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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, Christal? Indeed, we do lots of

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Speaker 1: big stories to get to. First of all, Pelosi and

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Speaker 1: a congressional delegation making an unannounced visit to Key. We'll

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Speaker 1: give you those details, as well as some big spending

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Speaker 1: the Biden administration is proposing to continue funneling weapons into

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Speaker 1: that country. Nom Chomsky giving credit to a very very

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Speaker 1: unexpected person. So we will play that for you, and

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Speaker 1: we will also react White House Correspondence Dinner aka NERD

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Speaker 1: prom over the weekend. We have all the cringe for

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Speaker 1: you to save you the trouble of having to watch

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Speaker 1: it all for yourself. Also, the stock market, I don't

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Speaker 1: know if you've been paying attention, has been kind of

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Speaker 1: falling all over the place lately, So we'll talk to

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Speaker 1: you about what's going on there, what the Fed moves

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Speaker 1: are likely to be this week. They are meeting once again,

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Speaker 1: so that's very significant for all of us, not just

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Speaker 1: people who have to have money in the stock market.

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Speaker 1: Elon Musk giving some medical advice very much upsetting a

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Speaker 1: large group of people. Break that down for you, and

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Speaker 1: we also have to share with you CNN attempting a

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Speaker 1: little bit of self reflection. Doesn't get too far, but

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Speaker 1: a little bit of self reflection so enjoyable. Also, welcoming

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Speaker 1: back to the show for us or Richard Wolf. He's

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Speaker 1: also going to talk about the economy. We had that

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Speaker 1: surprise drop in GDP last week, so we're excited to

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Speaker 1: talk to him about that. But we wanted to start

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Speaker 1: with Pelosi and that trip to Kiev. Yeah, the Pelosi

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Speaker 1: trip is basically the highest ranking US official, number three

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Speaker 1: in line to the presidency, who is visiting Kiev. Let's

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Speaker 1: put this up there on the screen. So Speaker Pelosi

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Speaker 1: met with President Zelenski and his team, bringing along an

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Speaker 1: additional delegation including Adam Schiff of all people on the ground,

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Speaker 1: which makes sense given these the chief russigator in all

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Speaker 1: of Congress, but the top level of US congressional delegation. There.

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Speaker 1: Pelosi praised the quote ferocity and the resolve of the

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Speaker 1: Ukrainians in their face to face meeting, and more importantly,

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Speaker 1: here's what she says in terms of a commitment of

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Speaker 1: US policy from the branch of Congress. Quote, our commitment

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Speaker 1: is to be there for you until the fight is done. Quote.

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Speaker 1: We are on a frontier of freedom. Your fight is

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Speaker 1: a fight for everyone. Thank you for your fight for freedom.

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Speaker 1: You all are welcome, z the Lensky apparently told the delegation. So, yeah,

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Speaker 1: I'm not sure what else you would say, but I

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Speaker 1: think that it is a important declaration because we've pointed

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Speaker 1: as much as we can to The President obviously has

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Speaker 1: mostly unilateral action, but he still has to submit these

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Speaker 1: funding requests and more to Congress, and it just goes

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Speaker 1: to show you the immense bipartisan support both in the

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Speaker 1: Speaker and Leader McConnell and others that they have not

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Speaker 1: only for the Biden administration policy in Ukraine, but if anything,

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Speaker 1: they want a more hawkish policy Crystal correct. Yeah, so

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Speaker 1: this delegation happened to be all Democrats, but as you

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Speaker 1: accurately point out, most of the sentiment around Ukraine has

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Speaker 1: been wholly bipartisan, with very very very few dissenting voices

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Speaker 1: or even voices just saying like, hey, let's slow down

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Speaker 1: and think about what we're doing here for a minute.

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Speaker 1: Ilan Omar famously, you know, said why don't we slow

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Speaker 1: down and think about some of these sanctions and everything

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Speaker 1: that we're doing, and so indiscriminate, and was completely completely

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Speaker 1: smeared for having the audacity to do such a thing.

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Speaker 1: To your point about how you know a lot of

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Speaker 1: members of Congress went even more than what the Biden

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Speaker 1: administration has done. You had Democrat Representative Jason Crowe of Colorado,

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Speaker 1: a veteran and member of the House Intelligence Arm Services Committee,

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Speaker 1: saying that he went to Ukraine with three areas of

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Speaker 1: focus weapons, weapons and weapons. I think it also bears

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Speaker 1: pointing out that even though yes, the fight has largely

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Speaker 1: moved to eastern Ukraine, making Kiev more safe, this is

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Speaker 1: still not without risk. So the UN Secretary General recently

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Speaker 1: met with Zelenski in Kiev just last Thursday, and a

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Speaker 1: missile strike rained down on the capitol barely an hour

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Speaker 1: after their joint press conference. So probably Russia trying to

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Speaker 1: send a you know, kind of a middle finger there.

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Speaker 1: But again just to point out that these trips into

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Speaker 1: an active war zone still not without risk, and in

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Speaker 1: my opinion, you know, rather ill advised. Continuing to be

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Speaker 1: rather ill advised, given the fact that you know, if

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Speaker 1: you had a member of Congress who was injured in attack,

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Speaker 1: if something God forbid were to happen, what that would

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Speaker 1: mean in terms of an escalation is is very very clear.

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Speaker 1: I mean, it would be a complete disaster. You'd be

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Speaker 1: facing a hot war directly with Russia and likely you know,

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Speaker 1: nuclear tax and all of that that entails. So I

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Speaker 1: continue to think that these missions to demonstrate our solidarity

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Speaker 1: and that we're really with their cause are rather ill advised. Yeah,

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Speaker 1: and I think that there's you know, it really bears

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Speaker 1: for Peo. People will say, well, oh well, Churchill visited

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Speaker 1: you know, the French in the middle of the Battle

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Speaker 1: of France. Yeah, the UK was at war with Nazi Germany. Right,

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Speaker 1: We're not at war with Russia. So by going into

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Speaker 1: an active and a hot war zone, you're putting the

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Speaker 1: United States and its policy at risk as much as

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Speaker 1: a nice, you know, show of support might mean. I

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Speaker 1: don't know why I can't meet in a more neutral country,

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Speaker 1: like right across the border, in a NATO country actually

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Speaker 1: would be probably far more advisable. But all of this

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Speaker 1: is on the heels of and let's put this up

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Speaker 1: there on the screen, Joe Biden now asking Congress for

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Speaker 1: thirty three billion dollars more in additional aid to Ukraine.

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Speaker 1: As they even describe it here in the Western press,

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Speaker 1: a quote dramatic escalation of US funding for US war

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Speaker 1: with Russia, for the war with Russia, and the Ukrainian

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Speaker 1: president is pleading with lawmakers to give it a swift approval.

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Speaker 1: So here's what it says. Twenty billion dollars for weapons,

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Speaker 1: ammunition and other military assistance, eight point five billion in

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Speaker 1: direct economic assistance to the other Ukrainian government, and then

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Speaker 1: three billion dollars in humanitarian aid. And it always makes

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Speaker 1: me sad whenever I read these appropriations and I just

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Speaker 1: look at twenty billions in weapons and AAMO. I'm not

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Speaker 1: saying the Ukrainians don't need weapons, NAMO, but we have

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Speaker 1: somewhat five million or so displaced people. We need to

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Speaker 1: be actually probably spending a hell of a lot more

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Speaker 1: on the humanitarian response in order to make sure that

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Speaker 1: these people are taken care of. NATO obviously stepped up,

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Speaker 1: and so has the European Union. But it always, you know,

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Speaker 1: everybody says like, show me what your priorities are by

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Speaker 1: pointing to what you actually fund, and right now the

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Speaker 1: funds are all towards the war with Russia and specifically

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Speaker 1: on the behalf of the Ukrainian military to wage war

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Speaker 1: on that military. I'm not saying that is obviously a priority,

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Speaker 1: but it just shows you that we have no real

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Speaker 1: hope for anything else within the conflict strategy to try

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Speaker 1: and bring this thing to an end and find piece. Well,

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Speaker 1: that's it. We know what the macro strategy is, because

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Speaker 1: they've said what the macro strategy is. It isn't to

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Speaker 1: negotiate a piece. It isn't to try to provide Russia

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Speaker 1: with an off ramp and bring them to the table.

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Speaker 1: Not at all. I mean they've now explicitly stated what

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Speaker 1: people at the beginning would have been accused of being, like,

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Speaker 1: you know, pro Russia and conspiracy theorist, et cetera. If

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Speaker 1: they came out and said, no, we think the US

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Speaker 1: policy is actually to we can and ultimately try to

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Speaker 1: push Putin out of power. Well, now that's effectively the

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Speaker 1: stated policy of the United States. And so this massive

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Speaker 1: increase in weapons funding for Ukraine should be seen as

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Speaker 1: part of that strategy. You know, when they want to

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Speaker 1: keep Russia tied up in Ukraine forever, that's not good

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Speaker 1: for the world, it's not good ultimately for Ukraine. And

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Speaker 1: so that's how you should view this policy. And you know,

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Speaker 1: we throw these big numbers around here can sort of

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Speaker 1: like be hard to wrap your head around how much

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Speaker 1: money exactly this is. But this full package, just this

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Speaker 1: piece of it represents twenty of Ukraine's entire GDP. There

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Speaker 1: you go, Okay, So that's that's the size and the

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Speaker 1: scope of what we're ultimately contemplating here Again with you know,

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Speaker 1: I would expect that this will likely sail through the

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Speaker 1: only potential legislative hiccup as Democrats are considered considering tying

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Speaker 1: it to COVID eight, in which case the Republican exactly,

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Speaker 1: then the Republicans will be like, I don't know if

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Speaker 1: I want to do COVID AD too. But in terms

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Speaker 1: of this specific package, I think as overwhelming by partisan support,

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Speaker 1: you're likely to see I mean, you may not see

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Speaker 1: a single voice speak up against it or even offer

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Speaker 1: a word of caution about what exactly our policy is

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Speaker 1: and what exactly we're doing here. Yeah. I think that's

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Speaker 1: you know, really really well said. And if you want

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Speaker 1: to know the other insanity in Congress, this is the

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Speaker 1: pole of power which gets no scrutiny by the press.

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Speaker 1: Put this up there on the screen, Representative Adam Kissinger

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Speaker 1: saying words matter, but so do our actions. I'm introducing

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Speaker 1: an authorization of use of military force as a clear

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Speaker 1: red line so that POTUS can take appropriate action if

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Speaker 1: Russia uses chemical, biological, or nuclear weapons. We must stand

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Speaker 1: for humanity and we must stand with our ally. So

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Speaker 1: what he's saying is that Representative Kissinger wants to create

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Speaker 1: an authorization for the use of military force for the

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Speaker 1: US to be explicitly allowed by Congress in order to

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Speaker 1: declare war on Russia if it uses biological chemical weapons

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Speaker 1: in Ukraine, Now that seems completely nuts. I'm not saying

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Speaker 1: that that wouldn't be a horrific act, but should that

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Speaker 1: trigger a potential nuclear war with Russia. That's a representative

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Speaker 1: Kissinger is saying. I mean, this is somebody who has

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Speaker 1: pushed the no fly zone and more. Look, the no

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Speaker 1: fly zone is off the table for now, but don't

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Speaker 1: sleep on these efforts because the media is not looking

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Speaker 1: at this and reporting it with the level of scrutiny

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Speaker 1: that it really deserves. Same with the Pelosi trip. I mean,

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Speaker 1: it's like it's just a foregone conclusion that the number

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Speaker 1: three in line to the presidency is going to just

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Speaker 1: waltz into an active war zone. And to put it

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Speaker 1: in perspective for everybody, I really think that we need

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Speaker 1: to look at the level of a that we've been

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Speaker 1: given to Ukraine in the context of history. Put this

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Speaker 1: up there on the screen, please, which is that we

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Speaker 1: are now providing Ukraine more money than the US has

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Speaker 1: sent all but four countries in total since nineteen forty six.

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Speaker 1: So look at this. Wow, Israel one hundred and thirty

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Speaker 1: two billion, Afghanistan one hundred and eleven billion, Egypt seventy

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Speaker 1: nine point nine billion, Iraq sixty seven billion. Keep in

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Speaker 1: mind Iraq and Afghanistan, you know, we basically ruined. So

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Speaker 1: you know, that level of aid is not really commiserated

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Speaker 1: with domestic is not really commiserate with like our foreign aid.

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Speaker 1: That is where Ukraine now ranks on the map, more

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Speaker 1: than Pakistan, more than Vietnam, more than Jordan, more than Turkey,

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Speaker 1: which is a NATO ally, more than Russia ironically enough,

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Speaker 1: and more than India also an Indo pacific ally to

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Speaker 1: the United States. Just consider it within that level of context.

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Speaker 1: And we're not saying that the Ukrainians don't deserve help.

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Speaker 1: Of course they do. God bless them. Their cause is righteous.

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Speaker 1: But when runaway military aid like this happens, we have

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Speaker 1: seen this story before with Libya, with Syria and more.

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Speaker 1: When you have just free, like floating weapons all over

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Speaker 1: a war zone, stuff changes hands. I mean, it's conceivable

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Speaker 1: that some of this aid will find its way even

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Speaker 1: you know, let's say it gets captured by the Russians

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Speaker 1: and then they start giving it to Chechens and then

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Speaker 1: they start using it elsewhere, either at home or even

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Speaker 1: you know, against the Ukrainians or God forbid, against somebody else.

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Speaker 1: It's just always consideration. When you're providing massive amounts of

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Speaker 1: military and ammunition into a hot war zone. War's messy,

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Speaker 1: and sometimes those weapons go missing. As the Pentagon likes

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Speaker 1: to say, well, I mean we know that there are

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Speaker 1: fringe extremist elements within the Ukrainian fighting force. I mean

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Speaker 1: we know that, right, that's you know, and so we

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Speaker 1: have been to this play before. We've been there in

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Speaker 1: Afghanistan army, the Mujahadeen, We've been over this a million times.

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Speaker 1: I think the most important thing is to consider the

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Speaker 1: macro policy and the foolishness and ultimately destructiveness of that

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Speaker 1: macro policy of saying we don't actually want peace. What

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Speaker 1: we want is to keep Russia in a stalemate, to

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Speaker 1: weak and bleed them, and you know, kill as many

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Speaker 1: Russians in Ukraine as we possibly can in hopes that

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Speaker 1: Putin is put under enough pressure and frankly, that the

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Speaker 1: population of Russia suffers enough that they put that pressure

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Speaker 1: onto Putin to remove him from power. That's the clear

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Speaker 1: policy of the United States. You know, when we talk

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Speaker 1: about regime change, it's not necessarily like we're going into

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Speaker 1: Russia to invade. No, I don't think that is on

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Speaker 1: the table whatsoever. But the idea is the US finds

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Speaker 1: it politically useful to have Russia tied up in a

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Speaker 1: long war in Ukraine? Is that good for the Ukrainians?

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Speaker 1: Ask yourself that ultimately? Okay, so this was surprising. Noam

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Speaker 1: Chomsky has been, you know, an outspoken, i would say,

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Speaker 1: dissident voice on Ukraine, as he often is when it

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Speaker 1: comes to foreign policy and certainly the media's coverage here

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Speaker 1: in the US of foreign policy. He recently gave an

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Speaker 1: interview in which he gave credit to a very unexpected

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Speaker 1: person given Chomsky's overall views of this individual. He actually

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Speaker 1: credits Donald Trump for some of the things that he

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Speaker 1: has said on Ukraine. Let's take a listen and we'll

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Speaker 1: react on the other side. So going back to the

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Speaker 1: one Western statesman, he didn't mention all of this, but

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Speaker 1: he suggested something similar. Moved forwards negotiations and diplomacy instead

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Speaker 1: of escalating the war, tried to see if you can

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Speaker 1: bring about an accommodation, which would be roughly along these lines.

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Speaker 1: His name is Donald J. Trump. Okay, very important to

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Speaker 1: note that in the very next breath, and I think

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Speaker 1: we have this tweet from Glenn as well. He goes

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Speaker 1: on to say Trump is a dangerous figure. I mean,

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Speaker 1: he uses quite you know, he says that he is

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Speaker 1: one of the most dangerous figures in the world. So

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Speaker 1: he's not saying like, oh, now I think Donald Trump

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Speaker 1: is great. I also think it is very much worth

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Speaker 1: noting and very important here to say. Trump has been

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Speaker 1: everywhere on like all over the ideological map when it

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Speaker 1: comes to Ukraine, basically throwing out every talking point from

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Speaker 1: the extreme hawk is to the you know more like

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Speaker 1: what I would like to see pushing for a negotiated settlement,

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Speaker 1: that type of language. He has truly been all over

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Speaker 1: the mat. So the idea that he's been like consistently

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Speaker 1: pushing for peace is ludicrous. The statement that Chomsky is

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Speaker 1: referring to there, let's go ahead and put that up

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Speaker 1: on the screen. He did issue this one statement that

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Speaker 1: I also thought was like pretty decent. He said, it

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Speaker 1: doesn't make sense that Russia and Ukraine aren't sitting down

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Speaker 1: and working out some kind of agreement. If they don't

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Speaker 1: do it soon, there will be nothing left but death, destruction,

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Speaker 1: and carnage. This is a war that never should have happened,

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Speaker 1: but it did. The solution can never be as good

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Speaker 1: as it would have been before the shooting started. But

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Speaker 1: there is a solution and it should be figured out now,

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Speaker 1: not later when everyone will be dead. Okay, that's true,

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Speaker 1: fair enough. He also though, remember he floated that idea

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Speaker 1: of like, let's pain Chinese flags onto our yeah fighter

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Speaker 1: jets and then bomb the shit on a Russia something

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Speaker 1: like that is basically what he said. He He's floated

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Speaker 1: all kinds of really terrible ideas, and he's also used

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Speaker 1: similarly extreme language to describe what is happening in Ukraine

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Speaker 1: and also his view of Putin. We have a little

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Speaker 1: bit of that from his recent interview with Piers morgan Lestake. Listen,

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Speaker 1: So what would you do right now in Ukraine if

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Speaker 1: you were the president? Putin uses the N word. I

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Speaker 1: call it the N word. He uses the N word,

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Speaker 1: the nuclear word, all the time. That's a no, no,

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Speaker 1: you're not supposed to do that. He uses it on

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Speaker 1: a daily basis, and everybody's so afraid, so afraid, so afraid,

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Speaker 1: and as they're afraid, he uses it more and word.

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Speaker 1: That's why he's doing the coin of things he's doing.

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Speaker 1: He's doing them because he thinks nobody's going to ever

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Speaker 1: attack us, because they're all stupid and they're afraid to

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Speaker 1: talk about Instead of excuse me, it's a little complications.

