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Speaker 1: Cable news is ripping us apart, dividing the nation, making

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Speaker 1: it impossible to function as a society and to know

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Speaker 1: what is true and what is false. The good news

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Speaker 1: is that they're failing and they know it. That is

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Speaker 1: why we're building something new. Be part of creating a new, better, healthier,

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Speaker 1: member today at breakingpoints dot com. Your hard earned money

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Speaker 1: is going to help us build for the midterms and

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Speaker 1: the upcoming presidential election so we can provide unparalleled coverage

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Speaker 1: of what is sure to be one of the most

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Speaker 1: pivotal moments in American history. So what are you waiting for?

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Speaker 1: Go to Breakingpoints dot com to help us out. Good morning, everybody,

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Speaker 1: Happy Monday. We have an amazing show for everybody today.

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Speaker 1: What do we have, Crystal? Indeed, we do lots of

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Speaker 1: stuff that is breaking this morning. First of all, we

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Speaker 1: have some new comments from some of our leaders, including

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Speaker 1: President Biden, about whether or not we might be heading

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Speaker 1: towards a recession. Very telling comments. Indeed, we also have

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Speaker 1: a new union Apple store workers outside of Maryland. We

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Speaker 1: forming Apple's very first union, so that is exciting. We'll

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Speaker 1: give you those details there and whether or not the

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Speaker 1: fact that the economy is lighting off of a cliff

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Speaker 1: may impact that wave of labor organizing. We also have

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Speaker 1: some I mean, you just can't make it up the

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Speaker 1: stuff that continues to come out of Uvaldi now they

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Speaker 1: are I mean, it really is like a whole of

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Speaker 1: state cover up at this point, from the governor all

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Speaker 1: the way down to the local officials trying to keep

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Speaker 1: the public from ever seeing bodycam footage. But we do

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Speaker 1: have some sources within the investigation revealing some important details,

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Speaker 1: some new lies about exactly went down on that horrific day.

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Speaker 1: We're also learning more about just how screwed up the

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Speaker 1: airline system is, price gouging scheduling flights that they know

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Speaker 1: they have no prayer. Ultimately, step we also have Pete

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Speaker 1: Bootage edge in a position to potentially do something about

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Speaker 1: it and basically not acting. So we'll take you through that.

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Speaker 1: You guys probably also saw President Biden taking a spill

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Speaker 1: off his bike. It appears to be fine, but raising

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Speaker 1: new questions about whether or not he should run again

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Speaker 1: in twenty twenty four if that's the Democrat's best chance.

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Speaker 1: And we also have some new troubling developments in Juliana

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Speaker 1: Sange's case, they're continuing, you know, the US and the

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Speaker 1: UK government continuing to push for him to be extradited here.

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Speaker 1: So we've got all of that for you. Also, Peter

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Speaker 1: Zihon going to be back here again. Of course, there

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Speaker 1: are a lot of things that he can get into,

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Speaker 1: but we want to focus in particular on how we

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Speaker 1: may be entering a new phase where inflation is a

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Speaker 1: lot higher than it's than it used to be, as

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Speaker 1: globalization sort of as going away in certain respects. So

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Speaker 1: be interesting to talk to him, But we wanted to

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Speaker 1: start with these latest comments with regards to the recession

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Speaker 1: we heard from Janet Yellen, she's, of course the Treasury secretary,

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Speaker 1: about whether or not she thought there would be a

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Speaker 1: recession and also how long she thinks inflation is going

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Speaker 1: to hang around. Let's take a listen to that. I

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Speaker 1: don't think a recession is at all inevitable, cheer Powell.

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Speaker 1: Clearly inflation is unacceptably high. It's President Biden's top priority

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Speaker 1: to bring it down, and Cheer Powell has said that

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Speaker 1: his goal is to bring inflation down while maintaining a

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Speaker 1: strong labor market. That's going to take skill and look,

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Speaker 1: but I believe it's possible. I don't think a recession

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Speaker 1: is inevitable. Prices are going to go up before they

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Speaker 1: go down, right again, most economs expect the inflation rate

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Speaker 1: to move up to around seven percent by the end

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Speaker 1: of the year. Does that sound about right to you, Well,

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Speaker 1: we've had high inflation in the first half of this year,

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Speaker 1: and that locks in high inflation really for the entire year.

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Speaker 1: But I do expect in the months ahead that the

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Speaker 1: pace of inflation is likely to come down. Also, remember,

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Speaker 1: there are so many uncertainties relating to global developments, so

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Speaker 1: there's a lot to read between the lines here. I mean,

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Speaker 1: first of all, it's never a good situation when you're

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Speaker 1: using language like well, it's not inevitable, It's like, okay,

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Speaker 1: so what are we talking like a five percent chance

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Speaker 1: of avoiding a one percent chance of avoiding it. So

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Speaker 1: there's that, And then there's also the fact that you know,

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Speaker 1: in spite of the fact the Fed's taking some pretty

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Speaker 1: extraordinary action now increasing the level and the pace at

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Speaker 1: which they're lifting interest rates, there's still every expectation that

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Speaker 1: inflation is going to continue at least through this year,

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Speaker 1: and what does that mean. That means the FED will

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Speaker 1: continue to act and potentially continue to escalate those actions ultimately,

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Speaker 1: since that's basically the only thing that we're doing to

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Speaker 1: tame inflation. That means they are coming after you, know,

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Speaker 1: you your ability to buy a house. They've said outright

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Speaker 1: they want to get wages down, they want to cool

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Speaker 1: off the labor market. Won't get to in a little

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Speaker 1: bit when we talk about unionizing, I mean that is

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Speaker 1: part of what is enabled a lot of activism across

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Speaker 1: the country. So yes, of course we have to get

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Speaker 1: inflation under control because it is devastating working class people.

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Speaker 1: But when we only lean on the FED to do it,

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Speaker 1: we leave a lot of things off the table. And,

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Speaker 1: by the way, where we are at this point, a

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Speaker 1: lot of that, you know, to the extent that the

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Speaker 1: extra stimmy checks in the accounts and whatever helped to

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Speaker 1: spike inflation, a lot of that is burned off. There

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Speaker 1: are a lot of other issues that we're facing that

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Speaker 1: are causing inflation. The FED has nothing to do with it. Yeah,

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Speaker 1: I mean we see that all in the credit card data.

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Speaker 1: We see it in all the increase borrowing and the

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Speaker 1: cooling off of the housing market. Even in terms of demand,

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Speaker 1: Americans are beginning to curb both restaurant and gas use,

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Speaker 1: meaning that quality of life is declining. And I'm not

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Speaker 1: saying it's a right, but anytime that you have to

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Speaker 1: have to diminish your quality of life in order to

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Speaker 1: make basic ends meet. Viral videos going around of people

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Speaker 1: saying I got to choose between food or gas this week.

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Speaker 1: I mean, that is a horrific position in order to

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Speaker 1: be in You also see that the talking point originated

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Speaker 1: with Biden himself. Let's put this up there on the screen.

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Speaker 1: He did it first sit down interview, finally with the

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Speaker 1: Associated Press, only thirty minutes. But actually he was pressed

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Speaker 1: on inflation. Here's what he said. First of all, it's

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Speaker 1: not inevitable whenever it comes to the recession, so we

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Speaker 1: see that that bled into the secretary Treasury Secretary's comments. Secondly,

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Speaker 1: he says, quote, we're in a stronger position than any

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Speaker 1: nation in the world to overcome this inflation. Then he

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Speaker 1: pivoted to defending himself and saying that we have the

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Speaker 1: strongest job market since World War Two, and then we

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Speaker 1: have three point six percent on employment rate and talked

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Speaker 1: about wages. I don't know why they continue to go

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Speaker 1: to this post World War two talking point. You know,

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Speaker 1: it's this is a good parallel. Actually, consumer sentiment post

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Speaker 1: World War two was actually terrible. We had very high

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Speaker 1: inflation at that time, and Truman nearly got kicked out

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Speaker 1: of office for it because there was massive chaos in

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Speaker 1: the labor market. Because once again global events, you come

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Speaker 1: out of a crisis, it spikes huge problems and it

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Speaker 1: sparks real questions like what exactly are we going to

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Speaker 1: do as an economy and how are we going to

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Speaker 1: conduct commerce coming out of this? And Biden doesn't have

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Speaker 1: an actual answer for that. And this just gets to

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Speaker 1: what you're pointing to. There's only two ways really to

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Speaker 1: quote unquote solve inflation. You can induce a recession, which

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Speaker 1: is basically what the Fed has decided to do, or

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Speaker 1: you can try and deal with many of the supply

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Speaker 1: side factors. Well guess what is much much harder to

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Speaker 1: do both politically, but would actually solve the key problem

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Speaker 1: in the future, because this is a thing. Even with

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Speaker 1: inducing a recession, recession to the extent that it can

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Speaker 1: quote solve inflation, that just means that you're going to

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Speaker 1: reduce demand for everything across the board and hurt all business. Okay,

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Speaker 1: I mean, I guess that means the price is down.

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Speaker 1: But you know, nineteen seventy nine was a miserable year.

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Speaker 1: Nineteen eighty we actually went into one of the most

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Speaker 1: painful recessions since the Great Depression in nineteen eighty one,

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Speaker 1: which is a direct result of the Federal Reserve. And

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Speaker 1: to the extent that inflation was even quote solved after that,

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Speaker 1: it was mostly a result of the global cooling off

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Speaker 1: on the oil markets and learning how to deal with Opek,

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Speaker 1: the Iranian Revolution and all of that. So even there,

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Speaker 1: the Iran Iraq War probably had more to do with

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Speaker 1: solving inflation than in the actual VET or reserve. I'm

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Speaker 1: reading a book about the seventies right now, so very well,

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Speaker 1: right up. Well, yeah, and Sager, are we talking more

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Speaker 1: about that in his monologue than parallels are We've both

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Speaker 1: been pretty fascinated by the parallels lately, because even within

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Speaker 1: like the Left group infighting, there were parallels and that

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Speaker 1: there's just a lot of strange parallels going on. But yeah,

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Speaker 1: I mean, it's it's there was one other detail in

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Speaker 1: this interview with Biden's it's a little bit of an

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Speaker 1: a side, but I think the audience would be interested

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Speaker 1: in it, which is remember how they hung the picture,

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Speaker 1: the portrait of FDR in the White House, and this

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Speaker 1: was a signal like I get it, and I get

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Speaker 1: the challenge, and we're going to have a new new deal,

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Speaker 1: and I'm taking on the mantle of Roosevelt. Well, you

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Speaker 1: learn in this interview that he actually had nothing to

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Speaker 1: do with it. It It was I guess John Meacham that

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Speaker 1: hung it there, and he looked at it and said,

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Speaker 1: why Franklin Roosevelt. Not that I don't like Franklin Roosevelt,

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Speaker 1: but well I put that big portrait of Franklin Roosevelt.

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Speaker 1: And Meacham said, no one ever inherited that kind of

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Speaker 1: big circumstances and dire more dire straits than he did

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Speaker 1: that last time. And I said, oh, that's that's encouraging.

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Speaker 1: So anyway, apparently Biden never really embraced this FDR thing.

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Speaker 1: I think that's pretty clear at this point. But goud

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Speaker 1: And put this next hair sheet up on the screen

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Speaker 1: because this article, I really recommend people actually go and

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Speaker 1: read the whole things. From David Lynch at the Washington Post.

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Speaker 1: Fed's interest rate hikes may mark start of tough new

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Speaker 1: economic climate. And I'll read you a little bit of this.

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Speaker 1: So they said, for forty years now, the formula for

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Speaker 1: US economic growth has been the same, cheap money, and

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Speaker 1: that has been led by the Fed. Consumers could borrow

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Speaker 1: easily to buy homes and cars. Companies, whether profitable or not,

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Speaker 1: could tact bond investors for cash to fund their operations.

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Speaker 1: Washington could afford to bail out both Wall Street Main

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Speaker 1: Street by running eye popping budget deficits made possible by

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Speaker 1: borrowed funds. Now, with the end of that easy money regime,

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Speaker 1: you're in a very very different era. So, I mean,

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Speaker 1: you remember, not that long ago, the sort of conventional

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Speaker 1: wisdom was stock market only goes up. And you can

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Speaker 1: understand why people felt that way because we had a

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Speaker 1: crash during the coronavirus crisis. But it was very short

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Speaker 1: because immediately the FED leaps into action to backstop everything.

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Speaker 1: And so even as much of the economy was on hold,

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Speaker 1: I mean, people were at home, there was very little

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Speaker 1: that was actually happening. The stock market kept going up

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Speaker 1: and up and up. So you were seeing these twin

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Speaker 1: headlines of like you know, massive unemployment, massive numbers of

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Speaker 1: people filing for unemployment claims and yet stock market at

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Speaker 1: record levels. So there was just very recently this assumption

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Speaker 1: that oh, you can't lose, right, I mean, this thing

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Speaker 1: is it was fake. It was completely divorced from any

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Speaker 1: kind of reality. It was backstopped and propped up by

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Speaker 1: the Fed. Now that's being pulled back, and so we're

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Speaker 1: going to talk a minute. Of course, Crypto has taken

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Speaker 1: taken it on the chin, but you had asset bubbles

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Speaker 1: and basically every category. Now the air is coming out

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Speaker 1: of the tires in every single way. That is leading

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Speaker 1: to very new reality. I mean you've had they say,

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Speaker 1: now the total value of debt that's considered distressed by

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Speaker 1: SMP global ratings has nearly doubled over the past month

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Speaker 1: to forty nine billion, and that includes securities for companies

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Speaker 1: that you know and have heard very much about, Write Aid,

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Speaker 1: bed Bath and beyond they mentioned. So you know, this

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Speaker 1: is a pretty extraordinary shift, and I think it really

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Speaker 1: remains to be seen how the economy handles it. Because

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Speaker 1: we've had effectively zero interest rates for the Fed more

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Speaker 1: or less for quite a while now, certainly the last decade.

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Speaker 1: The amount that they have propped up these asset classes

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Speaker 1: has been extraordinary. By the way, that's part of what

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Speaker 1: fed inflation. I know, everybody you know loves to talk

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Speaker 1: about like what went to consumers and regular working class people,

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Speaker 1: but there was far more money, trillions of dollars that

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Speaker 1: was injected into to backstop the markets that fed inflation. Ultimately,

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Speaker 1: it also fed massive inequality. And so now as they

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Speaker 1: try to unwind that, it's going to be you may

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Speaker 1: not have benefited from that on the way up, but

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Speaker 1: it is going to be pain all the way around.

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Speaker 1: If the only way we can get out of the

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Speaker 1: cycle is for the FED to trigger a RECESSI which

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Speaker 1: is where we're yeah, and I just you know, emphasizing again.

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Speaker 1: There's actually a decent quote here by the chief research

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Speaker 1: officer at Barclay's Bank which he's like, look, this truth

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Speaker 1: is that the economy, this economy is designed to run

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Speaker 1: off of low interest rates, and so we are reshaping

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Speaker 1: the fundamentals of all of the Fortune five hundred companies,

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Speaker 1: and the way that they are going to have to

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Speaker 1: behave all the way from the fact is now that

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Speaker 1: higher interest rates mean that they are going to have

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Speaker 1: to spend more in paying down their debt too. They're

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Speaker 1: not going to be able to freely borrow in order

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Speaker 1: to invest in any of their actual resources in capital,

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Speaker 1: both in equipment. Their expenditures are going to be able

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Speaker 1: to probably going to go down as a result of this.

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Speaker 1: This also means though that they have to protect their

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Speaker 1: stock price. To protect their stock price, there is only

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Speaker 1: one way to do that. Whenever money is expensive to borrow,

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Speaker 1: you have to cut cost which will mean you have

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Speaker 1: to either cut wages or not give wage increases to

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Speaker 1: keep pace with inflation, or you have to fire people.

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Speaker 1: And unfortunately, I think that's the direction that we're going

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Speaker 1: to be heading in and it really is a result

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Speaker 1: of government policy and to the federal Reserve will have

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Speaker 1: broad impacts on everybody's retirement portfolios, on your ability to borrow.

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Speaker 1: More importantly, for all of you I think we're listening

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Speaker 1: to the show, is just the sheer ability in order

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Speaker 1: to get hired and the labor market mobility that we

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Speaker 1: saw over the last two years, which was extraordinary, and

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Speaker 1: you know we're about to get to the labor movement.

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Speaker 1: It could cripple the labor movement. You know, if you

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Speaker 1: see unemployment tick up, which is the explicit goal of

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Speaker 1: the Federal Reserve right now. Yeah, well what does that mean.

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Speaker 1: I mean it means that you're going to have less

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Speaker 1: of competitive of a job market. So you put all

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Speaker 1: that together and it's a grim picture for people. I

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Speaker 1: don't I don't think there's another way to say it.

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Speaker 1: There's no doubt about it. And you know, all that

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Speaker 1: the froth and the access that were in the markets

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Speaker 1: that said things like these zombie companies which are losing

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Speaker 1: money every single quarter, but because they can borrow money

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Speaker 1: so cheaply, they're able to make their interest payments and

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Speaker 1: kind of continue to link limp along. You had the

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Speaker 1: massive growth of these SPACs special purpose acquisition companies. These

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Speaker 1: are they call them blank check shell corporations, you know

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Speaker 1: that have avoid a lot of regulation. A lot of

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Speaker 1: those sort of like spectacularly failed. And so because you had,

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Speaker 1: you know, these massive trillions injected into the market in

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Speaker 1: this way, you created all of these things that now

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Speaker 1: are being pulled back dramatically. And I don't think anyone

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Speaker 1: knows exactly how this is going to play out because

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Speaker 1: we've never been in exactly this place before. Even though

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Speaker 1: there are a lot of parallels with the seventies. We've

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Speaker 1: not ever been exactly in this place before. And Sager,

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Speaker 1: something you've been pointing to is the consumer sentiment. I mean,

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Speaker 1: if you just ask the American people how they're feeling

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Speaker 1: about things, it is not good at all. Go ahead

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Speaker 1: and put this up on the screen. You can see

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Speaker 1: the best sentiment here they show in this chart they

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Speaker 1: say was in two thousand and this goes back to

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Speaker 1: it looks like about nineteen eighteen fifty five. The worst

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Speaker 1: sentiment is now right now. So worst sentiment now then,

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Speaker 1: even during you know, financial crash two thousand and eight,

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Speaker 1: two thousand and nine, and the nineteen seventies of high

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Speaker 1: and fell in the nineteen seventies, fly the worst consumer

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Speaker 1: sentiment on record in the United States. And people just

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Speaker 1: don't seem to grapple with that. It's why Putin's price

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Speaker 1: hike doesn't land. It's why best economy since World War Two?

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Speaker 1: Who doesn't land. Unless you are speaking to that sentiment,

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Speaker 1: you are not going to be a successful politician. And Biden,

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Speaker 1: the administration they have no answer for this. They continue

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Speaker 1: to just be dawdling. They don't have they don't appear

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Speaker 1: in step with the broad problem of Americans. I've been saying,

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Speaker 1: we've been saying this now for what a year. It's like,

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Speaker 1: I don't know how long it takes to learn, and

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Speaker 1: I get these stupid leaks coming out of the White House.

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Speaker 1: Jeff Stein had a story over the weekend about how

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Speaker 1: one idea was to give people gas rebates in order

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Speaker 1: to spend on gas, which would have been a problem

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Speaker 1: given that you don't deal to supply. But they couldn't

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Speaker 1: even do that. Why because we don't have enough semiconductor

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Speaker 1: chips in order to make that happen. So even their

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Speaker 1: stupid idea is not actionable because of a supply problem

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Speaker 1: that they also and Congress is too addressed, is too perfect.

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Speaker 1: And then there's also just this is another thing that

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Speaker 1: Jeff Stein tweeted, They've been considering this for four months,

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Speaker 1: Oh my god, four months and they're still apparently considering it.

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Speaker 1: It's like should or get off the pot? I mean, yeah, honestly,

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Speaker 1: and let me think about this, not just on this

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Speaker 1: a student loaned like all these days they flowed them,

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Speaker 1: they think about they agonize them as like Jesus Christ,

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Speaker 1: people are suffering. Now, take even if it's experimental, like

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Speaker 1: I mean, This is part of what FDR. It was like,

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Speaker 1: we're just gonna throw everything against the wall. We're gonna

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Speaker 1: figure out what works, what doesn't work. But we're gonna act,

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Speaker 1: We're gonna try things, We're gonna be creative and think

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Speaker 1: outside the box. And I think that more than anything,

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Speaker 1: has hamstrung him because if you look at the trajectory

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Speaker 1: of his entire career, what has he always done. I mean,

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Speaker 1: he's always tried to locate himself in the safest, most

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Speaker 1: centrius part of the Democratic Party, and there's no answers

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Speaker 1: there for a situation like this. I mean, that's why

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Speaker 1: his only move here he put on his op ed

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Speaker 1: of oh here's my plan, et cetera, et cetera. It

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Speaker 1: boiled down to yah, leave it to the Fed. Leave

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Speaker 1: it to the Fed. That's it. And the only thing

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Speaker 1: the Fed can really do is trigger a recession that

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Speaker 1: massively hurts you. It doesn't even deal with the real

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Speaker 1: core of the recent that we ended up in this

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Speaker 1: situation in the first place. It is a sad, sad

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Speaker 1: state of affairs. Ultimately, let's talk about crypto Well, some

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Speaker 1: brutality in the crypto markets. Let's put this up there

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Speaker 1: on the screen, Bitcoin falling below twenty thousand dollars for

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Speaker 1: the first time since twenty twenty. This is just a

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Speaker 1: broad problem in the entire market, from Bitcoin to ethereum.

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Speaker 1: On Saturday, at one point, Bitcoin was down to seventeen thousand,

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Speaker 1: which is the lowest that they've seen in well over

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Speaker 1: two and a half years. You also had Coinbase, one

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Speaker 1: of the largest trading platforms for crypto assets, laying off

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Speaker 1: eighteen percent of its staff, citing the recession and crypto

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Speaker 1: decline specifically as the reason. The Bank Celsius remember what

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Speaker 1: we talked about previously, which was pausing all of its withdrawals,

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Speaker 1: and also there's a hedge fund which, as a result

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Speaker 1: of both crypto and the broader stock market decline, had

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Speaker 1: major challenges. So you put all these together, presaged by

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Speaker 1: that tara usd coin, the decoupling of the stable coin

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Speaker 1: that we talked about previously, and you see a contraction

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Speaker 1: of almost seven trillion dollars in wealth in decline that

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Speaker 1: you've seen over just the last couple of months. All

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Speaker 1: that put together just spells real doom times. I think

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Speaker 1: for some of the biggest froth in the crypto community,

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Speaker 1: both from NFTs to some of the high interest loans

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Speaker 1: that people were taking out. Actually, it's an interesting story

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Speaker 1: about how with crypto, and I'd warned about this before people,

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Speaker 1: which is that people were staking their crypto on behalf

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Speaker 1: of cash loans, so based on the present value of

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Speaker 1: their asset. Well, then the banks and other of these

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Speaker 1: crypto banks started doing margin calls once the asset declined,

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Speaker 1: and nobody would pay up on their margin call. And

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Speaker 1: because all of this isn't none of this is regulated

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Speaker 1: under the SEC or FDIC, and so they don't have

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Speaker 1: a lot of I mean, they have some legal recourse

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Speaker 1: and they can try and settle it eventually through lawsuit,

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Speaker 1: but you either have the cash on your balance sheet

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Speaker 1: or you don't. And that was part of the reason

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Speaker 1: why they had to pause that. We'll point this New

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Speaker 1: York Times story up on the screen, which everybody's trying

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Speaker 1: to point to, you know, what exactly is happening in

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Speaker 1: the crypto markets, and their winning really to tether the

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Speaker 1: decline and the unpegging away from the stable coin as

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Speaker 1: a real indicator of just where so much of the

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Speaker 1: froth had been concentrated. And I think this is really

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Speaker 1: appeal back both in the economy and also in crypto.

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Speaker 1: Back to fundamentals, I mean five years ago or so

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Speaker 1: when I got into the cryptoc community. I told us

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Speaker 1: before it was about censorship resistant money, and it was

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Speaker 1: about trying to hedge inflation in places like Argentina and

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Speaker 1: others where they have like sixty percent hyperinflation, to have

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Speaker 1: a semi stable asset that people can conduct commerce in.

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Speaker 1: But then it became like blockchains, which became architects for

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Speaker 1: all of this complicated financial instrumentation that Wall Street was using.

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Speaker 1: Massive loans were flying around and look for a time,

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Speaker 1: mega billionaires are being made, you know, Sambank. There are

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Speaker 1: hundreds of billionaires that became minted in just the last

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Speaker 1: two years I guess not billionaires anymore, but were on

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Speaker 1: paper at least at some point. So there was a

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Speaker 1: lot of real wealth being generated, and then the decline

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Speaker 1: in that from NFTs and more. My concern is not

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Speaker 1: with the people who are buildllionaires and now one hundred millionaires.

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Speaker 1: It's with normal folks. You know, we talked about on

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Speaker 1: Reddit and others, people specifically many influencers and celebrities like

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Speaker 1: Paris Hilton and like Reese Witherspoon and other people were

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Speaker 1: chilling NFTs to their to their fans and getting paid

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Speaker 1: huge money in order to do so. By the way,

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Speaker 1: they're getting pay in cash, just so we all know. Yeah,

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Speaker 1: those people are getting paid in cash and convincing people

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Speaker 1: to put their life savings into non fungible tokens. I'm

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Speaker 1: not even an unbeliever in the underlying technology of it,

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Speaker 1: but the sheer matter is that when you're spending hundreds

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Speaker 1: of millions of dollars on these platforms, you're going to

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Speaker 1: get caught holding the bag, and unfortunately, that is what

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Speaker 1: happened to a lot of average people. They also point

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Speaker 1: to Latin American countries which were buying either bitcoin or

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Speaker 1: crypto currencies as part of their balance sheets as heads

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Speaker 1: against inflation. El Salvador being one. Well, they're in serious

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Speaker 1: trouble now because of the decline in asset. These are

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Speaker 1: developing countries which need that money. You know, they are

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Speaker 1: not the reserve currency in order to pay for different

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Speaker 1: expenditures and other things in their own countries. So the

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Speaker 1: decline has had very real world consequences. Even for I

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Speaker 1: saw a story on Tara specifically. Again, I'm you know,

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Speaker 1: in Argentina and some other countries where they have hyper inflation.

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Speaker 1: People put their life savings in these assets because they said,

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Speaker 1: at least I can invest in something which is pegged

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Speaker 1: to the US dollar, which is more stable than my

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Speaker 1: own currency. And now they're left with almost nothing. So

431
00:21:23,760 --> 00:21:27,440
Speaker 1: it wiped it wiped many normal people's savings completely out.

432
00:21:27,480 --> 00:21:29,600
Speaker 1: Now that's why you shouldn't go in on any asset class.

