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Speaker 1: Oh yeah, it's behind the bastards. Jesus Christ. It was Awesomtha.

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Speaker 1: Stop Samantha. Do you see how she treats me? Sometimes?

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Speaker 1: Fucking it's two o'clock on a Tuesday when we're recording this.

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Speaker 1: I don't I don't need the drama. I believe I

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Speaker 1: have civil rights, Sophie. I'm sorry. Do I not have

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Speaker 1: civil rights? What does that have to do with you doing?

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Speaker 1: Quite like thin voice I've ever heard, well that you're

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Speaker 1: taken away from you? That's like my rights are being violated,

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Speaker 1: Samantha McVeigh. How are you? How are you doing? I

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Speaker 1: am wonderful? How are Samantha? Is it true that were

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Speaker 1: I listening looking for a podcast about things that my

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Speaker 1: mother had never told me? That you could help me

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Speaker 1: with that? Yes, as in fact, you can just put

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Speaker 1: stuff mom never told you, and you will find my

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Speaker 1: face and then some other faces as the host. And yes,

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Speaker 1: you can come and listen about things your mother may

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Speaker 1: not have told you. If you have a cool mom,

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Speaker 1: maybe they did tell you. I don't know. That is

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Speaker 1: extremely based. Um. I'm happy that we're talking today about

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Speaker 1: why the rent is so damn high, But you know

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Speaker 1: what else is too high right now, Samantha, help me.

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Speaker 1: The Great Lakes they actually hit record highs this year,

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Speaker 1: which is causing serious problems for all of the communities

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Speaker 1: who live near those lakes. And Samantha, that's why we

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Speaker 1: got a newcomb. This is his revenge for me telling him.

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Speaker 1: Have you have you have you thought of feelings? Have

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Speaker 1: you thought about how many nukes the United States has

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Speaker 1: that are just sitting around doing nothing. We spent a

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Speaker 1: lot of money on those nukes. I understand that there

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Speaker 1: is a lot. And it's one of those that I'm like,

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Speaker 1: I really hope I'm in the center of it. So

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Speaker 1: I'm just decimated if it you know, this happens with

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Speaker 1: want to be right there in the middle. We're gonna

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Speaker 1: shoot those missiles right at Lake Superior, Lake, Ontario, the

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Speaker 1: other ones take them out. Doesn't even know the names

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Speaker 1: of the Great Lakes, but wants to nuke them. Yeah,

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Speaker 1: may I ask why what have they done to you?

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Speaker 1: For what I say? They're at record highs, which is dangerous.

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Speaker 1: For another thing, you were listening to the Gordon Lightfoot

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Speaker 1: song The Wreck of the Edmond Fitzgerald. No, well maybe

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Speaker 1: you should, Samantha. It's about a bootful of brave men

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Speaker 1: who are killed by the vicious Lake Superior during a

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Speaker 1: storm that we could have nuked away. But what were

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Speaker 1: they doing there? And they were trying, they were trying

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Speaker 1: to take steel from someplace to some other place. They're

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Speaker 1: just being good sailors. Well, we have a lot of

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Speaker 1: we have a lot of Great Lakes sympathizers. This is

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Speaker 1: not a bit, Sophie. This is a serious political exercise.

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Speaker 1: I believe I have the right to advocate politics, Sophie.

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Speaker 1: If I'm remembering, I never knew I needed if the

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Speaker 1: company thing that we had to do recently. You are

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Speaker 1: violating my civil rights by trying to force me to

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Speaker 1: hold a political belief. You actually did you actually do

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Speaker 1: that video. There's no way you did that on time.

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Speaker 1: There's no absolutely not. I know there is a video

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Speaker 1: and it probably says that you can't stop me from

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Speaker 1: wanting to nuke the Great Lakes. Uh. I haven't seen

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Speaker 1: it either. I haven't done the training either, so I

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Speaker 1: can't could. That's good when you know I did it,

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Speaker 1: it didn't count it and I have to do it again.

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Speaker 1: Very upset about I'm upset about this, Samantha. I'm gonna

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Speaker 1: play a little bit of politics here. I'm gonna play

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Speaker 1: a little bit of politics. What if I add making

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Speaker 1: us not have to do this thing to the bill

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Speaker 1: that will nuke the Great Lakes? You know, you see

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Speaker 1: a little bit of exactly exactly. This is how we

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Speaker 1: this is how we make sausage. Baby. Sorry to the

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Speaker 1: residents there, no, no, it's good for them. It'll get

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Speaker 1: keep the lakes off their backs. Yeah, it'll be fine.

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Speaker 1: I don't think it's good for them. I don't think

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Speaker 1: they would say that water soaks up radio shoo in real. Well,

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Speaker 1: so it'll be it'll be good. It'll just you know

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Speaker 1: what it'll be like. It'll be like everybody's got a

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Speaker 1: hot tub for a little while. That's gonna be nice. Anyway,

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Speaker 1: today we are going to start by talking about a bastard,

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Speaker 1: Samuel zel z e l l Now. He was born

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Speaker 1: Schmooley Zilonka. I think I'm saying that close close enough

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Speaker 1: to write on September ninety one. His parents, Rukla and Barrick,

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Speaker 1: were Jewish immigrants from Poland. Um if he hadn't guessed

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Speaker 1: that they were Polish by the last named Zelonka Um. Yeah,

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Speaker 1: his father had made good money as a grain merchant,

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Speaker 1: and when Germany was gearing up to invade in nineteen

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Speaker 1: thirty nine, he was one of those guys who was like,

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Speaker 1: probably isn't gonna go well probably probably probably time to

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Speaker 1: begin and yeah I think now yeah, yeah, time time

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Speaker 1: to bounce. That was a great time to leave Poland.

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Speaker 1: Um so zell are but our zel Samuel Zel schmooley,

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Speaker 1: But Ammuel. He gets raised in Chicago, where his father

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Speaker 1: takes up a new business. Oh good, okay, so you

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Speaker 1: guys are both you guys both Chi town babies. You know,

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Speaker 1: No I'm not no, no, no no, no, I just know Sammy.

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Speaker 1: There's no show I think you said, Sammy, I thought

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Speaker 1: you were saying that you're also grown up in Chicago.

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Speaker 1: No that I'm not that cool. Well I don't know.

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Speaker 1: Chicago is certainly a city, so um yeah, his dad

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Speaker 1: and everybody, that's right, that's right. There's only one city

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Speaker 1: we like on behind the bastards, and it's Pittsburgh, where

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Speaker 1: I have never been. So his father takes up a

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Speaker 1: new business as a jewelry wholesaler. From early on, Samuel

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Speaker 1: was very interested in business. He's one of these kids

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Speaker 1: who decides as a child, capitalism is the thing for him,

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Speaker 1: which another warning sign. Right, Look, this kid is a

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Speaker 1: refugee from war turned Europe. I have a lot of

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Speaker 1: sympathy for that. But no matter what your background is,

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Speaker 1: if at age, let's say twelve, you're talking about how

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Speaker 1: you want to be an entrepreneur, we gotta slow those

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Speaker 1: kids down. Maybe like put some wasps pray and like

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Speaker 1: the school of ventilation ducks or something, but we gotta

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Speaker 1: slow those kids down. They're not doing any good for us.

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Speaker 1: That's what he's gonna do. I don't know, somebody, if

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Speaker 1: you've just like gotten a little bit more lead maybe,

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Speaker 1: or maybe a little less oxygen, maybe a little bit

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Speaker 1: more CEO two in the house. Anyway, he doesn't, so

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Speaker 1: his he things are fine for him. Um. He starts

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Speaker 1: his first business at age twelve. He realizes that local

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Speaker 1: kids in his upper class suburb craved pornography, but they

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Speaker 1: couldn't purchase it in any of the stores that they

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Speaker 1: could reach on their bicycles. So Sam found a place

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Speaker 1: in the city where he could buy Playboy magazines in

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Speaker 1: bulk for fifty cents each and then resell them for

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Speaker 1: between a dollar fifty and three dollars each Holy crap,

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Speaker 1: this kid. Okay, that's impressive. Well, it's impressive, but also

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Speaker 1: that's that's a bad sign. So he later called this

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Speaker 1: but yes, yes, it's a good grift, but it's a

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Speaker 1: bad sign. He later called this his quote first lesson

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Speaker 1: in supply into man Bracking into a two thousand and

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Speaker 1: thirteen meeting of the Urban Land Institute. For the rest

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Speaker 1: of that year, I became an importer of Playboy magazines

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Speaker 1: to the suburbs. Now again, normally I think this is

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Speaker 1: a good thing because the suburbs are desperately boring and

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Speaker 1: they needed the mid core porn that Samuel, there's entirely good. Look,

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Speaker 1: when I was a kid, my first pornography was porn

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Speaker 1: we found in a little stretch of the woods in

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Speaker 1: the middle of our suburbs that all of me and

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Speaker 1: my cousins would like run to. And you could go, like,

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Speaker 1: there's just like this box of playboys. Many people there's

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Speaker 1: the alleged of Johnny Porno seed. You know, somebody seed

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Speaker 1: it was from the woods. Thing. Okay, there's so many

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Speaker 1: questions about I guess we don't have the time, but

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Speaker 1: I don't I don't think well, no, I don't think

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Speaker 1: gen Z has this because they've got the Internet. But

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Speaker 1: like I encountered my first porn before the internet was common,

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Speaker 1: and it was porn that was found, Like it was

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Speaker 1: kind of like a little mooted area behind the housing development.

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Speaker 1: You know, everyone had this Texas. Yeah, this is Texas,

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Speaker 1: but I don't many where people have have have found

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Speaker 1: woods porn wood porn, yeah, which at least nobody. I

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Speaker 1: didn't have to pay for my woods porn. Sure it

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Speaker 1: was kind of moldy and like crumbling, and all of

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Speaker 1: the colors weren't clear, but I was pretty sure you

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Speaker 1: could see some nipples in there, you know what I

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Speaker 1: was like seven. It's because he would try to watch

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Speaker 1: porn on static TV. Yeah, it's exactly like that physical TV.

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Speaker 1: Oh my god, alright, let's goep going he is. He

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Speaker 1: is peddling mid core pornography to the suburbs. Um Samuel

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Speaker 1: graduates from Highland Park High School because again his parents

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Speaker 1: are rich. That is a nice part of Chicago. He's

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Speaker 1: accepted by the University of Michigan. He is less interested

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Speaker 1: in his studies than he is in finding new ways

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Speaker 1: to make a buck. His roommate mentions to him one

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Speaker 1: day that their landlord was developing a new property, an

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Speaker 1: apartment complex. Samuel thought it would be easy to manage,

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Speaker 1: later saying quote, I had plenty of faith in my

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Speaker 1: own what I call salesmanship. I could rent them. And

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Speaker 1: most important of all, I was at and it was

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Speaker 1: student housing. I thought I could relate in return for

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Speaker 1: running and maintaining the building. This friend of mine and

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Speaker 1: I each got an apartment. So number one for an

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Speaker 1: idea of kind of how this kid works. He's able

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Speaker 1: to talk a landlord into this arrangement, and then he's

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Speaker 1: able to turn this arrangement into a business that's shocking size.

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Speaker 1: By the time he graduates the nineteen sixty six, Zell

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Speaker 1: had managed with his partner more than four thousand apartments

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Speaker 1: and personally owned between one hundred and two hundred of them.

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Speaker 1: This is a huge business. He's very good at this um.

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Speaker 1: Now he sells his share of the property management business

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Speaker 1: he had started to his partner, and he moves back

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Speaker 1: to Chicago, where he passes the bar exam and he

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Speaker 1: joins a law firm. Law was what he'd studied to do,

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Speaker 1: and becoming a lawyer had been his goal for years.

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Speaker 1: But like now that he sells his real estate business

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Speaker 1: and he starts working as a lawyer. He's like, kind

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Speaker 1: of fucking hate being a lawyer, this guy that sucks. Yeah,

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Speaker 1: um so pretty much immediately he quits and decides to

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Speaker 1: go back into real estate and make it his full

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Speaker 1: time career. In nineteen sixty eight, he founded a company

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Speaker 1: and brought in his old business partner and he started

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Speaker 1: buying properties. Now he happened to get into the market

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Speaker 1: right as it was hitting. It was on an overbuilding spree.

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Speaker 1: Like again one of these times when like they're building

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Speaker 1: way more housing than is needed because there's this irrational

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Speaker 1: exuberance of investors and buyers and whatnot, which leads to

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Speaker 1: a market crash. In nineteen seventy three, multi family residential

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Speaker 1: real estate plummeted in value first, and a lot of

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Speaker 1: commercial property loans went into default. So numerous properties are

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Speaker 1: abandoned mid construction. Right companies like, suddenly we can't finance

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Speaker 1: finishing this house. So there's just this lot with like

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Speaker 1: a basement dug or some ship on it. And Zel

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Speaker 1: sees this as an opportunity. He can buy up valuable

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Speaker 1: real estate for nothing and cheaply put it into a

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Speaker 1: portfolio that he can profit from later when the market recovers. Right. Um,

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Speaker 1: tale as old as time. So he has other businesses

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Speaker 1: as the years go by. He purchases an agricultural company

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Speaker 1: that's closing, and then a nitrogen plant that's going into bankruptcy.

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Speaker 1: Then he buys a potash plant and starts like making fertilizers.

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Speaker 1: So he's buying these businesses that are failing and then

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Speaker 1: he integrates them together into one bigger business that's able

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Speaker 1: to succeed. This is a pattern that asserts itself over

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Speaker 1: and over again. Samuel Zel looks for misfortune, finds a

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Speaker 1: business or a property that's fallen on hard times, buys

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Speaker 1: them up at a very low price, then repackages them

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Speaker 1: and sells them for a profit. In an article for

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Speaker 1: the New York University Reviews, l describe his strategy as

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Speaker 1: dancing on the skeletons of other people's mistakes. Um, this

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Speaker 1: earns him, yeah, I mean, yeah, it's what he's doing.