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Speaker 1: Instead of you know, coowtowing. Instead of Biden saying, oh,

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Speaker 1: he's got nuclear weapons, he keeps saying he's got Now

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Speaker 1: we have better weapons, that we have the greatest submarine

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Speaker 1: power in history. What would you say and do? I

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Speaker 1: would say, we have far more than you do, far

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Speaker 1: far more powerful than you. And you can't use that

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Speaker 1: word ever again. You cannot use the nuclear word ever again.

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Speaker 1: And if you do, we're going to have problems. When

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Speaker 1: you see the scenes, mister president of maternity hospitals, when

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Speaker 1: you see refugees being attacked as they flee, grandmothers, children, babies,

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Speaker 1: you see the decimation of previously prosperous cities living in

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Speaker 1: a thriving new democracy. When you watch what's happening, I mean,

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Speaker 1: do you agree with my assessment that Vladimir Putin is

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Speaker 1: now an evil, genocidal monster. Yeah? But I also when

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Speaker 1: I look at it, I do sure who wouldn't So again,

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Speaker 1: he's been all over the map. I mean I also would,

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Speaker 1: so that first side, he's basically saying, oh, if he

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Speaker 1: kept saying we're going to you know, potentially use nuclear

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Speaker 1: weapons and we'll do it, then we're going to threaten

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Speaker 1: him right back and be like, oh, yeah, well ours

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Speaker 1: bigger and better. Okay, so maybe not the statesman and

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Speaker 1: like the peacemaker that we would want to make. It

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Speaker 1: was funny whenever he was saying he's like Putin should

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Speaker 1: never use the nuclear word. I'm like, I remember a

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Speaker 1: little episode called Fire and Fury the world with fire

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Speaker 1: and Fury the world has never seen before that. And

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Speaker 1: I also I was terrified at that time. I legitimately

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Speaker 1: thought a war with North Korea could break out, until

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Speaker 1: you know, I thought that the best thing, one of

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Speaker 1: the best things he did as president, would just go

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Speaker 1: meet with Kim Jong un. I mean, look, Kim Jong

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Speaker 1: un obviously is a problem. It's not like the nuclear

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Speaker 1: program has been shut down or any major diplomatic solution

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Speaker 1: was reached. But I mean, what was that like six

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Speaker 1: years ago now that he met with Kim Jong un

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Speaker 1: and we haven't had a similar, you know, similar escalation

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Speaker 1: in rhetoric or nuclear testing, So it clearly did something.

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Speaker 1: And I think that's a great thing for the US

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Speaker 1: policy towards North Korea. So I would encourage the side

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Speaker 1: of Trump obviously that wants diplomacy, but it also I

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Speaker 1: almost found Chomsky's statement kind of disingenuous in that way

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Speaker 1: where I was like, lit like tongue in Chica. Yeah, yeah,

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Speaker 1: look says a lot of stuff, like what does he mean?

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Speaker 1: It's everything you write for every statement saying that Trump

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Speaker 1: wants peace. We've played here. Trump would be like, it's

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Speaker 1: a holocaust, what's happening? And I'm like, dude, these words

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Speaker 1: of a president matter. Joe Biden, who said war crimes right,

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Speaker 1: he said Biden wants to call it a war crime,

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Speaker 1: wants Biden wants to call him genocidal. Meanach Biden says,

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Speaker 1: by God, this man cannot remain in power. I mean, essentially,

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Speaker 1: you're seeing a uniparty in terms of the agreement between

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Speaker 1: the two in terms of rhetoric. Now you know, on

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Speaker 1: the margins, you know, one says megs or not. I'm

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Speaker 1: again sending the MiGs there to be one hundred percent clear,

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Speaker 1: But that really is just the divergence of two different

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Speaker 1: approaches or same side of the of the coin. So

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Speaker 1: to speak whenever it comes to the both of their policy.

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Speaker 1: So unfortunately, we do not really have any major statesman

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Speaker 1: in the United States right now calling for peace at

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Speaker 1: the highest level of US politics, and that I think

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Speaker 1: is a tragedy of which we may rue the day

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Speaker 1: for wanting that to happen. It may seem like things

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Speaker 1: are on a downswing there and that war with Ukraine,

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Speaker 1: the civil war in Ukraine previously, that lasted for eight years.

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Speaker 1: Guys like we are still in the very infancy. It

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Speaker 1: may turn out that we may not even think about

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Speaker 1: this period of the war. We may remember the first

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Speaker 1: couple of days of which it was clearly it didn't work,

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Speaker 1: a new major offensive and all that stuff. Sometimes it

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Speaker 1: takes months. Who knows what's going to happen. All I

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Speaker 1: know is right now there are not diplomats meeting with

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Speaker 1: each other. There are US diplomats going over there and saying, hey,

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Speaker 1: here's all the weapons you could ever possibly want. Who

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Speaker 1: knows how it works out. Yeah, No, I think that's

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Speaker 1: all well said. In this new funding request, it's meant

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Speaker 1: apparently to fund them through September, So it tells you,

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Speaker 1: I mean, they certainly don't see like any sort of

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Speaker 1: immediate cessation of hostilities, and then how much were we

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Speaker 1: going to send after that? And then and then what?

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Speaker 1: And then what? Every escalation, every day, every week, every month,

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Speaker 1: that this continues, every additional risk that we take, like

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Speaker 1: Nancy Pelosi showing up in Kiev along with a congressional delegation,

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Speaker 1: inches us closer to disaster to the edge. I mean,

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Speaker 1: you know, it's easy at this point to get kind

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Speaker 1: of complacent about the actual risks that you're facing here.

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Speaker 1: And I do think that the Adam Kinzinger tweet that

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Speaker 1: we put up earlier that want you know, he wants

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Speaker 1: an authorization for use of military force. He wants you

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Speaker 1: authorize like preemptively or authorize a war if Russia takes

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Speaker 1: certain egregious actions. I think the timing of that is

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Speaker 1: also really noteworthy, because he wants to get ahead of

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Speaker 1: it when it seems like, yeah, it's not really a

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Speaker 1: live issue, and so it's easier to sell the American

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Speaker 1: people on something like that when it's not imminent, when

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Speaker 1: it's like, oh, yeah, we want to send this strong

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Speaker 1: signal that of course we're going to back Ukrainians, Whereas

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Speaker 1: when you were actually faces with the question Okay, guys,

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Speaker 1: are you ready now to go to war? It'd be

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Speaker 1: a very different question, very different sentiment from the American people.

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Speaker 1: So you can just see the way that people are

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Speaker 1: being manipulated. You can also see the way that any

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Speaker 1: sort of dissenting voices are just completely shut down, censored.

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Speaker 1: I saw PayPal ban a couple of in de pendant

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Speaker 1: news outlets recently, mint Press and another one. I don't know,

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Speaker 1: they're basically they you know, they view themselves as anti imperialists.

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Speaker 1: I honestly am not that familiar with their content to

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Speaker 1: like co sign or not what they're doing. But I

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Speaker 1: do think it's another indication of how our own like

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Speaker 1: our how dominant our tech sector is, and how much

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Speaker 1: the US dominates the global financial system. That's been weaponized

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Speaker 1: against Russia, but it can also be weaponized against our

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Speaker 1: own citizens. And that's what we're starting to see increasingly. Yeah,

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Speaker 1: that is just the scariest thing. So, okay, speaking of

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Speaker 1: the press, how they piece people shower themselves in glory.

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Speaker 1: There was the White House Correspondence dinner here in Washington

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Speaker 1: over the weekend. Sadly, Crystal and I did not score

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Speaker 1: an invite. Not sure we would have gone. I know

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Speaker 1: you're shocked. We weren't. On the guests, absolutely shocked. We

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Speaker 1: have a little bit of highlight reel here from what happened.

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Speaker 1: Let's take a listen. I think ever since you've come

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Speaker 1: into office, things are really looking up. You know, guesses up, renches,

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Speaker 1: food is up. Everything. No, it really has been a

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Speaker 1: tough first year for you, mister president. And and yes,

428
00:22:09,480 --> 00:22:11,200
Speaker 1: I know a lot of you are worried. And yes

429
00:22:11,280 --> 00:22:14,479
Speaker 1: it is risky making jokes these days, you know. I mean,

430
00:22:14,520 --> 00:22:17,160
Speaker 1: we all saw what happened at the Oscars. I've actually

431
00:22:17,160 --> 00:22:19,400
Speaker 1: been a little bit worried about tonight. I won't lie,

432
00:22:19,560 --> 00:22:21,280
Speaker 1: you know. I was like, what if I make like

433
00:22:21,320 --> 00:22:25,600
Speaker 1: a really mean joke, you know about like Killy and Conway,

434
00:22:26,200 --> 00:22:28,280
Speaker 1: and then her husband rushes up on the stage and

435
00:22:28,440 --> 00:22:37,160
Speaker 1: thanks me. I just hope we all stay calm as

436
00:22:40,480 --> 00:22:43,840
Speaker 1: you guys are relentless every day you show up and

437
00:22:43,960 --> 00:22:46,880
Speaker 1: every day you demand answers on the pressing issues of

438
00:22:46,920 --> 00:22:50,159
Speaker 1: the day. And then Fox News asks about Hunter to Biden.

439
00:22:50,960 --> 00:22:52,640
Speaker 1: And I'll be honest, though, actually think that's a good thing.

440
00:22:52,680 --> 00:22:54,280
Speaker 1: I really do. I think people need to be held

441
00:22:54,280 --> 00:22:57,040
Speaker 1: accountable if they're using their dad's name to get ahead

442
00:22:57,040 --> 00:22:59,399
Speaker 1: in life. And I can't think of anyone better to

443
00:22:59,440 --> 00:23:05,439
Speaker 1: ask about that than Peter Doocy, Yeah, wherever he is.

444
00:23:05,960 --> 00:23:12,040
Speaker 1: Chris Wallace laughed at that joke, you know, but I

445
00:23:12,080 --> 00:23:13,480
Speaker 1: think that they should be happy to know that you

446
00:23:13,640 --> 00:23:16,800
Speaker 1: just recently announced that you're proposing a new twenty percent

447
00:23:16,880 --> 00:23:20,000
Speaker 1: minimum tax on the super wealthy. And I will say,

448
00:23:20,240 --> 00:23:22,840
Speaker 1: President Biden, that you were a big man here, a

449
00:23:22,960 --> 00:23:25,199
Speaker 1: really big man. You could have targeted Donald Trump, but

450
00:23:25,240 --> 00:23:27,840
Speaker 1: instead you chose to only raise taxes on billionaires. That

451
00:23:27,920 --> 00:23:32,440
Speaker 1: was a big of you. Really nice, proved me wrong,

452
00:23:32,480 --> 00:23:35,439
Speaker 1: Show me the taxes. So like, did none of you

453
00:23:35,520 --> 00:23:38,520
Speaker 1: learn anything from the grid Iron Dinner? Nothing? Huh? Do

454
00:23:38,600 --> 00:23:41,560
Speaker 1: you read any of your own newspapers? I mean, I

455
00:23:41,600 --> 00:23:43,679
Speaker 1: expect this from Sean Hannity, but the rest of you,

456
00:23:43,720 --> 00:23:46,560
Speaker 1: what are you doing here? You guys spent the last

457
00:23:46,560 --> 00:23:49,240
Speaker 1: two years telling everyone the importance of wearing masks and

458
00:23:49,320 --> 00:23:53,480
Speaker 1: avoiding large indoor gatherings. Then the second someone offers you

459
00:23:53,520 --> 00:23:58,720
Speaker 1: a free dinner, you'll turn into Joe Rogan. Huh. I

460
00:23:58,720 --> 00:24:01,760
Speaker 1: mean doctor Fauci dropped out. That should have been a

461
00:24:01,800 --> 00:24:05,919
Speaker 1: pretty big sign. Fauche thought it was too dangerous to

462
00:24:06,040 --> 00:24:11,280
Speaker 1: come to night. Pete Davidson thinks it's okay. We all

463
00:24:11,359 --> 00:24:16,440
Speaker 1: went with Pete. Okay, all right, then okay, all right,

464
00:24:16,520 --> 00:24:18,639
Speaker 1: so hello, we all had to suffer through that, so

465
00:24:18,760 --> 00:24:22,000
Speaker 1: did you by putting it together? Shout out to producer James,

466
00:24:22,040 --> 00:24:24,320
Speaker 1: who had watched all of the tape. I thought the

467
00:24:24,320 --> 00:24:26,119
Speaker 1: inflation joke was good, but I mean, you know, you

468
00:24:26,240 --> 00:24:28,919
Speaker 1: actually had another one that I thought was that I

469
00:24:29,000 --> 00:24:31,520
Speaker 1: chuckled a little bit, at which he was like, I

470
00:24:31,720 --> 00:24:33,920
Speaker 1: didn't understand why Biden invited me. But then I figured

471
00:24:33,920 --> 00:24:35,960
Speaker 1: out he gets his highest approval ratings when he's standing

472
00:24:35,960 --> 00:24:41,119
Speaker 1: next to racial black dude. Okay, that's kind of okay, credit,

473
00:24:41,359 --> 00:24:45,200
Speaker 1: that's pretty good, all right. But the thing is about

474
00:24:45,200 --> 00:24:47,200
Speaker 1: the White House Correspondence dinner is it's not just about

475
00:24:47,200 --> 00:24:49,000
Speaker 1: the dinner. It's not just about the comedian. It's about

476
00:24:49,040 --> 00:24:52,560
Speaker 1: all the parties that happened afterwards. So let's go ahead

477
00:24:52,560 --> 00:24:54,080
Speaker 1: and put this up there on the screen, which I

478
00:24:54,080 --> 00:24:58,240
Speaker 1: think just typifies everything to its maximum extent. The multi

479
00:24:58,280 --> 00:25:01,919
Speaker 1: billionaire owner of the Atlantic hosted a party for Democratic

480
00:25:01,920 --> 00:25:06,000
Speaker 1: Party officials and the Biden cabinet. In attendance were the

481
00:25:06,080 --> 00:25:11,600
Speaker 1: US security state operatives, including the CIA Director, and various

482
00:25:11,680 --> 00:25:17,480
Speaker 1: journalists from The Atlantic, NBC, Washington Post, and CNN. I mean,

483
00:25:17,640 --> 00:25:19,639
Speaker 1: when you look at this list, Crystal, it is like,

484
00:25:20,600 --> 00:25:24,320
Speaker 1: are you telling me that there are billionaire owners of

485
00:25:24,359 --> 00:25:28,400
Speaker 1: the media. Oh wow, I thought we were terrified. What

486
00:25:28,800 --> 00:25:31,720
Speaker 1: This is outrageous, That's no idea. I just love it.

487
00:25:31,760 --> 00:25:33,760
Speaker 1: I mean, it is outrageous, but it's also been going

488
00:25:33,760 --> 00:25:35,840
Speaker 1: on for a long time. This is the deep state

489
00:25:35,920 --> 00:25:39,600
Speaker 1: of DC. In a single paragraph, you have David Bradley

490
00:25:39,760 --> 00:25:42,119
Speaker 1: and then Loreen Powell, Jobs, Steve Jobs, Widow. They're the

491
00:25:42,119 --> 00:25:44,840
Speaker 1: owners of the Atlantic hosting this party where you have

492
00:25:44,920 --> 00:25:48,200
Speaker 1: the Secretary of State, the CIA director, the Commerce Secretary,

493
00:25:48,520 --> 00:25:52,919
Speaker 1: Jen Saki, the Deputy Attorney General, various different senators, the

494
00:25:53,000 --> 00:25:57,760
Speaker 1: FCC chairwoman, various different congressmen, the Homeland Security Advisor, and

495
00:25:57,800 --> 00:26:02,680
Speaker 1: then Jeffrey Goldberg and Apple, Russell Berman, Franklin four, David From,

496
00:26:02,800 --> 00:26:05,920
Speaker 1: Elaine Godfrey, Adam Harris, Mark Leibovich of The New York Times,

497
00:26:06,080 --> 00:26:09,000
Speaker 1: Jake Tapper, Jose Andndres is there because of course he is.

498
00:26:09,040 --> 00:26:11,920
Speaker 1: I thought I was in Ukraine. A bunch of other journalists,

499
00:26:11,920 --> 00:26:15,760
Speaker 1: Wolf Blitzer, Jonathan k part Over at MSNBC, John Dickerson

500
00:26:15,800 --> 00:26:19,040
Speaker 1: from CBS News. Jen Palmieri from I forget what is

501
00:26:19,080 --> 00:26:20,879
Speaker 1: she from again? Whatever, it doesn't matter. She's the door

502
00:26:20,960 --> 00:26:23,560
Speaker 1: for Hillary. That's all I know about her anyway, and

503
00:26:23,680 --> 00:26:26,560
Speaker 1: she really floats around her and whatever. What it What

504
00:26:26,560 --> 00:26:30,200
Speaker 1: it just shows you is that is the actual DC

505
00:26:30,880 --> 00:26:34,840
Speaker 1: established ruling class. You have the CIA director, the Secretary

506
00:26:34,920 --> 00:26:38,040
Speaker 1: of State at the house of Steve Jobs's widow, all

507
00:26:38,119 --> 00:26:40,960
Speaker 1: who are partying and hanging out together. Now you wonder,

508
00:26:41,000 --> 00:26:44,919
Speaker 1: then why do the press repeat these people's talking points?

509
00:26:45,000 --> 00:26:47,640
Speaker 1: Because they're all friends, they hang out with each other,

510
00:26:47,840 --> 00:26:50,760
Speaker 1: they are part of the established set. And you know,

511
00:26:50,800 --> 00:26:53,160
Speaker 1: I said this at the time, and I actually got

512
00:26:53,160 --> 00:26:55,199
Speaker 1: attacked for this by a bunch of people who apparently

513
00:26:55,520 --> 00:26:57,840
Speaker 1: pro Trevor Noah. But I'm curious what you think I

514
00:26:57,880 --> 00:27:00,280
Speaker 1: said the White House Correspondents Dinner in twenty TI twenty

515
00:27:00,320 --> 00:27:02,720
Speaker 1: two seems like the last gasp of a dying era.

516
00:27:02,920 --> 00:27:06,280
Speaker 1: You have a historically unpopular president speaking to an increasingly

517
00:27:06,320 --> 00:27:08,960
Speaker 1: irrelevant press, presided over by the failing host of a

518
00:27:09,000 --> 00:27:11,920
Speaker 1: once great television show like it felt to me as

519
00:27:11,920 --> 00:27:14,200
Speaker 1: if it's a transition from an era. But that doesn't

520
00:27:14,240 --> 00:27:16,479
Speaker 1: mean that those people in the era still don't have

521
00:27:16,520 --> 00:27:18,080
Speaker 1: all of the power. I mean, as the rest of

522
00:27:18,119 --> 00:27:20,240
Speaker 1: the world moves on, though they still run the country.

