WEBVTT - 6/10/26: Putin Assassination Attempt, Bernie Candidate Wins In CA, Cuba Preps For US War 0:00:00.080 --> 0:00:01.599 Hey, guys, Saga and Crystal here. 0:00:01.680 --> 0:00:05.200 Independent media just played a truly massive role in this election, 0:00:05.360 --> 0:00:07.840 and we are so excited about what that means for 0:00:07.880 --> 0:00:08.760 the future of this show. 0:00:08.880 --> 0:00:10.760 This is the only place where you can find honest 0:00:10.760 --> 0:00:13.280 perspectives from the left and the right that simply does 0:00:13.320 --> 0:00:14.680 not exist anywhere else. 0:00:14.720 --> 0:00:17.080 So if that is something that's important to you, please 0:00:17.120 --> 0:00:19.599 go to Breakingpoints dot com. Become a member today and 0:00:19.640 --> 0:00:22.920 you'll access to our full shows, unedited, ad free, and 0:00:23.040 --> 0:00:25.600 all put together for you every morning in your inbox. 0:00:25.680 --> 0:00:27.560 We need your help to build the future of independent 0:00:27.560 --> 0:00:29.920 news media, and we hope to see you at Breakingpoints 0:00:29.960 --> 0:00:33.320 dot com. 0:00:33.560 --> 0:00:36.760 At the end of last year, Russian President Vladimir Putin 0:00:36.880 --> 0:00:40.800 said that Ukraine had tried to assassinate him and his family. 0:00:41.240 --> 0:00:45.600 Donald Trump confirmed that he believed that this had happened. 0:00:46.560 --> 0:00:50.400 Since then, we've heard almost nothing about it. We wanted 0:00:50.400 --> 0:00:54.080 to walk through this wild story that has just completely 0:00:54.160 --> 0:01:00.240 kind of evaporated from Western press attention. Matt Bivens his 0:01:00.400 --> 0:01:02.400 in his sub stack The one hundred Days, wrote about it 0:01:02.400 --> 0:01:04.200 recently and put this first element up on the screen. 0:01:04.240 --> 0:01:07.240 This is a the whole the whole piece is worth reading, 0:01:07.240 --> 0:01:07.760 but we'll. 0:01:07.840 --> 0:01:10.000 Former editor of the Moscow Times, I believe. 0:01:10.520 --> 0:01:15.440 Yeah, you know, Mett, very serious reporter, and stitch together 0:01:15.520 --> 0:01:18.319 this timeline which is which is, which is quite wild. 0:01:20.000 --> 0:01:23.080 It's December twenty eighth, and so a lot's going on. 0:01:23.200 --> 0:01:28.520 Then you're starting to have the protests in Iran. Trump 0:01:28.720 --> 0:01:32.679 is meeting with Zelenski and also with net and Yahoo 0:01:32.840 --> 0:01:36.920 and mar A Lago and also capturing Maduro like so 0:01:38.040 --> 0:01:39.720 tons and plus it's the end of the year. Nobody's 0:01:39.760 --> 0:01:43.319 paying attention, right, everybody's checked out. I was skiing, as 0:01:43.360 --> 0:01:47.040 a matter of fact, literally literally checked out. I was 0:01:47.120 --> 0:01:50.360 checking in, but checked out. So it's easy to miss 0:01:51.600 --> 0:01:55.560 an attempted assassination of the head of it superpower or. 0:01:55.760 --> 0:01:57.360 Yes, especially major nuclear power. 0:01:57.480 --> 0:01:58.760 The government is strained down play it. 0:01:58.920 --> 0:02:00.000 Yeah, so what happened? 0:02:00.080 --> 0:02:00.360 And so. 0:02:02.040 --> 0:02:06.400 We put up D two here, which is relevant. We'll 0:02:06.440 --> 0:02:07.280 come back to this. 0:02:07.360 --> 0:02:14.560 So Putin has ordered CCD CCTV to be turned off 0:02:14.600 --> 0:02:19.720 around him because the US and Israel or Israel appeared 0:02:19.760 --> 0:02:24.680 to use this in their assassination of iotol Kamani and others. 0:02:24.720 --> 0:02:28.960 So Putin, just because your paranoid doesn't mean you're wrong. 0:02:29.360 --> 0:02:32.919 So on December twenty ninth, Trump was asked about a 0:02:33.000 --> 0:02:37.119 claim but that Putin had just made that Ukrainian drones 0:02:37.240 --> 0:02:42.120 had swarmed his family's compound and in an attempt to 0:02:42.160 --> 0:02:45.720 assassinate him. And here's here's what Trump said on next 0:02:45.800 --> 0:02:48.639 sitting next to standing next to that, on December twenty ninth. 