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Speaker 1: And he gets the nickname Grave Dancer as a result.

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Speaker 1: Oh he's bad. Oh yeah, yeah, I mean that's funny

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Speaker 1: that that is kind of cool. Um, but it's not

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Speaker 1: about to be so sometimes yeah, sometimes he has to

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Speaker 1: make the grave to dance on it. So he buys

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Speaker 1: a controlling interest in the Tribune Company, which owned the

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Speaker 1: Chicago Tribune and the Los Angeles Times. Um, and I

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Speaker 1: want to quote now from a New York Times article

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Speaker 1: talking about the guy that Zel brings into run the Tribune,

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Speaker 1: a man named Randy Michaels. Quote. After Mr Michael's arrived,

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Speaker 1: according to two people at the bar that night, he

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Speaker 1: sat down and said, watch this, and offered the waitress

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Speaker 1: a hundred dollars to show him her breasts. The group

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Speaker 1: sat dumbfounded. Here was this guy who was responsible for

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Speaker 1: all these people getting drunk in front of senior people

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Speaker 1: and saying thus this to a waitress who many of

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Speaker 1: us knew. Said one of the Tribune executives present, who

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Speaker 1: declined to be identified because he had left the company

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Speaker 1: it did not want to be quoted. I have never

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Speaker 1: seen anything like it. So um, Mr Michael's denies this happen,

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Speaker 1: saying the people who told the Times the anecdote, we're

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Speaker 1: lying or mistaken. But boy, a lot of people have

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Speaker 1: similar anecdotes about this guy who Zel brings in to

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Speaker 1: run the Tribune. Now, Zel's plan seems to have been

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Speaker 1: that he buys this company, and he finances the deal.

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Speaker 1: This might sound familiar. So the Tribune massive media company.

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Speaker 1: He's only able to buy it by borrowing heavily. Um, Like,

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Speaker 1: that's how he finances it. He gets a bunch of

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Speaker 1: banks to front the money that he put up front,

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Speaker 1: and then as soon as he buys it, his plan

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Speaker 1: is to engage in aggressive cost cutting that can make

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Speaker 1: the venture profitable after like trimming all of the employees.

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Speaker 1: It's almost exactly like what Elon Musk is about to

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Speaker 1: do with Twitter, right, super familiar. Yeah, it sounds really familiar.

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Speaker 1: Zel is doing this same thing. And when he buys

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Speaker 1: the company, he allegedly tells the employees there's a new

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Speaker 1: sheriff in town, which, like, you don't actually say that, Sam,

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Speaker 1: you don't really say that. Nobody says that what So

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Speaker 1: in buying and tanking the Tribune, Zell brought harm to

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Speaker 1: a number of hugely influential local papers. In addition to

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Speaker 1: the Los Angeles Times, UM and the Chicago Tribune, the

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Speaker 1: Tribune owned the Baltimore Sun, the Hartford Current, the Orlando Sentinel,

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Speaker 1: as well as the Tribune in the l A Times.

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Speaker 1: So he has bought up the most influential local news

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Speaker 1: sources in the country. Um, and he's about to run

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Speaker 1: them into the ground. So as he buys them, he

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Speaker 1: goes on like a tour through all of these different properties,

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Speaker 1: these different newsrooms, giving speeches. He's famous for cursing a lot,

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Speaker 1: and his speeches, Um, I think to try to be

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Speaker 1: entertaining and stuff. Um. But over and over again, the

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Speaker 1: thing he tries to sell his new staff on is

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Speaker 1: the fact that he's going to make them rich with

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Speaker 1: his new management skills. At one point, he writes to

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Speaker 1: the Tribunes employees, I have said repeatedly that no matter

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Speaker 1: what happens in this transaction, my lifestyle won't change. Yours,

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Speaker 1: on the other hand, could change dramatically if we get

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Speaker 1: this right. They're not going to get this right. So,

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Speaker 1: for one thing, these are all newspapers, right, that's the

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Speaker 1: that's the fairly large newspapers. Um. The team he brings

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Speaker 1: in to take over management are all radio people. In particular,

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Speaker 1: they're all shock jock DJs. So I know, yeah, Mr

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Speaker 1: Michael's who's running it is a former shock jock. He's

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Speaker 1: like a Howard Stern type. Um. And so that's the

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Speaker 1: people he's like, you know, who can run a bunch

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Speaker 1: of local newspapers is like drive time radio d j's

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Speaker 1: who curse on the air. That's that's who will turn

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Speaker 1: the newspaper business around. Um. Now, since Mr Michael's is

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Speaker 1: a shock jock, the people that he brings in to

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Speaker 1: help and run the company are also all former shock jocks.

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Speaker 1: And one of the first things they do is they

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Speaker 1: rewrite the employee handbook quote. Working at Tribune means accepting

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Speaker 1: that you might hear a word that you personally might

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Speaker 1: not use. You might experience an attitude you don't share.

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Speaker 1: You might hear a joke that you don't consider funny.

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Speaker 1: That is, because a loose, fun nonlinear atmosphere is important

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Speaker 1: to the creative process. This should be understood and should

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Speaker 1: not be a surprise and not considered harassment. Now, yes,

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Speaker 1: of course, if you're working in a creative enterprise based

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Speaker 1: around like writing, people should be aware that they're going

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Speaker 1: to encounter things that are uncomfortable and stuff they might

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Speaker 1: not like and being open minded and people being able

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Speaker 1: to that. But if you're putting that in your handbook

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Speaker 1: with specifically to lead to you shouldn't ever complain about harassment.

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Speaker 1: That's because you want to sexually harass a bunch of people, right,

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Speaker 1: That's that's why you're putting us. And then you're going

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Speaker 1: to be racist. So all of those things are going

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Speaker 1: to happen, So go ahead and expected pretend like this

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Speaker 1: nineteen nineteen or nine. Essentially, Yeah, it's it's like everything else. Yeah,

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Speaker 1: so they took this, Uh, don't call our harassment harassment seriously.

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Speaker 1: Mr Michaels hired a woman named Kim Johnson to be

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Speaker 1: his s VP of local sales. In the news release

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Speaker 1: announcing her higher, he said that she was a quote

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Speaker 1: former waitress at Knockers, the place for hot racks and

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Speaker 1: cold bruise. Um. I think this was a joke based

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Speaker 1: on a fake restaurant chain, but anyway, it's it's a

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Speaker 1: weird thing to say about someone you brought on as

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Speaker 1: a VP. But they can say, we have a woman,

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Speaker 1: a woman exactly, we have a woman, and we only

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Speaker 1: a little bit complimented her Knockers and the press release

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Speaker 1: we announce we we put out in the press release

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Speaker 1: announcing her higher press release. Yeah, so this is like

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Speaker 1: what they're putting out publicly to the industry, like we

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Speaker 1: hired this lady because of her tits. Like that's that's

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Speaker 1: literally you're welcome. Yeah, this is not like people might

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Speaker 1: have thought at first, like oh, this is just like

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Speaker 1: a thing. He said it like an office party. That

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Speaker 1: was inappropriate. No, no, no, yeah. So in his first

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Speaker 1: tour of the company, Zel promise there would be no

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Speaker 1: job cuts, but of course there were many of them.

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Speaker 1: And what's whereas his business acumen appeared to lead him

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Speaker 1: to try to like refocus all of these legitimate newspapers

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Speaker 1: on cheesy game show tactics quote from The New York Times.

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Speaker 1: The company introduced promotions that seemed to have been drawn

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Speaker 1: from the radio handbook. At four of the company's television stations.

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Speaker 1: An event called cash Grab and which the viewer was

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Speaker 1: led into a bank vault and allowed to scoop up

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Speaker 1: dollar bills, was inserted in the middle of the station's newscasts.

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Speaker 1: At w p i X TV in New York, the

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Speaker 1: viewers were cheered on by clapping Hooters waitresses, giving the

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Speaker 1: station the appearance of televised shock radio. He literally, you know,

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Speaker 1: like you were seeing RoboCop. Have you ever seen like Idiocracy? Nope, okay,

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Speaker 1: both of those movies have like fake TV news that

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Speaker 1: has like that's just like super trashy and gross and

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Speaker 1: stuff because it's dystopian societies. He's just done that for real.

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Speaker 1: He's just actually made that as it wasn't there an

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Speaker 1: Eastern European station that actually had women stripping as they

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Speaker 1: were telling news in order to engage viewers. But they're

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Speaker 1: trying to do real news. I feel like I saw

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Speaker 1: it a while a girl, what is happening? Thing that

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Speaker 1: happened to be honest. Having just being like, hey, we're

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Speaker 1: the news and also people will strip on the news

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Speaker 1: is way less gross to me than hey, we're gonna

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Speaker 1: split the news up with cash grab where people stuck

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Speaker 1: in a bank fault have to grab dollars. That's much

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Speaker 1: grosser to me than just like, yeah, um it's it's

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Speaker 1: pretty clever good. So Zell hired a chief innovation officer

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Speaker 1: who was like a maniac and would regularly right five

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Speaker 1: thousand word type of riddle memos to and lists and

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Speaker 1: editors that they would be forced to read, stuff like

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Speaker 1: rock and roll musically is behind us, All caps news

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Speaker 1: and information is the new rock and roll. This is

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Speaker 1: like a corporate memo. Their director of innovation, the Rock

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Speaker 1: and Roll. At one point in a meeting, they're talking

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Speaker 1: about the war in Iraq, and somebody brings up that,

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Speaker 1: like Los Angeles Times reporters are actually in Iraq, you know,

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Speaker 1: covering the war like you do. And he shocked that

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Speaker 1: this is allowed. He has no idea that this is

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Speaker 1: how like journalism works, that reporters go to war. What

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Speaker 1: this is the director of innovation for one of the

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Speaker 1: largest newspaper companies in the country, or they one step

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Speaker 1: away of just become a tabloid at this point. Yeah,

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Speaker 1: I mean that's what he's trying to do. He's trying to,

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Speaker 1: like his ideas that we just make it profitable by yeah,

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Speaker 1: turning it into a tabloid. Stick some tits on there,

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Speaker 1: stick some game shows stuff in there. It'll be great.

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Speaker 1: It's good. Yeah. I don't like this guy, you know

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Speaker 1: what I do like though? Oh, I like that the

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Speaker 1: fact that the Great Lakes, being the largest freshwater bodies

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Speaker 1: on the planet, plenty of room for the US nuclear arsenal. Yeah, apparently. Yeah,

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Speaker 1: I try to get it there, Sophie. Sophie, Sophie, I

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Speaker 1: just like, don't care anymore. I care about your hometown,

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Speaker 1: and I'm trying to stop it from being in l A. Well, no,

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Speaker 1: just the lakes, just the lakes, Just the lakes. My

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Speaker 1: hometown isn't there, So well, then everything's going to be fine.

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Speaker 1: All right, here's some ads. Uh, we're back. Sophie agreed

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Speaker 1: off screen that my political career has a lot of promise. Um,

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Speaker 1: everything's good. Nuke the Great Lakes the middle of time.

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Speaker 1: It'll stop it it'll, it'll, it'll, it'll make the world darker.

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Speaker 1: You ever see snow Piercer the first two? I only

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Speaker 1: watched the first. I only watched the first one and

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Speaker 1: a half seconds of snow Piercer. But that's basically my

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Speaker 1: idea each children to work. I didn't see any of

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Speaker 1: those parts of the movie, but I assume all of

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Speaker 1: those things were also positive, because it sounds like it

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Speaker 1: started with a great idea, super positive. So um. James Warren,

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Speaker 1: the former managing editor and Washington bureau chief of the

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Speaker 1: Chicago Tribune. Instead of Zell's time running the company, quote,

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Speaker 1: they wheeled around here doing what they wished, showing a

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Speaker 1: clear contempt for most everyone that was here, and used

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Speaker 1: power just because they had it. They used the notion

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Speaker 1: of reinventing the newspapers simply as a cover for cost cutting. Now.

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Speaker 1: During his time running the company's l also became a

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Speaker 1: pioneer of click bait advertising quote advertising, yeah, oh yeah, no,

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Speaker 1: he helps make this happen. Advertising has been inserted into

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Speaker 1: the Los Angeles Times in new and unsettling ways. In March,

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Speaker 1: and ad mimicking the front page for Disney's Allison wonder

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Speaker 1: Land was wrapped around the first section, and in July,

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Speaker 1: a fake version of the newspaper section for late breaking

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Speaker 1: news called L A T Extra was wrapped around the

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Speaker 1: real one, promoting Universal Studios King Kong Attraction with a

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Speaker 1: lead story that read Universal Studios partially destroyed. In April

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Speaker 1: of two thousand nine, and advertisement posing as a news

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Speaker 1: article about NBC's new show south Land appeared on the

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Speaker 1: front page. In July, the Los Angeles County Board of Supervisors,

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Speaker 1: the governing body of the County of Los Angeles, sent

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Speaker 1: a letter of protest saying the use of advertising disguised

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Speaker 1: as news makes a mockery of the newspaper's mission. Some

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Speaker 1: might argue that, yes, that's that's exactly what it does.