433
00:21:29,600 --> 00:21:31,639
Speaker 1: But there I mean a lot of that's true, A

434
00:21:31,680 --> 00:21:33,280
Speaker 1: lot of I mean, and a lot of the people

435
00:21:33,280 --> 00:21:36,359
Speaker 1: involved your WORL ultimately just frosters and huckster I mean,

436
00:21:36,400 --> 00:21:38,600
Speaker 1: there were, you know, tons of just pump and dump

437
00:21:38,800 --> 00:21:42,800
Speaker 1: schemes and rug pulls and all kinds of just outright fraud.

438
00:21:43,640 --> 00:21:47,040
Speaker 1: Not to mention part of this article about Teather, which

439
00:21:47,040 --> 00:21:50,040
Speaker 1: I had actually followed before, is the fact that, you know,

440
00:21:50,080 --> 00:21:53,080
Speaker 1: the whole idea of tether is that it is backed

441
00:21:53,359 --> 00:21:56,800
Speaker 1: by US dollars. So that was that was the claim.

442
00:21:57,200 --> 00:22:00,440
Speaker 1: And then Letitia James is the Attorney General of News

443
00:22:00,880 --> 00:22:04,720
Speaker 1: going after all kinds of different people Amazon and Facebook

444
00:22:04,760 --> 00:22:07,639
Speaker 1: and Trump and all kinds of others. She said, I

445
00:22:07,640 --> 00:22:11,080
Speaker 1: don't think this is true, and turns out it wasn't true.

446
00:22:11,800 --> 00:22:16,639
Speaker 1: There was also a CFTC investigation that found out of

447
00:22:16,680 --> 00:22:21,119
Speaker 1: their sample timeframe that they were looking at only about

448
00:22:21,160 --> 00:22:24,840
Speaker 1: a quarter of the time did Tether actually have sufficient

449
00:22:24,960 --> 00:22:28,639
Speaker 1: cash reserves? Now they say, okay, we have transparency now,

450
00:22:28,720 --> 00:22:30,920
Speaker 1: and sure a lot of our reserves are held in

451
00:22:30,920 --> 00:22:33,760
Speaker 1: commercial paper, which isn't totally liquid, but we're working to

452
00:22:33,840 --> 00:22:36,399
Speaker 1: change that. There was a bit of a run because

453
00:22:36,400 --> 00:22:39,359
Speaker 1: this is effectively, even though there's lots of like complicated

454
00:22:39,440 --> 00:22:42,840
Speaker 1: jargon here and new fangled ideas, it ultimately comes down

455
00:22:42,880 --> 00:22:45,399
Speaker 1: to this is basically a bank and there was a

456
00:22:45,560 --> 00:22:48,160
Speaker 1: run on the bank and they were able to get

457
00:22:48,160 --> 00:22:50,439
Speaker 1: through that, even though it depegged for a while. So

458
00:22:50,480 --> 00:22:53,960
Speaker 1: they're saying, hey, that means we're good to go. But

459
00:22:54,040 --> 00:22:57,560
Speaker 1: there's still a lot of questions over whether if you know,

460
00:22:57,680 --> 00:22:59,760
Speaker 1: things continue to crash. I should say crypto as I

461
00:22:59,800 --> 00:23:01,680
Speaker 1: think up a little bit this morning from the lows

462
00:23:01,720 --> 00:23:04,199
Speaker 1: that we experienced just recently. But if there is a

463
00:23:04,240 --> 00:23:08,160
Speaker 1: serious crash and there's an even more serious run on Tether,

464
00:23:08,880 --> 00:23:11,520
Speaker 1: are they going to be able to ultimately stand up?

465
00:23:11,880 --> 00:23:15,520
Speaker 1: And this is one of the sort of bedrock underpinning

466
00:23:15,720 --> 00:23:20,000
Speaker 1: of the entire crypto world. So if Tether were to

467
00:23:20,040 --> 00:23:23,240
Speaker 1: fall you'd have massive spillover effects into all kinds of

468
00:23:23,280 --> 00:23:26,120
Speaker 1: other things. And so that's the part that they're looking

469
00:23:26,119 --> 00:23:29,040
Speaker 1: at here. I think the kicker to this article kind

470
00:23:29,040 --> 00:23:31,199
Speaker 1: of says it all because, as you said, you know,

471
00:23:32,240 --> 00:23:36,440
Speaker 1: the idea. I really understand the appeal of the initial idea, right,

472
00:23:36,520 --> 00:23:38,800
Speaker 1: I genuinely do, and for a long time very crypto,

473
00:23:38,920 --> 00:23:41,920
Speaker 1: sort of just agnostic because it was interesting, right, and

474
00:23:41,960 --> 00:23:44,879
Speaker 1: I think in certain situations, like in countries that are

475
00:23:44,960 --> 00:23:47,640
Speaker 1: kind of destabile at high pasulation, whatever, the whole idea, Okay,

476
00:23:47,840 --> 00:23:49,439
Speaker 1: this will be a hedge against inflation. Well we can

477
00:23:49,480 --> 00:23:51,399
Speaker 1: see very much now that that is not the case.

478
00:23:51,840 --> 00:23:54,639
Speaker 1: The original concept is this will be an actual medium

479
00:23:54,640 --> 00:23:57,760
Speaker 1: of exchange. Well it turned into just a massive speculative

480
00:23:57,840 --> 00:24:00,359
Speaker 1: asset that is not backed by anything. I know. A

481
00:24:00,359 --> 00:24:03,520
Speaker 1: lot of crypto believers will say, well, the US dollar

482
00:24:03,600 --> 00:24:06,560
Speaker 1: is also just based on an idea, but that's not true.

483
00:24:06,600 --> 00:24:09,399
Speaker 1: We have the largest, like the largest military in the

484
00:24:09,440 --> 00:24:12,720
Speaker 1: world is backing the US dollar. The US government is

485
00:24:12,760 --> 00:24:15,119
Speaker 1: not amazing these days, but either the United States of

486
00:24:15,160 --> 00:24:18,840
Speaker 1: America isn't nothing. So it is a very different scenario here.

487
00:24:19,320 --> 00:24:21,399
Speaker 1: And ultimately, to the point of a lot of this

488
00:24:21,600 --> 00:24:25,040
Speaker 1: just became about gambling and a casino and finding the

489
00:24:25,080 --> 00:24:27,720
Speaker 1: next greater fool. The quote at the end of this

490
00:24:27,800 --> 00:24:30,480
Speaker 1: piece they say, everyone's freaking out, like, oh my god,

491
00:24:30,520 --> 00:24:32,920
Speaker 1: I lost my life savings, said mister Collins, who found

492
00:24:32,960 --> 00:24:35,159
Speaker 1: a tether with mister Pearson now runs a crypto venture

493
00:24:35,160 --> 00:24:38,080
Speaker 1: called block Fee. That's a tragedy, but it's just as

494
00:24:38,119 --> 00:24:40,000
Speaker 1: much of a tragy when someone says I went to

495
00:24:40,040 --> 00:24:43,360
Speaker 1: a casino and lost my life savings. That doesn't mean

496
00:24:43,440 --> 00:24:47,200
Speaker 1: less regulate casinos out of existence. So even their advocates

497
00:24:47,200 --> 00:24:49,960
Speaker 1: are basically comparing it to a casino right now, By

498
00:24:49,960 --> 00:24:54,000
Speaker 1: the way, casino's extremely highly regulated. Also that's true. Yeah,

499
00:24:54,040 --> 00:24:56,640
Speaker 1: that's actually yeah. I mean there's been about a gaming commission,

500
00:24:56,720 --> 00:24:59,840
Speaker 1: and yes, oversight, even though I do think a lot

501
00:24:59,840 --> 00:25:02,679
Speaker 1: of a very exploitative I mean, listen, at the end

502
00:25:02,720 --> 00:25:05,480
Speaker 1: of the day, it was speculative, and one of the

503
00:25:05,480 --> 00:25:08,119
Speaker 1: warnings always at the top was if you get in,

504
00:25:08,160 --> 00:25:09,880
Speaker 1: you better be willing to lose it all. I don't

505
00:25:09,880 --> 00:25:12,280
Speaker 1: think a lot of people were actually told that message.

506
00:25:12,320 --> 00:25:15,280
Speaker 1: They just saw people making extraordinary amounts of wealth. And

507
00:25:15,400 --> 00:25:18,359
Speaker 1: I think a lot of these people, specifically influencers and

508
00:25:18,400 --> 00:25:21,840
Speaker 1: others who were pushing their average person into some of

509
00:25:21,880 --> 00:25:26,199
Speaker 1: these assets without understanding any of the underlying risk. That

510
00:25:26,440 --> 00:25:28,880
Speaker 1: was the major problem. I mean, I think I'm pretty

511
00:25:28,920 --> 00:25:31,119
Speaker 1: sure any time I've advocated bitcoin, I've been like, listen,

512
00:25:31,160 --> 00:25:33,760
Speaker 1: I've at certain points been down up to one hundred percent,

513
00:25:34,080 --> 00:25:36,639
Speaker 1: and that's something that you should know. The day that

514
00:25:36,680 --> 00:25:40,120
Speaker 1: I bought bitcoin, I anticipated losing every single dollar of it.

515
00:25:40,200 --> 00:25:41,600
Speaker 1: But I was like, you know, this is kind of interesting.

516
00:25:41,640 --> 00:25:43,600
Speaker 1: I didn't do it to make money. I was like,

517
00:25:43,640 --> 00:25:46,560
Speaker 1: this is a cool project. It's an interesting idea, and

518
00:25:46,680 --> 00:25:49,760
Speaker 1: the idea of censorship resistant money, especially whenever we point to,

519
00:25:49,840 --> 00:25:52,600
Speaker 1: you know, the Canadian protests and others with crypto. Although

520
00:25:52,640 --> 00:25:55,080
Speaker 1: the government did end up seizing, that just showed me.

521
00:25:55,200 --> 00:25:57,720
Speaker 1: I was like, huh, that's a cool use case. But

522
00:25:58,440 --> 00:26:00,439
Speaker 1: if you did it in order to to try and

523
00:26:00,480 --> 00:26:04,160
Speaker 1: go number go up, it's like, well, then that's equivalent

524
00:26:04,200 --> 00:26:07,720
Speaker 1: to investing in some penny stock scheme. Yeah. Well, And

525
00:26:07,800 --> 00:26:10,840
Speaker 1: even some of the idealism turned out a lot of

526
00:26:10,840 --> 00:26:14,800
Speaker 1: the people involved, you know, they said what they thought

527
00:26:14,840 --> 00:26:17,200
Speaker 1: was convenient for their own bank accounts, so like Sam

528
00:26:17,240 --> 00:26:19,560
Speaker 1: bankmin Freed for example, And if you're truly invested in

529
00:26:19,600 --> 00:26:22,440
Speaker 1: like the libertarian ideal. I would think that going in

530
00:26:22,560 --> 00:26:25,640
Speaker 1: influence peddling with the Democratic Party and other powerful political

531
00:26:25,640 --> 00:26:30,400
Speaker 1: officials kind of anathema to the best case for that worldview,

532
00:26:30,720 --> 00:26:33,480
Speaker 1: and yet that's exactly what he was in the process

533
00:26:33,520 --> 00:26:35,919
Speaker 1: of doing. I think ultimately stillar makes a case for

534
00:26:35,960 --> 00:26:38,399
Speaker 1: this in a piece that posted over the weekend, in

535
00:26:38,520 --> 00:26:41,040
Speaker 1: order to make sure that when the bottom falls out,

536
00:26:41,320 --> 00:26:44,880
Speaker 1: their behinds are ultimately protected. They didn't manage to pull

537
00:26:44,920 --> 00:26:48,680
Speaker 1: that off in time. There was an incredible I recommend

538
00:26:48,920 --> 00:26:51,440
Speaker 1: apparently there was a It was controversial the piece that

539
00:26:51,560 --> 00:26:53,639
Speaker 1: Stiller put out, but I think it's worth watching and

540
00:26:53,680 --> 00:26:55,399
Speaker 1: you can judge for yourself. But he does have a

541
00:26:55,400 --> 00:26:57,360
Speaker 1: clip in there that's pretty extraordinary of one of these

542
00:26:57,359 --> 00:27:02,160
Speaker 1: big boosters who's like, take all your life savings and

543
00:27:02,200 --> 00:27:04,880
Speaker 1: put it in crypto. The smartest thing you can do

544
00:27:05,000 --> 00:27:07,119
Speaker 1: is put everything you have in crypto. And if you

545
00:27:07,119 --> 00:27:10,320
Speaker 1: don't have mortgage your house, take out credit cards, you

546
00:27:10,359 --> 00:27:12,440
Speaker 1: need to spend all day, every day thinking of how

547
00:27:12,440 --> 00:27:16,040
Speaker 1: you can get every single penny you possibly can into crypto.

548
00:27:16,480 --> 00:27:20,320
Speaker 1: Like that's the level of insanity and irresponsibility and just

549
00:27:20,720 --> 00:27:24,280
Speaker 1: I mean, that's it's so wrong to say that to

550
00:27:24,320 --> 00:27:30,240
Speaker 1: anyone about literally anything, let alone something as speculative as crypto.

551
00:27:30,560 --> 00:27:32,560
Speaker 1: So I'd be wrong to say that about the dollar

552
00:27:32,600 --> 00:27:36,800
Speaker 1: two okay, anything, literally anything. Okay. So I mentioned a

553
00:27:36,800 --> 00:27:40,879
Speaker 1: couple of times. We have a new development in the

554
00:27:40,920 --> 00:27:43,520
Speaker 1: labor movement that is pretty exciting. So the first ever

555
00:27:43,760 --> 00:27:47,960
Speaker 1: Apple store has now unionized. This is in a suburb

556
00:27:48,000 --> 00:27:49,840
Speaker 1: outside of Baltimore, Maryland. Let's go ahead and put this

557
00:27:49,960 --> 00:27:52,000
Speaker 1: up on the screens for more Perfect Union, they say,

558
00:27:52,240 --> 00:27:55,199
Speaker 1: breaking in an historic victory Apple store employees in Maryland.

559
00:27:55,240 --> 00:27:58,200
Speaker 1: When the first union at Apple, despite a nationwide anti

560
00:27:58,320 --> 00:28:02,960
Speaker 1: union campaign by Apple management, workers voted overwhelmingly sixty five

561
00:28:03,000 --> 00:28:07,320
Speaker 1: to thirty three to unionize with I think it's the

562
00:28:07,760 --> 00:28:12,560
Speaker 1: Twitter handle here is at machines ts union machinists, I

563
00:28:12,600 --> 00:28:16,000
Speaker 1: think is yeah, that's right. So anyway, I think it's

564
00:28:16,040 --> 00:28:18,639
Speaker 1: like United Machinists of America something like that. Okay. So

565
00:28:19,520 --> 00:28:23,960
Speaker 1: Apple workers outside of Baltimore unionizing. Very exciting. It's interesting

566
00:28:24,000 --> 00:28:26,640
Speaker 1: in the video that More Perfect Union talks about here,

567
00:28:27,640 --> 00:28:31,480
Speaker 1: they interview the workers and some of them said, you know,

568
00:28:32,160 --> 00:28:35,240
Speaker 1: I've worked here for a long time before the pandemic.

569
00:28:35,480 --> 00:28:39,160
Speaker 1: We had a horrific situation. You guys remember when Apple

570
00:28:39,400 --> 00:28:43,480
Speaker 1: was caught basically degrading their old phone batteries so that

571
00:28:43,520 --> 00:28:47,200
Speaker 1: people will be forced into new phones. Who's taking the

572
00:28:47,240 --> 00:28:50,000
Speaker 1: brunt of the abuse from customers who are pissed off?

573
00:28:50,080 --> 00:28:55,200
Speaker 1: Rightfully about what's going on? These Apple store workers pre pandemic.

574
00:28:55,560 --> 00:28:56,960
Speaker 1: I'm sure if you guys have ever been in these

575
00:28:57,200 --> 00:29:00,240
Speaker 1: totally packed I always find a very stressful environment. They're

576
00:29:00,240 --> 00:29:02,040
Speaker 1: in their day and day out and felt like they

577
00:29:02,080 --> 00:29:04,560
Speaker 1: had no say in the conditions to their workplace and

578
00:29:04,640 --> 00:29:07,479
Speaker 1: just having to take this abuse from customers and like

579
00:29:07,560 --> 00:29:09,360
Speaker 1: no way to really deal with it. Then of course

580
00:29:09,400 --> 00:29:12,960
Speaker 1: the pandemic presents a whole other level of challenge. And

581
00:29:13,000 --> 00:29:15,440
Speaker 1: they talked too about how they were really inspired by

582
00:29:15,560 --> 00:29:17,680
Speaker 1: they saw what happened with Amazon, they saw what happened

583
00:29:17,680 --> 00:29:21,040
Speaker 1: with the Starbucks workers, and that sparked the idea of hey,

584
00:29:21,080 --> 00:29:23,720
Speaker 1: if they could do it, we can do it too,

585
00:29:24,240 --> 00:29:26,840
Speaker 1: So that was interesting. I mean, of course, the thing

586
00:29:26,840 --> 00:29:29,560
Speaker 1: I'm very worried about, though, is there's a lot of

587
00:29:29,600 --> 00:29:33,960
Speaker 1: factors for why right now you see all this grassroots

588
00:29:34,240 --> 00:29:37,320
Speaker 1: labor movement organizing workers saying, hey, we're not going to

589
00:29:37,480 --> 00:29:40,360
Speaker 1: quit our job. Or to stay here and organize. I

590
00:29:40,360 --> 00:29:43,440
Speaker 1: think the biggest factor underpinning that is number one, you

591
00:29:43,480 --> 00:29:46,480
Speaker 1: have some natural leaders who have kind of galvanized the movement.

592
00:29:46,800 --> 00:29:49,080
Speaker 1: But number two, you have it for the first time

593
00:29:49,080 --> 00:29:53,400
Speaker 1: in a long time, the amount of productivity gains actually

594
00:29:53,400 --> 00:29:57,720
Speaker 1: going to workers going up, and so you had workers

595
00:29:57,760 --> 00:30:01,320
Speaker 1: in an actually comparatively strong position because there are lots

596
00:30:01,320 --> 00:30:03,320
Speaker 1: of jobs out there, there just aren't a lot of

597
00:30:03,480 --> 00:30:08,040
Speaker 1: good jobs, so that gave them a lot of leverage.

598
00:30:08,240 --> 00:30:11,120
Speaker 1: It's not easy right now to hire replacement workers as

599
00:30:11,200 --> 00:30:13,360
Speaker 1: it has been for most of my life, where people

600
00:30:13,360 --> 00:30:17,040
Speaker 1: could just be treated as disposable. If we end up

601
00:30:17,200 --> 00:30:20,880
Speaker 1: in a recession and the FED is outright saying we

602
00:30:20,960 --> 00:30:24,080
Speaker 1: want to cool off the labor market and depress wages,

603
00:30:24,600 --> 00:30:27,520
Speaker 1: well that's going to really make it a lot more

604
00:30:27,560 --> 00:30:30,720
Speaker 1: difficult and take a lot of that leverage out of

605
00:30:30,760 --> 00:30:33,840
Speaker 1: this burgeoning movement. So Bloomberg had an article about this.

606
00:30:33,920 --> 00:30:36,040
Speaker 1: Let's go ahead and put this up on the screen.

607
00:30:36,120 --> 00:30:39,080
Speaker 1: Here they say Fed's inflation battle to strict workers of

608
00:30:39,200 --> 00:30:43,320
Speaker 1: rare bargaining power. Tight pandemic labor markets made employers offer

609
00:30:43,400 --> 00:30:47,640
Speaker 1: better deals, But cure for soaring prices may mean higher

610
00:30:47,760 --> 00:30:51,920
Speaker 1: unemployment too. And again this is not speculative, this is

611
00:30:52,320 --> 00:30:55,240
Speaker 1: you know outright what they are saying and what they

612
00:30:55,240 --> 00:30:58,160
Speaker 1: are telling you. So the fact that we've had a

613
00:30:58,200 --> 00:31:01,400
Speaker 1: little bit more power flow to worker that could all

614
00:31:01,640 --> 00:31:06,000
Speaker 1: very easily be reverse because ultimately, you know, when you're

615
00:31:06,040 --> 00:31:08,960
Speaker 1: just desperate to have a job, any job, it's a

616
00:31:09,000 --> 00:31:11,440
Speaker 1: lot harder to take that risk of unionized and we've

617
00:31:11,440 --> 00:31:14,880
Speaker 1: seen how companies have been shameless about firing workers who

618
00:31:14,880 --> 00:31:16,920
Speaker 1: get involved in these efforts. I think that the Great

619
00:31:16,920 --> 00:31:18,680
Speaker 1: Recession is a good reminder of this. You know, when

620
00:31:18,720 --> 00:31:21,719
Speaker 1: employment unemployment was like ten percent, that was actually one

621
00:31:21,760 --> 00:31:25,400
Speaker 1: of the periods where unionization and pushback against both union

622
00:31:25,480 --> 00:31:27,720
Speaker 1: rights and worker power was at its highest level, and

623
00:31:27,720 --> 00:31:31,040
Speaker 1: it was capitalized on, obviously by a lot of anti

624
00:31:31,160 --> 00:31:34,280
Speaker 1: union movement, and it was specifically because they had the

625
00:31:34,320 --> 00:31:37,680
Speaker 1: ability in order to mass replace workers. Now, look, unemployment

626
00:31:37,720 --> 00:31:39,600
Speaker 1: is only three point six percent, and of course every

627
00:31:39,640 --> 00:31:41,880
Speaker 1: business that you go to has a help wanted sign.

628
00:31:41,960 --> 00:31:45,080
Speaker 1: But as you begin to see contraction, and if specifically

629
00:31:45,120 --> 00:31:49,160
Speaker 1: if you start to see firings or worse not new hirings,

630
00:31:49,360 --> 00:31:52,920
Speaker 1: putting back on hours, people closing their stores and not

631
00:31:53,120 --> 00:31:57,360
Speaker 1: posting new listings. That's when we're going to see major issues,

632
00:31:57,360 --> 00:32:00,280
Speaker 1: and it almost always starts at the lowest end of

633
00:32:00,280 --> 00:32:02,560
Speaker 1: the income spectrum, which is where we've seen some of

634
00:32:02,600 --> 00:32:04,959
Speaker 1: the highest growth. So you could see a real yo

635
00:32:05,040 --> 00:32:07,719
Speaker 1: yo effect of twenty nineteen, not a lot of power.

636
00:32:07,800 --> 00:32:10,680
Speaker 1: There was a tightening labor market, certainly, but then twenty twenty,

637
00:32:10,760 --> 00:32:13,560
Speaker 1: twenty twenty one that didn't have a particular amount of impact.

638
00:32:13,760 --> 00:32:16,960
Speaker 1: And then when unemployment really begins to rise, that is

639
00:32:16,960 --> 00:32:20,160
Speaker 1: when power goes away, and it goes away very quick quickly.

640
00:32:20,160 --> 00:32:22,760
Speaker 1: I don't think we should really underestimate how fast the

641
00:32:22,800 --> 00:32:26,640
Speaker 1: Federal Reserve and some of this monetary policy can trigger recession.

642
00:32:26,640 --> 00:32:29,240
Speaker 1: It can happen within six to eight months. I mean

643
00:32:29,360 --> 00:32:32,240
Speaker 1: by some measures were already in recession. Personally, I don't

644
00:32:32,240 --> 00:32:35,920
Speaker 1: even like these economic metrics like bear market at twenty

645
00:32:36,000 --> 00:32:39,920
Speaker 1: percent arbitrary. Yeah, it is arbitrary to me. It's about people.

646
00:32:40,040 --> 00:32:42,840
Speaker 1: Ask people how their people are the economy. We are

647
00:32:42,880 --> 00:32:45,240
Speaker 1: the ones who conducted commerce. When people tell you the

648
00:32:45,280 --> 00:32:48,680
Speaker 1: lowest consumer sentiment on record, that's a recession in my opinion,

649
00:32:48,800 --> 00:32:52,440
Speaker 1: because it's not even just about their spending, it's about expectations.

650
00:32:52,520 --> 00:32:55,600
Speaker 1: Expectations are one of the biggest parts to manage inflation.

651
00:32:55,800 --> 00:32:58,560
Speaker 1: And you can see do you have the Treasury Secretary

652
00:32:58,560 --> 00:33:00,920
Speaker 1: saying it's not going to come down any time soon, Biden.

653
00:33:01,000 --> 00:33:03,080
Speaker 1: I mean there's no plan as I can see right

654
00:33:03,120 --> 00:33:04,880
Speaker 1: now to do anything about it, which is going to

655
00:33:04,960 --> 00:33:07,360
Speaker 1: drive people to be even more pessimistic, which means that

656
00:33:07,360 --> 00:33:10,240
Speaker 1: they're going to presume or consume less gas, maybe buy

657
00:33:10,320 --> 00:33:13,360
Speaker 1: less stuff, not invest in new things, not buy a

658
00:33:13,400 --> 00:33:15,880
Speaker 1: new house because of the mortgage rate. That's where everything

659
00:33:15,880 --> 00:33:18,280
Speaker 1: starts to bleed into I mean having it. I mean,

660
00:33:18,280 --> 00:33:20,480
Speaker 1: we put that one tweet up there last week where

661
00:33:20,520 --> 00:33:22,120
Speaker 1: someone was like I have a one point seventy five

662
00:33:22,120 --> 00:33:26,000
Speaker 1: percent mortgage, Like I'm not moving whenever mortgage is six percent.

663
00:33:26,000 --> 00:33:28,160
Speaker 1: I'm just not going to sell my house. Well, that

664
00:33:28,320 --> 00:33:30,760
Speaker 1: is a lot of people right now. Same with cars.

665
00:33:30,800 --> 00:33:32,720
Speaker 1: I mean, I don't know if anybody's seeing the used

666
00:33:32,720 --> 00:33:36,160
Speaker 1: car market recently, it's out of control. I mean, you know,

667
00:33:36,240 --> 00:33:38,480
Speaker 1: like a basic SUV is going for like forty five

668
00:33:38,520 --> 00:33:42,200
Speaker 1: fifty thousand dollars. It's complete insanity. So it's a it's

669
00:33:42,240 --> 00:33:44,880
Speaker 1: a it's very tough for people right now. It is,

670
00:33:45,120 --> 00:33:48,000
Speaker 1: and what we have seen routine ly is you know,

671
00:33:48,040 --> 00:33:51,000
Speaker 1: with the people at the top, it's like heads they win,

672
00:33:51,120 --> 00:33:53,640
Speaker 1: tails you lose when of course the market crashes and

673
00:33:53,720 --> 00:33:56,520
Speaker 1: assets collapse, and you know, housing is a lot cheaper,

674
00:33:56,600 --> 00:34:00,000
Speaker 1: like for them to take on the higher interest mortgage.