523
00:27:20,280 --> 00:27:22,320
Speaker 1: So it's such a weird dichotomy. And I think they

524
00:27:22,359 --> 00:27:27,200
Speaker 1: don't They have so little self awareness about why they

525
00:27:27,240 --> 00:27:29,520
Speaker 1: know they're hated it. Yes, that's right, but I think

526
00:27:29,560 --> 00:27:33,720
Speaker 1: they don't understand why. And you know, for the Trevor

527
00:27:33,840 --> 00:27:36,560
Speaker 1: Noah defenders, like, I don't have anything against him personally,

528
00:27:36,600 --> 00:27:38,520
Speaker 1: but I think it's just a fact that The Daily

529
00:27:38,560 --> 00:27:41,600
Speaker 1: Show used to be really sort of agenda senting. I mean,

530
00:27:41,640 --> 00:27:44,400
Speaker 1: it really was very culturally irrelevant, and now it's very

531
00:27:44,400 --> 00:27:48,200
Speaker 1: culturally irrelevant, you know. I mean that just is a fact.

532
00:27:48,320 --> 00:27:54,480
Speaker 1: And certainly the John Stewart definitely showed a willingness to

533
00:27:55,160 --> 00:27:57,679
Speaker 1: not just make jokes about both sides of the aisle,

534
00:27:57,760 --> 00:28:00,280
Speaker 1: but really like sort of cut them to the core

535
00:28:00,480 --> 00:28:03,120
Speaker 1: in a way that hurt. And of course Steven Colbert

536
00:28:03,160 --> 00:28:05,280
Speaker 1: came out of The Daily Show and we all know

537
00:28:05,320 --> 00:28:08,080
Speaker 1: he gave the most epic White House Correspondence Center performance

538
00:28:08,119 --> 00:28:10,480
Speaker 1: of all time. So yeah, I think it's a I

539
00:28:10,520 --> 00:28:12,919
Speaker 1: think it's a fair assessment. And when you see the

540
00:28:12,960 --> 00:28:17,160
Speaker 1: photos that come out of all these people together and

541
00:28:17,320 --> 00:28:20,679
Speaker 1: it's Democrats and Republicans and the security state and the

542
00:28:20,760 --> 00:28:22,800
Speaker 1: media and all of them, buddy, buddy, and all of

543
00:28:22,840 --> 00:28:27,520
Speaker 1: them together. Yeah, it does make you realize how out

544
00:28:27,520 --> 00:28:30,920
Speaker 1: of touched they are. It makes you realize how clubby

545
00:28:31,080 --> 00:28:33,800
Speaker 1: the whole thing is. And so a lot of times

546
00:28:33,800 --> 00:28:36,119
Speaker 1: when we talk about when we do media critique, we

547
00:28:36,160 --> 00:28:39,040
Speaker 1: talk about like the money that's involved in the personal

548
00:28:39,080 --> 00:28:41,360
Speaker 1: self interest in terms of how to advance your career.

549
00:28:41,840 --> 00:28:44,280
Speaker 1: All those things are definitely factors, and they matter a lot.

550
00:28:44,640 --> 00:28:47,760
Speaker 1: But I do think it gets undersold sometimes how much

551
00:28:48,040 --> 00:28:52,200
Speaker 1: just the social pressure in that club. It is immense.

552
00:28:52,280 --> 00:28:55,000
Speaker 1: I mean, this is how human beings are wired. It's

553
00:28:55,080 --> 00:28:57,959
Speaker 1: very difficult to resist that. I mean, it's very unusual

554
00:28:58,400 --> 00:29:00,840
Speaker 1: that you have a figure like you know, as much

555
00:29:00,840 --> 00:29:03,120
Speaker 1: as Bernie was able to stand apart from the Democratic

556
00:29:03,120 --> 00:29:04,760
Speaker 1: Party to the extent that he did for a long

557
00:29:04,760 --> 00:29:09,520
Speaker 1: period of time, Like, that's very unusual. Most people, when

558
00:29:09,560 --> 00:29:12,240
Speaker 1: they're in a group, they want to be accepted by

559
00:29:12,280 --> 00:29:14,080
Speaker 1: that group, They want to be part of that group,

560
00:29:14,120 --> 00:29:16,080
Speaker 1: They want to conform to the norms of that group.

561
00:29:16,480 --> 00:29:20,280
Speaker 1: And so when you have this group, think where journalists

562
00:29:20,280 --> 00:29:23,880
Speaker 1: and politicians who are supposed to be adversarial like that

563
00:29:23,960 --> 00:29:27,200
Speaker 1: is the what that relationship is supposed to be. But

564
00:29:27,240 --> 00:29:30,080
Speaker 1: they see each other as buddies and drinking partners and

565
00:29:30,120 --> 00:29:32,920
Speaker 1: old friends. Yeah, it's gonna make it a lot harder

566
00:29:32,960 --> 00:29:35,000
Speaker 1: for you to do your job. And then you layer

567
00:29:35,080 --> 00:29:37,280
Speaker 1: on top of that your incentive not to piss these

568
00:29:37,320 --> 00:29:39,280
Speaker 1: people off because you want them back on your show

569
00:29:39,520 --> 00:29:40,880
Speaker 1: or you want to be able to get that next

570
00:29:40,920 --> 00:29:43,160
Speaker 1: scoop from them, so they want you want them to

571
00:29:43,240 --> 00:29:46,880
Speaker 1: still be in your buddy buddy network and circle. That's

572
00:29:46,880 --> 00:29:49,239
Speaker 1: how you end up with, you know, a press that

573
00:29:49,800 --> 00:29:55,520
Speaker 1: is routinely more interested in fawning over elites and typically

574
00:29:55,760 --> 00:29:59,920
Speaker 1: and much more comfortable sort of training their fire at

575
00:30:00,200 --> 00:30:04,640
Speaker 1: people who are essentially powerless and irrelevant to the power

576
00:30:04,640 --> 00:30:07,000
Speaker 1: structures here in DC. So there's a little window into that,

577
00:30:07,040 --> 00:30:09,000
Speaker 1: I will and here's a perfect example. Let's put us

578
00:30:09,040 --> 00:30:12,560
Speaker 1: up there on the screen, George Conway and Ilhan Omar

579
00:30:12,760 --> 00:30:16,160
Speaker 1: posing together. He says, quote, we have reached the singularity. Now,

580
00:30:16,240 --> 00:30:18,920
Speaker 1: I smile. I think Ivan has been one of the

581
00:30:18,960 --> 00:30:23,280
Speaker 1: most courageous people, especially on foreign policy in Congress. But yeah,

582
00:30:23,320 --> 00:30:25,640
Speaker 1: I mean she's crazy, Like, well, what's happening? He also

583
00:30:25,680 --> 00:30:30,280
Speaker 1: I gotta say, isn't he Yes, absolutely, and just on

584
00:30:30,280 --> 00:30:33,440
Speaker 1: a supervisial level, hideously ugly. I'm sorry, but I mean,

585
00:30:33,520 --> 00:30:35,120
Speaker 1: just look at the mist That's not the point. And

586
00:30:35,120 --> 00:30:37,360
Speaker 1: then let's put this next one up there on the screen,

587
00:30:37,680 --> 00:30:40,520
Speaker 1: which is you know, peak White House correspondence dinner garden

588
00:30:40,560 --> 00:30:43,280
Speaker 1: brunch that they say, Pete Boudhage, Edge and Amy. Do

589
00:30:43,400 --> 00:30:45,640
Speaker 1: you think that they talked about their hatred of Rome

590
00:30:45,680 --> 00:30:48,080
Speaker 1: alone exactly? That would definitely be what re unites those

591
00:30:48,080 --> 00:30:51,880
Speaker 1: also the hatreds of each other, Like it's clear spot

592
00:30:52,080 --> 00:30:53,920
Speaker 1: to each other. You know, It's like, why do we

593
00:30:53,960 --> 00:30:56,200
Speaker 1: all have to pretend that this is the thing. I

594
00:30:56,280 --> 00:31:00,240
Speaker 1: just don't remember remember when jen Zaki said, who Iden

595
00:31:00,320 --> 00:31:03,880
Speaker 1: and Obama are real friends, not DC for Washington friend,

596
00:31:04,120 --> 00:31:07,920
Speaker 1: not Washington friends. This is a whole weekend dedicated to

597
00:31:08,400 --> 00:31:12,040
Speaker 1: fake US Washington friend. It's so true. Yeah, And I

598
00:31:12,080 --> 00:31:13,840
Speaker 1: know you haven't been to the actual You've given the

599
00:31:13,880 --> 00:31:15,720
Speaker 1: surrounding part, you know what this whole scene is, like,

600
00:31:15,880 --> 00:31:18,440
Speaker 1: I mean I went to this several times and yeah,

601
00:31:18,520 --> 00:31:21,440
Speaker 1: the whole thing is just so gross and phony. And

602
00:31:21,760 --> 00:31:24,480
Speaker 1: you've got all these social climbers trying to like, you know,

603
00:31:24,600 --> 00:31:26,360
Speaker 1: scanning the room. They might be talking to you, but

604
00:31:26,400 --> 00:31:28,720
Speaker 1: they're like scanning the room to see if there's someone

605
00:31:28,760 --> 00:31:31,480
Speaker 1: more important, more powerful, more beneficial to their career that

606
00:31:31,520 --> 00:31:34,360
Speaker 1: they could be talking to. It's really it's gross, and

607
00:31:34,400 --> 00:31:37,600
Speaker 1: actually they all turned into little fangirls whenever actual celebrities

608
00:31:37,600 --> 00:31:40,640
Speaker 1: show up. Yeah, I'm still, unfortunately follow a lot of

609
00:31:40,640 --> 00:31:42,440
Speaker 1: these people onst I was going to say, so Kim

610
00:31:42,520 --> 00:31:44,680
Speaker 1: Kardashian and Pete Davison were there, and they're like, oh

611
00:31:44,720 --> 00:31:48,040
Speaker 1: my god, they're just like they just as lame as

612
00:31:48,120 --> 00:31:51,040
Speaker 1: everybody else. I don't know. I hope I wouldn't act

613
00:31:51,080 --> 00:31:53,000
Speaker 1: the same in that situation. Like I said, the one

614
00:31:53,040 --> 00:31:54,520
Speaker 1: year I was supposed to go and then my friend's

615
00:31:54,520 --> 00:31:56,160
Speaker 1: wedding was on the same day, obviously it was way

616
00:31:56,160 --> 00:31:59,080
Speaker 1: more important. So it just shows you that this is

617
00:31:59,080 --> 00:32:01,400
Speaker 1: what the established said. Is like in terms of the

618
00:32:01,480 --> 00:32:04,000
Speaker 1: jokes and all that, Trevor of course has to wax

619
00:32:04,080 --> 00:32:07,160
Speaker 1: lyrical about how great the press is and all of that.

620
00:32:07,280 --> 00:32:09,840
Speaker 1: Oh yeah, it's not like I don't agree with freedom

621
00:32:09,840 --> 00:32:13,240
Speaker 1: of the speech. Freedom of speech, and he's like, I

622
00:32:13,320 --> 00:32:16,360
Speaker 1: made fun of the president and I'm still standing. It's like, dude,

623
00:32:16,840 --> 00:32:20,440
Speaker 1: you are as close to a like regime boot liquor

624
00:32:20,520 --> 00:32:24,280
Speaker 1: as it gets on cable, Like, well, you know that's

625
00:32:24,280 --> 00:32:26,760
Speaker 1: the other Listen. I can never listen to Biden talk

626
00:32:26,800 --> 00:32:29,360
Speaker 1: about like the importance of the freedom of speech and

627
00:32:29,400 --> 00:32:32,040
Speaker 1: the free press and whatever when listen, I mean, Julian

628
00:32:32,080 --> 00:32:34,440
Speaker 1: Nossange is like set to be extradited to the US

629
00:32:34,600 --> 00:32:37,680
Speaker 1: right now. So you know, anyone who hasn't spoken out

630
00:32:37,760 --> 00:32:40,720
Speaker 1: about that and claims to care about freedom of the press,

631
00:32:40,760 --> 00:32:42,840
Speaker 1: free speech, whatever, like your words are hollow, You're full

632
00:32:42,840 --> 00:32:45,880
Speaker 1: of shit. So I just can't take anything that any

633
00:32:45,920 --> 00:32:48,520
Speaker 1: of these people say seriously when it comes to like,

634
00:32:48,560 --> 00:32:50,520
Speaker 1: oh my god, the press and freedom of the press,

635
00:32:50,520 --> 00:32:54,120
Speaker 1: it's so important when they've clearly been consistently on the

636
00:32:54,160 --> 00:32:56,640
Speaker 1: wrong side of that issue. And Biden continues, you know,

637
00:32:56,680 --> 00:32:59,000
Speaker 1: the Trump era prosecution of Julian Nossange, which he could

638
00:32:59,120 --> 00:33:03,560
Speaker 1: end today right now. So anyway, you know, they're all hollow,

639
00:33:03,560 --> 00:33:05,640
Speaker 1: they're all climbers. They're all more interested in their own

640
00:33:05,840 --> 00:33:09,800
Speaker 1: friends and their clicky social circles and their own ambitions

641
00:33:09,840 --> 00:33:12,720
Speaker 1: than they are about actually holding anyone to account. Yeah

642
00:33:12,720 --> 00:33:17,320
Speaker 1: there you go. All right, guys. I don't know if

643
00:33:17,360 --> 00:33:19,560
Speaker 1: you've been paying attention, but happened to catch maya last

644
00:33:19,560 --> 00:33:22,200
Speaker 1: week that the stock market has been did not have

645
00:33:22,280 --> 00:33:24,680
Speaker 1: a great month in April, and we will tell you

646
00:33:24,760 --> 00:33:27,280
Speaker 1: why that matters potentially to your life. Go ahead and

647
00:33:27,320 --> 00:33:29,800
Speaker 1: put the numbers up on the screen. They are from CNBC.

648
00:33:30,320 --> 00:33:33,120
Speaker 1: Dow tumbles more than nine hundred points than Nasdaq drops

649
00:33:33,160 --> 00:33:36,800
Speaker 1: four percent on Friday to close out a brutal month.

650
00:33:37,120 --> 00:33:39,480
Speaker 1: So let me read you some of the details here.

651
00:33:39,560 --> 00:33:43,760
Speaker 1: They say US stocks on Friday, Nasdaq composite notching it's

652
00:33:43,840 --> 00:33:48,040
Speaker 1: worse months since two thousand and eight, as Amazon became

653
00:33:48,080 --> 00:33:51,600
Speaker 1: the latest victim in April's technology led selloff. The tech

654
00:33:51,640 --> 00:33:54,960
Speaker 1: heavy Nasdaq fell nearly four point two percent, weighed down

655
00:33:55,000 --> 00:33:58,280
Speaker 1: by that Amazon post earnings plunge. The SMP were treated

656
00:33:58,320 --> 00:34:01,240
Speaker 1: by three point six percent. Dow shed nine hundred and

657
00:34:01,240 --> 00:34:03,800
Speaker 1: thirty nine points or close to two point eight percent.

658
00:34:04,720 --> 00:34:07,880
Speaker 1: NASDAC finished at a new low for twenty twenty two,

659
00:34:07,960 --> 00:34:11,160
Speaker 1: and the SMP did as well, with the mainstock benchmark

660
00:34:11,200 --> 00:34:15,480
Speaker 1: taking out its previous low in March. They point to

661
00:34:15,680 --> 00:34:17,840
Speaker 1: here a couple of things. First of all, they mentioned

662
00:34:18,360 --> 00:34:23,560
Speaker 1: Amazon with a bad earnings report, They lost about fourteen percent,

663
00:34:23,640 --> 00:34:27,480
Speaker 1: biggest drop since two thousand and six after reporting a

664
00:34:27,520 --> 00:34:31,640
Speaker 1: surprise loss and issuing weak revenue guidance for the second quarter,

665
00:34:32,120 --> 00:34:35,640
Speaker 1: and Amazon, of course being a global retailer subject to

666
00:34:35,680 --> 00:34:40,200
Speaker 1: the same supply chain issues and global forces as everyone else.

667
00:34:40,239 --> 00:34:44,319
Speaker 1: So when they saw Amazon taking this surprise loss, that

668
00:34:44,400 --> 00:34:47,200
Speaker 1: seemed to trigger broader losses across the board. And of

669
00:34:47,200 --> 00:34:49,759
Speaker 1: course Amazon, you know, being such a giant, just like

670
00:34:49,880 --> 00:34:52,120
Speaker 1: that loss in and of itself is a significant flow.

671
00:34:52,560 --> 00:34:56,080
Speaker 1: By the way, Jeff Bezos his fortune plunged. The shows

672
00:34:56,080 --> 00:34:59,520
Speaker 1: You're home insane, his net worth is his fortune plunged

673
00:34:59,560 --> 00:35:03,439
Speaker 1: by more than twenty billion dollars just Friday, just during

674
00:35:03,480 --> 00:35:07,640
Speaker 1: that one stock route on Friday. The big picture here

675
00:35:07,840 --> 00:35:10,319
Speaker 1: is nothing that you all will be shocked about. Of Course,

676
00:35:10,360 --> 00:35:12,759
Speaker 1: You've got the ongoing supply chain issues. Of course, you

677
00:35:12,800 --> 00:35:15,480
Speaker 1: have lockdowns in China contributing to concerns. Of course, you

678
00:35:15,520 --> 00:35:17,680
Speaker 1: have the war in Ukraine, which is causing all kinds

679
00:35:17,680 --> 00:35:20,560
Speaker 1: of problems and again fueling those supply chain crises, not

680
00:35:20,680 --> 00:35:25,359
Speaker 1: to mention increasing issues both with gas but also with

681
00:35:25,400 --> 00:35:28,759
Speaker 1: food prices. Then you also have the FED. Let's go

682
00:35:28,760 --> 00:35:30,640
Speaker 1: ahead and put this Wall Street Journal tear sheet up

683
00:35:30,640 --> 00:35:34,920
Speaker 1: on the screen, so they say, here Fed prepares double

684
00:35:35,040 --> 00:35:41,080
Speaker 1: barrel tightening with bond runoff. What does that mean? So, obviously,

685
00:35:41,400 --> 00:35:45,280
Speaker 1: with inflation continuing to be high, the Fed has already

686
00:35:45,480 --> 00:35:49,000
Speaker 1: hyped interest rates, but only by zero point two five percent,

687
00:35:49,320 --> 00:35:54,160
Speaker 1: so relatively mild. But the ideas they're meeting this week,

688
00:35:54,320 --> 00:35:57,799
Speaker 1: they're likely to do a zero point five interest rate hike,

689
00:35:58,360 --> 00:36:02,760
Speaker 1: and they are all so beginning the process of unloading

690
00:36:03,320 --> 00:36:06,000
Speaker 1: all of those assets that they have piled up on

691
00:36:06,400 --> 00:36:09,000
Speaker 1: their balance sheet. Now, you don't need to get into

692
00:36:09,000 --> 00:36:12,439
Speaker 1: the complicated mechanics of this, however, you should just see

693
00:36:12,440 --> 00:36:17,240
Speaker 1: this as another way that they are tightening financial fiscal policy.

