about that middle class

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Speaker 1: up raiate. Mine was in North Plainfield, New Jersey. You

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Speaker 1: think about success, uh, as someone who's flying three hundred

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Speaker 1: and four hundred thousand miles a year over much of

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Speaker 1: my forties, it wasn't there. I think that people will

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Speaker 1: equate success with happiness, and they're completely different things. Some

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Speaker 1: of the most successful people can be deeply unhappy people,

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Speaker 1: and happy people define success sometimes times very differently than

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Speaker 1: the success that I pursue. Right, materialism, things, status, the race,

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Speaker 1: And so when you think about happiness, it says something

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Speaker 1: I think that if you go back to the Charter document,

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Speaker 1: really in the country's history, it's not the pursuit of success,

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Speaker 1: it's the pursuit of happiness, you know, as man's mankind's

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Speaker 1: mission on earth, or what people should be doing in

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Speaker 1: a free society. And you talked about this noble experiment,

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Speaker 1: this great experiment that we're part of the country is

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Speaker 1: in trouble through my assessment, how do you see it?

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Speaker 2: Yeah, Look, the greatest innovation I believe in history isn't

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Speaker 2: the iPhone. It isn't the printing press. It's the American

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Speaker 2: middle class. And people like to think of it as

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Speaker 2: an accident. It was a deliberate innovation that took R

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Speaker 2: and D in a massive investment. Is seven million men

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Speaker 2: returned for more. And we decided to put in place

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Speaker 2: these these bold, visionary and expensive investments five hundred billion

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Speaker 2: dollar Infrastructure, Road Infrastructure Act. We gave them the GI Bill.

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Speaker 2: We said, we're going to help you buy house, We're

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Speaker 2: going to help you develop economic security. Quite frankly, we're

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Speaker 2: going to make you much more attractive to potential mates.

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Speaker 2: And we created the baby boom, and we created a

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Speaker 2: middle class that had connected tissue between each other and

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Speaker 2: the country. And some of the best legislation in the

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Speaker 2: sixties and seventies was a function of a lot of

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Speaker 2: our leaders had served in the same uniform and saw

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Speaker 2: them as themselves, as Americans before red and Blue. And

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Speaker 2: we took for granted that the middle class, and I

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Speaker 2: think a lot of wealthy and corporations liked to propagate

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Speaker 2: this myth that the middle class is a self sustaining organism.

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Speaker 2: It's not. The top tax rates at the end of

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Speaker 2: World War two and ninety two percent they claim now

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Speaker 2: it's thirty seven percent. I know this firsthand. My average

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Speaker 2: tax right the last decade has been seventeen percent because

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Speaker 2: I'm now at a stage or the majority of my

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Speaker 2: income comes from long term capital gains as opposed to

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Speaker 2: current income. So we are not the middle class as

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Speaker 2: people say it's shrinking. It's kind of stayed the same,

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Speaker 2: slightly down. A lot of people have gone to the

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Speaker 2: upper income. But what you have is this massive crowding

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Speaker 2: of prosperity where nine to ten incremental dollars goes to

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Speaker 2: the top one percent. Point seven percent of the incremental

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Speaker 2: one hundred dollars in income or growth of the last

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Speaker 2: forty years has gone to the bottom half point seven percent,

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Speaker 2: and about ninety percent has gone to the top one percent.

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Speaker 2: So we have made a concerted effort to transfer money,

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Speaker 2: not only from the middle class. We talk a lot

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Speaker 2: about class warfare, but I would say it's even more

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Speaker 2: obvious in terms of agism and its reverse agism, and

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Speaker 2: that is someone over the age of seventy forty years

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Speaker 2: ago or now, someone over the age of seventy is

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Speaker 2: forty is seventy two percent wealthier. Someone under the age

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Speaker 2: of forty is twenty four percent less wealthy, whether it's

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Speaker 2: our tax code, the two biggest tax of conductions and

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Speaker 2: mortgage interest in capital gains, who owns homes and makes

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Speaker 2: money from stocks, people our age, who makes money from

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Speaker 2: current income and rents younger people. We transfer a trillion

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Speaker 2: and a half dollars from younger working age people to seniors,

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Speaker 2: who are the wealthiest generation in history. So over time

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Speaker 2: we've decided the younger people who need to repopulate and

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Speaker 2: rejuvenate the middle class, we're going to transfer wealth from

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Speaker 2: them to older people because older people vote and the

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Speaker 2: demo and democracy works almost a little bit too well,

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Speaker 2: and we haven't made the sort of forward leaning investments

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Speaker 2: in the middle class that we made kind of post

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Speaker 2: World War Two. And without a middle class, it's very

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Speaker 2: hard to have a prosperous society. China has brought five

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Speaker 2: hundred million people out of poverty into the middle class.

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Speaker 2: That's arguably one of the greatest achievements in the history

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Speaker 2: of mankind. And if you were to say, well, what

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Speaker 2: country has ascended the fastest, it's really easy just look

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Speaker 2: at what has done the most for its middle class,

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Speaker 2: and it's just inarguable that that is China. Their life expectancy.

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Speaker 2: The year I was born was forty seven. We stand

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Speaker 2: here today, it's now seventy seven. The last ten years

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Speaker 2: life expectance the United States has actually gone down, or

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Speaker 2: even you know, last five years. For the last five

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Speaker 2: years it's gone down. So we need to give up

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Speaker 2: this myth. The middle class somehow just works that if

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Speaker 2: you don't invest in it, it will survive on its own.

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Speaker 2: It doesn't. It's the most important thing. The middle class

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Speaker 2: fights are wars. They fund our technology investments, They are

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Speaker 2: responsible for the majority of you know, important legislation. They

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Speaker 2: populate our schools, our churches, you know. So as goes

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Speaker 2: the middle class, so goes America. But unless we massively

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Speaker 2: invest in it, it will it will die, It'll wither

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Speaker 2: and die. So I think that's an enormous threat. And

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Speaker 2: we can talk more for the reasons there. But the

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Speaker 2: middle class is the best indicator of the health and

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Speaker 2: prosperity of any nation.

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Speaker 1: In the middle class in this country is in big trouble.

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Speaker 1: As you said, Americans have four hundred dollars cash savings.

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Speaker 1: A million Americans have died of opioids. The societal cracks

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Speaker 1: from that you see playing out cities like San Francisco,

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Speaker 1: cities like Los Angeles. You look at this moment in

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Speaker 1: American history, the country is thirty two trillion dollars in debt,

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Speaker 1: possibly on the edge of a self inflicted gunshot round

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Speaker 1: a voluntary default of the full faith and credit of

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Speaker 1: the United States, which for all of history America's political

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Speaker 1: leaders have understood that America must pay its bills and

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Speaker 1: meet its obligations. So we're upon the edge of that

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Speaker 1: new horizon, in that new territory. So when when you

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Speaker 1: look at this the collapse of the middle class, and

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Speaker 1: I've always viewed the middle class as foundationally the core

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Speaker 1: of America's strength, the core of America's power. It is

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Speaker 1: part of America's miracle. And you look at the downward

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Speaker 1: pressure on it. Really on a forty year basis, now

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Speaker 1: where we where we where we are when you look

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Speaker 1: at the dawn of the age of artificial intelligence, the

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Speaker 1: really passage, the hinge between one era and another. At

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Speaker 1: the end of the long lifespan of the men and

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Speaker 1: women who bought in that Second World War, who came home,

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Speaker 1: who went to college on the GI Bill, who raised

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Speaker 1: the baby boomers, who built the American middle class, Most

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Speaker 1: of them are gone, a few of them are left.

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Speaker 1: When you look out at the horizon over the next

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Speaker 1: twenty years, where do you see this country going? Are

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Speaker 1: we a are we in a throth? Here? Are we

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Speaker 1: stuck in a trump rut? You know, a lost decade

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Speaker 1: of American life and history to some degree? Or are

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Speaker 1: we trended forwards somewhere that would have been unimaginable to

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Speaker 1: contemplate when you look at our twenties and our thirties,

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Speaker 1: in the nineteen nineties and in the early offs of.

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Speaker 2: This country, I need a bigger boat. So look the

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Speaker 2: if you zoom out, if you look at GDP growth,

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Speaker 2: if you look at the stock market, if you look

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Speaker 2: at Nobel Prize winners, if you even look at philanthropy,

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Speaker 2: if you look at the money spent on social services

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Speaker 2: trying to demonstrate empathy for our brothers and sisters. America

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Speaker 2: is as strong or stronger than it's ever been on

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Speaker 2: a relative basis. If we were talking about competition, there's

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Speaker 2: no place they had in my opinion over the last

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Speaker 2: ten twenty fifty years, maybe the exception of China that

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Speaker 2: is doing as well as America. We're food independent, we're

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Speaker 2: energy independent, our stock markets near all time highs. Everyone

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Speaker 2: complains about inflation. Our inflation has gone below five percent.

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Speaker 2: It's continuing to gone down. It's gone down eighteen months

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Speaker 2: in a row. That doesn't get the headlines. Gas on

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Speaker 2: an inflation adjusted basis is cheaper than it was thirty

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Speaker 2: or forty years ago. Our GDP, while not remarkable, has

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Speaker 2: been more consistent than any nation in the world. No

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Speaker 2: one is lining up for Russian or Chinese vaccines. Every

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Speaker 2: new technology is dominated by usually by American companies. So

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Speaker 2: we've had incredible prosperity. We've had an absence, an absence

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Speaker 2: of his progress as registered by people's mood, happiness, satisfaction.

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Speaker 2: I think kind of the probably the leading indicator of

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Speaker 2: the problem, or the biggest problem or a fundamental breakdown

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Speaker 2: on a compact in America is that for the first

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Speaker 2: time in our history, a thirty year old man or

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Speaker 2: woman isn't doing as well as his or her parents

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Speaker 2: were at the age of That is the fundamental handshake

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Speaker 2: compact agreement you have with a society you live in,

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Speaker 2: that if I work hard, I play by the rules,

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Speaker 2: I'm a good citizen. My kid will do better than

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Speaker 2: the me and for the first time that isn't happening,

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Speaker 2: And for the first time, more than half of people

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Speaker 2: under the age of thirty aren't living with a romantic partner,

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Speaker 2: the living with a family member, a sibling or their parents.

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Speaker 2: And so you have a thirty year old living at

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Speaker 2: home or a twenty five year old, and they feel

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Speaker 2: constant shame and rage is reminded by their roommates mom

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Speaker 2: and dad, even if it's even if they don't mean

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Speaker 2: to make them feel bad that I'm not doing as

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Speaker 2: well as you. And then you mix in, you know,

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Speaker 2: so let's go to the culprit and there's a lot

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Speaker 2: of them. There's economic policy. I think that there's you know,

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Speaker 2: you mentioned we you know, let me upset some people

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Speaker 2: on the left. You mentioned some cities that are doing

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Speaker 2: really poorly. It's just hard for us progressives. And I

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Speaker 2: consider my centrist. I actually see you as a centrist.