0:02:49.200 --> 0:02:52.639 Straight straight on his sudden. 0:02:53.800 --> 0:02:55.639 Yeah, I don't I don't like it. It's not good. 0:02:57.320 --> 0:03:00.480 I heard about this morning. You know, tell me about it. 0:03:00.800 --> 0:03:03.680 President Putin told me about it early in the morning. 0:03:03.720 --> 0:03:07.440 He said he was attacked. It's no good. It's no good. 0:03:08.200 --> 0:03:11.200 Don't forget, you know, the tomahawks. I stopped the tomahawks. 0:03:11.200 --> 0:03:13.519 I didn't want that because we're talking about you know, 0:03:13.560 --> 0:03:16.280 it's a delicate period of time. This is not the 0:03:16.360 --> 0:03:20.000 right time. It's one thing to be offensive because they 0:03:20.000 --> 0:03:23.679 were offensive. It's another thing to attack his house. It's 0:03:23.720 --> 0:03:25.600 not the right time to do any of that. 0:03:26.120 --> 0:03:28.080 So then a couple of days later and put up 0:03:28.120 --> 0:03:31.760 D four, wal Street Journal and others report that actually, 0:03:32.200 --> 0:03:36.760 we didn't do this, Ukraine didn't do this, didn't happen. 0:03:37.480 --> 0:03:40.640 So Trump was then asked about it again on Air 0:03:40.680 --> 0:03:41.480 Force One. 0:03:41.800 --> 0:03:44.520 You said that you were really very angry with the 0:03:44.600 --> 0:03:47.560 Ukrainian president Silinski, if he was the one who conducted 0:03:47.560 --> 0:03:49.680 that strike on Putin's residence. 0:03:49.520 --> 0:03:52.400 I don't believe that strike happened, right, So Putin. 0:03:52.200 --> 0:03:54.040 Had said in that phone call to you that that 0:03:54.120 --> 0:03:55.840 strike happened. You came out and said that, and you 0:03:55.880 --> 0:03:58.160 believed Putin. There was some criticism there is. 0:03:58.120 --> 0:04:00.960 Something that happened fairly nearby but had nothing to do 0:04:01.000 --> 0:04:01.440 with this one. 0:04:01.520 --> 0:04:03.960 Why did you believe Putin in that moment and then 0:04:04.000 --> 0:04:06.280 go say that about nobody. 0:04:06.040 --> 0:04:07.760 Knew at that moment. I mean, that was the first 0:04:07.880 --> 0:04:10.720 I heard about it. I said that his house was attacked. 0:04:11.680 --> 0:04:14.280 We don't believe that happened. You know now that we 0:04:14.320 --> 0:04:16.280 have been able to check, But that was the first 0:04:16.279 --> 0:04:18.440 thing I ever heard about it. We just hoped that 0:04:18.520 --> 0:04:23.200 Russia and Ukraine get it settled. Then you know, it's 0:04:23.279 --> 0:04:25.599 costing us nothing. In fact, we make money. 0:04:25.880 --> 0:04:27.080 So if you had a hard time hearing that as 0:04:27.080 --> 0:04:30.080 Trump saying, we don't believe that happened anymore, and so 0:04:30.160 --> 0:04:32.120 Putin says, okay, hold on a second, you think it 0:04:32.160 --> 0:04:37.000 didn't happen, We've enroll D five here. He released a 0:04:37.200 --> 0:04:42.279 video of what he says and what he says, are 0:04:43.040 --> 0:04:49.760 Ukrainian drones that crashed in the forest. They released also 0:04:50.240 --> 0:04:52.559 kind of a flight map that showed I think ninety 0:04:52.560 --> 0:04:56.400 one drones that they counted that moved from Ukrainian positions 0:04:56.400 --> 0:05:02.720 to this compound where the fam Putin's family was apparently staying. 0:05:03.720 --> 0:05:06.440 And it's offered and they met with the American ambassador 0:05:06.440 --> 0:05:08.160 and said, you want to, you want to, you want 0:05:08.200 --> 0:05:09.839 to look at them, and go ahead, you can, you can, 0:05:09.960 --> 0:05:13.680 you can study them yourselves, like we shut down a 0:05:13.680 --> 0:05:14.120 bunch of these. 