694
00:36:17,640 --> 00:36:20,640
Speaker 1: So in addition to the interest rates increases, which are

695
00:36:20,760 --> 00:36:22,839
Speaker 1: you know, they're going at a faster clip now and

696
00:36:22,920 --> 00:36:26,440
Speaker 1: trying to they're trying to pull back consumer demand, you

697
00:36:26,640 --> 00:36:30,080
Speaker 1: also have selling They may not sell off the assets,

698
00:36:30,120 --> 00:36:32,840
Speaker 1: they just let them run off, but unloading these assets

699
00:36:33,160 --> 00:36:38,600
Speaker 1: that also contributes to fiscal tightening. So that's probably the

700
00:36:38,640 --> 00:36:41,440
Speaker 1: big thing that is causing the markets to be spooked

701
00:36:41,480 --> 00:36:44,359
Speaker 1: right now and Sagas we've covered here before, it is

702
00:36:44,560 --> 00:36:49,520
Speaker 1: significantly dangerous because we are in uncharted waters with regard

703
00:36:49,560 --> 00:36:52,120
Speaker 1: to the massive amounts of assets that the FED has

704
00:36:52,160 --> 00:36:55,440
Speaker 1: piled up on their balance sheet, and even the experts

705
00:36:55,560 --> 00:36:58,640
Speaker 1: don't really know what the impact is going to be

706
00:36:58,960 --> 00:37:01,799
Speaker 1: of allowing these assis sets to run off. They are

707
00:37:01,800 --> 00:37:04,839
Speaker 1: also indicating they may even be so aggressive as some

708
00:37:04,880 --> 00:37:07,960
Speaker 1: of the assets to actually sell, which they have never

709
00:37:08,000 --> 00:37:09,799
Speaker 1: done before. They didn't do that even in the brief

710
00:37:09,840 --> 00:37:12,200
Speaker 1: period when they let some of the assets run off before,

711
00:37:12,239 --> 00:37:15,279
Speaker 1: So they don't know precisely what this is going to

712
00:37:15,320 --> 00:37:18,040
Speaker 1: do for the economy. So that means that there is

713
00:37:18,080 --> 00:37:21,480
Speaker 1: a big risk that instead of the soft landing quote

714
00:37:21,520 --> 00:37:24,200
Speaker 1: unquote that they want to be able to engineer, that

715
00:37:24,239 --> 00:37:28,319
Speaker 1: they're going to trigger a massive crash. Why because these

716
00:37:28,400 --> 00:37:32,760
Speaker 1: assets are massively overinflated. I mean, there's huge asset bubbles,

717
00:37:32,800 --> 00:37:35,759
Speaker 1: appears that the stock mark continues even after these declines

718
00:37:36,040 --> 00:37:39,640
Speaker 1: to be hugely overvalued. So you have a very very

719
00:37:39,719 --> 00:37:42,879
Speaker 1: risky situation ultimately. And the last thing I'll say about this,

720
00:37:43,200 --> 00:37:45,520
Speaker 1: which I thought David Dahan said quite well, is basically,

721
00:37:45,560 --> 00:37:49,520
Speaker 1: like you have a supply chain crisis that is fueling inflation.

722
00:37:50,160 --> 00:37:53,840
Speaker 1: What does the FED, increasing interest rates and curbing demand

723
00:37:54,040 --> 00:37:57,040
Speaker 1: have to do with that whatsoever? Like that doesn't ultimately

724
00:37:57,080 --> 00:38:00,440
Speaker 1: solve the problem. It's a very blunt tool. It's effectively

725
00:38:00,520 --> 00:38:03,080
Speaker 1: the only tools that the FED has, and since everything

726
00:38:03,160 --> 00:38:06,279
Speaker 1: else in this town is dysfunctional, that's basically what we

727
00:38:06,400 --> 00:38:08,920
Speaker 1: have to rely on. And that's a very risky gambit. Yeah,

728
00:38:08,960 --> 00:38:11,360
Speaker 1: there's only one organization in America that could fix this

729
00:38:11,440 --> 00:38:13,640
Speaker 1: supply chain crisis is called Congress, and it would have

730
00:38:13,680 --> 00:38:16,000
Speaker 1: to have a massive industrial project over the next five

731
00:38:16,080 --> 00:38:19,160
Speaker 1: years to both set investor expectations and also fix the

732
00:38:19,200 --> 00:38:22,880
Speaker 1: structural problems in our economy. Absent that much, you can do.

733
00:38:23,320 --> 00:38:25,440
Speaker 1: And you know in this article they say that Jerome

734
00:38:25,480 --> 00:38:27,719
Speaker 1: Powell was quoted in March saying that this is equivalent

735
00:38:27,719 --> 00:38:30,239
Speaker 1: to an additional quarter point bump in the interest rate,

736
00:38:30,400 --> 00:38:33,200
Speaker 1: which again, you know, you should all be very concerned about.

737
00:38:33,320 --> 00:38:35,480
Speaker 1: I think the part here which does concern me, and

738
00:38:35,480 --> 00:38:37,520
Speaker 1: I don't want to get too much into the weeds.

739
00:38:37,520 --> 00:38:39,960
Speaker 1: But basically, instead of both a passive runoff, there is

740
00:38:40,000 --> 00:38:44,240
Speaker 1: a consideration of actively selling mortgage bonds on the open market.

741
00:38:44,440 --> 00:38:47,520
Speaker 1: Now what that would be is it would actually raise

742
00:38:47,680 --> 00:38:50,400
Speaker 1: the mortgage rates and borrowers would be less likely to

743
00:38:50,440 --> 00:38:53,760
Speaker 1: refinance into a new loan. Thus they would be slower

744
00:38:53,800 --> 00:38:56,520
Speaker 1: to mature. So it would be in effect an ability

745
00:38:56,560 --> 00:38:59,160
Speaker 1: in order to push the mortgage rates even higher than

746
00:38:59,160 --> 00:39:02,160
Speaker 1: they currently are now. My concern on that would be, Look,

747
00:39:02,160 --> 00:39:04,520
Speaker 1: I think that the mortgage rate already has risen more

748
00:39:04,600 --> 00:39:07,800
Speaker 1: than any time in modern American history. That's kind of nuts.

749
00:39:07,840 --> 00:39:09,840
Speaker 1: I mean, we went from two percent to five percent

750
00:39:09,880 --> 00:39:13,000
Speaker 1: in the span of a single year. Now, that's obviously

751
00:39:13,040 --> 00:39:15,560
Speaker 1: going to slow down the market. Let's say mortgage rates

752
00:39:15,560 --> 00:39:17,719
Speaker 1: get up to like seven percent. Now you're in a

753
00:39:17,719 --> 00:39:20,880
Speaker 1: situation where you're actually gonna be increasing a rent crunch

754
00:39:21,000 --> 00:39:24,360
Speaker 1: because people who were gonna buy are not gonna borrow

755
00:39:24,400 --> 00:39:27,080
Speaker 1: at a seven percent interest rate. Well, guess what, guys,

756
00:39:27,120 --> 00:39:30,120
Speaker 1: We already have a twenty one percent inflation when it

757
00:39:30,120 --> 00:39:32,760
Speaker 1: comes to rent in a single year. I was talking

758
00:39:32,760 --> 00:39:36,520
Speaker 1: with some people who were in Idaho and in Arizona.

759
00:39:36,800 --> 00:39:40,240
Speaker 1: Both of those places are seeing double digit, like forty

760
00:39:40,239 --> 00:39:43,560
Speaker 1: percent rent increase in some areas because of the runoff

761
00:39:43,560 --> 00:39:47,279
Speaker 1: from California Austin. I got friends moving to Austin very soon.

762
00:39:47,360 --> 00:39:50,400
Speaker 1: The rent increase and mortgaging increase in price there is

763
00:39:50,800 --> 00:39:53,680
Speaker 1: out is in a world that you cannot even conceive of.

764
00:39:53,800 --> 00:39:56,320
Speaker 1: In terms of houses there, we're already selling three hundred

765
00:39:56,320 --> 00:39:59,719
Speaker 1: thousand over asking price. Now I'm not saying that that's

766
00:39:59,719 --> 00:40:01,719
Speaker 1: a good thing, but we could be obviously in a

767
00:40:01,760 --> 00:40:04,920
Speaker 1: situation of overcorrecting. And with all of these blunt tools,

768
00:40:05,080 --> 00:40:08,080
Speaker 1: and especially with our financialized economy, you have no idea

769
00:40:08,080 --> 00:40:10,080
Speaker 1: how this is going to play out. And what do

770
00:40:10,120 --> 00:40:12,400
Speaker 1: we always warn people? You may not make money on

771
00:40:12,440 --> 00:40:14,319
Speaker 1: the way up, but you're going to lose money on

772
00:40:14,320 --> 00:40:16,520
Speaker 1: the way down. You're going to be because if there

773
00:40:16,600 --> 00:40:18,520
Speaker 1: is a crunch, that means that you know, it's harder

774
00:40:18,560 --> 00:40:21,040
Speaker 1: to make payroll, it's harder for businesses to take out loans,

775
00:40:21,320 --> 00:40:24,600
Speaker 1: means more firings means you know, more macroeconomic conditions that

776
00:40:24,640 --> 00:40:28,640
Speaker 1: make unemployment more desirable, which literally you know this quiet

777
00:40:28,680 --> 00:40:30,920
Speaker 1: part out loud when they say they want the economy

778
00:40:30,960 --> 00:40:33,000
Speaker 1: to tighten or to slow down, is they want higher

779
00:40:33,040 --> 00:40:36,120
Speaker 1: unemployment because unemployment right now is like three point nine percent,

780
00:40:36,200 --> 00:40:38,279
Speaker 1: so they want that's a real disaster for a lot

781
00:40:38,280 --> 00:40:40,600
Speaker 1: of people who are out there. That's that's it. Like

782
00:40:40,719 --> 00:40:42,600
Speaker 1: what the Fed can do is basically make it so

783
00:40:42,680 --> 00:40:45,279
Speaker 1: you have access to less money. I mean, that's that's

784
00:40:45,320 --> 00:40:47,560
Speaker 1: when we use also have fiscal tightening and all this

785
00:40:47,680 --> 00:40:49,840
Speaker 1: that's what it actually is the euphemism, that's what it

786
00:40:49,880 --> 00:40:53,600
Speaker 1: actually means, and so it's effectively the Of course, you know,

787
00:40:53,719 --> 00:40:57,320
Speaker 1: inflation is a massive problem. I mean, inflation at the

788
00:40:57,400 --> 00:41:01,160
Speaker 1: level we have right now means that workers are taking

789
00:41:01,239 --> 00:41:03,920
Speaker 1: a pay cut every single month, like their wages are

790
00:41:03,920 --> 00:41:07,200
Speaker 1: going down every single month. And obviously that cannot persist.

791
00:41:07,320 --> 00:41:10,000
Speaker 1: But when we just rely on the FED, that's how

792
00:41:10,040 --> 00:41:12,000
Speaker 1: we got into this problem to start with, is that

793
00:41:12,040 --> 00:41:15,280
Speaker 1: we have overreliance on the FED, and so we leaned

794
00:41:15,320 --> 00:41:19,239
Speaker 1: on them to basically backstop the entire economy, and by

795
00:41:19,239 --> 00:41:22,040
Speaker 1: the entire economy, I mean the entire Wall Street economy,

796
00:41:22,160 --> 00:41:24,560
Speaker 1: because that's all they can really do with on some

797
00:41:24,640 --> 00:41:26,880
Speaker 1: novel and creative approaches, which we can, you know, debate

798
00:41:26,880 --> 00:41:28,920
Speaker 1: with an expert on another day what might actually be

799
00:41:28,960 --> 00:41:31,000
Speaker 1: at their disposal, but in terms of the tools that

800
00:41:31,040 --> 00:41:33,640
Speaker 1: they think are available to them, that's all they can do.

801
00:41:33,800 --> 00:41:36,279
Speaker 1: And so when you over rely on the FED. They

802
00:41:36,280 --> 00:41:38,400
Speaker 1: can shoot trillions of dollars at Wall Street. They can

803
00:41:38,440 --> 00:41:41,360
Speaker 1: make sure that, you know, the stock market is completely buoyed.

804
00:41:41,400 --> 00:41:43,320
Speaker 1: They can make sure the bond market this time is

805
00:41:43,360 --> 00:41:48,120
Speaker 1: also completely supported and risk free. Can they actually fix

806
00:41:48,160 --> 00:41:51,120
Speaker 1: the real economy and iron out these issues with the supplishing. No,

807
00:41:51,600 --> 00:41:57,320
Speaker 1: And so you have a terrible potential scenario where they

808
00:41:57,440 --> 00:42:00,520
Speaker 1: are acting to slow the economy and make sure you

809
00:42:00,560 --> 00:42:03,720
Speaker 1: have less money in your pocket to you know, available

810
00:42:03,760 --> 00:42:07,520
Speaker 1: and access to in order to spend. But the inflation,

811
00:42:07,760 --> 00:42:11,040
Speaker 1: the things that are causing inflation don't actually abate, so

812
00:42:11,080 --> 00:42:14,760
Speaker 1: you continue to have these high levels of inflation even

813
00:42:14,920 --> 00:42:19,200
Speaker 1: as you're triggering a recession. I mean, that's that's a

814
00:42:19,360 --> 00:42:23,400
Speaker 1: very real possibility that's on the table. And again, because

815
00:42:23,440 --> 00:42:28,440
Speaker 1: we've never quite faced this exact scenario with combination of

816
00:42:28,640 --> 00:42:32,600
Speaker 1: you know, interest rates hikes plus runoff of the assets

817
00:42:32,640 --> 00:42:35,319
Speaker 1: on the balance sheet, plus potentially even selling off some

818
00:42:35,360 --> 00:42:38,279
Speaker 1: of the assets on the balance sheet, we really there

819
00:42:38,360 --> 00:42:40,520
Speaker 1: is no one who knows exactly what that is going

820
00:42:40,560 --> 00:42:43,120
Speaker 1: to mean ultimately for the economy. So yeah, they may

821
00:42:43,160 --> 00:42:46,759
Speaker 1: say it's probably equivalent to another quarter point increase. That

822
00:42:46,960 --> 00:42:48,759
Speaker 1: might be true, it might be less than that, it

823
00:42:48,840 --> 00:42:51,440
Speaker 1: might be more than that. These are all like educated

824
00:42:51,480 --> 00:42:53,239
Speaker 1: guesses as to what it's actually going to mean for

825
00:42:53,280 --> 00:42:55,680
Speaker 1: the economy. There was one other piece here that I

826
00:42:55,719 --> 00:42:59,000
Speaker 1: wanted to share with you. So there's an analyst, another

827
00:42:59,040 --> 00:43:03,400
Speaker 1: analyst who's predicting a massive stock market crash. Let's go

828
00:43:03,400 --> 00:43:05,239
Speaker 1: ahead and put this inside or tear sheet up on

829
00:43:05,280 --> 00:43:08,120
Speaker 1: the screen. They say, a notorious market bear who called

830
00:43:08,160 --> 00:43:11,520
Speaker 1: the dot com bubble warrans there's a strong possibility of

831
00:43:11,520 --> 00:43:14,399
Speaker 1: a fifty to seventy percent crash ahead and breaks down

832
00:43:14,440 --> 00:43:18,560
Speaker 1: why stocks are primed for a decade of dismal returns. Now,

833
00:43:18,760 --> 00:43:22,800
Speaker 1: let me say this guy. His name is John Hussman.

834
00:43:23,239 --> 00:43:26,920
Speaker 1: He's a president of Hussman Investment Trust, and he is

835
00:43:27,000 --> 00:43:29,799
Speaker 1: a little bit of a perma bear, and he has

836
00:43:29,840 --> 00:43:32,360
Speaker 1: been predicting a crash for a while now and obviously

837
00:43:32,440 --> 00:43:36,520
Speaker 1: hasn't come to fruition. However, on certain his track record

838
00:43:36,680 --> 00:43:39,440
Speaker 1: outside of that is actually very good. He predicted in

839
00:43:39,480 --> 00:43:41,640
Speaker 1: March of two thousand that tech stocks would plunge eighty

840
00:43:41,640 --> 00:43:44,520
Speaker 1: three percent, and lo and behold, the NASTAC index lost

841
00:43:44,640 --> 00:43:47,560
Speaker 1: exactly eighty three percent during a very from two thousand

842
00:43:47,600 --> 00:43:49,000
Speaker 1: and two thousand and two, so we kind of nailed

843
00:43:49,040 --> 00:43:51,560
Speaker 1: that one. He predicted in two thousand that the SMP

844
00:43:51,640 --> 00:43:54,120
Speaker 1: would likely see negative total returns of the falling decade,

845
00:43:54,160 --> 00:43:56,239
Speaker 1: and then it did. He also predicted in April two

846
00:43:56,280 --> 00:43:58,759
Speaker 1: thousand and seven that that SMP five hundred could lose

847
00:43:58,800 --> 00:44:01,359
Speaker 1: forty percent and then acent need to lose fifty five

848
00:44:01,400 --> 00:44:04,920
Speaker 1: percent in the subsequent collapse, So he does have some

849
00:44:05,120 --> 00:44:10,160
Speaker 1: record of correctly calling crashes in the past. He looks at,

850
00:44:10,440 --> 00:44:15,080
Speaker 1: you know, whether markets, based on his calculations are overvalued,

851
00:44:15,120 --> 00:44:17,879
Speaker 1: and he effectively looks at the markets even after these

852
00:44:17,920 --> 00:44:22,600
Speaker 1: declines and says they are still massively overvalued. And the

853
00:44:22,640 --> 00:44:25,040
Speaker 1: real key here, I'll just read what he says. He

854
00:44:25,040 --> 00:44:27,840
Speaker 1: says the main thing that determines whether an overvalued market

855
00:44:27,840 --> 00:44:31,120
Speaker 1: continues to advance or drops like a rock instead is

856
00:44:31,160 --> 00:44:35,360
Speaker 1: whether investor psychology is inclined towards speculation or risk aversion.