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Speaker 2: But it's hard not to acknowledge that the cities would

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Speaker 2: the technically theoretically the most resources that have very progressive

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Speaker 2: leadership are just really fed up right now. I've been

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Speaker 2: in Seattle, in La and San Francisco in the last

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Speaker 2: seven days. Unprecedented, unprecedented prosperity, progressive, empathetic leadership, and it's

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Speaker 2: a show. There's ten There are homeless exampments everywhere, and

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Speaker 2: you're like, Okay, something's wrong here. Our approach here is

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Speaker 2: not working. And I think, well, how do we get

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Speaker 2: where would we start to attack the root cause of

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Speaker 2: the problem. And what you have is every time you

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Speaker 2: convert one substance to another for economic gain, you have

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Speaker 2: an externality. You have an emission. When you convert plant

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Speaker 2: based calories to meat based, meat based calories, you get

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Speaker 2: methane and deforestation. When you convert fossil fuels to petroleum,

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Speaker 2: you get carbon emissions. I still don't think either of

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Speaker 2: those are the most dangerous emission. Most people would say

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Speaker 2: it's got to be carbon. I don't think it is.

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Speaker 2: When you convert attention to advertising to dollars, you have

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Speaker 2: an externality. You have an emission, and that emission is rage.

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Speaker 2: When you and I were growing up, what used to

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Speaker 2: sell advertising and capture our attention was sex. You had sex.

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Speaker 2: You drink this beer and you'll be hot and young.

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Speaker 2: Wear this cologne and you have a greater or drive

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Speaker 2: this car. You have a greater likelihood of a random

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Speaker 2: sexual encounter. The algorithms and technology figured out that even

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Speaker 2: better than sex, the way to capture your attention on

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Speaker 2: a screen such as we can sell you more in

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Speaker 2: Espresso and Nissan ads is rage and the externality is

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Speaker 2: polarization and rage towards your fellow man. We're now Republicans,

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Speaker 2: and actually forty one percent of Democrats are worried that

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Speaker 2: their kid is going to marry a Republican. Republicans are

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Speaker 2: more worried now, and this is a sign of progress

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Speaker 2: and a lack of progress. Republicans are now more worried

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Speaker 2: about inter party marriage than interracial marriage. That if America

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Speaker 2: was a horror move, you'd say, the call is coming

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Speaker 2: from inside of the house, and that is we really

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Speaker 2: I would argue, don't have a serious external threat. You know,

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Speaker 2: Russia is not going to invade US. Mexico and Canada

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Speaker 2: are not a threat. China even, I would argue China,

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Speaker 2: if you game theory it out, I don't think China

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Speaker 2: wants to get into a shooting match of the United States.

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Speaker 2: The threat, the call is coming from inside of the house.

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Speaker 2: We don't like each other. People. The number of people

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Speaker 2: who speak to their neighbor has gone down thirty percent.

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Speaker 2: People aren't joining the Boy Scouts. People don't people don't

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Speaker 2: trust each other. We stand up in the state of

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Speaker 2: Union and scream explatives at each other. So this polarization

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Speaker 2: as largely fed by technology and the emission of rage

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Speaker 2: in the pursuit of profits with no regulation. We have

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Speaker 2: an FDA that regulates our food. We have an SEC

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Speaker 2: that regulates our banks. We finally moved in on the

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Speaker 2: tobacco industry. There's nothing starting this enormous. The biggest coal

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Speaker 2: fire plants in the world arn in Kentucky or in Shenzend.

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Speaker 2: They're in Silicon Valley. And the emission we're choking on

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00:23:06,960 --> 00:23:09,640
Speaker 2: is content that figures out who you are and your beliefs,

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Speaker 2: and figures out the way to engage you is to

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Speaker 2: enrage you by convincing you that your neighbor, because of

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Speaker 2: their political affiliation or their beliefs, is your enemy. And

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Speaker 2: until we figure out a way to restore a fundamental truth,

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Speaker 2: we're in trouble. And that fundamental truth is the following.

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Speaker 2: Americans will never have greater allies than other Americans. And

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Speaker 2: we've lost that. We've lost that connective tissue. So we're

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Speaker 2: gonna We're not going to be invaded. No one is

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Speaker 2: economically going to best America. No one is going to

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Speaker 2: invade us. We're eating ourselves from the inside out. We're

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Speaker 2: going after each other. And some of that might be

413
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Speaker 2: under a cover of dark from the GRU or the

414
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Speaker 2: CCP weaponizing some of our platforms. And I realize how

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Speaker 2: paranoid that sounds, but it doesn't mean I'm wrong. But

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Speaker 2: the best way to defeat an enemy is to atomize

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Speaker 2: them and turn them against each other. It's what we

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Speaker 2: did with Native American tribes. Don't fight them directly, plant rumors,

419
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Speaker 2: turn them against each other, and then come in for

420
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Speaker 2: the cleanup. And that's what's happening now. I think the

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Speaker 2: rage in lack of comity of man and the lack

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Speaker 2: of appreciation for how wonderful it is to be American.

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Speaker 2: Are tech leaders, some of the most blessed people in

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Speaker 2: the world don't acknowledge America. They're the first to post it.

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Speaker 2: Go up and down the West coast, you see dozens

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Speaker 2: of companies that have created trillions in value. You get

427
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Speaker 2: above Seattle and it stops. There's one north of the border.

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Speaker 2: It's called Lululemon, and Vancouver, you go to La Joya,

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Speaker 2: it stops, and there's one You have to go four

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Speaker 2: thousand autical miles before you get to Macado Libre and

431
00:24:35,960 --> 00:24:38,760
Speaker 2: Buenos Aires. And yet none of these founders want to

432
00:24:38,800 --> 00:24:43,199
Speaker 2: acknowledge how fortunate they are two have been born or

433
00:24:43,280 --> 00:24:46,080
Speaker 2: to start their businesses in America. They just want to

434
00:24:46,119 --> 00:24:49,439
Speaker 2: ship post it. I find it the most loyal Americans

435
00:24:49,880 --> 00:24:53,080
Speaker 2: are veterans because they invested so much. And I find

436
00:24:53,119 --> 00:24:55,680
Speaker 2: the most obnoxious Americans the ones that say the government

437
00:24:55,720 --> 00:24:58,080
Speaker 2: should just get out of the way and have adopted

438
00:24:58,080 --> 00:25:01,880
Speaker 2: this Thatcher Reagan like screed. It's anti government, our most

439
00:25:01,920 --> 00:25:06,359
Speaker 2: blessed American, specifically tech entrepreneurs. It's obnoxious. But circling back,

440
00:25:06,440 --> 00:25:10,120
Speaker 2: I think one of the root causes here is technology,

441
00:25:10,160 --> 00:25:13,439
Speaker 2: and some of the most talented, deep pocketed companies are

442
00:25:13,480 --> 00:25:14,680
Speaker 2: pitting us against each other.

443
00:25:17,280 --> 00:25:23,359
Speaker 1: So those are the tech companies, and so we're talking

444
00:25:25,000 --> 00:25:28,240
Speaker 1: Facebook top of the list. We're talking.

445
00:25:31,440 --> 00:25:34,800
Speaker 2: Yeah, look, there's enough to go ahead.

446
00:25:34,840 --> 00:25:37,160
Speaker 1: When you when you think about you think about these,

447
00:25:37,320 --> 00:25:40,679
Speaker 1: when you think about the tech companies, you're not applying

448
00:25:40,760 --> 00:25:46,399
Speaker 1: this across across the whole of the technology landscape. I

449
00:25:46,440 --> 00:25:49,520
Speaker 1: think you meet a couple of companies, social media companies,

450
00:25:49,960 --> 00:25:56,840
Speaker 1: news companies, companies like Fox News, companies like Meta. Well, so.

451
00:25:58,760 --> 00:26:00,720
Speaker 2: You're going to probably forget as much about this I'm

452
00:26:00,720 --> 00:26:04,080
Speaker 2: going to know. But the news used to be twenty

453
00:26:04,119 --> 00:26:07,320
Speaker 2: one minutes. It used to be a social service people.

454
00:26:07,560 --> 00:26:10,920
Speaker 2: These corporate broadcasters were making so much money running Tang

455
00:26:10,920 --> 00:26:13,240
Speaker 2: and Chevrolet ads on the Brady, Munch and Partridge Family.

456
00:26:13,280 --> 00:26:15,199
Speaker 2: They thought it was in their civic interest to run

457
00:26:15,680 --> 00:26:18,440
Speaker 2: twenty one minutes of fact check News and nine minutes

458
00:26:18,480 --> 00:26:21,480
Speaker 2: of commercials, and they lost money. And eighteen minutes was

459
00:26:21,520 --> 00:26:23,960
Speaker 2: boring fact check News with Jerry Dunfey I grew up

460
00:26:24,000 --> 00:26:26,960
Speaker 2: in La. And then three minutes was point counterpoint where

461
00:26:26,960 --> 00:26:30,280
Speaker 2: they brought in Bruce Hirschison and Jim Tunney to basically

462
00:26:30,320 --> 00:26:33,440
Speaker 2: yell at each other. And that was the highest rated

463
00:26:33,440 --> 00:26:36,520
Speaker 2: part of the twenty one minute money losing new show.

464
00:26:36,680 --> 00:26:38,960
Speaker 2: And Ted Turner thought, I can turn news into twenty

465
00:26:39,000 --> 00:26:41,680
Speaker 2: four hours, and then Ruper Murdoch came in and said,

466
00:26:41,720 --> 00:26:43,680
Speaker 2: I can turn that twenty four hours into those three

467
00:26:43,800 --> 00:26:48,480
Speaker 2: minutes of tickling people's tribal sensors. And now, when you

468
00:26:48,560 --> 00:26:52,159
Speaker 2: have an economy that's focused on attention, keep people glued

469
00:26:52,160 --> 00:26:54,919
Speaker 2: to the screen, the TV screen or the phone. You

470
00:26:55,040 --> 00:26:58,600
Speaker 2: need a situation to have a situation room. So the

471
00:26:58,720 --> 00:27:03,919
Speaker 2: constant catastrophe and the constant enragement kind of started with

472
00:27:04,000 --> 00:27:07,800
Speaker 2: cable news. All that these tech companies done have done

473
00:27:07,880 --> 00:27:10,400
Speaker 2: is scaled it. So when Fox runs a deep fake

474
00:27:10,440 --> 00:27:13,960
Speaker 2: of Nancy Pelosi appearing to be inebriated, they get called

475
00:27:14,000 --> 00:27:17,160
Speaker 2: out and they're also subject to liability. They spread misinformation

476
00:27:17,200 --> 00:27:20,639
Speaker 2: about dominion voting machines. They down the road might end

477
00:27:20,720 --> 00:27:22,879
Speaker 2: up having to pay seven hundred and fifty million dollars.

478
00:27:22,920 --> 00:27:26,879
Speaker 2: That is a real deterrent to them coordinating and spreading lies.

479
00:27:26,920 --> 00:27:29,240
Speaker 2: And now you might not stop it, but it deters it.

480
00:27:29,920 --> 00:27:33,359
Speaker 2: By the time they put on their shoes. Social media

481
00:27:33,400 --> 00:27:37,280
Speaker 2: has ran that video around the world several hundred million times.

482
00:27:37,320 --> 00:27:40,480
Speaker 2: We're focused on cable news because we know the personalities,

483
00:27:40,520 --> 00:27:43,040
Speaker 2: but you know, three million people watch the most popular

484
00:27:43,080 --> 00:27:45,880
Speaker 2: shows on Fox. A billion and a half people walk

485
00:27:45,920 --> 00:27:49,480
Speaker 2: into meta every day. So one is a dumpster fire,

486
00:27:49,560 --> 00:27:52,040
Speaker 2: the other is a nuclear mushroom cloud. But it did

487
00:27:52,119 --> 00:27:55,000
Speaker 2: start on cable news. It still exists on cable news.