0:05:14.160 --> 0:05:18.159 Some of these crashed like here they are. We didn't 0:05:18.160 --> 0:05:19.680 hear you. 0:05:19.640 --> 0:05:22.400 Know any We don't know if the CIA ended up 0:05:22.480 --> 0:05:27.800 obtaining some of these or not. Uh Zelenski at the 0:05:27.800 --> 0:05:30.720 time called it a fabrication. He said this, you know, 0:05:30.839 --> 0:05:33.640 Putin is trying to blow up the piece deal that 0:05:33.760 --> 0:05:37.800 Zelenski and Trump were talking about in mar Lagouh. Putin said, no, 0:05:37.880 --> 0:05:41.520 Zelenski is actually trying to blow this up. Zelensky has 0:05:41.560 --> 0:05:43.120 now taken a different tune. 0:05:43.279 --> 0:05:44.200 In June fourth. 0:05:44.400 --> 0:05:47.279 On June fourth, he wrote a letter to Putin filled 0:05:47.320 --> 0:05:50.040 with a bunch of you know what might as well 0:05:50.080 --> 0:05:56.440 be expertives put up d D seven here, he wrote, 0:05:56.480 --> 0:05:58.880 he writes this letter, Uh, this is Zelenski. 0:05:59.240 --> 0:06:01.760 We often hear that you are comfortable with this war. 0:06:02.440 --> 0:06:05.039 Of course, not in those cases when it comes to 0:06:05.080 --> 0:06:09.240 the security of your residence in Valdy or your parade 0:06:09.320 --> 0:06:10.000 in Moscow. 0:06:10.600 --> 0:06:12.800 Your own life is valuable to you. 0:06:13.720 --> 0:06:17.400 Valdi is where the compound was, where his family was staying, 0:06:17.400 --> 0:06:18.720 and where Putin says. 0:06:20.680 --> 0:06:23.359 That they tried to kill him. He was asked. 0:06:23.680 --> 0:06:23.760 So. 0:06:23.960 --> 0:06:28.440 Also recently, a drone which may have been Ukrainian, maybe 0:06:28.440 --> 0:06:31.360 in Russia, We're not sure yet. I think it went 0:06:31.400 --> 0:06:35.039 into Romania and it crashed into the top of an 0:06:35.080 --> 0:06:38.240 apartment building and it injured I think a grandmother and 0:06:38.320 --> 0:06:42.039 her grandson with some like burns on their arms are okay, 0:06:42.080 --> 0:06:44.800 but it was scary, you know, hit a building. New 0:06:44.880 --> 0:06:47.960 York Times wrote about this big giant Western coverage like this, 0:06:47.960 --> 0:06:50.120 this errant drone that hit this NATO country. 0:06:50.400 --> 0:06:52.720 We need to do war about this. And so. 0:06:54.320 --> 0:06:58.240 Putin was asked about this drone and in this press 0:06:58.240 --> 0:06:59.640 conference that will play this for a second. But what 0:06:59.680 --> 0:07:04.440 he based says is okay, like let me see the drone. Yeah, 0:07:04.600 --> 0:07:06.120 we'll study the drone and you can just look at 0:07:06.120 --> 0:07:07.360 the drone and then you can figure out if it 0:07:07.440 --> 0:07:08.359 was Ukrainian or Russian. 0:07:08.400 --> 0:07:10.200 He's like, either way, it was a mistake, said us. 0:07:10.320 --> 0:07:11.120 People could look at them. 0:07:11.360 --> 0:07:12.440 Just go and look at the drone. 0:07:12.560 --> 0:07:15.440 And he says, just like we did with the drones 0:07:16.200 --> 0:07:18.760 that tried to kill me, that we turned over the drones. 0:07:18.960 --> 0:07:20.720 So World d eight. 0:07:20.600 --> 0:07:24.440 Here, the same is happening. Here has happened here and 0:07:24.760 --> 0:07:31.720 until we received some objective data, like the data that 0:07:31.800 --> 0:07:35.960 we handed over to the representative of the American administration, 0:07:36.600 --> 0:07:41.520 the data and the debris of the drone that hid 0:07:41.560 --> 0:07:47.000 the residence of the Russian president. So we gave the findings. 0:07:47.320 --> 0:07:51.480 If we receive these data from them, and then we 0:07:51.560 --> 0:07:54.200 can share our estimates of what happened. 0:07:54.960 --> 0:07:59.440 So not to say that Putin doesn't lie. Putin obviously lies. 0:08:00.040 --> 0:08:04.280 President's lies. Putin lies a lot, But in this case, 0:08:05.200 --> 0:08:10.480 he's turning over the material itself for us to examine. 