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Speaker 1: Hey, guys, ready or not, twenty twenty four is here,

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Speaker 1: and we here at Breaking Points, are already thinking of

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Speaker 1: ways we can up our game for this critical election.

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Speaker 1: We rely on our premium subs to expand coverage, upgrade

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Speaker 1: the studio ad staff give you, guys, the best independent

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Speaker 1: coverage that is possible. If you like what we're all about,

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Speaker 1: it means the absolute world to have your support. What

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Speaker 1: are you waiting for? Become a premium subscriber today at

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Speaker 1: Breakingpoints dot com. Good morning, everybody, Happy Monday. We have

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Speaker 1: an amazing show for everybody today. What do we have Crystal? Indeed,

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Speaker 1: we do lots of interesting things to talk about this morning,

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Speaker 1: including even more classified documents found at the Biden residents.

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Speaker 1: We'll bring you all the latest there as the drip

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Speaker 1: trip chip continues in a very wild story. We also

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Speaker 1: have the debt sealing showdown has based arrived. We will

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Speaker 1: technically hit the debt dealing this week. Now they will

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Speaker 1: be able to sort of extend that through what they

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Speaker 1: call extraordinary measures, but already a lot of political posturing

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Speaker 1: going on. Will tell you what that means for you.

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Speaker 1: Many more updates on the saga of George Santo's new

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Speaker 1: video of him calling himself by another name, and also

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Speaker 1: they found a clip of him bragging about his volleyball

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Speaker 1: prowess and playing on the Baroke College Volleyball championship winning team.

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Speaker 1: Of course you never he went to that college. And

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Speaker 1: there are new revelations that may indicate where he got

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Speaker 1: that money from to put in his campaign. He has

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Speaker 1: now been tied to a proven Ponzi scheme that the

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Speaker 1: SEC is going after. So got those details for you.

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Speaker 1: We also have new warning signs that there is a

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Speaker 1: recession on the way and quite a wild exchange between

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Speaker 1: Chuck Todd and Senator Ron Johnson Saga and I will

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Speaker 1: break it all down for you before we get to

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Speaker 1: any of that live show, live show. Put it up

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Speaker 1: there on the screen. Paramount Theater, February third, Go in

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Speaker 1: and buy your tickets, guys. The date very fast approaching.

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Speaker 1: We are very excited to come to Austin, Texas, and

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Speaker 1: we have a great show plan for all of you.

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Speaker 1: Very sparse number of tickets left, so go ahead and

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Speaker 1: purchase yours while you have the chance. We are really

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Speaker 1: excited to go down to Austin. Okay, let's start with

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Speaker 1: the classified documents. Saga even more, we did a breaking

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Speaker 1: news segment for everyone on Thursday recap for those who

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Speaker 1: didn't hear it. Of course, Attorney General Meyrick Garland forced

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Speaker 1: to appoint a special prosecutor to look at the classified

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Speaker 1: documents found at two separate Biden locations. And yet over

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Speaker 1: the weekend, we are finding even more classified documents at

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Speaker 1: Biden's home. Let's go and put this up there on

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Speaker 1: the screen. This we're saying more classified documents were found

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Speaker 1: at the home by his lawyers in Wilmington, Delaware. Interestingly enough,

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Speaker 1: Crystal President Biden was actually at his Wilmington, Delaware house

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Speaker 1: over the weekend, with some questions also of what exactly

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Speaker 1: was going on, whereas lawyer's searching it while he was there,

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Speaker 1: was he oversing the exact search, so they say the

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Speaker 1: White House lawyer is said that a total of six

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Speaker 1: pages of classified documents were found during a search of

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Speaker 1: Biden's private library. White House previously had said that only

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Speaker 1: a single page was found. So now we have multiple documents,

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Speaker 1: we don't know the exact number that were pulled out

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Speaker 1: of the President's residence at Wilmington, Delaware, some of them

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Speaker 1: which were literally found in his garage For those who

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Speaker 1: missed the infamous exchange, he claims that they were safer

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Speaker 1: because they were in a quote lock garage with this corvette.

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Speaker 1: Here's that exchange from on Thursday, classified material next year, corvette,

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Speaker 1: what were you thinking? Let me, We're gonna get a

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Speaker 1: chance to speak on all this, God William soon. But

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Speaker 1: as I said earlier this week, people, and by the way,

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Speaker 1: my corvette's in a locked garage. Okay, so it's not

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Speaker 1: like you're sitting down the street. But anyway, yes, as

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Speaker 1: well as my corvette. Yes, as well as my corvette.

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Speaker 1: As if that somehow makes it so much better. I mean,

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Speaker 1: you have to assume since mar A Lago is under

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Speaker 1: Secret Service protection, and as Biden's residence is, they're roughly

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Speaker 1: equivalent in terms of the security of around surrounding all

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Speaker 1: of these things. What I also find interesting is that

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Speaker 1: all of the search right now Crystal is happening by

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Speaker 1: Biden's own team. And of course we really cannot get

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Speaker 1: away from the timeline here. The first set of documents

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Speaker 1: the quote nearly ten, nearly ten, not eleven, not nine,

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Speaker 1: nearly ten. Nobody knows exactly how many were found Exactly

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Speaker 1: six days before the midterm elections. Nobody was notified, of course,

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Speaker 1: until the month of January. Previous documents, actually the second

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Speaker 1: pair that were found inside the lock garage, were found

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Speaker 1: in December, very late December, after Christmas. All of this

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Speaker 1: then breaking now apparently after they were forced to notify

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Speaker 1: the Department of Justice. By the way, the exact timeline

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Speaker 1: on all of that also remains unclear. And this also

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Speaker 1: opens up questions as to whether this new special prosecutor,

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Speaker 1: a Trump appointed special prosecutor, will be one who will

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Speaker 1: force to conduct other searches, possibly of the presidential residents

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Speaker 1: and maybe even of the pen Biden Center where previous

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Speaker 1: documents were found. Humiliating experience on super President Biden. I mean,

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Speaker 1: it's a disaster on every level. I have to think,

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Speaker 1: with both this situation and the Trump classified document situation,

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Speaker 1: this is basically what you get when you put doddering, incompetent,

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Speaker 1: arrogant fools in positions of supreme power. There's a, I

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Speaker 1: think a flawed impression at times of the Biden White

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Speaker 1: House that they're much more competent, that they're much more organized.

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Speaker 1: Joe Biden has never been known as a man who

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Speaker 1: is great as a manager, now, he may have other

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Speaker 1: qualities that you recommend him to the American public. Certainly

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Speaker 1: they saw enough in him to elect him president of

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Speaker 1: the United States. But this is someone who has always

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Speaker 1: been incredibly sort of disorganized and incompetent managerially. So the

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Speaker 1: fact that he sloppily had these documents here and there

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Speaker 1: and wherever, I mean, this is kind of par for

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Speaker 1: the course for this man and ultimately not shocking given

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Speaker 1: what we know about his sort of organizational skills within DC.

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Speaker 1: From a political standpoint, this is a total catastrophe. There's

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Speaker 1: just no doubt about it. The fact that you have

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Speaker 1: also this drip, drip, drip, where ah, we found some

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Speaker 1: we found some more. Oh whoops, we found some even

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Speaker 1: more documents at this point, after they went so hard

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Speaker 1: on the Trump document retrieval and raid and everything that

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Speaker 1: happened there. Justifiably so, by the way, I mean, these

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Speaker 1: are not things that you should be messing around with.

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Speaker 1: I cannot understand why it is so hard just to

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Speaker 1: keep classified documents where they are ultimately supposed to be.

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Speaker 1: And yes, as far as we know, at least at

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Speaker 1: this point, there was more of an effort to cover

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Speaker 1: up et cetera, et cetera with Trump, But the core

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Speaker 1: of the alleged crime here is effectively the same. So

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Speaker 1: there's a lot of cope from Democrats right now about oh,

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Speaker 1: this is totally there, doesn't guys. Listen, Yeah, the cover

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Speaker 1: up might the flavor of the cover up might be

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Speaker 1: a little bit different. And yes, ultimately that fe I

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Speaker 1: had to raid Trump's house to get a hold of

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Speaker 1: the documents that they wanted back. But again, the story

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Speaker 1: is still developing and the core of the misdeeds are

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Speaker 1: the same. This creates real political challenges for Biden looking

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Speaker 1: forward to twenty twenty four too. How are you going

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Speaker 1: to go after Trump for what he did with these

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Speaker 1: documents when you did the same damn thing. Okay, so

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Speaker 1: in terms of like electability and being able to secure

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Speaker 1: your place in the White House for another four years,

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Speaker 1: this is also total and complete disaster. It was supposed

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Speaker 1: to be an open and shut thing, right. Trump took

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Speaker 1: the documents, he covered it up. We didn't give it back.

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Speaker 1: They had to raise his house. They had pretty much

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Speaker 1: had an obstruction of justice case just ready to go,

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Speaker 1: and it was all had to consider, Ye, the political

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Speaker 1: ramifications now, I mean, if they indict Trump and they

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Speaker 1: don't indict Biden, whether the whole obstruction thing is substantively

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Speaker 1: different or not. From a political point of view, how

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Speaker 1: can you prosecute the case against him? And you just

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Speaker 1: know Trump would have a field day with this in

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Speaker 1: the debate stage, I mean, effectively neutralizes one of the

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Speaker 1: core things that they had on Trump in terms of

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Speaker 1: the case they were going to prosecute against him. And

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Speaker 1: you can also see this house is stumbling. I mean,

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Speaker 1: they have no idea how to handle this. Are the

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Speaker 1: already you know, not particularly articulate, kareein Jean Pierre is

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Speaker 1: now just completely twisting ourselves in knots when question on this.

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Speaker 1: Let's take a listen. You had a closet with warriors

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Speaker 1: again again again, he was surprised that the records were there.

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Speaker 1: He spoke to this personally. He was surprised that the

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Speaker 1: records were there. The first set of documents for found

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Speaker 1: in November at the Pen Biden Center here in Washington.

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Speaker 1: But why did it take until it yesterday and me

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Speaker 1: until this morning? Apparently for whoever it was to inform

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Speaker 1: Robert Lausch that that final document was found. Was that

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Speaker 1: because there were press reports earlier this week? Again was

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Speaker 1: that nobody would find out? Again, was it because there

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Speaker 1: is a process, an ongoing process that is occurring. We

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Speaker 1: did this by the book. By the book, apparently by

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Speaker 1: the book means waiting until after the election to notify

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Speaker 1: the American public. Now that guy has them dead to rights.

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Speaker 1: They waited until the news broke to the press in

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Speaker 1: order to notify anybody. They tried to sweep it under

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Speaker 1: the rug. They hope that Merrit Garland and them could

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Speaker 1: do it. No. Possibly. Also in terms of Garland, it

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Speaker 1: seems clear he probably would have found himself in a

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Speaker 1: situation where he's like, there is no way around it.

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Speaker 1: This is highly classified information relating to Ukraine, the UK

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Speaker 1: and Iran. This is going to leak. I have to

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Speaker 1: address this from a substance point of view, given the

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Speaker 1: fact that I'm currently having an ongoing investigation into the president,

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Speaker 1: and it also again on a political point of view

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Speaker 1: for Biden. Here's why it's humiliating. They ridiculed Trump for

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Speaker 1: doing the exact same thing. Clip here from just four

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Speaker 1: months ago of saying, how could somebody be so irresponsible?

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Speaker 1: Let's take a listen. You saw the photograph of the

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Speaker 1: top secret documents laid out on the floor at mar

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Speaker 1: A Lago. What did you think to yourself looking at

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Speaker 1: that image, how that could possibly happen? Anyone could be

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Speaker 1: that irresponsible? And I thought, what data was in there

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Speaker 1: that may compromise sources and methods? By that, I mean

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Speaker 1: names of people will help Thursday, et cetera. And it's

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Speaker 1: just totally irresponsible. That's a great question, mister president. What data,

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Speaker 1: what names you had Ukraine Iran files in your locked

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Speaker 1: garage next yearly are responsible? I mean, you know that's

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Speaker 1: we could we could play the same game here, right

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Speaker 1: in terms of putting things like literally in a garage

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Speaker 1: as opposed to your private office. But apparently there was

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Speaker 1: also stuff in his private office at home in Wilmington, Delaware.

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Speaker 1: Political catastrophe for President Biden. There is just no wriggling

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Speaker 1: out of it. Let me let me say one more thing,

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Speaker 1: and we're gonna We've got a couple of clips here

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Speaker 1: too to show you of the Democratic response where you

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Speaker 1: know they're they're on their back foot and they're kind

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Speaker 1: of struggling here to defend him. Republicans were in that

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Speaker 1: place with Trump initially after the rate of mar A Lago,

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Speaker 1: there was a real rallying around him. We covered how

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Speaker 1: basically every potential rival to him bent the knee immediately,

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Speaker 1: including Rond de Santas and a whole lot of others.

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Speaker 1: But then as more information came out about just the

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Speaker 1: level of classification and the attempts to hide them and

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Speaker 1: everything that went on, the Republican side of the aisle

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Speaker 1: kind of fell silent and they were less vociferous in

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Speaker 1: their defense of the former president on this matter. Well,

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Speaker 1: now they're feeling a lot more confident to basically come

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Speaker 1: to his rescue, and they have a case they can

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Speaker 1: make for him now. And so I think it's not

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Speaker 1: just on the you know, this is a disaster for Biden.

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Speaker 1: I also think this helps Trump in terms of sort

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Speaker 1: of shoring up some of his Republican support and finding

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Speaker 1: some defenders on this matter as well. Absolutely, it actually

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Speaker 1: polarizes it now completely. Now we can turn this purely

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Speaker 1: into partisan bloodsport again. Why it is such a huge

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Speaker 1: problem for President Biden. So look last word on this,

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Speaker 1: the special prosecutors there, it's humiliating for President Biden. The

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Speaker 1: White House and has no idea how to respond, and

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Speaker 1: now they're in there full By the way, the House

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Speaker 1: you know, Republicans Peter McCarthy already saying I'm going to

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Speaker 1: be investigating this. So we're going to have hearings, We're

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Speaker 1: going to have you know, we're going to have subpoenas

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Speaker 1: that go out. There's going to be a full scale review.

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Speaker 1: And now we are going to have a laser focus

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Speaker 1: on two separate investigations involving the former president, the current president,

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Speaker 1: and then the probable nominee for president in twenty twenty four.

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Speaker 1: And it's basically, you can pick whichever facts and all

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Speaker 1: of that that you want and end up on the side,

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Speaker 1: and the other side really won't be able to hit

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Speaker 1: you over the head with any sort of knockout blow.

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Speaker 1: Huge problem there for President Biden's White House, of course,

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Speaker 1: it is a making entirely of his own. How could

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Speaker 1: anyone be so responsible? You know, I think I told

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Speaker 1: you just yesterday. I was like, it's the same story

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Speaker 1: every time. These guys, they are so arrogant that they

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Speaker 1: think that the law doesn't apply to them. Hillary Biden, Trump,

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Speaker 1: all of them. They're like, these are my documents, They're

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Speaker 1: not your documents. It's outrageous that these people think so

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Speaker 1: highly themselves. You can put an email server in your

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Speaker 1: freaking basement, or you can just take like whatever you

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Speaker 1: think exonerates you in Trump's cases, to your private office,

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Speaker 1: or apparently in the Vice president's case here that you know,

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Speaker 1: just because you happen to handle Ukraine policy, you're allowed

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Speaker 1: to take this stuff back to your house, completely outrageous.

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Speaker 1: Let's move on now to the next part with Democratic

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Speaker 1: lawmakers Ilhan Omar actually stunning MSNBC. Simone Sanders, former Kamala

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Speaker 1: Harris staffer over on MSNBC saying she's actually glad that

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Speaker 1: a special counsel was appointed. Let's take a lesson, Well one,

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Speaker 1: I'm glad that there is a special prosecutor that's been

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Speaker 1: appointed to you. Yes, tell me, because anytime there is

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Speaker 1: a deviance in regards to security protocols that should be

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Speaker 1: taken serious, it should be investigated. What I find interesting

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Speaker 1: is that Republicans who have defended Trump after he literally

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Speaker 1: stole classified documents refuse to turn them overlid about having them,

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Speaker 1: made up some story about how he declassified them, had

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Speaker 1: to have his how rated in order for those documents

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Speaker 1: to be found, are now only interested in investigating Biden,

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Speaker 1: who has cooperated, who his own staff and former staff

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Speaker 1: have themselves turned these documents in. So you have to understand, right,

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Speaker 1: Republicans aren't really interested in upholding the law, in following

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Speaker 1: security protocols. What they're interested in is playing a political game.