488
00:27:55,119 --> 00:27:58,639
Speaker 2: There's profit and centive around rage and polarization. But the

489
00:27:58,720 --> 00:28:04,639
Speaker 2: online folks specific Meta Google, Twitter have taken it to

490
00:28:04,720 --> 00:28:08,960
Speaker 2: an absolutely new level. And then, you know, we haven't

491
00:28:08,960 --> 00:28:11,919
Speaker 2: even began to talk about teen depression. I know you

492
00:28:12,000 --> 00:28:15,760
Speaker 2: have kids. We've also found that if we can tap

493
00:28:15,760 --> 00:28:19,080
Speaker 2: into people's insecurities when they're young, that it keeps them

494
00:28:19,080 --> 00:28:21,440
Speaker 2: glued to their phone. And we've also found that young

495
00:28:21,480 --> 00:28:24,480
Speaker 2: people are experienced, you know, have a lot of friends,

496
00:28:24,480 --> 00:28:28,240
Speaker 2: but they're not experiencing friendship. They go down rabbit holes,

497
00:28:28,240 --> 00:28:30,840
Speaker 2: they don't have the maturity to modulate, and they can

498
00:28:30,880 --> 00:28:33,439
Speaker 2: get very depressed very fast, and social went on mobile.

499
00:28:33,960 --> 00:28:37,639
Speaker 2: We've just seen self harm and teen depression absolutely explode.

500
00:28:38,200 --> 00:28:41,920
Speaker 2: And these companies engage in delay, in obfuscation such that

501
00:28:41,920 --> 00:28:44,600
Speaker 2: they avoid any regulation. And so where do we end up.

502
00:28:44,680 --> 00:28:46,960
Speaker 2: We end up with America, where we talked about the

503
00:28:47,000 --> 00:28:50,880
Speaker 2: middle classes starveling. We have polarization. We don't trust each other,

504
00:28:50,920 --> 00:28:52,760
Speaker 2: we don't like each other very much. We see each

505
00:28:52,800 --> 00:28:56,080
Speaker 2: other as our as our enemies, which is ridiculous. And

506
00:28:56,160 --> 00:28:58,640
Speaker 2: we literally we literally have the most anyone who has

507
00:28:58,760 --> 00:29:00,760
Speaker 2: kids knows they have the world of war, they have

508
00:29:00,800 --> 00:29:02,880
Speaker 2: their world of friends, and then they have their world

509
00:29:02,880 --> 00:29:05,719
Speaker 2: of kids. Something comes off of the tracks with one

510
00:29:05,760 --> 00:29:09,040
Speaker 2: of your kids, the whole world shrinks of that kid.

511
00:29:10,200 --> 00:29:14,120
Speaker 2: And to think that the most prosperous people in the world,

512
00:29:14,280 --> 00:29:18,400
Speaker 2: the companies who have the most shareholder value, are directly

513
00:29:18,560 --> 00:29:22,240
Speaker 2: linked to an increase in teen depression, means that Corporate

514
00:29:22,320 --> 00:29:25,560
Speaker 2: America has just lost the scripts. There's just no excuse.

515
00:29:25,640 --> 00:29:28,320
Speaker 2: Do not pass go. In my view, people need to

516
00:29:28,360 --> 00:29:31,000
Speaker 2: go to jail. And anyone who has had a teen

517
00:29:31,080 --> 00:29:33,920
Speaker 2: in their house, who is presented with their full self

518
00:29:33,920 --> 00:29:37,680
Speaker 2: twenty four x seven and has their kid fall to

519
00:29:37,720 --> 00:29:43,080
Speaker 2: the addictive, dark psychological techniques that these companies purposely employ

520
00:29:43,120 --> 00:29:45,600
Speaker 2: and hear this bullshit that they're age gating, which they

521
00:29:45,640 --> 00:29:49,760
Speaker 2: are not doing. And follows the case of Molly Richards

522
00:29:49,760 --> 00:29:52,800
Speaker 2: here in the United Kingdom, where a fourteen year old

523
00:29:52,840 --> 00:29:58,000
Speaker 2: girl gets depressed and bullied, has suicidal ideation and then

524
00:29:58,040 --> 00:30:00,160
Speaker 2: the algorithms pick up on that and send her an

525
00:30:00,200 --> 00:30:04,560
Speaker 2: email that says, verbatim, here are some images on suicide

526
00:30:04,600 --> 00:30:08,320
Speaker 2: we thought you might find interesting and sensor images of nooses,

527
00:30:08,400 --> 00:30:12,760
Speaker 2: pills and razors, and then that night kills herself. Someone

528
00:30:12,800 --> 00:30:15,880
Speaker 2: needs to go to jail. Someone needs to go to jail,

529
00:30:16,360 --> 00:30:20,200
Speaker 2: and instead we have a Washington that's been weaponized and

530
00:30:20,320 --> 00:30:24,000
Speaker 2: idolizes the dollar and innovators and these companies continue to

531
00:30:24,000 --> 00:30:26,160
Speaker 2: get away with it, and they'll pay the one point

532
00:30:26,240 --> 00:30:28,840
Speaker 2: two billion dollar fine, which is a parking ticket for them,

533
00:30:29,480 --> 00:30:31,680
Speaker 2: and we end up we end up with a nation

534
00:30:31,760 --> 00:30:35,080
Speaker 2: that continues to experience record levels of depression and record

535
00:30:35,160 --> 00:30:38,800
Speaker 2: levels of polarization. These problems are fixable, that's the good news.

536
00:30:39,520 --> 00:30:41,440
Speaker 2: We just have to hold these terms to the same

537
00:30:41,520 --> 00:30:44,800
Speaker 2: account we have held every other industry eventually in America.

538
00:30:44,920 --> 00:30:47,760
Speaker 1: Thank you for watching. Make sure you subscribe to our

539
00:30:47,920 --> 00:30:51,000
Speaker 1: channel so you never miss a video. Also, for more

540
00:30:51,080 --> 00:30:55,720
Speaker 1: content just like this, please consider joining our Warning premium community.

541
00:30:56,320 --> 00:30:59,360
Speaker 1: You can find out more in the description below. When

542
00:30:59,440 --> 00:31:02,480
Speaker 1: you look at at a theme that you're talking about,

543
00:31:02,560 --> 00:31:05,200
Speaker 1: which is really this concept that there's one set of

544
00:31:05,280 --> 00:31:08,760
Speaker 1: rules for people at the top, different set of rules

545
00:31:08,760 --> 00:31:12,800
Speaker 1: for everyone else. Reading in the Wall Street Journal, CEO

546
00:31:13,000 --> 00:31:20,040
Speaker 1: of Monsanto public Company all in last year made four

547
00:31:20,200 --> 00:31:26,720
Speaker 1: hundred and fourteen million dollars in American money. There's a

548
00:31:26,800 --> 00:31:34,320
Speaker 1: public company ceo. What do you do about that? What

549
00:31:34,480 --> 00:31:37,600
Speaker 1: can you do about that? Because I think that this

550
00:31:37,840 --> 00:31:42,360
Speaker 1: is very deeply linked to these issues that you're talking about.

551
00:31:43,320 --> 00:31:50,240
Speaker 1: Washington is a wash in a level of money, foreign money,

552
00:31:50,360 --> 00:32:01,280
Speaker 1: Saudi money, Chinese money, tech money, at a level that

553
00:32:01,280 --> 00:32:06,640
Speaker 1: that is unprecedented in the whole suite of American of

554
00:32:06,680 --> 00:32:11,160
Speaker 1: American history when you look at the country, three hundred

555
00:32:11,160 --> 00:32:14,240
Speaker 1: and thirty million of US. What has always been true

556
00:32:14,320 --> 00:32:19,520
Speaker 1: about America, almost providentially, is that it has produced the

557
00:32:19,600 --> 00:32:24,360
Speaker 1: right leaders at the right moment of time, seemingly almost

558
00:32:24,400 --> 00:32:28,120
Speaker 1: out of nowhere. For example, Dwight Eisenhower was an Army

559
00:32:28,160 --> 00:32:31,520
Speaker 1: lieutenant colonel in nineteen thirty nine who hadn't been promoted

560
00:32:31,960 --> 00:32:37,000
Speaker 1: in thirteen years. But it produces the right leaders at

561
00:32:37,000 --> 00:32:41,640
Speaker 1: the right moment in time. Are you optimistic that a

562
00:32:41,720 --> 00:32:45,920
Speaker 1: new generation a leader steps up? Do you see anybody

563
00:32:46,080 --> 00:32:50,240
Speaker 1: out there who has the capacity to take on tackle

564
00:32:50,360 --> 00:32:54,760
Speaker 1: these issues in a way that is truthful, honest, direct,

565
00:32:55,280 --> 00:32:58,960
Speaker 1: that starts to make the turn in the pull towards better.

566
00:33:00,240 --> 00:33:04,600
Speaker 1: Because really, what you're talking about is that is getting

567
00:33:04,640 --> 00:33:08,280
Speaker 1: out of this rut. And we talk about the politics

568
00:33:08,280 --> 00:33:10,000
Speaker 1: of that in a minute.

569
00:33:10,520 --> 00:33:14,280
Speaker 2: So there's two things there, the CEO compensation and then

570
00:33:14,800 --> 00:33:17,080
Speaker 2: the notion of you know, can we come together and

571
00:33:17,160 --> 00:33:21,080
Speaker 2: rally behind a specific leader With respect to the former,

572
00:33:21,160 --> 00:33:24,240
Speaker 2: I think I've involved in a lot of CEO compensation.

573
00:33:24,280 --> 00:33:26,680
Speaker 2: I've served on seven public company boards, probably about two

574
00:33:26,680 --> 00:33:29,560
Speaker 2: dozen private company boards, and compensation is the most difficult thing.

575
00:33:29,640 --> 00:33:32,680
Speaker 2: And what you have is, in the last forty to

576
00:33:32,720 --> 00:33:35,680
Speaker 2: fifty years, CEO compensation has gone from about thirty six

577
00:33:35,720 --> 00:33:39,280
Speaker 2: times the average workers salary to about three hundred I

578
00:33:39,280 --> 00:33:41,760
Speaker 2: bet it's going to head four hundred soon. Well, how

579
00:33:41,760 --> 00:33:45,080
Speaker 2: did that happen? What happens is on the board, there's

580
00:33:45,120 --> 00:33:48,200
Speaker 2: a compensation committee that decides the compensation of the CEO,

581
00:33:48,400 --> 00:33:53,120
Speaker 2: and we hire Towers Parent, I think is the consulting

582
00:33:53,120 --> 00:33:55,960
Speaker 2: firm that's kind of locked up the compensation industry, and

583
00:33:56,000 --> 00:33:58,560
Speaker 2: they do a survey and we pay them because board

584
00:33:58,640 --> 00:34:00,520
Speaker 2: members don't like to actually do work. And they come

585
00:34:00,560 --> 00:34:04,680
Speaker 2: back and say, all right, this is a chemical chemicals

586
00:34:04,760 --> 00:34:08,680
Speaker 2: company Monsanto and fertilizer company that does twenty two billion

587
00:34:08,719 --> 00:34:12,560
Speaker 2: dollars in industries of this size in this environment. Give

588
00:34:12,600 --> 00:34:14,959
Speaker 2: their CEOs this much in current comp and this much

589
00:34:15,360 --> 00:34:18,200
Speaker 2: in stock and they go from zero to one hundred

590
00:34:18,239 --> 00:34:21,320
Speaker 2: and fifty is average, And you think, well, Bob's working

591
00:34:21,360 --> 00:34:23,880
Speaker 2: really hard or at least is amazing. And to become

592
00:34:23,920 --> 00:34:26,279
Speaker 2: a CEO, you have to be an addition to a

593
00:34:26,280 --> 00:34:27,640
Speaker 2: lot of things, you have to be one thing, and

594
00:34:27,640 --> 00:34:30,520
Speaker 2: that is really likable. And these people are all the

595
00:34:30,520 --> 00:34:33,400
Speaker 2: fraternity or sorority rush chairman. They become friends with the

596
00:34:33,800 --> 00:34:37,440
Speaker 2: board and you can't help but not like them. And

597
00:34:37,520 --> 00:34:40,680
Speaker 2: also they're generally speaking, good people. And so when the

598
00:34:40,719 --> 00:34:44,799
Speaker 2: compensation consultants come back and say this would be purely average,

599
00:34:45,320 --> 00:34:47,360
Speaker 2: you're like, well, we're not going to pay Bob average.