857
00:44:35,640 --> 00:44:38,160
Speaker 1: When investors are inclined to speculate, they tend to be

858
00:44:38,239 --> 00:44:41,480
Speaker 1: indiscriminate about it. When investors become risk averse, they tend

859
00:44:41,480 --> 00:44:44,840
Speaker 1: to be skittish and selective. Such sentiment is already here.

860
00:44:45,200 --> 00:44:48,799
Speaker 1: According to one weekly survey of investors, sentiment is at

861
00:44:48,800 --> 00:44:50,719
Speaker 1: its lowest point since two thousand and nine. It's kind

862
00:44:50,719 --> 00:44:53,560
Speaker 1: of a funny thing to measure sentiment, but that's the

863
00:44:53,920 --> 00:44:56,759
Speaker 1: you know, that's why he thinks he's issuing this dire

864
00:44:56,800 --> 00:44:59,719
Speaker 1: warning about what could be coming next. Yeah, I think

865
00:44:59,800 --> 00:45:03,120
Speaker 1: that in general, everyone should be very on the watch.

866
00:45:03,239 --> 00:45:05,120
Speaker 1: You know, the S and P five hundred is down

867
00:45:05,160 --> 00:45:07,759
Speaker 1: I think fourteen percent year over year, which is not

868
00:45:07,960 --> 00:45:11,640
Speaker 1: obviously the norm. We've had a decade of mega growth

869
00:45:11,680 --> 00:45:14,239
Speaker 1: and actually in Silicon Valley, you know, I think I've

870
00:45:14,239 --> 00:45:16,520
Speaker 1: referenced this previously. I spoke with David Sachs, he's a

871
00:45:16,560 --> 00:45:18,400
Speaker 1: venture capitalist. He was saying, in some of the private

872
00:45:18,440 --> 00:45:22,800
Speaker 1: markets you have vc of valuations dropping down by seventy

873
00:45:22,880 --> 00:45:26,760
Speaker 1: something percent, which is that has a major ripple effect

874
00:45:26,840 --> 00:45:30,080
Speaker 1: on capital in the private markets, which then obviously is

875
00:45:30,120 --> 00:45:32,360
Speaker 1: going to bleed into the public So if the publics

876
00:45:32,360 --> 00:45:36,000
Speaker 1: are down this much, imagine what private valuations. And remember

877
00:45:36,200 --> 00:45:39,680
Speaker 1: people take met huge loans and margins based upon the

878
00:45:39,760 --> 00:45:43,080
Speaker 1: valuations of their business. This also impacts the type of

879
00:45:43,520 --> 00:45:46,880
Speaker 1: technology and other stuff that gets invested in in the

880
00:45:46,920 --> 00:45:49,600
Speaker 1: middle of a bear market. So it's very possible after

881
00:45:49,640 --> 00:45:51,600
Speaker 1: a decade of growth that we could be entering a

882
00:45:51,640 --> 00:45:54,440
Speaker 1: decade of a decline. And you know, my biggest fear

883
00:45:55,160 --> 00:45:57,640
Speaker 1: is a true return to the nineteen seventies, which is

884
00:45:57,680 --> 00:45:59,880
Speaker 1: if they tighten and we have still have high inflation,

885
00:46:00,080 --> 00:46:02,799
Speaker 1: have a supply chain crisis, and we have high unemployment,

886
00:46:02,880 --> 00:46:05,600
Speaker 1: you have straight up stagflation all over again, not to

887
00:46:05,640 --> 00:46:08,200
Speaker 1: mention a gas crisis. It's like you can't make it

888
00:46:08,280 --> 00:46:11,800
Speaker 1: up in terms of how it just so that situation

889
00:46:12,360 --> 00:46:16,080
Speaker 1: was so traumatic for an entire generation of people. It

890
00:46:16,280 --> 00:46:21,000
Speaker 1: impacted fiscal policy for two decades. We could be back

891
00:46:21,239 --> 00:46:24,640
Speaker 1: in that situation again. Yeah, it was so dire because

892
00:46:24,680 --> 00:46:27,319
Speaker 1: now Paul Volker, who was the Chairman of the FED

893
00:46:27,360 --> 00:46:29,480
Speaker 1: then and who you know, just decided like, I'm just

894
00:46:29,480 --> 00:46:32,279
Speaker 1: going to lift interest rates until inflation stops. And he

895
00:46:32,360 --> 00:46:35,240
Speaker 1: did that and it was extremely painful, and I feel

896
00:46:35,239 --> 00:46:37,560
Speaker 1: like some of that pain gets lost in the telling

897
00:46:37,600 --> 00:46:41,400
Speaker 1: of ya you remember your narrative, But it was so bad.

898
00:46:41,880 --> 00:46:45,759
Speaker 1: You had, you know, farmers who were going bankrupt, who literally,

899
00:46:45,840 --> 00:46:48,560
Speaker 1: like you know, drove their tractors up to the Federal

900
00:46:48,600 --> 00:46:52,000
Speaker 1: Reserve building. It was. It was an intense period of

901
00:46:52,440 --> 00:46:56,239
Speaker 1: financial and economic pain that was far from just confined

902
00:46:56,280 --> 00:46:59,799
Speaker 1: to Wall Street. So that's why we're kind of trying

903
00:46:59,840 --> 00:47:02,080
Speaker 1: to on top of, you know, what the FED is doing,

904
00:47:02,280 --> 00:47:05,640
Speaker 1: what it means, how investors are reacting, because I think

905
00:47:05,640 --> 00:47:09,880
Speaker 1: it's undeniable that, you know, the markets have been dramatically overvalued,

906
00:47:09,880 --> 00:47:12,719
Speaker 1: they've been pumped up by the FED, and you know

907
00:47:12,760 --> 00:47:16,040
Speaker 1: they're backstopping of the entire thing, and so the question

908
00:47:16,200 --> 00:47:18,360
Speaker 1: is just, you know, is the music going to stop

909
00:47:18,520 --> 00:47:20,760
Speaker 1: and the whole thing collapse or will they be able

910
00:47:20,800 --> 00:47:24,000
Speaker 1: to actually engineer this soft landing that they are trying

911
00:47:24,040 --> 00:47:27,640
Speaker 1: to pull off in very difficult circumstances to need. Okay,

912
00:47:27,719 --> 00:47:30,000
Speaker 1: let's move on. This is just a fun one that

913
00:47:30,120 --> 00:47:33,080
Speaker 1: I really enjoyed. Elon Musk truly is the new Trump.

914
00:47:33,120 --> 00:47:35,480
Speaker 1: As in anything the guy says, the media and the

915
00:47:35,600 --> 00:47:37,840
Speaker 1: establishment has to just be like, no, it's not true,

916
00:47:37,880 --> 00:47:40,080
Speaker 1: even if though he has a good point, and even

917
00:47:40,080 --> 00:47:42,200
Speaker 1: if he does have many failings in his own right.

918
00:47:42,280 --> 00:47:45,360
Speaker 1: So this is a particular one which I really enjoyed.

919
00:47:45,360 --> 00:47:47,319
Speaker 1: So let's put this up there on the screen, which

920
00:47:47,360 --> 00:47:51,120
Speaker 1: is Musk is slammed with backlash for saying that the

921
00:47:51,160 --> 00:47:56,040
Speaker 1: antidepressant well buttrin is quote way worse than adderall and

922
00:47:56,080 --> 00:47:59,960
Speaker 1: should be taken off of the market. So the medical

923
00:48:00,080 --> 00:48:03,920
Speaker 1: industrial complex and the antidepressant industrial complex is very very

924
00:48:04,000 --> 00:48:07,560
Speaker 1: upset with Elon for talking about this. You have doctors

925
00:48:07,600 --> 00:48:10,080
Speaker 1: who are saying Elon Musk is not a doctor. You know,

926
00:48:10,120 --> 00:48:12,880
Speaker 1: you shouldn't be listening to him. Well, Buttrin, is you

927
00:48:12,880 --> 00:48:15,400
Speaker 1: know a great tool in the you know for a

928
00:48:15,480 --> 00:48:19,560
Speaker 1: psychiatrists look, Possibly true, I don't know. All I'm gonna

929
00:48:19,560 --> 00:48:22,240
Speaker 1: say is we have a massive amount of antidepressants floating

930
00:48:22,280 --> 00:48:24,959
Speaker 1: around in our general population right now and people seem

931
00:48:25,000 --> 00:48:27,880
Speaker 1: more upset than ever. Is that because of antidepressants? No?

932
00:48:28,120 --> 00:48:30,879
Speaker 1: But is it causing and curing the problem? Well, I'll

933
00:48:30,960 --> 00:48:32,640
Speaker 1: let you be the judge of that. I am also

934
00:48:32,680 --> 00:48:35,080
Speaker 1: not a doctor. Do not take medical advice from crystal

935
00:48:35,280 --> 00:48:37,480
Speaker 1: or I. Yes. Let's put this next one up there

936
00:48:37,520 --> 00:48:41,160
Speaker 1: on the screen, though, which is that Elon instead promoted

937
00:48:41,160 --> 00:48:45,640
Speaker 1: the use of psychedelic treatment based upon his anecdotal experience

938
00:48:45,680 --> 00:48:47,359
Speaker 1: of talking to people. I don't know if he's ever

939
00:48:47,400 --> 00:48:49,359
Speaker 1: done it, but he's saying he's spoken with people who

940
00:48:49,480 --> 00:48:52,799
Speaker 1: have found that the depression was cured by that, and

941
00:48:52,840 --> 00:48:56,200
Speaker 1: that's actually something backed up by Johns Hopkins University here

942
00:48:56,640 --> 00:48:59,319
Speaker 1: with the use of psilocybin. I'll personally, I can tell

943
00:48:59,320 --> 00:49:02,360
Speaker 1: you my mind is campletely changed on this by reading

944
00:49:02,400 --> 00:49:05,840
Speaker 1: Michael Pollin's book, which was awesome, No great, it is

945
00:49:05,840 --> 00:49:09,720
Speaker 1: a great book. He's a great science writer. He's somebody

946
00:49:09,760 --> 00:49:14,600
Speaker 1: who clearly showed me that psychedelic drugs in particular are

947
00:49:14,640 --> 00:49:18,560
Speaker 1: not casual and are literally the opposite in many cases,

948
00:49:18,800 --> 00:49:21,640
Speaker 1: which is that the casual use of them, like yeah,

949
00:49:21,760 --> 00:49:24,360
Speaker 1: festival culture and all that stuff definitely exists, but whenever

950
00:49:24,400 --> 00:49:27,080
Speaker 1: you're talking about it and a treatment facility on a

951
00:49:27,120 --> 00:49:30,360
Speaker 1: wide scale, it's absolutely something that in a controlled setting,

952
00:49:30,680 --> 00:49:33,360
Speaker 1: and which he emphasizes routinely in his book. So please

953
00:49:33,600 --> 00:49:36,480
Speaker 1: go and read Michael Pollin's book on this, How to

954
00:49:36,560 --> 00:49:39,279
Speaker 1: Change Your Mind. I highly recommend it. I saw it

955
00:49:39,320 --> 00:49:40,839
Speaker 1: and I was like, I can't believe this thing is not,

956
00:49:40,960 --> 00:49:43,600
Speaker 1: you know, being fully funded by the FDA. Well and

957
00:49:44,200 --> 00:49:46,480
Speaker 1: especially you can't argue I guess the veterans like this

958
00:49:46,680 --> 00:49:50,040
Speaker 1: MAPS organization and all that. Oh yes, So first of all,

959
00:49:50,080 --> 00:49:52,160
Speaker 1: about Elin, you should take his advice on any of

960
00:49:52,200 --> 00:49:55,320
Speaker 1: this as seriously as you take any random unqualified person. Okay,

961
00:49:55,560 --> 00:49:58,719
Speaker 1: and so, and I guess as to the freak out, like,

962
00:49:59,560 --> 00:50:02,040
Speaker 1: I just more respect for people to think that they're

963
00:50:02,040 --> 00:50:04,920
Speaker 1: not going to be like Elon Musk says, I should

964
00:50:04,920 --> 00:50:07,719
Speaker 1: get off my drugs, you know, I mean, I just

965
00:50:07,880 --> 00:50:10,560
Speaker 1: I do think you can probably process this information in

966
00:50:10,560 --> 00:50:12,840
Speaker 1: a way that makes sense for you and consult people

967
00:50:12,840 --> 00:50:15,080
Speaker 1: who have studied this and are experts on this and

968
00:50:15,120 --> 00:50:18,040
Speaker 1: aren't funded by pharma, but are neutral actors. So let

969
00:50:18,040 --> 00:50:21,640
Speaker 1: me just put that elon caveat out there with regards

970
00:50:21,680 --> 00:50:25,000
Speaker 1: to psilocybin. I mean, of course it's no accident this.

971
00:50:26,760 --> 00:50:32,319
Speaker 1: Studies of the potential benefits of hallucinogenic drugs have been

972
00:50:32,560 --> 00:50:36,400
Speaker 1: completely you know, pushed off. I mean they've been basically

973
00:50:36,440 --> 00:50:40,840
Speaker 1: illegal until very very recently. So you have increasing evidence

974
00:50:41,040 --> 00:50:44,719
Speaker 1: from new studies finding that they are that it is

975
00:50:44,960 --> 00:50:49,000
Speaker 1: very effective for not just treating anxiety and depression, but

976
00:50:49,200 --> 00:50:54,880
Speaker 1: dealing with addiction, dealing with trial, like contemplating end of life.

977
00:50:56,000 --> 00:50:58,520
Speaker 1: I'm not saying like you're you're going to commit suicide.

978
00:50:58,560 --> 00:51:00,440
Speaker 1: I'm saying like, if you are termally ill and you

979
00:51:00,480 --> 00:51:02,800
Speaker 1: have to cope with the fact that this is coming

980
00:51:02,840 --> 00:51:05,160
Speaker 1: to an end for you, they found it can be

981
00:51:05,280 --> 00:51:09,080
Speaker 1: very beneficial for that as well coping with grief. There

982
00:51:09,120 --> 00:51:15,319
Speaker 1: are all sorts of potential benefits to using psilocybin and

983
00:51:15,320 --> 00:51:18,319
Speaker 1: other hallucinogenic drugs, But I want to be very clear,

984
00:51:18,400 --> 00:51:20,840
Speaker 1: this isn't something you should be like just freelancing and

985
00:51:20,880 --> 00:51:23,560
Speaker 1: treating yourself on your and self medicating on your own.

986
00:51:24,719 --> 00:51:29,000
Speaker 1: These studies are done in a very controlled and clinical

987
00:51:29,080 --> 00:51:32,000
Speaker 1: way so that you have support around you to make

988
00:51:32,040 --> 00:51:34,920
Speaker 1: sure that you know this is done properly and that

989
00:51:34,960 --> 00:51:37,080
Speaker 1: you are more likely to get the benefit out of

990
00:51:37,120 --> 00:51:40,200
Speaker 1: it than not. So I just want to put that

991
00:51:40,280 --> 00:51:42,799
Speaker 1: out there too, like, don't just go like freelancing and

992
00:51:42,840 --> 00:51:45,520
Speaker 1: self medicating and coming up with your own treatment regime.

993
00:51:45,560 --> 00:51:47,640
Speaker 1: Here exactly what he says in the book, Yes and

994
00:51:47,680 --> 00:51:52,080
Speaker 1: setting matter, Yes, okay, with regards to antidepressants, And this

995
00:51:52,239 --> 00:51:54,680
Speaker 1: is a very tricky subject because I think there are

996
00:51:54,800 --> 00:51:57,120
Speaker 1: a lot of people who have gotten a lot of

997
00:51:57,160 --> 00:52:01,120
Speaker 1: relief from these drugs. I mean, we should do a

998
00:52:01,160 --> 00:52:04,040
Speaker 1: lot of deeper reflection on why it is that one

999
00:52:04,080 --> 00:52:08,080
Speaker 1: in eight Americans are so miserable and feel so little

1000
00:52:08,239 --> 00:52:11,520
Speaker 1: hope that they you know, have that they feel they

1001
00:52:11,600 --> 00:52:13,839
Speaker 1: need to rely on a substance just to be able

1002
00:52:13,840 --> 00:52:16,760
Speaker 1: to get through. Mary and Williams had said something profound

1003
00:52:16,800 --> 00:52:18,480
Speaker 1: about that, which she's like, you know, I don't know

1004
00:52:18,480 --> 00:52:20,520
Speaker 1: that this is necessarily mental illness. This may be a

1005
00:52:20,520 --> 00:52:23,080
Speaker 1: sign of mental health, given the fact of all of

1006
00:52:23,120 --> 00:52:24,960
Speaker 1: the suffering in our country and the world, and the

1007
00:52:25,280 --> 00:52:28,000
Speaker 1: you know, just messed up situation that we all are

1008
00:52:28,040 --> 00:52:31,799
Speaker 1: witness to right now on a variety of levels. But

1009
00:52:32,000 --> 00:52:35,120
Speaker 1: I do think that that is an important conversation without

1010
00:52:35,160 --> 00:52:38,920
Speaker 1: saying like everybody just tossed your drugs. There's also Johann

1011
00:52:38,920 --> 00:52:43,279
Speaker 1: Hari wrote a great book also investigating SSRIs in particular

1012
00:52:44,239 --> 00:52:45,879
Speaker 1: and pointing out a couple of things. I mean, first

1013
00:52:45,920 --> 00:52:48,600
Speaker 1: of all, you know, uh, these drugs are meant to

1014
00:52:48,719 --> 00:52:53,120
Speaker 1: treat one aspect of depression, which is decreased levels of serotonin.

1015
00:52:53,600 --> 00:52:56,520
Speaker 1: But you know, research that I think is widely accepted

1016
00:52:56,560 --> 00:52:58,839
Speaker 1: says there are a lot of factors that go into this.

1017
00:52:58,960 --> 00:53:01,920
Speaker 1: It isn't just as simple as your brain has some

1018
00:53:02,080 --> 00:53:04,920
Speaker 1: problem that it you know, isn't producing the right chemical balance.