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Speaker 1: You could try with that cope on the back end,

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Speaker 1: but having to at least say that you have to

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Speaker 1: defend the special prosecutor Crystal, or at least say like, yeah,

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Speaker 1: I'm happy that there is one. I mean, clearly, the

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Speaker 1: White House, the Democrats, they don't have a uniform message

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Speaker 1: on all of this. I think that's a huge problem. Yeah,

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Speaker 1: I mean, I think all our points are fair. It

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Speaker 1: is true Republicans didn't care at all about the Donald

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Speaker 1: Trump documents, and now that it's Biden, now they're you know, ah,

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Speaker 1: this is reserves investigation, etc. Etc. And it was the

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Speaker 1: same with Hiller. Clinton deeply about it, and then they

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Speaker 1: switched and everybody's like flipping around how they feel about

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Speaker 1: classified documents depending on their partisan affiliation, No doubt about that.

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Speaker 1: But look, I think that Merrick Garland appointing a special

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Speaker 1: council was undoubtedly the right move here. I mean, you

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Speaker 1: almost had to do it when you have the facts

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Speaker 1: that are so similar in both cases, How do you

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Speaker 1: justify having a special counsel in one case and not

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Speaker 1: ultimately the others. So to see Simone Sanders have that

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Speaker 1: moment of being a little bit taken aback of like,

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Speaker 1: oh yeah, why why would you say that? Is an

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Speaker 1: interesting little moment. Oh yeah, absolutely. At the same time,

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Speaker 1: Adam Schiff also reacting to this in the mainstream press,

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Speaker 1: just shows you some of the democratic reaction. Let's take

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Speaker 1: a listen. Let's get the democratic response from Congressman Adam Schiff,

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Speaker 1: the outgoing chair of the House Intelligence Committee. Congressmanshif you

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Speaker 1: were on this show just after Attorney General Garland appointed

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Speaker 1: a special council in the case of the Trump documents,

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Speaker 1: you said it was the right move. Do you feel

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Speaker 1: the same way about this special council? I do think

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Speaker 1: it's the right move. The Attorney General has to make

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Speaker 1: sure that not only is justice evenly applied, but the

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Speaker 1: appearances of justice are also satisfactory to the public. And

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Speaker 1: here I don't think he had any choice but to

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Speaker 1: point a special council. So look, what can you see

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Speaker 1: right there? Both ilhan Omar and Adam Schiff, like, there's

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Speaker 1: basically not any actual dissent from the Special Special Council,

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Speaker 1: Special Investigation line because they are also and how already

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Speaker 1: on the record having defended the Trump investigation. Crystal, I

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Speaker 1: think that the fact that you know, even the wide

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Speaker 1: gamut of all those people and yes they will try

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Speaker 1: and defend Biden in terms of the cover up and all,

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Speaker 1: that just shows you that the Dems are in a

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Speaker 1: real bind here pointing exactly what we're talking about for

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Speaker 1: the political catastrophe previously. Well, and even Adam Schiff, who

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Speaker 1: was the biggest partisan hack you can possibly find, had

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Speaker 1: to acknowledge in that interview too that there are real

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Speaker 1: potential national security concerns with the Biden documents, and that's

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Speaker 1: part of why he said you have to have a

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Speaker 1: special counsel to investigate this. So yeah, I mean it

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Speaker 1: shows you Democrats really are with this. They don't have

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Speaker 1: a coherent response. And listen, any normal person looking at

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Speaker 1: the situation is going to say, how is this different? Yes? Really,

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Speaker 1: how is it different? Yes? Look, I get it. Trump

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Speaker 1: went further to cover up the truth as far as

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Speaker 1: we know this one, although again I just want to say,

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Speaker 1: the facts continue to come out and we continue to

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Speaker 1: learn more seemingly every single day. But okay, it appears

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Speaker 1: Trump did more to cover it up. But again, the

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Speaker 1: core of the mistyed the original sin here. I can't

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Speaker 1: see the difference. I can't see the difference. Regular people

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Speaker 1: are not going to see the difference. And if you're

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Speaker 1: trying to spin in and you're trying to obsess over

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Speaker 1: like well, nitpicking, Well he had a few more documents

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Speaker 1: or he hit them law or whatever, I don't think

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Speaker 1: that's going to work out too well for him. Good

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Speaker 1: luck prosecuting that in the court of public opinion, ultimately

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Speaker 1: the one that probably matters the most. Indeed, all right,

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Speaker 1: at the same time, some drama, major significant I shouldn't

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Speaker 1: even call it drama, because it really is an issue

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Speaker 1: that could impact people across the country. You know, we

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Speaker 1: have this, in my opinion, very silly protocol is something

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Speaker 1: called the debt ceiling, where you have to go through

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Speaker 1: the motions of lifting this thing once you hit a

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Speaker 1: certain amount. And it's not like it's authorizing new spending.

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Speaker 1: You're just saying, all right, we're gonna go ahead and

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Speaker 1: do what we need to do to spend the money

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Speaker 1: we have already appropriated. So it's sort of this like

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Speaker 1: accounting gimmick, procedural thing relic that's put in place that

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Speaker 1: everybody has to go through the motion sun Well, back

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Speaker 1: in the Tea Party era, they started using this as

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Speaker 1: a way on the Republican side to try to garner

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Speaker 1: spending cuts that they wanted and to move towards their

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Speaker 1: deficit reduction goals. Worked pretty well in terms of the

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Speaker 1: hostage shaking. They were able to get some deals and

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Speaker 1: get some things they wanted out of the Obama administration.

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Speaker 1: And so now with Republicans back in control of the

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Speaker 1: House majority, it appears that one of the key deals

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Speaker 1: that was struck with the Republican hard right rebels was

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Speaker 1: around using the debt ceiling again to extract spending cuts. Well,

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Speaker 1: this week we officially technically hit that debt ceiling. Now

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Speaker 1: that doesn't really mean anything yet because they can use

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Speaker 1: what they call extraordinary measures to be able to continue

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Speaker 1: to making all the make all the payments that the

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Speaker 1: government ultimately owes. But this shows you this is the

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Speaker 1: beginning of something that's going to be unfolding over the

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Speaker 1: coming months and probably going to come to a head

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Speaker 1: sometime this summer. Now, the White House's position here is

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Speaker 1: pretty hard as far as what they are projecting publicly.

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Speaker 1: They are saying, we will only accept a clean debt

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Speaker 1: sealing increase. That means no combination with any sort of

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Speaker 1: spending cuts, cuts to social security, such cuts to anything.

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Speaker 1: We only want a clean debt sealing increase. We are

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Speaker 1: not open to negotiations. Here's Korean John Pierre staking out

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Speaker 1: that position. You'reciating you you'll not negotiate anything about expending.

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Speaker 1: What we're saying is that there should be this should

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Speaker 1: be done without conditions. It is one of the basic

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Speaker 1: items that Congress has to deal with, and it should

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Speaker 1: be done without conditions. So there is going to be

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Speaker 1: There's going to be no negotiation over it. This is

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Speaker 1: something that must get done. So this is something that

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Speaker 1: must be done. We will not have any negotiations. Meanwhile,

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Speaker 1: you had other top House Republicans, including Jamie Comer, staking

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Speaker 1: out a completely different position, completely at odds with what

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Speaker 1: the White House is saying here, saying they are going

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Speaker 1: to have to budge, and the Senate Democrats are going

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Speaker 1: to have to realize they're going to have to budge

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Speaker 1: because we are coming for those spending cuts. It's going

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Speaker 1: to put this reporting up on the screen from CNBC

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Speaker 1: about exactly what this means. So they say US will

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Speaker 1: hit its debt limit Thursday, start taking steps to avoid default.

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Speaker 1: Chargery Secretary Janet Yellen on Friday notified Congress officially the

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Speaker 1: US will reach its statutory debt limit next Thursday. After that,

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Speaker 1: they will take those extraordinary measures to prevent a default

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Speaker 1: on our obligations. The Treasury, she says, is not currently

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Speaker 1: able to estimate how long those emergency actions will allow

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Speaker 1: the US to pay for government obligations, but it's unlikely

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Speaker 1: those extraordinary measures will be exhausted before early June. She

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Speaker 1: goes on to say failure to meet the government's obligations

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Speaker 1: would cause a ruparable harm to the US economy, the

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Speaker 1: livelihoods of all Americans, and global financial stability. So basically,

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Speaker 1: she's saying, listen, we got some time now till June,

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Speaker 1: and then after that it becomes dicey as to when

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Speaker 1: exactly we will start to fail to pay some of

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Speaker 1: our debt obligations. Yeah, that's right. And this probably the

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Speaker 1: most important thing that we have seen now is reporting

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Speaker 1: of a private deal by Republicans. Just go ahead and

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Speaker 1: put this up there on the screen from the Washington Post,

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Speaker 1: where this secret deal between effectively the McCarthy holdouts and

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Speaker 1: the GOP leadership would call on the Biden administration to

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Speaker 1: make only the most critical federal payments. If the Treasury

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Speaker 1: Department does actually come up on the debt limit, the

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Speaker 1: plan would call on the department to keep making interest

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Speaker 1: payments on debt, which would maintain at least the credit

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Speaker 1: on the international markets. House Republican prioritizations would stipulate that

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Speaker 1: the Treasury continue to make payments on Social Security, Medicare,

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Speaker 1: and veterans benefits, as well as funding the military, but

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Speaker 1: it would also mean that they would have automatic cuts

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Speaker 1: effectively on everything else, such as Medicaid, food safety inspections,

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Speaker 1: border control, air traffic control like the FAA, as well

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Speaker 1: as thousands of other quote unquote discretionary programs. Also, here's

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Speaker 1: the real issue is that all of this is completely

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Speaker 1: unprecedented territory. We never actually did run up to it

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Speaker 1: in the Tea Party era. As far as how all

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Speaker 1: this plays out, I'm just not entirely sure. I does

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Speaker 1: honestly seem to me, Crystal, that the Republicans did prove

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Speaker 1: their They proved that they would shoot the hostage, you know,

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Speaker 1: during the mogar about that. So if I'm the White House,

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Speaker 1: I actually like, look, you could say you're not going

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Speaker 1: to negotiate. I think we all know we're going to

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Speaker 1: negotiate personally, and I think for the rest of the

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Speaker 1: US economy we would probably all sleep easier. You guys

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Speaker 1: just came to a deal sometime in the next couple

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Speaker 1: of months. But at the same time, like, I don't

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Speaker 1: really know how this is all going to play out.

430
00:22:51,160 --> 00:22:52,720
Speaker 1: I mean, they're very clear, like they're not going to

431
00:22:52,760 --> 00:22:55,879
Speaker 1: vote for it unless you have some sort of spending cuts.

432
00:22:56,119 --> 00:23:00,000
Speaker 1: I maybe could see an alternative where House because all

433
00:23:00,040 --> 00:23:02,159
Speaker 1: so we should remember this, remember that McCarthy is a

434
00:23:02,200 --> 00:23:04,840
Speaker 1: weakst speaker, that he doesn't actually control the floor all

435
00:23:04,880 --> 00:23:07,640
Speaker 1: that much. There is a realm that I would see

436
00:23:07,680 --> 00:23:11,040
Speaker 1: where maybe you would have like moderate Republicans team up

437
00:23:11,080 --> 00:23:14,120
Speaker 1: with the Democrats to pass some sort of debt ceiling

438
00:23:14,800 --> 00:23:18,159
Speaker 1: relief through the Congress in an extraordinary situation, and then

439
00:23:18,160 --> 00:23:20,240
Speaker 1: then of course the Democratic Senate could then go ahead

440
00:23:20,280 --> 00:23:22,600
Speaker 1: and lift the debt ceiling on their part. That's one

441
00:23:22,960 --> 00:23:24,800
Speaker 1: possible way we could get out of this. But I

442
00:23:24,800 --> 00:23:29,000
Speaker 1: think the most likely scenario is that the Republicans are

443
00:23:29,040 --> 00:23:32,920
Speaker 1: going to force some sort of major discretionary cuts on

444
00:23:33,200 --> 00:23:35,320
Speaker 1: social spending. Almost certainly not. Do I think that will

445
00:23:35,359 --> 00:23:38,440
Speaker 1: be politically popular? No? It was it politically popular during

446
00:23:38,480 --> 00:23:42,080
Speaker 1: the Tea Party era. No, it certainly wasn't. But I mean, look,

447
00:23:42,280 --> 00:23:44,359
Speaker 1: what did we learn with these guys? Like they believe

448
00:23:44,359 --> 00:23:46,840
Speaker 1: what they're saying, So we should take it seriously. Otherwise

449
00:23:46,840 --> 00:23:49,680
Speaker 1: we genuinely could go into a default. Although we would

450
00:23:49,680 --> 00:23:52,719
Speaker 1: be remiss if we didn't talk about hashtag min the coin. Wait, well,

451
00:23:52,760 --> 00:23:54,320
Speaker 1: I was going to say, I mean, there is one

452
00:23:54,320 --> 00:23:58,399
Speaker 1: weird trick to avoid this whole scenario. Truly. It's minting

453
00:23:58,480 --> 00:24:00,919
Speaker 1: a trillion dollar coin. I know it sounds ridiculous, but

454
00:24:00,920 --> 00:24:03,120
Speaker 1: the debt ceiling is ridiculous, So let's have a ridiculous

455
00:24:03,160 --> 00:24:06,440
Speaker 1: solution to what's ultimately a ridiculous problem. Will the White

456
00:24:06,440 --> 00:24:08,520
Speaker 1: House do that? I don't know, I really don't. But

457
00:24:08,680 --> 00:24:11,760
Speaker 1: if they did, then you would basically diffuse this problem forever,

458
00:24:12,080 --> 00:24:14,120
Speaker 1: and you wouldn't have the ability of people to take

459
00:24:14,240 --> 00:24:17,640
Speaker 1: the whole government and the economy, our economy, world economy

460
00:24:17,640 --> 00:24:21,399
Speaker 1: hostage in order to extract their ideological concessions that they

461
00:24:21,440 --> 00:24:25,200
Speaker 1: are ultimately demanding. If you judge by history, I think

462
00:24:25,240 --> 00:24:28,639
Speaker 1: you're right, Sager. Biden says he won't negotiate, But this

463
00:24:28,800 --> 00:24:33,320
Speaker 1: is also a man who has very few actual, like

464
00:24:33,480 --> 00:24:38,800
Speaker 1: principled beliefs, but he has this instinct towards comedy and bipartisanship.

465
00:24:39,160 --> 00:24:41,160
Speaker 1: He likes to be seen as the guy who can

466
00:24:41,200 --> 00:24:44,040
Speaker 1: make the deal across the aisle, even if it's a

467
00:24:44,080 --> 00:24:46,800
Speaker 1: deal that you really shouldn't be making. And we saw

468
00:24:46,840 --> 00:24:50,359
Speaker 1: this under the Obama Biden administration. They offered a deal

469
00:24:50,520 --> 00:24:54,960
Speaker 1: to the Republican House Caucus at that point that was horrible.

470
00:24:55,000 --> 00:24:58,960
Speaker 1: It included cuts to Social Security in particular, and fortunately,

471
00:24:59,040 --> 00:25:02,040
Speaker 1: actually the Tea part wanted even more. They rejected the deal,

472
00:25:02,040 --> 00:25:03,920
Speaker 1: and so we didn't end up with that terrible deal.

473
00:25:04,600 --> 00:25:07,600
Speaker 1: You know. There, intransigence actually sort of saved us from

474
00:25:07,680 --> 00:25:09,840
Speaker 1: what was a horrific grand bargain that would have been

475
00:25:09,880 --> 00:25:12,159
Speaker 1: wildly unpopular and really bad for a lot of people.

476
00:25:12,240 --> 00:25:14,639
Speaker 1: So do I think that Biden will ultimately decide he

477
00:25:14,680 --> 00:25:16,480
Speaker 1: wants like come to the table and try to work

478
00:25:16,520 --> 00:25:18,880
Speaker 1: together with these fools. Yeah, I think it's very possible.

479
00:25:18,960 --> 00:25:24,080
Speaker 1: So we will see. There hasn't been any indication yet

480
00:25:24,520 --> 00:25:26,920
Speaker 1: that the Biden that Joe Biden himself and the Biden

481
00:25:26,960 --> 00:25:31,159
Speaker 1: administration is interested in pushing the sort of legal bounds

482
00:25:31,200 --> 00:25:34,200
Speaker 1: of what they were able to do with executive power. Yes,

483
00:25:34,640 --> 00:25:37,240
Speaker 1: you know, in terms of actually achieving like sort of

484
00:25:38,200 --> 00:25:41,119
Speaker 1: left or progressive or just like mainstream working class goals.

