1 00:00:03,880 --> 00:00:07,440 Speaker 1: American consumer sentiment is now at a six month low. 2 00:00:07,520 --> 00:00:11,400 Speaker 1: People are pulling back quote on all kinds of purchases. 3 00:00:11,800 --> 00:00:15,760 Speaker 1: This is the biggest drop since twenty twenty one, quote, 4 00:00:15,800 --> 00:00:19,560 Speaker 1: reflecting the persistent tug of inflation on household budgets, feeling 5 00:00:19,600 --> 00:00:23,560 Speaker 1: fewer fears of rising prices, unemployment, and interest rates that 6 00:00:23,600 --> 00:00:27,880 Speaker 1: will all worsen in the coming months. Already, spending habits 7 00:00:27,920 --> 00:00:31,840 Speaker 1: are rapidly altering. They say that McDonald's, home Depot, under Armour, 8 00:00:31,880 --> 00:00:35,480 Speaker 1: and Starbucks are all reporting disappointing earnings. People are coming 9 00:00:35,520 --> 00:00:40,000 Speaker 1: back on fast food, kitchen renovations, sneakers, afternoon lattes, basically 10 00:00:40,040 --> 00:00:42,400 Speaker 1: anything which is a sign of big times are decent 11 00:00:42,479 --> 00:00:46,800 Speaker 1: right now. Retail sales flat from April after there was 12 00:00:46,960 --> 00:00:49,960 Speaker 1: limited amount of pickup in February and March. Walmart is 13 00:00:50,000 --> 00:00:53,920 Speaker 1: reporting its strongest quarter this week, which is being nudged 14 00:00:53,960 --> 00:00:58,600 Speaker 1: by high income shoppers whose income is reducing shopping. Walmart 15 00:00:58,640 --> 00:01:00,920 Speaker 1: is recession proof for a reason, and when they're booming, 16 00:01:00,960 --> 00:01:03,920 Speaker 1: it's not necessarily a good thing for all of us. Meanwhile, 17 00:01:04,000 --> 00:01:07,800 Speaker 1: gas prices are backup. We were looking remember at Nevada 18 00:01:07,840 --> 00:01:11,000 Speaker 1: in California. California is still somehow five dollars fifty cents 19 00:01:11,000 --> 00:01:12,959 Speaker 1: a gallon average in the entire state. 20 00:01:13,000 --> 00:01:14,720 Speaker 2: It's insane. I don't even know how people live there. 21 00:01:14,920 --> 00:01:17,840 Speaker 1: And then you know, you continue to look through all 22 00:01:17,920 --> 00:01:20,919 Speaker 1: of this, and the consumer spending, which is two thirds 23 00:01:20,920 --> 00:01:24,360 Speaker 1: of our US economy, reducing by even a single percentage 24 00:01:24,360 --> 00:01:27,680 Speaker 1: point is millions, and you know, millions of jobs are affected, 25 00:01:27,760 --> 00:01:31,720 Speaker 1: billions hundreds of billions of dollars in commerce, and all 26 00:01:31,760 --> 00:01:34,920 Speaker 1: of this is happening ahead of the US election. Things 27 00:01:35,000 --> 00:01:38,240 Speaker 1: are actually getting worse. We're also in a very interesting 28 00:01:38,280 --> 00:01:41,360 Speaker 1: time Crystal, where we can compare directly the records of 29 00:01:41,360 --> 00:01:45,880 Speaker 1: two successive presidents and actually vote based on those two. Now, look, 30 00:01:46,319 --> 00:01:47,680 Speaker 1: I will be the first to say the economy is 31 00:01:47,760 --> 00:01:51,160 Speaker 1: very complicated. The president doesn't necessarily run everything, but people 32 00:01:51,200 --> 00:01:53,280 Speaker 1: in general tend to get credit for it, and they 33 00:01:53,360 --> 00:01:55,920 Speaker 1: tend to get credit for what the message is about 34 00:01:56,080 --> 00:01:58,840 Speaker 1: what they seem to be aligned with in terms of 35 00:01:58,920 --> 00:02:00,880 Speaker 1: what they may do for you were others, and I 36 00:02:00,880 --> 00:02:03,320 Speaker 1: think with Biden right now, like any economic message has 37 00:02:03,360 --> 00:02:06,840 Speaker 1: long been you know, basically consumed by foreign affairs, neither 38 00:02:06,880 --> 00:02:08,200 Speaker 1: of which are going very well abroad. 39 00:02:08,400 --> 00:02:10,400 Speaker 3: Yeah, So put the next piece up on the screen 40 00:02:10,400 --> 00:02:12,040 Speaker 3: and Sager, I want you to explain this too, because 41 00:02:12,080 --> 00:02:15,359 Speaker 3: you found this, and I mean, listen, here's the thing. 