675
00:34:00,080 --> 00:34:02,040
Speaker 1: They don't even have to because they have to they

676
00:34:02,080 --> 00:34:05,320
Speaker 1: have enough sufficient capital to just be able to buy

677
00:34:05,480 --> 00:34:09,000
Speaker 1: up distress assets so that when things rebound, they get

678
00:34:09,360 --> 00:34:12,960
Speaker 1: richer and richer than ever before. So you know, I

679
00:34:12,960 --> 00:34:16,160
Speaker 1: mean on the other side of in terms of if

680
00:34:16,160 --> 00:34:19,560
Speaker 1: the labor search will continue, which I think has been

681
00:34:19,680 --> 00:34:23,440
Speaker 1: really exciting and you know, a representation of actual true

682
00:34:23,440 --> 00:34:28,640
Speaker 1: democracy and giving people a sense of autonomy and power

683
00:34:28,800 --> 00:34:31,560
Speaker 1: within their day to day lives. Some of I think

684
00:34:31,600 --> 00:34:34,360
Speaker 1: that has come not just from the changes in the

685
00:34:34,440 --> 00:34:36,880
Speaker 1: labor market and the very low unemployment rate, but I

686
00:34:36,880 --> 00:34:40,400
Speaker 1: think it also has come from a genuine shift in

687
00:34:40,440 --> 00:34:43,600
Speaker 1: how people are thinking and relating to their work after

688
00:34:43,640 --> 00:34:46,520
Speaker 1: the pandemic. I think part of it has come from

689
00:34:46,719 --> 00:34:50,600
Speaker 1: a young generation that was inspired by the Bernie Sanders movement,

690
00:34:50,800 --> 00:34:53,360
Speaker 1: and you know, the focus on the working class and

691
00:34:54,160 --> 00:34:56,120
Speaker 1: on the labor movement that was sort of like a

692
00:34:56,960 --> 00:35:00,399
Speaker 1: re education for a generation. That is kind of because

693
00:35:00,440 --> 00:35:02,880
Speaker 1: labor unions have been crush on of existence has been

694
00:35:02,960 --> 00:35:05,440
Speaker 1: kind of disconnected from labor. So I do think that

695
00:35:05,480 --> 00:35:09,040
Speaker 1: there are other factors at play that aren't just related

696
00:35:09,080 --> 00:35:12,160
Speaker 1: to the baseline metrics of the economy. There's just no

697
00:35:12,239 --> 00:35:14,520
Speaker 1: doubt about it that this landscape will make things a

698
00:35:14,520 --> 00:35:17,239
Speaker 1: lot more difficult. Okay, let's talk about Uvaldi. So some

699
00:35:17,440 --> 00:35:20,759
Speaker 1: new and interesting revelations. Let's start with the first and

700
00:35:20,800 --> 00:35:23,160
Speaker 1: the foremost, which is that let's put this on the screen.

701
00:35:23,440 --> 00:35:27,240
Speaker 1: Euvaldi and Ualdi police have hired a private law firm

702
00:35:27,600 --> 00:35:32,080
Speaker 1: to fight against being required to release body camera footage

703
00:35:32,120 --> 00:35:35,839
Speaker 1: and other records related to the school shooting. They say

704
00:35:35,880 --> 00:35:40,239
Speaker 1: that files could be highly embarrassing and involve emotional and

705
00:35:40,320 --> 00:35:43,719
Speaker 1: mental distress. I mean, I think it probably caused more

706
00:35:43,719 --> 00:35:46,640
Speaker 1: emotional mental distress whenever little children were killed because you

707
00:35:46,680 --> 00:35:49,480
Speaker 1: weren't doing your job. And the city is now working

708
00:35:49,520 --> 00:35:52,840
Speaker 1: with this law form not just release body camera footage,

709
00:35:52,840 --> 00:35:55,280
Speaker 1: which I mean, I guess you could make an argument

710
00:35:55,320 --> 00:35:59,640
Speaker 1: about that, but this is specifically about all records related

711
00:35:59,680 --> 00:36:02,480
Speaker 1: to the mass shooting. This is a letter that they

712
00:36:02,480 --> 00:36:06,280
Speaker 1: were actually given in response to public information requests. Obviously,

713
00:36:06,320 --> 00:36:09,400
Speaker 1: reporters and everyone else across Texas has been trying to

714
00:36:09,440 --> 00:36:13,160
Speaker 1: foil body camera footage, photos, nine to one one calls, emails,

715
00:36:13,360 --> 00:36:17,280
Speaker 1: text messages, criminal records and everything. And they're blocking every

716
00:36:17,440 --> 00:36:20,759
Speaker 1: possible thing that they can because this city has not

717
00:36:20,880 --> 00:36:25,640
Speaker 1: voluntarily released one scrap of information as a result of this.

718
00:36:26,000 --> 00:36:28,799
Speaker 1: And here's the thing, which is that the city is

719
00:36:28,840 --> 00:36:32,239
Speaker 1: now actually asking Ken Paxton, who's the Attorney General, who

720
00:36:32,280 --> 00:36:35,319
Speaker 1: will get to for a determination on what information is

721
00:36:35,400 --> 00:36:38,600
Speaker 1: required to release to the public, which apparently is the

722
00:36:38,640 --> 00:36:41,160
Speaker 1: standard practice in the state of Texas. So the Texas

723
00:36:41,200 --> 00:36:45,400
Speaker 1: ag now has the ability to determine which and any,

724
00:36:45,560 --> 00:36:49,080
Speaker 1: if all, records should be released. They're hiding and fighting

725
00:36:49,120 --> 00:36:52,160
Speaker 1: behind this lawsuit. Meanwhile, the Texas Attorney General and the

726
00:36:52,200 --> 00:36:54,880
Speaker 1: governor have the ability right now in order to release

727
00:36:55,000 --> 00:36:57,760
Speaker 1: all of this to the public, which it certainly should

728
00:36:57,800 --> 00:37:00,920
Speaker 1: be in order to make these gentlemen be held to account.

729
00:37:00,960 --> 00:37:05,120
Speaker 1: Remember that guy Pete Aredando, the chief of Valdi CISD Police.

730
00:37:05,320 --> 00:37:09,759
Speaker 1: He remains completely unavailable to the public. He's been dodging reporters.

731
00:37:09,920 --> 00:37:12,799
Speaker 1: Their hope is all of us will just completely move on.

732
00:37:13,000 --> 00:37:15,799
Speaker 1: At the same time, the San Antonio Express doing some

733
00:37:15,840 --> 00:37:18,480
Speaker 1: great journalism here. Let's throw this on the screen. They

734
00:37:18,560 --> 00:37:21,479
Speaker 1: have a source which says that the police never tried

735
00:37:21,520 --> 00:37:23,680
Speaker 1: to open the door to the classrooms where the Uvalde

736
00:37:23,680 --> 00:37:27,480
Speaker 1: gunmen had kids trapped. Now, we had some indications of

737
00:37:27,520 --> 00:37:30,880
Speaker 1: this in the official timeline that was given. Eventually that

738
00:37:30,960 --> 00:37:33,919
Speaker 1: came out on how they were all holding outside about

739
00:37:33,960 --> 00:37:36,560
Speaker 1: how eventually border patrol had to ask and go and

740
00:37:36,600 --> 00:37:39,160
Speaker 1: get the key in order to try and enter the classroom.

741
00:37:39,320 --> 00:37:43,000
Speaker 1: But this makes it official. Surveillance videos show they did

742
00:37:43,040 --> 00:37:45,880
Speaker 1: not try even once in order to open the door

743
00:37:46,080 --> 00:37:49,120
Speaker 1: to the classrooms where the gunmen had the kids trapped

744
00:37:49,280 --> 00:37:53,160
Speaker 1: for seventy seven minutes. They're also our major questions here

745
00:37:53,400 --> 00:37:56,520
Speaker 1: why was that door unlocked in the first place, in

746
00:37:56,560 --> 00:37:59,640
Speaker 1: addition to the back door. Remember, originally the cops tracked

747
00:37:59,680 --> 00:38:01,800
Speaker 1: to blame a teacher. They were like, oh, a teacher

748
00:38:02,440 --> 00:38:04,520
Speaker 1: put a brick or something in the doorp the door.

749
00:38:04,600 --> 00:38:06,080
Speaker 1: They're about to go get their cell phone out of

750
00:38:06,120 --> 00:38:08,880
Speaker 1: their car. No surveillance video, and the lawyers of the

751
00:38:08,920 --> 00:38:11,960
Speaker 1: teacher contested that, and it's been confirmed now that she

752
00:38:12,280 --> 00:38:14,920
Speaker 1: actually closed the door. She didn't do anything wrong. And

753
00:38:15,000 --> 00:38:17,839
Speaker 1: they show also that perhaps the classroom door had been

754
00:38:18,000 --> 00:38:21,520
Speaker 1: both unlocked during the classroom, but also the school door,

755
00:38:21,600 --> 00:38:24,640
Speaker 1: and all of this just points to not only total

756
00:38:24,719 --> 00:38:28,120
Speaker 1: engross incompetence on behalf of the police officers, but now

757
00:38:28,120 --> 00:38:30,440
Speaker 1: full fledged cover up. Yees see, No, that's right, and

758
00:38:30,600 --> 00:38:33,640
Speaker 1: it's at every level. Remember this dude, Pete Aredono, he's

759
00:38:33,680 --> 00:38:36,080
Speaker 1: now on the city council, so he's involved in the

760
00:38:36,320 --> 00:38:39,839
Speaker 1: decisions at the city level as well in terms of

761
00:38:39,920 --> 00:38:42,280
Speaker 1: how they're going to approach this and what they're ultimately

762
00:38:42,280 --> 00:38:45,600
Speaker 1: going to release. But it sure appears like from the

763
00:38:45,640 --> 00:38:47,520
Speaker 1: bottom all the way to the governor, we're going to

764
00:38:47,520 --> 00:38:49,480
Speaker 1: get to the ag and the governor in just a moment.

765
00:38:50,040 --> 00:38:54,120
Speaker 1: They don't. They want to completely stonewall the actual details

766
00:38:54,120 --> 00:38:56,920
Speaker 1: of what happened that day coming out, and we have

767
00:38:57,120 --> 00:39:01,400
Speaker 1: already seen so many lives that they have had to

768
00:39:01,400 --> 00:39:04,640
Speaker 1: pull back. You just have to wonder, like what else

769
00:39:05,040 --> 00:39:08,480
Speaker 1: could they possibly be hiding, because this is complete insanity.

770
00:39:08,600 --> 00:39:11,520
Speaker 1: I mean, this thing about the door, I'm just I'm

771
00:39:11,560 --> 00:39:16,200
Speaker 1: beside myself because Aradonda, remember his lawyer came out and said, no,

772
00:39:16,280 --> 00:39:19,080
Speaker 1: he was trying every king and with every key, was

773
00:39:19,120 --> 00:39:22,160
Speaker 1: just prayerful and hopeful that it would unlock the door. Well,

774
00:39:22,280 --> 00:39:24,399
Speaker 1: the way he said it. It made you think, right

775
00:39:24,480 --> 00:39:26,920
Speaker 1: that he was trying the keys on the door to

776
00:39:27,000 --> 00:39:31,520
Speaker 1: the classroom, the gunman actually is no. According to this source,

777
00:39:31,840 --> 00:39:35,000
Speaker 1: he was trying the keys on a different classroom door

778
00:39:35,400 --> 00:39:37,759
Speaker 1: to see if he could find a master key that

779
00:39:37,880 --> 00:39:41,720
Speaker 1: might unlock all of the doors. Okay, the doors there.

780
00:39:41,760 --> 00:39:44,520
Speaker 1: Remember the gunman went into one classroom and that there

781
00:39:44,520 --> 00:39:47,480
Speaker 1: was an adjoining door, so he was able to get

782
00:39:47,520 --> 00:39:50,560
Speaker 1: into two classrooms and massacre almost all of the kids

783
00:39:50,600 --> 00:39:54,120
Speaker 1: and the teachers that were in those two rooms. Well,

784
00:39:54,280 --> 00:39:58,680
Speaker 1: one of them, it appears like, had malfunctioned and was unlocked.

785
00:39:58,719 --> 00:40:01,919
Speaker 1: Hause remember these doors were all supposed to automatically lock

786
00:40:02,040 --> 00:40:06,160
Speaker 1: once they're closed. Now it looks like the way the

787
00:40:06,200 --> 00:40:08,160
Speaker 1: gunman was able to get in is because one of

788
00:40:08,200 --> 00:40:11,600
Speaker 1: these locks, the back door locked malfunction. Now one of

789
00:40:11,600 --> 00:40:15,160
Speaker 1: these classroom door door locks malfunction, so he was able

790
00:40:15,160 --> 00:40:18,839
Speaker 1: to waltz right in. They're saying in the investigation that

791
00:40:18,920 --> 00:40:21,080
Speaker 1: he would have been unlikely to be able to lock

792
00:40:21,120 --> 00:40:24,520
Speaker 1: that door himself from the inside. So the whole time

793
00:40:25,400 --> 00:40:30,319
Speaker 1: the cops were standing outside the door, it was unlocked.

794
00:40:31,040 --> 00:40:34,520
Speaker 1: All they had to do was turn the doorknob, and

795
00:40:34,560 --> 00:40:38,200
Speaker 1: the I mean that's that just I can't I can't

796
00:40:38,200 --> 00:40:41,759
Speaker 1: even believe. Every time we get a new revelation, I

797
00:40:41,840 --> 00:40:47,839
Speaker 1: just cannot believe the callous, cowardice failures of every single

798
00:40:47,880 --> 00:40:50,359
Speaker 1: one of these people. It's mind boggling. And a police

799
00:40:50,400 --> 00:40:53,920
Speaker 1: source actually says surveillance video conforms that the officers all

800
00:40:53,960 --> 00:40:56,680
Speaker 1: had access to a crowbar tour, the tool that could

801
00:40:56,680 --> 00:40:58,400
Speaker 1: have opened the door to right, So even if it

802
00:40:58,480 --> 00:41:00,719
Speaker 1: was locked, if you want to, you could have gone

803
00:41:00,719 --> 00:41:02,759
Speaker 1: in there. Even it was locked, they could have blown

804
00:41:02,760 --> 00:41:04,799
Speaker 1: in their way, tried to blast away in there. They

805
00:41:04,800 --> 00:41:06,600
Speaker 1: could have tried to open the door. They waited seventy

806
00:41:06,640 --> 00:41:08,480
Speaker 1: seven minutes. I mean, all of this is just a

807
00:41:08,560 --> 00:41:12,359
Speaker 1: massive screw up, not even screw up, willful, almost incompetence.

808
00:41:12,440 --> 00:41:14,200
Speaker 1: I don't even think we know the half of it. Yeah,

809
00:41:14,520 --> 00:41:17,239
Speaker 1: I mean, the lengths they're going to to keep the

810
00:41:17,280 --> 00:41:19,879
Speaker 1: body camera footage and all of this from coming out.

811
00:41:20,200 --> 00:41:22,400
Speaker 1: I don't think we even know the half of it.

812
00:41:22,440 --> 00:41:24,439
Speaker 1: And one of the experts they point to as well

813
00:41:24,480 --> 00:41:25,960
Speaker 1: is that this is kind of the problem with the

814
00:41:26,480 --> 00:41:29,279
Speaker 1: body worn cameras. You know, the idea is this like

815
00:41:29,320 --> 00:41:33,680
Speaker 1: police accountability, but in reality, oftentimes the police departments themselves,

816
00:41:33,719 --> 00:41:37,000
Speaker 1: who basically get to decide what gets released and what doesn't. So,

817
00:41:37,239 --> 00:41:40,359
Speaker 1: of course, in a situation where you had sketchy behavior,

818
00:41:40,600 --> 00:41:43,440
Speaker 1: outright violations of their code of conduct or even a

819
00:41:43,520 --> 00:41:47,399
Speaker 1: legal behavior, somehow the police department finds a way to, oh,

820
00:41:47,400 --> 00:41:49,239
Speaker 1: we can't. Really we'd love to, but we can't release

821
00:41:49,320 --> 00:41:51,560
Speaker 1: that particular footage. And you know that's part of the

822
00:41:51,600 --> 00:41:53,080
Speaker 1: story of what's going on here too. And then in

823
00:41:53,160 --> 00:41:55,000
Speaker 1: terms of Ken paxton't s thlow this on the screen,

824
00:41:55,320 --> 00:41:59,160
Speaker 1: the Texas Attorney General says, well, God always has a

825
00:41:59,200 --> 00:42:02,839
Speaker 1: plan whenever he's asked about the Vivaldi shooting. Look, I

826
00:42:02,920 --> 00:42:06,759
Speaker 1: just think that it points to this guy needs to

827
00:42:06,840 --> 00:42:10,920
Speaker 1: step up for Texas. Him and Governor Abbott need to

828
00:42:10,920 --> 00:42:15,440
Speaker 1: have a full fledged actual investigation, get all of the

829
00:42:15,560 --> 00:42:20,840
Speaker 1: records and the police recu footage, everything out, edit it together,

830
00:42:20,960 --> 00:42:24,680
Speaker 1: and explain to the citizens of Texas what went wrong here.

831
00:42:25,000 --> 00:42:28,040
Speaker 1: And this is not throwing you know, everybody under the bus.

832
00:42:28,080 --> 00:42:31,400
Speaker 1: It's the people who are responsible. Root them out of government,

833
00:42:31,640 --> 00:42:35,160
Speaker 1: throw their asses out of office, appoint new people. Frankly,

834
00:42:35,239 --> 00:42:38,920
Speaker 1: YOU'VALDIPD would probably be disbanded. At the very least you've

835
00:42:38,960 --> 00:42:42,080
Speaker 1: Aldy CISD and the state should step in, and you

836
00:42:42,120 --> 00:42:46,600
Speaker 1: know we can as well say defunded. I said, take

837
00:42:46,640 --> 00:42:48,919
Speaker 1: it away and you know, put some new people in there.

838
00:42:49,040 --> 00:42:52,000
Speaker 1: And in the meantime, the Texas Department of Public Safety

839
00:42:52,120 --> 00:42:55,720
Speaker 1: should step up, you know, even apparently the school itself

840
00:42:55,760 --> 00:42:57,839
Speaker 1: has yet to reopen. I mean, there's just so much

841
00:42:58,040 --> 00:42:59,719
Speaker 1: that needs to actually happen down there, and I think

842
00:42:59,719 --> 00:43:02,680
Speaker 1: a lot of it as being forgotten and I unfortunately,

843
00:43:02,800 --> 00:43:04,759
Speaker 1: you know, look what happened is that we had a

844
00:43:04,840 --> 00:43:07,400
Speaker 1: national conversation or whatever about gun control. We have a

845
00:43:07,400 --> 00:43:10,439
Speaker 1: supposed deal which may come by the end of this week.

846
00:43:10,600 --> 00:43:13,200
Speaker 1: Looks like falling apart. Yeah, right, that looks like it's

847
00:43:13,200 --> 00:43:16,600
Speaker 1: falling apart. Which at Texas GOP convention, as I said,

848
00:43:17,080 --> 00:43:19,600
Speaker 1: you know, John Cornyn, I thought he was going to

849
00:43:19,640 --> 00:43:21,640
Speaker 1: face some trouble over this, and he was booed on

850
00:43:21,680 --> 00:43:24,400
Speaker 1: the stage and is apparently getting significant pushback over the

851
00:43:24,400 --> 00:43:27,799
Speaker 1: red flag provisions of the law. But all of this

852
00:43:27,880 --> 00:43:30,000
Speaker 1: has foregone that a lot of the public I think

853
00:43:30,040 --> 00:43:31,560
Speaker 1: is still very interested in this, but I think the

854
00:43:31,640 --> 00:43:35,239
Speaker 1: national media and the conversation is continuing to pass these

855
00:43:35,400 --> 00:43:37,640
Speaker 1: kids by, and this These are really the most direct

856
00:43:37,640 --> 00:43:40,560
Speaker 1: way that we can at least hold the people responsible

857
00:43:40,840 --> 00:43:44,160
Speaker 1: for what they did, the very very very least that

858
00:43:44,200 --> 00:43:46,799
Speaker 1: could possibly be done. And just to read you the

859
00:43:46,800 --> 00:43:49,440
Speaker 1: whole pacton quote here, because he got asked specifically by

860
00:43:49,480 --> 00:43:53,120
Speaker 1: a pastor what you would say to the victims' families,

861
00:43:53,520 --> 00:43:56,320
Speaker 1: he says, I'd have to say, Look, there's always a plan.

862
00:43:56,800 --> 00:43:59,680
Speaker 1: I believe God always has a plan. Life is short,

863
00:43:59,719 --> 00:44:03,000
Speaker 1: no matter what it is. Yeah, come on, come on.

864
00:44:03,120 --> 00:44:06,680
Speaker 1: And then the last piece of this is I think

865
00:44:06,760 --> 00:44:10,360
Speaker 1: we did our best to give the governor Greg Abbott

866
00:44:10,480 --> 00:44:14,040
Speaker 1: credit for admitting, you know, saying he was furious about

867
00:44:14,040 --> 00:44:17,120
Speaker 1: the way that he had been misled because originally he

868
00:44:17,239 --> 00:44:19,680
Speaker 1: came out and disseminated the lies that were being fed

869
00:44:19,680 --> 00:44:22,200
Speaker 1: to him, and you all know how that original timeline

870
00:44:22,239 --> 00:44:27,480
Speaker 1: just completely fell apart, multiple lies, multiple shifting storylines. So

871
00:44:27,560 --> 00:44:30,359
Speaker 1: he says, he's ultimately livid. We'll go ahead and put

872
00:44:30,360 --> 00:44:33,360
Speaker 1: this piece up on the screen. So the Texas Tribune

873
00:44:33,440 --> 00:44:36,279
Speaker 1: and Pro Publica have submitted about seventy requests to state

874
00:44:36,280 --> 00:44:39,799
Speaker 1: and local agencies for emergency response documentations surrounding the mass

875
00:44:39,800 --> 00:44:43,040
Speaker 1: shooting at rob Elementary most likely will not be released

876
00:44:43,040 --> 00:44:48,520
Speaker 1: publicly for months if ever. Greg Abbott's office specifically and

877
00:44:48,560 --> 00:44:51,120
Speaker 1: the Texas Department of Public Safety, the US Marshall Service,

878
00:44:51,200 --> 00:44:53,680
Speaker 1: and the City of Yuvaldi are asking the state's attorney

879
00:44:53,719 --> 00:44:58,400
Speaker 1: general for permission to withhold records that may offer tangible

880
00:44:58,440 --> 00:45:04,520
Speaker 1: answers to the contradictory accounts. So again, whole of government

881
00:45:04,880 --> 00:45:09,279
Speaker 1: cover up, from the local officials, the police department, the

882
00:45:09,320 --> 00:45:12,560
Speaker 1: city council, all the way up to now we know

883
00:45:12,760 --> 00:45:15,960
Speaker 1: the Governor of Texas and the US Marshall Service trying

884
00:45:16,000 --> 00:45:19,120
Speaker 1: to block the release of records that would finally tell

885
00:45:19,200 --> 00:45:22,279
Speaker 1: us the truth of what actually happened that day after

886
00:45:22,320 --> 00:45:25,840
Speaker 1: being fed so many wise. Yeah, like I said, stand

887
00:45:25,920 --> 00:45:28,160
Speaker 1: up for Texas, stand up and show the country you

888
00:45:28,200 --> 00:45:30,719
Speaker 1: know what really happened here, and try and take charge

889
00:45:30,719 --> 00:45:34,120
Speaker 1: of the situation. So I just think it's such a catastrophe.

890
00:45:37,000 --> 00:45:41,400
Speaker 1: All right, guys, a little update on the summer travel season,

891
00:45:41,640 --> 00:45:45,000
Speaker 1: which is not as frivolous as my lead there makes

892
00:45:45,040 --> 00:45:47,680
Speaker 1: it sound good. And put this tear sheet from Politico

893
00:45:47,760 --> 00:45:50,800
Speaker 1: up on the screen. So pee poota judge, our transport,

894
00:45:50,960 --> 00:45:54,520
Speaker 1: our great transportation secretary. He says, the US might act

895
00:45:54,680 --> 00:45:59,279
Speaker 1: against airlines on consumers consumer's behalf so apparently, and I'm

896
00:45:59,320 --> 00:46:01,840
Speaker 1: just learning a lot of about this. The Transportation Secretary,

897
00:46:01,920 --> 00:46:04,640
Speaker 1: which is what Pete's job is now, actually has a

898
00:46:04,880 --> 00:46:09,759
Speaker 1: lot of power to go after airlines who are abusing consumers.

899
00:46:10,200 --> 00:46:13,720
Speaker 1: And what we are seeing take place repeatedly now this summer,

900
00:46:13,760 --> 00:46:17,719
Speaker 1: there was a whole Memorial Day a complete debacle, thousands

901
00:46:17,719 --> 00:46:20,520
Speaker 1: of flights ultimately canceled. Turned out the day I was

902
00:46:20,560 --> 00:46:23,400
Speaker 1: flying to LA with Kyle. We got very lucky because

903
00:46:23,400 --> 00:46:25,080
Speaker 1: that ended up being one of the worst days of

904
00:46:25,120 --> 00:46:29,480
Speaker 1: the year also for flight cancelation, seventeen hundred some flights canceled.

905
00:46:29,480 --> 00:46:31,960
Speaker 1: The next day was almost just as bad, and not

906
00:46:32,040 --> 00:46:35,280
Speaker 1: only that. What it turns out is obviously, in the summer,

907
00:46:35,280 --> 00:46:37,640
Speaker 1: there's whether there's issues. We all get that, and sometimes

908
00:46:37,680 --> 00:46:40,960
Speaker 1: it's ultimately unavoidable. But what it looks like is happening

909
00:46:41,200 --> 00:46:46,160
Speaker 1: is these airlines don't have sufficient staff to man the

910
00:46:46,560 --> 00:46:50,400
Speaker 1: flights that they are scheduling. So when you're booking your flight,

911
00:46:50,800 --> 00:46:54,759
Speaker 1: they basically know in advance, we're not actually going to

912
00:46:54,920 --> 00:46:57,640
Speaker 1: have the pilots or the crew available to fly all

913
00:46:57,640 --> 00:47:01,120
Speaker 1: these flights that we are booking, so they are knowingly

914
00:47:01,320 --> 00:47:03,840
Speaker 1: screwing you over and then you're in a taxi on

915
00:47:03,880 --> 00:47:05,120
Speaker 1: the way to the airborn and you get that text

916
00:47:05,120 --> 00:47:07,239
Speaker 1: that your flight is canceled, and then they don't have

917
00:47:07,440 --> 00:47:11,160
Speaker 1: anywhere near sufficient customer service represents to get people rebooked.