600
00:34:47,360 --> 00:34:49,360
Speaker 2: We're going to give them a little above, like sixty.

601
00:34:49,680 --> 00:34:52,000
Speaker 2: You think, well, that's no big deal. But if you're

602
00:34:52,040 --> 00:34:56,080
Speaker 2: paying Bob twenty percent above the average, that means every

603
00:34:56,080 --> 00:34:58,360
Speaker 2: three and a half years. Because then the consultants go

604
00:34:58,400 --> 00:35:00,919
Speaker 2: out and look at a new data set that means

605
00:35:00,960 --> 00:35:03,640
Speaker 2: every three and a half years, CEO compensation is doubling.

606
00:35:04,239 --> 00:35:06,400
Speaker 2: And when you're the board, you want to find the

607
00:35:06,480 --> 00:35:08,520
Speaker 2: right guy or gal. And the right guy or gal

608
00:35:08,840 --> 00:35:11,200
Speaker 2: is not going to have a eulogy at their weddings,

609
00:35:11,280 --> 00:35:14,479
Speaker 2: at their funeral saying he turned down a fifty million

610
00:35:14,520 --> 00:35:17,200
Speaker 2: dollar compackage to just take thirty million because he was

611
00:35:17,280 --> 00:35:19,800
Speaker 2: worried about CEO pay. No one's going to disarm you

612
00:35:19,880 --> 00:35:25,080
Speaker 2: KnowI latterly, So capitalism is a function of people's self interest,

613
00:35:25,480 --> 00:35:28,359
Speaker 2: and I don't blame them, and I don't know if

614
00:35:28,400 --> 00:35:33,080
Speaker 2: there's anything offhand you can do about CEO compensation. Capitalism

615
00:35:33,920 --> 00:35:35,920
Speaker 2: is about people making or trying to make a shit

616
00:35:36,000 --> 00:35:38,480
Speaker 2: ton of money. I don't begrudge the CEOs. I can

617
00:35:38,600 --> 00:35:42,680
Speaker 2: understand how the boards award this. What I think needs

618
00:35:42,719 --> 00:35:46,880
Speaker 2: to happen is that there's no reason that we shouldn't

619
00:35:46,920 --> 00:35:49,680
Speaker 2: have a progressive tax structure. I think anyone making over

620
00:35:49,719 --> 00:35:54,319
Speaker 2: one hundred million dollars should pay a fairly extraordinary tax rate,

621
00:35:54,920 --> 00:35:59,000
Speaker 2: or at a minimum, pay the same as somebody the

622
00:35:59,080 --> 00:36:01,560
Speaker 2: CFO who's working looking for them. Because the myth around

623
00:36:01,560 --> 00:36:05,400
Speaker 2: our tax policy is that the narrative is always that

624
00:36:05,480 --> 00:36:07,680
Speaker 2: the poor gets screwed. If you look at the lower

625
00:36:07,719 --> 00:36:10,239
Speaker 2: middle income, their taxes have gone up on consumption and

626
00:36:10,320 --> 00:36:13,560
Speaker 2: sales tax, but their federal income tax has largely stayed

627
00:36:13,560 --> 00:36:16,120
Speaker 2: the same. The bottom half of America pays very little

628
00:36:16,120 --> 00:36:18,280
Speaker 2: federal income tax. You know, they don't have a lot.

629
00:36:19,440 --> 00:36:21,680
Speaker 2: Who really gets screwed in our tax code over the

630
00:36:21,760 --> 00:36:24,319
Speaker 2: last fifty years, or what I refer to as the workhorses,

631
00:36:24,800 --> 00:36:26,879
Speaker 2: and that is people that make between call it two

632
00:36:27,000 --> 00:36:29,920
Speaker 2: hundred grand and a million dollars a year. Mom's a

633
00:36:29,960 --> 00:36:32,279
Speaker 2: partner in a law firm. She's a baller, She's worked

634
00:36:32,280 --> 00:36:34,520
Speaker 2: her ass off, she got the right certification, she's made

635
00:36:34,600 --> 00:36:38,799
Speaker 2: partner makes six hundred grand. Dad's a chiropractor, started his

636
00:36:38,840 --> 00:36:42,320
Speaker 2: own chiropractor clinic, works as ass off. Has a staff,

637
00:36:42,719 --> 00:36:44,680
Speaker 2: makes two hundred and twenty grand a year. They make

638
00:36:44,719 --> 00:36:47,680
Speaker 2: eight hundred and twenty grand a year. In order to

639
00:36:47,680 --> 00:36:49,399
Speaker 2: make that kind of money, they probably have to live

640
00:36:49,400 --> 00:36:51,680
Speaker 2: in a big city, most likely in a blue state.

641
00:36:51,880 --> 00:36:55,920
Speaker 2: They're probably paying a tax rate of forty eight to

642
00:36:56,040 --> 00:37:01,719
Speaker 2: fifty two percent. They're paying half their money, and that's

643
00:37:01,800 --> 00:37:06,560
Speaker 2: just extraordinary. Now, if dad or Mom is one of

644
00:37:06,560 --> 00:37:09,200
Speaker 2: those people that's able to start a series of you know,

645
00:37:09,239 --> 00:37:13,160
Speaker 2: really talented takes huge risks. Maybe Dad has money, borrows money,

646
00:37:13,360 --> 00:37:16,800
Speaker 2: rolls up a bunch of chiropractic clinics, builds a network

647
00:37:16,800 --> 00:37:20,240
Speaker 2: of thirty wellness centers, and then sells it for thirty

648
00:37:20,320 --> 00:37:24,719
Speaker 2: million dollars. His tax rate plummets, and then he can

649
00:37:24,760 --> 00:37:27,400
Speaker 2: take that money and then he can invest it in

650
00:37:27,480 --> 00:37:31,680
Speaker 2: stocks in the capital gains from that are taxed at

651
00:37:31,719 --> 00:37:34,560
Speaker 2: a much lower rate. I've been working as a consult

652
00:37:34,640 --> 00:37:37,520
Speaker 2: my whole life current income until the age of forty,

653
00:37:37,560 --> 00:37:40,520
Speaker 2: I paid between thirty five and forty five percent tax rate.

654
00:37:41,280 --> 00:37:43,000
Speaker 2: Once I sold the company and I had a basic

655
00:37:43,080 --> 00:37:45,880
Speaker 2: capital to start investing, I made the jump to light speed,

656
00:37:45,920 --> 00:37:49,080
Speaker 2: could start investing in real estate, could hire really, really

657
00:37:49,080 --> 00:37:51,560
Speaker 2: talented people to navigate the tax code, which has gone

658
00:37:51,600 --> 00:37:54,920
Speaker 2: from four hundred pages to four thousand, and my tax

659
00:37:55,000 --> 00:37:58,520
Speaker 2: rate plummeted. So what we've done in America is we've said,

660
00:37:58,560 --> 00:38:01,400
Speaker 2: if you're talented enough to get the gold medal, and

661
00:38:01,560 --> 00:38:03,640
Speaker 2: let's let's be serious. They're not bad people, and they're

662
00:38:03,680 --> 00:38:06,320
Speaker 2: exceptionally talented, but if you get to the gold medal,

663
00:38:06,640 --> 00:38:08,560
Speaker 2: we're going to take the bronze and the silver away

664
00:38:08,560 --> 00:38:12,120
Speaker 2: from anybody else. Your tax rate plummets once you get

665
00:38:12,160 --> 00:38:15,160
Speaker 2: to the ninety nine percentile. So can we do anything

666
00:38:15,200 --> 00:38:18,440
Speaker 2: about COEO compensation. I'm at a loss as to how

667
00:38:18,880 --> 00:38:21,400
Speaker 2: you limit it. But they shouldn't be paying seventeen or

668
00:38:21,400 --> 00:38:24,480
Speaker 2: eighteen percent tax rates. They should be paying seventy percent

669
00:38:24,560 --> 00:38:28,200
Speaker 2: tax rates. So I believe in a progressive tax structure.

670
00:38:28,239 --> 00:38:30,800
Speaker 2: It needs to be restored. We have five of the

671
00:38:30,800 --> 00:38:33,319
Speaker 2: one hundred biggest companies in America paid a tax rate

672
00:38:33,360 --> 00:38:37,600
Speaker 2: of zero. Last year, FedEx, Nike, Amazon paid no taxes

673
00:38:38,239 --> 00:38:41,480
Speaker 2: because what has happened is everyone complains about tax rates.

674
00:38:41,480 --> 00:38:44,920
Speaker 2: They're missing They're missing the plot. It's not tax rates,

675
00:38:45,040 --> 00:38:48,440
Speaker 2: it's the tax code. We need twenty three percent of

676
00:38:48,480 --> 00:38:51,160
Speaker 2: GDP to operate our country. If you funded two percent

677
00:38:51,200 --> 00:38:53,560
Speaker 2: of that with debt, you need twenty one percent. You'd

678
00:38:53,560 --> 00:38:56,760
Speaker 2: effectively need an effective tax rate of twenty one percent

679
00:38:57,600 --> 00:39:01,600
Speaker 2: for everyone. If all corporations and all people making over

680
00:39:01,640 --> 00:39:05,200
Speaker 2: a million dollars paid thirty percent tax rate, everyone else

681
00:39:05,239 --> 00:39:09,080
Speaker 2: would probably pay somewhere between ten and fifteen. And I'll

682
00:39:09,120 --> 00:39:12,919
Speaker 2: sign up for that, said pretty much everybody. But we've

683
00:39:12,920 --> 00:39:16,040
Speaker 2: weaponized the tax code and we hire rich people have

684
00:39:16,800 --> 00:39:19,160
Speaker 2: If you understand how to navigate by starlight, you want

685
00:39:19,160 --> 00:39:21,560
Speaker 2: to run races at night. And so they figured out

686
00:39:21,560 --> 00:39:23,560
Speaker 2: a way to make the tax code so complex and

687
00:39:23,600 --> 00:39:26,560
Speaker 2: insert so many loopholes that when I start a business

688
00:39:26,600 --> 00:39:29,719
Speaker 2: and sell it for one hundred and sixty million dollars,

689
00:39:29,760 --> 00:39:32,160
Speaker 2: which I did five years ago, incredibly blessed work my

690
00:39:32,239 --> 00:39:35,319
Speaker 2: ass off, I deserve it. But then a sophisticated tax

691
00:39:35,400 --> 00:39:37,440
Speaker 2: layer calls me and says, guess what you qualify for

692
00:39:37,520 --> 00:39:41,400
Speaker 2: QSB the first ten million is tax free. The first

693
00:39:41,480 --> 00:39:45,680
Speaker 2: ten million is tax free, and you think we're not

694
00:39:45,719 --> 00:39:49,879
Speaker 2: screwing the middle class. And then I'll say, Okay, that

695
00:39:49,960 --> 00:39:52,480
Speaker 2: just doesn't make any sense. And the first thing people

696
00:39:52,480 --> 00:39:54,279
Speaker 2: say is, well, Scott, then if you're such a great guy,

697
00:39:54,320 --> 00:39:55,759
Speaker 2: send it to the government. I want to be clear,

698
00:39:55,800 --> 00:39:57,960
Speaker 2: I'm not going to disarm you Innilatterly, I will do

699
00:39:58,000 --> 00:39:59,839
Speaker 2: whatever is best for me and my family. I will

700
00:39:59,840 --> 00:40:02,319
Speaker 2: take a tax free But the question, and then the

701
00:40:02,400 --> 00:40:05,080
Speaker 2: and then to go to amongst people will say, well.