42 00:02:16,000 --> 00:02:19,160 Speaker 3: We have been gas lit by the Biden people and 43 00:02:19,240 --> 00:02:23,679 Speaker 3: many media figures into thinking that Americans just don't understand 44 00:02:23,960 --> 00:02:26,880 Speaker 3: how good they got it under Joe Biden. Look at 45 00:02:26,919 --> 00:02:29,880 Speaker 3: the low unemployment rate, look at the high stock market, 46 00:02:30,040 --> 00:02:34,600 Speaker 3: blah blah blah. This chart right here really blows up 47 00:02:35,360 --> 00:02:38,800 Speaker 3: all of those narratives about how great and amazing the 48 00:02:38,840 --> 00:02:42,200 Speaker 3: economy is and how ungrateful we are to the Biden 49 00:02:42,200 --> 00:02:46,280 Speaker 3: administration for creating this. You know, this incredible Ford state. 50 00:02:46,400 --> 00:02:48,720 Speaker 1: So let's keep this up please while I explain. So, 51 00:02:48,760 --> 00:02:52,160 Speaker 1: we have change in household networks since the start of presidency. 52 00:02:52,160 --> 00:02:54,840 Speaker 1: We have it in nominal and then adjusted for inflation. 53 00:02:55,000 --> 00:02:59,920 Speaker 1: So nominally, forty eight months into the Trump administration, America 54 00:03:00,200 --> 00:03:03,359 Speaker 1: net worth was up by about forty percent. Now, under 55 00:03:03,400 --> 00:03:07,040 Speaker 1: the Biden administration, this would be consistent with Bidenomics, they 56 00:03:07,120 --> 00:03:10,160 Speaker 1: would say, thirty six months into our presidency, American net 57 00:03:10,160 --> 00:03:13,520 Speaker 1: worth is nominally up twenty percent, So you have more money, right, 58 00:03:13,560 --> 00:03:14,360 Speaker 1: you should be happy. 59 00:03:14,560 --> 00:03:17,200 Speaker 2: No, no, no, no no. Look at the graph right next 60 00:03:17,200 --> 00:03:18,320 Speaker 2: to it. For those who are watching. 61 00:03:18,600 --> 00:03:22,040 Speaker 1: When you adjust for inflation, forty eight months into the 62 00:03:22,080 --> 00:03:27,600 Speaker 1: Trump administration, American net worth adjusted for inflation was up 63 00:03:27,760 --> 00:03:31,120 Speaker 1: by twenty or about thirty percent. If you adjust for 64 00:03:31,240 --> 00:03:35,040 Speaker 1: inflation and you look at the Biden administration, American net 65 00:03:35,080 --> 00:03:38,920 Speaker 1: worth is up by zero point seven percent from the 66 00:03:38,960 --> 00:03:42,680 Speaker 1: baseline of when he took office in January of twenty 67 00:03:42,760 --> 00:03:46,360 Speaker 1: twenty one. And in fact, a significant portion of the 68 00:03:46,400 --> 00:03:50,440 Speaker 1: Biden presidency has seen a reduction in net worth when 69 00:03:50,440 --> 00:03:53,440 Speaker 1: you were of been adjusted for inflation. Now tying it 70 00:03:53,520 --> 00:03:56,640 Speaker 1: back to what I was talking about, what happened right 71 00:03:56,680 --> 00:03:59,119 Speaker 1: there twelve to eighteen months when we began to see 72 00:03:59,120 --> 00:04:03,520 Speaker 1: the dip crystal that was the Afghanistan and the invasion 73 00:04:03,560 --> 00:04:06,240 Speaker 1: of Ukraine. So the invasion of Ukraine some two to 74 00:04:06,320 --> 00:04:09,880 Speaker 1: so years ago is exactly what tanked the entire US 75 00:04:09,920 --> 00:04:12,760 Speaker 1: economy and which all of us had to pay a 76 00:04:12,920 --> 00:04:16,320 Speaker 1: higher tax and gas prices and reduction in net worth from, 77 00:04:16,640 --> 00:04:20,760 Speaker 1: in addition to the geopolitical instability that was unleashed. In addition, 78 00:04:20,880 --> 00:04:23,760 Speaker 1: you've seen a slight dip there route several months ago 79 00:04:23,920 --> 00:04:26,760 Speaker 1: where what happened Israel the Red Sea where we all 80 00:04:26,800 --> 00:04:29,760 Speaker 1: again paid the Israel tax in the Red Sea with 81 00:04:29,839 --> 00:04:33,360 Speaker 1: the Huthis. So we've had two successive foreign conflicts in 82 00:04:33,400 --> 00:04:37,320 Speaker 1: addition to massive inflation which happened for a variety of 83 00:04:37,360 --> 00:04:40,760 Speaker 1: reasons and just a general drift of the Biden administration. 84 00:04:41,080 --> 00:04:44,360 Speaker 1: Where zero point seven percent increase from where you were 85 00:04:44,520 --> 00:04:48,120 Speaker 1: compared to a thirty percent increase adjusted for inflation. That 86 00:04:48,240 --> 00:04:50,360 Speaker 1: is the first time too, that you really have inflation 87 00:04:50,640 --> 00:04:53,200 Speaker 1: hit you in the face. Where nominally you're up by 88 00:04:53,240 --> 00:04:57,039 Speaker 1: almost twenty percent, but inflation adjusted, it's basically. 