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Speaker 1: But that's kind of the point. Um. Now, what's interesting, though,

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Speaker 1: is that none of this makes the business profitable, and

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Speaker 1: actually making all of these newspapers much worse um does

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Speaker 1: not make people more likely to use them. Um Zel

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Speaker 1: also had loaded the Tribune with so much debt by

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Speaker 1: the deal right that bankruptcy was basically inefvitable. Was almost

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Speaker 1: impossible for the company to ever turn a profit because

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Speaker 1: of how much debt he'd loaded it up with. So

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Speaker 1: I would assume with the clickbait that that he's getting

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Speaker 1: money from the advertisers and that's how he was going

424
00:23:06,400 --> 00:23:09,600
Speaker 1: to make money. That no, because people stopped visiting the

425
00:23:09,600 --> 00:23:15,480
Speaker 1: website because it's ship. Yeah. Investors hurt by the local

426
00:23:15,640 --> 00:23:18,320
Speaker 1: by the deal later accused him of basically loading the

427
00:23:18,359 --> 00:23:20,760
Speaker 1: company up with debt and then sinking it on purpose.

428
00:23:21,320 --> 00:23:23,680
Speaker 1: Um And I'm gonna quote now from the Chicago Tribune.

429
00:23:24,160 --> 00:23:28,119
Speaker 1: Tribune Company, the precursor company, the predecessor company to Tribune Media,

430
00:23:28,160 --> 00:23:30,920
Speaker 1: filed for bankruptcy and December two thou eight, one year

431
00:23:30,960 --> 00:23:33,720
Speaker 1: after Chicago billionaire Zell took the company private and a

432
00:23:33,800 --> 00:23:37,200
Speaker 1: heavily leveraged eight point two billion dollar deal. At the Times,

433
00:23:37,240 --> 00:23:39,840
Speaker 1: Zell blamed a perfect storm of industry and economic forces

434
00:23:39,920 --> 00:23:42,679
Speaker 1: the Great Recession but the bankruptcy case turned on charges

435
00:23:42,760 --> 00:23:46,600
Speaker 1: leveled by junior creditors that the debt burden was unsustainable. Now,

436
00:23:46,640 --> 00:23:49,040
Speaker 1: one of the things again I found interesting here two

437
00:23:49,400 --> 00:23:52,520
Speaker 1: eights prior to the social media age taking off. Really, uh,

438
00:23:52,600 --> 00:23:56,159
Speaker 1: it's when we have our last big economic crash. Local

439
00:23:56,240 --> 00:23:59,720
Speaker 1: newspapers are the primary way people get news, and Zell

440
00:24:00,040 --> 00:24:03,440
Speaker 1: absolutely crashes them in this multi But he gets to

441
00:24:03,920 --> 00:24:07,000
Speaker 1: banks to back him this multibillion dollar deal that he

442
00:24:07,040 --> 00:24:09,879
Speaker 1: could never make a profit on, and then he sabotages

443
00:24:09,880 --> 00:24:13,000
Speaker 1: the companies that he's bought and destroys them and Fox

444
00:24:13,040 --> 00:24:15,000
Speaker 1: over a bunch of people and then blames it on

445
00:24:15,040 --> 00:24:18,440
Speaker 1: the recession. Elon Musk is currently carrying out at tens

446
00:24:18,440 --> 00:24:20,440
Speaker 1: of billions of dollar deal on what is a lot

447
00:24:20,440 --> 00:24:23,200
Speaker 1: of people's source of local news, um, right as we're

448
00:24:23,200 --> 00:24:25,880
Speaker 1: about to have a recession, and has been talking about

449
00:24:25,880 --> 00:24:29,360
Speaker 1: how he plans to fire Twitter staffers. It's cool, it's

450
00:24:29,359 --> 00:24:32,080
Speaker 1: neat that these these billionaires get to just keep fucking

451
00:24:32,080 --> 00:24:34,920
Speaker 1: with people's ability to get news because of their own

452
00:24:34,920 --> 00:24:37,200
Speaker 1: egos when they want to. Yeah, they'll be fine, They're

453
00:24:37,200 --> 00:24:39,600
Speaker 1: gonna have like a fun year of stories. And then

454
00:24:39,760 --> 00:24:42,120
Speaker 1: a lot of people's lives will be worse and they

455
00:24:42,119 --> 00:24:47,440
Speaker 1: will not suffer any consequences, which is good. Yeah, it's great.

456
00:24:47,960 --> 00:24:53,280
Speaker 1: Uh So obviously legally, nobody ever accepts responsibility for anything. However,

457
00:24:53,440 --> 00:24:55,679
Speaker 1: there's a bunch of litigation, like ten years of it

458
00:24:55,840 --> 00:24:58,160
Speaker 1: over this. Zell starts to call it the deal from

459
00:24:58,160 --> 00:25:00,439
Speaker 1: Hell because of all of the people suing him over this.

460
00:25:01,119 --> 00:25:04,240
Speaker 1: Uh And eventually the litigation trust gets around two hundred

461
00:25:04,280 --> 00:25:07,679
Speaker 1: million dollars to redistribute to creditors as long as no

462
00:25:07,800 --> 00:25:11,000
Speaker 1: liability or wrongdoing is assumed by Zell and other defendants.

463
00:25:11,480 --> 00:25:14,480
Speaker 1: So there you go. Uh Now, I want to read

464
00:25:14,480 --> 00:25:16,800
Speaker 1: to you that above, or I read to you an

465
00:25:16,800 --> 00:25:19,040
Speaker 1: above exerpt from the Chicago Tribune, which is a summary

466
00:25:19,040 --> 00:25:21,400
Speaker 1: of the deal ten years on. I think it's interesting

467
00:25:21,440 --> 00:25:24,119
Speaker 1: how this New York Times article, which actually focuses on

468
00:25:24,160 --> 00:25:27,280
Speaker 1: the working people hurt by the deal, describes it more viscerally,

469
00:25:27,320 --> 00:25:29,320
Speaker 1: because that one is just kind of like, you know this,

470
00:25:29,520 --> 00:25:31,800
Speaker 1: they lost this amount of money and now there's a

471
00:25:31,800 --> 00:25:34,600
Speaker 1: big bankruptcy. The New York Times quote is gonna be

472
00:25:34,680 --> 00:25:38,480
Speaker 1: a lot grittier. Okay. Less than a year after Mr

473
00:25:38,560 --> 00:25:41,760
Speaker 1: Zell bought the company, it tipped into bankruptcy, listing seven

474
00:25:41,760 --> 00:25:44,159
Speaker 1: point six billion dollars in assets against a debt of

475
00:25:44,200 --> 00:25:47,399
Speaker 1: thirteen billion, making it the largest bankruptcy and the history

476
00:25:47,400 --> 00:25:50,600
Speaker 1: of the American media industry. More than forty undred people

477
00:25:50,600 --> 00:25:52,840
Speaker 1: have lost jobs since the purchase, while resources for the

478
00:25:52,840 --> 00:25:56,320
Speaker 1: Tribute newspapers and television stations have been slashed. The new

479
00:25:56,400 --> 00:25:59,600
Speaker 1: management did transform the work culture, however, Based on interviews

480
00:25:59,600 --> 00:26:02,040
Speaker 1: with more than twenty employees and former employees of Tribune,

481
00:26:02,160 --> 00:26:05,720
Speaker 1: Mr Michael's and his executive's use of sexual innuendo, poisonous

482
00:26:05,720 --> 00:26:09,040
Speaker 1: workplace banter, and profane invective shocked and offended people throughout

483
00:26:09,080 --> 00:26:12,920
Speaker 1: the company. Tribune Tower, the architectural symbol of the staid company,

484
00:26:12,960 --> 00:26:16,360
Speaker 1: came to resemble a frat house, complete with poker parties, jukeboxes,

485
00:26:16,400 --> 00:26:22,080
Speaker 1: and pervasive sex talk. So they crash. This company, lost people,

486
00:26:22,080 --> 00:26:25,240
Speaker 1: their jobs, caused the largest collapse in the history of

487
00:26:25,280 --> 00:26:28,560
Speaker 1: American media. But they got to be playboys for a

488
00:26:28,600 --> 00:26:32,920
Speaker 1: little while. Yeah, just they just paid seven billion dollars

489
00:26:33,040 --> 00:26:36,600
Speaker 1: to have a house. Yeah yeah, a frat house where

490
00:26:36,600 --> 00:26:38,680
Speaker 1: they also got to funk with serious people who were

491
00:26:38,680 --> 00:26:43,239
Speaker 1: trying to report on important local news issues. Right. So

492
00:26:43,440 --> 00:26:47,240
Speaker 1: Number one, this helps destroy local news nationwide. Like now,

493
00:26:47,280 --> 00:26:51,000
Speaker 1: it is effectively dead as a meaningful force. Um. This

494
00:26:51,080 --> 00:26:52,879
Speaker 1: is not the only reason for that, but it is

495
00:26:52,880 --> 00:26:56,760
Speaker 1: a big part of it. Uh So that's pretty cool. Um.

496
00:26:56,800 --> 00:26:59,680
Speaker 1: But obviously, for Zel, fucking with the Tribune was only

497
00:26:59,720 --> 00:27:02,560
Speaker 1: ever a side project. His treat, his chief love remained

498
00:27:02,600 --> 00:27:04,879
Speaker 1: real estate. And while all this is going on, he

499
00:27:04,960 --> 00:27:08,480
Speaker 1: had very savvie sold his profile, or his portfolio of

500
00:27:08,480 --> 00:27:12,200
Speaker 1: properties off to the Blackstone Group for thirty nine billion dollars,

501
00:27:12,480 --> 00:27:15,119
Speaker 1: the largest leveraged buyout in history at the time. So

502
00:27:15,160 --> 00:27:17,960
Speaker 1: he makes a funkload of money after this, and he

503
00:27:18,080 --> 00:27:20,240
Speaker 1: sells off a bunch of these rental properties of his

504
00:27:20,320 --> 00:27:23,680
Speaker 1: to Blackstone right before the sub prime mortgage crisis hit,

505
00:27:23,760 --> 00:27:27,080
Speaker 1: crashing the real estate market and earning another feather in

506
00:27:27,080 --> 00:27:29,439
Speaker 1: the cap of the grave Dancer. When the market was

507
00:27:29,440 --> 00:27:31,200
Speaker 1: at its lowest point, he used some of the pile

508
00:27:31,240 --> 00:27:33,840
Speaker 1: of cash that he'd earned to buy up more properties.

509
00:27:34,080 --> 00:27:38,359
Speaker 1: He currently owns some seventy eight thousand apartments in San Francisco,

510
00:27:38,640 --> 00:27:41,720
Speaker 1: Southern California, New York, all of these places where rent

511
00:27:41,800 --> 00:27:44,000
Speaker 1: is surged over the last decade. He is a big

512
00:27:44,040 --> 00:27:46,960
Speaker 1: part of that. Given what happened with the Tribune. You

513
00:27:47,000 --> 00:27:49,199
Speaker 1: won't be surprised to learn that Sam Cell has decided

514
00:27:49,200 --> 00:27:52,480
Speaker 1: to pour millions of dollars into spreading propaganda to stop

515
00:27:52,480 --> 00:27:55,600
Speaker 1: the spread of rent controlled housing in any form. So

516
00:27:55,840 --> 00:27:59,080
Speaker 1: again he destroys all these local news companies, and then

517
00:27:59,080 --> 00:28:01,800
Speaker 1: he starts putting money in order to like back into

518
00:28:01,840 --> 00:28:05,920
Speaker 1: it back in well, he starts putting money into basically

519
00:28:05,960 --> 00:28:09,600
Speaker 1: like pushing propaganda that will lead voters not to select

520
00:28:09,600 --> 00:28:12,520
Speaker 1: different ballot measures and stuff that will allow for rent

521
00:28:12,680 --> 00:28:15,760
Speaker 1: like put caps on what rent increases, and ship like

522
00:28:16,240 --> 00:28:20,160
Speaker 1: destroys the local media. Then Bright like bribes his way

523
00:28:20,200 --> 00:28:22,560
Speaker 1: into trying to like push against any kind of housing

524
00:28:22,640 --> 00:28:26,600
Speaker 1: justice or anything that will reduce the cost to renters.

525
00:28:26,600 --> 00:28:30,040
Speaker 1: So was this a big like conspiracy for him to

526
00:28:30,200 --> 00:28:33,280
Speaker 1: actually tank, as they said, news media so that he

527
00:28:33,320 --> 00:28:35,920
Speaker 1: could go on and say if they actually do good

528
00:28:35,960 --> 00:28:38,640
Speaker 1: research and come out with good journalism and say, hey,

529
00:28:38,680 --> 00:28:40,440
Speaker 1: the housing market and all of this is not just

530
00:28:40,480 --> 00:28:42,720
Speaker 1: because of these things in ordered for him to control

531
00:28:42,720 --> 00:28:45,920
Speaker 1: the like, see they're lying, they don't they're not trustworthy.

532
00:28:45,960 --> 00:28:49,720
Speaker 1: I'm not going to I'm not gonna say whether or

533
00:28:49,760 --> 00:28:52,280
Speaker 1: not there was intention there because I I can't there's

534
00:28:52,320 --> 00:28:55,640
Speaker 1: no evidence of it, certainly. Um, but um, I don't

535
00:28:55,640 --> 00:28:59,800
Speaker 1: know that's what happens. Like that's the end result of it, right, Uh?

536
00:29:00,040 --> 00:29:03,280
Speaker 1: Is that? Yeah? He like all this ship gets uh

537
00:29:03,400 --> 00:29:07,840
Speaker 1: fucked up. Um, so it's it's good. Uh. Now, before

538
00:29:07,880 --> 00:29:10,920
Speaker 1: we get further into this what Zell and other billionaires

539
00:29:10,960 --> 00:29:12,880
Speaker 1: are doing to try to stop the passage of like

540
00:29:13,000 --> 00:29:16,840
Speaker 1: laws that could actually make housing affordable, we should probably

541
00:29:16,840 --> 00:29:19,480
Speaker 1: talk a little bit about rent control. This is a

542
00:29:19,480 --> 00:29:23,000
Speaker 1: subject that is controversial today, largely because of landlords like Zell,

543
00:29:23,280 --> 00:29:25,760
Speaker 1: who claimant cuts into their profits so much they can't

544
00:29:25,800 --> 00:29:28,720
Speaker 1: afford to do stuff like handle basic repairs and maintenance.