0:08:10.680 --> 0:08:12.560 Assuming I mean, sure, I guess it could have been 0:08:12.640 --> 0:08:15.680 tampered with. But yes, he's saying, then you could examine 0:08:15.680 --> 0:08:16.720 whether it's been tampered with. 0:08:16.920 --> 0:08:19.000 And you can just like look at the like here, 0:08:19.160 --> 0:08:21.760 here's here's a drone. We say it's crashed in the forest, here, 0:08:22.160 --> 0:08:25.240 like you know, here's our chain of custody here, Like 0:08:25.760 --> 0:08:28.320 I guess you can always just disbelieve everything, but at 0:08:28.320 --> 0:08:30.760 some point, like if you do launch ninety one drones, 0:08:30.840 --> 0:08:33.280 like it's going to leave some evidence behind. 0:08:33.760 --> 0:08:36.240 Right, we also have the pre existing evidence that the 0:08:36.240 --> 0:08:40.000 president at first seems to believe Putin right, And just 0:08:40.679 --> 0:08:43.320 one quick point on my end, Bivens points out. He 0:08:43.360 --> 0:08:45.800 says in summary recent in recent days, both Zelenski and 0:08:45.800 --> 0:08:48.200 Putin have again referenced an attack on Putin's home and 0:08:48.280 --> 0:08:51.080 family carried out by US supported Ukrainian droones. This is 0:08:51.080 --> 0:08:53.440 the same attack that Trump initially believed in but then 0:08:53.480 --> 0:08:56.760 scoffed at after the CIA formally told him it never happened, 0:08:56.800 --> 0:09:00.320 but it clearly did happen, which suggests the Vin says 0:09:00.320 --> 0:09:03.320 that the CIA is giving false briefings to the president, 0:09:03.440 --> 0:09:08.400 So that then becomes Germaine when you're thinking about Iran, Cuba, 0:09:08.840 --> 0:09:12.520 Venezuela and all of these other places, China and Taiwan 0:09:12.800 --> 0:09:16.240 around the world where we're in hot conflicts or potential 0:09:16.240 --> 0:09:21.840 hot conflicts. About if John Ratcliffe and his CIA is 0:09:22.200 --> 0:09:24.520 under Odie and I outgoing Odie and I and Tulsa 0:09:24.520 --> 0:09:28.000 Gabbard where we know they are conflicts seemingly between Odie 0:09:28.000 --> 0:09:31.960 and I and CIA. What information is getting to the 0:09:32.000 --> 0:09:35.400 president that's extremely important and obviously right now we should 0:09:35.400 --> 0:09:38.360 mention Ukraine is saying that missiles hit a military plant 0:09:38.520 --> 0:09:43.920 really far inside of Russia, so all the way like 0:09:44.200 --> 0:09:46.880 five hundred and sixty miles from the front line according 0:09:46.920 --> 0:09:47.360 to BBC. 0:09:48.080 --> 0:09:50.839 Yeah, I guess it's Telsa Gabbard ode and I maybe 0:09:50.880 --> 0:09:52.560 she can come on the show now that she's retired, 0:09:52.679 --> 0:09:57.600 she can talk about this assassination temp attempt. I don't 0:09:58.000 --> 0:10:01.160 know if people have quite under stand the fire that 0:10:01.160 --> 0:10:02.000 we're playing with here. 0:10:02.160 --> 0:10:04.040 Yeah, I'm going to send a comment request actually on. 0:10:03.960 --> 0:10:07.840 This right now because excellent. All right, give them the 0:10:07.880 --> 0:10:09.200 report back. Let's do it. 0:10:09.600 --> 0:10:13.600 Next up, Jane Kim. 0:10:13.640 --> 0:10:16.480 One of the least discussed but perhaps most important races 0:10:16.520 --> 0:10:19.560 in California that was decided recently may have been the 0:10:19.559 --> 0:10:23.240 one for Insurance Commissioner. There will be two Democrats that 0:10:23.360 --> 0:10:28.640 will move into the general election. One of them, Jane Kim, 0:10:28.960 --> 0:10:31.400 had the endorsement of Bernie Sanders and was running on 0:10:31.440 --> 0:10:35.160 a platform of insurance for all, which and we're going 0:10:35.240 --> 0:10:37.079 to talk about what exactly that means. But first to 0:10:37.080 --> 0:10:39.280 start with a little bit of the message that she 0:10:39.400 --> 0:10:42.520 ran on to finish first in this top two. 0:10:42.720 --> 0:10:43.640 I'm Jane Kim. 0:10:43.800 --> 0:10:47.400 I'm running for Insurance Commissioner to fight for us, and 0:10:47.440 --> 0:10:49.880 I'm not going to take a dime from the insurance companies. 