702
00:40:05,760 --> 00:40:09,560
Speaker 1: This is a this is a political issue, right though,

703
00:40:09,760 --> 00:40:14,319
Speaker 1: that that you voluntarily pay taxes. It's not a it's

704
00:40:14,400 --> 00:40:18,319
Speaker 1: not a charity. The government needs the money that it

705
00:40:18,480 --> 00:40:23,200
Speaker 1: needs to operate. The government needs to needs to be

706
00:40:23,239 --> 00:40:26,799
Speaker 1: collected fairly, and so people are gonna people are gonna

707
00:40:26,840 --> 00:40:32,600
Speaker 1: follow the laws. What I think this does it eviscerates trust.

708
00:40:33,200 --> 00:40:39,719
Speaker 1: When when you say Amazon, people equate that with Jeff Bezos.

709
00:40:39,920 --> 00:40:43,240
Speaker 1: And it's not entirely thera because we're not talking about

710
00:40:43,280 --> 00:40:47,320
Speaker 1: personal taxes. But they look at the guy who founded

711
00:40:47,360 --> 00:40:50,920
Speaker 1: the company that doesn't pay any taxes, who's out on

712
00:40:51,000 --> 00:40:56,359
Speaker 1: a five hundred million dollars, Yeah, five hundred million half

713
00:40:57,080 --> 00:41:01,839
Speaker 1: a billion dollars, and so you're average person looks at that.

714
00:41:02,640 --> 00:41:06,640
Speaker 1: When you have a political class that tells them constantly

715
00:41:07,320 --> 00:41:11,400
Speaker 1: nothing is on the level. It's you against this person,

716
00:41:12,120 --> 00:41:16,200
Speaker 1: you have a rage industry monetized to billions of dollars.

717
00:41:16,239 --> 00:41:19,280
Speaker 1: And then the country makes a decision when it comes

718
00:41:19,280 --> 00:41:22,480
Speaker 1: to election time, not on the basis of even what

719
00:41:22,719 --> 00:41:26,200
Speaker 1: candidate they like better, but through the prison about what

720
00:41:26,680 --> 00:41:31,360
Speaker 1: side is going to do the most damaged to me,

721
00:41:32,520 --> 00:41:35,160
Speaker 1: and then they vote for they vote for the other one.

722
00:41:35,320 --> 00:41:39,680
Speaker 1: We're in this unitive era of American politics where one

723
00:41:39,800 --> 00:41:44,960
Speaker 1: faction weaponizes their vote to do harm in some form

724
00:41:45,280 --> 00:41:49,160
Speaker 1: to the other group or right to protect themselves from

725
00:41:49,239 --> 00:41:52,440
Speaker 1: the group. Right that is that is that is doing

726
00:41:52,640 --> 00:41:55,799
Speaker 1: that is doing harm to them. I wanted to bring

727
00:41:55,840 --> 00:41:59,600
Speaker 1: it back. What what do you say, right as a

728
00:41:59,600 --> 00:42:04,600
Speaker 1: as a lead here right to the country to break

729
00:42:04,719 --> 00:42:08,520
Speaker 1: us out of this, to break us out of this

730
00:42:08,760 --> 00:42:13,200
Speaker 1: vicious circle that we seem that we seem to be at,

731
00:42:13,680 --> 00:42:18,840
Speaker 1: where we seem to be devouring each other. We seem

732
00:42:18,920 --> 00:42:23,200
Speaker 1: to be caring at the fabric, the idea, the ideals

733
00:42:23,640 --> 00:42:27,239
Speaker 1: of the country. As you say, at this moment, when

734
00:42:27,320 --> 00:42:30,120
Speaker 1: if you had one hundred dollars to invest somewhere in

735
00:42:30,160 --> 00:42:33,719
Speaker 1: the world, you would certainly invest it here against all

736
00:42:33,760 --> 00:42:35,600
Speaker 1: of the other places.

737
00:42:37,080 --> 00:42:41,359
Speaker 2: So there's Democrats will blame the system, Republicans will talk

738
00:42:41,360 --> 00:42:45,040
Speaker 2: about personal accountability, and I'll try and talk about some

739
00:42:45,080 --> 00:42:48,719
Speaker 2: ideas for both. Let's start with personal accountability. You are

740
00:42:48,760 --> 00:42:51,719
Speaker 2: where you pay attention. I'm addicted to Twitter one because

741
00:42:51,760 --> 00:42:54,600
Speaker 2: I have an addiction of I'm desperate for other people's affirmation.

742
00:42:54,800 --> 00:42:57,200
Speaker 2: So I constantly go on Twitter to get some sort

743
00:42:57,200 --> 00:43:00,880
Speaker 2: of low calorie affirmation from total strangers. And it's pathetic

744
00:43:00,960 --> 00:43:03,520
Speaker 2: and I'm addicted to it, but at least I'm aware

745
00:43:03,520 --> 00:43:06,520
Speaker 2: of it. But spending so much time on Twitter, I

746
00:43:06,560 --> 00:43:09,799
Speaker 2: became like Twitter. I became terse. I became looking for

747
00:43:09,840 --> 00:43:13,719
Speaker 2: opportunities to shame other people, play guardians of gotcha, make

748
00:43:13,719 --> 00:43:16,120
Speaker 2: a caricature of other people's comments, and then weigh in

749
00:43:16,160 --> 00:43:18,480
Speaker 2: and press on the soft tissue which the algorithm likes,

750
00:43:19,120 --> 00:43:21,359
Speaker 2: and I get a ton of likes, and boy, didn't

751
00:43:21,360 --> 00:43:25,120
Speaker 2: I feel good about myself. I have a personal responsibility

752
00:43:25,160 --> 00:43:28,799
Speaker 2: to take the temperature down and start doing what my

753
00:43:28,840 --> 00:43:32,560
Speaker 2: colleague Jonathan Heydeen n Yu suggest, and that is take

754
00:43:32,640 --> 00:43:36,440
Speaker 2: people's gestures with the intention they were meant. And so

755
00:43:36,480 --> 00:43:39,360
Speaker 2: if someone says something stupid or off color or is

756
00:43:39,400 --> 00:43:43,560
Speaker 2: accidentally unkind show some grace. I don't need to. I've

757
00:43:43,560 --> 00:43:46,400
Speaker 2: lived my whole life that everybody has to show me

758
00:43:46,440 --> 00:43:49,160
Speaker 2: the same level of respect at kind of net zero,

759
00:43:50,000 --> 00:43:52,560
Speaker 2: or I get back in their face, or I speed

760
00:43:52,640 --> 00:43:54,480
Speaker 2: up if they cut me off and I hank at them,

761
00:43:54,880 --> 00:43:59,120
Speaker 2: not recognizing maybe that person's dealing with a kid who

762
00:43:59,200 --> 00:44:02,399
Speaker 2: has diabetes, not recognizing that maybe a person lost their job.

763
00:44:02,520 --> 00:44:05,239
Speaker 2: So I am trying very hard to take the temperature

764
00:44:05,280 --> 00:44:08,520
Speaker 2: down and show more grace in a world whereas a

765
00:44:08,600 --> 00:44:12,160
Speaker 2: quote unquote public figure, author or thought leader, it pays

766
00:44:12,200 --> 00:44:15,719
Speaker 2: for me to play to get more and more guardians

767
00:44:15,760 --> 00:44:18,960
Speaker 2: of gotcha pins assume the best of people. So that's

768
00:44:19,040 --> 00:44:23,239
Speaker 2: personal responsibility. I am trying really hard to raise empathetic

769
00:44:24,040 --> 00:44:26,239
Speaker 2: kids who are good citizens, who know how to work

770
00:44:26,280 --> 00:44:31,320
Speaker 2: and recognize that their greatest blessing is that their success.

771
00:44:31,320 --> 00:44:33,160
Speaker 2: A lot of their success is not their fault. That

772
00:44:33,280 --> 00:44:36,479
Speaker 2: being born in America puts them in the top death

773
00:44:36,520 --> 00:44:38,680
Speaker 2: style from day one, and they have an obligation to

774
00:44:38,719 --> 00:44:42,440
Speaker 2: reinvest back in America. Now, let's talk about public policy

775
00:44:42,480 --> 00:44:44,759
Speaker 2: on the macro level. I think we're going to have

776
00:44:44,760 --> 00:44:48,359
Speaker 2: to hold social media companies accountable for the damage they

777
00:44:48,400 --> 00:44:52,000
Speaker 2: are doing. I think we need national service. I think

778
00:44:52,000 --> 00:44:54,839
Speaker 2: we need young people to have an opportunity to meet

779
00:44:54,880 --> 00:45:00,000
Speaker 2: other kids or other young adults from different income, different ethnicity,

780
00:45:00,120 --> 00:45:03,320
Speaker 2: different sexual orientations, and recognize that we're all Americans and

781
00:45:03,400 --> 00:45:05,719
Speaker 2: they're going to find out from the get go that

782
00:45:05,719 --> 00:45:08,719
Speaker 2: that person who I would have never had any contact

783
00:45:08,719 --> 00:45:11,520
Speaker 2: with it is from a totally different background than me

784
00:45:12,960 --> 00:45:15,920
Speaker 2: doing something in the agency of something bigger than me,

785
00:45:16,040 --> 00:45:18,480
Speaker 2: and that is our nation. We need to get back

786
00:45:18,520 --> 00:45:20,680
Speaker 2: to that. So I'm a big fan of national service.

787
00:45:20,719 --> 00:45:23,799
Speaker 2: On a fiscal and monetary or tax policy, we need

788
00:45:23,840 --> 00:45:27,080
Speaker 2: to start reinvesting in young people. Young people aren't having kids,

789
00:45:27,840 --> 00:45:29,479
Speaker 2: not because they don't want them, but because they can't

790
00:45:29,520 --> 00:45:32,959
Speaker 2: afford them. They have less opportunity than our generation had,

791
00:45:33,000 --> 00:45:36,719
Speaker 2: and a lot of it is an absolutely concerted decision. People,

792
00:45:37,160 --> 00:45:41,640
Speaker 2: the entrenched incumbents will say it's about network effects and globalization. Bullshit.