918
00:47:11,800 --> 00:47:15,440
Speaker 1: They're screwing people on the price, so they have escalated

919
00:47:15,719 --> 00:47:20,239
Speaker 1: ticket prices way beyond what ultimately is justified by their

920
00:47:20,320 --> 00:47:25,040
Speaker 1: legitimate increase in cost, and they are ripping consumers off

921
00:47:25,080 --> 00:47:27,880
Speaker 1: when it comes to there are regulations about when you

922
00:47:28,120 --> 00:47:32,640
Speaker 1: are required to give a mandatory refund either because your

923
00:47:32,640 --> 00:47:36,400
Speaker 1: flight is canceled or because you suffer an extraordinary delay,

924
00:47:36,840 --> 00:47:40,440
Speaker 1: and they're sitting on, you know, billions of dollars that

925
00:47:40,520 --> 00:47:43,239
Speaker 1: they are supposed to have given to passengers that they

926
00:47:43,239 --> 00:47:46,719
Speaker 1: instead dupe passengers into accepting, like, oh, we'll give you

927
00:47:46,719 --> 00:47:49,920
Speaker 1: a credit for future travel instead. So Pete could be

928
00:47:50,040 --> 00:47:53,319
Speaker 1: doing a lot about this, and ultimately all he did

929
00:47:53,840 --> 00:47:56,640
Speaker 1: was meet with the airline executives sort of quiz them

930
00:47:56,640 --> 00:47:59,719
Speaker 1: on a few things and say, well, well, I want

931
00:47:59,719 --> 00:48:02,399
Speaker 1: to see how July fourth goes. And then here's the

932
00:48:02,719 --> 00:48:05,400
Speaker 1: part that's kind of funny. The very next day, this

933
00:48:05,520 --> 00:48:09,040
Speaker 1: is from Matt Stoller after Transportation Secretary Terry Pete Buotage

934
00:48:09,200 --> 00:48:11,800
Speaker 1: met with airline leaders to quote quiz them about widespread

935
00:48:11,800 --> 00:48:15,560
Speaker 1: flight disruptions. His own flight was canceled and he had

936
00:48:15,600 --> 00:48:19,799
Speaker 1: to drive from Washington to New York. The last piece here,

937
00:48:19,880 --> 00:48:23,319
Speaker 1: this is a fantastic piece from American Prospect, written by

938
00:48:23,400 --> 00:48:25,760
Speaker 1: Robert Kutner got and put this up on the screen.

939
00:48:26,680 --> 00:48:30,560
Speaker 1: So the title here's Pete Bootage's day job, ambitious transportation

940
00:48:30,640 --> 00:48:33,040
Speaker 1: secretary is the power to go after multiple abuses by

941
00:48:33,040 --> 00:48:36,399
Speaker 1: the airline and signal administration support for suffering consumer. He

942
00:48:36,680 --> 00:48:39,440
Speaker 1: has barely touched it. This goes through a lot of

943
00:48:39,480 --> 00:48:41,799
Speaker 1: what I just said about the price gouging, about the

944
00:48:41,840 --> 00:48:46,319
Speaker 1: intentional staffing issues about of course they want to pass blame,

945
00:48:46,360 --> 00:48:48,200
Speaker 1: and I think there is also blame to go here

946
00:48:48,320 --> 00:48:51,719
Speaker 1: with the FAA, which falls also under Pete's you know,

947
00:48:51,800 --> 00:48:55,000
Speaker 1: the FAA short staff that's causing problems as well. But

948
00:48:55,120 --> 00:48:58,440
Speaker 1: the last thing I'll say about this which really sticks

949
00:48:58,440 --> 00:49:02,759
Speaker 1: in my crass, they say, he points out, remember the

950
00:49:02,760 --> 00:49:05,239
Speaker 1: airlines are saying, oh, we're having trouble getting pilots is

951
00:49:05,239 --> 00:49:07,279
Speaker 1: so hard, et cetera, et cetera. First of all, there's

952
00:49:07,320 --> 00:49:10,080
Speaker 1: actually a surplus of new pilots. There are plenty of

953
00:49:10,080 --> 00:49:13,040
Speaker 1: pilots ava able to be hired. Second of all, you

954
00:49:13,120 --> 00:49:17,840
Speaker 1: might recall we gave the airlines a massive sixty billion

955
00:49:17,920 --> 00:49:22,279
Speaker 1: dollar bailout explicitly under the promise that they would not

956
00:49:22,480 --> 00:49:24,759
Speaker 1: lay off their people. So what did they do and

957
00:49:24,840 --> 00:49:28,960
Speaker 1: said to technically comply with that provision. They instead pressured

958
00:49:29,000 --> 00:49:33,200
Speaker 1: and incentivized their pilots to retire so that they could

959
00:49:33,320 --> 00:49:36,960
Speaker 1: keep some of that bank for themselves. So they got

960
00:49:37,000 --> 00:49:39,520
Speaker 1: around that rule. And now when they're like, oh, we

961
00:49:39,600 --> 00:49:42,080
Speaker 1: don't have enough staff, well yeah, because you pressured them

962
00:49:42,080 --> 00:49:43,880
Speaker 1: out in spite of the fact that you got a

963
00:49:43,920 --> 00:49:47,920
Speaker 1: Baila custom designed to keep your staffing levels where they

964
00:49:47,920 --> 00:49:51,560
Speaker 1: are supposed to be. So anyway, they're evil, they're screwing

965
00:49:51,560 --> 00:49:53,239
Speaker 1: you over, and Pete's not doing anything about it. It's

966
00:49:53,280 --> 00:49:55,279
Speaker 1: a major cluster on everything. I mean, even this is

967
00:49:55,280 --> 00:49:56,839
Speaker 1: again where I look at this and I'm like, okay,

968
00:49:56,880 --> 00:49:59,200
Speaker 1: to the extent that is an FA problem. Okay, fine,

969
00:49:59,239 --> 00:50:00,960
Speaker 1: then call people up out of the You know, the

970
00:50:01,000 --> 00:50:05,239
Speaker 1: military has a ton of air traffic controllers. Last time

971
00:50:05,280 --> 00:50:08,000
Speaker 1: I checked Florida, every National Guard in the country all

972
00:50:08,040 --> 00:50:10,280
Speaker 1: has these people, which we've done many times in the past.

973
00:50:10,280 --> 00:50:13,879
Speaker 1: Disaster Reagan did it in the traffic control strike back

974
00:50:13,880 --> 00:50:16,200
Speaker 1: in the day. It's not hard in order to try

975
00:50:16,200 --> 00:50:19,319
Speaker 1: and fix have an incentive. They won't even backfill that.

976
00:50:19,400 --> 00:50:21,880
Speaker 1: It's like this, These are the things the very basic

977
00:50:21,960 --> 00:50:25,560
Speaker 1: mechanics of government where both pushing back and trying to

978
00:50:25,560 --> 00:50:30,000
Speaker 1: crack down on consumer exploitation by the airlines in addition

979
00:50:30,120 --> 00:50:33,760
Speaker 1: to having I think serious ground delays as a result

980
00:50:33,760 --> 00:50:37,080
Speaker 1: of FAA. It's a cluster. Also, jet fuel doesn't help

981
00:50:37,120 --> 00:50:39,360
Speaker 1: any of this, you know, which I've talked about previously.

982
00:50:39,680 --> 00:50:42,880
Speaker 1: Reading the Robert Kuttner piece is just extraordinary. It always

983
00:50:42,920 --> 00:50:45,160
Speaker 1: just reminds me the government is very powerful when it

984
00:50:45,200 --> 00:50:47,480
Speaker 1: wants to be. I mean, it certainly has all of this,

985
00:50:47,719 --> 00:50:50,920
Speaker 1: you know, so much regulatory authority going back all the

986
00:50:50,920 --> 00:50:53,239
Speaker 1: way to the days of the nineteen seventies, which is

987
00:50:53,280 --> 00:50:56,360
Speaker 1: written into statute. But we just don't have competent people

988
00:50:56,360 --> 00:51:00,000
Speaker 1: who are trying to have balance and look out for consumers.

989
00:51:00,239 --> 00:51:03,400
Speaker 1: So Buddha j Edge was here was explicitly humiliated by

990
00:51:03,440 --> 00:51:06,239
Speaker 1: the airline industry. They you know, basically just don't care

991
00:51:06,520 --> 00:51:08,160
Speaker 1: what he has to say because they think he's full

992
00:51:08,200 --> 00:51:10,080
Speaker 1: of it. And are they wrong. I mean, they can

993
00:51:10,120 --> 00:51:11,919
Speaker 1: probably just continue to get away with them, like why

994
00:51:11,960 --> 00:51:14,480
Speaker 1: is the Biden administration really going to do anything. It's

995
00:51:14,600 --> 00:51:17,239
Speaker 1: very basic things like this that make you feel like

996
00:51:17,280 --> 00:51:20,280
Speaker 1: your country and your society is just falling apart or fraying.

997
00:51:20,360 --> 00:51:23,439
Speaker 1: Like when you have flights seventeen hundred flights for something

998
00:51:23,480 --> 00:51:26,720
Speaker 1: a day getting canceled. It's the peak of the season,

999
00:51:27,239 --> 00:51:30,000
Speaker 1: hundreds of thousands of people are traveling. TSA travel is

1000
00:51:30,040 --> 00:51:33,480
Speaker 1: like ninety percent of what it was pre pandemic. International

1001
00:51:33,480 --> 00:51:36,800
Speaker 1: travel is booming. There's no like COVID test requirements and

1002
00:51:36,840 --> 00:51:38,919
Speaker 1: all this right now. And yet you know, every time

1003
00:51:38,960 --> 00:51:41,160
Speaker 1: I've flown during the pandemic, there's always one or two

1004
00:51:41,280 --> 00:51:43,880
Speaker 1: things that go wrong for no reason and you end

1005
00:51:43,960 --> 00:51:46,040
Speaker 1: up waiting forever, and it's just one of those that

1006
00:51:46,080 --> 00:51:49,200
Speaker 1: you're like, why, why is this happening? It's just a

1007
00:51:49,239 --> 00:51:52,800
Speaker 1: complete like fraying of all of this. And air travel,

1008
00:51:53,040 --> 00:51:55,560
Speaker 1: you know, I'm air travel. I think in the twenty

1009
00:51:55,680 --> 00:51:59,200
Speaker 1: tens was a basic just bedrock of Yes, it was

1010
00:51:59,239 --> 00:52:01,320
Speaker 1: miserable and it was annoying that you have to pay

1011
00:52:01,320 --> 00:52:03,560
Speaker 1: for bags and coke and all that, but it became

1012
00:52:03,640 --> 00:52:07,600
Speaker 1: an unpleasant but generally accessible experience to most Americans, and

1013
00:52:07,600 --> 00:52:09,080
Speaker 1: I think a lot of that is slipping away, both

1014
00:52:09,120 --> 00:52:12,040
Speaker 1: on price and in terms of inconvenience, which remember, you

1015
00:52:12,080 --> 00:52:14,479
Speaker 1: know this has impacts on people going to funerals, people

1016
00:52:14,600 --> 00:52:17,360
Speaker 1: going to weddings. It's not like time off is doled

1017
00:52:17,360 --> 00:52:19,399
Speaker 1: out in this country right now. Every day you get

1018
00:52:19,400 --> 00:52:22,759
Speaker 1: burned for people who have, you know, honeymoons or what

1019
00:52:22,840 --> 00:52:24,719
Speaker 1: a lot of people getting married. I was actually reading

1020
00:52:24,760 --> 00:52:27,239
Speaker 1: about how many people's honeymoon plans are getting destroyed as

1021
00:52:27,440 --> 00:52:29,680
Speaker 1: I mean, look, it'stu people spend thousands of thousands of

1022
00:52:29,719 --> 00:52:32,319
Speaker 1: dollars and they can't arrive on time or whatever. So

1023
00:52:32,440 --> 00:52:36,480
Speaker 1: look these major life there's major life impact to these things.

1024
00:52:36,520 --> 00:52:39,600
Speaker 1: Every delay, every cancelation ripples through. It's not just like

1025
00:52:39,719 --> 00:52:44,440
Speaker 1: rich businessmen. It also shows you the problem of putting

1026
00:52:44,520 --> 00:52:47,880
Speaker 1: someone who has like whose only aspirations are for their

1027
00:52:47,920 --> 00:52:50,840
Speaker 1: own political Yeah, he has no career, zero, in charge

1028
00:52:50,880 --> 00:52:53,799
Speaker 1: of an agency. It's not just he has no competence,

1029
00:52:53,920 --> 00:52:57,319
Speaker 1: which is true, but he also has no incentive to

1030
00:52:57,440 --> 00:53:00,759
Speaker 1: take on powerful interest in industries that could come back

1031
00:53:00,760 --> 00:53:03,880
Speaker 1: to bite him in terms of his political career. And

1032
00:53:03,920 --> 00:53:05,839
Speaker 1: that's one of the thing Kuttner points out here is

1033
00:53:06,120 --> 00:53:08,919
Speaker 1: oh Pete's happy to travel around and hand out checks

1034
00:53:09,000 --> 00:53:11,839
Speaker 1: and pose it like a ribbon cutting ceremony, dolling out

1035
00:53:12,080 --> 00:53:15,120
Speaker 1: the money that was passed in the infrastructure bill. But

1036
00:53:15,600 --> 00:53:20,400
Speaker 1: when it comes to tackling head on a powerful industry interest,

1037
00:53:20,719 --> 00:53:24,560
Speaker 1: for some reason there, he's completely hands off. He never

1038
00:53:24,640 --> 00:53:27,400
Speaker 1: brings it up, and his testimony really gets asked about it,

1039
00:53:27,480 --> 00:53:29,719
Speaker 1: even though you know, again, this is an area where

1040
00:53:29,760 --> 00:53:33,279
Speaker 1: he has tremendous power and the airline industry is just

1041
00:53:33,520 --> 00:53:36,320
Speaker 1: outright screwing people over. So just to give you one

1042
00:53:36,960 --> 00:53:40,600
Speaker 1: small example of what he could do, he could demand

1043
00:53:41,440 --> 00:53:46,000
Speaker 1: that he be given from the airlines their records of

1044
00:53:46,040 --> 00:53:48,480
Speaker 1: what their staffing levels are and how they're going to

1045
00:53:48,560 --> 00:53:51,360
Speaker 1: staff all the flights that they're booking. So instead of

1046
00:53:51,400 --> 00:53:53,440
Speaker 1: just sort of quizzing them on a zoom or whatever

1047
00:53:53,480 --> 00:53:55,120
Speaker 1: he did and saying, ah, I hope you guys have

1048
00:53:55,160 --> 00:53:57,120
Speaker 1: a plan out for July fourth, I'm going to wait

1049
00:53:57,120 --> 00:54:00,880
Speaker 1: and see, he could actually demand the rds because we

1050
00:54:00,920 --> 00:54:03,680
Speaker 1: know they've been folllish in the past, and see how

1051
00:54:03,760 --> 00:54:05,960
Speaker 1: are you going to cover all these flights that you

1052
00:54:06,120 --> 00:54:08,960
Speaker 1: are booking. But of course he's not. He's not doing

1053
00:54:08,960 --> 00:54:11,160
Speaker 1: that said, he's just getting his own flight canceled and

1054
00:54:11,239 --> 00:54:14,520
Speaker 1: having to drive places. Yeah, humiliation total America is being

1055
00:54:14,640 --> 00:54:17,560
Speaker 1: humiliated by American airlines and all of them. Yeah, okay,

1056
00:54:17,760 --> 00:54:20,799
Speaker 1: let's get to it. The fall. Obviously, this happened over

1057
00:54:20,880 --> 00:54:23,560
Speaker 1: the weekend. President Biden, how'd you say it took a

1058
00:54:23,600 --> 00:54:26,960
Speaker 1: spill off of his bike. No, let's take a let's

1059
00:54:27,200 --> 00:54:29,400
Speaker 1: all watch the video. For those who are just listening,

1060
00:54:29,480 --> 00:54:31,839
Speaker 1: don't worry, it's only eight seconds. Let's get to it.

1061
00:54:40,600 --> 00:54:43,120
Speaker 1: So the president there falling off of his bike. The

1062
00:54:43,440 --> 00:54:45,880
Speaker 1: excuse that they're getting, don't I'm not saying he's lying.

1063
00:54:45,960 --> 00:54:48,560
Speaker 1: I honestly don't ride bike, so I don't know a

1064
00:54:48,560 --> 00:54:50,880
Speaker 1: lot about that. He says he got his foot stuck

1065
00:54:51,040 --> 00:54:55,920
Speaker 1: whenever he was unclipping his foot from the from the pedals.

1066
00:54:56,400 --> 00:54:59,040
Speaker 1: I'm a biking anyway. I've done a lot of biking.

1067
00:54:59,600 --> 00:55:01,879
Speaker 1: It looks it's like it doesn't look like his feet

1068
00:55:01,880 --> 00:55:03,680
Speaker 1: are clipped in like you know, you get the shoes.

1069
00:55:04,040 --> 00:55:06,480
Speaker 1: Those of you are peloton writers too, it's the same thing,

1070
00:55:06,520 --> 00:55:08,960
Speaker 1: the shoes that clip into the pedal. It looks like

1071
00:55:09,000 --> 00:55:11,239
Speaker 1: he just has the little baskets that your foot goes

1072
00:55:11,280 --> 00:55:14,440
Speaker 1: into one of them. He you know, pulls out, no problem.

1073
00:55:14,520 --> 00:55:17,480
Speaker 1: The other one gets twisted up in the basket. Right, Okay,

1074
00:55:17,520 --> 00:55:19,640
Speaker 1: So here's what they're saying. He got his foot caught

1075
00:55:19,680 --> 00:55:22,160
Speaker 1: in the toe clip at the top whenever he was

1076
00:55:22,160 --> 00:55:24,040
Speaker 1: trying to put his foot down. Yeah, and that's what

1077
00:55:24,160 --> 00:55:28,279
Speaker 1: resulted in him falling. Now, this is just broadly indicative

1078
00:55:28,400 --> 00:55:30,319
Speaker 1: of and of course you know it was characterized on

1079
00:55:30,400 --> 00:55:32,239
Speaker 1: by It is very hard to watch. Of course, he's

1080
00:55:32,280 --> 00:55:34,279
Speaker 1: the president. He's an eighty year old man, and I

1081
00:55:34,320 --> 00:55:36,560
Speaker 1: don't want to see any eighty year old fall. It

1082
00:55:36,680 --> 00:55:39,280
Speaker 1: is though, coming on the heels of a broader conversation

1083
00:55:39,320 --> 00:55:41,920
Speaker 1: in the US press right now, which is finally sanctioned,

1084
00:55:42,040 --> 00:55:45,560
Speaker 1: is is Biden might just be too old to be president,

1085
00:55:45,640 --> 00:55:47,839
Speaker 1: or at the very least to run for president. Again,

1086
00:55:47,920 --> 00:55:49,960
Speaker 1: let's throw the next one up there on the screen.

1087
00:55:50,000 --> 00:55:53,120
Speaker 1: This was like a big breakthrough article for the DC Press,

1088
00:55:53,360 --> 00:55:56,760
Speaker 1: which is Mark Leibovich writing in The Atlantic why Biden

1089
00:55:56,800 --> 00:55:59,680
Speaker 1: shouldn't run in twenty twenty four. For those who don't

1090
00:55:59,680 --> 00:56:02,880
Speaker 1: know Leech, he's an interesting guy, kind of curmudgeonly. He

1091
00:56:02,920 --> 00:56:06,120
Speaker 1: wrote this book called This Town back in twenty ten,

1092
00:56:06,360 --> 00:56:08,360
Speaker 1: which kind of lambass. It was like a bonfire of

1093
00:56:08,400 --> 00:56:12,440
Speaker 1: the vanities, Tom Wolfe takedown of Washington, DC culture and

1094
00:56:12,719 --> 00:56:15,480
Speaker 1: the uber rich who run politics here in the city.

1095
00:56:15,719 --> 00:56:19,800
Speaker 1: But he writes in here frankly, he just seems old.

1096
00:56:20,160 --> 00:56:24,640
Speaker 1: As a direct quote from a senior administration official, and

1097
00:56:24,920 --> 00:56:27,760
Speaker 1: he just says, he says, even to put it bluntly,

1098
00:56:28,040 --> 00:56:30,960
Speaker 1: Joe Biden should not run for reelection. He is just

1099
00:56:31,040 --> 00:56:34,279
Speaker 1: too old. Biden will be eighty in November. He will

1100
00:56:34,320 --> 00:56:37,000
Speaker 1: be eighty two if and he begins a second term.

1101
00:56:37,120 --> 00:56:39,799
Speaker 1: The numbers keep moving more ridiculous from there. It's not

1102
00:56:39,960 --> 00:56:43,000
Speaker 1: eighty two that's the problem. It's the eighty six, as

1103
00:56:43,040 --> 00:56:47,080
Speaker 1: somebody said recently in a focus group. And again not

1104
00:56:47,160 --> 00:56:50,399
Speaker 1: to take anything away from the accomplishments or the livelihoods

1105
00:56:50,400 --> 00:56:54,600
Speaker 1: of elderly Americans, but look at Diane Feinstein. Anybody who

1106
00:56:54,600 --> 00:56:57,360
Speaker 1: knows somebody who is old knows that when you're this age,

1107
00:56:57,440 --> 00:57:00,440
Speaker 1: things go real quickly. You know, even a fall. It's

1108
00:57:00,440 --> 00:57:03,320
Speaker 1: a serious issue. I was telling you before. The number

1109
00:57:03,360 --> 00:57:05,120
Speaker 1: one cause of death, this is according to the CDC

1110
00:57:05,400 --> 00:57:08,800
Speaker 1: accidental cause of death for sixty five plus Americans, is falling.

1111
00:57:08,840 --> 00:57:11,200
Speaker 1: You could break a hip and you could die very quickly.

1112
00:57:11,239 --> 00:57:14,399
Speaker 1: People go very you know, off the rails whenever. They're

1113
00:57:14,520 --> 00:57:17,520
Speaker 1: very old and they can deteriorate, and that's why you

1114
00:57:17,520 --> 00:57:19,000
Speaker 1: should try and take care of yourself, lift weights and

1115
00:57:19,000 --> 00:57:21,600
Speaker 1: all that to prevent that from happening. But he's already

1116
00:57:21,720 --> 00:57:23,840
Speaker 1: on that side of eighty. Look, he looks good for

1117
00:57:24,120 --> 00:57:25,919
Speaker 1: an eighty year old. It's impressive that he can even

1118
00:57:26,160 --> 00:57:29,040
Speaker 1: ride a bike, and he seems like relatively physically fit

1119
00:57:29,360 --> 00:57:31,760
Speaker 1: for his age. But that doesn't take away from the

1120
00:57:31,800 --> 00:57:34,720
Speaker 1: fact that it is uncomfortable to watch when this is

1121
00:57:34,760 --> 00:57:37,680
Speaker 1: the leader of the free world. And there are many

1122
00:57:37,720 --> 00:57:42,520
Speaker 1: instances where having these types of spells and others publicly

1123
00:57:42,640 --> 00:57:46,520
Speaker 1: publicly have our major political problems. Because Americans aren't stupid.

1124
00:57:46,560 --> 00:57:50,880
Speaker 1: They hold nothing against elderly Americans in the aggregate. They

1125
00:57:50,960 --> 00:57:53,200
Speaker 1: have to consider it, though. It's our duty to consider

1126
00:57:53,240 --> 00:57:56,520
Speaker 1: it when you're entrusting somebody with an enormous level of

1127
00:57:56,560 --> 00:57:58,760
Speaker 1: public service. And that's why I just think it's dishonest

1128
00:57:59,000 --> 00:58:01,160
Speaker 1: when the Biden defe and all of them are like,

1129
00:58:01,320 --> 00:58:03,200
Speaker 1: what are you talking about? Like, who hasn't fallen off

1130
00:58:03,200 --> 00:58:06,520
Speaker 1: the bike? Listen? Do I do I need a PhD

1131
00:58:06,600 --> 00:58:09,680
Speaker 1: In exercise science to say that Lance Armstrong falling off

1132
00:58:09,720 --> 00:58:11,720
Speaker 1: a bike is different than an eighty year old falling

1133
00:58:11,760 --> 00:58:14,960
Speaker 1: off a bike. It's not the same, and it shouldn't

1134
00:58:15,000 --> 00:58:18,160
Speaker 1: be uncomfortable, even and knowing that I'm going to get

1135
00:58:18,160 --> 00:58:21,160
Speaker 1: attacked even doing this segment in order to talk about

1136
00:58:21,160 --> 00:58:23,720
Speaker 1: it to people like this is our job. We have

1137
00:58:23,760 --> 00:58:26,840
Speaker 1: to acknowledge these uncomfortable truths about people who are in

1138
00:58:26,840 --> 00:58:30,439
Speaker 1: public service. Here's what I say is it should be

1139
00:58:30,960 --> 00:58:34,360
Speaker 1: for sure a factor that people are allowed to consider,

1140
00:58:34,680 --> 00:58:38,200
Speaker 1: allowed to talk openly about. I don't think like Leavivich

1141
00:58:38,280 --> 00:58:40,000
Speaker 1: kind of floats in here like maybe we should have

1142
00:58:40,040 --> 00:58:42,600
Speaker 1: an age limit for politicists. I don't believe that at all,

1143
00:58:43,400 --> 00:58:45,880
Speaker 1: And in fact, if it was up to me, I

1144
00:58:45,960 --> 00:58:48,640
Speaker 1: might lower the age limit at the bottom end, because

1145
00:58:48,720 --> 00:58:52,280
Speaker 1: ultimately you have to have faith in democracy and allow

1146
00:58:52,360 --> 00:58:55,120
Speaker 1: people to make their own decisions about who they think

1147
00:58:55,240 --> 00:58:59,280
Speaker 1: is best capable. So even with Biden, would I take,

1148
00:58:59,440 --> 00:59:02,040
Speaker 1: you know, and a clearly aging and not in his

1149
00:59:02,200 --> 00:59:06,800
Speaker 1: prime Biden over a Kamala Harris or Pete Boodajij Yes, Okay,

1150
00:59:07,000 --> 00:59:09,640
Speaker 1: way happier to have Biden in there, especially right now

1151
00:59:09,920 --> 00:59:12,680
Speaker 1: with the Ukraine. Warnot that I'm happy with exactly how

1152
00:59:12,680 --> 00:59:14,560
Speaker 1: he's done it, But he has resisted some of the

1153
00:59:14,600 --> 00:59:18,600
Speaker 1: most maximus, most insane hawks within his own administration and

1154
00:59:18,640 --> 00:59:21,480
Speaker 1: within the deep state. I don't know that Pete or

1155
00:59:21,560 --> 00:59:25,080
Speaker 1: Kamala would have done the same, you know. So I

1156
00:59:25,120 --> 00:59:28,960
Speaker 1: think that's one factor that people should be able to

1157
00:59:29,040 --> 00:59:33,479
Speaker 1: consider and discuss openly. I think these politicians should have

1158
00:59:33,600 --> 00:59:39,280
Speaker 1: to subject themselves to rigorous questioning from the press, to

1159
00:59:39,560 --> 00:59:43,000
Speaker 1: rigorous debates, so that you have an ability to actually

1160
00:59:43,040 --> 00:59:46,840
Speaker 1: assess what their capability is in order to do the job,

1161
00:59:47,240 --> 00:59:49,360
Speaker 1: you know, as opposed to like Diane Feinstein. Part of

1162
00:59:49,360 --> 00:59:53,200
Speaker 1: how she's still able to be in there despite notable,

1163
00:59:53,480 --> 00:59:56,400
Speaker 1: notable decline way beyond you know what we're seeing with

1164
00:59:56,480 --> 00:59:59,240
Speaker 1: Biden here is because she doesn't have to face the

1165
00:59:59,280 --> 01:00:02,280
Speaker 1: public ever, so very hard for the public to get

1166
01:00:02,320 --> 01:00:05,800
Speaker 1: their hands around how she's faring at this point in

1167
01:00:05,840 --> 01:00:10,040
Speaker 1: her career ultimately. So that's my view is it should

1168
01:00:10,080 --> 01:00:13,600
Speaker 1: be a completely acceptable, open part of the discussion that

1169
01:00:13,640 --> 01:00:16,160
Speaker 1: we can all engage in. You know, is he up

1170
01:00:16,200 --> 01:00:18,080
Speaker 1: to the task? Is he up to the task today?