545
00:29:29,200 --> 00:29:31,560
Speaker 1: But rent control has a long history of helping people

546
00:29:31,560 --> 00:29:35,040
Speaker 1: avoid disaster. During and after World War Two, federal rent

547
00:29:35,080 --> 00:29:38,400
Speaker 1: control in Los Angeles froze rents and narrowed the scope

548
00:29:38,400 --> 00:29:41,240
Speaker 1: of evictions so that housing construction could catch up to

549
00:29:41,280 --> 00:29:44,040
Speaker 1: the population and make the city more affordable. Right. It's

550
00:29:44,080 --> 00:29:45,920
Speaker 1: this thing where you've got, like, yeah, the population is

551
00:29:45,920 --> 00:29:48,840
Speaker 1: growing by x amount, housing isn't keeping up, So you

552
00:29:48,920 --> 00:29:53,520
Speaker 1: institute rent control and you reduce like the evict and

553
00:29:53,520 --> 00:29:55,920
Speaker 1: you like make it harder to evict people so that

554
00:29:56,040 --> 00:29:58,680
Speaker 1: folks can hang on until there's more housing. This is

555
00:29:58,720 --> 00:30:01,000
Speaker 1: the piece that's always missing from those articles that's like,

556
00:30:01,240 --> 00:30:03,280
Speaker 1: we need to increase the housing supply. Well, that's not

557
00:30:03,320 --> 00:30:05,840
Speaker 1: all we need to do. There's other things that have

558
00:30:05,960 --> 00:30:08,080
Speaker 1: been proven to stop people from winding up on the

559
00:30:08,080 --> 00:30:11,080
Speaker 1: fucking street, and you're ignoring those in favor of just

560
00:30:11,120 --> 00:30:15,080
Speaker 1: saying deregulate shit. Alyssa Cats, a researcher at u C

561
00:30:15,320 --> 00:30:17,920
Speaker 1: l A, examined rent control and housing affordability in l

562
00:30:17,960 --> 00:30:20,080
Speaker 1: A going back to the nineteen forties. She found that

563
00:30:20,120 --> 00:30:23,040
Speaker 1: rent control successfully stopped people from becoming unhoused in the

564
00:30:23,080 --> 00:30:25,680
Speaker 1: forties and then again in the late seventies when inflation

565
00:30:25,800 --> 00:30:28,680
Speaker 1: rose again and rent spiked. That time, a rent a

566
00:30:28,720 --> 00:30:33,040
Speaker 1: stabilization ordinance quote ended dramatic rent increases for incumbent tenants

567
00:30:33,080 --> 00:30:36,320
Speaker 1: by limiting the rate which by which rents could be increased.

568
00:30:36,480 --> 00:30:39,440
Speaker 1: When looking at California's modern homelessness epidemic, she put the

569
00:30:39,440 --> 00:30:42,320
Speaker 1: blame directly on rent prices and urged a repeal of

570
00:30:42,320 --> 00:30:45,960
Speaker 1: statewide rint control restrictions and the expansion of rent regulation.

571
00:30:46,560 --> 00:30:49,680
Speaker 1: She isn't the only academic making these claims. Nicole Montoyo

572
00:30:49,800 --> 00:30:52,880
Speaker 1: and Stephen Barton released a study through UC Berkeley looking

573
00:30:52,880 --> 00:30:55,200
Speaker 1: into which of the different proposed solutions to the housing

574
00:30:55,200 --> 00:30:58,640
Speaker 1: crisis were likely to bear fruit. They found quote, while

575
00:30:58,680 --> 00:31:00,840
Speaker 1: other proposed remedies to the hows and crisis may take

576
00:31:00,920 --> 00:31:04,560
Speaker 1: years before they impact housing costs, only expanding rent control

577
00:31:04,600 --> 00:31:07,120
Speaker 1: can offer immediate relief to tens of millions of people

578
00:31:07,320 --> 00:31:11,000
Speaker 1: in danger of being forced from their homes. Another rite

579
00:31:11,040 --> 00:31:13,640
Speaker 1: up on rent control measures from l A Progressive goes

580
00:31:13,680 --> 00:31:16,600
Speaker 1: on to add They noted that rent control can stabilize

581
00:31:16,640 --> 00:31:19,640
Speaker 1: rents for existing tenants, improve affordability for tenants in the future,

582
00:31:19,640 --> 00:31:22,400
Speaker 1: and preserve the existing affordability of housing that may otherwise

583
00:31:22,440 --> 00:31:25,680
Speaker 1: become unaffordable. And the researchers found that claims that rent

584
00:31:25,720 --> 00:31:28,640
Speaker 1: control has negative effects on development of new housing are

585
00:31:28,680 --> 00:31:31,680
Speaker 1: generally not supported by research, and that rent control can

586
00:31:31,680 --> 00:31:35,160
Speaker 1: provide a timely solution to a housing affordability crisis that

587
00:31:35,200 --> 00:31:38,560
Speaker 1: the market will not. In a statement, Bartin further pointed

588
00:31:38,600 --> 00:31:41,480
Speaker 1: out that quote when the housing market is as dysfunctional

589
00:31:41,520 --> 00:31:43,840
Speaker 1: as it is in many parts of California, tenants are

590
00:31:43,880 --> 00:31:47,120
Speaker 1: effectively subsidizing landlords with rent payments above what a fully

591
00:31:47,160 --> 00:31:51,680
Speaker 1: competitive market would allow landlords to charge and what we're

592
00:31:51,720 --> 00:31:56,120
Speaker 1: actually seeing here with stuff like these fucking program algorithms

593
00:31:56,160 --> 00:31:58,880
Speaker 1: that allow landlords to jack up prices with guys like

594
00:31:59,040 --> 00:32:02,480
Speaker 1: Zell put millions of dollars into propaganda to kill rent

595
00:32:02,480 --> 00:32:04,760
Speaker 1: control ballot measures in the state, and he's been very

596
00:32:04,800 --> 00:32:07,760
Speaker 1: active in that in California in particular. Is that the

597
00:32:07,840 --> 00:32:10,720
Speaker 1: money that is being extorted out of people to keep

598
00:32:10,760 --> 00:32:14,160
Speaker 1: a roof over their head is being used to fund,

599
00:32:15,040 --> 00:32:19,120
Speaker 1: like to basically fund propaganda campaigns to stop any kind

600
00:32:19,160 --> 00:32:23,800
Speaker 1: of rent control, right, Um, it's it's pretty cool. Um,

601
00:32:23,840 --> 00:32:27,720
Speaker 1: it's pretty cool. I like that you use the term

602
00:32:27,720 --> 00:32:31,000
Speaker 1: a lot in this episode. I find it fascinating with

603
00:32:31,240 --> 00:32:34,400
Speaker 1: exactly what they're doing is just paying into a way

604
00:32:34,440 --> 00:32:37,280
Speaker 1: to keep money in their pockets, but they're not keeping

605
00:32:37,280 --> 00:32:39,680
Speaker 1: money in their pockets, as well as the fact that

606
00:32:39,680 --> 00:32:43,080
Speaker 1: there's so many other conversations like you're keeping people in

607
00:32:45,040 --> 00:32:47,960
Speaker 1: the house and you're still getting money. Yeah, I don't

608
00:32:48,040 --> 00:32:50,959
Speaker 1: understand when you're using The thing that's most fucked up

609
00:32:50,960 --> 00:32:52,480
Speaker 1: to me. I hadn't really thought about it this way

610
00:32:52,520 --> 00:32:55,840
Speaker 1: is that And I like that l A progressive frames

611
00:32:55,880 --> 00:32:59,680
Speaker 1: it this way, is that tenants are subsidizing the campaigns

612
00:32:59,720 --> 00:33:04,880
Speaker 1: of the landlords. To stop housing reform, Like their money

613
00:33:05,080 --> 00:33:08,680
Speaker 1: is paying to keep rent high, their money is paying

614
00:33:08,720 --> 00:33:11,640
Speaker 1: to deregulate the system in order to like make it

615
00:33:11,720 --> 00:33:15,320
Speaker 1: possible to continue to check on the rent. Yeah, but

616
00:33:15,360 --> 00:33:21,120
Speaker 1: that's the whole scheme of renting it, Like you never

617
00:33:21,200 --> 00:33:22,920
Speaker 1: get anything for it. You're just giving it to the

618
00:33:23,000 --> 00:33:25,960
Speaker 1: landlords who have now by this time paid off their

619
00:33:26,160 --> 00:33:30,040
Speaker 1: uh property. They have tax as sure, but there's still

620
00:33:30,440 --> 00:33:34,960
Speaker 1: not anywhere near what you're getting in rent from your renters.

621
00:33:35,000 --> 00:33:37,320
Speaker 1: So what the hell? And then you can as a renter,

622
00:33:37,480 --> 00:33:39,600
Speaker 1: especially in this market, you can't save enough, as you

623
00:33:39,640 --> 00:33:41,880
Speaker 1: said an episode one, save enough to get your own

624
00:33:41,920 --> 00:33:44,960
Speaker 1: house and you don't technically own anyway for thirty years.

625
00:33:45,000 --> 00:33:47,080
Speaker 1: What what what you're doing here, and what guys like

626
00:33:47,160 --> 00:33:51,480
Speaker 1: Zel are doing is you're recreating feudalism. You're you're you're

627
00:33:51,520 --> 00:33:56,080
Speaker 1: making peons, you know, like it's it's keeping. Yeah. I

628
00:33:56,360 --> 00:33:58,720
Speaker 1: want to continue this quote from l a Progressive because

629
00:33:58,760 --> 00:34:02,200
Speaker 1: I think it's good. Tenants subsidy is paid for extravagant lifes,

630
00:34:02,600 --> 00:34:05,800
Speaker 1: lifestyles of many for many of California's largest corporate landlords,

631
00:34:05,800 --> 00:34:07,920
Speaker 1: who spent tens of millions of dollars to kill rent

632
00:34:07,920 --> 00:34:11,440
Speaker 1: control ballot measures in the state. Billionaire Sam Zel, for example,

633
00:34:11,440 --> 00:34:14,560
Speaker 1: owns posh homes in Chicago, Sun Valley, New York, and Malibu,

634
00:34:14,680 --> 00:34:17,479
Speaker 1: collects motorcycles and flies around the world in a private jet.

635
00:34:17,719 --> 00:34:22,480
Speaker 1: Another billionaire, corporate landlord, Stephen Schwarzman, owns mansions in St. Tropez, Jamaica,

636
00:34:22,840 --> 00:34:25,480
Speaker 1: East Hampton and Palm Beach and throws lavish parties for

637
00:34:25,520 --> 00:34:28,480
Speaker 1: celebrities and high society friends. At the same time as

638
00:34:28,480 --> 00:34:31,160
Speaker 1: sky hire rints force more people onto the streets. Nearly

639
00:34:31,200 --> 00:34:33,920
Speaker 1: fift hundred homeless people have died in Los Angeles in

640
00:34:33,960 --> 00:34:38,600
Speaker 1: the Los Angeles area between one so that's half a

641
00:34:38,680 --> 00:34:43,000
Speaker 1: nine eleven in a year. Um, that's good. Now, when

642
00:34:43,000 --> 00:34:46,000
Speaker 1: you start talking about yeah, I was gonna saying you're

643
00:34:46,040 --> 00:34:49,360
Speaker 1: being too with pathetic. Stop it. Yeah, that's that's what

644
00:34:49,400 --> 00:34:54,160
Speaker 1: our old buddy Roper would say when you're talking about

645
00:34:54,160 --> 00:34:56,359
Speaker 1: rent control. Anytime you talking about rent control, you're gonna

646
00:34:56,400 --> 00:34:58,960
Speaker 1: wind up talking about New York City. Rent controls started

647
00:34:59,000 --> 00:35:01,200
Speaker 1: there too, as an emerging and see measure during World

648
00:35:01,200 --> 00:35:04,279
Speaker 1: War Two. At present, around forty five thousand tenants in

649
00:35:04,320 --> 00:35:07,360
Speaker 1: the city began there who began their leases before nineteen

650
00:35:07,400 --> 00:35:10,160
Speaker 1: seventy one have rent controlled apartments. Some of these people

651
00:35:10,200 --> 00:35:12,520
Speaker 1: are like children or even grandchildren of the people who

652
00:35:12,560 --> 00:35:14,480
Speaker 1: started the least because you can pass it on that way.

653
00:35:14,800 --> 00:35:17,799
Speaker 1: Their landlords are forbidden from increasing rent beyond a very

654
00:35:17,920 --> 00:35:20,520
Speaker 1: mild rate, which means that many of these folks pay

655
00:35:20,560 --> 00:35:23,040
Speaker 1: rents that are thousands of dollars a month underneath the

656
00:35:23,080 --> 00:35:26,320
Speaker 1: present market rate. Rent control in New York has allowed

657
00:35:26,360 --> 00:35:29,440
Speaker 1: for some peculiar situations where people will have apartments the

658
00:35:29,480 --> 00:35:31,880
Speaker 1: size of small palaces for what amounts to peanuts by

659
00:35:31,880 --> 00:35:35,360
Speaker 1: modern standards. It's also led to several murders. In nineteen

660
00:35:35,880 --> 00:35:39,239
Speaker 1: Mark Glass, a landlord based out of downtown Manhattan, grew

661
00:35:39,280 --> 00:35:41,919
Speaker 1: frustrated that his tenant, Bridget Marks, wouldn't leave her rent

662
00:35:41,920 --> 00:35:44,880
Speaker 1: controlled apartment and a former tenement that he bought and renovated.