485
00:25:41,160 --> 00:25:44,880
Speaker 1: So I would I looking at his history and how

486
00:25:44,880 --> 00:25:47,359
Speaker 1: he's operated in Washington, both as Vice president and also

487
00:25:47,400 --> 00:25:50,160
Speaker 1: as senator, I think it's more likely that he looks

488
00:25:50,160 --> 00:25:52,399
Speaker 1: to cut a terrible deal. Well, certainly just because look,

489
00:25:52,440 --> 00:25:55,119
Speaker 1: we're already on the brink of recession, possibly might already

490
00:25:55,119 --> 00:25:57,600
Speaker 1: be in a recession, depending on the textial definition in

491
00:25:57,680 --> 00:26:00,119
Speaker 1: terms of how people are feeling in inflation is still

492
00:26:00,119 --> 00:26:02,159
Speaker 1: you know, it's gone down slightly, but it's still not

493
00:26:02,280 --> 00:26:06,520
Speaker 1: great for working people. A debt default would effectively, I mean, look,

494
00:26:06,640 --> 00:26:10,000
Speaker 1: in terms of market crash, liquidity drives up. Banks wouldn't

495
00:26:10,040 --> 00:26:12,160
Speaker 1: be able to make lens, people would not be able

496
00:26:12,200 --> 00:26:15,520
Speaker 1: to have mortgages. You would have a massive crash of

497
00:26:15,600 --> 00:26:18,199
Speaker 1: the stock market all across the board. But you know,

498
00:26:18,240 --> 00:26:20,240
Speaker 1: it's not just rich people who would suffer a lot

499
00:26:20,240 --> 00:26:23,080
Speaker 1: of people. The liquidity crunch would be similar to what

500
00:26:23,160 --> 00:26:25,640
Speaker 1: happened possibly even in two thousand and eight on top

501
00:26:25,720 --> 00:26:28,040
Speaker 1: of a downgrade, and basically not even a breakdown of

502
00:26:28,040 --> 00:26:30,439
Speaker 1: the global financial system, but a frame of the global

503
00:26:30,480 --> 00:26:32,840
Speaker 1: financial system which we be bad for the US dollar,

504
00:26:32,880 --> 00:26:34,840
Speaker 1: which means it would have impacts on trade, and actually

505
00:26:34,840 --> 00:26:38,640
Speaker 1: that would spiral into problems with oil markets in Russia, Ukraine,

506
00:26:38,720 --> 00:26:42,400
Speaker 1: Saudi Arabia. There's all kinds of interesting implications. So it's

507
00:26:42,400 --> 00:26:45,280
Speaker 1: not a joke for the United States to default on Instead,

508
00:26:45,359 --> 00:26:47,720
Speaker 1: it does look like though that the Republicans are trying

509
00:26:47,760 --> 00:26:49,679
Speaker 1: to have their cake and eat it too, where they

510
00:26:49,680 --> 00:26:52,399
Speaker 1: wouldn't technically default, it would continue to make the interest

511
00:26:52,400 --> 00:26:55,920
Speaker 1: payments when they would just force spending cuts in discretionary

512
00:26:55,960 --> 00:26:58,960
Speaker 1: which look even then you're effectively in a so called

513
00:26:59,000 --> 00:27:01,639
Speaker 1: government shutdown. Well, one of the lessons I think I

514
00:27:01,720 --> 00:27:05,840
Speaker 1: really saw throughout all of the various government shutdowns we've

515
00:27:05,840 --> 00:27:09,080
Speaker 1: now had since what the nineteen nineties is it never

516
00:27:09,160 --> 00:27:12,719
Speaker 1: really came out on the side politically of the people

517
00:27:12,760 --> 00:27:14,960
Speaker 1: who seemed to be holding the government hostage. So the

518
00:27:14,960 --> 00:27:17,360
Speaker 1: New Gingrid shutdown did not work out to the benefit

519
00:27:17,480 --> 00:27:20,919
Speaker 1: of New Gingrich. The Tea Party shutdowns absolutely worked to

520
00:27:20,920 --> 00:27:23,919
Speaker 1: the benefit of Obama because they were like blaming the

521
00:27:23,920 --> 00:27:25,680
Speaker 1: Tea part. They would go in like closed national parks

522
00:27:25,760 --> 00:27:28,359
Speaker 1: or whatever, blame the Tea Party. The public really turned

523
00:27:28,520 --> 00:27:31,320
Speaker 1: against him. Also, don't remember this, the Trump shutdown did

524
00:27:31,400 --> 00:27:33,320
Speaker 1: not work out in Trump's favor at all, for the

525
00:27:33,359 --> 00:27:36,840
Speaker 1: whole border wall situation, shut the government down for three weeks,

526
00:27:36,840 --> 00:27:39,159
Speaker 1: didn't get what he wanted. Then he came. He totally

527
00:27:39,160 --> 00:27:41,639
Speaker 1: capitulated because it was a disaster politic capitulated because the

528
00:27:41,960 --> 00:27:44,040
Speaker 1: public was not that freaking out. So I just think

529
00:27:44,200 --> 00:27:46,720
Speaker 1: very like any side which seems to be holding the

530
00:27:46,800 --> 00:27:50,320
Speaker 1: government hostage for basic services and seniors really freak out

531
00:27:50,520 --> 00:27:53,960
Speaker 1: about this stuff, they generally politically don't benefit. So that

532
00:27:54,000 --> 00:27:56,240
Speaker 1: would be my one word of caution to the House Republicans.

533
00:27:56,400 --> 00:27:58,400
Speaker 1: Two other pieces on this, because I do think it's

534
00:27:58,400 --> 00:28:01,120
Speaker 1: important to understand some of the mcnamy here. First of all,

535
00:28:01,280 --> 00:28:03,800
Speaker 1: what it reminds me of is the situation we cover

536
00:28:03,880 --> 00:28:06,920
Speaker 1: pretty closely here with Liz Trust in the UK. Oh yeah,

537
00:28:06,960 --> 00:28:10,720
Speaker 1: that's true, where they floated this quote unquote mini budget

538
00:28:10,720 --> 00:28:12,960
Speaker 1: which was this you know, return the same sort of

539
00:28:13,000 --> 00:28:15,720
Speaker 1: politics as the Tea Party, same sort of ideology, this

540
00:28:15,800 --> 00:28:20,040
Speaker 1: sort of like deficit hawk like fiscal austerity, and so

541
00:28:20,119 --> 00:28:22,320
Speaker 1: she was going full steam ahead and they were going

542
00:28:22,359 --> 00:28:26,360
Speaker 1: to institute this mini budget. And because our financial systems

543
00:28:26,440 --> 00:28:30,960
Speaker 1: are so complex and so interconnected, there were all kinds

544
00:28:31,040 --> 00:28:36,040
Speaker 1: of side effects of this budget and market crash that

545
00:28:36,359 --> 00:28:40,080
Speaker 1: led to put like what looked like a real catastrophe

546
00:28:40,520 --> 00:28:44,959
Speaker 1: for the British economy, with huge impacts on pensioners and

547
00:28:45,000 --> 00:28:48,240
Speaker 1: all sorts of others that no one really foresaw in advance.

548
00:28:48,680 --> 00:28:52,400
Speaker 1: But you had this cascading domino effect because all these

549
00:28:52,440 --> 00:28:55,080
Speaker 1: pieces are interconnected in such a complex way that really

550
00:28:55,120 --> 00:28:58,360
Speaker 1: no one has the full picture of how all these

551
00:28:58,400 --> 00:29:01,160
Speaker 1: pieces fit together. And so I think you could have

552
00:29:01,240 --> 00:29:05,040
Speaker 1: a similar dynamic here where even if they're able to

553
00:29:05,200 --> 00:29:07,520
Speaker 1: come up with this prioritization schedule and know we're still

554
00:29:07,520 --> 00:29:10,600
Speaker 1: going to pay the bondholders or whatever, the fact that

555
00:29:10,640 --> 00:29:14,600
Speaker 1: you have the US government defaulting on its obligations, whether

556
00:29:14,680 --> 00:29:17,520
Speaker 1: it's to bondholders or to seniors or to veterans or

557
00:29:17,560 --> 00:29:22,040
Speaker 1: whoever it is, that can have massive cascading ripple effects

558
00:29:22,120 --> 00:29:26,440
Speaker 1: that no one really understands how those impacts are all

559
00:29:26,480 --> 00:29:30,080
Speaker 1: going to play out. That's number one. Number two, the

560
00:29:30,160 --> 00:29:35,240
Speaker 1: whole concept of prioritizing our payments, so it's like, Okay,

561
00:29:35,280 --> 00:29:37,840
Speaker 1: we'll pay the interest, so we don't technically default, but

562
00:29:37,880 --> 00:29:40,080
Speaker 1: we're going to cut over here and not over there.

563
00:29:40,640 --> 00:29:46,440
Speaker 1: You're talking about like ten million payments. Okay, incredibly complex situation.

564
00:29:46,720 --> 00:29:51,000
Speaker 1: This has never been done before. They had an aid

565
00:29:51,080 --> 00:29:52,720
Speaker 1: in that article that we had at from the Washington

566
00:29:52,800 --> 00:29:55,920
Speaker 1: Post who was an aide to Center, Rob Portman of

567
00:29:55,960 --> 00:29:58,480
Speaker 1: Ohio's Republican who studied this closely because they were trying

568
00:29:58,480 --> 00:30:00,920
Speaker 1: to figure out how they could do this, and he said,

569
00:30:00,960 --> 00:30:04,000
Speaker 1: after studying it closely, he realized huge numbers of people

570
00:30:04,040 --> 00:30:06,240
Speaker 1: would be hurt immediately, with no good way to pick

571
00:30:06,280 --> 00:30:08,720
Speaker 1: between options such as forcing hospitals to deal with the

572
00:30:08,760 --> 00:30:12,960
Speaker 1: cessation of Medicare payments or depriving the Defense Department of funding.

573
00:30:13,120 --> 00:30:15,440
Speaker 1: Studying this in twenty eleven convinced us this would be

574
00:30:15,440 --> 00:30:17,600
Speaker 1: a really bad idea in something we really did not

575
00:30:17,680 --> 00:30:20,120
Speaker 1: want to happen. This is we didn't end the exercise

576
00:30:20,120 --> 00:30:23,200
Speaker 1: saying this is feasible and smart. We said, let's avoid

577
00:30:23,240 --> 00:30:26,040
Speaker 1: this at all costs because it's going to be a disaster.

578
00:30:26,120 --> 00:30:28,719
Speaker 1: So again, this is a Republican who studied this previously

579
00:30:28,800 --> 00:30:32,080
Speaker 1: and came away thinking like we should not under any

580
00:30:32,120 --> 00:30:37,080
Speaker 1: circumstances ultimately go there. And then you know, politically, you

581
00:30:37,080 --> 00:30:39,560
Speaker 1: can see how this would be. This would be a

582
00:30:39,600 --> 00:30:43,959
Speaker 1: field day for Democrats. Oh, you're going to pay bondholders

583
00:30:44,520 --> 00:30:46,840
Speaker 1: their you know, wealthy financiers. You're going to pay them

584
00:30:47,400 --> 00:30:50,160
Speaker 1: their interest payments. But you're going to cut people off

585
00:30:50,200 --> 00:30:52,640
Speaker 1: of Medicaid and not allow them to have their like

586
00:30:52,720 --> 00:30:55,480
Speaker 1: hospital bills paid. You're going to cut kids off of

587
00:30:55,520 --> 00:30:58,800
Speaker 1: their children's health insurance or off of their free lunch program.

588
00:30:58,960 --> 00:31:01,400
Speaker 1: But you're going to pay these wealthy financiers. Those are

589
00:31:01,440 --> 00:31:05,440
Speaker 1: your priorities. So even you know, we're getting a little

590
00:31:05,440 --> 00:31:07,360
Speaker 1: over our skis at this point. But this is what

591
00:31:07,480 --> 00:31:10,920
Speaker 1: is reportedly in the deal that was struck with the

592
00:31:11,000 --> 00:31:15,320
Speaker 1: McCarthy holdouts, and now Speaker McCarthy was to come up

593
00:31:15,400 --> 00:31:20,560
Speaker 1: with how you would prioritize these payments effectively, effectively broadcasting

594
00:31:20,560 --> 00:31:22,440
Speaker 1: that we are going to go to the wall, we

595
00:31:22,560 --> 00:31:24,520
Speaker 1: are willing to go over the ledge, and this is

596
00:31:24,520 --> 00:31:27,280
Speaker 1: our plan ultimately to deal with it. Yeah, no matter what,

597
00:31:27,600 --> 00:31:30,600
Speaker 1: just pay very close attention. We'll cover it very closely. Yeah,

598
00:31:30,640 --> 00:31:33,280
Speaker 1: for sure, just because the consequences the tail risk of

599
00:31:33,360 --> 00:31:35,040
Speaker 1: something like this are just so high that we have

600
00:31:35,080 --> 00:31:40,320
Speaker 1: no choice but to. At the same time, let's get

601
00:31:40,320 --> 00:31:43,880
Speaker 1: back to my favorite story, my favorite congressman, George Santos.

602
00:31:43,960 --> 00:31:46,280
Speaker 1: Maybe that's his name, maybe not. I've been saying that

603
00:31:46,320 --> 00:31:48,360
Speaker 1: for a while, but now we actually have video of

604
00:31:48,440 --> 00:31:52,560
Speaker 1: him introducing himself not as George Santos, but as Anthony

605
00:31:52,840 --> 00:31:55,240
Speaker 1: de Volder. Let's take a listen. So my name is

606
00:31:55,240 --> 00:31:58,800
Speaker 1: Anthony de Volder. I'm a New York City resident. I

607
00:31:58,880 --> 00:32:01,800
Speaker 1: recently founded a group called United for Trump. So if

608
00:32:01,840 --> 00:32:04,480
Speaker 1: you guys want to follow, that would be awesome. How

609
00:32:04,520 --> 00:32:07,680
Speaker 1: do you think that as a trans woman and a

610
00:32:07,720 --> 00:32:13,440
Speaker 1: conservative you can help educate other trans people from not

611
00:32:13,680 --> 00:32:16,960
Speaker 1: having to follow the narrative that the media and the Democrats.

612
00:32:17,400 --> 00:32:21,600
Speaker 1: Who is this man? Who are you? So here's the

613
00:32:21,600 --> 00:32:25,280
Speaker 1: other question, isn't Anthony divald I later was reading he

614
00:32:25,440 --> 00:32:29,200
Speaker 1: appears to be what he? That name was then linked

615
00:32:29,200 --> 00:32:32,800
Speaker 1: to one of his phony businesses that he was involved in.

616
00:32:33,120 --> 00:32:36,000
Speaker 1: But it's also the question like who. Also, there's actually

617
00:32:36,000 --> 00:32:40,160
Speaker 1: another clip from twenty twenty where a GOP official introduces

618
00:32:40,240 --> 00:32:42,600
Speaker 1: him and it's like, oh, George, he sayes I know

619
00:32:42,680 --> 00:32:45,360
Speaker 1: him as Anthony divald, but I guess he's George Santos'

620
00:32:45,360 --> 00:32:48,040
Speaker 1: just like who are you? Who have you been reptenting

621
00:32:48,040 --> 00:32:51,280
Speaker 1: yourself as? Like everything about this man it's insanity. Yeah,

622
00:32:51,320 --> 00:32:54,400
Speaker 1: I mean listen, if it was any one of these pieces,

623
00:32:54,400 --> 00:32:56,720
Speaker 1: you might be able to go all right, but no,

624
00:32:56,760 --> 00:32:59,960
Speaker 1: you can't say it. Like every part of his identity,

625
00:33:00,080 --> 00:33:03,160
Speaker 1: including his name, is just like up for grabs depending

626
00:33:03,200 --> 00:33:07,400
Speaker 1: on how he wants to present himself on that particular day. Also,

627
00:33:07,600 --> 00:33:10,720
Speaker 1: I think the organization he references there like oh I

628
00:33:11,000 --> 00:33:16,320
Speaker 1: started United for Trump or whatever, No, doesn't exist. Okay,

629
00:33:16,360 --> 00:33:18,120
Speaker 1: I got another one for you though, because this one

630
00:33:18,240 --> 00:33:21,040
Speaker 1: was also really hilarious to me. So it came out

631
00:33:21,480 --> 00:33:24,320
Speaker 1: when those Republican officials in New York did their press

632
00:33:24,320 --> 00:33:26,680
Speaker 1: conference and were like, you know, calling on him to

633
00:33:26,760 --> 00:33:29,160
Speaker 1: resign and just really go again on him. One of

634
00:33:29,160 --> 00:33:32,160
Speaker 1: the guys who was speaking was talking about, like, I

635
00:33:32,240 --> 00:33:34,480
Speaker 1: expressed some interest in sport, and he held out to

636
00:33:34,480 --> 00:33:37,160
Speaker 1: me that he was like a championship volleyball player at

637
00:33:37,160 --> 00:33:40,200
Speaker 1: a college he didn't even ultimately go to. So someone

638
00:33:40,280 --> 00:33:43,760
Speaker 1: unearthed a clip of him on a radio interview. I

639
00:33:43,760 --> 00:33:46,320
Speaker 1: think this is with a similar line about how he

640
00:33:46,400 --> 00:33:49,040
Speaker 1: was This great Championship volleyball player. Of course, all of

641
00:33:49,040 --> 00:33:52,560
Speaker 1: this also completely fabricated. Take a listen. You know it's funny.