1171
01:00:18,120 --> 01:00:19,600
Speaker 1: Do we think he'll be up to the task for

1172
01:00:20,000 --> 01:00:23,720
Speaker 1: or six years from now? And what are the alternatives,

1173
01:00:23,760 --> 01:00:26,560
Speaker 1: and let's measure them up against each other. So I'm

1174
01:00:26,600 --> 01:00:30,200
Speaker 1: just in favor of like more democracy, more engagement on

1175
01:00:30,240 --> 01:00:33,080
Speaker 1: these issues, so that people have a full range of

1176
01:00:33,120 --> 01:00:36,200
Speaker 1: options and can sort of balance these various pros and

1177
01:00:36,240 --> 01:00:39,680
Speaker 1: cons of various all very flawed people. I think, you know,

1178
01:00:39,800 --> 01:00:41,960
Speaker 1: the only push I would give on that is, look

1179
01:00:42,000 --> 01:00:45,320
Speaker 1: at California. California is a one party state, rigged primary

1180
01:00:45,320 --> 01:00:48,400
Speaker 1: system with Diane Feinstein and the political elite there run

1181
01:00:48,480 --> 01:00:52,240
Speaker 1: the state sadly like an oligarchy for fifty five or

1182
01:00:52,280 --> 01:00:55,840
Speaker 1: fifty or so million people. They're covering up Feinstein. You know,

1183
01:00:56,160 --> 01:01:00,200
Speaker 1: Nancy Pelosi, Padilla, all of her colleagues, Gavin nu some

1184
01:01:00,600 --> 01:01:04,800
Speaker 1: everybody knows she's senile, and yet they don't do anything

1185
01:01:04,840 --> 01:01:07,760
Speaker 1: about it. Well, not only do they not about it,

1186
01:01:08,240 --> 01:01:12,000
Speaker 1: they cover it. They cover it up. And progressives wanted

1187
01:01:12,000 --> 01:01:14,280
Speaker 1: to carry her. They said no, and they, you know,

1188
01:01:14,360 --> 01:01:17,440
Speaker 1: they did everything they could to quash that out of existence.

1189
01:01:17,480 --> 01:01:19,440
Speaker 1: I mean, ultimately, there's no work around for having a

1190
01:01:19,440 --> 01:01:22,480
Speaker 1: functioning democracy. That's the That's just the bottom line here.

1191
01:01:22,560 --> 01:01:26,120
Speaker 1: Remember things like again, I feel bad for her, she

1192
01:01:26,280 --> 01:01:30,440
Speaker 1: just lost her husband. It's probably extraordinarily difficult. You've been

1193
01:01:30,480 --> 01:01:33,280
Speaker 1: in public service your whole life. This is all you

1194
01:01:33,320 --> 01:01:35,400
Speaker 1: have left. I know why you want to cling to it.

1195
01:01:35,480 --> 01:01:38,320
Speaker 1: I don't blame you for wanting to do that. However,

1196
01:01:38,640 --> 01:01:42,320
Speaker 1: you represent the interests of the largest state in the country,

1197
01:01:42,560 --> 01:01:46,640
Speaker 1: and those people have a say and deserve competent leadership

1198
01:01:46,720 --> 01:01:49,280
Speaker 1: and government on their behalf. How do we know that

1199
01:01:49,320 --> 01:01:52,360
Speaker 1: her constituent services are even close to the level that

1200
01:01:52,400 --> 01:01:54,920
Speaker 1: they should be. Well, you can't say that. But again,

1201
01:01:55,000 --> 01:01:58,720
Speaker 1: with Biden, like considered the alternative, which you really want

1202
01:01:58,800 --> 01:02:00,520
Speaker 1: him to be, like age, limit it out and then

1203
01:02:00,560 --> 01:02:03,880
Speaker 1: we're like, I guess we're gonna have President Kamliris now. No.

1204
01:02:04,280 --> 01:02:08,680
Speaker 1: So I think it's better to push for more democracy,

1205
01:02:08,800 --> 01:02:11,720
Speaker 1: to push for mandatory debates, to push for you know,

1206
01:02:11,760 --> 01:02:14,200
Speaker 1: the press to actually do their job with regards to this,

1207
01:02:15,240 --> 01:02:18,000
Speaker 1: than it is to put in sort of arbitrary limits

1208
01:02:18,040 --> 01:02:20,160
Speaker 1: that may leave us with even worse choices. And to

1209
01:02:20,240 --> 01:02:23,280
Speaker 1: the press, the press of course, has to be very ginger.

1210
01:02:23,320 --> 01:02:26,320
Speaker 1: They're like, he fell, but he's totally fine. Everything's the

1211
01:02:26,440 --> 01:02:30,800
Speaker 1: scraper Dave Portnoy, which I thought was particularly hilarious with

1212
01:02:30,840 --> 01:02:33,120
Speaker 1: the amount of bike apologists coming out of the woodwork

1213
01:02:33,160 --> 01:02:36,240
Speaker 1: to defend Biden, saying, falling on your skull happens all

1214
01:02:36,280 --> 01:02:39,320
Speaker 1: the time. You'd think they'd ban bicycles in this country.

1215
01:02:39,520 --> 01:02:41,840
Speaker 1: People out here making it seem like bike riding is

1216
01:02:41,960 --> 01:02:46,320
Speaker 1: more dangerous than swimming with sharks. Look, just be honest

1217
01:02:46,320 --> 01:02:50,200
Speaker 1: with people, That's all anybody wants. Everybody seeing is actually

1218
01:02:50,200 --> 01:02:52,960
Speaker 1: more dangerous than swimming. Actually, I bet there are way more.

1219
01:02:53,160 --> 01:02:55,240
Speaker 1: I mean, they're definitely way more bike deaths than there are.

1220
01:02:55,320 --> 01:02:59,440
Speaker 1: So many sharks, not many, not many. So actually I

1221
01:02:59,440 --> 01:03:02,120
Speaker 1: think it is more dangerous. We should work to have

1222
01:03:02,160 --> 01:03:04,760
Speaker 1: a society where bike lanes are more protected and where

1223
01:03:04,800 --> 01:03:07,280
Speaker 1: people can bike more safely. But it is actually, but bikers.

1224
01:03:07,320 --> 01:03:09,240
Speaker 1: That also means that you can't be annoying and just

1225
01:03:09,240 --> 01:03:11,320
Speaker 1: cut people off for no reason. I'm not just speaking

1226
01:03:12,040 --> 01:03:14,840
Speaker 1: out of turn here and watching it. I'm pro biker,

1227
01:03:15,200 --> 01:03:19,480
Speaker 1: I mean generally, but sometimes they're really annoying. Okay, let's

1228
01:03:19,520 --> 01:03:22,640
Speaker 1: move on. Okay, this is very serious story here with

1229
01:03:22,720 --> 01:03:25,320
Speaker 1: regards to Julian Massange, and I think it's always important

1230
01:03:25,320 --> 01:03:27,760
Speaker 1: to remind us of the context in the backstory here.

1231
01:03:27,800 --> 01:03:30,720
Speaker 1: Of course, as Songe had to Wiki leaks, they have

1232
01:03:30,840 --> 01:03:34,400
Speaker 1: released information that was very uncomfortable and damning in certain

1233
01:03:34,400 --> 01:03:38,080
Speaker 1: circumstances about both Republicans Georgia B. Bush in particular and

1234
01:03:38,120 --> 01:03:41,240
Speaker 1: Democrats Hillary Clinton in particular in the US context, but

1235
01:03:41,360 --> 01:03:43,560
Speaker 1: they are not just a US focused organization. They have

1236
01:03:43,680 --> 01:03:48,440
Speaker 1: released embarrassing information about almost every country on the planet.

1237
01:03:48,640 --> 01:03:54,080
Speaker 1: The Obama administration hated Julian Assange, hated wiki leaks, wanted

1238
01:03:54,120 --> 01:03:57,480
Speaker 1: to persecute him, wanted to prosecute him, and his Department

1239
01:03:57,480 --> 01:04:01,360
Speaker 1: of Justice said, you can't do it without also criminalizing

1240
01:04:01,440 --> 01:04:04,480
Speaker 1: the act of journalism and publishers like The New York Times.

1241
01:04:04,960 --> 01:04:11,560
Speaker 1: Trump administration comes in and after considering assassination plots, they

1242
01:04:11,600 --> 01:04:15,160
Speaker 1: decide to go with the more moderate approach of let's

1243
01:04:15,240 --> 01:04:18,400
Speaker 1: indetem and let's prosecute him under really a quite novel

1244
01:04:18,760 --> 01:04:22,480
Speaker 1: legal interpretation, which really, I mean, this is truly an

1245
01:04:22,520 --> 01:04:26,680
Speaker 1: attack on journalists, on publishers. If you criminalize Assigne, you

1246
01:04:26,800 --> 01:04:31,480
Speaker 1: are effectively criminalizing the act of journalism. Biden administration comes

1247
01:04:31,520 --> 01:04:36,000
Speaker 1: in and decides to continue that same prosecution. So that's

1248
01:04:36,000 --> 01:04:39,760
Speaker 1: where we are today. Julian is in a prison in

1249
01:04:39,840 --> 01:04:43,200
Speaker 1: the UK and he has been going through a series

1250
01:04:43,360 --> 01:04:47,240
Speaker 1: of legal battles to try to prevent being extradited to

1251
01:04:47,400 --> 01:04:51,400
Speaker 1: the United States, where he would face trial. They experienced

1252
01:04:51,520 --> 01:04:54,600
Speaker 1: the latest step back just last week. Let's go ahead

1253
01:04:54,600 --> 01:04:56,560
Speaker 1: and put this up on the screen. I have to

1254
01:04:56,560 --> 01:04:59,160
Speaker 1: tell you guys, I do not understand the UK court system.

1255
01:04:59,280 --> 01:05:01,480
Speaker 1: This is confuted using as all hell to me. But

1256
01:05:01,560 --> 01:05:03,520
Speaker 1: I'm just going to read you from this article. The

1257
01:05:03,560 --> 01:05:06,520
Speaker 1: headline is UK government orders the extradition of Julian Assange

1258
01:05:06,560 --> 01:05:09,520
Speaker 1: to the US. But that's not the end of the matter.

1259
01:05:09,840 --> 01:05:14,640
Speaker 1: So on June seventeenth, UK Home Secretary Pretty Patel issued

1260
01:05:14,680 --> 01:05:18,360
Speaker 1: a statement confirming that she had approved the US government's

1261
01:05:18,360 --> 01:05:21,320
Speaker 1: request to extradite Julian Assange, the Australian founder of Wiki Leaks,

1262
01:05:21,320 --> 01:05:25,240
Speaker 1: faces eighteen criminal charges of computer misuse and espionage. That

1263
01:05:25,360 --> 01:05:28,880
Speaker 1: decision means Assange is one step closer to extradition, but

1264
01:05:28,960 --> 01:05:31,480
Speaker 1: has not yet reached the final stage in what has

1265
01:05:31,480 --> 01:05:35,040
Speaker 1: been a years long process. Patel's decision follows a March

1266
01:05:35,120 --> 01:05:38,320
Speaker 1: decision to deny leave to appeal by the UK Supreme Court,

1267
01:05:38,480 --> 01:05:41,520
Speaker 1: affirming the High Court decision that accepted assurances provided by

1268
01:05:41,520 --> 01:05:44,200
Speaker 1: the US government and included there were no remaining legal

1269
01:05:44,240 --> 01:05:47,640
Speaker 1: bars to Assange's extradition, But as they point out in

1270
01:05:47,680 --> 01:05:52,760
Speaker 1: the article, there are additional appeals that Assange can ultimately

1271
01:05:53,080 --> 01:05:56,200
Speaker 1: pursue here, and WikiLeaks has already announced that they will

1272
01:05:56,240 --> 01:05:59,800
Speaker 1: in fact appeal the Home Secretary's decision in UK courts.

1273
01:06:00,160 --> 01:06:03,440
Speaker 1: He can appeal on an issue of law or of fact,

1274
01:06:04,000 --> 01:06:06,480
Speaker 1: but has to get leave, has to get permission of

1275
01:06:06,520 --> 01:06:09,920
Speaker 1: the High Court in order to launch that appeal. They

1276
01:06:09,960 --> 01:06:12,640
Speaker 1: do expect that this appeal will include some new information,

1277
01:06:12,680 --> 01:06:18,120
Speaker 1: including my aforementioned reports of plots to assassinate Assange. There

1278
01:06:18,120 --> 01:06:21,800
Speaker 1: are also some legal issues, including whether or not these

1279
01:06:21,880 --> 01:06:25,400
Speaker 1: charges were political offenses that may be considered that haven't

1280
01:06:25,440 --> 01:06:28,760
Speaker 1: exactly been considered in the past. And then even if

1281
01:06:29,320 --> 01:06:33,800
Speaker 1: those appeals are exhausted, there is still one other potential

1282
01:06:33,880 --> 01:06:36,920
Speaker 1: place that they could go, which is to the European

1283
01:06:36,920 --> 01:06:39,120
Speaker 1: Court of Human Rights, where Assange could take a human

1284
01:06:39,200 --> 01:06:44,120
Speaker 1: rights action and try to ban this extradition as well.

1285
01:06:44,400 --> 01:06:47,000
Speaker 1: One other wild card in here is you know, Assange

1286
01:06:47,080 --> 01:06:50,400
Speaker 1: is an Australian citizen. Australian's been kind of hands off

1287
01:06:50,440 --> 01:06:52,600
Speaker 1: as to what they want to do here, but they

1288
01:06:52,600 --> 01:06:55,440
Speaker 1: do have a new Prime Minister in Australia who's from

1289
01:06:55,440 --> 01:07:00,000
Speaker 1: the Labor Party, Albanissee, and he's been more pro assigned

1290
01:07:00,040 --> 01:07:02,919
Speaker 1: and so does he kind of get involved here. Hard

1291
01:07:02,920 --> 01:07:04,920
Speaker 1: to say hasn't happened yet, but we'll see. I think

1292
01:07:04,920 --> 01:07:07,200
Speaker 1: that's the actually a wild card which may have the

1293
01:07:07,240 --> 01:07:09,440
Speaker 1: most amount of success given that he is a citizen.

1294
01:07:09,520 --> 01:07:12,160
Speaker 1: And they point to there has been an instance where

1295
01:07:12,200 --> 01:07:15,720
Speaker 1: there was an Australian citizen imprisoned in Guantanamo Bay who

1296
01:07:15,760 --> 01:07:19,400
Speaker 1: actually was brought back by Australia after consular pressure by

1297
01:07:19,440 --> 01:07:22,560
Speaker 1: Australia on the United States. So that is not without

1298
01:07:22,640 --> 01:07:26,520
Speaker 1: precedent politically, very interesting to see who is speaking out

1299
01:07:26,560 --> 01:07:29,120
Speaker 1: against this real horseshoe here. This is horseshoe in particular.

1300
01:07:29,200 --> 01:07:31,520
Speaker 1: Let's brow us on the screen from Marjorie Taylor Green.

1301
01:07:32,280 --> 01:07:34,880
Speaker 1: If we really care about the First Amendment, we should

1302
01:07:34,880 --> 01:07:37,560
Speaker 1: care about Julian assange. Freedom of the press is the

1303
01:07:37,560 --> 01:07:40,360
Speaker 1: protection of the ability to expose the truth and publish it.

1304
01:07:40,560 --> 01:07:43,280
Speaker 1: This should always be protected, and this freedom should always

1305
01:07:43,320 --> 01:07:45,920
Speaker 1: be handled with the most respect. If they are upset

1306
01:07:45,960 --> 01:07:48,760
Speaker 1: over the Koshogi killing, they should be upset over Julian massage.

1307
01:07:49,080 --> 01:07:51,680
Speaker 1: Is the American press afraid to speak out on behalf

1308
01:07:51,680 --> 01:07:54,360
Speaker 1: of the US tradition of Julian massage? Is it because

1309
01:07:54,400 --> 01:07:57,080
Speaker 1: it's not a government prosecution or an attack on a journalist,

1310
01:07:57,320 --> 01:08:00,560
Speaker 1: but yet our own. The ruling regime in America persecutes

1311
01:08:00,600 --> 01:08:02,520
Speaker 1: their enemies in order to strike fear and anyone who

1312
01:08:02,560 --> 01:08:05,320
Speaker 1: dares exposed corruption and stand up against it. What happens

1313
01:08:05,320 --> 01:08:07,600
Speaker 1: when everyone becomes too afraid to tell the truth and

1314
01:08:07,680 --> 01:08:12,480
Speaker 1: publish it. Silence will protect evil? Wow, alongside one of

1315
01:08:12,480 --> 01:08:15,400
Speaker 1: her House colleagues, ilhan Omar, let's know this on the screen.

1316
01:08:15,720 --> 01:08:18,559
Speaker 1: Here's where she goh has and said the prosecution of

1317
01:08:18,680 --> 01:08:23,120
Speaker 1: Assange is still indefensible. She's quote tweeting one of her

1318
01:08:23,160 --> 01:08:26,559
Speaker 1: previous clips that she made in December of twenty twenty one,

1319
01:08:26,960 --> 01:08:29,479
Speaker 1: where she clipped out maybe Hassen making the case for

1320
01:08:29,600 --> 01:08:34,280
Speaker 1: why the prosecution of Assange is indefensible. This makes them

1321
01:08:34,439 --> 01:08:37,479
Speaker 1: two of the most high profile members of the US

1322
01:08:37,600 --> 01:08:40,920
Speaker 1: government who have spoken out on behalf of Assange. I

1323
01:08:40,960 --> 01:08:43,839
Speaker 1: mean people should for people, don't forget like in the Senate.

1324
01:08:43,920 --> 01:08:46,840
Speaker 1: I believe not even Ran Paul has spoken on behalf

1325
01:08:46,920 --> 01:08:49,240
Speaker 1: or at least tried to get a pardon for Julian Assange.

1326
01:08:49,280 --> 01:08:52,200
Speaker 1: She did try for Edward Snowden. The politics of this

1327
01:08:52,560 --> 01:08:56,040
Speaker 1: were very dicey, and frankly, most people were afraid of

1328
01:08:56,080 --> 01:08:59,439
Speaker 1: crossing the CIA and the intelligence community. After in two

1329
01:08:59,439 --> 01:09:02,000
Speaker 1: thousand and seven, team they branded Wiki leaks like a

1330
01:09:02,040 --> 01:09:06,160
Speaker 1: foreign intelligence association. So people in Washington know that if

1331
01:09:06,200 --> 01:09:08,520
Speaker 1: you speak out on behalf, you could have some serious

1332
01:09:08,520 --> 01:09:11,400
Speaker 1: problems in terms of what you want and push back

1333
01:09:11,439 --> 01:09:14,000
Speaker 1: against you by the national security state. So it is

1334
01:09:14,080 --> 01:09:17,439
Speaker 1: actually genuinely courageous for two members of Congress to do this,

1335
01:09:17,520 --> 01:09:20,120
Speaker 1: because it's extraordinarily uncommon. I guess what I want to

1336
01:09:20,160 --> 01:09:24,920
Speaker 1: see is, Okay, I do appreciate them saying the right things,

1337
01:09:25,200 --> 01:09:27,800
Speaker 1: but are you going to pressure the people in your

1338
01:09:27,840 --> 01:09:30,800
Speaker 1: own party to take action? If you're MTG, what are

1339
01:09:30,840 --> 01:09:32,400
Speaker 1: you going to say to Donald Trump, like he's the

1340
01:09:32,439 --> 01:09:35,160
Speaker 1: one who started the prosecution here? If you're ill han Omar,

1341
01:09:35,439 --> 01:09:37,559
Speaker 1: you know, do you have any leverage within the Biden

1342
01:09:37,560 --> 01:09:40,360
Speaker 1: administration that you can use to actually press the case here?

1343
01:09:41,200 --> 01:09:44,759
Speaker 1: So while I appreciate the words, these are also people

1344
01:09:44,760 --> 01:09:48,200
Speaker 1: who are in positions of power and have influential friends

1345
01:09:49,000 --> 01:09:50,920
Speaker 1: who might be in a position to do more than

1346
01:09:51,000 --> 01:09:53,880
Speaker 1: just words. Right, and Trump didn't actually part in Julian

1347
01:09:53,960 --> 01:09:56,679
Speaker 1: Assange when he had the chance back in twenty twenty,

1348
01:09:56,760 --> 01:09:59,519
Speaker 1: he was asked who his administration started the prosecution, I

1349
01:09:59,560 --> 01:10:03,160
Speaker 1: mean yeah, and then he and decided not to pardon him.

1350
01:10:03,160 --> 01:10:07,040
Speaker 1: And Biden is continuing that Trump era prosecution rather than

1351
01:10:07,080 --> 01:10:09,799
Speaker 1: going back to what Obama had said and saying, listen,

1352
01:10:10,040 --> 01:10:11,880
Speaker 1: we can't go after this guy, right. And you even

1353
01:10:11,960 --> 01:10:15,880
Speaker 1: remember there was that Congressman Dana Roherbacher who tried as well. Yeah,

1354
01:10:15,880 --> 01:10:17,840
Speaker 1: in California. I think he even met with when he

1355
01:10:17,840 --> 01:10:19,920
Speaker 1: was in the embassy. But anyway, he also tried in

1356
01:10:20,040 --> 01:10:22,680
Speaker 1: order to get a pardon in Trump at the end

1357
01:10:22,720 --> 01:10:25,960
Speaker 1: of the day refused to do so. Biden continuing the prosecution.

1358
01:10:26,400 --> 01:10:29,519
Speaker 1: The DOJ under Biden has said repeatedly that they're pro

1359
01:10:29,840 --> 01:10:32,080
Speaker 1: press freedom and all of this stuff, but in general,

1360
01:10:32,240 --> 01:10:35,360
Speaker 1: the Merrick Garland DOJ has taken on a pretty hawkish

1361
01:10:35,400 --> 01:10:39,960
Speaker 1: prosecutorial tone towards any descent, be it like domestic and

1362
01:10:40,320 --> 01:10:42,960
Speaker 1: towards as songs as well. So it's a troubling thing

1363
01:10:43,040 --> 01:10:46,040
Speaker 1: for the security services to set that precedent. We have

1364
01:10:46,320 --> 01:10:50,080
Speaker 1: a clip here of Asane's wife speaking out on his condition.

1365
01:10:50,360 --> 01:10:53,320
Speaker 1: Let's take a lesson Judy enough. Soone's wife, Stella is

1366
01:10:53,360 --> 01:10:56,360
Speaker 1: with me here in the studio. What's is his states

1367
01:10:56,360 --> 01:10:58,439
Speaker 1: of mind? What is his health? Because it has been

1368
01:10:58,479 --> 01:11:02,000
Speaker 1: suggested that if he will to be extradited, he could

1369
01:11:02,000 --> 01:11:06,200
Speaker 1: take his own line. Well, his health is deteriorating by

1370
01:11:06,240 --> 01:11:08,840
Speaker 1: the day. He's been in Belmart's Prison for over three years.

1371
01:11:08,840 --> 01:11:11,479
Speaker 1: He's not serving a sentence. He's just there at the

1372
01:11:11,520 --> 01:11:14,120
Speaker 1: behest of the US government who wants to extradite him

1373
01:11:14,560 --> 01:11:19,200
Speaker 1: to the United States to serve a life sentence. He's struggling.

1374
01:11:20,080 --> 01:11:24,120
Speaker 1: Every day is a struggle. In October, he had a

1375
01:11:24,160 --> 01:11:28,840
Speaker 1: mini stroke. He's going through extremely stressful situations. Last night

1376
01:11:28,880 --> 01:11:32,479
Speaker 1: I spoke to him and he had extreme anxiety. He

1377
01:11:32,560 --> 01:11:34,719
Speaker 1: hadn't slept all night when I spoke to him today,

1378
01:11:35,840 --> 01:11:39,479
Speaker 1: and after the decision came down, they took him to

1379
01:11:39,560 --> 01:11:44,280
Speaker 1: a bare cell and he's going to be there until Monday,

1380
01:11:44,920 --> 01:11:48,519
Speaker 1: and STRIP searched him. It's easy to forget, you know,

1381
01:11:48,640 --> 01:11:51,960
Speaker 1: I mean, the principle and the attack on journalism is

1382
01:11:52,080 --> 01:11:54,400
Speaker 1: extraordinarily important. But this is a human being with a

1383
01:11:54,439 --> 01:11:57,240
Speaker 1: family whose life has been destroyed and put in jeopardy.

1384
01:11:57,280 --> 01:12:00,439
Speaker 1: I mean, suffered a stroke, as Stella said, is there

1385
01:12:00,600 --> 01:12:03,799
Speaker 1: and it's devastating what has been done to him ultimately,

1386
01:12:03,840 --> 01:12:07,200
Speaker 1: and there's a lot of concern right now about the

1387
01:12:07,240 --> 01:12:10,720
Speaker 1: future of democracy in this country. And I think if

1388
01:12:10,760 --> 01:12:14,080
Speaker 1: you really care about such things, obviously free press essential

1389
01:12:14,120 --> 01:12:17,120
Speaker 1: to the functioning of the democracy. And this is the

1390
01:12:17,160 --> 01:12:21,840
Speaker 1: most direct attack on free press that is you know

1391
01:12:21,920 --> 01:12:23,680
Speaker 1: that is ongoing in this country right now. It's just

1392
01:12:23,720 --> 01:12:26,080
Speaker 1: a terrible precedent set. It would criminalize a lot of

1393
01:12:26,080 --> 01:12:27,880
Speaker 1: acts of journalism. It's the last thing we need in

1394
01:12:27,880 --> 01:12:30,760
Speaker 1: this country when we're in the middle of such fraud times.

1395
01:12:30,840 --> 01:12:34,000
Speaker 1: So there we go. Okay. At the same time, we

1396
01:12:34,120 --> 01:12:38,760
Speaker 1: had a viral moment Crystal schooling some people on the

1397
01:12:38,800 --> 01:12:41,960
Speaker 1: Bill Maher Real Time experience. Do you want to describe

1398
01:12:42,000 --> 01:12:43,920
Speaker 1: it for people before we throw to the clip. Yeah, So,

1399
01:12:43,960 --> 01:12:47,120
Speaker 1: as you guys probably know, I flew onto La over

1400
01:12:47,160 --> 01:12:49,439
Speaker 1: the weekend and I went on real time with Bill Maher.