89 00:04:56,760 --> 00:04:57,520 Speaker 4: Maybe nothing matter. 90 00:04:57,680 --> 00:05:01,760 Speaker 1: You're treading nothing. In three you have made no money. 91 00:05:01,960 --> 00:05:05,479 Speaker 1: That is horrible. Now, look, I understand it's a short 92 00:05:05,520 --> 00:05:08,320 Speaker 1: period of time, etc. Butt it's a four year you know, 93 00:05:08,480 --> 00:05:11,839 Speaker 1: we vote in four year incidents or four year increments, 94 00:05:12,080 --> 00:05:15,039 Speaker 1: and it is undeniable to compare those two records. I'd 95 00:05:15,080 --> 00:05:17,440 Speaker 1: also be remaced by the endpoint out all those COVID 96 00:05:17,440 --> 00:05:20,240 Speaker 1: gains that happened there, right, how people really benefited? 97 00:05:20,360 --> 00:05:22,240 Speaker 4: Well, I want to dig in on that. 98 00:05:22,360 --> 00:05:24,520 Speaker 3: It put the back up on the screen because that 99 00:05:24,720 --> 00:05:28,520 Speaker 3: is actually probably the most consequential part of this graph. 100 00:05:28,800 --> 00:05:31,760 Speaker 3: Is right when you see that huge spike in net worth, 101 00:05:31,880 --> 00:05:34,960 Speaker 3: guess what that was when you had checks going out. 102 00:05:35,320 --> 00:05:39,160 Speaker 3: Child tax Credit was maybe the most significant of the 103 00:05:39,279 --> 00:05:42,599 Speaker 3: COVID era programs. You had the quote unquote super doll 104 00:05:43,000 --> 00:05:44,880 Speaker 3: where people could we're getting. 105 00:05:44,600 --> 00:05:48,960 Speaker 4: Extra cash on unemployment. You had the PPP loans going out. 106 00:05:49,040 --> 00:05:52,880 Speaker 3: I mean, you had an extraordinary expansion of the social 107 00:05:52,920 --> 00:05:55,960 Speaker 3: safety net to cope with COVID and guess. 108 00:05:55,800 --> 00:05:59,960 Speaker 4: What, it worked. It worked. It really helped people a lot. 109 00:06:00,480 --> 00:06:02,880 Speaker 3: And something I've been talking about this whole time is 110 00:06:03,240 --> 00:06:06,080 Speaker 3: one of the economic stories of the Biden administration is 111 00:06:06,120 --> 00:06:10,839 Speaker 3: the continued rolling back of those social safety net programs. 112 00:06:11,320 --> 00:06:16,360 Speaker 3: So you had this expansion that really helped people really 113 00:06:16,360 --> 00:06:18,719 Speaker 3: increase their networks. We saw it in terms of bank 114 00:06:18,760 --> 00:06:22,000 Speaker 3: account sizes, you know, ballooning and the way that that 115 00:06:22,040 --> 00:06:24,719 Speaker 3: got spent down the minute they start rolling back those programs. 116 00:06:24,760 --> 00:06:27,360 Speaker 3: Even something like the child tax Credit, where the thought 117 00:06:27,520 --> 00:06:29,080 Speaker 3: was that this was going to be a long term program. 118 00:06:29,200 --> 00:06:31,679 Speaker 3: Ultimately Democrats didn't really expend a lot of political capital 119 00:06:31,720 --> 00:06:34,320 Speaker 3: to try to keep that going, and Republicans weren't interested 120 00:06:34,560 --> 00:06:35,679 Speaker 3: in trying to keep it going. 121 00:06:36,120 --> 00:06:39,400 Speaker 4: So you have all of that rolled back. 122 00:06:40,120 --> 00:06:44,320 Speaker 3: At the same time that you have elevated inflation, significant 123 00:06:44,360 --> 00:06:48,080 Speaker 3: inflation which came from I think you know, the foreign conflicts, 124 00:06:48,080 --> 00:06:48,760 Speaker 3: that's part of it. 125 00:06:49,040 --> 00:06:51,120 Speaker 4: We also have more and. 126 00:06:51,120 --> 00:06:54,000 Speaker 3: More indications that a significant, if not a majority, chunk 127 00:06:54,000 --> 00:06:57,279 Speaker 3: of it was also corporate grade and price gouging. And so, 128 00:06:57,920 --> 00:07:01,320 Speaker 3: you know, from both a reality from a political perspective, 129 00:07:01,480 --> 00:07:05,000 Speaker 3: a much better approach from the Biden administration would. 