793
00:45:41,719 --> 00:45:44,840
Speaker 2: We have consciously decided to transfer money from young people

794
00:45:45,440 --> 00:45:50,520
Speaker 2: to old people, or inflate our economy using the credit

795
00:45:50,560 --> 00:45:53,960
Speaker 2: card of our kids and our grandkids. There are economic

796
00:45:54,000 --> 00:45:57,399
Speaker 2: policies where we need to restore give young people more opportunity.

797
00:45:57,480 --> 00:45:59,600
Speaker 2: We need a tax code that's enforced. We need to

798
00:45:59,640 --> 00:46:02,960
Speaker 2: progress of tax structure. We need national service. We need

799
00:46:03,000 --> 00:46:06,160
Speaker 2: to have an honest conversation around young men who are

800
00:46:06,200 --> 00:46:08,960
Speaker 2: struggling in our country four times more likely to be addicted,

801
00:46:08,960 --> 00:46:11,359
Speaker 2: three times more likely to kill themselves, twelve times more

802
00:46:11,440 --> 00:46:15,279
Speaker 2: likely to be incarcerated, and recognize that compassion is not

803
00:46:15,320 --> 00:46:18,760
Speaker 2: a zero sum game. Civil rights did not hurt white people,

804
00:46:18,920 --> 00:46:22,000
Speaker 2: gay marriage did not hurt heteronormative marriage, and we need

805
00:46:22,040 --> 00:46:25,000
Speaker 2: to have more compassion for young men who are falling

806
00:46:25,120 --> 00:46:28,520
Speaker 2: further faster than any demographic group, despite the fact that

807
00:46:28,560 --> 00:46:31,960
Speaker 2: their father and their grandfather may have had unwarranted blessings

808
00:46:32,480 --> 00:46:35,840
Speaker 2: that is not their fault. And we need programs, vocational

809
00:46:35,880 --> 00:46:38,480
Speaker 2: programs red Shirts start them a year later in school,

810
00:46:39,080 --> 00:46:43,480
Speaker 2: more college freshman seats, more vocational certification to try and

811
00:46:43,560 --> 00:46:47,160
Speaker 2: level up young people such that they have more opportunities

812
00:46:47,200 --> 00:46:50,000
Speaker 2: and quite frankly, that young men have more on ramps

813
00:46:50,040 --> 00:46:52,279
Speaker 2: into the middle class. I think there's a ton of

814
00:46:52,360 --> 00:46:55,000
Speaker 2: things that you know. The bad news is these problems

815
00:46:55,040 --> 00:46:57,840
Speaker 2: are huge. The good news is they are absolutely fixable.

816
00:46:58,280 --> 00:47:01,160
Speaker 1: When you look at this this era, Franklin Roosevelt, and

817
00:47:01,400 --> 00:47:04,440
Speaker 1: I've always talked about Franklin Roosevelt. I think he is

818
00:47:04,520 --> 00:47:10,080
Speaker 1: the most important figure of the twentieth century for the good.

819
00:47:10,640 --> 00:47:16,040
Speaker 1: He's the principal architect of the world that we live in.

820
00:47:17,200 --> 00:47:21,800
Speaker 1: And Roosevelt is good friends with the Canadian Prime Minister

821
00:47:21,960 --> 00:47:26,279
Speaker 1: Mackenzie King, like Church till he would come. He would

822
00:47:26,360 --> 00:47:29,360
Speaker 1: stay for weeks at a time in the White House,

823
00:47:29,840 --> 00:47:35,360
Speaker 1: spend long evenings talking to FDR. King would always return

824
00:47:35,440 --> 00:47:39,480
Speaker 1: to his room and take Kobeous notes. And he recalls

825
00:47:39,520 --> 00:47:43,400
Speaker 1: this night with FDR where FDR lays out the UN

826
00:47:43,480 --> 00:47:48,400
Speaker 1: Declaration of Human Rights, the United Nations, free trade, the

827
00:47:48,520 --> 00:47:53,280
Speaker 1: end of the colonial system, colonial ara, really the world

828
00:47:53,320 --> 00:47:57,239
Speaker 1: in its contort that is our modern post World War

829
00:47:57,320 --> 00:48:02,080
Speaker 1: two era and FDR system, MCCA decay, that is aspiration.

830
00:48:02,280 --> 00:48:05,480
Speaker 1: Isn't that this will last forever, because nothing does. He

831
00:48:05,560 --> 00:48:08,520
Speaker 1: says that he hopes that it will endure, this American

832
00:48:08,640 --> 00:48:12,920
Speaker 1: led system for as long as everybody who is alive

833
00:48:13,080 --> 00:48:16,080
Speaker 1: on the day the war is won is still alive.

834
00:48:16,600 --> 00:48:20,400
Speaker 1: And so the youngest of those people are my parents age.

835
00:48:21,160 --> 00:48:24,920
Speaker 1: They're seventy seven, they're seventy eight years old, and we

836
00:48:25,080 --> 00:48:30,279
Speaker 1: have come to the end of that era and to

837
00:48:30,600 --> 00:48:37,400
Speaker 1: a hinge of history where the United States is moving

838
00:48:37,600 --> 00:48:48,520
Speaker 1: into a new era of competition with China technology, all

839
00:48:48,760 --> 00:48:54,120
Speaker 1: of the advantages that the country has had over these

840
00:48:54,200 --> 00:48:58,200
Speaker 1: last eighty years. In this moment of time, right, we're

841
00:48:59,080 --> 00:49:03,319
Speaker 1: seeing the end, right of that of that runway. When

842
00:49:03,360 --> 00:49:06,520
Speaker 1: you look a hat over the next over the next

843
00:49:06,600 --> 00:49:10,480
Speaker 1: twenty years in this country, where do you see America

844
00:49:11,000 --> 00:49:14,239
Speaker 1: twenty years from now? Where do you see the American

845
00:49:14,360 --> 00:49:19,400
Speaker 1: milk class? Where do you see the American the American worker?

846
00:49:19,520 --> 00:49:23,839
Speaker 1: Where do you see the United States in the community

847
00:49:23,880 --> 00:49:29,200
Speaker 1: of nations, in the global competition on our current trajectory?

848
00:49:30,160 --> 00:49:34,200
Speaker 1: Are you? Are you generally optimistic? Are you pessimistic?

849
00:49:36,480 --> 00:49:39,719
Speaker 2: It's weird. I think I think I'm becoming I've gone

850
00:49:39,719 --> 00:49:42,760
Speaker 2: from a glass half empty to a glass half full.

851
00:49:42,880 --> 00:49:47,600
Speaker 2: And that is the constant catastrophizing that pays and media

852
00:49:48,719 --> 00:49:52,000
Speaker 2: is in my opinion, overdone. I do think that. I mean,

853
00:49:52,000 --> 00:49:53,640
Speaker 2: if you look at the last couple of years in Congress,

854
00:49:53,640 --> 00:49:57,240
Speaker 2: despite the polarization, it's actually been a relatively productive Congress.

855
00:49:57,239 --> 00:50:00,600
Speaker 2: You know, the infrastructure bill, climate change. I mean, really

856
00:50:01,840 --> 00:50:05,759
Speaker 2: there has been some productivity, bipartisan productivity. I think the

857
00:50:05,760 --> 00:50:08,200
Speaker 2: immunities are kicking in. I think people are no longer

858
00:50:09,440 --> 00:50:12,399
Speaker 2: fooled by these weapons of mass distraction of a really

859
00:50:12,680 --> 00:50:16,640
Speaker 2: charismatic president talking about gender balance and saying look over here,

860
00:50:17,320 --> 00:50:20,759
Speaker 2: don't look at teen depression. I think we are figuring out.

861
00:50:22,320 --> 00:50:25,040
Speaker 2: We're getting more serious about climate change. I think election

862
00:50:25,120 --> 00:50:29,440
Speaker 2: deniers are losing their elections. I do think some immunities

863
00:50:29,480 --> 00:50:32,600
Speaker 2: are kicking in. The best chart in my book is

864
00:50:32,640 --> 00:50:35,879
Speaker 2: a chart showing the percentage of time people are donating

865
00:50:35,920 --> 00:50:39,840
Speaker 2: to people they will never meet, and it's up dramatically

866
00:50:39,960 --> 00:50:43,040
Speaker 2: in every region of the world. So more people and

867
00:50:43,120 --> 00:50:45,840
Speaker 2: more regions are planting trees the shade of which they

868
00:50:45,880 --> 00:50:49,040
Speaker 2: will not live under. We have huge problems, but I'm

869
00:50:49,080 --> 00:50:51,880
Speaker 2: actually quite optimistic. I actually think AI is going to

870
00:50:51,880 --> 00:50:54,120
Speaker 2: be a net positive for society. I think it's going

871
00:50:54,160 --> 00:50:56,200
Speaker 2: to offer incredible health care. I think it's going to

872
00:50:56,200 --> 00:50:58,600
Speaker 2: disrupt the most disruptible industry in history, and that it's

873
00:50:58,680 --> 00:51:01,560
Speaker 2: US healthcare, where one in five or four and five

874
00:51:01,560 --> 00:51:04,320
Speaker 2: Americans are unhappy with their healthcare. We spend twelve thousand

875
00:51:04,360 --> 00:51:07,719
Speaker 2: dollars per citizen in Australia spends five thousand and yet

876
00:51:07,719 --> 00:51:11,759
Speaker 2: our life expectancy has gone down, So I'm an optimist.

877
00:51:12,080 --> 00:51:14,439
Speaker 2: I spent a bunch of time on the scene called

878
00:51:14,480 --> 00:51:17,160
Speaker 2: Summit at Sea, which people call learning Man. It's a

879
00:51:17,160 --> 00:51:20,520
Speaker 2: lot of young people I work. The median age of

880
00:51:20,520 --> 00:51:22,680
Speaker 2: the people I work with at my media company, Property

881
00:51:22,719 --> 00:51:25,440
Speaker 2: Media is twenty four. I am really impressed with not

882
00:51:25,480 --> 00:51:28,879
Speaker 2: only how talented they are, but how socially aware they are.

883
00:51:29,600 --> 00:51:32,719
Speaker 2: And I hope that with things like open primaries and

884
00:51:32,760 --> 00:51:35,840
Speaker 2: ring choice voting, we will move away from minority rule

885
00:51:36,320 --> 00:51:38,520
Speaker 2: and have majority rule, because I do think the majority

886
00:51:38,560 --> 00:51:42,440
Speaker 2: of Americans. I'm a little bit freaked out about some

887
00:51:42,560 --> 00:51:45,080
Speaker 2: of that cruelty, the cultural cruelty that has emerged in

888
00:51:45,080 --> 00:51:48,839
Speaker 2: our politics, but I do think it's extremist minority rule,

889
00:51:49,040 --> 00:51:52,120
Speaker 2: and I think people are opening their eyes to moderates again,

890
00:51:52,200 --> 00:51:55,239
Speaker 2: or at least I'm being hopeful, but I think that

891
00:51:55,320 --> 00:52:01,160
Speaker 2: the generosity did Americans usual largely refect the massive innovation,

892
00:52:01,360 --> 00:52:04,200
Speaker 2: the progress. I'm hopeful that over the next twenty years

893
00:52:04,640 --> 00:52:07,280
Speaker 2: that we're having a gag reflex off of this culture

894
00:52:07,320 --> 00:52:11,000
Speaker 2: of cruelty, this idolatry of the dollar and innovators, and

895
00:52:11,040 --> 00:52:15,200
Speaker 2: more importantly, really moving back from this incredible lack of

896
00:52:15,280 --> 00:52:20,480
Speaker 2: masculinity demonstrated by Trump and Musk, who don't use their

897
00:52:20,640 --> 00:52:24,879
Speaker 2: power to protect others but to bully them and diminish them.