663
00:35:45,080 --> 00:35:47,680
Speaker 1: He hired a hitman to kill her, but that turned

664
00:35:47,719 --> 00:35:49,520
Speaker 1: out to be a scam, so he tried to kill

665
00:35:49,560 --> 00:35:53,200
Speaker 1: her with the heroine to overdose that failed to Eventually,

666
00:35:53,200 --> 00:35:55,160
Speaker 1: she realized he was trying to murder her and got

667
00:35:55,160 --> 00:35:57,560
Speaker 1: the police involved, and they carried out a sting operation

668
00:35:57,840 --> 00:35:59,839
Speaker 1: and he wound up put in prison for like seven

669
00:35:59,840 --> 00:36:02,719
Speaker 1: to fourteen years. In two thousand to a New York

670
00:36:02,800 --> 00:36:06,280
Speaker 1: landlord named Louis Hubrick grew enraged after trying to bribe

671
00:36:06,320 --> 00:36:09,120
Speaker 1: and cadrole his tenants to leave. This worked on everyone

672
00:36:09,160 --> 00:36:12,480
Speaker 1: but Miss Barbara Kinna, a sixty seven year old school librarian,

673
00:36:12,800 --> 00:36:15,239
Speaker 1: so Hubrick shot her six times with a thirty eight

674
00:36:15,280 --> 00:36:17,960
Speaker 1: caliber revolver. He was convicted of murder and sent to

675
00:36:18,000 --> 00:36:21,080
Speaker 1: prison for the rest of his life. Two years later. Yeah,

676
00:36:21,160 --> 00:36:24,160
Speaker 1: well got you got that red right now you can

677
00:36:24,200 --> 00:36:27,640
Speaker 1: now you're now your your kids can fucking renovate the apartment.

678
00:36:27,880 --> 00:36:30,440
Speaker 1: Get an extra couple of grand out of that place.

679
00:36:31,600 --> 00:36:34,480
Speaker 1: So two years later, in two thousand four, one Bassia

680
00:36:34,560 --> 00:36:37,400
Speaker 1: Guida pled guilty for hiring two of his tenants to

681
00:36:37,520 --> 00:36:40,000
Speaker 1: murder two other tenants who lived in a controlled three

682
00:36:40,000 --> 00:36:42,440
Speaker 1: bedroom apartment and his building. They've lived there since they

683
00:36:42,480 --> 00:36:45,480
Speaker 1: were kids and had legally assumed his father's lease. This

684
00:36:45,719 --> 00:36:48,920
Speaker 1: enraged Bassia Guida, so he hired two other tenants to

685
00:36:48,960 --> 00:36:53,520
Speaker 1: break into the apartment and stab Broth brothers, who narrowly survived. Now,

686
00:36:55,000 --> 00:36:57,120
Speaker 1: when don't you had to give him free red? The

687
00:36:57,160 --> 00:36:59,960
Speaker 1: tennants he hired to murder, I think he was probably

688
00:37:00,040 --> 00:37:02,759
Speaker 1: given them a break on their rent or something like

689
00:37:03,320 --> 00:37:05,319
Speaker 1: you get like six months off of rent if you

690
00:37:05,400 --> 00:37:10,239
Speaker 1: stab these like I'm gonna throw in water for free,

691
00:37:10,360 --> 00:37:14,000
Speaker 1: if you'll murder these people. At the end of the day,

692
00:37:14,080 --> 00:37:19,600
Speaker 1: it does not work out. Um. So obviously these are spectacular,

693
00:37:19,640 --> 00:37:21,799
Speaker 1: but like not the only cases. You could find a

694
00:37:21,840 --> 00:37:24,680
Speaker 1: surprising number of cases of landlords murdering or trying to

695
00:37:24,800 --> 00:37:28,160
Speaker 1: murder tenants over rent control departments. Um, I mean that's

696
00:37:28,200 --> 00:37:33,160
Speaker 1: my solution, murder, Yeah, murder. Well, there's actually the only like,

697
00:37:33,239 --> 00:37:36,319
Speaker 1: that's the only real solution that any landlords use in

698
00:37:36,360 --> 00:37:38,719
Speaker 1: stuff like this, because the landlords who go about things

699
00:37:38,800 --> 00:37:41,560
Speaker 1: the proper way by like evicting stuff legally, are also

700
00:37:41,640 --> 00:37:44,200
Speaker 1: killing a shipload of people. Um. And we can look

701
00:37:44,200 --> 00:37:46,840
Speaker 1: at that in terms of like how being houseless, you know,

702
00:37:47,000 --> 00:37:49,680
Speaker 1: raises the rate at which you're likely to die early.

703
00:37:49,760 --> 00:37:52,799
Speaker 1: How being evicted makes it harder to get housing. Um.

704
00:37:53,120 --> 00:37:55,600
Speaker 1: There's a number of different things that we could talk about,

705
00:37:55,840 --> 00:37:57,960
Speaker 1: but because we're in the middle of like what you're

706
00:37:58,040 --> 00:38:00,160
Speaker 1: three of the pandemic right now, I want to talk

707
00:38:00,000 --> 00:38:01,680
Speaker 1: talk about that. So I'm gonna quote from a write

708
00:38:01,719 --> 00:38:05,600
Speaker 1: up by Judd Ligam and test Num Zacharia quote a

709
00:38:05,640 --> 00:38:08,440
Speaker 1: new study by public health researchers at Johns Hopkins, U

710
00:38:08,480 --> 00:38:10,560
Speaker 1: c l A and other institutions looked at the impact

711
00:38:10,560 --> 00:38:13,360
Speaker 1: of the expiration of state based moratoriums during the summer

712
00:38:13,360 --> 00:38:17,480
Speaker 1: of twenty The researchers tested whether lifting eviction moratoriums was

713
00:38:17,520 --> 00:38:21,600
Speaker 1: associated with COVID nineteen incidents and mortality. The results are chilling.

714
00:38:21,840 --> 00:38:24,920
Speaker 1: The study concluded that lifting eviction moratoriums amounted to an

715
00:38:25,040 --> 00:38:28,040
Speaker 1: estimated four hundred and thirty three thousand, seven hundred excess

716
00:38:28,080 --> 00:38:31,200
Speaker 1: cases and ten thousand, seven hundred excess deaths between March

717
00:38:31,239 --> 00:38:34,960
Speaker 1: thirteenth and September three. The infections and fatalities occurred across

718
00:38:35,000 --> 00:38:38,480
Speaker 1: twenty seven states that lifted eviction moratoriums during the study period.

719
00:38:38,760 --> 00:38:41,240
Speaker 1: In Texas alone, the study found that there were four thousand,

720
00:38:41,280 --> 00:38:43,759
Speaker 1: four hundred and fifty six excess deaths after the state

721
00:38:43,800 --> 00:38:47,800
Speaker 1: lifted its eviction moratorium on May eighteenth. The researchers accounted

722
00:38:47,800 --> 00:38:50,759
Speaker 1: for stay at home orders, mass orders, school closers, testing rates,

723
00:38:50,800 --> 00:38:53,880
Speaker 1: time trends, and other state characteristics to better isolate the

724
00:38:53,920 --> 00:38:57,840
Speaker 1: impact of eviction moratoriums. Now that's four thousand, four hundred

725
00:38:57,840 --> 00:39:00,440
Speaker 1: and fifty six deaths in Texas alone, as a result

726
00:39:00,440 --> 00:39:04,520
Speaker 1: of the lifting of the eviction moratorium. UM, nationwide pandemic

727
00:39:04,560 --> 00:39:07,520
Speaker 1: evictions alone have led to at least ten thousand deaths

728
00:39:07,920 --> 00:39:10,960
Speaker 1: in the last couple of years. UM. So yeah, no

729
00:39:11,000 --> 00:39:13,160
Speaker 1: matter what you're talking about, even if you're not shooting

730
00:39:13,160 --> 00:39:16,520
Speaker 1: them with a thirty eight, you're still killing people. And

731
00:39:16,640 --> 00:39:21,399
Speaker 1: the amount of of those people are marginalized women oftentimes

732
00:39:21,400 --> 00:39:25,160
Speaker 1: and they are single mothers. It is so high. Yeah,

733
00:39:25,239 --> 00:39:27,319
Speaker 1: we had a whole episode about housing and how it's

734
00:39:27,360 --> 00:39:33,560
Speaker 1: affecting single moms more than it's marginalized Black women essentially

735
00:39:33,800 --> 00:39:36,439
Speaker 1: more than anyone else, and how this has been impacting them.

736
00:39:36,520 --> 00:39:38,319
Speaker 1: Let's not talk about the fact that the credit score

737
00:39:38,400 --> 00:39:40,920
Speaker 1: is a racist system in itself, but all of these

738
00:39:41,280 --> 00:39:44,879
Speaker 1: things have been impactable and racist as hell. And who

739
00:39:44,920 --> 00:39:46,319
Speaker 1: they are trying to kill? I mean, and when you

740
00:39:46,320 --> 00:39:48,799
Speaker 1: talk about credit scores too, because credit scores there's a

741
00:39:48,800 --> 00:39:53,880
Speaker 1: lot of like racism in who like that system has

742
00:39:53,920 --> 00:39:57,319
Speaker 1: a lot of problems with it. But also because an

743
00:39:57,360 --> 00:40:00,080
Speaker 1: increasing number of apartments are owned by these gigant to

744
00:40:00,400 --> 00:40:03,799
Speaker 1: corporations that are backed by like finance industry money by

745
00:40:03,800 --> 00:40:07,360
Speaker 1: companies like Blackstone, that means that more often and often

746
00:40:07,360 --> 00:40:09,400
Speaker 1: when I was younger, even if when you went with

747
00:40:09,440 --> 00:40:12,239
Speaker 1: like a corporate you didn't have to do They didn't

748
00:40:12,239 --> 00:40:14,080
Speaker 1: care what your credit score was. That's what you need

749
00:40:14,120 --> 00:40:16,160
Speaker 1: for a mortgage, but that didn't matter for renting a

750
00:40:16,160 --> 00:40:22,560
Speaker 1: fucking apartment. Now it does now score Yeah, yeah, it's outrage.

751
00:40:22,680 --> 00:40:25,840
Speaker 1: I mean again, all of these are We're not trying.

752
00:40:25,840 --> 00:40:28,040
Speaker 1: I hope nobody thinks I'm trying to give like this

753
00:40:28,080 --> 00:40:30,640
Speaker 1: is all of the reasons that rent has gotten high.

754
00:40:30,640 --> 00:40:33,080
Speaker 1: But these are some big ones. These are major factors,

755
00:40:33,080 --> 00:40:35,719
Speaker 1: and these guys are major factors in it. And that's

756
00:40:35,719 --> 00:40:38,600
Speaker 1: going to leave me to talk about Steven Schwartzman. Um.

757
00:40:38,680 --> 00:40:41,400
Speaker 1: Now I mentioned him earlier, right when we talked about

758
00:40:41,440 --> 00:40:44,080
Speaker 1: he's one of the billionaires in Los Angeles throwing money

759
00:40:44,080 --> 00:40:48,759
Speaker 1: into stopping rint control ballot measures. Um. Schwartzman is not

760
00:40:48,840 --> 00:40:51,240
Speaker 1: as interesting as zel Zel is at least a pretty

761
00:40:51,360 --> 00:40:55,680
Speaker 1: entertaining piece of sh it. Um. Schwarzman is kind of

762
00:40:55,680 --> 00:41:00,640
Speaker 1: a boring, soulless, corporate ghoul, but he's probably more influential

763
00:41:00,680 --> 00:41:03,400
Speaker 1: and why your rent is raised. So Schorzman's dad was

764
00:41:03,400 --> 00:41:06,440
Speaker 1: a dry goods store owner like sell Like. His family's

765
00:41:06,520 --> 00:41:09,880
Speaker 1: kind of upper middle class business owners. He grew up

766
00:41:09,880 --> 00:41:12,920
Speaker 1: in Philadelphia, but was inspired to become an entrepreneur when

767
00:41:12,920 --> 00:41:14,840
Speaker 1: he traveled to Israel for the first time as a

768
00:41:14,880 --> 00:41:18,160
Speaker 1: fourteen year old. In a recent interview, he said this quote,

769
00:41:18,600 --> 00:41:21,799
Speaker 1: Israel has an incredible entrepreneurial community. Of course it had to,

770
00:41:21,920 --> 00:41:24,720
Speaker 1: because when it started, there was almost nothing there. Everything

771
00:41:24,760 --> 00:41:30,160
Speaker 1: had to be invented by somebody. Now you might you

772
00:41:30,239 --> 00:41:33,440
Speaker 1: might be saying to that, wasn't there like a whole

773
00:41:34,120 --> 00:41:38,640
Speaker 1: society of Palestinian people there, with like universities and businesses

774
00:41:38,719 --> 00:41:41,840
Speaker 1: and like homes, And wasn't there like a lot of

775
00:41:41,840 --> 00:41:47,279
Speaker 1: stuff there? Wasn't there in fact, communities where thousands and

776
00:41:47,320 --> 00:41:50,319
Speaker 1: thousands of Jewish refugees fled to during World War Two.