642
00:33:52,600 --> 00:33:56,160
Speaker 1: I actually went to school on a volleyball scholarship. I

643
00:33:56,280 --> 00:33:59,720
Speaker 1: did under what I did? Yeah, when I was in Beru,

644
00:34:00,240 --> 00:34:03,000
Speaker 1: we were the number one volleyball Did you did you

645
00:34:03,040 --> 00:34:05,080
Speaker 1: graduate from them? Yeah? So did I did? I did

646
00:34:05,200 --> 00:34:07,760
Speaker 1: so did? I very cool. We went to play against

647
00:34:07,760 --> 00:34:15,120
Speaker 1: Harvard Yale and we lay them. We were champions across

648
00:34:15,120 --> 00:34:18,279
Speaker 1: the entire Northeast corridor. Every school that came up against us,

649
00:34:18,640 --> 00:34:21,359
Speaker 1: they were shaking at the time. Look I sacrificed both

650
00:34:21,400 --> 00:34:25,000
Speaker 1: my knees and got very nice k replacements, knee replacements

651
00:34:25,000 --> 00:34:29,840
Speaker 1: from playing volleyball. That's how serious I took the game. Amazing.

652
00:34:30,480 --> 00:34:33,560
Speaker 1: It's just amazing. And it's also a lot, I mean,

653
00:34:33,760 --> 00:34:37,319
Speaker 1: just invented out of whole cloth. And the drama. The

654
00:34:37,440 --> 00:34:41,399
Speaker 1: consistent theme here is whoever is in front of him

655
00:34:41,400 --> 00:34:43,799
Speaker 1: at that moment, he's telling them whatever he thinks they

656
00:34:43,840 --> 00:34:45,600
Speaker 1: want to hear. There's another part of that interview where

657
00:34:45,600 --> 00:34:48,000
Speaker 1: the dudes like, this is so crazy. The two sports

658
00:34:48,040 --> 00:34:50,960
Speaker 1: you're into are the same two sports I'm into. It's like, oh,

659
00:34:51,000 --> 00:34:53,040
Speaker 1: we both went to the same college. It's so crazy.

660
00:34:53,040 --> 00:34:56,600
Speaker 1: It's like, no, he's just telling you exactly what he

661
00:34:56,760 --> 00:34:59,239
Speaker 1: thinks you want to hear. That's what he did with

662
00:34:59,640 --> 00:35:02,839
Speaker 1: republic donors, That's what he did with the voters. That's

663
00:35:02,880 --> 00:35:06,239
Speaker 1: what he did with seemingly every single person that he

664
00:35:06,560 --> 00:35:11,520
Speaker 1: encountered throughout this whole saga. More seriously, beyond the silly

665
00:35:11,600 --> 00:35:15,400
Speaker 1: volleyball lies is we're getting maybe a bit more of

666
00:35:15,440 --> 00:35:18,720
Speaker 1: a clear picture into how exactly he obtained the cash

667
00:35:19,120 --> 00:35:21,680
Speaker 1: that he fronted in his own campaign. Number seven hundred

668
00:35:21,719 --> 00:35:24,879
Speaker 1: thousand dollars that he personally contributed to his campaign, when

669
00:35:24,960 --> 00:35:27,800
Speaker 1: no one really knows how did you get that money

670
00:35:27,880 --> 00:35:30,080
Speaker 1: when you were just getting for clothes, not foreclothes on,

671
00:35:30,120 --> 00:35:32,839
Speaker 1: you were just getting evicted from your apartments. You were

672
00:35:32,880 --> 00:35:35,880
Speaker 1: just reporting that you have very low income. You're seemingly struggling.

673
00:35:35,920 --> 00:35:40,160
Speaker 1: Apparently like stole his rommde scarf another designer. Anyway, it

674
00:35:40,200 --> 00:35:43,640
Speaker 1: looks like he was involved with this with the s

675
00:35:44,360 --> 00:35:47,000
Speaker 1: says was a blatant Ponzi scheme. Let's go and put

676
00:35:47,040 --> 00:35:50,560
Speaker 1: this up on the screen. George Santos raised money for

677
00:35:50,640 --> 00:35:53,920
Speaker 1: a company the SEC says was a ponzi scheme he

678
00:35:54,040 --> 00:35:56,560
Speaker 1: persuaded they found at least one person to make a

679
00:35:56,600 --> 00:35:59,920
Speaker 1: six figure investment in a of course Florida based company

680
00:36:00,480 --> 00:36:04,520
Speaker 1: that they have now said was a Ponzi scheme. Mister

681
00:36:04,560 --> 00:36:06,840
Speaker 1: Santos was hired in twenty twenty to raise capital for

682
00:36:06,920 --> 00:36:10,120
Speaker 1: the company, Harbor City Capital, landed at least one significant

683
00:36:10,200 --> 00:36:13,440
Speaker 1: investment from a wealthy investor. When the investment failed to

684
00:36:13,520 --> 00:36:16,440
Speaker 1: deliver on the promise returns, according to one of the people,

685
00:36:16,760 --> 00:36:19,480
Speaker 1: mister Santos sought to reassure the investor by saying he

686
00:36:19,560 --> 00:36:22,839
Speaker 1: had personally raised nearly one hundred million dollars and had

687
00:36:22,880 --> 00:36:26,480
Speaker 1: invested his own family's money in Harbor City. Of course,

688
00:36:26,680 --> 00:36:29,960
Speaker 1: none of that is true, but the fact that he

689
00:36:30,040 --> 00:36:34,799
Speaker 1: was associated with this Ponzi scheme where basically the dude

690
00:36:34,800 --> 00:36:38,120
Speaker 1: who started this last name is his names like JP Moroney.

691
00:36:38,320 --> 00:36:40,800
Speaker 1: I read the whole SEC complaint because I'm like obsessed

692
00:36:40,800 --> 00:36:42,800
Speaker 1: with this, not only Santos, but I only obsessed with

693
00:36:42,800 --> 00:36:46,239
Speaker 1: frauds and schemes right now. Apparently, what they would do

694
00:36:46,560 --> 00:36:49,440
Speaker 1: is they would tell people they had this ability to

695
00:36:50,080 --> 00:36:53,520
Speaker 1: at low cost generate all these sales leads, so their

696
00:36:53,560 --> 00:36:55,880
Speaker 1: cost per generating the sales lead was a dollar and

697
00:36:55,920 --> 00:36:58,520
Speaker 1: that they could then sell them to other companies for

698
00:36:58,760 --> 00:37:02,719
Speaker 1: five dollars. Well, that was all Piers pretty much made up.

699
00:37:03,560 --> 00:37:07,000
Speaker 1: Maroney and his associates, including Santos all In were able

700
00:37:07,000 --> 00:37:10,279
Speaker 1: to raise like seventeen point one million dollars, something like

701
00:37:10,320 --> 00:37:13,200
Speaker 1: four million dollars if that went directly into Maroney's pockets,

702
00:37:13,920 --> 00:37:15,640
Speaker 1: some of it went into his wife's pocket, some of

703
00:37:15,680 --> 00:37:19,480
Speaker 1: it went into companies that he held, and other you know,

704
00:37:19,600 --> 00:37:22,160
Speaker 1: paid off his credit card debt, bought him a waterfront

705
00:37:22,160 --> 00:37:24,239
Speaker 1: home that by the way, they hosted a Trump fundraiser

706
00:37:24,280 --> 00:37:29,359
Speaker 1: at with Don Junior appearing in Kimberly Gilfoyle and they

707
00:37:29,640 --> 00:37:33,160
Speaker 1: then would use some of the proceeds to pay off

708
00:37:33,640 --> 00:37:36,400
Speaker 1: some of the new proceeds to pay off the original investors,

709
00:37:36,400 --> 00:37:39,400
Speaker 1: which is what ultimately makes it a Ponzi scheme. There's

710
00:37:39,440 --> 00:37:43,520
Speaker 1: also in some of the reporting that Santos was notified.

711
00:37:43,680 --> 00:37:45,520
Speaker 1: Some of the investors were like, dude, this is all

712
00:37:45,560 --> 00:37:48,440
Speaker 1: fake and fraudulent. One of the things they would advertise

713
00:37:48,520 --> 00:37:50,000
Speaker 1: is like, oh, this is all safe because we have

714
00:37:50,120 --> 00:37:52,120
Speaker 1: this sort of like line of credit backup thing and

715
00:37:52,200 --> 00:37:54,080
Speaker 1: a major bank, and here's the bank. It's I think

716
00:37:54,080 --> 00:37:57,040
Speaker 1: it was Deutsche Bank, and he was notified of the

717
00:37:57,040 --> 00:37:59,680
Speaker 1: fact that was all fake, So there's some indication that

718
00:37:59,680 --> 00:38:01,239
Speaker 1: he knew there was something going on. Of course, he

719
00:38:01,520 --> 00:38:03,880
Speaker 1: says that he had no idea that there was anything

720
00:38:04,320 --> 00:38:07,640
Speaker 1: inappropriate straight fraud. And actually, if you read even more,

721
00:38:07,719 --> 00:38:10,799
Speaker 1: you know he by raising money from investors and paid

722
00:38:10,800 --> 00:38:13,240
Speaker 1: in a form he had to be a registered broker

723
00:38:13,360 --> 00:38:17,120
Speaker 1: with the SEC and it's not so he actually might

724
00:38:17,120 --> 00:38:19,840
Speaker 1: be even guilty of straight fraud and which none of

725
00:38:19,840 --> 00:38:23,800
Speaker 1: this was included on his mandatory financial disclosure right he ceased.

726
00:38:23,960 --> 00:38:27,120
Speaker 1: It looks like the timing is that he stopped working

727
00:38:27,160 --> 00:38:30,799
Speaker 1: with Harbor City like a month before he filed for

728
00:38:31,320 --> 00:38:33,680
Speaker 1: to run for Congress, and that's when he sets up

729
00:38:33,719 --> 00:38:38,239
Speaker 1: his Devolter company. That and some of the people that

730
00:38:38,280 --> 00:38:41,760
Speaker 1: he went into business with also came from the Harbor

731
00:38:41,800 --> 00:38:46,400
Speaker 1: City Ponzi scheme. So one possibility that's being floated is

732
00:38:46,440 --> 00:38:48,960
Speaker 1: that he, you know, had ill gotten games from this

733
00:38:49,080 --> 00:38:52,160
Speaker 1: Harbor City Capital thing that he uses then and sort

734
00:38:52,160 --> 00:38:56,200
Speaker 1: of launders through this Devolter organization and then ends up

735
00:38:56,200 --> 00:38:59,560
Speaker 1: putting some of that money into his campaign. That's speculative.

736
00:38:59,560 --> 00:39:01,480
Speaker 1: We don't know exactly the trail of money. But that's

737
00:39:01,560 --> 00:39:04,640
Speaker 1: a little bit of what it is looking like. Let's

738
00:39:04,640 --> 00:39:07,680
Speaker 1: go ahead to the next piece that we have here. Ultimately,

739
00:39:07,719 --> 00:39:10,080
Speaker 1: go ahead and throw this up on the screen. So

740
00:39:10,880 --> 00:39:15,880
Speaker 1: New York Times has some reporting that apparently these lies

741
00:39:15,920 --> 00:39:20,560
Speaker 1: and you know, outright fabrications were in fact known to

742
00:39:20,680 --> 00:39:24,879
Speaker 1: some Republicans, at least hard to say exactly who they said.

743
00:39:24,920 --> 00:39:27,439
Speaker 1: George Santos inspired in a shortage of suspicion during twenty

744
00:39:27,480 --> 00:39:30,600
Speaker 1: twenty two campaign, including the upper echelons of his own party.

745
00:39:30,640 --> 00:39:34,000
Speaker 1: Yet many Republicans look to the other way, and effectively

746
00:39:34,040 --> 00:39:37,480
Speaker 1: what happened here, sober is when you run for Congress,

747
00:39:37,840 --> 00:39:42,040
Speaker 1: not only does your opponent do opposition research on you,

748
00:39:42,200 --> 00:39:45,640
Speaker 1: it's also very common that you basically pay for opposition

749
00:39:45,680 --> 00:39:49,160
Speaker 1: research on yourself, right to see what the other side

750
00:39:49,200 --> 00:39:51,360
Speaker 1: is going to turn up and potentially use against you.

751
00:39:51,880 --> 00:39:54,920
Speaker 1: So he authorized with his original campaign team, He's like,

752
00:39:54,920 --> 00:39:56,279
Speaker 1: all right, let's go ahead and do that, And he

753
00:39:56,360 --> 00:39:59,560
Speaker 1: authorized the spending to go ahead and research what they

754
00:39:59,600 --> 00:40:03,000
Speaker 1: could use against him. And it turned up not everything,

755
00:40:03,120 --> 00:40:05,719
Speaker 1: but it turned up some of these significant lies that

756
00:40:05,760 --> 00:40:08,480
Speaker 1: he was telling about his resume, about his schooling, et cetera,

757
00:40:08,600 --> 00:40:12,279
Speaker 1: and relatively easily, and his staff basically came to him

758
00:40:12,640 --> 00:40:16,360
Speaker 1: and his consultants and were like, dude, you got to

759
00:40:16,440 --> 00:40:19,160
Speaker 1: drop out, and you know, now's the time before this

760
00:40:19,280 --> 00:40:22,120
Speaker 1: all comes out and you're humiliated and your life is destroyed.

761
00:40:22,520 --> 00:40:25,360
Speaker 1: And he, you know, took some time thought about it,

762
00:40:25,400 --> 00:40:27,480
Speaker 1: and he was like no, and he also told them like, oh,

763
00:40:27,520 --> 00:40:29,319
Speaker 1: I'll produce the degree I got and whatever. Of course

764
00:40:29,440 --> 00:40:31,279
Speaker 1: there is no degree, so he definitely didn't do that,

765
00:40:31,760 --> 00:40:35,600
Speaker 1: and his campaign staff, much of them, resigned. The person

766
00:40:35,640 --> 00:40:39,360
Speaker 1: who seems to have been key to resuscitating him and

767
00:40:39,440 --> 00:40:41,560
Speaker 1: keeping him alive in terms of the Republican primary and

768
00:40:41,600 --> 00:40:45,400
Speaker 1: finding him new consultants is people around at least Staphonic

769
00:40:46,280 --> 00:40:49,680
Speaker 1: were able to get him new consultants, and he didn't

770
00:40:49,840 --> 00:40:53,120
Speaker 1: come clean to them, apparently about all of the mistruths

771
00:40:53,120 --> 00:40:54,560
Speaker 1: and all of the things that had been turned up

772
00:40:54,600 --> 00:40:58,279
Speaker 1: in the previous opposition research. And then you also had

773
00:40:58,280 --> 00:41:01,960
Speaker 1: this dynamic on the Democratic side where he ran twice.

774
00:41:02,080 --> 00:41:04,279
Speaker 1: The first time he lost against this incumbent and then

775
00:41:04,360 --> 00:41:07,080
Speaker 1: comment just basically decided like, it's not worth spending money

776
00:41:07,080 --> 00:41:10,000
Speaker 1: against this guy. I'm gonna beat him anyway. Second time around,

777
00:41:10,719 --> 00:41:14,919
Speaker 1: cash was tight on the Zimmerman was the Democratic opponent's name.