898
00:52:24,920 --> 00:52:27,040
Speaker 2: I think that is the exact opposite. I think that

899
00:52:27,120 --> 00:52:30,200
Speaker 2: is a playbook or a handbook and how to raise,

900
00:52:30,680 --> 00:52:33,560
Speaker 2: not raise young men. And I think people are starting

901
00:52:33,640 --> 00:52:35,520
Speaker 2: to figure this out. I think we're starting to talk

902
00:52:35,560 --> 00:52:39,440
Speaker 2: more openly about depression and mental health. And if you

903
00:52:39,440 --> 00:52:42,360
Speaker 2: think about AI as a threat, the catastrophizing is in

904
00:52:42,440 --> 00:52:46,040
Speaker 2: full swing. I'm more optimistic, but we own it. Americans

905
00:52:46,040 --> 00:52:49,640
Speaker 2: are kind of leading in it. So I'm actually, for

906
00:52:49,719 --> 00:52:54,279
Speaker 2: the first time in a while, fairly optimistic that I

907
00:52:54,320 --> 00:52:56,200
Speaker 2: don't want to say we needed to hit rock bottom,

908
00:52:57,040 --> 00:52:59,360
Speaker 2: but you know, Trump is probably going to be the nominee,

909
00:52:59,360 --> 00:53:01,040
Speaker 2: and I'm convinced, and I'm curious what you think. I

910
00:53:01,040 --> 00:53:03,160
Speaker 2: think it's going to lose again, and I think people

911
00:53:03,200 --> 00:53:06,360
Speaker 2: who go to this election denial weirdness are going to

912
00:53:06,440 --> 00:53:12,160
Speaker 2: lose again. And I think, you know, I'm sort of optimistic,

913
00:53:12,239 --> 00:53:15,440
Speaker 2: but what I will say is that after I living

914
00:53:15,520 --> 00:53:19,759
Speaker 2: in London, you know, people talk about Brexit and it

915
00:53:19,840 --> 00:53:21,560
Speaker 2: was the stupidest thing that could have done. They're not

916
00:53:21,600 --> 00:53:23,680
Speaker 2: growing that the only they are the only European country

917
00:53:23,680 --> 00:53:26,680
Speaker 2: that hasn't grown in five years. But they don't even

918
00:53:26,719 --> 00:53:30,000
Speaker 2: talk about choice. They have no time or energy to

919
00:53:30,080 --> 00:53:34,319
Speaker 2: talk about bathrooms or demonizing trans people. They don't even

920
00:53:34,440 --> 00:53:36,880
Speaker 2: talk about an assault weapons ban because they had a

921
00:53:36,880 --> 00:53:39,920
Speaker 2: mass shooting in nineteen ninety seven, so they outlawed assault

922
00:53:40,280 --> 00:53:43,640
Speaker 2: weapons and made people register weapons. And we haven't had

923
00:53:43,680 --> 00:53:47,200
Speaker 2: a mass shooting here at a school in twenty six years.

924
00:53:47,719 --> 00:53:49,799
Speaker 2: And you do look back on America and think there's

925
00:53:49,840 --> 00:53:53,040
Speaker 2: some basics we're getting wrong. And I apologize for being

926
00:53:53,040 --> 00:53:55,840
Speaker 2: all over the map. I do think that young people,

927
00:53:56,719 --> 00:53:59,000
Speaker 2: I'd like to think are starting to get it and

928
00:53:59,040 --> 00:54:00,759
Speaker 2: that the immunities are kicking in.

929
00:54:01,440 --> 00:54:04,840
Speaker 1: When you look at when you look at American history,

930
00:54:05,280 --> 00:54:13,720
Speaker 1: the presidents that we grew up with, Nixon, LBJ, Jimmy Carter,

931
00:54:14,320 --> 00:54:18,319
Speaker 1: George Bush, Ronald Reagan. You know these presidents. Reagan was

932
00:54:18,320 --> 00:54:22,520
Speaker 1: born in nineteen eleven, Nixon nineteen thirteen, George Herbert Walker,

933
00:54:22,560 --> 00:54:27,720
Speaker 1: Bush and Jimmy Carter nineteen twenty four, LBJ nineteen oh eight,

934
00:54:29,560 --> 00:54:33,480
Speaker 1: John F. Kennedy nineteen seventeen the first president born in

935
00:54:33,520 --> 00:54:40,799
Speaker 1: the twentieth century, Eisenhower, FDR all of these people. You know,

936
00:54:40,840 --> 00:54:43,440
Speaker 1: we think of that leadership from the First World War.

937
00:54:43,600 --> 00:54:49,560
Speaker 1: Those people were born mostly between the early eighteen eighties,

938
00:54:50,000 --> 00:54:54,839
Speaker 1: you know, through the eighteen nineties. The Baby Boomer generation

939
00:54:55,480 --> 00:55:00,640
Speaker 1: that starts with Bill Clinton in nineteen ninety two and

940
00:55:00,840 --> 00:55:05,239
Speaker 1: goes through Donald Trump brew Joe Biden, who's outside that

941
00:55:05,360 --> 00:55:10,000
Speaker 1: Baby Boomer generation collectively from the Bill Clinton error from

942
00:55:10,080 --> 00:55:15,840
Speaker 1: nineteen ninety two. Generationally, how do you assess the Baby

943
00:55:15,840 --> 00:55:19,719
Speaker 1: Boomers as having done as a as a generation of

944
00:55:19,880 --> 00:55:23,319
Speaker 1: political leaders in the in the United States. I think

945
00:55:23,320 --> 00:55:26,319
Speaker 1: it's a different question when you look at them and

946
00:55:26,400 --> 00:55:30,680
Speaker 1: score them as a generation through innovation, through the through

947
00:55:30,680 --> 00:55:34,239
Speaker 1: the economy, so on, and so forth, but as a

948
00:55:34,280 --> 00:55:38,799
Speaker 1: generation of political leadership from ninety two through right now,

949
00:55:38,880 --> 00:55:42,840
Speaker 1: because this will certainly be the last baby Boomer election,

950
00:55:43,280 --> 00:55:47,400
Speaker 1: it's inconceivable that there will be one beyond this now.

951
00:55:47,680 --> 00:55:50,760
Speaker 1: I've also been saying that we're upon the last baby

952
00:55:50,800 --> 00:55:54,160
Speaker 1: Boomer election since twenty twenty, so, you know, I could

953
00:55:54,239 --> 00:55:55,560
Speaker 1: I could be wrong on that.

954
00:55:57,640 --> 00:56:02,360
Speaker 2: So I've never ever felt like it's it's fair. I

955
00:56:02,360 --> 00:56:04,680
Speaker 2: don't have the skills to compare one generation to another.

956
00:56:04,719 --> 00:56:07,719
Speaker 2: The the thing I would say about I think we've

957
00:56:07,760 --> 00:56:11,000
Speaker 2: had some remarkably good presidents are good people as president

958
00:56:11,440 --> 00:56:15,480
Speaker 2: during my lifetime, even even W. I look at w

959
00:56:15,680 --> 00:56:17,400
Speaker 2: He's going to go down as a first ballot Hall

960
00:56:17,440 --> 00:56:21,760
Speaker 2: of Famer for catastrophic geopolitical decisions with what was probably

961
00:56:21,760 --> 00:56:23,960
Speaker 2: one of the worst decisions since World War Two, and

962
00:56:23,960 --> 00:56:25,360
Speaker 2: that is to go into Iraq. But I think he

963
00:56:25,400 --> 00:56:28,440
Speaker 2: was a good man. I think he generally had empathy

964
00:56:28,480 --> 00:56:29,160
Speaker 2: for other people.

965
00:56:30,719 --> 00:56:36,160
Speaker 1: And then and then he saved George Bush a progressive,

966
00:56:36,200 --> 00:56:39,920
Speaker 1: it's not like here it is, but George Bush directly

967
00:56:40,000 --> 00:56:46,040
Speaker 1: responsible for saving over a million African lives at least

968
00:56:46,680 --> 00:56:51,680
Speaker 1: from eight with PEP four President's Merchancy Plan for eight

969
00:56:51,840 --> 00:56:55,160
Speaker 1: relief in Africa. So yeah, he's a good and honorable

970
00:56:55,160 --> 00:56:57,160
Speaker 1: man and made a catastrophic decision.

971
00:56:58,960 --> 00:57:01,359
Speaker 2: And when I what I do think we were talking

972
00:57:01,360 --> 00:57:06,880
Speaker 2: about looking for leaders the presidents. I admire Obama, Kennedy.

973
00:57:07,600 --> 00:57:11,360
Speaker 2: I'm a big fan of Clinton. They were three of

974
00:57:11,400 --> 00:57:14,040
Speaker 2: the five youngest presidents. What I would say, I just

975
00:57:14,080 --> 00:57:16,600
Speaker 2: think we need more youth. The average age of Americans

976
00:57:16,640 --> 00:57:18,560
Speaker 2: is thirty eight. The average age of our elected leaders

977
00:57:18,600 --> 00:57:22,560
Speaker 2: is sixty four. And so when we pass these heinous

978
00:57:23,440 --> 00:57:26,640
Speaker 2: anti choice laws where we force a woman in Florida

979
00:57:26,680 --> 00:57:32,360
Speaker 2: to carry an unborn child or a fetus with Potter syndrome,

980
00:57:32,480 --> 00:57:34,800
Speaker 2: knowing the kid's going to be delivered and then die

981
00:57:34,840 --> 00:57:38,280
Speaker 2: a pretty gruesome death. That's just torturing young people. That's

982
00:57:38,280 --> 00:57:41,520
Speaker 2: torturing women. And I don't think. I think we had

983
00:57:41,560 --> 00:57:46,080
Speaker 2: more young people in office, that just wouldn't happen. And

984
00:57:46,080 --> 00:57:48,240
Speaker 2: I think if we have more moderates, so we've gone

985
00:57:48,240 --> 00:57:52,120
Speaker 2: a minority rule where Congress is beginning to look like

986
00:57:52,160 --> 00:57:54,280
Speaker 2: a cross between the Golden Girls and the Walking Dead,

987
00:57:54,320 --> 00:57:56,240
Speaker 2: I don't think we should have a president running for

988
00:57:56,560 --> 00:57:58,560
Speaker 2: office that's going to be eighty six, the last time

989
00:57:58,560 --> 00:58:01,360
Speaker 2: a Marine one leaves the West Lawn. And the reason

990
00:58:01,400 --> 00:58:02,800
Speaker 2: we're going to vote for him, and I'm going to

991
00:58:02,840 --> 00:58:06,920
Speaker 2: raise money for him, is because his number one attribute

992
00:58:07,000 --> 00:58:08,680
Speaker 2: is that he has common sense. He's a good man,

993
00:58:08,800 --> 00:58:11,440
Speaker 2: and he's the best option to beat someone who engages

994
00:58:11,440 --> 00:58:14,880
Speaker 2: in the culture of cruelty, who's just this weirdo, And

995
00:58:14,920 --> 00:58:17,200
Speaker 2: I'm like, can we do better than that? So I

996
00:58:17,320 --> 00:58:21,400
Speaker 2: think there's a decent chance someone is going to emerge,

997
00:58:21,440 --> 00:58:25,080
Speaker 2: and usually someone does America's great at producing leaders. It's

998
00:58:25,160 --> 00:58:27,960
Speaker 2: younger that we haven't even heard of. But I think

999
00:58:28,000 --> 00:58:31,320
Speaker 2: we need a lot more youth now. One youth has

1000
00:58:31,320 --> 00:58:33,800
Speaker 2: a better command of technology. I'm an ageist. People just

1001
00:58:33,880 --> 00:58:36,760
Speaker 2: have young people just have an easier time the neuroplasticity

1002
00:58:36,760 --> 00:58:39,200
Speaker 2: of their brain figuring out new technology. Technology is playing

1003
00:58:39,240 --> 00:58:43,160
Speaker 2: a bigger role in our society. And we have a

1004
00:58:43,240 --> 00:58:46,560
Speaker 2: non representative government. We have people who are too old.