777
00:41:50,440 --> 00:41:53,879
Speaker 1: And we're able to survive because there was stuff there um,

778
00:41:54,239 --> 00:41:58,040
Speaker 1: stuff including like wealthy Palestinian families who helped fund the

779
00:41:58,040 --> 00:42:01,160
Speaker 1: construction of the first Jewish university and Alistine Anyway, wasn't

780
00:42:01,200 --> 00:42:04,560
Speaker 1: all of that there anyway? Whatever? Fun like this is

781
00:42:04,600 --> 00:42:09,000
Speaker 1: pretty normal, like shitty guy stuff like this is not

782
00:42:10,680 --> 00:42:13,040
Speaker 1: not an abnormal attitude, right, but you get where this

783
00:42:13,040 --> 00:42:16,160
Speaker 1: guy's coming from. So, like Zel, Schwarzman is also a

784
00:42:16,239 --> 00:42:20,080
Speaker 1: child entrepreneur. Again, the worst warning sign. He started a

785
00:42:20,160 --> 00:42:23,040
Speaker 1: lawn mowing business, where he very quickly stopped mowing any

786
00:42:23,080 --> 00:42:25,759
Speaker 1: actual lawns. Instead, he got his brothers to do the

787
00:42:25,800 --> 00:42:29,359
Speaker 1: work while he brought in quiets. Um. Yeah, yeah, yeah,

788
00:42:29,440 --> 00:42:32,399
Speaker 1: one of those. Again. Look, if you see a kid

789
00:42:32,440 --> 00:42:35,080
Speaker 1: doing this kind of stuff, I don't know, you just

790
00:42:35,120 --> 00:42:38,520
Speaker 1: gotta poison him a little bit, a little bit of poison,

791
00:42:38,960 --> 00:42:42,480
Speaker 1: a little bit, a little bit of child poison as well. Well,

792
00:42:42,520 --> 00:42:47,520
Speaker 1: it wouldn't be the worst thing. So anyway, I don't know,

793
00:42:47,960 --> 00:42:50,080
Speaker 1: we can. I'm gonna. I'm still gonna. I still have

794
00:42:50,120 --> 00:42:55,840
Speaker 1: to tweak my poison. Yeah, ambitious children plan. But I

795
00:42:55,840 --> 00:42:57,440
Speaker 1: think there's a lot of future in it. I think

796
00:42:57,440 --> 00:43:01,040
Speaker 1: it'll Sylvie, you were just I'm plaining about how how

797
00:43:01,080 --> 00:43:03,080
Speaker 1: your rent is. You know what if we could have

798
00:43:03,120 --> 00:43:05,640
Speaker 1: stopped that with a little bit of poison, not a

799
00:43:05,680 --> 00:43:09,120
Speaker 1: lot of poison. Another book on this, you can do

800
00:43:09,160 --> 00:43:13,920
Speaker 1: another book on this. Yeah, yeah, the poisoning Children driven

801
00:43:14,280 --> 00:43:18,440
Speaker 1: life with me smiling in a suit. Yeah, yeah, exactly.

802
00:43:18,640 --> 00:43:21,719
Speaker 1: M Yeah, it's gonna be good, Sophie. This is gonna

803
00:43:21,760 --> 00:43:25,719
Speaker 1: be what takes us into the mainstream. Fine, can you

804
00:43:25,760 --> 00:43:32,360
Speaker 1: just do an adverb? You know, bit when it comes

805
00:43:32,360 --> 00:43:36,799
Speaker 1: to poisoning children, Nobody does it like our sponsors at

806
00:43:36,840 --> 00:43:46,960
Speaker 1: whoever our sponsors are. Ah, we're back and we're better

807
00:43:47,000 --> 00:43:51,120
Speaker 1: than ever. So yeah, I think we're doing good. Sophie.

808
00:43:52,120 --> 00:43:55,799
Speaker 1: I'm proud of us. Thank you, thank you. I'm glad

809
00:43:55,800 --> 00:43:57,919
Speaker 1: that you at least can be positive towards me while

810
00:43:57,920 --> 00:44:03,120
Speaker 1: Sophie is being so mean. So we're talking about Stephen Schwarzman,

811
00:44:03,600 --> 00:44:06,080
Speaker 1: who has started a lawnbowing business where he mows no

812
00:44:06,200 --> 00:44:09,200
Speaker 1: actual lawns because he is that kind of kid again

813
00:44:09,360 --> 00:44:12,680
Speaker 1: poison His hunger to make a shipload of money did

814
00:44:12,719 --> 00:44:14,880
Speaker 1: not run in the family. I find this really interesting.

815
00:44:14,920 --> 00:44:17,200
Speaker 1: His dad is apparently a very different guy, as this

816
00:44:17,360 --> 00:44:20,760
Speaker 1: right up from Fintech magazine makes clear. In an interview

817
00:44:20,760 --> 00:44:23,480
Speaker 1: with The Washington Post in twenty nineteen, Schwartzman explained how

818
00:44:23,480 --> 00:44:25,759
Speaker 1: his childhood taught him that not everybody was going to

819
00:44:25,800 --> 00:44:28,279
Speaker 1: be the same. When pushed by a young Schwartzman as

820
00:44:28,280 --> 00:44:30,720
Speaker 1: to why he didn't want to expand his successful business

821
00:44:30,800 --> 00:44:34,480
Speaker 1: or open more stores across Philadelphia, Schwartzman's father answered, simply,

822
00:44:34,680 --> 00:44:37,239
Speaker 1: because I'm happy the way I am. I thought that

823
00:44:37,280 --> 00:44:39,160
Speaker 1: was sort of hard to take in Schwarzman told the

824
00:44:39,200 --> 00:44:42,520
Speaker 1: newspaper his contentment is what made him a remarkable human being.

825
00:44:43,280 --> 00:44:45,799
Speaker 1: Maybe you could have should have learned something from your dad,

826
00:44:46,680 --> 00:44:52,319
Speaker 1: like the endless source to extract more wealth and resources

827
00:44:52,360 --> 00:44:54,920
Speaker 1: out of an area is actually what's going to kill

828
00:44:55,000 --> 00:44:58,359
Speaker 1: us all and not a healthy attitude. But anyway, I mean,

829
00:44:58,719 --> 00:45:01,440
Speaker 1: this is why, you know, like is not always a

830
00:45:01,520 --> 00:45:04,520
Speaker 1: nurtured nature. Seems to be like, look, I have I

831
00:45:04,600 --> 00:45:06,719
Speaker 1: have a I have a thriving small business. We live

832
00:45:06,760 --> 00:45:09,720
Speaker 1: a comfortable life. That's all I need. Everybody's happy, healthy,

833
00:45:09,800 --> 00:45:14,400
Speaker 1: Let's move on. His kid is going to become highest order. Yeah,

834
00:45:14,880 --> 00:45:17,680
Speaker 1: So Schwartzman goes to Yale, which is probably where a

835
00:45:17,680 --> 00:45:19,920
Speaker 1: lot of the ghoul stuff comes in. He joins Skull

836
00:45:20,000 --> 00:45:23,239
Speaker 1: and Bones. So he's one of those fucking kids. And

837
00:45:23,239 --> 00:45:25,359
Speaker 1: then he goes on to do finance at a big,

838
00:45:25,400 --> 00:45:28,040
Speaker 1: fancy firm after getting his m b A. His first

839
00:45:28,080 --> 00:45:31,120
Speaker 1: major employer was Lehman Brothers, which he described as quote

840
00:45:31,280 --> 00:45:35,200
Speaker 1: full of interesting characters x CIA agents, ex military strays

841
00:45:35,200 --> 00:45:38,960
Speaker 1: from the oil industry, family friends and randoms. Uh. He

842
00:45:39,120 --> 00:45:43,799
Speaker 1: rose on. Yeah, very quickly he becomes a managing unbelievable

843
00:45:43,800 --> 00:45:48,760
Speaker 1: red flags. I know, like again. If there's a company

844
00:45:48,840 --> 00:45:53,520
Speaker 1: like that, I don't know, again, poison poison them once again.

845
00:45:53,680 --> 00:45:55,360
Speaker 1: Once again. If you looks in a dating app, you

846
00:45:55,400 --> 00:45:59,680
Speaker 1: see somebody have their job listen at that company. No,

847
00:46:00,680 --> 00:46:04,200
Speaker 1: it's just like, yeah, Sophie's giving all the realistic advice

848
00:46:04,239 --> 00:46:07,680
Speaker 1: while Robbert's over here with his dreams. Just look if

849
00:46:07,800 --> 00:46:09,759
Speaker 1: if if we had just poisoned the water and a

850
00:46:09,840 --> 00:46:12,799
Speaker 1: Lehman Brothers company party in the late nineteen eighties, a

851
00:46:12,880 --> 00:46:15,920
Speaker 1: lot of problems wouldn't have happened. That's all I'm gonna say,

852
00:46:16,760 --> 00:46:22,759
Speaker 1: no comment, but yeah, look, look if the CIA s

853
00:46:22,880 --> 00:46:26,719
Speaker 1: MK Ultra program had been about poisoning Lehman Brothers and

854
00:46:26,719 --> 00:46:30,560
Speaker 1: other similar corporations with doses of random hallucinogens that destroyed

855
00:46:30,600 --> 00:46:33,160
Speaker 1: people's minds, nobody would think of them as bad guys.

856
00:46:33,160 --> 00:46:35,040
Speaker 1: Would be like, oh, yeah, those guys who get rid

857
00:46:35,080 --> 00:46:37,520
Speaker 1: of the finance industry. Yeah, I like those guys. Those

858
00:46:37,520 --> 00:46:40,439
Speaker 1: guys are chill. I'm just letting you know. People would

859
00:46:40,480 --> 00:46:45,239
Speaker 1: still consider the guys, well, I don't know, less of

860
00:46:45,440 --> 00:46:49,320
Speaker 1: less of the bad guys. Look, if the CIA takes

861
00:46:49,320 --> 00:46:57,440
Speaker 1: out like m mackenzie, you know, yeah, yeah, whatever. Anyway,

862
00:46:57,640 --> 00:47:01,480
Speaker 1: so he leaves he become managing director of Acquisitions at

863
00:47:01,520 --> 00:47:03,800
Speaker 1: Lehman Brothers at age thirty one, but then he leaves

864
00:47:03,840 --> 00:47:07,279
Speaker 1: the company to co found an advisory firm, which he

865
00:47:07,360 --> 00:47:12,239
Speaker 1: calls black Stone. Quote it started, Yeah, he's the guy

866
00:47:12,280 --> 00:47:17,120
Speaker 1: who founds Blackstone. Yeah, and co founds. But yeah is hyped.

867
00:47:18,239 --> 00:47:20,840
Speaker 1: This is this is these are these are some bad dudes.

868
00:47:21,360 --> 00:47:23,600
Speaker 1: So it started life as a boutique m and a

869
00:47:23,600 --> 00:47:26,640
Speaker 1: advisory firm. Within a couple of years, Blackstone had launched

870
00:47:26,680 --> 00:47:29,480
Speaker 1: its first private equity fund and later by nine had

871
00:47:29,480 --> 00:47:32,120
Speaker 1: branched out into hedge funds using partners his own money.

872
00:47:32,480 --> 00:47:35,439
Speaker 1: The time of Blackstones initial public offering in two thousand seven,

873
00:47:35,520 --> 00:47:38,200
Speaker 1: the business head more than eighty eight billion dollars worth

874
00:47:38,200 --> 00:47:41,200
Speaker 1: of assets under management. The i p O saw shares

875
00:47:41,239 --> 00:47:43,640
Speaker 1: finish it over thirty five dollars each, valuing the firm

876
00:47:43,640 --> 00:47:46,240
Speaker 1: and around thirty and nine billion and enriching the personal

877
00:47:46,280 --> 00:47:49,759
Speaker 1: fortunes of both Schwarzman and Peterson. Peterson's the guy he

878
00:47:49,800 --> 00:47:54,120
Speaker 1: starts the company with. So today Blackstone claims to have

879
00:47:54,200 --> 00:47:57,000
Speaker 1: eight hundred and eighty billion dollars of assets under management,

880
00:47:57,040 --> 00:47:59,520
Speaker 1: including two hundred and sixty billion in private equity and

881
00:47:59,560 --> 00:48:02,200
Speaker 1: two hundred an eighty billion in real estate. Stephen A.

882
00:48:02,280 --> 00:48:05,120
Speaker 1: Schwarzman is still the company's chairman and CEO, and has

883
00:48:05,120 --> 00:48:08,400
Speaker 1: indicated he has no intention to retire. He has two children,

884
00:48:08,560 --> 00:48:13,480
Speaker 1: the film producer Teddy Schwartzman and writer and podcasters Zimby Owens. Um,

885
00:48:13,520 --> 00:48:16,040
Speaker 1: I'm just happy that his daughter is a podcaster. You

886
00:48:16,080 --> 00:48:18,200
Speaker 1: know what, let's let's all learn something together. What does

887
00:48:18,280 --> 00:48:21,000
Speaker 1: Zimby Owens podcast? I don't know, But did you just

888
00:48:21,000 --> 00:48:27,919
Speaker 1: put us on a target list? Maybe you do, Sophie. Well,

889
00:48:28,560 --> 00:48:30,239
Speaker 1: I don't know. I don't know what's good, you know what.

890
00:48:30,800 --> 00:48:33,080
Speaker 1: I don't know much about this. But her podcast is

891
00:48:33,120 --> 00:48:37,759
Speaker 1: called Moms Don't Have Time to Read Books? And No,

892
00:48:38,160 --> 00:48:42,440
Speaker 1: but that doesn't sound great. But I'm on her website.