130 00:07:04,760 --> 00:07:05,720 Speaker 4: Be to talk about that. 131 00:07:05,680 --> 00:07:08,119 Speaker 3: Talk about the fact that we just learned these oil 132 00:07:08,200 --> 00:07:12,040 Speaker 3: companies were colluding in cartel like fashion to price gouge 133 00:07:12,040 --> 00:07:14,280 Speaker 3: American consumers and rip them off to the tune of 134 00:07:14,360 --> 00:07:18,760 Speaker 3: thousands of dollars per family. That gas inflation, they increase 135 00:07:18,760 --> 00:07:19,840 Speaker 3: in the gas cost. 136 00:07:19,640 --> 00:07:21,800 Speaker 4: That trickles. As you guys know, that has an impact 137 00:07:21,840 --> 00:07:22,800 Speaker 4: throughout the economy. 138 00:07:22,840 --> 00:07:26,360 Speaker 3: It's a huge impact to the bottom line of American households. 139 00:07:26,880 --> 00:07:31,840 Speaker 3: So tell that story and more importantly, do something about it, 140 00:07:32,080 --> 00:07:36,040 Speaker 3: Do something about the price gouging and the greedflation. And 141 00:07:36,280 --> 00:07:38,440 Speaker 3: you know, obviously the ship sailed in terms of the 142 00:07:38,480 --> 00:07:41,440 Speaker 3: expansion of the social safety net and trying to you know, 143 00:07:41,560 --> 00:07:44,160 Speaker 3: keep some of those gains and continue to build from there. 144 00:07:44,680 --> 00:07:48,680 Speaker 3: But what this tells you is that people are not crazy. 145 00:07:49,040 --> 00:07:52,200 Speaker 3: They are right to feel like things are not going 146 00:07:52,240 --> 00:07:55,080 Speaker 3: as well for me as they once were. And so 147 00:07:55,200 --> 00:07:58,280 Speaker 3: then when you see the approval ratings on the economy 148 00:07:58,360 --> 00:08:00,320 Speaker 3: and all these Biden flags out there, like, I don't 149 00:08:00,320 --> 00:08:00,440 Speaker 3: know what. 150 00:08:00,480 --> 00:08:01,040 Speaker 4: You're talking about. 151 00:08:01,080 --> 00:08:03,200 Speaker 3: It's amazing and you guys just don't understand or maybe 152 00:08:03,200 --> 00:08:05,560 Speaker 3: the media is too negative about Joe Biden or whatever. No, 153 00:08:06,080 --> 00:08:08,960 Speaker 3: people know what is happening in their own lives and 154 00:08:09,200 --> 00:08:13,400 Speaker 3: could have told you previously without needing this chart what 155 00:08:13,440 --> 00:08:16,280 Speaker 3: that has looked like for them and their bank accounts specifically. 156 00:08:16,400 --> 00:08:21,000 Speaker 1: Yeah, exactly, gas lighting folks trying to give them fake 157 00:08:21,040 --> 00:08:22,040 Speaker 1: statistics and all that. 158 00:08:22,520 --> 00:08:23,360 Speaker 2: It's very clear. 159 00:08:23,640 --> 00:08:26,240 Speaker 1: I would look in terms of inflation, you know, the inevitable, Well, 160 00:08:26,280 --> 00:08:28,720 Speaker 1: they would say that the COVID programs. 161 00:08:28,160 --> 00:08:29,200 Speaker 2: Of the what caused inflation? 162 00:08:29,280 --> 00:08:33,200 Speaker 1: Now did increase like you called it the superdol and 163 00:08:33,200 --> 00:08:35,880 Speaker 1: all that, did it increase inflation? It's possible. We actually 164 00:08:35,880 --> 00:08:38,400 Speaker 1: still don't really know what exactly it is. I would 165 00:08:38,440 --> 00:08:40,640 Speaker 1: be stupid, I think, to say that it had no role. 166 00:08:40,679 --> 00:08:44,280 Speaker 1: But we can certainly say that supply side factors driven 167 00:08:44,320 --> 00:08:48,000 Speaker 1: by COVID massively had an impact on the initial inflation 168 00:08:48,320 --> 00:08:50,920 Speaker 1: that the economy experience. And I would contend that the 169 00:08:50,960 --> 00:08:55,080 Speaker 1: invasion of Ukraine and US policy Visa v. Russia massively 170 00:08:55,160 --> 00:08:58,480 Speaker 1: accelerated that inflation, and we see that in the reduction 171 00:08:58,600 --> 00:09:01,480 Speaker 1: of net worth. Now on top of that, we've had 172 00:09:01,520 --> 00:09:05,520 Speaker 1: persistent inflation in our economy even though consumer spending and 173 00:09:05,679 --> 00:09:09,160 Speaker 1: overall debt has significantly increased. So that means that we've 174 00:09:09,200 --> 00:09:13,160 Speaker 1: had corporate behavior that is very responsible for a lot of. 175 00:09:13,120 --> 00:09:14,280 Speaker 2: The things that we see. 176 00:09:14,360 --> 00:09:18,480 Speaker 1: We also know that very unfortunately