1019
00:53:05,080 --> 00:53:08,040
Speaker 1: There is a need for a more holistic approach. There's

1020
00:53:08,080 --> 00:53:11,960
Speaker 1: also solid research that he goes through that shows that,

1021
00:53:12,440 --> 00:53:15,200
Speaker 1: you know, these drugs can be very effective in the

1022
00:53:15,239 --> 00:53:16,960
Speaker 1: short term, but for a lot of people in the

1023
00:53:17,000 --> 00:53:20,759
Speaker 1: long term, the impact ultimately wears off. So that's why

1024
00:53:20,760 --> 00:53:23,400
Speaker 1: I've been excited about the research around psilocybin. And you

1025
00:53:23,440 --> 00:53:27,400
Speaker 1: guys know I've covered this yere before because it shows

1026
00:53:27,480 --> 00:53:31,880
Speaker 1: potential for a quicker impact and a more long lasting

1027
00:53:33,320 --> 00:53:37,000
Speaker 1: impact to provide people with with relief and be able to,

1028
00:53:37,080 --> 00:53:39,680
Speaker 1: you know, live happier and fuller lives. So I am

1029
00:53:39,680 --> 00:53:42,279
Speaker 1: hopeful about psilocybin. That's not based on like I talked

1030
00:53:42,320 --> 00:53:44,560
Speaker 1: to a friend who thought it was better than adderall,

1031
00:53:44,680 --> 00:53:46,880
Speaker 1: or thought it was better. That. This is based on

1032
00:53:46,960 --> 00:53:50,240
Speaker 1: reading the research, which is increasingly promising and everybody should

1033
00:53:50,239 --> 00:53:51,640
Speaker 1: be excited. Yeah. For me, it was just reading the

1034
00:53:51,680 --> 00:53:53,759
Speaker 1: doctors and Michael Paul's book. I was like, Okay, well,

1035
00:53:53,800 --> 00:53:56,240
Speaker 1: you know you can't argue with data, so let's exactly

1036
00:53:56,280 --> 00:53:58,319
Speaker 1: put this up there on the screen. This is part

1037
00:53:58,360 --> 00:54:00,640
Speaker 1: of a broader phenomenon which Eon is highlighting, and he

1038
00:54:00,760 --> 00:54:04,880
Speaker 1: was originally talking about adderalls, which is that right now, guys,

1039
00:54:04,960 --> 00:54:09,600
Speaker 1: we have an epidemic of these telehealth clinics, cerebral and

1040
00:54:09,680 --> 00:54:14,640
Speaker 1: Doune Health allegedly prescribing basically, anybody who wants adderall is

1041
00:54:14,680 --> 00:54:18,239
Speaker 1: getting adderall. We have a massive increase, so much so

1042
00:54:18,320 --> 00:54:22,600
Speaker 1: that Walmart and CBS are now blocking or delaying telehealth

1043
00:54:22,640 --> 00:54:26,600
Speaker 1: adderall prescriptions because teenagers and people who are in college

1044
00:54:26,800 --> 00:54:28,759
Speaker 1: find it very easy to just go to one of

1045
00:54:28,760 --> 00:54:31,640
Speaker 1: these telehealth clinics to Crystal and just get a basic

1046
00:54:31,719 --> 00:54:35,040
Speaker 1: adderall prescription. We've seen a spike in this during the pandemic.

1047
00:54:35,280 --> 00:54:39,600
Speaker 1: Guess why because of COVID regulation. We loosen telehealth regulations

1048
00:54:39,800 --> 00:54:41,920
Speaker 1: in the middle of the pandemic and has made it

1049
00:54:41,920 --> 00:54:44,400
Speaker 1: so that it's much easier in order to prescribe adderall

1050
00:54:44,600 --> 00:54:47,600
Speaker 1: without ever having assessed a patient, meeting a patient. And look,

1051
00:54:47,800 --> 00:54:51,640
Speaker 1: these are powerful you know, stimulants, drugs which yeah, you

1052
00:54:51,640 --> 00:54:53,480
Speaker 1: know might help you study. You don't know what you're

1053
00:54:53,480 --> 00:54:55,719
Speaker 1: getting yourself hooked onto. You don't know what kind of

1054
00:54:55,719 --> 00:54:58,279
Speaker 1: long term impact that's going to have on your hormones,

1055
00:54:58,360 --> 00:55:01,480
Speaker 1: on your health, especially if you abuse it with alcohol

1056
00:55:01,560 --> 00:55:03,880
Speaker 1: and with other substances. So I just think it's a

1057
00:55:03,960 --> 00:55:07,600
Speaker 1: highlighting that we have pill mills popping up all across

1058
00:55:07,600 --> 00:55:13,240
Speaker 1: this country. You know, SSRIs adderall. They're not emphasizing holistic

1059
00:55:13,280 --> 00:55:16,479
Speaker 1: medicine or listen psychedelics. I mean, from what I've read,

1060
00:55:16,560 --> 00:55:19,040
Speaker 1: it sounds not one and done, but like maybe once

1061
00:55:19,080 --> 00:55:21,480
Speaker 1: a year or something like that for a lot of

1062
00:55:21,480 --> 00:55:23,359
Speaker 1: people who are out there. But guess what, there ain't

1063
00:55:23,400 --> 00:55:26,359
Speaker 1: no money to be made on that particular one. Same

1064
00:55:26,400 --> 00:55:29,160
Speaker 1: with exercise or losing weight. I mean, you know, exercise

1065
00:55:29,280 --> 00:55:32,000
Speaker 1: one of the easiest ways in order to cure depression,

1066
00:55:32,160 --> 00:55:34,440
Speaker 1: losing weight, you're gonna feel better. I mean, there are

1067
00:55:34,480 --> 00:55:36,880
Speaker 1: all kinds of holistic things that you can do in

1068
00:55:36,920 --> 00:55:40,440
Speaker 1: your daily life which nobody can necessarily profit off on

1069
00:55:40,520 --> 00:55:43,240
Speaker 1: in the pharmaceutical industry, but which would make you feel

1070
00:55:43,280 --> 00:55:45,279
Speaker 1: a hell of a lot better. So I look at

1071
00:55:45,280 --> 00:55:48,120
Speaker 1: the telehealth rise in adderall. I'm not against telehealth, by

1072
00:55:48,160 --> 00:55:50,400
Speaker 1: the way, I have a teledoctor who I speak to

1073
00:55:50,680 --> 00:55:53,960
Speaker 1: very regularly. Tell health is great. I'm not against it.

1074
00:55:54,040 --> 00:55:56,600
Speaker 1: I'm saying that the regulations such that you just have

1075
00:55:56,719 --> 00:55:59,560
Speaker 1: these pill mills popping up in order to just prescribe

1076
00:55:59,600 --> 00:56:02,120
Speaker 1: a bunch of adderall, and then you have people who

1077
00:56:02,120 --> 00:56:04,000
Speaker 1: are very loose on the gun whenever it comes to

1078
00:56:04,080 --> 00:56:06,719
Speaker 1: SSRIs like we are playing with biology and with our

1079
00:56:06,760 --> 00:56:09,560
Speaker 1: brains in a way which is not natural, and that

1080
00:56:09,600 --> 00:56:11,040
Speaker 1: there are a lot of other ways that you can

1081
00:56:11,080 --> 00:56:14,839
Speaker 1: approach this problem. Look, I'm in favor of legalizing and

1082
00:56:14,920 --> 00:56:17,560
Speaker 1: regulating all drugs, so you know, you and I are

1083
00:56:17,600 --> 00:56:20,600
Speaker 1: in a different place on that. But the point of

1084
00:56:21,560 --> 00:56:24,240
Speaker 1: when you are selling you know, when you're a drug company,

1085
00:56:24,760 --> 00:56:27,319
Speaker 1: you make a lot of money off of selling drugs, right,

1086
00:56:27,400 --> 00:56:29,799
Speaker 1: so you don't make a lot of money off of

1087
00:56:30,120 --> 00:56:34,520
Speaker 1: you know, providing holistic support and you know, healthy lifestyle changes,

1088
00:56:34,680 --> 00:56:37,000
Speaker 1: and certainly you know the government hasn't had much of

1089
00:56:37,040 --> 00:56:39,600
Speaker 1: an interest in promoting any of those things either. So

1090
00:56:40,239 --> 00:56:43,960
Speaker 1: you know, when you just have this very narrow window

1091
00:56:44,160 --> 00:56:47,400
Speaker 1: of there's something wrong, let's give you a drug to

1092
00:56:47,440 --> 00:56:50,960
Speaker 1: fix it, you know, that's that's definitely not an ideal

1093
00:56:51,080 --> 00:56:54,160
Speaker 1: direction for the country ultimately to go in. And then

1094
00:56:54,480 --> 00:56:58,880
Speaker 1: it's also to your point, like certain things have been pushed.

1095
00:56:59,560 --> 00:57:02,680
Speaker 1: Other things like psilocybin have been banned because and it's

1096
00:57:02,760 --> 00:57:05,440
Speaker 1: it's very arbitrary, right, There was a whole moral panic

1097
00:57:05,480 --> 00:57:08,319
Speaker 1: about psychedelics and this whole fear that like, oh my god,

1098
00:57:08,400 --> 00:57:11,800
Speaker 1: this whole generation is going to just be on acid

1099
00:57:11,840 --> 00:57:14,520
Speaker 1: and LSD and they're going to be lost, all of us,

1100
00:57:14,560 --> 00:57:15,920
Speaker 1: and we're not going to be able to control. I mean,

1101
00:57:15,920 --> 00:57:17,880
Speaker 1: there was a whole thing about this. You know, what

1102
00:57:18,000 --> 00:57:20,600
Speaker 1: was it the tune in, turn on drop out, and

1103
00:57:20,600 --> 00:57:23,200
Speaker 1: everybody freaked out about this because prior to that time,

1104
00:57:23,480 --> 00:57:25,360
Speaker 1: you can go back, I think I did a monologue

1105
00:57:25,400 --> 00:57:26,800
Speaker 1: on I think it was back on riding that I

1106
00:57:26,800 --> 00:57:29,360
Speaker 1: guess I remember this. They used to they did these studies.

1107
00:57:29,400 --> 00:57:30,960
Speaker 1: You can go back and watch the footage, like in

1108
00:57:31,000 --> 00:57:35,160
Speaker 1: the fifties of administering psychedelic drugs and clinical settings. One

1109
00:57:35,200 --> 00:57:37,680
Speaker 1: of them was I believe it you've received Maryland or

1110
00:57:37,720 --> 00:57:40,240
Speaker 1: maybe Johns Hopkins, but yeah, it was. It was definitely

1111
00:57:40,280 --> 00:57:42,360
Speaker 1: in Maryland. I don't remember where the campus was exactly,

1112
00:57:42,400 --> 00:57:44,400
Speaker 1: but yeah, you go back and watch, and there they

1113
00:57:44,400 --> 00:57:47,400
Speaker 1: were doing these long segments on serious news programs about

1114
00:57:47,400 --> 00:57:50,400
Speaker 1: this potential wonder drug and then you end up with

1115
00:57:50,440 --> 00:57:53,360
Speaker 1: it getting associated with the counterculture and there's this whole

1116
00:57:53,400 --> 00:57:55,400
Speaker 1: moral panic and backlash and it's like, oh, we can't

1117
00:57:55,400 --> 00:57:58,480
Speaker 1: talk about this, so we can't do this anymore. Finally,

1118
00:57:58,600 --> 00:58:02,400
Speaker 1: some of that is starting to a bait. Another area

1119
00:58:02,520 --> 00:58:06,280
Speaker 1: where this could be really a significant, super important breakthrough

1120
00:58:06,320 --> 00:58:10,640
Speaker 1: is with PTSD, especially with regards to veterans. And again, look,

1121
00:58:10,640 --> 00:58:13,439
Speaker 1: this is still early days in a lot of ways.

1122
00:58:13,480 --> 00:58:16,640
Speaker 1: We're sort of rediscovering things that had been studying proven

1123
00:58:16,680 --> 00:58:21,440
Speaker 1: out before. But you know, the evidence is very promising

1124
00:58:21,480 --> 00:58:23,120
Speaker 1: and very exciting and something that we should all be

1125
00:58:23,120 --> 00:58:26,200
Speaker 1: paying a lot of attention to. Yeah, certainly interesting. All right,

1126
00:58:26,680 --> 00:58:29,040
Speaker 1: We couldn't help but to take a look at CNN

1127
00:58:29,280 --> 00:58:32,640
Speaker 1: after the White House Correspondence Dinner, Brian Stelter and his

1128
00:58:32,720 --> 00:58:36,760
Speaker 1: panel trying to do a little deep soul searching about

1129
00:58:36,760 --> 00:58:40,440
Speaker 1: whether or not the media might be part of the problem.

1130
00:58:40,520 --> 00:58:42,520
Speaker 1: Let's take a listen to that, the White House Correspondence

1131
00:58:42,560 --> 00:58:45,640
Speaker 1: Dinner spilling across the US Capitol, spawning dozens of related

1132
00:58:45,640 --> 00:58:50,520
Speaker 1: events all weekend long. Remarkable normalcy. President Biden showing us

1133
00:58:50,560 --> 00:58:54,640
Speaker 1: he can deliver a good joke, ripping Fox's hypocrisy, mocking

1134
00:58:54,680 --> 00:58:57,400
Speaker 1: his own low polls, and showing that he does get

1135
00:58:57,600 --> 00:59:00,480
Speaker 1: let's go brandon this event all. He has a bit

1136
00:59:00,520 --> 00:59:03,920
Speaker 1: of a reality TV vibe, especially in years when Democrats

1137
00:59:03,960 --> 00:59:07,320
Speaker 1: control the White House, and especially this time around with

1138
00:59:07,440 --> 00:59:11,600
Speaker 1: Kim Kardashian and Pete Davidson attending as guests of ABC News.

1139
00:59:12,200 --> 00:59:15,320
Speaker 1: But there was no laughing, no gauky, no selfie taking.

1140
00:59:15,640 --> 00:59:18,200
Speaker 1: America's democracy is not a reality show, but is the

1141
00:59:18,240 --> 00:59:21,320
Speaker 1: media guilty of making it seem that way. The Knights

1142
00:59:21,400 --> 00:59:23,960
Speaker 1: entertainer Trevor Noah had some comments about that too. To me,

1143
00:59:24,040 --> 00:59:27,040
Speaker 1: it felt different than in past year's pre COVID pre Trump.

1144
00:59:27,080 --> 00:59:29,680
Speaker 1: Even to me, it felt like this was the President

1145
00:59:29,760 --> 00:59:32,520
Speaker 1: Biden trying to talk about democracy versus autocracy, which is

1146
00:59:32,560 --> 00:59:35,440
Speaker 1: David one of his favorite themes. It is from the

1147
00:59:35,520 --> 00:59:38,280
Speaker 1: time he announced his candidacy, he's been saying that and

1148
00:59:38,320 --> 00:59:41,240
Speaker 1: it's one of his keenest insights, and people kind of

1149
00:59:41,280 --> 00:59:44,760
Speaker 1: ignored it. Now we see what's going on. I think

1150
00:59:44,800 --> 00:59:50,680
Speaker 1: he really did with the key praise was that you

1151
00:59:50,720 --> 00:59:53,240
Speaker 1: just had up there. Democracy is not a reality show.

1152
00:59:53,640 --> 00:59:57,280
Speaker 1: That's what's wrong with the culture. But don't we treat

1153
00:59:57,320 --> 00:59:59,000
Speaker 1: it like that is? Aren't we part of the problem?

1154
01:00:00,320 --> 01:00:02,440
Speaker 1: I try not to, and I think you try not

1155
01:00:02,520 --> 01:00:04,160
Speaker 1: to on this show. A lot of us too, But

1156
01:00:04,240 --> 01:00:07,200
Speaker 1: a lot of people don't. That's the problem. That's the

1157
01:00:07,240 --> 01:00:10,920
Speaker 1: other problem with it. So they acknowledge like, yeah, maybe,

1158
01:00:10,960 --> 01:00:13,960
Speaker 1: but it's not us, it's the other one Fox yeah,

1159
01:00:14,440 --> 01:00:16,880
Speaker 1: or you don't. It's really because you're actually the peak

1160
01:00:16,960 --> 01:00:19,720
Speaker 1: person in order to watch exactly in that type of rhetoric.

1161
01:00:19,760 --> 01:00:22,240
Speaker 1: It's also just like I don't really buy into the

1162
01:00:22,360 --> 01:00:26,600
Speaker 1: personal responsibility narrative of media critique. I mean, yes, you can,

1163
01:00:26,800 --> 01:00:28,800
Speaker 1: you can be an actor within that system and make

1164
01:00:28,840 --> 01:00:31,080
Speaker 1: better choices and make worse choices, But if you're not

1165
01:00:31,160 --> 01:00:33,720
Speaker 1: acknowledging that the whole system is set up to be

1166
01:00:33,880 --> 01:00:37,480
Speaker 1: a reality show, like, that is what CNN is at

1167
01:00:37,480 --> 01:00:40,160
Speaker 1: its core. You can maybe diverge a little bit from

1168
01:00:40,160 --> 01:00:42,640
Speaker 1: that in a segment or two, or on your particular

1169
01:00:42,720 --> 01:00:46,440
Speaker 1: show or with your particular guests, but that is what

1170
01:00:46,640 --> 01:00:49,320
Speaker 1: the whole thing is meant to be. It is not

1171
01:00:49,400 --> 01:00:51,640
Speaker 1: meant to be news. It is meant to be entertainment

1172
01:00:51,880 --> 01:00:54,920
Speaker 1: to keep people watching so that they will consume whatever

1173
01:00:54,960 --> 01:00:59,080
Speaker 1: corporate sponsor ads are coming in the commercial break. Cable

1174
01:00:59,120 --> 01:01:01,680
Speaker 1: news is about the commercial break. It's not about the filler.

1175
01:01:01,880 --> 01:01:04,320
Speaker 1: The filler is just there to try to keep you there.

1176
01:01:04,800 --> 01:01:06,960
Speaker 1: It really is about the commercial break. So if you

1177
01:01:07,040 --> 01:01:09,640
Speaker 1: don't see that that is the whole structure of what

1178
01:01:09,640 --> 01:01:13,440
Speaker 1: you're doing, then you're like individual narrative of like, well,

1179
01:01:13,560 --> 01:01:15,120
Speaker 1: you know, we do a good job, but there may

1180
01:01:15,120 --> 01:01:17,280
Speaker 1: be some other people is only going to be gh So.

1181
01:01:17,480 --> 01:01:19,720
Speaker 1: I actually remember Rush Limbaugh once gave an interview or

1182
01:01:19,760 --> 01:01:21,680
Speaker 1: something like this, when you said, my job isn't to talk,

1183
01:01:21,760 --> 01:01:24,640
Speaker 1: My job is to get people to come back in

1184
01:01:24,880 --> 01:01:27,040
Speaker 1: or stay during the commercial break. He's like, that's how

1185
01:01:27,040 --> 01:01:29,840
Speaker 1: I make my money. It was an incredibly honest way. Also,

1186
01:01:29,960 --> 01:01:32,200
Speaker 1: by the way, why we have a direct subscription model

1187
01:01:32,200 --> 01:01:34,480
Speaker 1: for the book of our revenue, Yes, specifically so that

1188
01:01:34,520 --> 01:01:37,240
Speaker 1: we can program the show and do anything on well

1189
01:01:37,320 --> 01:01:40,600
Speaker 1: Putrin and talk about the seliscimen. Then we're like, yeah, well,

1190
01:01:40,680 --> 01:01:43,439
Speaker 1: probably won't get good ratings like whatever, or talk about

1191
01:01:43,440 --> 01:01:45,560
Speaker 1: the fit and tightening policy. These are not things that

1192
01:01:45,560 --> 01:01:48,440
Speaker 1: they're spending a lot of time on cable for because

1193
01:01:48,480 --> 01:01:49,840
Speaker 1: they're not going to make a lot of money off

1194
01:01:49,880 --> 01:01:52,200
Speaker 1: of it, and because look, their jobs all depend on it.