778
00:41:15,280 --> 00:41:18,120
Speaker 1: The d Triple Seed did some basic opposition research on him,

779
00:41:18,239 --> 00:41:20,279
Speaker 1: failed to turn up any of this somehow, I mean

780
00:41:20,440 --> 00:41:23,919
Speaker 1: just utter incombinence there. They had some red flags of like, yeah,

781
00:41:23,960 --> 00:41:25,840
Speaker 1: maybe this is worth looking into, but it would have

782
00:41:25,840 --> 00:41:28,600
Speaker 1: been expensive for Zimmerman, and he decided to spend the

783
00:41:28,760 --> 00:41:32,200
Speaker 1: money on ads. Obviously, now I'm sure like really regrets

784
00:41:32,680 --> 00:41:36,400
Speaker 1: not going forward with his own opposition research into Santos

785
00:41:36,760 --> 00:41:40,319
Speaker 1: and so just kind of by happenstance, this guy skates through.

786
00:41:41,200 --> 00:41:44,319
Speaker 1: I mean, it's just so wild like whenever you consider it,

787
00:41:44,360 --> 00:41:46,960
Speaker 1: because when you read more and more, just the very

788
00:41:47,040 --> 00:41:50,640
Speaker 1: basics of it should have been able to be unearthed.

789
00:41:50,640 --> 00:41:53,240
Speaker 1: But look, you know, I've been reading also about Ponzi schemes.

790
00:41:53,280 --> 00:41:56,480
Speaker 1: I just read finished The Wizard of Lies, the Bernie

791
00:41:56,520 --> 00:42:00,000
Speaker 1: made Off book, and these are he has all the classes,

792
00:42:00,000 --> 00:42:04,000
Speaker 1: the same marks of the fraudster, where Billy McFarland also

793
00:42:04,040 --> 00:42:07,000
Speaker 1: comes to mind. The Fire Festival guy like that ability

794
00:42:07,040 --> 00:42:09,719
Speaker 1: to just slip into the I went to Brooke and

795
00:42:09,840 --> 00:42:12,840
Speaker 1: establish rapport and be like oh well, I also you know,

796
00:42:12,880 --> 00:42:15,200
Speaker 1: I shredded mind it. Just the level of detail It's

797
00:42:15,200 --> 00:42:17,880
Speaker 1: one of those where somebody said, you know, the criminal

798
00:42:18,080 --> 00:42:21,239
Speaker 1: can always have like a bigger imagination than people, because

799
00:42:21,239 --> 00:42:23,799
Speaker 1: no one would ever conceive that a guy who's running

800
00:42:23,800 --> 00:42:26,000
Speaker 1: for the United States Congress, like out there with the

801
00:42:26,040 --> 00:42:28,919
Speaker 1: whole world, you know, looking upon you would ever say

802
00:42:28,960 --> 00:42:32,440
Speaker 1: anything like this without being caught. So his like ability

803
00:42:32,480 --> 00:42:35,120
Speaker 1: to just con so many people up and down the chain,

804
00:42:35,160 --> 00:42:37,279
Speaker 1: he actually was a perfect person to raise money for

805
00:42:37,480 --> 00:42:40,719
Speaker 1: a Ponzi's game. True about it. I think he's gonna

806
00:42:40,719 --> 00:42:42,640
Speaker 1: be in serious trouble. I think, at the very least,

807
00:42:42,800 --> 00:42:44,840
Speaker 1: think about this, if you're a victim of that Ponzi scheme,

808
00:42:45,120 --> 00:42:47,520
Speaker 1: Giving the clawbacks precedents from the made off case, like

809
00:42:47,719 --> 00:42:50,160
Speaker 1: very clearly they could go after him. He also could

810
00:42:50,160 --> 00:42:53,160
Speaker 1: easily be guilty of wirefraud if he didn't register, or

811
00:42:53,200 --> 00:42:55,520
Speaker 1: if he transferred ill gotten gains, and then he could

812
00:42:55,520 --> 00:42:58,359
Speaker 1: also be guilty of campaign finance rod maybe he used

813
00:42:58,360 --> 00:43:01,000
Speaker 1: ill gotten gains in order to circum or in order

814
00:43:01,040 --> 00:43:04,279
Speaker 1: to fund a federal election commission run. So overall, I

815
00:43:04,280 --> 00:43:05,960
Speaker 1: think the Feds are going to get him. I think

816
00:43:06,040 --> 00:43:08,399
Speaker 1: I make sure that there's an investigation underway. I think

817
00:43:08,440 --> 00:43:10,359
Speaker 1: so too, you know, right now, he's saying he's going

818
00:43:10,400 --> 00:43:12,160
Speaker 1: to hang in there. He's not going to resign. McCarthy

819
00:43:12,200 --> 00:43:14,080
Speaker 1: isn't pressuring him to resign, even though a lot of

820
00:43:14,080 --> 00:43:16,319
Speaker 1: New York Republicans ultimately are. But I agree with you.

821
00:43:16,360 --> 00:43:18,279
Speaker 1: I think this ends with him in prison. There's just

822
00:43:18,360 --> 00:43:23,160
Speaker 1: too much here, too many potential crimes. The campaign finance

823
00:43:23,200 --> 00:43:25,920
Speaker 1: stuff is funny because our campaign finance laws in some

824
00:43:25,960 --> 00:43:27,839
Speaker 1: ways are so laxed. You can drive a back truck

825
00:43:27,880 --> 00:43:29,680
Speaker 1: through the loopholes if you know how to do it

826
00:43:29,840 --> 00:43:33,319
Speaker 1: in a sophisticated way, then you can basically get away

827
00:43:33,360 --> 00:43:35,880
Speaker 1: with almost anything. But if you don't know how to

828
00:43:35,880 --> 00:43:38,479
Speaker 1: do it in a sophisticated way, and you stumble over

829
00:43:38,640 --> 00:43:41,040
Speaker 1: one of the many, many trip wires, they can and

830
00:43:41,080 --> 00:43:43,040
Speaker 1: will throw the book at you. Yes, and he did

831
00:43:43,040 --> 00:43:45,080
Speaker 1: not do this in a sophisticated way. There are a

832
00:43:45,080 --> 00:43:47,799
Speaker 1: million red flags here that they're already picking up on

833
00:43:48,040 --> 00:43:51,520
Speaker 1: multiple investigations. So to me, that seems like the clearest

834
00:43:51,560 --> 00:43:55,560
Speaker 1: path to him ending up behind bars ultimately. And I

835
00:43:55,719 --> 00:43:57,799
Speaker 1: just you know, I'm fixated on this, not even from

836
00:43:57,840 --> 00:44:00,960
Speaker 1: the political perspective, although it is amazing one of the

837
00:44:01,239 --> 00:44:03,319
Speaker 1: Metas stories that is kind of fascinating is the way

838
00:44:03,320 --> 00:44:05,920
Speaker 1: both the Republican parties and the Democratic parties and the

839
00:44:05,920 --> 00:44:09,399
Speaker 1: media establishment all just completely you know, crumbled and fell

840
00:44:09,400 --> 00:44:11,560
Speaker 1: down on their job and the most basic level of

841
00:44:12,000 --> 00:44:14,560
Speaker 1: vetting of this dude. So I think, I think that's

842
00:44:14,600 --> 00:44:18,160
Speaker 1: an interesting storyline, but I just the psychology of it,

843
00:44:18,640 --> 00:44:20,320
Speaker 1: I just can't run my head around. And then I

844
00:44:20,360 --> 00:44:23,279
Speaker 1: asked myself, like, how many people are there like this

845
00:44:23,320 --> 00:44:27,399
Speaker 1: out there? A lot, right, who will just invent an

846
00:44:27,600 --> 00:44:31,680
Speaker 1: entire biography and narrative and not like as a joke

847
00:44:31,719 --> 00:44:34,480
Speaker 1: at a bar, you know, but as to lean into

848
00:44:34,640 --> 00:44:38,920
Speaker 1: for their whole life story. It's wild. It's wild to me.

849
00:44:39,360 --> 00:44:42,880
Speaker 1: And this guy was so raisen and also so sloppy

850
00:44:42,920 --> 00:44:44,879
Speaker 1: that it was easy to catch him. But I'm sure

851
00:44:44,880 --> 00:44:48,040
Speaker 1: there are a lot more sophisticated con men and women

852
00:44:48,080 --> 00:44:51,320
Speaker 1: out there who ultimately get away with it and probably

853
00:44:51,360 --> 00:44:52,800
Speaker 1: end up with a lot of riches and powers. So

854
00:44:53,000 --> 00:44:56,560
Speaker 1: a lot of people. That's the part that fascinates, hilar Yes,

855
00:44:57,040 --> 00:44:58,920
Speaker 1: And there's so many of these where you're just like,

856
00:44:58,960 --> 00:45:02,240
Speaker 1: what are you doing? You literally have a fake Spanish accent?

857
00:45:02,280 --> 00:45:04,560
Speaker 1: Remember that clip when she's like, what's the word in English?

858
00:45:04,560 --> 00:45:06,719
Speaker 1: I'm like, you literally aren't even Spanish, Like what are

859
00:45:06,760 --> 00:45:11,480
Speaker 1: you doing? This is craziness, But it's a mind disease

860
00:45:11,600 --> 00:45:15,319
Speaker 1: that affects people seemingly all at the very top. And I,

861
00:45:15,360 --> 00:45:16,879
Speaker 1: you know, look, I think there's a lot of people

862
00:45:16,920 --> 00:45:18,960
Speaker 1: out there. I was watching this interview, this interesting interview

863
00:45:18,960 --> 00:45:21,439
Speaker 1: on the soft white underbelly channel of a con man,

864
00:45:21,719 --> 00:45:23,800
Speaker 1: and like, when you get inside the mind of these guys,

865
00:45:23,840 --> 00:45:26,040
Speaker 1: they're just they're vicious, just the way they'll rip you

866
00:45:26,080 --> 00:45:28,560
Speaker 1: off there, No, the rules don't apply to them. And wow.

867
00:45:28,600 --> 00:45:31,000
Speaker 1: What really comes across also is that even in the

868
00:45:31,200 --> 00:45:33,319
Speaker 1: in the interview, you can't help but like the guy

869
00:45:33,640 --> 00:45:36,640
Speaker 1: the whole time, like you know, he's he's got something

870
00:45:36,680 --> 00:45:38,800
Speaker 1: to it, but he's like one of the biggest frosters

871
00:45:38,800 --> 00:45:42,719
Speaker 1: in modern American history. It's like, wow, anyway, so Santos,

872
00:45:42,800 --> 00:45:44,719
Speaker 1: I think he's going down. All right, let's go to

873
00:45:44,760 --> 00:45:46,400
Speaker 1: the next one here, let's put it up there on

874
00:45:46,440 --> 00:45:49,759
Speaker 1: the screen. A really interesting development, which is not a

875
00:45:49,760 --> 00:45:52,920
Speaker 1: particularly good harbinger. So couple of things that headline there

876
00:45:52,960 --> 00:45:55,400
Speaker 1: is rising interest rates are lifting profits at Bank of

877
00:45:55,440 --> 00:45:58,640
Speaker 1: America and Wells Fargo. However, the subhead is what we

878
00:45:58,680 --> 00:46:01,040
Speaker 1: really want to focus on that the the country's largest

879
00:46:01,120 --> 00:46:06,120
Speaker 1: lenders are increasing their reserves to protect against deteriorating economic

880
00:46:06,160 --> 00:46:09,640
Speaker 1: conditions after reporting the resilient profits for the end of

881
00:46:09,719 --> 00:46:13,520
Speaker 1: last year. Effectively, after the banks booked pretty decent profits

882
00:46:13,560 --> 00:46:17,040
Speaker 1: in twenty twenty two, they are holding back a significant

883
00:46:17,080 --> 00:46:20,560
Speaker 1: amount of capital on their balance sheets because they anticipate

884
00:46:20,760 --> 00:46:23,759
Speaker 1: customers not paying back their loans. And this isn't just

885
00:46:23,760 --> 00:46:27,120
Speaker 1: one back, it's multiple. JP Morgan Chase said that they

886
00:46:27,160 --> 00:46:30,520
Speaker 1: have over a billion dollars in reserve, more than normal

887
00:46:30,600 --> 00:46:34,200
Speaker 1: because they are predicting a quote mild recession to arrive

888
00:46:34,560 --> 00:46:37,319
Speaker 1: later this year. The CEO of Bank of America said

889
00:46:37,320 --> 00:46:40,840
Speaker 1: the exact same comments, quote mild recession prospect of the

890
00:46:40,840 --> 00:46:43,880
Speaker 1: bank that is planning for Wells Fargo, even after it

891
00:46:43,920 --> 00:46:48,160
Speaker 1: has been fined for defrauding customers and all that speaking

892
00:46:48,200 --> 00:46:51,240
Speaker 1: of comment at a much much bigger level, basically pulling

893
00:46:51,280 --> 00:46:54,120
Speaker 1: back some of the cash reserves even after having to

894
00:46:54,160 --> 00:46:56,839
Speaker 1: pay their fines and holding them on the balance sheet.

895
00:46:56,880 --> 00:46:59,600
Speaker 1: Why does that matter? Because all three of these big

896
00:46:59,640 --> 00:47:03,960
Speaker 1: banks are saying that they are anticipating major loan losses

897
00:47:04,080 --> 00:47:07,839
Speaker 1: across twenty twenty three, where people will effectively not have

898
00:47:07,960 --> 00:47:09,600
Speaker 1: enough money or they're going to lose their job, or

899
00:47:09,680 --> 00:47:12,120
Speaker 1: based by inflation, based on credit card debt. You know,

900
00:47:12,200 --> 00:47:14,279
Speaker 1: basically the runway runs out and they're not going to

901
00:47:14,320 --> 00:47:16,279
Speaker 1: be able to pay their mortgages. Of course, we all

902
00:47:16,280 --> 00:47:17,600
Speaker 1: found out in two thousand and eight that can have

903
00:47:17,600 --> 00:47:21,320
Speaker 1: a cascading runway effect, runaway effect on the entire US economy.

904
00:47:21,360 --> 00:47:23,520
Speaker 1: But in a couple of ways, this is almost one

905
00:47:23,520 --> 00:47:26,360
Speaker 1: of those things which is both a leading indicator but

906
00:47:26,440 --> 00:47:30,480
Speaker 1: also which can have its own problems. Because whenever banks

907
00:47:30,520 --> 00:47:33,000
Speaker 1: are not only anticipating the customers are not going to

908
00:47:33,000 --> 00:47:35,200
Speaker 1: pay back their loans, but then they're also going to

909
00:47:35,239 --> 00:47:37,520
Speaker 1: hold back some of their cash. What does that mean?

910
00:47:37,600 --> 00:47:41,040
Speaker 1: It's even harder to get a loan than previously. You know,

911
00:47:41,120 --> 00:47:43,320
Speaker 1: right now, good luck getting a mortgage out there. I

912
00:47:43,320 --> 00:47:45,000
Speaker 1: don't even know why you would want one, because it's like,

913
00:47:45,080 --> 00:47:47,759
Speaker 1: what seven percent or whatever. But let's say you're one

914
00:47:47,800 --> 00:47:49,480
Speaker 1: of those people who you know, now is the time

915
00:47:49,480 --> 00:47:51,760
Speaker 1: you're going to do this, maybe all refinance or whatever

916
00:47:51,840 --> 00:47:54,680
Speaker 1: down the road, the cash reserves, the down payment that

917
00:47:54,680 --> 00:47:56,960
Speaker 1: the bank may demand on your behalf is going to

918
00:47:56,960 --> 00:48:00,319
Speaker 1: be probably much higher than it was previously. And risk

919
00:48:00,360 --> 00:48:02,640
Speaker 1: assessment on top of that is going to be much

920
00:48:02,719 --> 00:48:05,960
Speaker 1: more difficult. So I think that in general, getting a

921
00:48:06,000 --> 00:48:08,880
Speaker 1: car loan, getting a mortgage loan, just the general loans

922
00:48:08,920 --> 00:48:12,200
Speaker 1: that make our economy run, small business loans, the very basic,

923
00:48:13,000 --> 00:48:16,439
Speaker 1: the basic architectures of consumer finance for a lot of people,

924
00:48:16,480 --> 00:48:20,160
Speaker 1: which breed entrepreneurship, venture capital, all of that, and also

925
00:48:20,239 --> 00:48:23,160
Speaker 1: which businesses can often use to make payroll. I think

926
00:48:23,160 --> 00:48:26,040
Speaker 1: it's it's a bad sign of where things could go.