1401
01:12:50,520 --> 01:12:53,719
Speaker 1: It's such a it's I don't know why that stresses

1402
01:12:53,760 --> 01:12:58,280
Speaker 1: me out. It's a very different advice. Yeah, there's audience,

1403
01:12:58,320 --> 01:13:00,200
Speaker 1: and you fly all the way out there and do it,

1404
01:13:00,240 --> 01:13:02,400
Speaker 1: and you know that you got to be super super

1405
01:13:02,600 --> 01:13:06,759
Speaker 1: punchy to get your points in because yeah, and we're

1406
01:13:07,120 --> 01:13:09,400
Speaker 1: and you know it's also going to be combative and confrontational,

1407
01:13:09,400 --> 01:13:12,880
Speaker 1: which stresses me out too. And we're so used to

1408
01:13:13,760 --> 01:13:16,400
Speaker 1: having the time and space to talk, to talk and

1409
01:13:16,479 --> 01:13:19,519
Speaker 1: go down any avenue we want and think out loud

1410
01:13:19,600 --> 01:13:21,800
Speaker 1: and kind of like you know, and have things taken

1411
01:13:21,840 --> 01:13:23,920
Speaker 1: in good faith and all those things, and like this

1412
01:13:24,040 --> 01:13:25,840
Speaker 1: you got to be you gotta be on and on us.

1413
01:13:25,840 --> 01:13:30,760
Speaker 1: So I was extremely stressed out going into this. But ultimately,

1414
01:13:31,160 --> 01:13:34,200
Speaker 1: you know, we talked some about January sixth, and that

1415
01:13:34,240 --> 01:13:38,519
Speaker 1: conversation was fine. You know, I wanted to talk about

1416
01:13:38,520 --> 01:13:40,519
Speaker 1: some of the more underlying issues because that's what we do,

1417
01:13:40,680 --> 01:13:43,000
Speaker 1: and that wasn't really there wasn't really the time and

1418
01:13:43,040 --> 01:13:45,280
Speaker 1: space for that interest. So then we got into inflation.

1419
01:13:45,720 --> 01:13:51,280
Speaker 1: I got very combative, I guess, with the in my mind,

1420
01:13:51,400 --> 01:13:54,120
Speaker 1: very simplistic explanation that this is all just about the

1421
01:13:54,160 --> 01:13:57,080
Speaker 1: money that was given to working class people. And the

1422
01:13:57,160 --> 01:13:59,080
Speaker 1: point I wanted to make, which I think is something

1423
01:13:59,080 --> 01:14:02,160
Speaker 1: that you guys are familiar with watching this show, is okay,

1424
01:14:02,200 --> 01:14:04,479
Speaker 1: we can talk about that, and I'm not dishonest enough

1425
01:14:04,479 --> 01:14:05,960
Speaker 1: to say that that has enoughing to do with the

1426
01:14:05,960 --> 01:14:10,200
Speaker 1: inflation we're facing, but we just completely ignore the trillions

1427
01:14:10,200 --> 01:14:12,320
Speaker 1: of dollars that went to the top that helped to

1428
01:14:12,400 --> 01:14:15,680
Speaker 1: fuel inflation. Somehow, that's fine. But God forbid, you get

1429
01:14:15,680 --> 01:14:18,240
Speaker 1: a STIMMI check in your bank account. So that was

1430
01:14:18,280 --> 01:14:21,360
Speaker 1: the point I was trying to make. And that was

1431
01:14:21,360 --> 01:14:23,360
Speaker 1: also the moment that has gone now at this point

1432
01:14:23,479 --> 01:14:26,439
Speaker 1: actually super viral. So let's take a look at that. Well,

1433
01:14:26,479 --> 01:14:28,920
Speaker 1: I mean, part of this inflationary problem is because we

1434
01:14:28,920 --> 01:14:30,760
Speaker 1: put too much money into the economy. There's way too

1435
01:14:30,800 --> 01:14:32,960
Speaker 1: much government spending, and that's why we have inflation. So

1436
01:14:33,000 --> 01:14:35,600
Speaker 1: that's a large part of that. It's just basic economics.

1437
01:14:35,600 --> 01:14:38,479
Speaker 1: And that's basic economics. We had a thing called a pandemic.

1438
01:14:38,520 --> 01:14:40,280
Speaker 1: We had a supply chain crises, and oh, by the way,

1439
01:14:40,280 --> 01:14:44,439
Speaker 1: that act like the only reason because people got a

1440
01:14:44,479 --> 01:14:47,240
Speaker 1: little bit of money and then a little bit of money,

1441
01:14:47,280 --> 01:14:49,120
Speaker 1: they got more than we spent in World War Two.

1442
01:14:49,280 --> 01:14:53,120
Speaker 1: So you don't act like, hold on, don't act like

1443
01:14:53,240 --> 01:14:55,360
Speaker 1: you said, don't act don't act like. We had to

1444
01:14:55,520 --> 01:14:57,960
Speaker 1: react to the pandemic exactly the way we did. We hacked,

1445
01:14:58,200 --> 01:15:00,599
Speaker 1: we had to spend six oka. But how about the

1446
01:15:00,600 --> 01:15:04,280
Speaker 1: trillions that the Federal Reserve shot at Wall Street. For

1447
01:15:04,280 --> 01:15:07,519
Speaker 1: some reason, people don't get upset about that fueled the

1448
01:15:07,600 --> 01:15:10,200
Speaker 1: trillions of dollars the Federal Reserve shot at Wall Street

1449
01:15:10,240 --> 01:15:12,479
Speaker 1: to that stopped the stock market. In the bond market,

1450
01:15:12,600 --> 01:15:14,360
Speaker 1: No one gets upset about that, even though that was

1451
01:15:14,360 --> 01:15:18,519
Speaker 1: a massive wall street. Are we talking about that. We're

1452
01:15:18,520 --> 01:15:22,000
Speaker 1: talking about buying assets, buying stocks, buying bonds, buying treasury

1453
01:15:22,040 --> 01:15:24,040
Speaker 1: bills so that they expand the balance sheet. This is

1454
01:15:24,120 --> 01:15:27,080
Speaker 1: during the crisis, the coronavirus crisis, when the stock market crashed,

1455
01:15:27,400 --> 01:15:29,160
Speaker 1: that is what the Fed did. They went into action.

1456
01:15:29,200 --> 01:15:33,320
Speaker 1: They shot, but the stocklers didn't crashing down. It crashed

1457
01:15:33,320 --> 01:15:37,120
Speaker 1: and the Fed came in and backstopped it. That's what happened. No,

1458
01:15:37,200 --> 01:15:39,479
Speaker 1: it crashed, Go back and look at it. It sell

1459
01:15:39,479 --> 01:15:42,320
Speaker 1: off a cliff. Treasury bond market stopped functioning, and the

1460
01:15:42,360 --> 01:15:45,120
Speaker 1: Fed took extraordinary action. It's never taken in history. Somehow

1461
01:15:45,240 --> 01:15:49,200
Speaker 1: one gets as someone. Somehow nobody gets upset about the

1462
01:15:49,320 --> 01:15:52,360
Speaker 1: rich people who got tons of money and tons of support,

1463
01:15:52,680 --> 01:15:54,960
Speaker 1: way more than working class people did. But oh my god,

1464
01:15:54,960 --> 01:15:56,360
Speaker 1: people were able to feed their kids and they had

1465
01:15:56,360 --> 01:15:58,000
Speaker 1: a little bit of money in their bank accounts. It

1466
01:15:58,080 --> 01:15:59,800
Speaker 1: was the worst thing in the world. That is once

1467
01:15:59,880 --> 01:16:02,000
Speaker 1: more a part of the inflation story and is, by

1468
01:16:02,040 --> 01:16:03,439
Speaker 1: the way, not the only thing that we can deal

1469
01:16:03,520 --> 01:16:05,160
Speaker 1: with to get out of this mess. Well guess, but

1470
01:16:06,960 --> 01:16:09,880
Speaker 1: gas prices we can largely attribute to an administration that's

1471
01:16:09,880 --> 01:16:12,280
Speaker 1: been waging war on the fossil fuel industry. That's ridiculous,

1472
01:16:12,560 --> 01:16:16,360
Speaker 1: more than everybody. I mean, that's US production. Okay, US

1473
01:16:16,400 --> 01:16:19,679
Speaker 1: production is up, it will be at record levels next year.

1474
01:16:20,240 --> 01:16:23,160
Speaker 1: The fossil fuel companies themselves are flushed with cash, but

1475
01:16:23,240 --> 01:16:25,519
Speaker 1: will not invest in new drilling because they would rather

1476
01:16:25,560 --> 01:16:29,200
Speaker 1: give it to their shareholders. That's the truth. So there's

1477
01:16:29,200 --> 01:16:32,280
Speaker 1: a lot going on. It is what the stock market

1478
01:16:32,280 --> 01:16:34,200
Speaker 1: crash in March twenty twenty, like, what what are you

1479
01:16:34,200 --> 01:16:38,320
Speaker 1: talking about? Well, I actually I get why. You might

1480
01:16:38,360 --> 01:16:41,120
Speaker 1: have forgotten, because the FED left into action. But that

1481
01:16:41,200 --> 01:16:46,200
Speaker 1: was such a seminal moment that that really determined our

1482
01:16:46,280 --> 01:16:50,679
Speaker 1: trajectory everywhere sent because remember the politicians they were actually

1483
01:16:50,760 --> 01:16:52,599
Speaker 1: it was unclear that they were going to do much

1484
01:16:52,640 --> 01:16:57,120
Speaker 1: of anything for anyone at the time. Remember we were going,

1485
01:16:57,160 --> 01:16:59,720
Speaker 1: I mean, we were beside ourselves, oh my, they may

1486
01:16:59,720 --> 01:17:04,639
Speaker 1: not at all. And then once the market crashed, that's

1487
01:17:04,720 --> 01:17:07,360
Speaker 1: when they were like, ah shit, we got to do something.

1488
01:17:07,680 --> 01:17:10,360
Speaker 1: And of course the overwhelming amount went to the top,

1489
01:17:10,439 --> 01:17:13,479
Speaker 1: as it always does, but they had to sweeten the

1490
01:17:13,520 --> 01:17:16,920
Speaker 1: deal with some stuff for regular people. Remember, at the time,

1491
01:17:16,920 --> 01:17:21,080
Speaker 1: there were all those stories about senators who sold everything

1492
01:17:21,120 --> 01:17:23,879
Speaker 1: they had, who sold a bunch of their stock before

1493
01:17:23,960 --> 01:17:26,800
Speaker 1: the crash so they could avoid the fallout from them.

1494
01:17:26,960 --> 01:17:30,760
Speaker 1: So the crash ultimately was very short exactly because of

1495
01:17:30,800 --> 01:17:32,640
Speaker 1: what I tried my best to explain there in a

1496
01:17:32,760 --> 01:17:35,960
Speaker 1: very short period of time, of the extraordinary action that

1497
01:17:36,000 --> 01:17:38,640
Speaker 1: the FED ultimately took. And that's why you ended up

1498
01:17:38,680 --> 01:17:41,200
Speaker 1: with these dueling headlines of oh my god, the stock

1499
01:17:41,240 --> 01:17:45,120
Speaker 1: markets at record levels, but meanwhile unemployment is, you know,

1500
01:17:45,479 --> 01:17:48,880
Speaker 1: also at record levels. The reason you had that dueling

1501
01:17:48,920 --> 01:17:51,960
Speaker 1: reality is because of the fed's actions there, And so

1502
01:17:52,000 --> 01:17:53,960
Speaker 1: if you don't understand that history, you're going to have

1503
01:17:53,960 --> 01:17:57,320
Speaker 1: a hard time understanding what's unfolding before us. Right now. Yeah,

1504
01:17:57,360 --> 01:17:59,599
Speaker 1: I just think that I don't know how you could

1505
01:17:59,600 --> 01:18:02,479
Speaker 1: have forgot and that crash, I mean eat crash. Even today,

1506
01:18:02,720 --> 01:18:06,800
Speaker 1: the headlines are all largest stock market crash since the

1507
01:18:06,920 --> 01:18:11,200
Speaker 1: twenty twenty crash of coronavirus. Actually, I just looked twenty

1508
01:18:11,200 --> 01:18:14,080
Speaker 1: twenty market crash even has its own Wikipedia page. And

1509
01:18:14,160 --> 01:18:18,440
Speaker 1: actually at the time, there were Black Monday, one Black Thursday,

1510
01:18:18,560 --> 01:18:21,600
Speaker 1: and then there was Black Monday, two, where they specifically

1511
01:18:21,600 --> 01:18:24,960
Speaker 1: talk about how on February seventeenth, that's when the Asian

1512
01:18:24,960 --> 01:18:27,000
Speaker 1: markets began to crash as a result of the reports

1513
01:18:27,040 --> 01:18:29,360
Speaker 1: coming out not only of China but South Korea and

1514
01:18:29,439 --> 01:18:33,160
Speaker 1: initial lockdown procedures. That's what triggered massive market sell off.

1515
01:18:33,200 --> 01:18:36,320
Speaker 1: March of twenty twenty leads to the eventual discussion around

1516
01:18:36,320 --> 01:18:39,800
Speaker 1: stimulus checks of lockdowns. April of twenty twenty is when

1517
01:18:39,840 --> 01:18:42,840
Speaker 1: all of this gets solidified into place. By May, it's

1518
01:18:42,960 --> 01:18:46,559
Speaker 1: largely forgotten and cheap capital floods the system. But that

1519
01:18:46,720 --> 01:18:49,160
Speaker 1: was a pivotal economic time. I mean, we're going to

1520
01:18:49,280 --> 01:18:52,280
Speaker 1: study that period. Economists are going to study that period

1521
01:18:52,360 --> 01:18:57,519
Speaker 1: for decades. That is equivalent to quantitative easing post Great Recession,

1522
01:18:57,600 --> 01:19:02,000
Speaker 1: equivalent to Great Depression type mon cary policy. And yeah,

1523
01:19:02,120 --> 01:19:03,920
Speaker 1: like you said, I guess I could forgive Bill for

1524
01:19:04,040 --> 01:19:07,519
Speaker 1: not remembering it, but even know, yeah, I mean, with

1525
01:19:07,560 --> 01:19:10,760
Speaker 1: great respect to Jamie Kirchik and all of that, you know,

1526
01:19:11,040 --> 01:19:15,439
Speaker 1: this is the issue with not understanding markets, both oil

1527
01:19:15,520 --> 01:19:20,400
Speaker 1: markets and stock markets as to the exact mechanisms. Because

1528
01:19:20,400 --> 01:19:23,719
Speaker 1: if you want to sit there and talk about demand

1529
01:19:23,760 --> 01:19:28,519
Speaker 1: inflation based upon stimulus checks and overstimulation. Fine, yeah, we

1530
01:19:28,520 --> 01:19:31,960
Speaker 1: can have that conversation, but to what extent is it

1531
01:19:32,080 --> 01:19:35,280
Speaker 1: part of the current solution? Actually not really. As we

1532
01:19:35,360 --> 01:19:38,559
Speaker 1: pointed out here, the stock market and the demand inflation,

1533
01:19:38,680 --> 01:19:41,160
Speaker 1: that's what is mostly gone. You know, consumer demand as

1534
01:19:41,200 --> 01:19:43,640
Speaker 1: a result of stimulus, checks and savings and all of

1535
01:19:43,640 --> 01:19:46,439
Speaker 1: that has tapered off. The current solution and to what

1536
01:19:46,479 --> 01:19:50,639
Speaker 1: we're grappling with is an extraordinarily different and different, different

1537
01:19:50,680 --> 01:19:53,240
Speaker 1: and difficult time that doesn't have a lot to do

1538
01:19:53,320 --> 01:19:56,559
Speaker 1: with happened in March of twenty twenty. So it's just

1539
01:19:56,640 --> 01:20:00,160
Speaker 1: reminded me discussion, Yeah, and I think it all so

1540
01:20:01,600 --> 01:20:04,639
Speaker 1: it reminded me where I'm so used to existing in

1541
01:20:04,680 --> 01:20:08,000
Speaker 1: this ecosystem. Yeah, it's different. And you know, and I

1542
01:20:08,040 --> 01:20:10,840
Speaker 1: know that you guys who watch regularly, like you're very

1543
01:20:10,840 --> 01:20:12,599
Speaker 1: aware of this history. Can we talk about this stuff

1544
01:20:12,640 --> 01:20:14,639
Speaker 1: a lot. We've gone out of our way to really

1545
01:20:14,640 --> 01:20:16,240
Speaker 1: dig into kind of the workings of the FED this

1546
01:20:16,320 --> 01:20:19,200
Speaker 1: year because it's so central, Like we've really tried to

1547
01:20:19,280 --> 01:20:22,200
Speaker 1: challenge ourselves to understand the on a deeper level, what's

1548
01:20:22,200 --> 01:20:25,280
Speaker 1: happening in the oil markets, what's happening with inflation, what

1549
01:20:25,360 --> 01:20:27,880
Speaker 1: some potential solutions are, you know, what the truth is

1550
01:20:27,920 --> 01:20:30,479
Speaker 1: and what the talking points from both sides. We were

1551
01:20:30,479 --> 01:20:34,679
Speaker 1: not perfect. We really try to understand in depth what's

1552
01:20:34,720 --> 01:20:39,400
Speaker 1: happening here. But you know, cable news format just doesn't

1553
01:20:39,400 --> 01:20:41,760
Speaker 1: allow for that. No, it does not allow for that.

1554
01:20:42,200 --> 01:20:44,400
Speaker 1: Because how long was that segment? Like seven minutes that

1555
01:20:44,560 --> 01:20:46,559
Speaker 1: on YouTube all its head was so I don't even know.

1556
01:20:46,840 --> 01:20:49,200
Speaker 1: I think the entire panel discussion they say I was

1557
01:20:49,200 --> 01:20:51,479
Speaker 1: thirty minutes. It felt like it was nothing. And we

1558
01:20:51,600 --> 01:20:54,880
Speaker 1: covered you know, three or four different topics within that

1559
01:20:54,960 --> 01:20:58,000
Speaker 1: time period. So and you got you know, obviously a

1560
01:20:58,040 --> 01:21:00,839
Speaker 1: lot of crosstalk and getting cut off and all that stuff.

1561
01:21:00,920 --> 01:21:05,680
Speaker 1: So to try to make a nuanced point and you know,

1562
01:21:05,720 --> 01:21:08,280
Speaker 1: explain the trajectory of how we got here and all

1563
01:21:08,320 --> 01:21:10,760
Speaker 1: these pieces that are going on, it's just, you know,

1564
01:21:11,040 --> 01:21:13,479
Speaker 1: and that's on real time. You have way more space

1565
01:21:13,520 --> 01:21:15,320
Speaker 1: than you do in like a cable news thgment. Yeah,

1566
01:21:15,520 --> 01:21:18,400
Speaker 1: right to cable. So that's why the American people are

1567
01:21:18,439 --> 01:21:21,360
Speaker 1: being fed a very non nutritious diet in terms of

1568
01:21:21,479 --> 01:21:25,800
Speaker 1: understanding these seminal moments that really have been instrumental in

1569
01:21:25,840 --> 01:21:28,160
Speaker 1: getting us to where we are and determining where we're

1570
01:21:28,160 --> 01:21:31,080
Speaker 1: going to go next and that that market crash and

1571
01:21:31,120 --> 01:21:34,320
Speaker 1: the response to it was an absolutely crucial one. So listen,

1572
01:21:34,400 --> 01:21:37,479
Speaker 1: I had a great experience. I'm really grateful for them

1573
01:21:37,520 --> 01:21:39,960
Speaker 1: having me on and giving me the ability to, you know,

1574
01:21:40,080 --> 01:21:42,200
Speaker 1: do my best to explain the world as I see

1575
01:21:42,240 --> 01:21:43,880
Speaker 1: in some of the things that we talk about on

1576
01:21:43,920 --> 01:21:46,679
Speaker 1: this show. So I'm extremely grateful for that. Bill couldn't

1577
01:21:46,680 --> 01:21:48,599
Speaker 1: have been nicer. After the fact, they do a little,

1578
01:21:48,720 --> 01:21:52,679
Speaker 1: you know, little like get together on the patio, open

1579
01:21:52,720 --> 01:21:54,800
Speaker 1: bar whatever, So I got to chat with him a

1580
01:21:54,800 --> 01:21:56,880
Speaker 1: little bit and that was that was really nice as well.

1581
01:21:56,920 --> 01:21:59,080
Speaker 1: But I will tell you the other thing that was funny,

1582
01:21:59,439 --> 01:22:01,720
Speaker 1: which I've now I've ever done this to myself. I

1583
01:22:01,800 --> 01:22:04,640
Speaker 1: really have never done this to myself before. But I

1584
01:22:04,680 --> 01:22:08,639
Speaker 1: had such a hard time gauging whether I did well

1585
01:22:08,680 --> 01:22:11,519
Speaker 1: and got my points off or not. And so I

1586
01:22:12,200 --> 01:22:14,360
Speaker 1: really and I hate watching myself back. I really should

1587
01:22:14,360 --> 01:22:16,000
Speaker 1: have watched myself back because if I did, I wouldn't

1588
01:22:16,000 --> 01:22:17,519
Speaker 1: be like, okay I did, I did, Okay, I got

1589
01:22:17,520 --> 01:22:21,160
Speaker 1: my points across. But I tortured myself that night like,

1590
01:22:21,240 --> 01:22:24,400
Speaker 1: oh man, I think you like these certain moments in

1591
01:22:24,479 --> 01:22:26,439
Speaker 1: I was replaying my you should have said this should

1592
01:22:26,439 --> 01:22:28,639
Speaker 1: have said that maybe came off in a bad way,

1593
01:22:28,840 --> 01:22:32,960
Speaker 1: like maybe we're too aggressive. I really really was torturing myself,

1594
01:22:33,000 --> 01:22:35,519
Speaker 1: and I've been thinking about why that is, because I

1595
01:22:35,560 --> 01:22:39,680
Speaker 1: really genuinely normally don't do that. Even when I have

1596
01:22:39,920 --> 01:22:43,000
Speaker 1: actually performed kind of poorly, I'm usually like, what are

1597
01:22:43,000 --> 01:22:45,519
Speaker 1: you gonna do? But I think it's because I really

1598
01:22:45,560 --> 01:22:49,479
Speaker 1: did put feel a sense of responsibility to represent us

1599
01:22:49,560 --> 01:22:52,280
Speaker 1: and represent this community and like the way that we

1600
01:22:52,320 --> 01:22:54,400
Speaker 1: look at things and try to put that out in

1601
01:22:54,439 --> 01:22:57,200
Speaker 1: the world a little bit. So I really like I

1602
01:22:57,280 --> 01:23:01,439
Speaker 1: felt this pressure to do that, not just like for

1603
01:23:01,520 --> 01:23:03,719
Speaker 1: me to do my bust, but to try to represent

1604
01:23:03,760 --> 01:23:05,200
Speaker 1: what we're doing. I totally get what you're saying. I

1605
01:23:05,240 --> 01:23:08,479
Speaker 1: would also be incredibly stressed out because, yeah, like you said,

1606
01:23:08,520 --> 01:23:10,240
Speaker 1: I mean, I've seen these people. I know these people

1607
01:23:10,240 --> 01:23:11,800
Speaker 1: have known Jamie for a long time. I don't know

1608
01:23:12,400 --> 01:23:14,639
Speaker 1: I don't know Bill, but I do know their worldview andal,

1609
01:23:14,720 --> 01:23:17,559
Speaker 1: and it's so dramatically different than all of us that

1610
01:23:18,080 --> 01:23:21,719
Speaker 1: dealing with it and confronting it on national television. Yeah,

1611
01:23:21,720 --> 01:23:23,479
Speaker 1: which is I mean, look, I'm not gonna say it's

1612
01:23:23,479 --> 01:23:25,680
Speaker 1: a forte because you came up more cables, so you're

1613
01:23:25,720 --> 01:23:27,640
Speaker 1: used to more of the time. But not having the

1614
01:23:27,680 --> 01:23:30,320
Speaker 1: ability to explain myself and have to hit the talking

1615
01:23:30,360 --> 01:23:34,120
Speaker 1: points is the thing I hated most always about cable

1616
01:23:34,120 --> 01:23:36,320
Speaker 1: and having to return to that after having the freedom

1617
01:23:36,400 --> 01:23:38,920
Speaker 1: here of talking in the way that we do would

1618
01:23:38,960 --> 01:23:40,479
Speaker 1: be very difficult, and I don't think there would be

1619
01:23:40,520 --> 01:23:42,120
Speaker 1: another way to do it than the way you did,

1620
01:23:42,360 --> 01:23:44,320
Speaker 1: which is to have to be combative. I mean, to

1621
01:23:44,360 --> 01:23:46,599
Speaker 1: the extent that we ever cut things off on this show,

1622
01:23:46,640 --> 01:23:49,400
Speaker 1: it's because of studio time, like literally, because we're like,

1623
01:23:49,439 --> 01:23:51,080
Speaker 1: we have to get out of here in order to

1624
01:23:51,120 --> 01:23:54,280
Speaker 1: produce our show on time. That's it. It's not because

1625
01:23:54,920 --> 01:23:57,960
Speaker 1: you know, I often feel that they restrict it artificially

1626
01:23:58,080 --> 01:24:01,080
Speaker 1: in order to induce these results. I really do think

1627
01:24:01,120 --> 01:24:05,599
Speaker 1: it's yes suboptimal at the best for discussion. The first

1628
01:24:05,600 --> 01:24:08,960
Speaker 1: thing I noticed when I shifted from cable news to

1629
01:24:10,040 --> 01:24:13,920
Speaker 1: you know, YouTube and to independent media is that you

1630
01:24:14,080 --> 01:24:16,800
Speaker 1: just have so much more space and so much more

1631
01:24:16,880 --> 01:24:22,240
Speaker 1: attention from the audience to lay out more complex arguments

1632
01:24:22,240 --> 01:24:24,960
Speaker 1: and points. You know, I write a monologue for cable news,

1633
01:24:25,000 --> 01:24:26,800
Speaker 1: it was like I can hit one point, I can

1634
01:24:26,880 --> 01:24:28,840
Speaker 1: hit it a few times. That's the best. You're going

1635
01:24:28,920 --> 01:24:31,840
Speaker 1: to do with this Obviously, you guys know how we

1636
01:24:31,880 --> 01:24:34,439
Speaker 1: write our monologues, and you know, and we put a

1637
01:24:34,479 --> 01:24:36,920
Speaker 1: lot into it. They go in a lot of directions.