that in certain sectors 177 00:09:18,520 --> 00:09:21,400 Speaker 1: that the inflation has been very supply side driven. So 178 00:09:21,440 --> 00:09:25,120 Speaker 1: for example, in housing, that's one of the major drivers 179 00:09:25,160 --> 00:09:28,560 Speaker 1: today of inflation is rent is. Rental inflation is one 180 00:09:28,559 --> 00:09:32,160 Speaker 1: of the biggest ones. Interest rates too, we cannot underestimate 181 00:09:32,200 --> 00:09:35,720 Speaker 1: in terms of how it has failed completely to achieve 182 00:09:36,000 --> 00:09:38,839 Speaker 1: its overall goal. The initial you know, FED and all 183 00:09:38,880 --> 00:09:41,199 Speaker 1: that belief that they would be able to crush inflation 184 00:09:41,280 --> 00:09:43,840 Speaker 1: with high interest rates, but that's only done if it 185 00:09:43,960 --> 00:09:45,240 Speaker 1: is purely a demand side. 186 00:09:45,240 --> 00:09:46,120 Speaker 2: That's just not the case. 187 00:09:46,160 --> 00:09:48,400 Speaker 1: So we don't have the tools really that are at 188 00:09:48,400 --> 00:09:51,199 Speaker 1: our disposal to deal with inflation the way that it's 189 00:09:51,240 --> 00:09:53,600 Speaker 1: actually happening right now today in the economy. But that 190 00:09:53,640 --> 00:09:55,800 Speaker 1: does not erase the fact that it's just miserable. It's 191 00:09:55,800 --> 00:09:58,240 Speaker 1: miserable out there we've had I think you said something 192 00:09:58,280 --> 00:10:00,600 Speaker 1: something about second mortgages or making it huge comeback. 193 00:10:00,679 --> 00:10:02,400 Speaker 4: Oh yeah, yeah, that's a story to Kyvi. 194 00:10:02,559 --> 00:10:05,440 Speaker 3: Yeah, all these people who thought they had these loan 195 00:10:05,480 --> 00:10:08,920 Speaker 3: modifications and second mortgages that were canceled in two thousand and eight, 196 00:10:08,920 --> 00:10:13,080 Speaker 3: Well they weren't actually canceled. These other like unscrupulos. Basically 197 00:10:13,080 --> 00:10:16,200 Speaker 3: companies bought them up. And now that housing prices are 198 00:10:16,240 --> 00:10:18,559 Speaker 3: so high, it finally makes sense for them from a 199 00:10:18,600 --> 00:10:21,240 Speaker 3: profitability standpoint to be like, oh, guess, by the way, 200 00:10:21,240 --> 00:10:22,760 Speaker 3: you owe me two hundred grand if you can't pay 201 00:10:22,800 --> 00:10:25,720 Speaker 3: them for closing on your house. So this is happening 202 00:10:25,760 --> 00:10:27,640 Speaker 3: in two thousands of thousands of people. It's like an 203 00:10:27,640 --> 00:10:31,400 Speaker 3: overhang from two thousand and eight. It's totally insane predatory behavior. 204 00:10:31,480 --> 00:10:32,199 Speaker 2: Yeah, it's horrible. 205 00:10:32,320 --> 00:10:34,760 Speaker 1: And you know what can we take away from that 206 00:10:34,920 --> 00:10:37,960 Speaker 1: is that, in general, you know, from the economy right now, 207 00:10:38,000 --> 00:10:39,720 Speaker 1: it's not in a healthy place. 208 00:10:39,880 --> 00:10:40,160 Speaker 2: Now. 209 00:10:40,600 --> 00:10:43,920 Speaker 1: I would say again for Biden, he could survive it. 210 00:10:44,160 --> 00:10:46,800 Speaker 1: He survived a bad economy in twenty twenty two. It's 211 00:10:46,840 --> 00:10:49,000 Speaker 1: not like this is completely the end all be all, 212 00:10:49,000 --> 00:10:51,520 Speaker 1: given what's happened with abortion and with Trump chaos and 213 00:10:51,559 --> 00:10:53,640 Speaker 1: all that. But if I had the hazard to guess, 214 00:10:53,800 --> 00:10:57,320 Speaker 1: if Donald Trump wins the presidency again, it will largely 215 00:10:57,360 --> 00:10:59,800 Speaker 1: be because of that graph. His ratings on the economy 216 00:10:59,800 --> 00:11:02,040 Speaker 1: are just sky high compared to Biden. In fact, an 217 00:11:02,040 --> 00:11:04,480 Speaker 1: outright majority of people say that they were better off 218 00:11:04,520 --> 00:11:07,400 Speaker 1: under Trump than they were Biden. And in general, old 219 00:11:07,440 --> 00:11:09,320 Speaker 1: political rules would say that person is going to win 220 00:11:09,320 --> 00:11:09,720 Speaker 1: the election. 