0:10:50.120 --> 0:10:53.480 I'm running to make insurance available for everyone, to lower 0:10:53.520 --> 0:10:57.120 costs right away by capping excess profits and CEO pay, 0:10:57.320 --> 0:10:59.600 and to write a plant to guarantee healthcare for every 0:10:59.679 --> 0:11:01.280 child in California. 0:11:01.520 --> 0:11:05.200 Joining us now is Jane and Kim the number one 0:11:05.240 --> 0:11:08.240 of the top two finishers for Insurance Commissioner. Ben Allen, 0:11:08.280 --> 0:11:12.000 State Senator, was the second. I believe he's welcome to 0:11:12.080 --> 0:11:15.440 join as well. But Jane, thank you so much for 0:11:15.480 --> 0:11:16.200 being here. 0:11:16.559 --> 0:11:17.400 Thank you for having me. 0:11:18.160 --> 0:11:21.760 So we wanted to talk to you because insurance is 0:11:21.800 --> 0:11:25.160 one of these and this is not health insurance for 0:11:25.960 --> 0:11:28.000 correct me if I'm wrong, there's some relation. 0:11:30.240 --> 0:11:33.240 So this office oversees the three point three trillion dollar 0:11:33.280 --> 0:11:38.520 industry and it regulates all types of insurance, but managed 0:11:38.559 --> 0:11:39.760 healthcare plans. 0:11:39.520 --> 0:11:42.800 Right, So we wanted to talk to you because insurance 0:11:42.840 --> 0:11:45.120 is one of those things that is not. 0:11:45.040 --> 0:11:46.120 Talked about very much. 0:11:46.200 --> 0:11:50.480 Although it's everybody has to think about it whenever they're 0:11:50.520 --> 0:11:53.280 making any serious decision. They think about it when they 0:11:53.320 --> 0:11:57.360 get there, when they get their bill every month. And 0:11:58.160 --> 0:12:04.359 it's right at the intersection of basically everything you know, climate, earthquakes, 0:12:04.400 --> 0:12:08.319 you know, natural disasters, and the ability fires, fires, and 0:12:08.360 --> 0:12:13.640 the ability to kind of continue a functioning human civilization, 0:12:13.880 --> 0:12:15.560 like it's that important. 0:12:15.880 --> 0:12:17.360 Yet it's that under discussed. 0:12:18.800 --> 0:12:22.000 California, as we think about it over here, is fairly 0:12:22.040 --> 0:12:27.520 corporate dominated, and so I'm curious, you know how you 0:12:27.679 --> 0:12:33.360 managed on a kind of anti corporate campaign, with an 0:12:33.400 --> 0:12:36.760 anti corporate campaign, how you managed to kind of break through. 0:12:37.400 --> 0:12:40.240 What was the message that you were bringing that was 0:12:40.280 --> 0:12:43.800 able to kind of get beyond the clutter that's usually 0:12:43.880 --> 0:12:45.960 thrown up by the insurance industry to make sure that 0:12:46.000 --> 0:12:48.559 they control this critical position. 0:12:49.200 --> 0:12:52.000 So this office is created in nineteen eight by the 0:12:52.040 --> 0:12:57.440 voters California to be the backstop between forty million Californians 0:12:57.520 --> 0:13:01.080 and this trillion dollar industry. And this industry is an 0:13:01.120 --> 0:13:03.480 industry that is doing quite well. In twenty twenty four, 0:13:03.640 --> 0:13:07.959 property and casualty insurance netted one hundred and seventy billion dollars, 0:13:08.520 --> 0:13:11.200 and so this narrative that they're going bankrupt is just 0:13:11.280 --> 0:13:15.560 simply not true. Meanwhile, we are required to have insurance 0:13:15.600 --> 0:13:18.360 to drive to work or to school, to on a home, 0:13:18.480 --> 0:13:21.480 or to open a business or a nonprofit of any kind, 0:13:22.160 --> 0:13:26.120 and the system is failing. Rates are going up, they're 0:13:26.120 --> 0:13:28.960 canceling our coverage, and even if we have insurance, they 0:13:29.000 --> 0:13:32.440 fight our claims every step of the way. And so 0:13:33.080 --> 0:13:37.320 we ran on the message of a more affordable California 0:13:38.280 --> 0:13:41.640 and that this office should be the champion of consumers 0:13:41.640 --> 0:13:44.560 and not a lapdog for billionaire corporations. And this message 0:13:44.600 --> 0:13:47.440 resonated across the state of California. We ran on a 0:13:47.480 --> 