893
00:48:44,440 --> 00:48:47,920
Speaker 1: It's a top it's a top literary podcast. She's an

894
00:48:48,000 --> 00:48:57,000
Speaker 1: awful but um, yeah, she interview it seems like she interviews. Yeah,

895
00:48:57,080 --> 00:48:59,920
Speaker 1: she's a book fluencer, which is a term. If you're

896
00:49:00,000 --> 00:49:02,520
Speaker 1: a writer and you ever write the word book fluincer,

897
00:49:02,760 --> 00:49:06,560
Speaker 1: you should not be a writer. Um, I'm gonna say

898
00:49:06,600 --> 00:49:13,520
Speaker 1: that right now. Whatever. No, I think she's like reviewing

899
00:49:13,680 --> 00:49:22,919
Speaker 1: books as like a mom book reviewer's doing. No, No,

900
00:49:23,080 --> 00:49:24,880
Speaker 1: I don't. I don't think she's going to be a

901
00:49:24,880 --> 00:49:29,359
Speaker 1: big fan of my book. Um, I don't. I don't

902
00:49:29,360 --> 00:49:31,879
Speaker 1: think she's gonna Let's see what essays zim Right, there's

903
00:49:31,880 --> 00:49:37,720
Speaker 1: a picture of her in her chair. Um, let's see

904
00:49:38,680 --> 00:49:41,400
Speaker 1: this rabbit hole is Ye. These are mostly just lists

905
00:49:41,440 --> 00:49:43,640
Speaker 1: of books people can read, so it seems a lot

906
00:49:43,640 --> 00:49:47,759
Speaker 1: of it's like sco list. She's trying to make her

907
00:49:47,760 --> 00:49:53,280
Speaker 1: own like Oprah magazines. She of course she's a book fluincer. Yeah,

908
00:49:53,440 --> 00:49:59,160
Speaker 1: she's very much like Oprah her. She's like interviewing Ralph Macchio.

909
00:50:00,920 --> 00:50:03,080
Speaker 1: That's the karate kid guy. Right, there's nothing wrong with that.

910
00:50:03,160 --> 00:50:05,480
Speaker 1: He wrote a book. Yeah, he just wrote a Book's

911
00:50:05,560 --> 00:50:09,320
Speaker 1: just like a book influencer. Oh, she's hiring Zimmy Media

912
00:50:09,440 --> 00:50:17,560
Speaker 1: is expanding their hiring superstars. She must be because she's

913
00:50:17,600 --> 00:50:20,920
Speaker 1: in y c's most powerful book fluencer. According to Vulture,

914
00:50:22,440 --> 00:50:27,680
Speaker 1: she's a book fluencer, Sophie. It's also just like if

915
00:50:27,680 --> 00:50:30,440
Speaker 1: you're saying someone as an influencer, you can be an

916
00:50:30,480 --> 00:50:33,719
Speaker 1: influencer in the literature industry. You don't have to call

917
00:50:33,760 --> 00:50:36,200
Speaker 1: someone a book fluencer, which is a stupid that's not

918
00:50:36,320 --> 00:50:39,080
Speaker 1: on Zimby. But she brags about it in every page

919
00:50:39,080 --> 00:50:40,960
Speaker 1: of her website, so it is a little bit on her.

920
00:50:41,920 --> 00:50:46,439
Speaker 1: Um wow, yeah, Zimmy Media is hiring a funkload of people,

921
00:50:46,480 --> 00:50:50,480
Speaker 1: it looks like, so get on the zim train fast.

922
00:50:50,560 --> 00:50:53,360
Speaker 1: Oh she does classes. She does classes. I don't know

923
00:50:53,400 --> 00:50:56,799
Speaker 1: why we're attacking her so much. Her dad's the bad guy,

924
00:50:57,560 --> 00:51:02,480
Speaker 1: but she's never mind. I actually there's nothing we're laughing

925
00:51:02,520 --> 00:51:05,080
Speaker 1: about this. I can't find anything that's like offensive about

926
00:51:05,080 --> 00:51:07,360
Speaker 1: her or anything like that. She just we know nothing.

927
00:51:07,480 --> 00:51:11,720
Speaker 1: She could be a lovely she. She seems fine. I'm sorry,

928
00:51:11,960 --> 00:51:15,480
Speaker 1: it's just a lovely individual. Just you know, you can't

929
00:51:15,560 --> 00:51:20,400
Speaker 1: you know, people, if somebody, if you came to family,

930
00:51:20,680 --> 00:51:23,680
Speaker 1: if you claim to love larger and somebody calls you

931
00:51:23,719 --> 00:51:26,880
Speaker 1: a book fluencer, you do have a moral responsibility to

932
00:51:26,960 --> 00:51:30,560
Speaker 1: the art of writing to say, no, you're not. That's

933
00:51:30,600 --> 00:51:34,160
Speaker 1: not a term we're gonna use. Is not a word

934
00:51:34,840 --> 00:51:42,520
Speaker 1: Robert as a blue book fluencer. Nothing is I'm really

935
00:51:42,560 --> 00:51:46,280
Speaker 1: having I'm even saying the word. So I'm so angry

936
00:51:46,320 --> 00:51:49,800
Speaker 1: about that. That's all. Honestly, Zimby has done nothing wrong

937
00:51:49,840 --> 00:51:53,279
Speaker 1: but use that word. That one word which I've never

938
00:51:53,320 --> 00:52:00,439
Speaker 1: heard of TikTok book something like that, which is book

939
00:52:00,440 --> 00:52:03,560
Speaker 1: talk is fine, I think, because you're that makes sense.

940
00:52:03,600 --> 00:52:08,359
Speaker 1: Book fluencer is fucking nonsense. I've never been angrier. I've

941
00:52:08,440 --> 00:52:10,920
Speaker 1: never been angrier in my entire life than I am

942
00:52:11,040 --> 00:52:18,320
Speaker 1: right now. This is so much worse than a lot worse. Well,

943
00:52:18,719 --> 00:52:20,960
Speaker 1: but and then he doesn't use the word book fluencer.

944
00:52:21,400 --> 00:52:24,560
Speaker 1: So most of you probably know what happened to Lehman Brothers,

945
00:52:24,600 --> 00:52:26,960
Speaker 1: which was forced into bankruptcy after helping to cause the

946
00:52:26,960 --> 00:52:29,839
Speaker 1: two thousand eight financial crash. Lehman had been a major

947
00:52:29,920 --> 00:52:32,880
Speaker 1: driver of the fraudulent mortgage backed security business backed by

948
00:52:32,920 --> 00:52:35,680
Speaker 1: subprime loans, and their collapse nearly took the global economy

949
00:52:35,719 --> 00:52:38,279
Speaker 1: with them. Shortzman had been out of the company for

950
00:52:38,360 --> 00:52:40,719
Speaker 1: quite a while by this point, and he and Blackstone

951
00:52:40,719 --> 00:52:43,120
Speaker 1: did very well as a result of this procession. They

952
00:52:43,120 --> 00:52:46,320
Speaker 1: lose a little bit of money upfront, but they're heavily

953
00:52:46,360 --> 00:52:49,919
Speaker 1: invested in companies like Starward, Waypoint and Invitation Homes, which

954
00:52:49,960 --> 00:52:53,480
Speaker 1: merge in two thousand seventeen and start buying up all

955
00:52:53,520 --> 00:52:57,320
Speaker 1: of these fucking properties that like are suddenly farking. Bargain

956
00:52:57,360 --> 00:53:00,840
Speaker 1: Ben a website for tenants of innovation of invitation homes.

957
00:53:00,840 --> 00:53:04,040
Speaker 1: Invitation Tenants dot Com notes they have benefited from the

958
00:53:04,040 --> 00:53:06,640
Speaker 1: deception and fraud that settled so many families of color

959
00:53:06,719 --> 00:53:09,759
Speaker 1: with subprime and booby trapped mortgages, leading to foreclosures that

960
00:53:09,840 --> 00:53:14,440
Speaker 1: disproportionately affected African American and Latino families. Lower post crisis

961
00:53:14,480 --> 00:53:16,680
Speaker 1: home prices could have been an opportunity to increase in

962
00:53:16,680 --> 00:53:20,360
Speaker 1: affordable homeownership, but too often, instead Wall Street buyers swept in,

963
00:53:20,400 --> 00:53:22,800
Speaker 1: while neighborhood families were left out of the game altogether,

964
00:53:23,080 --> 00:53:26,000
Speaker 1: unable to compete with cash buyers or denied access to credit.

965
00:53:26,239 --> 00:53:29,000
Speaker 1: For these Wall Street speculators, with Blackstone being the biggest one,

966
00:53:29,040 --> 00:53:31,319
Speaker 1: the recession of two thousand eight was not economically and

967
00:53:31,360 --> 00:53:33,799
Speaker 1: emotionally devastating as it was for all the families that

968
00:53:33,880 --> 00:53:37,400
Speaker 1: lost their homes. It was a market opportunity. Blackstone was

969
00:53:37,440 --> 00:53:39,439
Speaker 1: one of the first private equity firms to begin buying

970
00:53:39,520 --> 00:53:41,880
Speaker 1: up foreclosed homes in the wake of the financial crisis,

971
00:53:42,120 --> 00:53:44,359
Speaker 1: fixing them up and renting them out. The firm, which

972
00:53:44,400 --> 00:53:46,640
Speaker 1: began buying homes in Earnest in two thousand eleven, is

973
00:53:46,760 --> 00:53:49,440
Speaker 1: estimated to have spent ten billion dollars and it's foreclosed

974
00:53:49,440 --> 00:53:54,239
Speaker 1: home to Rinchell bet So that's cool. Uh. In the

975
00:53:54,320 --> 00:53:57,080
Speaker 1: years since the financial crisis, Blackstone Group has more than

976
00:53:57,200 --> 00:54:00,640
Speaker 1: doubled the assets under management from n indeed billion dollars

977
00:54:00,640 --> 00:54:03,279
Speaker 1: to two eighteen billion dollars of real estate assets and

978
00:54:03,320 --> 00:54:06,200
Speaker 1: its first five years after the financial crisis alone. As

979
00:54:06,239 --> 00:54:09,360
Speaker 1: a result, Blackstone today is among the largest corporate landlords

980
00:54:09,360 --> 00:54:12,280
Speaker 1: in the United States, and it reported its highest earnings

981
00:54:12,320 --> 00:54:14,440
Speaker 1: ever this year on the strength of rising rents and

982
00:54:14,520 --> 00:54:18,880
Speaker 1: its real estate portfolio. Here's courts quote on the January

983
00:54:19,680 --> 00:54:22,920
Speaker 1: with investors, Blackstones executives explained rints for real estate sectors

984
00:54:22,920 --> 00:54:25,239
Speaker 1: in their portfolio had risen as much as two or

985
00:54:25,280 --> 00:54:28,560
Speaker 1: three times faster than the overall inflation rate. Relatively short

986
00:54:28,600 --> 00:54:31,200
Speaker 1: leases on their properties have allowed them to raise prices quickly,

987
00:54:31,239 --> 00:54:33,799
Speaker 1: capturing more value from rentors, even as the inflation rate

988
00:54:33,800 --> 00:54:41,600
Speaker 1: in the US topped seven percent. Awesome, stuff really really good. Again.

989
00:54:41,680 --> 00:54:44,239
Speaker 1: I don't know much about real estate, nor do I

990
00:54:44,280 --> 00:54:46,840
Speaker 1: know much about the corporations, especially like black Stone, And

991
00:54:46,840 --> 00:54:49,439
Speaker 1: it was been a recent thing that I'm like understanding

992
00:54:49,480 --> 00:54:52,719
Speaker 1: all of these uh giant buyouts. And I do know

993
00:54:52,800 --> 00:54:59,759
Speaker 1: they profited off the right for closing on families and

994
00:55:00,120 --> 00:55:02,680
Speaker 1: leaving them homeless. And we know all of that and houseless,

995
00:55:02,800 --> 00:55:06,520
Speaker 1: um and without houses. But what's Blackstone involved with all

996
00:55:06,560 --> 00:55:09,200
Speaker 1: the military buy they wore profits years as well or

997
00:55:09,239 --> 00:55:12,080
Speaker 1: is that just in the back of my imagination. Oh,

998
00:55:12,120 --> 00:55:13,799
Speaker 1: I think you may be thinking of black Water. Let

999
00:55:13,800 --> 00:55:16,879
Speaker 1: me do a check. Okay, I mean they did a lot.

1000
00:55:17,000 --> 00:55:18,920
Speaker 1: They manage a lot of investments, so it would be

1001
00:55:18,960 --> 00:55:21,080
Speaker 1: surprised if there's some degree to which they're involved in

1002
00:55:21,080 --> 00:55:25,360
Speaker 1: differ one sect. I feel like maybe again, yeah, I

1003
00:55:25,400 --> 00:55:30,000
Speaker 1: might be confusing that, like they had private organizations. I

1004
00:55:30,000 --> 00:55:35,920
Speaker 1: mean they're involved developing, they're involved, like they invest in uh,

1005
00:55:35,960 --> 00:55:38,640
Speaker 1: like they're private equity firms, So they have investments in

1006
00:55:38,680 --> 00:55:42,600
Speaker 1: aerospace and defense companies. Um. But I mean so you

1007
00:55:42,600 --> 00:55:44,960
Speaker 1: could call them they're definitely like profiting off of the

1008
00:55:45,000 --> 00:55:48,719
Speaker 1: defense industry, but that's not kind of their primary thing.