221 00:11:10,040 --> 00:11:11,040 Speaker 2: That's generally what we know. 222 00:11:11,720 --> 00:11:13,440 Speaker 3: Like you said, who knows right now? It looks like 223 00:11:13,480 --> 00:11:15,800 Speaker 3: Donald Trump is winning though, I mean, I think that's 224 00:11:15,800 --> 00:11:18,720 Speaker 3: where the polls certainly suggest the races at this point. 225 00:11:19,240 --> 00:11:21,200 Speaker 3: And just to tie it back to what we were 226 00:11:21,200 --> 00:11:23,080 Speaker 3: saying before, you know, when you couple the fact that 227 00:11:23,080 --> 00:11:25,360 Speaker 3: people are feeling a lot of pain in their own 228 00:11:25,400 --> 00:11:29,440 Speaker 3: lives and their accurate perception that the political class is 229 00:11:29,640 --> 00:11:34,760 Speaker 3: completely dismissive and contemptfull of their concerns and laser focused 230 00:11:34,760 --> 00:11:38,160 Speaker 3: to the exclusion of almost everything else, on shipping billions 231 00:11:38,200 --> 00:11:40,640 Speaker 3: of dollars to you know, continue to bomb the Gaza 232 00:11:40,679 --> 00:11:43,640 Speaker 3: strip and continue an indefinite war in Ukraine with no 233 00:11:43,760 --> 00:11:47,640 Speaker 3: end in sight. I mean, they're correct in perceiving that 234 00:11:47,720 --> 00:11:50,120 Speaker 3: reality and their right to be outraged about it their 235 00:11:50,240 --> 00:11:51,360 Speaker 3: right to be outraged about it. 236 00:11:51,440 --> 00:11:55,960 Speaker 2: Yeah, I totally agree. Let's get to the next part. 237 00:11:56,200 --> 00:11:59,280 Speaker 1: This was a horrible story that Emily did a great 238 00:11:59,320 --> 00:12:02,080 Speaker 1: job of breaking down for everybody. There was some video 239 00:12:02,240 --> 00:12:05,920 Speaker 1: that leaked of a twenty sixteen incident where Diddy was 240 00:12:05,960 --> 00:12:10,120 Speaker 1: literally caught on camera absolutely wailing and beating on his 241 00:12:10,200 --> 00:12:13,440 Speaker 1: girlfriend at the time, Cassie Well. He has now released 242 00:12:13,480 --> 00:12:16,880 Speaker 1: a response and apology. I guess if you will, Let's 243 00:12:16,880 --> 00:12:17,439 Speaker 1: take a listen. 244 00:12:17,720 --> 00:12:21,960 Speaker 5: It's so difficult to reflect on the darkest times in 245 00:12:22,000 --> 00:12:27,839 Speaker 5: your life. Sometimes you gotta do that. I was fucked up. 246 00:12:29,440 --> 00:12:33,520 Speaker 5: I mean, I hit rock bottom, but I make no excuses. 247 00:12:34,120 --> 00:12:39,200 Speaker 5: My behavior on that video is inexcusable. I take full 248 00:12:39,240 --> 00:12:46,800 Speaker 5: responsibility for my actions in that video. Disgusted. I was 249 00:12:46,840 --> 00:12:52,800 Speaker 5: disgusted then when I did it. I'm disgusted now when 250 00:12:52,840 --> 00:12:57,559 Speaker 5: and I saw our professional help God to go into therapy. 251 00:12:58,720 --> 00:13:03,720 Speaker 5: I'm going to rehab. Had asked God for his mercy 252 00:13:03,760 --> 00:13:16,120 Speaker 5: and grace. I'm so sorry, but I'm committed to be 253 00:13:16,160 --> 00:13:21,120 Speaker 5: a better managent every day. I'm not asking for forgiveness. 254 00:13:23,880 --> 00:13:24,920 Speaker 5: I'm truly sorry. 255 00:13:25,480 --> 00:13:27,680 Speaker 1: So he said he's not offering excuses, but he's also 256 00:13:27,760 --> 00:13:29,640 Speaker 1: saying that he was what is this? What did he 257 00:13:29,640 --> 00:13:31,200 Speaker 1: say is that I was messed up. I was on 258 00:13:31,520 --> 00:13:34,520 Speaker 1: a lot of stuff. Since he's gone to therapy obviously. Also, 259 00:13:34,720 --> 00:13:38,600 Speaker 1: he only apologized after the video came out publicly. Right, 260 00:13:38,679 --> 00:13:40,800 Speaker 1: let's just play the video and get now. Look, let 261 00:13:40,840 --> 00:13:43,120 Speaker 1: me give a warning, you know, for everybody who has 262 00:13:43,240 --> 00:13:45,520 Speaker 1: seen this, especially if you're a victim of domestic violence. 