1005
00:58:46,640 --> 00:58:48,800
Speaker 2: So what do you know? Social Security has its largest

1006
00:58:49,200 --> 00:58:51,640
Speaker 2: cost of living adjustment in history, but the child tax

1007
00:58:51,680 --> 00:58:53,720
Speaker 2: credit gets cut out of the infrastructure bill because what

1008
00:58:53,760 --> 00:58:55,880
Speaker 2: do you know? There aren't that many new mothers in Congress.

1009
00:58:56,600 --> 00:58:59,520
Speaker 2: So I don't know if I could summarize the difference

1010
00:58:59,520 --> 00:59:02,200
Speaker 2: between the generations. What I am a big believer in

1011
00:59:02,320 --> 00:59:06,200
Speaker 2: is that we need more young people in government. Our

1012
00:59:06,240 --> 00:59:10,800
Speaker 2: government has become too senior, just become too old. And

1013
00:59:10,840 --> 00:59:14,400
Speaker 2: I think that I feel it myself. I'm just I

1014
00:59:14,480 --> 00:59:17,680
Speaker 2: hate to admit it. At fifty eight, I feel as

1015
00:59:17,720 --> 00:59:20,640
Speaker 2: if I'm becoming a little bit out of touch. I

1016
00:59:20,680 --> 00:59:23,080
Speaker 2: purposely try to stay engaged. I read a ton of media.

1017
00:59:23,080 --> 00:59:25,360
Speaker 2: I try and surround myself with young people. But there's

1018
00:59:25,360 --> 00:59:28,800
Speaker 2: just certain issues I'm out of touch with and I

1019
00:59:28,840 --> 00:59:31,120
Speaker 2: feel like we have a government that's become, if you will,

1020
00:59:31,200 --> 00:59:33,440
Speaker 2: out of touch with the real issues facing the majority

1021
00:59:33,440 --> 00:59:34,160
Speaker 2: of young people.

1022
00:59:35,480 --> 00:59:37,960
Speaker 1: Well, last thing I want to ask you about. And

1023
00:59:38,000 --> 00:59:44,560
Speaker 1: you raised this with Doc Trump. He is And I'll

1024
00:59:44,600 --> 00:59:47,280
Speaker 1: say this to somebody who grew up in New Jersey.

1025
00:59:48,040 --> 00:59:54,120
Speaker 1: I remember distinctly, Aged catteral up. The year is nineteen

1026
00:59:54,160 --> 00:59:59,440
Speaker 1: eighty one, maybe nineteen eighty two, North Plainfield, New Jersey,

1027
00:59:59,640 --> 01:00:05,080
Speaker 1: big box television channel seven, Bill vu Tell eyewitness news,

1028
01:00:05,120 --> 01:00:08,600
Speaker 1: and Trump was on television, and my father looks at me.

1029
01:00:08,720 --> 01:00:14,000
Speaker 1: He goes, because you see our fucking guy. Yeah, yeah,

1030
01:00:14,560 --> 01:00:17,880
Speaker 1: he goes, don't ever be like that fucking guy. Now

1031
01:00:18,120 --> 01:00:20,960
Speaker 1: he goes on to vote for him. Believe it's just

1032
01:00:21,040 --> 01:00:24,920
Speaker 1: an amazing which is an amazing thing. But but Donald

1033
01:00:24,960 --> 01:00:32,320
Speaker 1: Trump was everything that you didn't want to be, at

1034
01:00:32,400 --> 01:00:37,720
Speaker 1: least in my households. How is it that so many

1035
01:00:38,040 --> 01:00:42,120
Speaker 1: men look at the cruelty, as you pointed out, look

1036
01:00:42,160 --> 01:00:47,480
Speaker 1: at the bullying, look at the nastiness, look at the grievance,

1037
01:00:48,440 --> 01:00:54,600
Speaker 1: the escapegoat, and see strength as opposed to weakness.

1038
01:00:56,160 --> 01:00:58,919
Speaker 2: I think Donald Trump's appeal is it not so much

1039
01:00:58,920 --> 01:01:03,120
Speaker 2: that he appeals to Republics, but that the right just

1040
01:01:03,160 --> 01:01:05,120
Speaker 2: sees us on the left as being crazy. I think

1041
01:01:05,160 --> 01:01:07,240
Speaker 2: on the left we have to take some responsibility for

1042
01:01:07,280 --> 01:01:10,040
Speaker 2: sticking our chin out, and that is a lot of

1043
01:01:10,080 --> 01:01:16,280
Speaker 2: our politics were more about airing petty grievances and the

1044
01:01:16,320 --> 01:01:21,480
Speaker 2: inability to face adult realities and virtue signal after we

1045
01:01:21,640 --> 01:01:24,400
Speaker 2: made our money. And I think that so many people

1046
01:01:24,440 --> 01:01:27,640
Speaker 2: feel left behind by this bull virtue signaling with a

1047
01:01:27,680 --> 01:01:30,320
Speaker 2: Democratic party that was trying to figure out what offends

1048
01:01:30,400 --> 01:01:33,400
Speaker 2: us as opposed to what affects us, and weren't focused

1049
01:01:33,400 --> 01:01:35,640
Speaker 2: on the right thing that they love a guy that

1050
01:01:35,720 --> 01:01:39,680
Speaker 2: comes in and just says you and is cruel and weird.

1051
01:01:39,960 --> 01:01:41,880
Speaker 2: I don't think Republicans are in love with Trump. I

1052
01:01:41,920 --> 01:01:46,160
Speaker 2: think they're in love with a guy who just inflames

1053
01:01:46,240 --> 01:01:48,959
Speaker 2: the other side, who they think had totally lost touch

1054
01:01:48,960 --> 01:01:55,160
Speaker 2: with regular people. And they conflate cruelty with masculinity, and

1055
01:01:55,400 --> 01:01:57,920
Speaker 2: they think he's rich. The reality is if he had

1056
01:01:57,960 --> 01:02:00,280
Speaker 2: taken his inheritance and just put it in an index fund,

1057
01:02:00,280 --> 01:02:02,880
Speaker 2: he to have more money than he does now. And

1058
01:02:02,960 --> 01:02:05,840
Speaker 2: I think a lot about young men and writing. My

1059
01:02:05,840 --> 01:02:07,480
Speaker 2: next book is going to be on masculinity. I think

1060
01:02:07,480 --> 01:02:10,320
Speaker 2: a masculinity is a wonderful thing and should be embraced,

1061
01:02:10,920 --> 01:02:13,760
Speaker 2: but we just need to redefine it. And loosely speaking,

1062
01:02:13,800 --> 01:02:16,400
Speaker 2: it distills down to a couple of things remain and

1063
01:02:16,480 --> 01:02:21,720
Speaker 2: that a self reliance, being physically fit, emotionally strong, figuring

1064
01:02:21,760 --> 01:02:24,280
Speaker 2: out a way to make be economically and emotionally viable

1065
01:02:24,360 --> 01:02:28,360
Speaker 2: such that you can protect and advocate for others. And

1066
01:02:28,400 --> 01:02:32,040
Speaker 2: there is nothing less masculine than sexually assaulting or being

1067
01:02:32,080 --> 01:02:34,840
Speaker 2: accused of sexually assaulting twenty nine people. There's nothing less

1068
01:02:35,160 --> 01:02:39,600
Speaker 2: masculine than mocking this the disabled. This is the exact

1069
01:02:39,640 --> 01:02:42,480
Speaker 2: definition of what it means or doesn't mean to be

1070
01:02:42,520 --> 01:02:44,960
Speaker 2: a man. And I think we need to educate people

1071
01:02:45,040 --> 01:02:47,880
Speaker 2: that this is not a hero, this is not a man.

1072
01:02:48,560 --> 01:02:51,480
Speaker 2: This is a deeply insecure, flawed person that is bringing

1073
01:02:51,480 --> 01:02:54,600
Speaker 2: out the worst in people. And we need to embrace

1074
01:02:54,680 --> 01:02:58,040
Speaker 2: a new form of masculinity. And by the way, masculinity

1075
01:02:58,080 --> 01:03:00,400
Speaker 2: is a social construct. A lot of women and straight

1076
01:03:00,480 --> 01:03:03,760
Speaker 2: fantastic masculinity, and a lot of men demonstrate wonderful femininity.

1077
01:03:04,320 --> 01:03:07,320
Speaker 2: But we need to get away from this culture of cruelty,

1078
01:03:07,880 --> 01:03:11,440
Speaker 2: and the democratic side needs to propose a leader that

1079
01:03:11,680 --> 01:03:13,960
Speaker 2: is not going to just talk about petty grievance scissor

1080
01:03:14,320 --> 01:03:17,760
Speaker 2: or refuse to face the adult realities that kind of

1081
01:03:17,760 --> 01:03:19,880
Speaker 2: defines a lot of the far left right. Now, we

1082
01:03:20,000 --> 01:03:22,600
Speaker 2: stuck our chin out. We had it coming, and we

1083
01:03:22,640 --> 01:03:25,080
Speaker 2: need to move back to the center and start thinking

1084
01:03:25,120 --> 01:03:27,360
Speaker 2: about where America really is at and that is somewhere

1085
01:03:27,360 --> 01:03:30,160
Speaker 2: in the middle. But yeah, this we need to move

1086
01:03:30,160 --> 01:03:33,480
Speaker 2: away from these this culture of toxicity and cruelty. It's

1087
01:03:33,560 --> 01:03:35,280
Speaker 2: just it's tearing us apart.

1088
01:03:35,800 --> 01:03:38,520
Speaker 1: Believe it. There, Professor Scott Galloway, one of the most

1089
01:03:38,560 --> 01:03:41,480
Speaker 1: interesting people you can spend an hour with. Like you're

1090
01:03:41,520 --> 01:03:42,320
Speaker 1: very about Scott.

1091
01:03:42,800 --> 01:03:44,320
Speaker 2: It was good to be with you, Steve. Thanks your

1092
01:03:44,320 --> 01:04:00,280
Speaker 2: good work. H