0:13:51.760 platform talking about new ideas, at least to the US, 0:13:52.040 --> 0:13:56.240 a single payer home disaster home program guaranteed for all 0:13:56.600 --> 0:14:00.559 that is publicly run and nonprofit. We talked to expanding 0:14:00.559 --> 0:14:03.440 our art existing low cost nonprofit auto insurance program and 0:14:03.480 --> 0:14:07.079 Medicare for kids. And as you can see from our results, 0:14:07.120 --> 0:14:10.679 we're plus eight in the top two. We didn't just 0:14:10.720 --> 0:14:13.520 win in San Francisco, which is my backyard, which we're 0:14:13.559 --> 0:14:17.280 plus eighteen. We also won in Los Angeles County, where 0:14:17.280 --> 0:14:20.080 my main opponent resides, and we're in first place in 0:14:20.200 --> 0:14:23.200 Republican and rural counties across the state of California, which 0:14:23.240 --> 0:14:26.520 just showed that Californians are tired of the status quo 0:14:26.920 --> 0:14:29.320 and they want to see someone who's going to champion 0:14:29.360 --> 0:14:30.640 a more affordable California. 0:14:31.200 --> 0:14:33.000 I think it made such an important point that you're 0:14:33.000 --> 0:14:37.040 required to have insurance to operate into complete basic functions 0:14:37.080 --> 0:14:39.080 in the state of California and of course in other states. 0:14:39.080 --> 0:14:40.920 So he tell us a little bit more about what 0:14:40.960 --> 0:14:44.120 you would be able to accomplish in this role, like 0:14:44.440 --> 0:14:47.960 what's possible, what gives you hope that you could actually 0:14:48.160 --> 0:14:49.760 do should you be elected. 0:14:50.480 --> 0:14:56.240 Yeah, So this is an executive office that regulates this industry. 0:14:56.520 --> 0:14:59.960 And by the way, there's a zero federal oversight of insurance, 0:15:00.320 --> 0:15:03.240 which is also really interesting. So it's regulated by the 0:15:03.240 --> 0:15:06.480 fifty states, and it has this as I say, on 0:15:06.560 --> 0:15:09.120 who gets to build wealth in this country? Right? I mean, 0:15:09.240 --> 0:15:12.200 you can't drive to work without auto insurance, you can't 0:15:12.400 --> 0:15:15.080 own a home or open a business. As I mentioned earlier, 0:15:15.560 --> 0:15:19.440 and as was mentioned earlier, it sits at this very 0:15:19.480 --> 0:15:25.440 interesting intersection of this what everyone is feeling, the wealth, inequality, 0:15:26.120 --> 0:15:31.600 climate disaster, and fairness, and ultimately what people want is 0:15:32.520 --> 0:15:35.480 they want a fair and level playing ground. And this 0:15:35.600 --> 0:15:38.160 is what this office can do. It regulates the industry, 0:15:38.240 --> 0:15:41.960 sets the ground rules for how property and casualty industry 0:15:42.520 --> 0:15:44.720 plays in the state of California, in the most populous 0:15:44.760 --> 0:15:47.000 state in the country. And so there's a couple of 0:15:47.080 --> 0:15:50.760 things that I have talked about. One one of the 0:15:50.760 --> 0:15:53.520 biggest fights is around claims. And we're seeing this whether 0:15:53.640 --> 0:15:57.080 you live in the Palisades or in Paradise. And so one, 0:15:57.120 --> 0:15:59.520 I want to freeze your rates when you file a claim. 0:15:59.520 --> 0:16:02.280 You shouldn't be utilized for using the business that you've 0:16:02.320 --> 0:16:06.320 been paying into, often for decades. Second, I want them 0:16:06.360 --> 0:16:09.440 to pay you interest every day they deny, delay, or 0:16:09.480 --> 0:16:13.160 underpay a valid claim. That is actually a big part 0:16:13.160 --> 0:16:17.120 of their business strategy. Their main business is not really insurance, 0:16:17.240 --> 0:16:20.320 it's their banks. They take our premiums and they invest 0:16:20.360 --> 0:16:22.320 it in the bond markets. By the way, they're huge 0:16:22.320 --> 0:16:26.200 institutional investors in fossil fuel, which is driving climate disaster, 0:16:26.760 --> 0:16:29.240 and then they cancel coverage on the