927
00:48:26,120 --> 00:48:27,920
Speaker 1: Both the fact that they're doing it, but also by

928
00:48:27,960 --> 00:48:30,040
Speaker 1: doing it itself is going to it can trigger, it

929
00:48:30,040 --> 00:48:33,040
Speaker 1: can manifest exactly the oncome that you fear. And I mean,

930
00:48:33,080 --> 00:48:35,120
Speaker 1: people are already in a tough position. There's all kinds

931
00:48:35,160 --> 00:48:37,480
Speaker 1: of metrics about. You know, their bank accounts are being strained,

932
00:48:37,520 --> 00:48:39,720
Speaker 1: they're having to rely on credit cards more and more,

933
00:48:40,200 --> 00:48:42,680
Speaker 1: and you know, interest rates overall going up, so those

934
00:48:42,719 --> 00:48:45,440
Speaker 1: credit card payments become more and more expensive as well.

935
00:48:45,640 --> 00:48:47,480
Speaker 1: And then as you're pointing out, as banks pulled back,

936
00:48:47,520 --> 00:48:49,640
Speaker 1: then it becomes harder to sort of like roll over

937
00:48:49,719 --> 00:48:53,360
Speaker 1: and be able to keep that data float. So people

938
00:48:53,360 --> 00:48:56,640
Speaker 1: are increasingly in a real bind. And you know, it's

939
00:48:56,680 --> 00:48:59,800
Speaker 1: really clear, even as we get these good jobs numbers,

940
00:49:00,040 --> 00:49:02,880
Speaker 1: and you have this really complicated and sort of mixed

941
00:49:03,480 --> 00:49:07,640
Speaker 1: picture of the economy. Wages have not kept up with inflation,

942
00:49:07,960 --> 00:49:11,759
Speaker 1: so the bottom line is for most workers, they are

943
00:49:11,800 --> 00:49:15,759
Speaker 1: earning less and less and less, and that is going

944
00:49:15,840 --> 00:49:18,160
Speaker 1: to take a hit on people's finances and take a

945
00:49:18,239 --> 00:49:22,080
Speaker 1: hit on their ability to make purchases and all and

946
00:49:22,120 --> 00:49:24,000
Speaker 1: do all the spending and all the things that keep

947
00:49:24,040 --> 00:49:26,160
Speaker 1: the economy going at its current pace. And then you

948
00:49:26,200 --> 00:49:28,160
Speaker 1: still have the fed out there saying, hey, we got

949
00:49:28,160 --> 00:49:31,040
Speaker 1: to keep going forward with interest rate increases. So it

950
00:49:31,080 --> 00:49:33,960
Speaker 1: continues to be a really dicey time in terms of

951
00:49:34,000 --> 00:49:37,879
Speaker 1: the economy. Also thought it was noteworthy Jamie diamond head

952
00:49:37,880 --> 00:49:41,280
Speaker 1: of Chase. We have been covering a lot of his comments.

953
00:49:41,440 --> 00:49:43,960
Speaker 1: He had been very sort of outspoken about where he

954
00:49:44,000 --> 00:49:48,280
Speaker 1: thought the economy was going, and now as Chase pulls

955
00:49:48,320 --> 00:49:52,719
Speaker 1: back this billion dollars hoarding cash, a billion dollars in reserves,

956
00:49:53,200 --> 00:49:56,040
Speaker 1: he is now being pretty quiet about what he thinks

957
00:49:56,160 --> 00:49:59,200
Speaker 1: is going to happen, which I thought was also kind

958
00:49:59,200 --> 00:50:03,680
Speaker 1: of interesting. I'm covering today all of these bankers, probably

959
00:50:03,680 --> 00:50:07,080
Speaker 1: including Jamie Diamonds always there. Yeah, I think he's going

960
00:50:07,120 --> 00:50:09,960
Speaker 1: to be there, are gathering for the World Economic Forum

961
00:50:10,120 --> 00:50:13,480
Speaker 1: in Davos. Be interesting to see what was some of

962
00:50:13,520 --> 00:50:16,080
Speaker 1: the comments that come out of there as the elites

963
00:50:16,080 --> 00:50:18,120
Speaker 1: decide how they're going to run the world for this year. Yeah,

964
00:50:18,160 --> 00:50:20,080
Speaker 1: and the other thing to consider is that if you're

965
00:50:20,120 --> 00:50:24,080
Speaker 1: already you're in a precarious situation. If there is debt

966
00:50:24,120 --> 00:50:27,279
Speaker 1: default or there is even talk of debt default. I

967
00:50:27,280 --> 00:50:29,319
Speaker 1: think this happened last timmer around, like our debt was

968
00:50:29,360 --> 00:50:33,280
Speaker 1: degraded from like triple A plus or whatever triple a minus.

969
00:50:33,320 --> 00:50:35,680
Speaker 1: That actually had a whole problem because the other thing

970
00:50:35,760 --> 00:50:38,480
Speaker 1: is that there are all these automatic investment triggers for

971
00:50:38,640 --> 00:50:42,640
Speaker 1: pension funds and others, where if something does get downgraded

972
00:50:42,719 --> 00:50:45,920
Speaker 1: below a certain level, then you actually have to automatically

973
00:50:46,000 --> 00:50:48,800
Speaker 1: sell it because they have deals and contracts. You'll only

974
00:50:48,840 --> 00:50:52,680
Speaker 1: invest certain types of moneies and certain types of government

975
00:50:52,920 --> 00:50:55,120
Speaker 1: in terms of rated funds, and if the government doesn't

976
00:50:55,120 --> 00:50:57,640
Speaker 1: do that, it causes an entire mess. The point is

977
00:50:57,680 --> 00:51:00,880
Speaker 1: that economic procarity is very much on the minds of

978
00:51:00,920 --> 00:51:04,040
Speaker 1: the nation tops bankers, and because they run the country

979
00:51:04,239 --> 00:51:07,680
Speaker 1: and especially run the way that people conduct business, I

980
00:51:07,680 --> 00:51:10,200
Speaker 1: think that's a big problem. Yeah, that's a great point here.

981
00:51:10,239 --> 00:51:13,960
Speaker 1: We are at a sort of precipice, potentially on edge

982
00:51:14,960 --> 00:51:19,200
Speaker 1: and facing down these government crises and possible debt default.

983
00:51:19,440 --> 00:51:22,279
Speaker 1: It's a scary situation, no doubt about it. Absolutely. Okay,

984
00:51:22,360 --> 00:51:24,640
Speaker 1: let's go ahead and move on here, Chuck Todd just

985
00:51:24,880 --> 00:51:30,600
Speaker 1: an amazing showdown over on MSNBC. This reveals the brain

986
00:51:30,640 --> 00:51:34,120
Speaker 1: worms I think of everybody on both sides. On the

987
00:51:34,120 --> 00:51:37,319
Speaker 1: one hand, you have Chuck Todd here, who is completely

988
00:51:37,440 --> 00:51:40,840
Speaker 1: unable to grapple with the idea that Hunter Biden the

989
00:51:40,920 --> 00:51:44,920
Speaker 1: laptop itself, any investigation to it seems legitimate, even defending

990
00:51:44,960 --> 00:51:46,960
Speaker 1: him saying it's not a crime to make money off

991
00:51:47,000 --> 00:51:49,200
Speaker 1: of your last name actually really might be. Then you

992
00:51:49,239 --> 00:51:51,880
Speaker 1: also have Senator Ron Johnson also just you know, spouting

993
00:51:51,920 --> 00:51:55,840
Speaker 1: like the most basic stuff from the laptop itself. So

994
00:51:55,960 --> 00:51:59,160
Speaker 1: I think this is a great This is a great showdown,

995
00:51:59,320 --> 00:52:02,399
Speaker 1: a view into why are politics particularly suck and also

996
00:52:02,480 --> 00:52:04,839
Speaker 1: why you can't actually emerge on the other side from

997
00:52:04,840 --> 00:52:07,160
Speaker 1: truth if you want to. Let's take a listen. Well,

998
00:52:07,200 --> 00:52:09,120
Speaker 1: I have skepticism of both parties, I say here with

999
00:52:09,160 --> 00:52:11,759
Speaker 1: skepticism a lot of people's work, and I'm curious are

1000
00:52:11,840 --> 00:52:15,480
Speaker 1: you were you at all concerned your Senate Democrats want

1001
00:52:15,480 --> 00:52:19,040
Speaker 1: to investigate Jared Kushner's loan from the Cuttery government when

1002
00:52:19,040 --> 00:52:22,640
Speaker 1: he was working in the government negotiating many things in

1003
00:52:22,680 --> 00:52:24,839
Speaker 1: the Middle East. Are you not as concerned about Are

1004
00:52:24,840 --> 00:52:26,440
Speaker 1: you not concerned about that? And I say that because

1005
00:52:26,480 --> 00:52:28,200
Speaker 1: it seems to me, if you're concerned about what Hunter

1006
00:52:28,200 --> 00:52:30,160
Speaker 1: Biden did, you should be equally outraged about what Jared

1007
00:52:30,200 --> 00:52:34,120
Speaker 1: Kushner did. I'm concerned about being the truth. I don't

1008
00:52:34,120 --> 00:52:39,399
Speaker 1: talk individuals. Target individuals. You're targeting Hunter body Edator, You're

1009
00:52:39,480 --> 00:52:43,680
Speaker 1: targeting individual Chuck my You know, Chuck, you know. Part

1010
00:52:43,680 --> 00:52:45,359
Speaker 1: of the problem, And this is pretty obvious stating by

1011
00:52:45,400 --> 00:52:47,480
Speaker 1: watching this is you don't invite me on to interview me.

1012
00:52:47,560 --> 00:52:49,879
Speaker 1: You invite me on to argue with me. Now, I'm

1013
00:52:49,880 --> 00:52:52,399
Speaker 1: just trying to lay out the facts that certainly Center

1014
00:52:52,440 --> 00:52:55,040
Speaker 1: Grass and I uncovered, they were suppressed, they were censored,

1015
00:52:55,080 --> 00:52:58,680
Speaker 1: they interfered in the twenty twenty election. Conservatives understand that. Unfortunately,

1016
00:52:58,719 --> 00:53:00,759
Speaker 1: liberals in the media don't. And that's part of the

1017
00:53:00,840 --> 00:53:02,960
Speaker 1: things that part part of the reasons our politics are

1018
00:53:03,000 --> 00:53:06,239
Speaker 1: inflames is we do not have an unbiased media. We don't.

1019
00:53:06,239 --> 00:53:08,759
Speaker 1: It's unfortunate I'm all for free press, the centered, more

1020
00:53:08,840 --> 00:53:12,759
Speaker 1: unbiased information, the satorship and center. Look, we're trying to

1021
00:53:12,800 --> 00:53:15,640
Speaker 1: do left partisan cable. Look, you can go back on

1022
00:53:15,680 --> 00:53:18,400
Speaker 1: your partisan cable cocoon and talk about media bias all

1023
00:53:18,400 --> 00:53:20,680
Speaker 1: you want. I understand it's part of your identity artisan

1024
00:53:20,840 --> 00:53:23,799
Speaker 1: cable cocoon. Yes, no one would know what that looks like,

1025
00:53:23,800 --> 00:53:27,120
Speaker 1: would it, Chuck? Whenever we're defending Uh. Also, you know,

1026
00:53:27,200 --> 00:53:29,640
Speaker 1: even the Jared thing, I agree with them one hundred percent,

1027
00:53:29,719 --> 00:53:31,520
Speaker 1: But the fact that they don't care about Hunter, it

1028
00:53:31,520 --> 00:53:34,959
Speaker 1: makes them just as full of it as Rod Johnson. Exactly. Yeah.

1029
00:53:35,000 --> 00:53:37,319
Speaker 1: I mean you have two partisan hacks accusing one another

1030
00:53:37,360 --> 00:53:40,000
Speaker 1: of being partisan hacks, and it's like, actually, you're both right, yes,

1031
00:53:40,280 --> 00:53:44,840
Speaker 1: correct the situation. But yeah, Chuck Tasso, I'm skeptical of everybody.

1032
00:53:44,840 --> 00:53:47,680
Speaker 1: Oh really, I would love to see the breakdown of

1033
00:53:47,960 --> 00:53:53,080
Speaker 1: Hunter Biden coverage versus Jared Kushner coverage number one, number two.

1034
00:53:53,200 --> 00:53:55,759
Speaker 1: I mean, he is right about Ron Johnson being full

1035
00:53:55,760 --> 00:53:57,920
Speaker 1: of it and only caring about the things that are

1036
00:53:57,960 --> 00:54:00,600
Speaker 1: like good for his team. But the icing on the

1037
00:54:00,640 --> 00:54:03,359
Speaker 1: cake at the end there is Chuck Tad accusing him

1038
00:54:03,400 --> 00:54:06,760
Speaker 1: of only being in his partisan media bubble, and it's like, dude,

1039
00:54:06,880 --> 00:54:09,080
Speaker 1: maybe look in the mirror. You just said it's not

1040
00:54:09,120 --> 00:54:11,200
Speaker 1: a crime to make money off your last name. How

1041
00:54:11,239 --> 00:54:14,000
Speaker 1: can you say that you're not in enough Parson mediobubble. Oh,

1042
00:54:14,000 --> 00:54:16,000
Speaker 1: but at the same time, a Kushner, it's bad. Whenever

1043
00:54:16,040 --> 00:54:18,760
Speaker 1: he does no, it's all bad. And this is also

1044
00:54:18,800 --> 00:54:20,920
Speaker 1: why we never get to the bottom of a lot

1045
00:54:20,960 --> 00:54:23,560
Speaker 1: of these legitimate coruptions. Gal I would love, by the way,

1046
00:54:23,600 --> 00:54:25,720
Speaker 1: to see you an actual accounting of that Jared Kushner

1047
00:54:25,880 --> 00:54:28,279
Speaker 1: Katari loan, why he was in the World Cup in

1048
00:54:28,320 --> 00:54:31,840
Speaker 1: the first place, kissing the grass, you know, the Saudi deals,

1049
00:54:31,920 --> 00:54:35,320
Speaker 1: the NBS money that he immediately took, even though NBS,

1050
00:54:35,360 --> 00:54:37,520
Speaker 1: his own fund, was like, we shouldn't invest with this guy.

1051
00:54:37,520 --> 00:54:40,600
Speaker 1: He's not a particularly good investor, and he himself was like, nah,

1052
00:54:40,800 --> 00:54:43,000
Speaker 1: let's kick him a few billion because he was good

1053
00:54:43,000 --> 00:54:45,319
Speaker 1: to us in the White House. Straight corruption, if you

1054
00:54:45,360 --> 00:54:47,720
Speaker 1: ask me, it's also straight corruption. You know, the Ukraine

1055
00:54:47,760 --> 00:54:50,440
Speaker 1: thing we all seem to have forgotten about Barisma. I'm

1056
00:54:50,480 --> 00:54:52,960
Speaker 1: not really sure why. I think it's probably more relevant

1057
00:54:53,200 --> 00:54:55,759
Speaker 1: now more than ever. Biden was literally the point man

1058
00:54:55,880 --> 00:54:59,720
Speaker 1: on Ukraine in the Obama administration. That's why Ukrainian Energy

1059
00:54:59,719 --> 00:55:02,600
Speaker 1: Company was paying Hunter fifty grand a month. It wasn't

1060
00:55:02,600 --> 00:55:05,640
Speaker 1: just a potentially buy influences because it was the top

1061
00:55:05,800 --> 00:55:10,520
Speaker 1: foreign policy priority of Vice President Biden in the Obama administration.