1195
01:01:52,360 --> 01:01:55,560
Speaker 1: I just think, look facetious. Obviously. Within that, it also

1196
01:01:55,800 --> 01:02:00,920
Speaker 1: what drives me nuts is selective definitions of democracy. To

1197
01:02:01,000 --> 01:02:04,520
Speaker 1: these people, democracy means when they win and when they're right,

1198
01:02:04,600 --> 01:02:07,520
Speaker 1: and that you know, you covered autocracy. Whenever you don't,

1199
01:02:07,560 --> 01:02:10,919
Speaker 1: democracy dies in the darkness. Obviously from the Washington Post.

1200
01:02:11,000 --> 01:02:13,880
Speaker 1: I mean, oh, it's anti democratic whenever our opponents win,

1201
01:02:14,000 --> 01:02:16,880
Speaker 1: but it's not whenever we win. It's just look the

1202
01:02:16,960 --> 01:02:19,240
Speaker 1: hypocrisy all the way around. I think both of us

1203
01:02:19,240 --> 01:02:22,320
Speaker 1: here are like legitimate, actual believers in democracy. We're not

1204
01:02:22,360 --> 01:02:24,439
Speaker 1: the ones pushing ministry of truths. You know, which I'll

1205
01:02:24,440 --> 01:02:27,840
Speaker 1: get to in my monologue. Trust people enough to make

1206
01:02:27,880 --> 01:02:29,160
Speaker 1: up your mind. I love what you said in our

1207
01:02:29,160 --> 01:02:31,320
Speaker 1: elon segment. You're like, yeah, you know, I don't think

1208
01:02:31,360 --> 01:02:34,040
Speaker 1: people are going to not take well. Butrin because Elon

1209
01:02:34,160 --> 01:02:35,840
Speaker 1: sent a tweet about it, I was like, I think

1210
01:02:35,840 --> 01:02:37,600
Speaker 1: people will take you know, make up their minds or

1211
01:02:37,600 --> 01:02:39,320
Speaker 1: read a book. That's what I did. You can change

1212
01:02:39,320 --> 01:02:41,720
Speaker 1: your mind. It happens all the time. It's fine. This

1213
01:02:41,800 --> 01:02:45,480
Speaker 1: is something What real democracy is putting trust actually within

1214
01:02:45,720 --> 01:02:48,360
Speaker 1: the population, and that's what the media actually doesn't have,

1215
01:02:48,400 --> 01:02:51,440
Speaker 1: and they push the opposite impact. Yeah, you have to

1216
01:02:51,600 --> 01:02:58,160
Speaker 1: view the public as just like this unthinking, blind cult

1217
01:02:58,280 --> 01:03:01,120
Speaker 1: like masses that are just gonna like follow the word

1218
01:03:01,280 --> 01:03:03,760
Speaker 1: of whatever figure happens to be put in front of

1219
01:03:03,800 --> 01:03:08,000
Speaker 1: them to like that's necessary to be able to foment

1220
01:03:08,120 --> 01:03:12,040
Speaker 1: the type of panic attacks and moral outrage like that

1221
01:03:12,520 --> 01:03:15,640
Speaker 1: that they depend on for their living, for their little

1222
01:03:15,680 --> 01:03:19,360
Speaker 1: reality show. So if you actually believe in a demand,

1223
01:03:19,400 --> 01:03:21,120
Speaker 1: and of course there are people who are foolish, and

1224
01:03:21,160 --> 01:03:22,880
Speaker 1: there are people who are silly, and there probably are

1225
01:03:22,920 --> 01:03:24,440
Speaker 1: people who are going to like listen too much to

1226
01:03:24,480 --> 01:03:26,760
Speaker 1: what Elon Musk says or whatever, but you have to

1227
01:03:26,840 --> 01:03:31,720
Speaker 1: ultimately believe in adults as being able to in a

1228
01:03:31,760 --> 01:03:35,920
Speaker 1: democracy process information and deal with it in a reasonable

1229
01:03:35,960 --> 01:03:39,240
Speaker 1: fashion overall, excepting that there is going to be some

1230
01:03:39,360 --> 01:03:43,640
Speaker 1: messiness as well. CNN. You know, they're never going to

1231
01:03:43,680 --> 01:03:46,640
Speaker 1: be able to engage in any real critique because ultimately

1232
01:03:46,680 --> 01:03:49,880
Speaker 1: then like you wouldn't continue on the network if you

1233
01:03:50,040 --> 01:03:52,400
Speaker 1: actually saw it really clearly, or if you did, you

1234
01:03:52,440 --> 01:03:55,520
Speaker 1: would just be doing it for completely cynical purposes. Their

1235
01:03:55,600 --> 01:03:57,640
Speaker 1: whole thing and this is not just see it in

1236
01:03:57,640 --> 01:04:01,840
Speaker 1: a stemismec This is Fox News, so personality driven. I

1237
01:04:01,920 --> 01:04:04,600
Speaker 1: think about the build back better conversation, like how much

1238
01:04:04,600 --> 01:04:06,840
Speaker 1: of that was actually about like the policy and let's

1239
01:04:06,840 --> 01:04:09,640
Speaker 1: weigh the pros and the CODs, or even the Ukraine coverage,

1240
01:04:10,000 --> 01:04:12,880
Speaker 1: which you know they've they've actually they have reporters on

1241
01:04:12,920 --> 01:04:15,520
Speaker 1: the ground and they're doing the like, how much serious

1242
01:04:15,600 --> 01:04:18,880
Speaker 1: discussion have we had about Okay, here's what you know

1243
01:04:18,960 --> 01:04:21,880
Speaker 1: this increase amount of aid in terms of what Here's

1244
01:04:21,880 --> 01:04:23,840
Speaker 1: what it actually means, Here's what it could lead to

1245
01:04:23,920 --> 01:04:26,400
Speaker 1: in terms of an escalation, Here's how Russia's going to do.

1246
01:04:26,600 --> 01:04:29,200
Speaker 1: Here are the trade offs. That's not what they're really

1247
01:04:29,240 --> 01:04:34,000
Speaker 1: there for. They're there for the most sensationalistic coverage that

1248
01:04:34,600 --> 01:04:40,320
Speaker 1: makes you feel anger, outrage, fear, whatever emotional response they

1249
01:04:40,360 --> 01:04:42,720
Speaker 1: want to trigger in you in order to keep you

1250
01:04:42,800 --> 01:04:44,320
Speaker 1: tuning in, so I saw the same that's what their

1251
01:04:44,320 --> 01:04:46,280
Speaker 1: whole thing is about. I was actually realizing that whenever

1252
01:04:46,280 --> 01:04:48,160
Speaker 1: we were doing the segment on Ukrainian aid, and I

1253
01:04:48,200 --> 01:04:49,440
Speaker 1: was like, you know, I might be one of the

1254
01:04:49,440 --> 01:04:52,080
Speaker 1: only people in broadcast who was like, of the thirty

1255
01:04:52,080 --> 01:04:54,600
Speaker 1: three billion, here's what each individual piece is going to

1256
01:04:54,960 --> 01:04:56,640
Speaker 1: or put it in context, but like, just so you know,

1257
01:04:56,680 --> 01:04:59,240
Speaker 1: it's an extraordinary amount of aid relative to well, again,

1258
01:04:59,320 --> 01:05:01,240
Speaker 1: how many people do there's just like thirty three billion

1259
01:05:01,320 --> 01:05:03,760
Speaker 1: of what what's in that? That's a lot of money.

1260
01:05:03,920 --> 01:05:06,080
Speaker 1: Will tell us about what's happening. They never do that.

1261
01:05:06,080 --> 01:05:08,320
Speaker 1: Feel black better everything, you know, build back better was

1262
01:05:08,320 --> 01:05:10,080
Speaker 1: just like three point one trillion to two by five trillion.

1263
01:05:10,080 --> 01:05:11,760
Speaker 1: It's like, hold on a second, what are you talking about?

1264
01:05:11,800 --> 01:05:13,840
Speaker 1: Or it was all about the personalities that are involved,

1265
01:05:13,840 --> 01:05:16,320
Speaker 1: and like, listen, I do think that Mansion and Cinema

1266
01:05:16,320 --> 01:05:20,160
Speaker 1: are like particularly nefarious actors. Sure, but make the case

1267
01:05:20,600 --> 01:05:23,680
Speaker 1: rather than just making it about like this one slights

1268
01:05:23,760 --> 01:05:26,280
Speaker 1: that one and wouldn't take this one's phone calls and

1269
01:05:26,880 --> 01:05:30,200
Speaker 1: the something happened on the houseboat right, dig into what

1270
01:05:30,400 --> 01:05:33,320
Speaker 1: this policy would actually mean for the people of West Virginia.

1271
01:05:33,440 --> 01:05:35,520
Speaker 1: And how they feel about it, and you know what

1272
01:05:35,560 --> 01:05:38,040
Speaker 1: the impacts. Would you have all of the resources in

1273
01:05:38,080 --> 01:05:41,880
Speaker 1: the world to do that type of investigation, that would

1274
01:05:41,880 --> 01:05:44,680
Speaker 1: be truly beneficial. But I mean it's it's a waste

1275
01:05:44,720 --> 01:05:47,480
Speaker 1: of breath to even suggest it, because again, that's not

1276
01:05:47,600 --> 01:05:50,520
Speaker 1: what they're there for, Like, that's not what they're ultimately about.

1277
01:05:50,760 --> 01:05:53,840
Speaker 1: It is literally a reality show with just like lame

1278
01:05:53,960 --> 01:05:57,360
Speaker 1: political figures as characters instead of actually interesting people. I

1279
01:05:57,400 --> 01:05:59,800
Speaker 1: think that's really well said. One last thing we wanted

1280
01:05:59,800 --> 01:06:01,640
Speaker 1: to get too before I toss it to Sager for

1281
01:06:01,720 --> 01:06:04,240
Speaker 1: his monologue is, first of all, from yesterday, Happy May

1282
01:06:04,280 --> 01:06:06,720
Speaker 1: Day to all workers of the world. And second of all,

1283
01:06:07,520 --> 01:06:10,960
Speaker 1: today they're going to start counting in the second Amazon

1284
01:06:11,040 --> 01:06:14,120
Speaker 1: labor union election. This one also on Staten Island, at

1285
01:06:14,160 --> 01:06:16,520
Speaker 1: a facility that I think is just across the street

1286
01:06:16,520 --> 01:06:18,920
Speaker 1: war or less from the original warehouse. This one is

1287
01:06:19,160 --> 01:06:22,520
Speaker 1: what they call a sortation facility. It is, if anything,

1288
01:06:22,520 --> 01:06:25,040
Speaker 1: an even more difficult task because you're talking about a

1289
01:06:25,080 --> 01:06:28,880
Speaker 1: lot of part time workers, and Amazon has certainly escalated

1290
01:06:28,880 --> 01:06:31,520
Speaker 1: their union busting. They may have to a little bit

1291
01:06:31,520 --> 01:06:34,919
Speaker 1: of an extent taken not taken Christian smile seriously, enough,

1292
01:06:34,960 --> 01:06:37,880
Speaker 1: like many other figures, they've underestimated him and now they

1293
01:06:37,880 --> 01:06:40,240
Speaker 1: take it very seriously. So we'll be watching, of course,

1294
01:06:40,280 --> 01:06:42,240
Speaker 1: to see what happens there. But we also wanted to

1295
01:06:42,280 --> 01:06:45,600
Speaker 1: quickly bring you this news item which just is just

1296
01:06:45,720 --> 01:06:49,960
Speaker 1: two freakin' perfect. So the day after the union election

1297
01:06:50,040 --> 01:06:53,440
Speaker 1: in Staten Island, they announced what for many will be

1298
01:06:53,560 --> 01:06:56,160
Speaker 1: very troubling news nationwide, they're no longer going to pay

1299
01:06:56,200 --> 01:06:59,800
Speaker 1: workers who are outsick with COVID or even in form

1300
01:07:00,040 --> 01:07:03,600
Speaker 1: when someone at their warehouse tests positive for COVID. And

1301
01:07:03,640 --> 01:07:08,200
Speaker 1: you'll recall that the whole spark for Christian Smalls originally

1302
01:07:08,400 --> 01:07:11,000
Speaker 1: of standing up to Amazon was over the fact that,

1303
01:07:11,240 --> 01:07:14,640
Speaker 1: you know, he was in kind of a supervisor supervisor

1304
01:07:14,720 --> 01:07:17,760
Speaker 1: what's the word super supervis advisory role, that's the wort

1305
01:07:17,800 --> 01:07:20,080
Speaker 1: I'm looking for, And so he had access to and

1306
01:07:20,120 --> 01:07:22,520
Speaker 1: he has good relationships with the warehouse all these different

1307
01:07:22,560 --> 01:07:24,720
Speaker 1: workers that they saw getting sick. And this is in

1308
01:07:24,720 --> 01:07:26,920
Speaker 1: the early days of the pre vaccine days, and they're

1309
01:07:26,960 --> 01:07:29,840
Speaker 1: falling out and they're throwing up, and nobody's getting any

1310
01:07:29,840 --> 01:07:32,160
Speaker 1: information about it, and there's very little in the way

1311
01:07:32,200 --> 01:07:34,880
Speaker 1: of any sort of safety protocols, and so he stages

1312
01:07:34,960 --> 01:07:38,000
Speaker 1: that walkout, they lose their minds, they fire him. They

1313
01:07:38,000 --> 01:07:39,920
Speaker 1: then say, we're going to make you the face of

1314
01:07:39,960 --> 01:07:43,480
Speaker 1: the Amazon labor union movement because you're not smarter articulate.

1315
01:07:43,480 --> 01:07:46,520
Speaker 1: And of course the rest is ultimately history, but it

1316
01:07:46,720 --> 01:07:50,120
Speaker 1: just shows you how strategic they are that. Of course,

1317
01:07:50,200 --> 01:07:52,120
Speaker 1: during the whole lead up to that election they say, oh,

1318
01:07:52,200 --> 01:07:54,080
Speaker 1: we love you, and you just have to talk to us.

1319
01:07:54,120 --> 01:07:56,800
Speaker 1: Of course we'll take listen. And then the day after

1320
01:07:57,320 --> 01:07:59,800
Speaker 1: the votes are done, then it's oh, by the way,

1321
01:08:00,120 --> 01:08:02,320
Speaker 1: no marsik pay if you're out with COVID, and we're

1322
01:08:02,360 --> 01:08:04,880
Speaker 1: not going to sell you if you're coworkers. It's actually brutal,

1323
01:08:05,200 --> 01:08:09,720
Speaker 1: too perfect, all right, soccer, what are you looking at?

1324
01:08:09,800 --> 01:08:11,760
Speaker 1: When most people think of DC in relation to a

1325
01:08:11,800 --> 01:08:14,560
Speaker 1: movie or a TV show, they mostly have two paradigms

1326
01:08:14,560 --> 01:08:17,280
Speaker 1: in mind. Either DC is the West Wing, where people

1327
01:08:17,360 --> 01:08:20,160
Speaker 1: are legitimately trying to do good they're the best and

1328
01:08:20,240 --> 01:08:24,679
Speaker 1: the brightest, or their House of cards, conniving, evil, corrupt

1329
01:08:24,720 --> 01:08:27,360
Speaker 1: folks running the country to their own ends with the

1330
01:08:27,479 --> 01:08:30,320
Speaker 1: real plot. But after being here for more than a decade,

1331
01:08:30,439 --> 01:08:32,439
Speaker 1: I can assure you that while these people would run

1332
01:08:32,479 --> 01:08:35,120
Speaker 1: the country like House of Cards, if they could that,

1333
01:08:35,160 --> 01:08:37,960
Speaker 1: they are far too stupid and idiotic to do so.

1334
01:08:38,280 --> 01:08:41,040
Speaker 1: The only show that has ever captured Washington at all

1335
01:08:41,280 --> 01:08:43,240
Speaker 1: is VEEP. And that's what it feels like I've been

1336
01:08:43,280 --> 01:08:46,200
Speaker 1: living in since Donald Trump came to office, especially in

1337
01:08:46,240 --> 01:08:48,680
Speaker 1: the latest announcement of which has garnered a lot of

1338
01:08:48,720 --> 01:08:52,080
Speaker 1: attention both dangerous on its face, but also revelatory and

1339
01:08:52,080 --> 01:08:55,719
Speaker 1: who exactly the regime enforcers are of today. The Department

1340
01:08:55,720 --> 01:08:59,240
Speaker 1: of Homeland Security announced Thursday afternoon the Biden administration would

1341
01:08:59,240 --> 01:09:03,840
Speaker 1: be launching a so so called Disinformation Governance Board. Hmmm, well,

1342
01:09:04,439 --> 01:09:07,120
Speaker 1: according to the DHS, the board's job will be to

1343
01:09:07,240 --> 01:09:11,160
Speaker 1: counter dangerous disinformation that is being pushed by Russia and

1344
01:09:11,240 --> 01:09:13,920
Speaker 1: pushed towards migrants in South America making their way to

1345
01:09:13,960 --> 01:09:17,080
Speaker 1: the US border. Oh well, I mean, as somebody eminently

1346
01:09:17,120 --> 01:09:21,599
Speaker 1: skeptical of censorship regime, when I hear disinformation, I automatically ask, well,

1347
01:09:21,600 --> 01:09:25,000
Speaker 1: will you censor establishment disinformation too? But on its face

1348
01:09:25,040 --> 01:09:28,400
Speaker 1: what they listed sounds kind of reasonable, right until you

1349
01:09:28,439 --> 01:09:30,920
Speaker 1: get to this part. The board will be led by

1350
01:09:30,960 --> 01:09:35,519
Speaker 1: one Nina Jankowitz. She is quote unquote disinformation expert. Hmm,

1351
01:09:35,880 --> 01:09:39,280
Speaker 1: I'm already skeptical. Any so called disinformation expert is bound

1352
01:09:39,320 --> 01:09:41,920
Speaker 1: to be bad, But guys, it is so much worse

1353
01:09:42,000 --> 01:09:45,120
Speaker 1: than you could possibly imagine. Let's start with possibly the

1354
01:09:45,120 --> 01:09:48,240
Speaker 1: most egregious act of political censorship in my lifetime, the

1355
01:09:48,320 --> 01:09:51,280
Speaker 1: removal of the Hunter Biden laptop story by Twitter at

1356
01:09:51,360 --> 01:09:54,080
Speaker 1: the height of the twenty twenty presidential election. Here's what

1357
01:09:54,080 --> 01:09:57,880
Speaker 1: miss Jankowitz said at the time. Quote. She both distributed

1358
01:09:58,000 --> 01:10:01,080
Speaker 1: articles claiming that the Hunter Biden laptop story was a

1359
01:10:01,120 --> 01:10:06,040
Speaker 1: Russian plant and reiterated lies that the US intelligence community

1360
01:10:06,280 --> 01:10:09,400
Speaker 1: believed that the Kremlin is the one responsible for the

1361
01:10:09,479 --> 01:10:14,400
Speaker 1: Hunter Biden laptop story. So on the most egregious act

1362
01:10:14,680 --> 01:10:17,840
Speaker 1: of disinformation pushed by the press, the head of the

1363
01:10:17,960 --> 01:10:22,720
Speaker 1: United States government's new disinformation board herself fell for promoted

1364
01:10:22,920 --> 01:10:27,719
Speaker 1: and distributed straight up disinformation. That's dystopian. It actually gets worse.