homes destroyed by it. 0:16:29.840 --> 0:16:33.840 So they try to keep their money in their float 0:16:33.920 --> 0:16:36.920 for as long as possible. So I also want to 0:16:37.120 --> 0:16:40.400 create a financial disincentive from doing that by having them 0:16:40.440 --> 0:16:42.560 pay you interests. The other is that we want to 0:16:42.600 --> 0:16:45.160 really cap their profits, and that's something that the insurance 0:16:45.200 --> 0:16:49.479 Commissioner can do. In the rate setting, you ACA mandates 0:16:49.720 --> 0:16:52.200 that eighty five cents if every dollary paying premiums goes 0:16:52.240 --> 0:16:54.160 back into paying claims. I think we should do the 0:16:54.200 --> 0:16:56.640 same for home insurance, maybe at sixty five cents a dollar, 0:16:56.680 --> 0:16:58.920 not even as high, or an auto insurance seventy five 0:16:59.000 --> 0:17:02.560 cents a dollar and making sure that and by the way, 0:17:02.600 --> 0:17:05.000 currently in California, it's roughly around forty nine cents of 0:17:05.080 --> 0:17:07.879 our premium dollars go back into paying claims and make 0:17:07.920 --> 0:17:10.840 sure that they're not spending it just on shareholders, CEOs 0:17:10.840 --> 0:17:12.200 and Super Bowl ads. 0:17:12.600 --> 0:17:14.359 So what that's wild? 0:17:14.440 --> 0:17:17.720 So of the of every dollar that goes into the 0:17:17.760 --> 0:17:21.480 insurance industry in California, forty nine cents comes back and claims, 0:17:21.960 --> 0:17:23.320 what's the other fifty one. 0:17:23.440 --> 0:17:23.960 CeNSE go to? 0:17:24.720 --> 0:17:27.800 Now, presumably, if I'm going to like kind of steal man, 0:17:27.920 --> 0:17:31.440 let's say the insurance industry argument, they'd say, well, for 0:17:31.440 --> 0:17:34.600 for disaster insurance, they don't hit every year, you know, 0:17:34.720 --> 0:17:37.800 so we need to build up massive reserves so that 0:17:37.840 --> 0:17:40.360 when they do hit that we can pay them off. 0:17:40.400 --> 0:17:43.640 So maybe you would need to stretch that out over 0:17:43.680 --> 0:17:46.360 a longer time horizon than one year. But like, what, 0:17:46.440 --> 0:17:49.480 so what are they where's that other fifty one cents going? 0:17:49.520 --> 0:17:51.320 How much is going to that reserve and how much 0:17:51.400 --> 0:17:54.600 is going to profits or to kind of the operations 0:17:54.640 --> 0:17:56.720 required to keep their cash flow business going. 0:17:57.480 --> 0:18:00.600 Okay, so let me start with their business model. So 0:18:01.760 --> 0:18:04.760 part of their revenue is, of course are premiums. And 0:18:04.800 --> 0:18:07.120 by the way, at least in the last few years, 0:18:07.119 --> 0:18:09.639 our premiums have outpaced what they have paid in claims, 0:18:09.640 --> 0:18:12.480 despite at least in California as some of the biggest 0:18:13.000 --> 0:18:18.760 fire claims payout in history. Too. They take our premiums 0:18:18.760 --> 0:18:20.280 and they invest it in what they call their float, 0:18:20.320 --> 0:18:23.960 so they invest it in the bond market or fossil fuels, 0:18:24.400 --> 0:18:27.080 and so all of this is a part of their 0:18:27.720 --> 0:18:31.800 revenue model, and they're doing exceedingly well. Every billionaire invests 0:18:31.840 --> 0:18:35.840 in insurance. It makes a ton of money. And so 0:18:36.240 --> 0:18:38.879 when I say sixty five cents to a dollar, we're 0:18:38.960 --> 0:18:42.920 just talking about the premium revenue. And so the remainder 0:18:43.720 --> 0:18:47.440 goes to their shareholders. It goes to CEO pay. Of course, 0:18:47.440 --> 0:18:49.199 some of it goes to their reserves, it goes to 0:18:49.280 --> 0:18:52.359 their advertising. And what this office can do is that 0:18:52.400 --> 0:18:57.680 it can shine a light in terms of mandating that 0:18:57.720 --> 0:19:01.720 we understand where our dollars are going. And by the way, 0:19:01.840 --> 0:19:06.960 this message resonated in Tuallomee County and Nevada and El Dorado, 0:19:06.960 --> 0:19:09.880 which are more rural areas of California, and it did 0:19:09.880 --> 0:19:13.760 well in Republican counities like San Diego, Riverside and in 0:19:14.240 --> 0:19:18.159 cities like Los Angeles and San Francisco, paulse. You know, 0:19:18.200 --> 0:19:21.320 insurance industries don't treat you differently because you're a Republican. 