1638
01:24:36,960 --> 01:24:38,960
Speaker 1: We try to make them, you know, complex and nuance

1639
01:24:39,040 --> 01:24:41,160
Speaker 1: and really try to get at whatever it is that

1640
01:24:41,200 --> 01:24:44,160
Speaker 1: we're trying to explain. So in any case, I think

1641
01:24:44,160 --> 01:24:47,800
Speaker 1: it was used judging by the reaction, which has been extraordinary,

1642
01:24:48,920 --> 01:24:51,680
Speaker 1: I think it was useful to go on, even though

1643
01:24:51,720 --> 01:24:55,200
Speaker 1: it really stressed me out. But I am also extremely

1644
01:24:55,240 --> 01:24:58,800
Speaker 1: extremely grateful for the time and the space and the

1645
01:24:58,840 --> 01:25:01,639
Speaker 1: attention from you guys, and the you know and what

1646
01:25:01,680 --> 01:25:04,479
Speaker 1: you guys. What you guys give back to us also

1647
01:25:05,400 --> 01:25:07,360
Speaker 1: allows us to kind of bring our best to the show.

1648
01:25:07,360 --> 01:25:11,640
Speaker 1: So thank you for that. I agree, Crystal Ple. You

1649
01:25:11,720 --> 01:25:15,080
Speaker 1: take a look at well the bread riots have arrived.

1650
01:25:15,160 --> 01:25:17,920
Speaker 1: A state of emergency has been declared in Ecuador, where

1651
01:25:17,920 --> 01:25:21,000
Speaker 1: a general strike spark by mass inflation enters its second week.

1652
01:25:21,360 --> 01:25:24,799
Speaker 1: The country's president, Germo Lasso, a conservative business man elected

1653
01:25:24,840 --> 01:25:27,880
Speaker 1: just last year, imposed a decree on Friday after mass

1654
01:25:27,920 --> 01:25:32,120
Speaker 1: protests led by the country's indigenous communities blocked roads, burned tires,

1655
01:25:32,160 --> 01:25:35,559
Speaker 1: and demanded price phrases and loan forgiveness. Not only do

1656
01:25:35,640 --> 01:25:38,639
Speaker 1: these protesters want fuel prices lowered and frozen, but they

1657
01:25:38,680 --> 01:25:43,280
Speaker 1: also want the same for essential goods and services. We're

1658
01:25:43,320 --> 01:25:46,479
Speaker 1: literally starving today. There is no work farm products. I minimized.

1659
01:25:46,600 --> 01:25:48,479
Speaker 1: There is no proper suplet from the government. With the

1660
01:25:48,600 --> 01:25:54,000
Speaker 1: rise and fuel prices, everything is more expensive. The government

1661
01:25:54,040 --> 01:25:56,240
Speaker 1: doesn't hear us. Does it hear the poorformers? No, it doesn't.

1662
01:25:56,240 --> 01:25:58,280
Speaker 1: Does it know the price of fertilizers? No? And our

1663
01:25:58,280 --> 01:26:00,600
Speaker 1: products are already cheap. How we going to survive to

1664
01:26:00,600 --> 01:26:04,160
Speaker 1: feed that with children? So Ecuador's indigenous communities, they overwhelmingly

1665
01:26:04,160 --> 01:26:06,960
Speaker 1: grow that nation's produced, and they've been devastated by rising

1666
01:26:06,960 --> 01:26:10,040
Speaker 1: oil and also rising fertilizer prices. The country's farms are

1667
01:26:10,040 --> 01:26:13,400
Speaker 1: heavily dependent on fertilizer from Russia. So in addition to

1668
01:26:13,439 --> 01:26:16,400
Speaker 1: being hard hit during the coronavirus crisis, Ecuador's now suffering

1669
01:26:16,400 --> 01:26:19,479
Speaker 1: with huge spikes in the cost of food production. And

1670
01:26:19,600 --> 01:26:27,400
Speaker 1: they are far from alone. Reuters lists Argentina, Chile, Cyprus, Greece, Guinea, Indonesia, Iran, Kenya, Lebanon,

1671
01:26:27,439 --> 01:26:31,439
Speaker 1: the Palastinian territories, Peru, Sri Lanka, Sudan and Tunisia all

1672
01:26:31,479 --> 01:26:35,320
Speaker 1: as nations where significant protests and unrest have erupted over

1673
01:26:35,360 --> 01:26:38,519
Speaker 1: spiking food and fuel prices just in recent months. So

1674
01:26:38,680 --> 01:26:41,480
Speaker 1: to give you a flavor of that, acorniad routers Cypriat

1675
01:26:41,520 --> 01:26:44,519
Speaker 1: farmers dump tons of milk and lit bales of hay

1676
01:26:44,680 --> 01:26:46,880
Speaker 1: outside the Presdential Palace and the Capitol in ne Koja

1677
01:26:46,960 --> 01:26:50,439
Speaker 1: on May eighteenth, in protests at high prices and production issues,

1678
01:26:50,880 --> 01:26:53,479
Speaker 1: Lebanese truck and bus drivers and others blocked roads and

1679
01:26:53,560 --> 01:26:57,080
Speaker 1: generated protest against soaring prices. The protesters accused politicians of

1680
01:26:57,080 --> 01:27:00,759
Speaker 1: failure to address an ongoing economic crisis since twenty nineteen,

1681
01:27:01,200 --> 01:27:05,200
Speaker 1: and nationwide protests in Iran have continued since early May

1682
01:27:05,320 --> 01:27:08,440
Speaker 1: in response to a government decision to cut bread subsidies.

1683
01:27:08,920 --> 01:27:12,120
Speaker 1: Those protests have triggered a brutal government crackdown that has

1684
01:27:12,160 --> 01:27:15,880
Speaker 1: been harsh enough to trigger alarm among UN officials. Of course,

1685
01:27:16,000 --> 01:27:18,920
Speaker 1: the specifics are different in every country, but the overall

1686
01:27:18,920 --> 01:27:23,559
Speaker 1: picture is pretty similar. COVID despair, political dysfunction and escalating

1687
01:27:23,560 --> 01:27:27,519
Speaker 1: inequalities provided the tinder and massive inflation caused by supply

1688
01:27:27,600 --> 01:27:30,120
Speaker 1: chain crises, the War in Ukraine and the West response

1689
01:27:30,200 --> 01:27:33,439
Speaker 1: the War in Ukraine lit the match. As grain prices

1690
01:27:33,560 --> 01:27:37,320
Speaker 1: rise and hunger spreads, we should expect even more instability.

1691
01:27:37,520 --> 01:27:39,519
Speaker 1: The Horn of Africa, the Middle East, and North Africa

1692
01:27:39,520 --> 01:27:42,400
Speaker 1: have suffered the most brutal consequences from a combination of

1693
01:27:42,439 --> 01:27:45,919
Speaker 1: climate crisis, Russia's war in Ukraine, and again are response

1694
01:27:46,000 --> 01:27:49,080
Speaker 1: to that war, Western sanctions on Russian banks have made

1695
01:27:49,080 --> 01:27:51,720
Speaker 1: it impossible for countries dependent on their grain and their

1696
01:27:51,760 --> 01:27:55,120
Speaker 1: fertilizer to buy either of those things. As a result,

1697
01:27:55,600 --> 01:27:58,599
Speaker 1: fifty million people are facing famine seven hundred and fifty

1698
01:27:58,640 --> 01:28:01,840
Speaker 1: thousand already in what is described as catastrophe. Many of

1699
01:28:01,840 --> 01:28:04,479
Speaker 1: these are in Afghanistan because we stole our country central

1700
01:28:04,479 --> 01:28:07,040
Speaker 1: bank reserves, and in Yemen, where our friends Sosaudi's have

1701
01:28:07,160 --> 01:28:10,400
Speaker 1: used US made weapons to cause the worst humanitarian crisis

1702
01:28:10,439 --> 01:28:13,000
Speaker 1: on the planet. Our guest today, Peter's Iihan, has been

1703
01:28:13,040 --> 01:28:15,000
Speaker 1: among those who are sounding the alarm warning that we

1704
01:28:15,040 --> 01:28:18,320
Speaker 1: are facing a massive crisis with likely unrest. He actually

1705
01:28:18,400 --> 01:28:21,000
Speaker 1: predicts this current food crisis will grow to three to

1706
01:28:21,120 --> 01:28:25,000
Speaker 1: four times worse than the crisis that triggered the Arab Spring.

1707
01:28:25,800 --> 01:28:28,960
Speaker 1: This is a devastating picture. It's feeding desperation and populas

1708
01:28:29,000 --> 01:28:32,240
Speaker 1: discontent around the globe. It's hitting poor, middle class, and

1709
01:28:32,280 --> 01:28:36,280
Speaker 1: wealthy nations alike, and by the way, citizens also expressing

1710
01:28:36,320 --> 01:28:39,880
Speaker 1: their outrage at the ballot box. In Colombia, voters toss

1711
01:28:40,000 --> 01:28:42,720
Speaker 1: the dominant elite ideological faction out of power in the

1712
01:28:42,720 --> 01:28:45,519
Speaker 1: first round of voting, opting instead for a second round

1713
01:28:45,600 --> 01:28:48,799
Speaker 1: choice between a leftist former militant radical championing a Bernie

1714
01:28:48,800 --> 01:28:52,200
Speaker 1: style agenda and a Trumpian businessman known for his tiktoks

1715
01:28:52,560 --> 01:28:55,519
Speaker 1: is inveighing against corruption while being under investigation for corruption

1716
01:28:55,600 --> 01:28:58,080
Speaker 1: and his seeming lack of knowledge about really much of anything.

1717
01:28:58,439 --> 01:29:04,040
Speaker 1: And yesterday, in a true stunner, the leftist Gustavo Petro

1718
01:29:04,200 --> 01:29:07,320
Speaker 1: pulled off the win that marks the first time in

1719
01:29:07,640 --> 01:29:10,519
Speaker 1: history that that nation will have a left wing president.

1720
01:29:10,760 --> 01:29:13,639
Speaker 1: It is a full on rejection of decades of Columbian

1721
01:29:13,640 --> 01:29:16,320
Speaker 1: politics and sets up some pretty interesting clashes with the

1722
01:29:16,360 --> 01:29:19,120
Speaker 1: good old US of A over drug policy and trade,

1723
01:29:19,120 --> 01:29:22,519
Speaker 1: among other things. Now, with Lula holding a commanding leading

1724
01:29:22,560 --> 01:29:25,320
Speaker 1: polls in Brazil, the left has really been cleaning up lately.

1725
01:29:25,360 --> 01:29:29,320
Speaker 1: In Latin America. Okay, let's move over to France. Center

1726
01:29:29,400 --> 01:29:33,280
Speaker 1: right neoliberal Emmanuel Macron was just blocked from a majority

1727
01:29:33,280 --> 01:29:35,960
Speaker 1: in parliamentary elections, the first time that the president has

1728
01:29:35,960 --> 01:29:38,160
Speaker 1: failed to secure an outright majority in that country in

1729
01:29:38,160 --> 01:29:42,720
Speaker 1: the lower house in twenty years. Blocking his path was

1730
01:29:42,760 --> 01:29:45,920
Speaker 1: a left wing coalition including Socialist, Greeed and communist parties.

1731
01:29:46,200 --> 01:29:48,479
Speaker 1: This alliance brought the French left back for the dead

1732
01:29:48,600 --> 01:29:51,200
Speaker 1: to secure the second largest number of seats of any group.

1733
01:29:51,560 --> 01:29:53,760
Speaker 1: But the real surprise came from Marine La Penn's far

1734
01:29:53,840 --> 01:29:57,000
Speaker 1: right party National Front. They went from the measly eight

1735
01:29:57,080 --> 01:30:00,280
Speaker 1: seats in twenty seventeen to a record breaking run roughly

1736
01:30:00,439 --> 01:30:05,160
Speaker 1: ninety seats this year, outperforming polls and shocking observers. This

1737
01:30:05,360 --> 01:30:08,720
Speaker 1: is by far their best performance. So a left and

1738
01:30:08,840 --> 01:30:12,120
Speaker 1: right surge swamped the center right, making life much more

1739
01:30:12,160 --> 01:30:15,479
Speaker 1: difficult for Macron and for his completely terrible plans to

1740
01:30:15,520 --> 01:30:18,160
Speaker 1: lift the retirement age. But the populist revolt it really

1741
01:30:18,280 --> 01:30:21,000
Speaker 1: is a global phenomenon. As I covered previously, in Australia,

1742
01:30:21,120 --> 01:30:24,559
Speaker 1: might recall, voters tossed out a conservative government in favor

1743
01:30:24,600 --> 01:30:28,160
Speaker 1: of the Labor Party, but perhaps even more significant, record

1744
01:30:28,240 --> 01:30:31,400
Speaker 1: numbers voted for independent candidates, handing the Green Party. They're

1745
01:30:31,439 --> 01:30:34,400
Speaker 1: best showing in that country in history. Now Here in

1746
01:30:34,439 --> 01:30:37,479
Speaker 1: the US, our deep discontent will surely translate into a

1747
01:30:37,520 --> 01:30:41,080
Speaker 1: major rejection of the governing Democratic neoliberals this fall. But

1748
01:30:41,160 --> 01:30:43,240
Speaker 1: since our two party system leaves us with a weak

1749
01:30:43,320 --> 01:30:46,759
Speaker 1: choice between two fundamentally inadequate parties devoted to the economic

1750
01:30:46,760 --> 01:30:49,479
Speaker 1: model of the past, the shift in power is really

1751
01:30:49,560 --> 01:30:53,679
Speaker 1: unlikely to lead to real voter satisfaction. What comes next?

1752
01:30:54,080 --> 01:30:57,840
Speaker 1: Anyone's guess. There is no chance the fomenting global tumult

1753
01:30:57,920 --> 01:31:02,400
Speaker 1: is going to leave us unscathed. Sober number of countries,

1754
01:31:03,080 --> 01:31:05,479
Speaker 1: very interesting results. I mean, you have these and if

1755
01:31:05,479 --> 01:31:08,240
Speaker 1: you want to hear my reaction to Crystal's monologue, become

1756
01:31:08,280 --> 01:31:14,000
Speaker 1: a premium subscriber today at Breakingpoints dot Com. All right, saga,

1757
01:31:14,000 --> 01:31:15,840
Speaker 1: what are you looking at? Well, as you all know,

1758
01:31:16,000 --> 01:31:18,519
Speaker 1: when I'm confused, I turned to history to try and

1759
01:31:18,560 --> 01:31:20,840
Speaker 1: remind us of what our times might look like. It's

1760
01:31:20,840 --> 01:31:23,599
Speaker 1: never really a perfect replica. Again, teach us always a lot.

1761
01:31:23,800 --> 01:31:26,360
Speaker 1: Only months after Biden was elected, there were Republicans calling

1762
01:31:26,439 --> 01:31:28,439
Speaker 1: him the next Jimmy Carter, and I actually even pushed

1763
01:31:28,439 --> 01:31:30,680
Speaker 1: back on that. At the time, inflation wasn't nearly at

1764
01:31:30,720 --> 01:31:33,040
Speaker 1: the highs that we see today. Gas was expensive, yes,

1765
01:31:33,080 --> 01:31:36,320
Speaker 1: but it wasn't astronomically expensive. Russia had not yet invaded

1766
01:31:36,360 --> 01:31:39,320
Speaker 1: a smaller nation in pursuit of its empire goals, and Biden,

1767
01:31:39,360 --> 01:31:42,320
Speaker 1: while incompetent from the beginning, had not as much time

1768
01:31:42,640 --> 01:31:45,000
Speaker 1: to prove it to all of us. But I am

1769
01:31:45,080 --> 01:31:48,880
Speaker 1: genuinely sad to say today, especially after reading Jonathan Alter's

1770
01:31:48,880 --> 01:31:51,360
Speaker 1: biography of Jimmy Carter, which came out last year, that

1771
01:31:51,520 --> 01:31:56,160
Speaker 1: Biden really is Jimmy Carter, except honestly worse in many respects.

1772
01:31:56,360 --> 01:31:59,400
Speaker 1: Let's review just the circumstances. First and foremost is a

1773
01:31:59,439 --> 01:32:02,559
Speaker 1: fascinating history of Biden. I did not know. In nineteen

1774
01:32:02,640 --> 01:32:06,599
Speaker 1: seventy six, a spirited Democratic primary was underway to determine

1775
01:32:06,680 --> 01:32:10,000
Speaker 1: who would challenge Gerald Ford. The country was emerging from

1776
01:32:10,040 --> 01:32:13,559
Speaker 1: the wounds of Watergate. McGovern was a total disaster. Nobody

1777
01:32:13,640 --> 01:32:16,720
Speaker 1: knew which Democrat to turned to. The Washington establishment was

1778
01:32:16,720 --> 01:32:19,760
Speaker 1: pushing various senators and others, but a peanut farming first

1779
01:32:20,640 --> 01:32:24,519
Speaker 1: first term governor of Georgia named Jimmy Carter decided to run.

1780
01:32:25,120 --> 01:32:28,240
Speaker 1: Nobody supported him, except for one young senator who said

1781
01:32:28,240 --> 01:32:31,000
Speaker 1: they needed new leadership in the party. That senator was

1782
01:32:31,120 --> 01:32:34,080
Speaker 1: Joseph R. Biden, thirty three years old at the time,

1783
01:32:34,160 --> 01:32:37,639
Speaker 1: and became the first sitting politician to endorse Carter by

1784
01:32:37,680 --> 01:32:39,959
Speaker 1: saying that since he wasn't old enough to be president,

1785
01:32:40,160 --> 01:32:43,599
Speaker 1: he would at least then endorse Carter himself. His blinding

1786
01:32:43,640 --> 01:32:46,799
Speaker 1: ambition and arrogance was evident even then. But what strikes

1787
01:32:46,840 --> 01:32:48,840
Speaker 1: me is how much Biden has become the heir to

1788
01:32:48,920 --> 01:32:51,000
Speaker 1: Jimmy Carter. Let's take a look at the conditions and

1789
01:32:51,040 --> 01:32:54,320
Speaker 1: their similarities. Starting with the economy. Right now, the US

1790
01:32:54,360 --> 01:32:57,120
Speaker 1: consumer sentiment index is at the lowest point since they

1791
01:32:57,240 --> 01:33:01,240
Speaker 1: began measuring in the nineteen fifties, coming at fifty point two.

1792
01:33:01,520 --> 01:33:03,960
Speaker 1: The last time that conditions were that low you guessed it,

1793
01:33:04,280 --> 01:33:07,200
Speaker 1: nineteen seventy nine and the early nineteen eighties, right at

1794
01:33:07,200 --> 01:33:10,840
Speaker 1: the natire of Jimmy Carter's presidency. Inflation is similar, with

1795
01:33:10,880 --> 01:33:14,240
Speaker 1: the highest prices today seen since nineteen seventy nine, exactly

1796
01:33:14,280 --> 01:33:17,360
Speaker 1: when Jimmy Carter was president. Crude oil experienced a similar

1797
01:33:17,360 --> 01:33:20,920
Speaker 1: supply shock under Jimmy Carter following the Iranian Revolution. Iran

1798
01:33:21,000 --> 01:33:23,280
Speaker 1: at the time was the second largest producer of oil

1799
01:33:23,320 --> 01:33:25,919
Speaker 1: in the world, and during the hostage crisis, we instituted

1800
01:33:25,960 --> 01:33:28,840
Speaker 1: an embargo which caused massive pain at the pump here

1801
01:33:28,880 --> 01:33:31,759
Speaker 1: in the United States. It got so bad gas lines

1802
01:33:31,800 --> 01:33:34,840
Speaker 1: and rationing happening. Our way of avoiding that today is

1803
01:33:34,920 --> 01:33:36,840
Speaker 1: just just lift all controls and actually left the price

1804
01:33:36,840 --> 01:33:39,320
Speaker 1: sk high as goes possible, the theory being if price

1805
01:33:39,360 --> 01:33:42,519
Speaker 1: gets high enough, people won't drive. What I'm struck though, by,

1806
01:33:42,720 --> 01:33:45,559
Speaker 1: is how similar both Biden are in terms of how

1807
01:33:45,600 --> 01:33:48,799
Speaker 1: they got elected and who got them there. Nobody really

1808
01:33:48,840 --> 01:33:51,960
Speaker 1: loved Jimmy Carter. In nineteen seventy six, Carter won the

1809
01:33:51,960 --> 01:33:55,559
Speaker 1: Democratic nomination by outlasting everyone else and by a definitely

1810
01:33:55,600 --> 01:33:58,520
Speaker 1: playing up his squeakly clean image in the wake of Watergate.

1811
01:33:58,800 --> 01:34:01,679
Speaker 1: He cobbled together in votes to actually win the primary,

1812
01:34:01,880 --> 01:34:03,720
Speaker 1: but his core problem was that the same one that

1813
01:34:03,760 --> 01:34:08,280
Speaker 1: dogs Joe Biden. There was no core Carter constituency. Most

1814
01:34:08,320 --> 01:34:12,080
Speaker 1: people shrug their shoulders and like, yeah, whatever, he's fine enough,

1815
01:34:12,160 --> 01:34:14,920
Speaker 1: I guess better than the other guys. He was a

1816
01:34:14,960 --> 01:34:18,720
Speaker 1: default choice more than an affirmative one, one where Democrats

1817
01:34:18,720 --> 01:34:21,160
Speaker 1: thought he was fine but didn't really love him at all.

1818
01:34:21,360 --> 01:34:23,559
Speaker 1: Now to the general electorate, he was the same. Carter

1819
01:34:23,720 --> 01:34:26,320
Speaker 1: was a choice to rebuke Gerald Ford and the failures

1820
01:34:26,360 --> 01:34:29,840
Speaker 1: of the Nixon administration Postwatergate far more than it was

1821
01:34:29,880 --> 01:34:33,000
Speaker 1: a choice of Jimmy Carter. He was the anti choice,

1822
01:34:33,040 --> 01:34:35,599
Speaker 1: just as Biden was the anti choice to Trump. Now,

1823
01:34:35,640 --> 01:34:37,920
Speaker 1: the problem politically for the two of them is that

1824
01:34:37,960 --> 01:34:40,160
Speaker 1: when you're the anti choice and then you actually have

1825
01:34:40,200 --> 01:34:43,599
Speaker 1: to run things, then you're responsible and people actually get

1826
01:34:43,600 --> 01:34:45,880
Speaker 1: to get a good look at you. Carter ultimately fel

1827
01:34:45,960 --> 01:34:48,639
Speaker 1: to nearly a twenty percent approval rating as president. That's

1828
01:34:48,680 --> 01:34:52,639
Speaker 1: the all time low. Right now, Biden is impressively running

1829
01:34:53,280 --> 01:34:56,160
Speaker 1: below where Carter was at that time of his presidency,

1830
01:34:56,240 --> 01:34:58,080
Speaker 1: but of course he still has some time to catch

1831
01:34:58,160 --> 01:35:01,080
Speaker 1: up to him. The problem that dogged Carter and dog's

1832
01:35:01,120 --> 01:35:04,280
Speaker 1: Biden is the same. Nobody really liked him that much.

1833
01:35:04,560 --> 01:35:08,040
Speaker 1: Beyond the circumstances of even the political conditions, what really

1834
01:35:08,120 --> 01:35:10,760
Speaker 1: unites the two men is their inability to meet the

1835
01:35:10,800 --> 01:35:14,960
Speaker 1: moment and inspire creative thinking. Consider this. I read through

1836
01:35:15,000 --> 01:35:18,000
Speaker 1: the entire Jimmy Carter crisis of confidence speech where he

1837
01:35:18,080 --> 01:35:20,800
Speaker 1: laid out his plan in nineteen seventy nine to lower

1838
01:35:20,840 --> 01:35:23,599
Speaker 1: gas prices and to ease the pain of the American people.

1839
01:35:23,800 --> 01:35:26,360
Speaker 1: Here's what he came up with. Number One, the same

1840
01:35:26,439 --> 01:35:28,400
Speaker 1: reason that we had. The problem in nineteen seventy nine

1841
01:35:28,600 --> 01:35:30,920
Speaker 1: was that Americans had lost their way and they were

1842
01:35:30,920 --> 01:35:33,920
Speaker 1: consuming too much stuff. That's what he led with. He

1843
01:35:33,960 --> 01:35:36,439
Speaker 1: then announced a plan, and I'm not kidding you, to

1844
01:35:36,720 --> 01:35:38,760
Speaker 1: raise the price of oil so that people would use

1845
01:35:38,800 --> 01:35:41,320
Speaker 1: less of it. And at the same time Carter raised

1846
01:35:41,320 --> 01:35:44,320
Speaker 1: prices at the pump. He extolled the virtues of quote

1847
01:35:44,439 --> 01:35:48,200
Speaker 1: alternative sources of energy like quote gas, a haul, and

1848
01:35:48,280 --> 01:35:52,120
Speaker 1: solar power. To bolster his ambitious plan, Carter proposed a

1849
01:35:52,160 --> 01:35:55,640
Speaker 1: windfall tax on oil companies. Now your ears must be

1850
01:35:55,720 --> 01:35:58,200
Speaker 1: ringing because all three of those things are what the

1851
01:35:58,200 --> 01:36:02,280
Speaker 1: Biden administration is trying to do today. It was rejected

1852
01:36:02,360 --> 01:36:05,439
Speaker 1: in nineteen seventy nine, and it should be rejected today

1853
01:36:05,600 --> 01:36:08,000
Speaker 1: because it's not actually a feasible plan for reasons that

1854
01:36:08,000 --> 01:36:10,760
Speaker 1: we've gone over here at nauseum. And the reason I

1855
01:36:10,760 --> 01:36:13,760
Speaker 1: think Biden is worse than Carter is look to be fair,

1856
01:36:14,000 --> 01:36:17,040
Speaker 1: Carter was at least facing novel problems that had not

1857
01:36:17,120 --> 01:36:19,960
Speaker 1: been seen in his lifetime. That is not an excuse

1858
01:36:20,040 --> 01:36:22,360
Speaker 1: that Biden has, and he should have still have met

1859
01:36:22,360 --> 01:36:25,559
Speaker 1: the moment, certainly. But Biden is so old. He was

1860
01:36:25,720 --> 01:36:30,040
Speaker 1: actually a sitting US senator and involved at the time

1861
01:36:30,240 --> 01:36:34,160
Speaker 1: of the seventy nine crisis. He probably watched that speech

1862
01:36:34,600 --> 01:36:38,160
Speaker 1: and he has not updated policy since then. That's a

1863
01:36:38,200 --> 01:36:41,000
Speaker 1: failure that makes him worse. It's just one of the

1864
01:36:41,120 --> 01:36:45,240
Speaker 1: many tiny examples to show Biden's timidity to actually confront problems,

1865
01:36:45,360 --> 01:36:48,160
Speaker 1: to think differently. The thing about Carter is that, dislike

1866
01:36:48,160 --> 01:36:50,760
Speaker 1: with Biden, many events were out of his control. Joe

1867
01:36:50,760 --> 01:36:53,559
Speaker 1: Biden is not solely responsible for inflation, he is not

1868
01:36:53,720 --> 01:36:56,759
Speaker 1: solely responsible for gas crisis, and he didn't force Putin

1869
01:36:56,800 --> 01:36:59,720
Speaker 1: to invade Russia, just like Carter didn't force the Ayatola

1870
01:36:59,760 --> 01:37:02,679
Speaker 1: to take over Iran, or force or Opak to boycott

1871
01:37:02,720 --> 01:37:05,880
Speaker 1: the US, or forced Russia to invade Afghanistan. What made

1872
01:37:06,360 --> 01:37:10,519
Speaker 1: Carter a failure was his inability to react in kind

1873
01:37:10,600 --> 01:37:13,479
Speaker 1: to these crises by giving the American people a plan

1874
01:37:13,840 --> 01:37:17,639
Speaker 1: and confidence anything that he might actually do something about it,

1875
01:37:17,840 --> 01:37:20,360
Speaker 1: or at the very least try to do something for

1876
01:37:20,600 --> 01:37:24,600
Speaker 1: people's lives. After eighteen months, we can confidently say we

1877
01:37:24,720 --> 01:37:27,719
Speaker 1: are worse off than the day that Joe Biden took office.