263 00:13:45,559 --> 00:13:47,360 Speaker 1: I mean, this is this is like the most insane 264 00:13:47,400 --> 00:13:50,040 Speaker 1: thing that I've seen, and it's shocking that it took 265 00:13:50,160 --> 00:13:52,360 Speaker 1: so long for this to actually come out. This is 266 00:13:52,480 --> 00:13:54,960 Speaker 1: March of twenty sixteen. I mean it's more seven years 267 00:13:55,000 --> 00:13:57,520 Speaker 1: ago or so. Here you see him literally, you know, 268 00:13:57,559 --> 00:14:01,640 Speaker 1: in a towel, just absolutely, I mean he's a hitting her, 269 00:14:01,920 --> 00:14:06,320 Speaker 1: it's so badly, dragging her down the hallway. This was 270 00:14:06,360 --> 00:14:08,640 Speaker 1: in a public area that was caught completely on camera. 271 00:14:08,720 --> 00:14:11,240 Speaker 1: Obviously the hotel had possession of it. You know, why 272 00:14:11,280 --> 00:14:14,240 Speaker 1: didn't the police do anything about it? And by the way, oh, 273 00:14:14,360 --> 00:14:17,839 Speaker 1: just conveniently, let's put this up there please. We are 274 00:14:17,840 --> 00:14:20,480 Speaker 1: now passed the statue of limitations and he can't be 275 00:14:20,560 --> 00:14:22,760 Speaker 1: charged for it. So you know, they had this on 276 00:14:22,800 --> 00:14:25,920 Speaker 1: camera at the time. There was longtime allegations here of 277 00:14:25,920 --> 00:14:28,680 Speaker 1: this man's behavior. Video doesn't come out. How come the 278 00:14:28,680 --> 00:14:32,240 Speaker 1: police never investigated it? Did he report it to somebody 279 00:14:32,280 --> 00:14:34,920 Speaker 1: to pay somebody off, you know, inside of there? And 280 00:14:34,960 --> 00:14:37,760 Speaker 1: then it only validates too a lot of what Cassie 281 00:14:37,760 --> 00:14:40,280 Speaker 1: has been saying, Yes in her allegation. 282 00:14:39,920 --> 00:14:40,320 Speaker 2: That's right. 283 00:14:40,520 --> 00:14:44,120 Speaker 3: In fact, in her filing, which he settled with her 284 00:14:44,240 --> 00:14:49,040 Speaker 3: the day after she filed her allegations against him, and 285 00:14:49,120 --> 00:14:52,360 Speaker 3: a lot of people were pointing out she described this 286 00:14:52,400 --> 00:14:57,360 Speaker 3: particular horrifying incident blow by blow by blow coming out 287 00:14:57,400 --> 00:15:00,000 Speaker 3: of the hotel, her trying to flee him, coming out, 288 00:15:00,160 --> 00:15:02,480 Speaker 3: him hitting her, throwing her to the ground, kicking her, 289 00:15:02,600 --> 00:15:06,360 Speaker 3: throwing glass faces at her, dragging her back into the room. 290 00:15:06,920 --> 00:15:10,280 Speaker 3: But it's really important to keep in mind this is 291 00:15:10,320 --> 00:15:13,160 Speaker 3: far from all she said that he did to her 292 00:15:13,520 --> 00:15:20,000 Speaker 3: over years years, including blowing up the car of Kid Cutty, 293 00:15:20,040 --> 00:15:23,680 Speaker 3: who she was involved with at the time. And we've 294 00:15:23,720 --> 00:15:26,800 Speaker 3: done prior segments. There's actually a lot that is on 295 00:15:26,960 --> 00:15:32,000 Speaker 3: the record about violence with regards to ditty things that 296 00:15:32,160 --> 00:15:34,400 Speaker 3: you know, were public at the time that everyone just 297 00:15:34,440 --> 00:15:38,000 Speaker 3: sort of ignored and moved past. But she's also not 298 00:15:38,080 --> 00:15:43,320 Speaker 3: the only one who's making these sorts of allegations against Ditty. 299 00:15:43,400 --> 00:15:47,520 Speaker 3: And again we're not talking about one, Oh my bad, 300 00:15:47,560 --> 00:15:50,200 Speaker 3: I was going through a bad stretch one day, not 301 00:15:50,280 --> 00:15:54,920 Speaker 3: that that would be excusable anyway. We're talking about years 302 00:15:55,440 --> 00:16:03,400 Speaker 3: of sociopathic violence, sexual abuse, manipulation and control, horrifying allegations 303 00:16:03,440 --> 00:16:07,920 Speaker 3: over years. And so when you see this video come out, 304 00:16:08,080 --> 00:16:12,040 Speaker 3: and like I said, it matches detail for detail, exactly 305 00:16:12,240 --> 00:16:15,800 Speaker 3: what Cassie said happened, gives a lot of credence to 306 00:16:15,880 --> 00:16:19,200 Speaker 3: everything else that everyone's been saying has been going on 307 00:16:19,760 --> 00:16:24,600 Speaker 3: with him. This also, as you know, federal agents rated 308 00:16:24,720 --> 00:16:27,680 Speaker 3: two of his properties. I also would be remiss if 309 00:16:27,680 --> 00:16:32,120 Speaker 3: I didn't note the tropical appearing background in his video. 