1009
00:55:48,800 --> 00:55:50,640
Speaker 1: It's just sort of a side effect of the thing

1010
00:55:50,719 --> 00:55:53,160
Speaker 1: they do, which is that they invest in businesses that

1011
00:55:53,239 --> 00:56:00,000
Speaker 1: have reliable rates of return, and that includes the defense industry. UM. Yeah,

1012
00:56:00,080 --> 00:56:02,000
Speaker 1: So I want to close by noting from a right

1013
00:56:02,120 --> 00:56:05,680
Speaker 1: up in the Atlantic in um, which kind of makes

1014
00:56:05,680 --> 00:56:07,960
Speaker 1: the point that the nature of black Stones business. Both

1015
00:56:07,960 --> 00:56:10,960
Speaker 1: its scale and its single minded pursuit of profits means

1016
00:56:10,960 --> 00:56:14,880
Speaker 1: that tenants nearly always come last. Quote. Some evidence suggests

1017
00:56:14,880 --> 00:56:17,480
Speaker 1: that private equity firms and contrast, are willing to engage

1018
00:56:17,480 --> 00:56:21,400
Speaker 1: in predatory practices to realize short term returns. Black Stones

1019
00:56:21,440 --> 00:56:25,080
Speaker 1: target properties in southern California suggest an investment strategy similar

1020
00:56:25,120 --> 00:56:28,400
Speaker 1: to flipping single family homes by old properties. Invest in

1021
00:56:28,480 --> 00:56:31,920
Speaker 1: cosmetic upgrades such as new appliances and facade improvements, and

1022
00:56:31,960 --> 00:56:35,880
Speaker 1: then increase the rents. Furthermore, some anecdotal evidence also indicates

1023
00:56:35,880 --> 00:56:38,680
Speaker 1: that private equity firms are less conscientious landlords in the

1024
00:56:38,719 --> 00:56:42,440
Speaker 1: single family rental market. Researchers and journalists have documented concerns

1025
00:56:42,440 --> 00:56:45,279
Speaker 1: about poor quality housing, difficulties raised by tenants trying to

1026
00:56:45,320 --> 00:56:48,560
Speaker 1: communicate with landlords when proper problems arise, and higher rates

1027
00:56:48,560 --> 00:56:51,640
Speaker 1: of evictions. And we can thank Mr Schwarzman for an

1028
00:56:51,680 --> 00:56:56,000
Speaker 1: awful lot of that. Um. Yeah, so that's it. That's

1029
00:56:56,160 --> 00:57:01,759
Speaker 1: some people who have made the rent high. Uh Stephen Schwarzman,

1030
00:57:02,920 --> 00:57:07,400
Speaker 1: that Zell motherfucker roper, all these assholes fun them all.

1031
00:57:07,480 --> 00:57:09,960
Speaker 1: So let me ask you, as we are looking at

1032
00:57:10,000 --> 00:57:14,799
Speaker 1: possibly repeating history in the next couple of years, where

1033
00:57:14,840 --> 00:57:17,120
Speaker 1: do you see Do you think we're coming upon a

1034
00:57:17,160 --> 00:57:20,120
Speaker 1: crash as well? I'm just, I mean, I mean everyone,

1035
00:57:20,280 --> 00:57:23,120
Speaker 1: everyone seems to say we're heading for a recession. That

1036
00:57:23,120 --> 00:57:27,120
Speaker 1: would make sense, I was just except for the fact

1037
00:57:27,120 --> 00:57:31,440
Speaker 1: that they're seemingly trying to hedge it off by again

1038
00:57:32,000 --> 00:57:35,600
Speaker 1: charging the individuals and homeowners and renters instead of actually

1039
00:57:35,600 --> 00:57:37,920
Speaker 1: trying to get the corporations to pay out with their

1040
00:57:37,960 --> 00:57:42,880
Speaker 1: billions of dollars and or stop well. Sounds like what's

1041
00:57:42,880 --> 00:57:45,200
Speaker 1: happening is they're trying to the FETE is trying to

1042
00:57:45,200 --> 00:57:50,280
Speaker 1: cut inflation by raising interest rates. UM and a bunch

1043
00:57:50,280 --> 00:57:54,160
Speaker 1: of companies are using inflation as a hedge for rising

1044
00:57:54,320 --> 00:58:00,360
Speaker 1: prices and making right record profits right now, in part

1045
00:58:00,400 --> 00:58:02,800
Speaker 1: because I think they're getting ready for what you might

1046
00:58:02,840 --> 00:58:04,960
Speaker 1: call an ugly winter, in which they're going to take

1047
00:58:05,000 --> 00:58:07,400
Speaker 1: those profits and can continue doling them out to their

1048
00:58:07,440 --> 00:58:10,800
Speaker 1: shareholders and executives while they cut staff and fire a

1049
00:58:10,800 --> 00:58:13,160
Speaker 1: lot of people in the unemployment rate rises. Like that's

1050
00:58:13,640 --> 00:58:16,280
Speaker 1: I think more or less what's probably going to happen.

1051
00:58:16,320 --> 00:58:18,800
Speaker 1: I don't know, we'll see how it is. Like was

1052
00:58:18,840 --> 00:58:21,280
Speaker 1: pretty ugly too, that was an early recession, but it

1053
00:58:21,520 --> 00:58:23,840
Speaker 1: didn't last very long. I don't know. I'm not an

1054
00:58:24,160 --> 00:58:28,400
Speaker 1: I'm not an economy guy. Um and I kind of

1055
00:58:30,480 --> 00:58:31,960
Speaker 1: I kind of think most of the people who are

1056
00:58:32,000 --> 00:58:35,000
Speaker 1: economy guys are just engaged in some kind of con

1057
00:58:35,080 --> 00:58:37,560
Speaker 1: or another. But yeah, it's probably gonna be pretty ugly

1058
00:58:37,560 --> 00:58:40,040
Speaker 1: in the near future, and these are the people who

1059
00:58:40,080 --> 00:58:41,920
Speaker 1: are going to make sure that a lot more folks

1060
00:58:42,080 --> 00:58:47,000
Speaker 1: wind up in on the street when it does. So

1061
00:58:47,720 --> 00:58:51,840
Speaker 1: poison poison is a good solution to keep an eye

1062
00:58:51,840 --> 00:58:55,800
Speaker 1: on kids who express an entrepreneurial desire. Don't trust that.

1063
00:58:56,880 --> 00:59:02,400
Speaker 1: Um yeah, and uh, I don't know. If you don't

1064
00:59:02,400 --> 00:59:11,400
Speaker 1: call yourself a book fluencer that I'm livid. Okay, So

1065
00:59:12,200 --> 00:59:15,680
Speaker 1: his his son, Teddy, not not the the other kid

1066
00:59:15,720 --> 00:59:18,920
Speaker 1: that he had, is the producer who made the imitation

1067
00:59:19,000 --> 00:59:25,600
Speaker 1: game Invitation or Imitation Imitation Sam. You lose some, you

1068
00:59:25,680 --> 00:59:27,680
Speaker 1: win some, you lose some. I guess I haven't seen

1069
00:59:27,720 --> 00:59:30,439
Speaker 1: that movie. But uh oh no, I have seen that movie.

1070
00:59:30,480 --> 00:59:32,640
Speaker 1: That's the movie about touring that came that was actually

1071
00:59:32,640 --> 00:59:36,680
Speaker 1: pretty good. Yeah, so you know what, Yeah, you win some,

1072
00:59:36,760 --> 00:59:40,920
Speaker 1: you lose some. Right, that's speaking of a film fluencer.

1073
00:59:41,360 --> 00:59:44,600
Speaker 1: He's a film fluencer movie apparently who produced at least

1074
00:59:44,680 --> 00:59:47,240
Speaker 1: one good movie while his dad was buying up all

1075
00:59:47,280 --> 00:59:51,440
Speaker 1: of the housing that was briefly affordable after the financial crid.

1076
00:59:51,920 --> 00:59:54,320
Speaker 1: You lose some and speaking of winning some, Samantha, do

1077
00:59:54,320 --> 00:59:57,200
Speaker 1: you have any plugables? Yeah, yes, come and visit me

1078
00:59:57,280 --> 00:59:59,880
Speaker 1: over stuff. Mom never told you nowhere near the same.

1079
01:00:01,120 --> 01:00:04,400
Speaker 1: Mom reads doesn't read things. I don't know. I'm not

1080
01:00:04,440 --> 01:00:06,959
Speaker 1: a book fluence, sir. I'm so sorry to say. Yeah,

1081
01:00:07,360 --> 01:00:11,600
Speaker 1: I can't. Oh, well, that's a new one. Um, And

1082
01:00:12,000 --> 01:00:17,200
Speaker 1: my Twitter is McVeigh Samantha, and then Israel McVeigh dot Samantha.

1083
01:00:17,320 --> 01:00:19,240
Speaker 1: So if you want to see pictures of my dog

1084
01:00:19,480 --> 01:00:26,000
Speaker 1: and me complaining about things, come visit me. Yep. Um,

1085
01:00:26,240 --> 01:00:30,800
Speaker 1: find Samantha on the internet. Find the kid in your

1086
01:00:30,840 --> 01:00:33,760
Speaker 1: neighborhood who starts a lawn mowing business where he doesn't

1087
01:00:33,760 --> 01:00:37,480
Speaker 1: mow any lawns and uh, I don't know it. Just

1088
01:00:37,600 --> 01:00:42,439
Speaker 1: like smoke around him. Smoke real close to that kid.

1089
01:00:42,840 --> 01:00:44,720
Speaker 1: Just hang out next to that kid and smoke a

1090
01:00:44,720 --> 01:00:52,400
Speaker 1: shipload of cigarettes. My god, it'll be good load of cigarettes. Anyways. Oh,

1091
01:00:52,440 --> 01:00:54,920
Speaker 1: we have a new podcast Uncolsonne Media. It's called Internet

1092
01:00:55,600 --> 01:00:58,720
Speaker 1: En and it's hosted by the one and only bridget

1093
01:00:58,760 --> 01:01:02,800
Speaker 1: Todd checking. Uh you know, yeah, I hit raded up

1094
01:01:02,800 --> 01:01:06,760
Speaker 1: APO podcast wherever you get your podcasts. I can't say

1095
01:01:06,800 --> 01:01:11,520
Speaker 1: that a lot. Yeah, fucking fucking do that. I also

1096
01:01:11,560 --> 01:01:14,440
Speaker 1: have a book called After the Revolution. You can buy it,

1097
01:01:14,640 --> 01:01:17,000
Speaker 1: you know what, which, by the way, my partner loved

1098
01:01:17,080 --> 01:01:19,840
Speaker 1: He just bumped up because he wanted to. Would you

1099
01:01:19,840 --> 01:01:22,800
Speaker 1: like the book? Oh? Thank you? Well, maybe he can help.

1100
01:01:23,920 --> 01:01:27,720
Speaker 1: Maybe you can help book fluencers, zippy. Yeah, so this

1101
01:01:27,800 --> 01:01:30,600
Speaker 1: is Joe. I hope you can get to say podcast.

1102
01:01:30,840 --> 01:01:33,280
Speaker 1: He really likes the book. He cannot hear you because

1103
01:01:33,320 --> 01:01:35,240
Speaker 1: I have an earpiece and oh you don't have it. Okay,

1104
01:01:35,480 --> 01:01:38,280
Speaker 1: thank you to sell him all smokes and meats, and

1105
01:01:38,800 --> 01:01:42,840
Speaker 1: thank you for that offer of a legal drugs. No, no, no, no,

1106
01:01:42,880 --> 01:01:45,320
Speaker 1: bring up, Samantha, bring him back on, bringing back on.

1107
01:01:45,360 --> 01:01:47,200
Speaker 1: I want to. I want to, I want to get up.

1108
01:01:47,400 --> 01:01:48,680
Speaker 1: I want to get it. I want to get a

1109
01:01:48,720 --> 01:01:53,800
Speaker 1: neutral opinion about this. Let me give him an earpiece. Okay, yeah,

1110
01:01:53,800 --> 01:01:57,560
Speaker 1: I get work, Joe, Joe, this is Robert. I'm gonna

1111
01:01:57,600 --> 01:01:59,800
Speaker 1: I'm gonna say a word that a person is you

1112
01:02:00,040 --> 01:02:02,200
Speaker 1: thing to describe their job, and I just want you

1113
01:02:02,240 --> 01:02:05,560
Speaker 1: to give me the emotion that hearing this word for

1114
01:02:05,560 --> 01:02:10,360
Speaker 1: the first time inspires in you. Okay, nervous, tell me

1115
01:02:10,960 --> 01:02:16,960
Speaker 1: book fluencer. Oh no, I'm going to call her that intimately.

1116
01:02:17,000 --> 01:02:20,840
Speaker 1: I hope you do that. It's a horrible word, right,

1117
01:02:20,960 --> 01:02:24,840
Speaker 1: it's a terrible word. So do you get that often?

1118
01:02:25,200 --> 01:02:27,680
Speaker 1: Is that? No? No, that's what we're going to call Robert?

1119
01:02:28,360 --> 01:02:32,280
Speaker 1: Absolutely not. How dare you know? It's it's from all

1120
01:02:32,360 --> 01:02:36,760
Speaker 1: It's from a lady with the forbidding to come up

1121
01:02:36,800 --> 01:02:39,040
Speaker 1: to this podcasts again. You're coming back every week. You

1122
01:02:39,120 --> 01:02:43,360
Speaker 1: made me happy. I'm I'm happy that you added book

1123
01:02:43,360 --> 01:02:46,240
Speaker 1: fluencer to my vernacular, as it is not going to

1124
01:02:46,280 --> 01:02:53,800
Speaker 1: be your titles book fluencer. Al Right, everybody, why don't

1125
01:02:53,840 --> 01:02:56,880
Speaker 1: we all go some motherfucking books. I will come to

1126
01:02:56,920 --> 01:03:03,160
Speaker 1: it like all right, goodbye. Behind the Bastards is a

1127
01:03:03,200 --> 01:03:06,480
Speaker 1: production of cool Zone Media. For more from cool Zone Media,

1128
01:03:06,760 --> 01:03:10,200
Speaker 1: visit our website cool zone media dot com, or check

1129
01:03:10,280 --> 01:03:12,800
Speaker 1: us out on the I Heart Radio app, Apple Podcasts,

1130
01:03:12,840 --> 01:03:14,360
Speaker 1: or wherever you get your podcasts.