1062
00:55:10,800 --> 00:55:13,080
Speaker 1: Then you add on the China discussion. By the way,

1063
00:55:13,160 --> 00:55:17,560
Speaker 1: Hunter continues to have multimillion dollars worth of interest in

1064
00:55:17,640 --> 00:55:21,640
Speaker 1: Chinese companies which he has resigned his up. He hasn't

1065
00:55:21,640 --> 00:55:23,480
Speaker 1: sold his shares, but he's like I no longer take

1066
00:55:23,640 --> 00:55:26,719
Speaker 1: in active controls. He still have a stake in these companies. Like, yeah,

1067
00:55:26,760 --> 00:55:30,080
Speaker 1: you know, look Ron Johnson report. He may be Parson,

1068
00:55:30,280 --> 00:55:32,359
Speaker 1: but his report on the Hunter stuff is actually well

1069
00:55:32,360 --> 00:55:34,920
Speaker 1: worth reading. I encourage people to go read it simply

1070
00:55:35,000 --> 00:55:37,919
Speaker 1: because it literally is looking at bank statements and all

1071
00:55:37,960 --> 00:55:41,359
Speaker 1: of that. Actually President Biden called it a lie while

1072
00:55:41,400 --> 00:55:44,319
Speaker 1: it was happening, and yet no substantive facts have come

1073
00:55:44,360 --> 00:55:47,680
Speaker 1: out to this date that refute a single actual accusation

1074
00:55:48,000 --> 00:55:49,759
Speaker 1: in the Hunter Biden report that was put out by

1075
00:55:49,840 --> 00:55:52,959
Speaker 1: Ron Johnson's committee in this same interesting I mean, here's

1076
00:55:53,000 --> 00:55:58,879
Speaker 1: why this ultimately silly like little exchange matters because these

1077
00:55:58,960 --> 00:56:01,640
Speaker 1: issues that are at the cour or of it. Kushner's corruption,

1078
00:56:02,080 --> 00:56:06,360
Speaker 1: potential hunter Biden corruption and crimes. These things actually matter,

1079
00:56:06,840 --> 00:56:10,280
Speaker 1: and when it's clear that you only selectively care about it,

1080
00:56:10,360 --> 00:56:13,360
Speaker 1: you really undermine your position and your credibility with the

1081
00:56:13,360 --> 00:56:16,280
Speaker 1: American people. I mean, it's partly Ron Johnson's own fault

1082
00:56:16,600 --> 00:56:19,319
Speaker 1: that no one really took that report seriously, because, oh,

1083
00:56:19,440 --> 00:56:21,359
Speaker 1: you care so deeply about this, but you don't care

1084
00:56:21,360 --> 00:56:23,799
Speaker 1: about the Kushner piece. And it's the same thing with

1085
00:56:24,440 --> 00:56:26,480
Speaker 1: Chuck Toad in the mainstream press, like, oh, you care

1086
00:56:26,560 --> 00:56:29,239
Speaker 1: so deeply when it happens to be about Republicans, but

1087
00:56:29,440 --> 00:56:33,200
Speaker 1: you run cover for the Democratic Party consistently on an

1088
00:56:33,280 --> 00:56:35,719
Speaker 1: everyday basis. And oh, by the way, you know you

1089
00:56:35,840 --> 00:56:38,600
Speaker 1: concocted this whole elaborate like conspiracy theory of Russia gay

1090
00:56:38,600 --> 00:56:41,759
Speaker 1: that you've never still never acknowledged. You got wholly and

1091
00:56:41,800 --> 00:56:46,840
Speaker 1: completely wrong. So these people undermine their own credibility, and

1092
00:56:46,880 --> 00:56:49,520
Speaker 1: then they expect us to take them seriously when they

1093
00:56:49,560 --> 00:56:52,560
Speaker 1: report things that may actually matter, and no one should

1094
00:56:52,560 --> 00:56:56,200
Speaker 1: be surprised when everyone just sees them as complete hacks.

1095
00:56:56,400 --> 00:57:01,680
Speaker 1: So very fun exchange in raging exchange and ultimately kind

1096
00:57:01,719 --> 00:57:03,680
Speaker 1: of an important exchange to dig Ins. Yeah, when I

1097
00:57:03,680 --> 00:57:06,320
Speaker 1: saw it, I was like, man, there's so much there. Yeah,

1098
00:57:07,000 --> 00:57:12,799
Speaker 1: lots of layers as to what's happening. Okay, all right, Zager,

1099
00:57:12,840 --> 00:57:14,640
Speaker 1: what are you looking at? Well? Last week I did

1100
00:57:14,680 --> 00:57:17,040
Speaker 1: a monologue on the new guidance from the American Academy

1101
00:57:17,040 --> 00:57:20,280
Speaker 1: of Pediatrics for childhood obesity. It recommended using weight loss

1102
00:57:20,320 --> 00:57:23,840
Speaker 1: drugs and surgeries on miners more aggressively and earlier. While

1103
00:57:23,880 --> 00:57:27,560
Speaker 1: the Academy didn't include lifestyle intervention in its recommendations, there

1104
00:57:27,600 --> 00:57:30,440
Speaker 1: were also so called experts who created the guidance who

1105
00:57:30,440 --> 00:57:33,240
Speaker 1: I showed here saying that obesity was not a quote

1106
00:57:33,280 --> 00:57:36,840
Speaker 1: lifestyle disease. Whether you agree on that central premise or

1107
00:57:36,880 --> 00:57:39,680
Speaker 1: not is the entire question. Do you want to manipulate

1108
00:57:39,720 --> 00:57:43,760
Speaker 1: our environment, our food, or lifestyle to prevent obesity or

1109
00:57:43,840 --> 00:57:45,800
Speaker 1: do you want to just let big pharma companies sell

1110
00:57:45,880 --> 00:57:48,480
Speaker 1: us the solution. I know where I fall on that debate,

1111
00:57:48,640 --> 00:57:50,760
Speaker 1: but at a certain point, all of us critics do

1112
00:57:50,800 --> 00:57:53,479
Speaker 1: need to make peace with this fact. We have very

1113
00:57:53,520 --> 00:57:57,720
Speaker 1: little influence beyond the individual level on any of these decisions.

1114
00:57:57,960 --> 00:58:01,000
Speaker 1: They are made by multi billion dollar company these massive

1115
00:58:01,040 --> 00:58:04,320
Speaker 1: government bureaucracies like the National Institutes of Health, the CDC,

1116
00:58:04,600 --> 00:58:07,680
Speaker 1: the American Academy of Pediatrics and the Food and Drug

1117
00:58:07,760 --> 00:58:10,760
Speaker 1: Administration at least one of those. Though we may have

1118
00:58:10,800 --> 00:58:14,440
Speaker 1: a slight chance of actually having some reform, the FDA

1119
00:58:14,640 --> 00:58:17,280
Speaker 1: is under massive fire right now, especially during the last

1120
00:58:17,320 --> 00:58:20,120
Speaker 1: two years, for its incompetence. In his response to COVID,

1121
00:58:20,280 --> 00:58:23,360
Speaker 1: from rapid testing to its handling a vaccine approvals, suggest

1122
00:58:23,360 --> 00:58:26,240
Speaker 1: the blatant corruption revealed and revolving door with the pharming

1123
00:58:26,280 --> 00:58:28,720
Speaker 1: companies and taking their word for things, while we finally

1124
00:58:28,760 --> 00:58:30,840
Speaker 1: have a chance to actually make amends, not on the

1125
00:58:30,920 --> 00:58:34,080
Speaker 1: drug front just yet, but something possibly even more important

1126
00:58:34,120 --> 00:58:36,680
Speaker 1: than drugs. Food, the food that we put in our

1127
00:58:36,720 --> 00:58:39,920
Speaker 1: bodies and the regulations that govern that industry, subject of

1128
00:58:40,000 --> 00:58:42,800
Speaker 1: multi billion dollar lobbying efforts that shape everything that we

1129
00:58:42,840 --> 00:58:45,480
Speaker 1: see in our grocery stores. It all starts with the FDA,

1130
00:58:45,600 --> 00:58:48,560
Speaker 1: and even branch Coavidians who would probably defend the FDA's

1131
00:58:48,600 --> 00:58:51,760
Speaker 1: conductor and COVID, cannot deny they have failed at the

1132
00:58:51,760 --> 00:58:54,880
Speaker 1: basics of their food mission. Back up for a second.

1133
00:58:55,000 --> 00:58:58,560
Speaker 1: The FDA oversees approximately eighty percent of the entire US

1134
00:58:58,600 --> 00:59:01,880
Speaker 1: food supply. It has a basic missions number one, make

1135
00:59:01,920 --> 00:59:04,920
Speaker 1: sure food is safe, not poisoning US number two, provide

1136
00:59:05,000 --> 00:59:08,480
Speaker 1: nutrition guidance and facts for consumers. Three to conduct routine

1137
00:59:08,480 --> 00:59:10,760
Speaker 1: inspections of food safety to ensure the companies are not

1138
00:59:10,760 --> 00:59:13,480
Speaker 1: cutting corners and that Americans are eating. When companies claim

1139
00:59:13,520 --> 00:59:16,240
Speaker 1: that they are, they have failed categorically at all three

1140
00:59:16,240 --> 00:59:19,560
Speaker 1: parts of their mission. As Helena Botomiller avich at food

1141
00:59:19,600 --> 00:59:23,280
Speaker 1: Fix has noted since twenty eleven, despite getting more resources

1142
00:59:23,280 --> 00:59:26,720
Speaker 1: and a mandate from Congress to investigate food born illness outbreaks.

1143
00:59:26,960 --> 00:59:30,040
Speaker 1: Some one hundred and twenty eight thousand people are hospitalized

1144
00:59:30,080 --> 00:59:32,680
Speaker 1: a year from food born illness alone, and three thousand

1145
00:59:32,680 --> 00:59:36,040
Speaker 1: a year people actually die. Parents have been screaming now

1146
00:59:36,080 --> 00:59:39,320
Speaker 1: for years, finally heard during the baby formula crisis. How

1147
00:59:39,360 --> 00:59:41,800
Speaker 1: many times the agency has dropped the ball and missed

1148
00:59:41,840 --> 00:59:44,919
Speaker 1: deadly outbreaks in food and formula for infants, on top

1149
00:59:45,000 --> 00:59:47,960
Speaker 1: of multiple food born outbreaks in twenty twenty two alone.

1150
00:59:48,040 --> 00:59:51,200
Speaker 1: The nutrition side is also just insane. I'm sure many

1151
00:59:51,200 --> 00:59:54,360
Speaker 1: people saw these viral segments about NIH funded food compass

1152
00:59:54,400 --> 00:59:57,800
Speaker 1: studies at Tufts University which concludes that lucky charms or

1153
00:59:57,840 --> 01:00:01,800
Speaker 1: more nutritious than ground be or steak. It sparked rightful outrage.

1154
01:00:01,840 --> 01:00:04,040
Speaker 1: In my opinion, But the question is how do you

1155
01:00:04,120 --> 01:00:07,480
Speaker 1: even fix that. This is the key part the FDA's

1156
01:00:07,640 --> 01:00:11,200
Speaker 1: literal mission statement is to try and promote nutrition information

1157
01:00:11,440 --> 01:00:14,400
Speaker 1: and evaluate claims based on food to the general public.

1158
01:00:14,720 --> 01:00:18,680
Speaker 1: Take the word healthy for example, FDA has allowed the

1159
01:00:18,760 --> 01:00:22,480
Speaker 1: same definition of quote healthy to be slapped on consumer

1160
01:00:22,520 --> 01:00:25,680
Speaker 1: goods since nineteen ninety four, when I was a two

1161
01:00:25,760 --> 01:00:27,840
Speaker 1: year old. In that time, I think it's fair to

1162
01:00:27,920 --> 01:00:29,920
Speaker 1: say we've gotten a hell of a lot fatter as

1163
01:00:29,960 --> 01:00:33,200
Speaker 1: a country, unhealthier, and we've also learned a lot about nutrition.

1164
01:00:33,560 --> 01:00:36,720
Speaker 1: Yet in twenty and twenty two they have decided to

1165
01:00:36,880 --> 01:00:40,400
Speaker 1: propose updating the label. Just so you know, what did

1166
01:00:40,400 --> 01:00:43,520
Speaker 1: the previous label allow. It placed limits and guidance on

1167
01:00:43,600 --> 01:00:47,400
Speaker 1: several minerals and vitamins and food to be called quote healthy.

1168
01:00:47,760 --> 01:00:50,640
Speaker 1: But and this is the biggest butt, it placed no

1169
01:00:50,960 --> 01:00:54,280
Speaker 1: limit on the amount of added sugar in a product,

1170
01:00:54,520 --> 01:00:57,440
Speaker 1: and the ability to call it healthy is evaluated by

1171
01:00:57,440 --> 01:01:01,280
Speaker 1: the FDA. Imagine that you could literally make sure and

1172
01:01:01,400 --> 01:01:04,760
Speaker 1: gain the system by having some vitamins, add some fat content.

1173
01:01:05,000 --> 01:01:07,680
Speaker 1: You can have as much refined sugar though as you want,

1174
01:01:07,800 --> 01:01:10,440
Speaker 1: and still call it healthy in the grocery store and

1175
01:01:10,760 --> 01:01:13,960
Speaker 1: dupe parents and consumers. Anyone want to claim with a

1176
01:01:13,960 --> 01:01:17,479
Speaker 1: serious face, this was explicitly carved out, not explicitly carved

1177
01:01:17,480 --> 01:01:19,600
Speaker 1: out at the behest of the food and sugar industry.

1178
01:01:20,000 --> 01:01:21,880
Speaker 1: We all know the answer. I'm not going to sit

1179
01:01:21,920 --> 01:01:23,760
Speaker 1: here and I'm going to sit here and claim we

1180
01:01:23,760 --> 01:01:27,040
Speaker 1: wouldn't be fat if the FDA had proper healthy guidance

1181
01:01:27,040 --> 01:01:29,960
Speaker 1: in stores. Okay, I'm not. But it's a shiny example though,

1182
01:01:29,960 --> 01:01:32,680
Speaker 1: of how broken the system is. It also observes the

1183
01:01:32,680 --> 01:01:35,600
Speaker 1: fact that they can do something about it. Take sodium,

1184
01:01:35,600 --> 01:01:38,280
Speaker 1: for example, the exact same menu items in the United

1185
01:01:38,280 --> 01:01:40,720
Speaker 1: States actually have double the amount of sodium that they

1186
01:01:40,800 --> 01:01:44,600
Speaker 1: do in European counterparty foods like McDonald's. Our FDA has

1187
01:01:44,600 --> 01:01:49,120
Speaker 1: effectively refused to set mandatory sodium guidance, which nutrition advocates

1188
01:01:49,120 --> 01:01:52,360
Speaker 1: have been saying can save tens of thousands of lives

1189
01:01:52,400 --> 01:01:56,480
Speaker 1: per year just through reduced hypertension. After literally three decades

1190
01:01:56,520 --> 01:01:59,400
Speaker 1: of fighting the FDA, they still have refused to set

1191
01:01:59,440 --> 01:02:02,840
Speaker 1: long term as other developed nations on Earth have had

1192
01:02:02,880 --> 01:02:06,160
Speaker 1: in place for more than a decade. By some estimates,

1193
01:02:06,200 --> 01:02:08,640
Speaker 1: some quarter of a million lives actually could be saved

1194
01:02:08,760 --> 01:02:11,880
Speaker 1: just from doing this alone. All of this bears scrutiny

1195
01:02:12,000 --> 01:02:15,040
Speaker 1: at this moment for a simple reason. A major fight

1196
01:02:15,160 --> 01:02:18,280
Speaker 1: is brewing in Washington right now after an independent review

1197
01:02:18,320 --> 01:02:20,960
Speaker 1: of the FDA found that has completely failed at the

1198
01:02:21,000 --> 01:02:23,800
Speaker 1: food aspect of its job and should possibly be spun

1199
01:02:23,840 --> 01:02:27,600
Speaker 1: off into its own independent food agency. It's actually gaining

1200
01:02:27,600 --> 01:02:29,680
Speaker 1: steam in Washington. I want to add some fuel to

1201
01:02:29,720 --> 01:02:32,480
Speaker 1: that fire. Currently, the FDA is one of several agencies

1202
01:02:32,520 --> 01:02:34,760
Speaker 1: that actually looks at the entire US food supply. The

1203
01:02:34,840 --> 01:02:37,600
Speaker 1: system is designed not to help or look out for you,

1204
01:02:37,840 --> 01:02:40,280
Speaker 1: but to be as inept as possible and make it

1205
01:02:40,280 --> 01:02:43,400
Speaker 1: as penetrable as possible for lobbyists at big food and

1206
01:02:43,400 --> 01:02:47,160
Speaker 1: agricultural companies which want to make money. Our well being

1207
01:02:47,280 --> 01:02:51,000
Speaker 1: has nothing to do with this. Spinning the agency itself

1208
01:02:51,040 --> 01:02:53,520
Speaker 1: off will not fix everything, but it makes a single

1209
01:02:53,600 --> 01:02:57,520
Speaker 1: point of concentration more vulnerable to public scrutiny and the

1210
01:02:57,600 --> 01:03:01,720
Speaker 1: lack of incompetence. No more passing the buck. In the meantime,

1211
01:03:02,040 --> 01:03:04,959
Speaker 1: wake up, healthy food label doesn't mean it's healthy. Quote

1212
01:03:05,000 --> 01:03:08,280
Speaker 1: guidance from doctors is sometimes right and sometimes it's totally wrong.