0:19:21.359 --> 0:19:25.000 Everyone is feeling fleeced by the insurance industry and they 0:19:25.000 --> 0:19:27.800 see their rates go up, they see their coverage get canceled, 0:19:27.840 --> 0:19:29.960 and then they hear about how much money these industries 0:19:29.960 --> 0:19:33.280 are making. And one example I'll just give is in April, 0:19:33.640 --> 0:19:36.160 a Travelers, which is in the top ten of property 0:19:36.200 --> 0:19:40.080 casualty industry, announced that they did so well just in 0:19:40.119 --> 0:19:42.760 the first quarter of twenty twenty six. They had two 0:19:42.760 --> 0:19:45.119 point two billion in excess capital. What did they do 0:19:45.200 --> 0:19:48.360 with it? They didn't provide discounts or refunds to their policyholders. 0:19:48.400 --> 0:19:50.920 They didn't invest back in the communities that they have 0:19:51.040 --> 0:19:54.280 profited from in the form of resilience, sand fireproofing, and floodproofing, 0:19:54.320 --> 0:19:56.800 which would collectively make us all safe. They gave it 0:19:56.960 --> 0:20:00.440 all to their shareholders. And one of the reasons why 0:20:00.480 --> 0:20:05.200 I'm proposing a single payer, nonprofit, publicly run disaster insurance 0:20:05.200 --> 0:20:07.840 program guarantee for every home run or in California is 0:20:07.840 --> 0:20:09.439 that I want to claw back some of those premium 0:20:09.440 --> 0:20:12.439 dollars that we're already spending and have them stewarded by 0:20:12.480 --> 0:20:16.520 the public. We would invest those premiums as well, and 0:20:16.720 --> 0:20:20.040 when we have excess capital, like New Zealand, we would 0:20:20.040 --> 0:20:25.000 invest it back into floodproofing and fireproofing and resiliency. And 0:20:25.320 --> 0:20:28.360 so there are two ways to lower your risk, right 0:20:28.400 --> 0:20:30.760 because ultimately that is what is driving up the cost 0:20:30.760 --> 0:20:32.720 of insurance. And if you want to make insurance affordable 0:20:32.720 --> 0:20:36.200 and available, you have to actually address risk. Private insurance 0:20:36.240 --> 0:20:41.080 market prices risk, and so we would take a portion 0:20:41.160 --> 0:20:44.560 of that revenue and actually invest it in making us 0:20:44.560 --> 0:20:49.040 collectively safer. While the private insurance market reduces their risk 0:20:49.080 --> 0:20:51.639 by canceling covers are what they consider their sickest homes 0:20:51.680 --> 0:20:54.000 or their homes with pre existing condition. And by the way, 0:20:54.000 --> 0:20:56.000 this is not our idea. This is modeled after what 0:20:56.040 --> 0:20:58.479 we see in New Zealand. Frans and span also a 0:20:58.520 --> 0:21:01.480 form of a publicly run disaster in transfer all program. 0:21:01.840 --> 0:21:05.720 Canada very interestingly has single pair auto insurance in some 0:21:05.760 --> 0:21:09.080 of their provinces, and they also use access capital to 0:21:09.119 --> 0:21:11.600 invest in roads and filling potholes because they know that 0:21:11.600 --> 0:21:14.119 that also will reduce risks in the future. 0:21:14.200 --> 0:21:16.480 Yeah, there seems to be some real parallels there between 0:21:16.520 --> 0:21:19.359 the arguments for single payer healthcare as well, that the 0:21:19.400 --> 0:21:23.159 government would then be incentivized to do preventive medicine and 0:21:23.200 --> 0:21:26.679 to invest in clinics and and other you know, in 0:21:26.800 --> 0:21:28.760 primary care to try to make it so that people 0:21:28.800 --> 0:21:31.720 go to the er less and which is also then 0:21:32.720 --> 0:21:33.520