310 00:16:33,040 --> 00:16:36,000 Speaker 3: Many people wondering if he has already fled to some 311 00:16:36,280 --> 00:16:37,960 Speaker 3: non extraditable location. 312 00:16:38,280 --> 00:16:42,400 Speaker 4: Big question marks there. For her part, Cassie. 313 00:16:42,040 --> 00:16:43,840 Speaker 3: Has issued a statement can put this up on the 314 00:16:43,840 --> 00:16:47,600 Speaker 3: screen from Rolling Stone. Lawyer for Cassie said in a 315 00:16:47,600 --> 00:16:50,520 Speaker 3: statement following this quote unquote apology video that he was 316 00:16:50,560 --> 00:16:54,480 Speaker 3: only compelled to apologize once his repeated denials were proven false. 317 00:16:54,560 --> 00:16:57,880 Speaker 3: Shows his pathetic desperation and no one will be swayed 318 00:16:57,920 --> 00:17:01,000 Speaker 3: by his disingenuous words. And I think that's very well said, 319 00:17:01,080 --> 00:17:04,680 Speaker 3: because up until this point, up until it was totally undeniable, 320 00:17:04,840 --> 00:17:08,040 Speaker 3: he was denying it. He was claiming none of this happened. 321 00:17:08,160 --> 00:17:11,200 Speaker 3: But you know the fact that you, Cassie was the 322 00:17:11,240 --> 00:17:13,840 Speaker 3: first one to make these allegations really open the floodgates. 323 00:17:14,119 --> 00:17:16,920 Speaker 3: And now you clearly have federal scrutinies. So we'll see 324 00:17:16,920 --> 00:17:17,400 Speaker 3: where it goes. 325 00:17:17,520 --> 00:17:18,000 Speaker 2: Yeah, exactly. 326 00:17:18,000 --> 00:17:19,679 Speaker 1: But I mean the big question is is why did 327 00:17:19,720 --> 00:17:21,480 Speaker 1: it take so long? And this gets back to the 328 00:17:21,520 --> 00:17:26,480 Speaker 1: cover up of what happened inside of LAPD, what strings 329 00:17:26,480 --> 00:17:27,080 Speaker 1: were pulled? 330 00:17:27,359 --> 00:17:28,520 Speaker 2: Were the Feds involved? 331 00:17:28,520 --> 00:17:30,560 Speaker 1: I mean, that's some of the bigger allegations here, is 332 00:17:30,560 --> 00:17:33,600 Speaker 1: that basically there was some like deal or something going 333 00:17:33,600 --> 00:17:36,880 Speaker 1: on where he was effectively protected from something like imagine 334 00:17:36,920 --> 00:17:40,800 Speaker 1: if any normal person did that in a public hotel room. 335 00:17:40,960 --> 00:17:42,520 Speaker 3: We see this was a little I mean, how many 336 00:17:42,880 --> 00:17:45,520 Speaker 3: Harvey went and see all these people that you know, 337 00:17:45,760 --> 00:17:48,560 Speaker 3: because they're wealthy and famous and powerful, they got away. 338 00:17:48,600 --> 00:17:51,200 Speaker 4: Bill Cosby got away with it for years and years 339 00:17:51,240 --> 00:17:51,760 Speaker 4: and years. 340 00:17:52,080 --> 00:17:55,359 Speaker 3: And then you also ask yourself, like there were rumors 341 00:17:55,440 --> 00:17:58,000 Speaker 3: of this sort of thing with Diddy going around for 342 00:17:58,040 --> 00:17:58,880 Speaker 3: a while. 343 00:17:58,720 --> 00:18:00,400 Speaker 2: Twenty years, Yeah. 344 00:18:00,080 --> 00:18:03,080 Speaker 3: How many people knew how many were in his circle 345 00:18:03,160 --> 00:18:06,560 Speaker 3: and saw this behavior and did nothing and said nothing 346 00:18:06,640 --> 00:18:08,000 Speaker 3: and directly enabled it. 347 00:18:08,040 --> 00:18:11,360 Speaker 1: How many people we'll see, hopefully that we will actually 348 00:18:11,400 --> 00:18:13,479 Speaker 1: find out. Okay, thank you guys so much for watching. 349 00:18:13,720 --> 00:18:15,880 Speaker 1: We're gonna have a great show for everybody tomorrow. As 350 00:18:15,880 --> 00:18:17,960 Speaker 1: a reminder to all of our premium subscribers in our 351 00:18:17,960 --> 00:18:20,720 Speaker 1: move over to locals, if you have any issues with 352 00:18:20,800 --> 00:18:25,000 Speaker 1: your subscription or any questions about features, etc. Support at 353 00:18:25,080 --> 00:18:28,240 Speaker 1: locals dot com. They will get it to you. Overall, 354 00:18:28,280 --> 00:18:30,560 Speaker 1: though we're really excited by the response, we appreciate and 355 00:18:30,600 --> 00:18:32,679 Speaker 1: we love you, and big things that are coming in 356 00:18:32,680 --> 00:18:33,040 Speaker 1: the future. 357 00:18:33,080 --> 00:18:34,040 Speaker 2: Still, we'll see you later.