1878
01:37:27,920 --> 01:37:30,680
Speaker 1: And just like in nineteen seventy nine, waiting in the

1879
01:37:30,680 --> 01:37:34,200
Speaker 1: wings is a candidate that said, make America great Again,

1880
01:37:34,360 --> 01:37:37,439
Speaker 1: who ended up winning one of the biggest landslides in

1881
01:37:37,520 --> 01:37:41,720
Speaker 1: American history. The inevitability of that outcome just seems more

1882
01:37:41,760 --> 01:37:45,120
Speaker 1: and more likely every day that passes. Isn't just crazy

1883
01:37:45,120 --> 01:37:47,360
Speaker 1: how much history repeats itself. And if you want to

1884
01:37:47,360 --> 01:37:50,960
Speaker 1: hear my reaction to Cyber's monologue, become a premium subscriber

1885
01:37:51,000 --> 01:37:56,760
Speaker 1: today at Breakingpoints dot Com. Joining us now again. Friend

1886
01:37:56,800 --> 01:37:58,840
Speaker 1: of the show, Peter Zion. He's the author of the

1887
01:37:58,880 --> 01:38:00,840
Speaker 1: book Let's throw this up there on the screen. The

1888
01:38:01,040 --> 01:38:03,600
Speaker 1: End of the World is just beginning. You can go

1889
01:38:03,680 --> 01:38:06,280
Speaker 1: out and buy it right now on the shelves. Peter.

1890
01:38:06,680 --> 01:38:09,720
Speaker 1: I've come to really appreciate your analysis, and one of

1891
01:38:09,720 --> 01:38:11,880
Speaker 1: the things that we wanted to expand on with you

1892
01:38:12,040 --> 01:38:14,600
Speaker 1: is something that you and I had talked about previously,

1893
01:38:14,680 --> 01:38:17,960
Speaker 1: which is globalization and inflation, about how part of the

1894
01:38:18,040 --> 01:38:21,200
Speaker 1: reason why we've had low inflation over the last thirty

1895
01:38:21,280 --> 01:38:24,479
Speaker 1: years is actually a result of global conditions which are

1896
01:38:24,520 --> 01:38:26,840
Speaker 1: coming to an end, which you write about in your book,

1897
01:38:26,880 --> 01:38:28,160
Speaker 1: and I'd love for you to be able to expand

1898
01:38:28,200 --> 01:38:31,479
Speaker 1: on that for our Breaking Points audience. Yeah, of course,

1899
01:38:31,520 --> 01:38:34,040
Speaker 1: So in the world before globalization, so World War two,

1900
01:38:34,080 --> 01:38:38,280
Speaker 1: and before there was little trading, or what existed was

1901
01:38:38,320 --> 01:38:41,559
Speaker 1: basically an imperial government rating the rest of the world

1902
01:38:41,560 --> 01:38:44,800
Speaker 1: for markets or for resources. So we had hundreds, really

1903
01:38:44,920 --> 01:38:48,960
Speaker 1: thousands of different separate local economic systems, and you could

1904
01:38:49,040 --> 01:38:52,640
Speaker 1: only source materials from within your own geography, and so

1905
01:38:52,680 --> 01:38:55,280
Speaker 1: if you didn't have oil, you didn't industrialize, if you

1906
01:38:55,320 --> 01:38:58,840
Speaker 1: can't have food, your population was really low. But globalization

1907
01:38:58,920 --> 01:39:01,920
Speaker 1: made the world safe for everyone, and so any sort

1908
01:39:01,960 --> 01:39:06,680
Speaker 1: of international economic exchange, regardless of what it was, could happen.

1909
01:39:06,840 --> 01:39:10,000
Speaker 1: And the US Navy ensured that it could happen on

1910
01:39:10,040 --> 01:39:12,680
Speaker 1: the high seas without a military escort. That was the

1911
01:39:12,840 --> 01:39:15,240
Speaker 1: kind of the whole basis of it. And so all

1912
01:39:15,240 --> 01:39:18,920
Speaker 1: of these little dispart parts started amalgamating, eventually into one

1913
01:39:19,000 --> 01:39:20,800
Speaker 1: total global hole by the time we got to the

1914
01:39:20,880 --> 01:39:24,000
Speaker 1: nineteen nineties. And when you are in a bigger pool

1915
01:39:24,080 --> 01:39:27,519
Speaker 1: like that, everyone specializes and everybody adds value. So you

1916
01:39:27,560 --> 01:39:30,519
Speaker 1: get diversification of production, you get greater bulk of production,

1917
01:39:30,640 --> 01:39:34,080
Speaker 1: you get a lower cost of production. And it works

1918
01:39:34,080 --> 01:39:37,520
Speaker 1: in every economic sector, whether it is energy or agriculture

1919
01:39:37,640 --> 01:39:41,720
Speaker 1: or finance. It is that diversification in that volume that

1920
01:39:41,960 --> 01:39:44,760
Speaker 1: is the world We understand, that's the world we've been

1921
01:39:44,800 --> 01:39:48,280
Speaker 1: in since nineteen ninety and it's the most atypical period

1922
01:39:48,360 --> 01:39:51,479
Speaker 1: in human history. What's going on now, part with the

1923
01:39:51,560 --> 01:39:55,639
Speaker 1: Ukraine War, part with nationalism, part with terrorists, whether it's

1924
01:39:55,640 --> 01:39:57,320
Speaker 1: from Biden or from Trump, it all takes us into

1925
01:39:57,360 --> 01:40:00,599
Speaker 1: the same place. It breaks up that global hole. And

1926
01:40:00,640 --> 01:40:03,360
Speaker 1: as you do that, we lose all those synergies and

1927
01:40:03,400 --> 01:40:06,760
Speaker 1: all those economies of scale, and we feel that as

1928
01:40:06,800 --> 01:40:11,320
Speaker 1: shortages and inflation. So what we're going through right now,

1929
01:40:11,720 --> 01:40:14,519
Speaker 1: even if nothing else flays in, this is kind of

1930
01:40:14,520 --> 01:40:16,559
Speaker 1: our new norm for the next several years into we

1931
01:40:16,600 --> 01:40:20,760
Speaker 1: adapt to whatever. So globalization is it like you know,

1932
01:40:20,800 --> 01:40:22,320
Speaker 1: a switch that you flip on or off, or at

1933
01:40:22,360 --> 01:40:25,719
Speaker 1: least that's not my understanding of it. So how far

1934
01:40:25,840 --> 01:40:28,720
Speaker 1: will we go back to that prior to World War

1935
01:40:28,760 --> 01:40:32,799
Speaker 1: two era when you really have much more limited trade?

1936
01:40:33,000 --> 01:40:35,240
Speaker 1: Is this like a twenty percent dial back? Is it

1937
01:40:35,280 --> 01:40:37,360
Speaker 1: a fifty percent dial back? Is it an all the

1938
01:40:37,400 --> 01:40:39,480
Speaker 1: way back? How do you sort of see that landscape?

1939
01:40:40,479 --> 01:40:42,559
Speaker 1: It really depends where you are and how you feel.

1940
01:40:42,560 --> 01:40:44,760
Speaker 1: It is going to depend upon what your local geography

1941
01:40:44,760 --> 01:40:47,720
Speaker 1: of trades ends up being. So on the positive side,

1942
01:40:47,720 --> 01:40:50,320
Speaker 1: look at North America. So the United States has the

1943
01:40:50,320 --> 01:40:52,839
Speaker 1: best demographic structure in the world, the most stable capital

1944
01:40:52,840 --> 01:40:55,480
Speaker 1: structure in the world, it's the home of the global currency.

1945
01:40:56,160 --> 01:40:59,280
Speaker 1: Mexico is the best demography in the advanced developing world.

1946
01:40:59,320 --> 01:41:01,759
Speaker 1: We've got a first right manufacturing system or the world's

1947
01:41:01,800 --> 01:41:06,200
Speaker 1: largest producer of food and of energy products. So even

1948
01:41:06,360 --> 01:41:09,519
Speaker 1: if North America is one hundred percent on its own,

1949
01:41:09,920 --> 01:41:12,639
Speaker 1: we're probably only looking at about a ten to fifteen

1950
01:41:12,640 --> 01:41:19,440
Speaker 1: percent drawback. That's our entire import and export portfolio outside

1951
01:41:19,479 --> 01:41:22,080
Speaker 1: of the rest outside of North America. You know, that's

1952
01:41:22,680 --> 01:41:26,240
Speaker 1: awkward to adjust to, particularly in manufacturing, but it's totally doable.

1953
01:41:27,160 --> 01:41:29,760
Speaker 1: Then look at China. Eighty five percent of the energy

1954
01:41:29,760 --> 01:41:32,400
Speaker 1: comes from somewhere else. Ninety percent of the inputs that

1955
01:41:32,439 --> 01:41:36,120
Speaker 1: go into their agriculture sector come from somewhere else. About

1956
01:41:36,160 --> 01:41:38,000
Speaker 1: half of the raw material inputs that go into their

1957
01:41:38,040 --> 01:41:41,639
Speaker 1: manufacturing goods come from somewhere else. The medium and high

1958
01:41:41,760 --> 01:41:45,120
Speaker 1: quality components in that all come from somewhere else, and

1959
01:41:45,280 --> 01:41:48,600
Speaker 1: their export markets is how they employ their population. So

1960
01:41:48,800 --> 01:41:51,960
Speaker 1: if you deglobalize the Chinese economy, you're talking about a

1961
01:41:52,000 --> 01:41:55,559
Speaker 1: reversion to pre industrial standards of living, and that can

1962
01:41:55,640 --> 01:41:59,960
Speaker 1: happen surprisingly quickly because all of the inputs that are

1963
01:42:00,040 --> 01:42:02,439
Speaker 1: responsible for manufacturing or similar to the ones that are

1964
01:42:02,439 --> 01:42:06,640
Speaker 1: responsible for keeping people alive. So if something happens to

1965
01:42:06,680 --> 01:42:09,800
Speaker 1: agricultural or energy markets, that is the end of the

1966
01:42:09,800 --> 01:42:13,040
Speaker 1: People's Republic of China is a significant power. Yeah, and

1967
01:42:13,080 --> 01:42:14,760
Speaker 1: that's I think one of the most provocative and I

1968
01:42:14,800 --> 01:42:18,120
Speaker 1: think interesting points you've been making in your book tour here.

1969
01:42:18,160 --> 01:42:20,479
Speaker 1: And actually I saw a piece I wanted to ask

1970
01:42:20,479 --> 01:42:22,439
Speaker 1: you about just broke this morning. How Russia has now

1971
01:42:22,520 --> 01:42:26,080
Speaker 1: become the largest supplier of oil to China given the

1972
01:42:26,120 --> 01:42:28,639
Speaker 1: discount markets that were happening there. What do you make

1973
01:42:28,720 --> 01:42:31,840
Speaker 1: of that global realignment, given the fact that you know

1974
01:42:31,880 --> 01:42:34,679
Speaker 1: they do import so much of their energy, this will

1975
01:42:34,720 --> 01:42:38,519
Speaker 1: backstop the Russian economy. Of course, of what import should

1976
01:42:38,520 --> 01:42:41,120
Speaker 1: we make of the Russians being able to fill in

1977
01:42:41,200 --> 01:42:43,680
Speaker 1: and become the largest supplier of oil even more so

1978
01:42:43,720 --> 01:42:47,679
Speaker 1: than Saudi Arabia to China. Well, there's a short term

1979
01:42:47,720 --> 01:42:50,800
Speaker 1: issue and a longer term issue. The short term issue

1980
01:42:50,880 --> 01:42:53,840
Speaker 1: is that an absolute terms, China hasn't risen up that much.

1981
01:42:53,880 --> 01:42:56,000
Speaker 1: Russia was already number two, and the difference between number

1982
01:42:56,040 --> 01:42:57,840
Speaker 1: and two number two and number one were small and

1983
01:42:57,840 --> 01:43:00,000
Speaker 1: they regularly went back and forth, so there's a bit

1984
01:43:00,080 --> 01:43:03,720
Speaker 1: of a statistical play there. A little bit longer term,

1985
01:43:04,080 --> 01:43:09,200
Speaker 1: the crude that comes from Russia to China is not

1986
01:43:09,439 --> 01:43:12,760
Speaker 1: the normal stuff that you see on international markets. It's

1987
01:43:12,800 --> 01:43:16,439
Speaker 1: all from eastern Siberia, and the Russians don't know how

1988
01:43:16,439 --> 01:43:19,760
Speaker 1: to operate any of those fields, just beyond them technologically,

1989
01:43:20,280 --> 01:43:22,960
Speaker 1: so all of the production that ends up in China

1990
01:43:23,600 --> 01:43:26,719
Speaker 1: is actually dependent upon Shell and Halliburton and the rest,

1991
01:43:26,800 --> 01:43:29,559
Speaker 1: and they have now all left Russia. So we're going

1992
01:43:29,600 --> 01:43:35,200
Speaker 1: to get an interesting real world experience on how fast

1993
01:43:35,640 --> 01:43:38,439
Speaker 1: the most technically advanced fields in the world can fall

1994
01:43:38,479 --> 01:43:41,519
Speaker 1: offline because of lack of technical skill. Will that be

1995
01:43:41,560 --> 01:43:43,360
Speaker 1: this year, will be that be next year? I don't know.

1996
01:43:43,680 --> 01:43:46,880
Speaker 1: But this is the end of China's ability to get

1997
01:43:46,920 --> 01:43:51,840
Speaker 1: Russian oil, not the beginning. Fascinating. So our basic plan

1998
01:43:51,920 --> 01:43:54,760
Speaker 1: in the US to deal with rising inflation is to

1999
01:43:55,040 --> 01:43:57,479
Speaker 1: hope the FED you know Jack's op rates and gets

2000
01:43:57,479 --> 01:44:00,280
Speaker 1: this thing under control. Given that they're a lot of

2001
01:44:00,320 --> 01:44:03,280
Speaker 1: traditional method I'm not saying it's not painless, but it

2002
01:44:03,320 --> 01:44:07,080
Speaker 1: is the traditional method. Yes, But given that inflation is

2003
01:44:07,080 --> 01:44:09,400
Speaker 1: being driven by a lot of things that aren't just

2004
01:44:09,600 --> 01:44:12,320
Speaker 1: you know, the amount of demand within our economy. How

2005
01:44:12,360 --> 01:44:14,479
Speaker 1: successful do you think that that approach will be this

2006
01:44:14,560 --> 01:44:18,160
Speaker 1: time around? It totally can be successful. What it can

2007
01:44:18,240 --> 01:44:20,559
Speaker 1: be successful without recession, I think is kind of an

2008
01:44:20,560 --> 01:44:26,479
Speaker 1: obvious question considering that we're dealing with demand and especially

2009
01:44:26,560 --> 01:44:30,600
Speaker 1: supply shocks. Here is the problem. If it was just

2010
01:44:30,680 --> 01:44:33,719
Speaker 1: a demand shock, if this was just us returning from

2011
01:44:33,880 --> 01:44:36,280
Speaker 1: COVID and starting to travel again and going back to

2012
01:44:36,320 --> 01:44:39,800
Speaker 1: a more normal consumption potter, it was just that, then

2013
01:44:39,920 --> 01:44:43,920
Speaker 1: interest rates probably are the tool. But there's simultaneously a

2014
01:44:43,960 --> 01:44:47,439
Speaker 1: supply shock. So the three big things that are going

2015
01:44:47,520 --> 01:44:50,960
Speaker 1: on in the world. The Ukraine War is shocking international

2016
01:44:51,080 --> 01:44:56,000
Speaker 1: energy and agricultural markets. Number two, China's falling out of

2017
01:44:56,000 --> 01:44:58,880
Speaker 1: a system. COVID is the approximate cause, but it's only

2018
01:44:58,920 --> 01:45:01,840
Speaker 1: one of many. Facturing has to reshore or at least

2019
01:45:01,840 --> 01:45:04,680
Speaker 1: shore somewhere else. That means we have to build up

2020
01:45:04,720 --> 01:45:07,519
Speaker 1: the entire supply chain somewhere else that was going to

2021
01:45:07,520 --> 01:45:10,439
Speaker 1: be inflationary all by itself. So that's kind of a

2022
01:45:10,479 --> 01:45:13,880
Speaker 1: combined supply and mind shock. And then third, and by

2023
01:45:13,880 --> 01:45:17,599
Speaker 1: far most importantly, the baby boomers, the largest generation we've

2024
01:45:17,640 --> 01:45:20,760
Speaker 1: ever had is leaving the workforce, and the replacements on

2025
01:45:20,800 --> 01:45:23,240
Speaker 1: the young side are the zoomers, and they are the

2026
01:45:23,320 --> 01:45:26,080
Speaker 1: smallest generation we have ever had. So we have a

2027
01:45:26,120 --> 01:45:30,679
Speaker 1: four hundred thousand worker shortage this year and it'll increase

2028
01:45:30,840 --> 01:45:34,400
Speaker 1: every year for the next twelve until peaking in twenty

2029
01:45:34,439 --> 01:45:37,960
Speaker 1: thirty four about nine hundred thousand. Wow. So we have

2030
01:45:38,080 --> 01:45:41,280
Speaker 1: a problem with our supply of labor that is by

2031
01:45:41,320 --> 01:45:45,040
Speaker 1: far the number one cause of inflation this year and

2032
01:45:45,120 --> 01:45:48,640
Speaker 1: probably next year as well. And interest rates are useless

2033
01:45:49,040 --> 01:45:51,680
Speaker 1: for dealing with that, right. I think it's such an

2034
01:45:51,680 --> 01:45:53,240
Speaker 1: excellent point. And one of the last things I want

2035
01:45:53,240 --> 01:45:55,160
Speaker 1: to get with you, Peter is we talked previously about

2036
01:45:55,160 --> 01:45:58,160
Speaker 1: how companies need to get more use to having inventory,

2037
01:45:58,240 --> 01:45:59,800
Speaker 1: and so we can move away from just in time

2038
01:45:59,840 --> 01:46:02,519
Speaker 1: to time, liver or let a word one of the

2039
01:46:02,560 --> 01:46:05,840
Speaker 1: worst words, and for many companies balance sheets. How do

2040
01:46:05,920 --> 01:46:10,160
Speaker 1: you incentivize that and change that because from what I'm seeing,

2041
01:46:10,560 --> 01:46:12,800
Speaker 1: given interest rates and all of that, right now, it's

2042
01:46:12,800 --> 01:46:15,280
Speaker 1: actually more likely that they're going to try slash and

2043
01:46:15,320 --> 01:46:17,880
Speaker 1: burn cost and they won't even have the incentive in

2044
01:46:17,960 --> 01:46:20,160
Speaker 1: order to invest. So we may actually be inducing some

2045
01:46:20,280 --> 01:46:22,240
Speaker 1: other problems on that side, or do you see it differently.

2046
01:46:22,280 --> 01:46:24,640
Speaker 1: I'm curious. Well, A couple of things to keep in

2047
01:46:24,640 --> 01:46:27,080
Speaker 1: mind is demand is shockingly stable in the United States.

2048
01:46:27,200 --> 01:46:30,840
Speaker 1: Right now we're balancing back from COVID. Americans have more

2049
01:46:30,840 --> 01:46:32,479
Speaker 1: than two and a half trillion dollars in the bank.

2050
01:46:32,760 --> 01:46:35,400
Speaker 1: This is the most cash flush the American consumer has

2051
01:46:35,439 --> 01:46:38,840
Speaker 1: been since the dot com bubble. So demand, even in

2052
01:46:38,880 --> 01:46:42,120
Speaker 1: an era of high inflation, is going to continue. Ignore

2053
01:46:42,240 --> 01:46:45,559
Speaker 1: customer confidence surveys, look at retail sales, look at what

2054
01:46:45,600 --> 01:46:48,320
Speaker 1: we actually do, not what we're bitching about, and that

2055
01:46:48,360 --> 01:46:50,679
Speaker 1: would suggest that the demand is still there. And as

2056
01:46:50,720 --> 01:46:53,600
Speaker 1: long as demand is still there, the cost cutting is

2057
01:46:53,600 --> 01:46:55,679
Speaker 1: going to be held in check because there is someone

2058
01:46:55,680 --> 01:46:57,360
Speaker 1: to sell to. There is someone to sell to at

2059
01:46:57,360 --> 01:47:01,800
Speaker 1: the prices that people have to pay. Now, the role

2060
01:47:01,840 --> 01:47:04,160
Speaker 1: for government here is very small. There may be some

2061
01:47:04,240 --> 01:47:07,760
Speaker 1: specific critical materials, as we've discovered baby food might be

2062
01:47:07,800 --> 01:47:12,280
Speaker 1: on that list where having a regulation for additional inventory

2063
01:47:12,320 --> 01:47:16,320
Speaker 1: stocks might make some degree of sense. Although with government regulation,

2064
01:47:16,520 --> 01:47:18,400
Speaker 1: by the time we get around to that being in

2065
01:47:18,479 --> 01:47:20,400
Speaker 1: place in an intelligent way, we'll probably be onto the

2066
01:47:20,439 --> 01:47:24,320
Speaker 1: next crisis by then. But I think this is entirely

2067
01:47:24,320 --> 01:47:28,240
Speaker 1: a private sector issue. Companies are going to discover. Companies

2068
01:47:28,320 --> 01:47:30,760
Speaker 1: have discovered that if you have to wait on a

2069
01:47:30,880 --> 01:47:35,439
Speaker 1: part nine months, is it really a viable part of

2070
01:47:35,439 --> 01:47:37,800
Speaker 1: your supply chain and you have to find another supplier.

2071
01:47:38,240 --> 01:47:41,200
Speaker 1: And especially what we're seeing in the IT space is

2072
01:47:41,240 --> 01:47:45,040
Speaker 1: that China has now been offline for so long. I

2073
01:47:45,040 --> 01:47:47,320
Speaker 1: mean Shanghai was down for two months, it's about to

2074
01:47:47,400 --> 01:47:51,679
Speaker 1: go down again. We're seeing manufacturers being forced to relocate

2075
01:47:51,720 --> 01:47:54,599
Speaker 1: to places like Mexico, the United States, and Vietnam, kind

2076
01:47:54,640 --> 01:47:57,439
Speaker 1: of the three big winners out of this. But it

2077
01:47:57,560 --> 01:48:00,839
Speaker 1: still takes time, and so companies are now making orders

2078
01:48:00,920 --> 01:48:03,599
Speaker 1: in mass for product that is not yet coming out

2079
01:48:03,600 --> 01:48:06,120
Speaker 1: of supply lines because the supply lines aren't yet in place.

2080
01:48:06,479 --> 01:48:08,479
Speaker 1: But it is providing some of the capital flow that

2081
01:48:08,560 --> 01:48:11,519
Speaker 1: is necessary to build up this new system. On the

2082
01:48:11,600 --> 01:48:15,000
Speaker 1: back end, it'll be this more stable system with shorter steps,

2083
01:48:15,000 --> 01:48:17,840
Speaker 1: that is more economically viable, that employs North American workers,

2084
01:48:17,840 --> 01:48:19,719
Speaker 1: that is closer to home, that is cheaper to operate.

2085
01:48:19,760 --> 01:48:22,320
Speaker 1: These are all good things. We don't get there in

2086
01:48:22,360 --> 01:48:26,120
Speaker 1: a year, yep. Well you always leave us for something

2087
01:48:26,120 --> 01:48:28,200
Speaker 1: to think about, Peter. So everybody go out by the book.

2088
01:48:28,200 --> 01:48:29,799
Speaker 1: We're going to have a link down in the description.

2089
01:48:29,920 --> 01:48:31,880
Speaker 1: We love talking to you. I hope you'll that you'll

2090
01:48:31,920 --> 01:48:34,760
Speaker 1: come back, and we appreciate your joining us. Not a

2091
01:48:34,800 --> 01:48:38,519
Speaker 1: problem until next time. Absolutely, thank you guys so much

2092
01:48:38,520 --> 01:48:41,480
Speaker 1: for watching. We really appreciate it. I promise that announcement.

2093
01:48:41,800 --> 01:48:45,479
Speaker 1: It's coming. It's coming on the live tour. The tickets

2094
01:48:45,479 --> 01:48:48,160
Speaker 1: are coming as soon as we could shake out all

2095
01:48:48,240 --> 01:48:50,599
Speaker 1: the issues. I don't know why these things take much

2096
01:48:50,640 --> 01:48:53,559
Speaker 1: longer than anybody actually tells you, but hey, listen, that's

2097
01:48:53,560 --> 01:48:55,880
Speaker 1: how it goes sometimes. So it is coming. Thank you

2098
01:48:55,920 --> 01:48:58,799
Speaker 1: all so much for your support. We obviously deeply appreciate

2099
01:48:58,880 --> 01:49:02,040
Speaker 1: it in these crazy, in these troubled times, and Crystal

2100
01:49:02,120 --> 01:49:03,519
Speaker 1: you going on, Bill Maher, I think it's just an

2101
01:49:03,560 --> 01:49:06,040
Speaker 1: affirmation of what we do here every day, you know,

2102
01:49:06,080 --> 01:49:07,400
Speaker 1: and why we do the show the way that we

2103
01:49:07,439 --> 01:49:10,839
Speaker 1: do it. Yeah, it felt like that. I felt very grateful,

2104
01:49:11,080 --> 01:49:13,760
Speaker 1: felt very grateful for this show. I'll just say that,

2105
01:49:14,240 --> 01:49:16,400
Speaker 1: very grateful for the space we have here, in the

2106
01:49:16,400 --> 01:49:18,479
Speaker 1: format we have here, and the ability to sort of

2107
01:49:18,520 --> 01:49:21,200
Speaker 1: like really dig into these issues from variety of perspectives,

2108
01:49:21,240 --> 01:49:24,000
Speaker 1: like being able to dig in with Peter's Ihan, I mean,

2109
01:49:25,320 --> 01:49:28,120
Speaker 1: it's a great thing that we're extremely grateful to be

2110
01:49:28,120 --> 01:49:29,880
Speaker 1: able to do, so thank you guys for that. Certainly,

2111
01:49:29,920 --> 01:49:30,799
Speaker 1: we'll see you all tomorrow