1213
01:03:08,480 --> 01:03:10,880
Speaker 1: It's dangerous, and it's driven by money. Until we take

1214
01:03:10,920 --> 01:03:13,000
Speaker 1: back our system you need to look out for yourself

1215
01:03:13,160 --> 01:03:15,320
Speaker 1: because they sure as hell are not going to And

1216
01:03:15,360 --> 01:03:17,800
Speaker 1: that's a crazy thing. You know, that healthy the healthy food.

1217
01:03:18,040 --> 01:03:20,840
Speaker 1: And if you want to hear my reaction to Sagre's monologue,

1218
01:03:20,840 --> 01:03:26,800
Speaker 1: become a premium subscriber today at Breakingpoints dot com. Christol,

1219
01:03:26,840 --> 01:03:29,040
Speaker 1: what are you taking to look at? Well? Guys? Global

1220
01:03:29,040 --> 01:03:32,840
Speaker 1: elites are attending the annual World Economic Forum in Davos

1221
01:03:32,880 --> 01:03:35,240
Speaker 1: this week. This is actually the first time since COVID

1222
01:03:35,280 --> 01:03:37,240
Speaker 1: when the event will return to its full size scope

1223
01:03:37,280 --> 01:03:39,640
Speaker 1: and normal timing. But there's a sense that for the

1224
01:03:39,640 --> 01:03:42,439
Speaker 1: world's billionaire class, the gathering isn't quite what it used

1225
01:03:42,480 --> 01:03:44,960
Speaker 1: to be. The number of global leaders attending has thinned.

1226
01:03:45,040 --> 01:03:49,800
Speaker 1: Previously prevalent Russian oligarchs have been purged, Chinese billionaires dramatically

1227
01:03:49,880 --> 01:03:52,600
Speaker 1: reduced by COVID zero policies. In fact, many of the

1228
01:03:52,640 --> 01:03:54,720
Speaker 1: world's billionaires have seen their well take a hit from

1229
01:03:54,800 --> 01:03:57,800
Speaker 1: rising interest rates in a declining stock market. Back in

1230
01:03:57,840 --> 01:04:01,200
Speaker 1: twenty eighteen, six out of seven G seven leaders actually

1231
01:04:01,200 --> 01:04:05,000
Speaker 1: attended this annual confab. This year, only one will be

1232
01:04:05,040 --> 01:04:07,960
Speaker 1: in attendance. That's Germany's Olaf Schultz. He'll be the lonely

1233
01:04:08,000 --> 01:04:11,520
Speaker 1: head of state representing the world's wealthiest nations. But most importantly,

1234
01:04:11,760 --> 01:04:15,960
Speaker 1: the worldview that Davos elites had arrogantly espoused for years

1235
01:04:15,960 --> 01:04:19,480
Speaker 1: and years has taken a huge hit. Now. Listen, there's

1236
01:04:19,520 --> 01:04:21,840
Speaker 1: a lot of wild conspiracy theories about Davos, but the

1237
01:04:21,880 --> 01:04:25,080
Speaker 1: most devastating Davos conspiracy is right out in the open.

1238
01:04:25,160 --> 01:04:27,320
Speaker 1: A bunch of wealthy and powerful leads coming together to

1239
01:04:27,360 --> 01:04:30,680
Speaker 1: whitewash their own crimes with fake care for the world,

1240
01:04:30,880 --> 01:04:34,600
Speaker 1: while stitiously avoiding discussing anything that might actually implicate them

1241
01:04:34,640 --> 01:04:37,280
Speaker 1: in the problems they are pretending to care about, and

1242
01:04:37,640 --> 01:04:40,640
Speaker 1: carefully avoiding discussion of the way they could actually solve

1243
01:04:40,640 --> 01:04:43,480
Speaker 1: the problems they are pretending to care about. Dutch historian

1244
01:04:43,600 --> 01:04:46,720
Speaker 1: Rutger Bregman put it pretty succinctly back in twenty nineteen.

1245
01:04:46,880 --> 01:04:49,760
Speaker 1: This is my first time at DeVos, and I find

1246
01:04:49,760 --> 01:04:52,800
Speaker 1: it quite a bewildering experience, to be honest, I mean,

1247
01:04:52,880 --> 01:04:56,640
Speaker 1: fifteen hundred private yet's flown in there to hear Sara

1248
01:04:56,680 --> 01:05:00,200
Speaker 1: David etnbrough speak about how we're wrecking the planet, and

1249
01:05:00,480 --> 01:05:02,160
Speaker 1: I mean I hear people talk in the language of

1250
01:05:02,200 --> 01:05:07,120
Speaker 1: participation and justice and equality and transparency but then, I mean,

1251
01:05:07,160 --> 01:05:09,600
Speaker 1: almost no one raises the real issue of tax avoidance

1252
01:05:09,680 --> 01:05:11,960
Speaker 1: right and of the rich just not paying their fair share.

1253
01:05:12,280 --> 01:05:14,120
Speaker 1: I mean it feels like I'm me at a firefighter

1254
01:05:14,400 --> 01:05:17,120
Speaker 1: fighters conference and no one's allowed to speak about water.

1255
01:05:17,440 --> 01:05:19,880
Speaker 1: I mean, this is not rocket science. I mean, we

1256
01:05:19,920 --> 01:05:21,560
Speaker 1: can talk for a very long time about all these

1257
01:05:21,560 --> 01:05:25,440
Speaker 1: stupid philanthropy schemes. We can invide bono once more. Come on,

1258
01:05:25,760 --> 01:05:29,520
Speaker 1: we got to be talking about Texas. That's it, Texas, Texas, Texas.

1259
01:05:29,520 --> 01:05:32,040
Speaker 1: All the rest is bullshit. In my opinion, that man

1260
01:05:32,120 --> 01:05:34,560
Speaker 1: is a hero. But let's be honest. Those panels, they're

1261
01:05:34,600 --> 01:05:37,280
Speaker 1: mostly for show. The real work happens on the side well.

1262
01:05:37,320 --> 01:05:40,480
Speaker 1: Billionaires and world leaders. They meet in secret to ink

1263
01:05:40,520 --> 01:05:43,360
Speaker 1: deals and plan how to continue hoarding resources and maintaining

1264
01:05:43,360 --> 01:05:46,440
Speaker 1: a status quo which just created hunger, homelessness, wars, and

1265
01:05:46,480 --> 01:05:49,800
Speaker 1: the very climate crisis that they concerntrol. Most over, just

1266
01:05:49,800 --> 01:05:52,360
Speaker 1: to be clear here, the crisis is real. They're concerned

1267
01:05:52,360 --> 01:05:56,640
Speaker 1: about it, decidedly not now. The Davos ideology is neoliberalism

1268
01:05:56,680 --> 01:05:59,760
Speaker 1: distilled to its purest essets markets are all good and

1269
01:05:59,840 --> 01:06:02,360
Speaker 1: all knowing. The elite class is wealthy and powerful because

1270
01:06:02,400 --> 01:06:05,800
Speaker 1: they won out in a grand competition we call the meritocracy. Therefore,

1271
01:06:05,880 --> 01:06:08,320
Speaker 1: they deserve to be dictating the conditions of the world

1272
01:06:08,320 --> 01:06:11,520
Speaker 1: from literally on high in the mountains. Government is the

1273
01:06:11,560 --> 01:06:14,360
Speaker 1: problem in rich philanthropists. They're the answer, at least for

1274
01:06:14,400 --> 01:06:16,560
Speaker 1: the problems of the masses. Government is great when it

1275
01:06:16,560 --> 01:06:19,280
Speaker 1: can be captured to subsidize the wealth of the oligar class.

1276
01:06:19,520 --> 01:06:23,200
Speaker 1: Perhaps never before has this worldview been more thoroughly repudiated.

1277
01:06:23,480 --> 01:06:25,240
Speaker 1: After all, twenty twenty two was the year that the

1278
01:06:25,400 --> 01:06:28,360
Speaker 1: McDonald's theory of peace at the core of neoliberal foreign policy,

1279
01:06:28,400 --> 01:06:31,640
Speaker 1: was shown conclusively to be complete bunk. This theory held

1280
01:06:31,680 --> 01:06:34,720
Speaker 1: that any nation incorporated enough into the global trading system

1281
01:06:34,760 --> 01:06:36,640
Speaker 1: to have a McDonald's would not want to go to

1282
01:06:36,680 --> 01:06:39,800
Speaker 1: war with other big mac consuming nations. Now I know

1283
01:06:39,840 --> 01:06:42,480
Speaker 1: it sounds ridiculous, people really believe this crap. And more

1284
01:06:42,520 --> 01:06:45,000
Speaker 1: to the point, the theory was that these nations would

1285
01:06:45,000 --> 01:06:48,480
Speaker 1: meld into the Western model of capitalism and liberal governance.

1286
01:06:48,760 --> 01:06:50,680
Speaker 1: This is a theory with Russia, and this was the

1287
01:06:50,680 --> 01:06:54,680
Speaker 1: theory with China. Wrong and wrong again. Russia invaded Ukraine

1288
01:06:54,720 --> 01:06:56,640
Speaker 1: and has now been largely cut off from that global

1289
01:06:56,640 --> 01:06:59,920
Speaker 1: trading system. McDonald's and all China used our trade liberals

1290
01:07:00,280 --> 01:07:02,400
Speaker 1: to gain the system for their own benefit and has

1291
01:07:02,440 --> 01:07:04,960
Speaker 1: forged their own model of state led capitalism and their

1292
01:07:05,000 --> 01:07:07,680
Speaker 1: own form of debt driven imperialism through the Belt and

1293
01:07:07,800 --> 01:07:11,280
Speaker 1: Road initiative. They surveyed the wreckage that American style capitalism

1294
01:07:11,280 --> 01:07:13,720
Speaker 1: brought to other nations and said, no thanks, We're going

1295
01:07:13,760 --> 01:07:15,800
Speaker 1: to go our own way. At the same time, the

1296
01:07:15,840 --> 01:07:19,160
Speaker 1: pandemic with its despair, unemployment, and death for millions, while

1297
01:07:19,160 --> 01:07:22,640
Speaker 1: billionaires floated safely on yachts and saw their unfathomable wealth

1298
01:07:22,640 --> 01:07:26,000
Speaker 1: balloon even further. That all served to will say, heighten

1299
01:07:26,040 --> 01:07:29,280
Speaker 1: the contradictions of the neoliberal system. When the economy was

1300
01:07:29,280 --> 01:07:31,520
Speaker 1: falling off a cliff and the stock market was reaching

1301
01:07:31,520 --> 01:07:34,680
Speaker 1: record heights, it was really laid bare just how fake

1302
01:07:34,760 --> 01:07:38,720
Speaker 1: and rigged this entire system really is. When taxpayers funded

1303
01:07:38,760 --> 01:07:41,640
Speaker 1: life saving vaccines only to see big farm of profit

1304
01:07:41,720 --> 01:07:44,840
Speaker 1: to the tune of billions, hoarde patents and price gouged

1305
01:07:44,880 --> 01:07:48,520
Speaker 1: the entire world. It exposed that free markets may not

1306
01:07:48,600 --> 01:07:51,040
Speaker 1: be the all knowing, marvelous forces we had been led

1307
01:07:51,080 --> 01:07:53,800
Speaker 1: to believe. When our supply chain seized up, leading to

1308
01:07:53,840 --> 01:07:56,600
Speaker 1: shortages of everything from gloves and masks to toilet paper

1309
01:07:56,640 --> 01:08:00,000
Speaker 1: to baby formula. We realized that globalization had funnel four

1310
01:08:00,360 --> 01:08:03,120
Speaker 1: into the pockets of the few, while creating an incredibly

1311
01:08:03,240 --> 01:08:06,760
Speaker 1: fragile system with shortages, price increases, and pain for all

1312
01:08:06,800 --> 01:08:09,520
Speaker 1: the rest. The inflation we're suffering through today is the

1313
01:08:09,600 --> 01:08:13,800
Speaker 1: continued devastating hangover from this particular hard lesson. So what

1314
01:08:13,840 --> 01:08:16,920
Speaker 1: does davos Man have to say about any of this? Well,

1315
01:08:16,960 --> 01:08:19,439
Speaker 1: this year, the number of Gulf billionaires attending has balloon

1316
01:08:19,520 --> 01:08:22,320
Speaker 1: thanks to record breaking oil profits. Are they going to

1317
01:08:22,360 --> 01:08:24,880
Speaker 1: welcome these new masters of the universe in for their

1318
01:08:24,920 --> 01:08:27,840
Speaker 1: feigned concern about the climate crisis? Are they going to

1319
01:08:27,880 --> 01:08:31,360
Speaker 1: voice deep concern for human rights violations by Russia even

1320
01:08:31,400 --> 01:08:34,200
Speaker 1: as they celebrate these tycoons who have made fortunes from

1321
01:08:34,200 --> 01:08:36,759
Speaker 1: some of the most repressive regimes in the entire world.

1322
01:08:37,280 --> 01:08:39,799
Speaker 1: Are the billionaire bankers that the us NS and droves

1323
01:08:39,840 --> 01:08:41,400
Speaker 1: going to tell us about how the only way to

1324
01:08:41,439 --> 01:08:45,240
Speaker 1: counter inflation is by forcing the masses into unemployment. This

1325
01:08:45,280 --> 01:08:47,439
Speaker 1: week we'll get to see how the global elite are

1326
01:08:47,479 --> 01:08:50,839
Speaker 1: spinning all of these developments and many more, and according

1327
01:08:50,840 --> 01:08:54,120
Speaker 1: to the absolute gruals over Etman cancy consulting a strategic

1328
01:08:54,200 --> 01:08:57,439
Speaker 1: partner of the World Economic Forum, because of course they are. Apparently,

1329
01:08:57,439 --> 01:08:59,960
Speaker 1: this year is actually said to be the biggest Davos attention,

1330
01:09:00,000 --> 01:09:02,759
Speaker 1: and it's in history, and this fact hints at another

1331
01:09:02,800 --> 01:09:06,680
Speaker 1: important lesson of our time. The DeVos Ethos might be vanquished,

1332
01:09:06,720 --> 01:09:10,200
Speaker 1: but somehow it still dominates the world. Always look forward

1333
01:09:10,240 --> 01:09:12,920
Speaker 1: to these little gathering saga see what the lords of

1334
01:09:12,920 --> 01:09:14,760
Speaker 1: the universe have to tell. And if you want to

1335
01:09:14,760 --> 01:09:18,080
Speaker 1: hear my reaction to Crystal's monologue, become a premum subscriber

1336
01:09:18,120 --> 01:09:23,840
Speaker 1: today at Breakingpoints dot com. Okay, guys, thank you so

1337
01:09:23,920 --> 01:09:25,680
Speaker 1: much for watching. We really appreciate it. We've got a

1338
01:09:25,680 --> 01:09:30,160
Speaker 1: great show for everybody tomorrow, Counterpoints obviously on Wednesday. All

1339
01:09:30,200 --> 01:09:32,120
Speaker 1: over this week. It's going to be a lot of fun,

1340
01:09:32,160 --> 01:09:35,160
Speaker 1: some fun stuff. Making plans right now for State of

1341
01:09:35,200 --> 01:09:37,639
Speaker 1: the Union live coverage and all that. You'll be able

1342
01:09:37,680 --> 01:09:40,040
Speaker 1: to join us here with the team at Breaking Points.

1343
01:09:40,320 --> 01:09:43,320
Speaker 1: Live show tickets obviously on sale all of that. But

1344
01:09:43,439 --> 01:09:46,920
Speaker 1: that's enough administrative. We'll see everybody, Tom guys enjoy and

1345
01:09:46,960 --> 01:09:50,799
Speaker 1: reflect on this Martin Luther King Junior Day and remember

1346
01:09:50,920 --> 01:09:53,680
Speaker 1: the way that they stood in solidarity and were too

1347
01:09:53,760 --> 01:09:56,120
Speaker 1: able to achieve so much when you were feeling down

1348
01:09:56,160 --> 01:09:59,439
Speaker 1: and depressed about our own political system. Change for the better,

1349
01:09:59,640 --> 01:10:01,920
Speaker 1: is Jenny, only possible? All Right, love y'all and see

1350
01:10:01,920 --> 01:10:02,360
Speaker 1: you tomorrow.