1365
01:10:27,960 --> 01:10:30,320
Speaker 1: It turns out that this woman is a cringe dyed

1366
01:10:30,400 --> 01:10:33,439
Speaker 1: in the wool establishment liberal. Djankowitz was one of the

1367
01:10:33,479 --> 01:10:37,000
Speaker 1: carnival barkers online who claimed the Glenn Greenwald and Tucker

1368
01:10:37,040 --> 01:10:41,840
Speaker 1: Carlson are responsible for harassment against activist journalist Taylor Lorenz

1369
01:10:42,080 --> 01:10:46,040
Speaker 1: simply because they literally said her name while criticizing her

1370
01:10:46,080 --> 01:10:51,560
Speaker 1: in public and her publicly published work on national television.

1371
01:10:52,000 --> 01:10:54,880
Speaker 1: Then at the height of COVID, the new disinformation head

1372
01:10:55,040 --> 01:10:57,360
Speaker 1: showed us exactly why we shouldn't have censorship in the

1373
01:10:57,400 --> 01:11:00,559
Speaker 1: first place. Back when Fauci was telling us mass don't work,

1374
01:11:00,800 --> 01:11:04,479
Speaker 1: she called for the advertising industry to stop placing ads

1375
01:11:04,520 --> 01:11:08,960
Speaker 1: on masks and stop spreading the disinformation that masks work

1376
01:11:09,120 --> 01:11:13,320
Speaker 1: against coronavirus. Less than two weeks later, she tweeted, quote

1377
01:11:13,960 --> 01:11:17,880
Speaker 1: America is quote too free spirited, and that social distancing

1378
01:11:17,920 --> 01:11:21,759
Speaker 1: won't work unless forced upon us. So force us away,

1379
01:11:22,280 --> 01:11:25,920
Speaker 1: lock us down. People are not taking this seriously. She

1380
01:11:26,080 --> 01:11:29,400
Speaker 1: literally wrote that, and last, but certainly not least beyond

1381
01:11:29,400 --> 01:11:32,800
Speaker 1: her terrible views, I regret to inform you Nina Jankowitz

1382
01:11:32,960 --> 01:11:36,599
Speaker 1: is also a theater kid freak who apparently never grew up.

1383
01:11:36,760 --> 01:11:39,400
Speaker 1: Here is her in all her glory earlier this year.

1384
01:11:39,479 --> 01:11:41,880
Speaker 1: We ring is really quite flusious. It's when a hucks

1385
01:11:41,920 --> 01:11:43,519
Speaker 1: to take some lice and makes them sense for coho.

1386
01:11:43,560 --> 01:11:45,920
Speaker 1: She's spout saying them in congressool and maintre not so

1387
01:11:46,240 --> 01:11:50,479
Speaker 1: this information's origins us likely less atrocious. It's how you

1388
01:11:50,520 --> 01:11:52,639
Speaker 1: had a delighted lie it's how you had a delighted lie.

1389
01:11:52,680 --> 01:11:54,280
Speaker 1: It's how you had a littlighted a lie. When Rudy

1390
01:11:54,320 --> 01:11:57,760
Speaker 1: Giuliani shared that in Tasa Ukraine, when TikTok influence to say,

1391
01:11:57,800 --> 01:12:01,760
Speaker 1: COVID Kent House pain, it's real, and that was only

1392
01:12:01,760 --> 01:12:03,880
Speaker 1: half of it. I couldn't even make everyone something of

1393
01:12:04,000 --> 01:12:06,280
Speaker 1: the full thing. Now I have some sympathy. I was

1394
01:12:06,280 --> 01:12:08,439
Speaker 1: a theater could too, but I was mugged by reality.

1395
01:12:08,640 --> 01:12:10,360
Speaker 1: And by the time that you get to her age

1396
01:12:10,400 --> 01:12:13,080
Speaker 1: that should be stamped out. She also, and I promise

1397
01:12:13,120 --> 01:12:16,280
Speaker 1: you I am not kidding, was very into quote Wizard

1398
01:12:16,400 --> 01:12:20,400
Speaker 1: Rock aka Harry Potter inspired bands and took the stage

1399
01:12:20,520 --> 01:12:25,519
Speaker 1: to sing. Nevertheless, I persisted in Harry Potter homage to

1400
01:12:25,640 --> 01:12:29,639
Speaker 1: Elizabeth Warren in the twenty tens. That is the woman

1401
01:12:29,760 --> 01:12:32,800
Speaker 1: who is now in charge of determining what is disinformation

1402
01:12:33,120 --> 01:12:35,720
Speaker 1: and what is not for the US government. Do you

1403
01:12:35,840 --> 01:12:38,240
Speaker 1: have confidence in her? I think I'm just giving you

1404
01:12:38,320 --> 01:12:41,479
Speaker 1: a compelling case. But let's just say you agree, okay,

1405
01:12:41,640 --> 01:12:45,280
Speaker 1: but then consider the consequences of Steve Bannon led Disinformation

1406
01:12:45,360 --> 01:12:47,960
Speaker 1: Governance Board. You still okay with that? Because that is

1407
01:12:48,000 --> 01:12:50,760
Speaker 1: what democratic turnover of government would look like I have

1408
01:12:50,800 --> 01:12:54,720
Speaker 1: a better idea. These people should have no say whatsoever

1409
01:12:54,840 --> 01:12:58,559
Speaker 1: about disinformation. Period. The US government itself has been one

1410
01:12:58,600 --> 01:13:01,760
Speaker 1: of the most ardent and pernicious purveyors of disinformation in

1411
01:13:01,800 --> 01:13:05,400
Speaker 1: the twenty first century, which exactly demonstrates my point. The

1412
01:13:05,479 --> 01:13:08,839
Speaker 1: fusion of the so called experts with the tech sensors,

1413
01:13:09,000 --> 01:13:13,040
Speaker 1: and now the government has formed a new disinformation industrial

1414
01:13:13,080 --> 01:13:16,640
Speaker 1: complex whose sole job is to pump out disinformation that

1415
01:13:16,720 --> 01:13:19,880
Speaker 1: is comfortable for the elite ruling class and to cover

1416
01:13:20,000 --> 01:13:23,760
Speaker 1: up and censor any efforts at holding them accountable. When

1417
01:13:23,800 --> 01:13:27,519
Speaker 1: you target them, it's harassment. When they target you, they're

1418
01:13:27,520 --> 01:13:30,400
Speaker 1: doing their civic duty. The only hope we may have

1419
01:13:30,720 --> 01:13:33,600
Speaker 1: is that Miss Jankowitz is so incompetent she is not

1420
01:13:33,720 --> 01:13:37,360
Speaker 1: capable to oppress us the most likely scenario, actually, but

1421
01:13:37,800 --> 01:13:39,920
Speaker 1: we should not have to put our faith in the

1422
01:13:39,960 --> 01:13:43,439
Speaker 1: fecklessness of our elites to ensure our freedom. It should

1423
01:13:43,439 --> 01:13:46,400
Speaker 1: actually be up to us instead. And the slow march

1424
01:13:46,439 --> 01:13:49,439
Speaker 1: to some so called ministry of truth is exactly the

1425
01:13:49,520 --> 01:13:52,760
Speaker 1: threat to civil liberties that was once recognized for what

1426
01:13:52,880 --> 01:13:58,080
Speaker 1: it is, another step towards a completely authoritarian society. So Crystal, really,

1427
01:13:58,080 --> 01:14:00,280
Speaker 1: what I'm saying is I'm calling for a total please

1428
01:14:00,320 --> 01:14:02,840
Speaker 1: shut down of theater. Kids, And if you want to

1429
01:14:02,880 --> 01:14:06,480
Speaker 1: hear my reaction to Sagre's monologue, become a premium subscriber

1430
01:14:06,520 --> 01:14:11,559
Speaker 1: today at Breakingpoints dot Com, Crissel, what do you take

1431
01:14:11,560 --> 01:14:14,519
Speaker 1: a look at? Well, face, with collapsing pull numbers among

1432
01:14:14,560 --> 01:14:17,880
Speaker 1: young Americans and a completely stalled economic agenda, President Biden

1433
01:14:17,960 --> 01:14:21,200
Speaker 1: is finally considering some limited measures of student debt relief,

1434
01:14:21,320 --> 01:14:24,320
Speaker 1: probably no more than ten thousand dollars and probably limited

1435
01:14:24,360 --> 01:14:26,479
Speaker 1: by income. There will be a million debates over how

1436
01:14:26,479 --> 01:14:28,799
Speaker 1: the politics of all of this will play on. Personally,

1437
01:14:28,840 --> 01:14:30,960
Speaker 1: I'd expect it to be a net positive, given that

1438
01:14:31,000 --> 01:14:34,000
Speaker 1: the primary problem Democrats face right now is complete demoralization

1439
01:14:34,160 --> 01:14:36,880
Speaker 1: and apathy of their base. At least, if you deliver

1440
01:14:37,200 --> 01:14:40,840
Speaker 1: something materially beneficial to some part of your base, you

1441
01:14:40,960 --> 01:14:43,519
Speaker 1: might give them a reason to think Democrats are worth reelecting.

1442
01:14:43,880 --> 01:14:46,280
Speaker 1: I am quite confident it will be insufficient to turn

1443
01:14:46,320 --> 01:14:49,120
Speaker 1: the tables on the disastrous Midrum situation Dems are facing

1444
01:14:49,160 --> 01:14:52,000
Speaker 1: down right now. But today I want to consider the

1445
01:14:52,040 --> 01:14:55,720
Speaker 1: moral justifications for student debt cancelation. Now. The TLDR of

1446
01:14:55,760 --> 01:14:58,280
Speaker 1: the moral case is really pretty simple. The holders of

1447
01:14:58,320 --> 01:15:01,839
Speaker 1: this massive and future destroying student debt burden are victims

1448
01:15:01,840 --> 01:15:05,080
Speaker 1: of government backed fraud. That's really how it is. In fact,

1449
01:15:05,120 --> 01:15:07,559
Speaker 1: the student loan debt crisis and the housing debt crisis

1450
01:15:07,600 --> 01:15:11,200
Speaker 1: are twin evils which have devastated millions of Americans. They

1451
01:15:11,240 --> 01:15:15,120
Speaker 1: were burst in the disaster of Clinton era radical neoliberalism.

1452
01:15:15,160 --> 01:15:19,280
Speaker 1: Both were bootstrapping market based solutions to the failures of neoliberalism,

1453
01:15:19,439 --> 01:15:22,080
Speaker 1: and they were pushed by an unholy alliance of government

1454
01:15:22,160 --> 01:15:26,280
Speaker 1: and business. This philosophy said, the government's going to abandon workers'

1455
01:15:26,320 --> 01:15:29,120
Speaker 1: unions and decimate middle class blue collar jobs with a

1456
01:15:29,160 --> 01:15:32,920
Speaker 1: disastrous corporate back trade policy. We will privatize everything and

1457
01:15:32,960 --> 01:15:36,559
Speaker 1: allow life to become more and more precarious with stagnating wages,

1458
01:15:36,880 --> 01:15:39,759
Speaker 1: exploding health care costs, and risky four oh one ks.

1459
01:15:39,880 --> 01:15:43,320
Speaker 1: Instead of guaranteed pensions, and instead of doing a single

1460
01:15:43,400 --> 01:15:45,880
Speaker 1: collective thing to compensate for the way that we are

1461
01:15:45,920 --> 01:15:49,599
Speaker 1: systematically destroying the past the American dream, We're instead going

1462
01:15:49,640 --> 01:15:54,000
Speaker 1: to push the market based, individualized solutions of college and

1463
01:15:54,040 --> 01:15:57,519
Speaker 1: home ownership for everyone. Here's Bill Clinton laying it out

1464
01:15:57,560 --> 01:16:01,720
Speaker 1: pretty clearly. No person, even the president, can look at

1465
01:16:01,720 --> 01:16:04,439
Speaker 1: these young people and say I will guarantee you, no

1466
01:16:04,479 --> 01:16:07,120
Speaker 1: matter what happens in the global economy, you will always

1467
01:16:07,160 --> 01:16:09,200
Speaker 1: have the job you have today, and you'll make more

1468
01:16:09,240 --> 01:16:11,960
Speaker 1: money next year than you did this year. You know,

1469
01:16:12,120 --> 01:16:14,760
Speaker 1: no one can guarantee that in the global economy. That's

1470
01:16:14,800 --> 01:16:17,400
Speaker 1: not the way the world works anymore. But we can

1471
01:16:17,479 --> 01:16:20,080
Speaker 1: guarantee to people that we're going to empower them to

1472
01:16:20,120 --> 01:16:23,360
Speaker 1: help themselves. We'll make home ownership more accessible. We'll make

1473
01:16:23,400 --> 01:16:26,719
Speaker 1: lifetime education and training more accessible. We'll make the things

1474
01:16:26,920 --> 01:16:29,280
Speaker 1: that make life work for people who are trying to

1475
01:16:29,320 --> 01:16:32,599
Speaker 1: do the best they can for themselves. There we have

1476
01:16:32,680 --> 01:16:37,799
Speaker 1: to begin with the basic things that make it worth

1477
01:16:37,920 --> 01:16:42,840
Speaker 1: doing now. I think education and home ownership are wonderful things,

1478
01:16:42,880 --> 01:16:44,559
Speaker 1: although by no means do I think it makes sense

1479
01:16:44,560 --> 01:16:47,040
Speaker 1: for everyone to go to a four year college. But

1480
01:16:47,080 --> 01:16:49,960
Speaker 1: Bill Clinton and the neoliberals who came after him did

1481
01:16:50,000 --> 01:16:52,920
Speaker 1: not go about their project by, say, subsidizing and scaling

1482
01:16:52,960 --> 01:16:56,080
Speaker 1: affordable housing. Nor do they do what many nations have

1483
01:16:56,160 --> 01:16:58,960
Speaker 1: done by making college free, or even what we did

1484
01:16:59,000 --> 01:17:02,799
Speaker 1: in our own past by making college extremely affordable. Instead,

1485
01:17:03,320 --> 01:17:06,559
Speaker 1: they pushed Americans to take on ever expanding amounts of

1486
01:17:06,560 --> 01:17:09,960
Speaker 1: debt while allowing the costs of both housing and college

1487
01:17:10,120 --> 01:17:15,160
Speaker 1: to skyrocket at astronomical rates. Our government push the edict

1488
01:17:15,280 --> 01:17:17,519
Speaker 1: that you either must get in the game with loads

1489
01:17:17,560 --> 01:17:20,560
Speaker 1: of debt and compete for your slot in the meritocracy,

1490
01:17:20,880 --> 01:17:23,840
Speaker 1: or die. It was a personal responsibility narrative that pushed

1491
01:17:23,840 --> 01:17:26,920
Speaker 1: the most reckless financial oblivion as if it was sound

1492
01:17:26,920 --> 01:17:30,120
Speaker 1: decision making, while at the same time closing every other

1493
01:17:30,200 --> 01:17:34,640
Speaker 1: pathway to stability. So if you wanted a modicum of stability,

1494
01:17:34,920 --> 01:17:38,160
Speaker 1: what other choice did you really have? What choice was

1495
01:17:38,160 --> 01:17:40,200
Speaker 1: there but to take on the tens of thousands of

1496
01:17:40,240 --> 01:17:42,080
Speaker 1: dollars in student loan debt or to take on the

1497
01:17:42,160 --> 01:17:44,880
Speaker 1: hundreds of thousands of dollars in housing debt with payments

1498
01:17:44,920 --> 01:17:47,800
Speaker 1: that were escalating and possibly out of reach. To not

1499
01:17:47,920 --> 01:17:51,200
Speaker 1: do those things was actually even crazier. If you took

1500
01:17:51,240 --> 01:17:54,559
Speaker 1: the prescribed course offered by the politicians and their capitalists allies,

1501
01:17:54,840 --> 01:17:57,080
Speaker 1: then the path to middle clas stability was a narrow

1502
01:17:57,200 --> 01:18:00,360
Speaker 1: ledge along a rocky cliff, and if you didn't it

1503
01:18:00,400 --> 01:18:03,400
Speaker 1: was a nose dive straight into the rocks. Now we

1504
01:18:03,439 --> 01:18:05,719
Speaker 1: all saw what happened with the housing crash. Wall Street

1505
01:18:05,760 --> 01:18:08,240
Speaker 1: was bailed down, but we were told we couldn't bail

1506
01:18:08,240 --> 01:18:11,960
Speaker 1: out the homeowners because they'd been reckless, they'd been irresponsible.

1507
01:18:12,320 --> 01:18:14,599
Speaker 1: That was the narrative pushed overwhelmingly by the right. Remember

1508
01:18:14,680 --> 01:18:17,920
Speaker 1: Rick Santelli yelling about moral hazard and asking, how many

1509
01:18:17,960 --> 01:18:20,000
Speaker 1: of you people want to pay for your neighbor's mortgage

1510
01:18:20,000 --> 01:18:22,160
Speaker 1: that has an extra bathroom and can't pay their bills.

1511
01:18:22,600 --> 01:18:25,040
Speaker 1: You see what he did there, taking behavior that was

1512
01:18:25,080 --> 01:18:28,879
Speaker 1: pushed by our government and by Santelli's Wall Street buddies

1513
01:18:29,280 --> 01:18:32,200
Speaker 1: as the correct and responsible thing to do, the only

1514
01:18:32,240 --> 01:18:35,360
Speaker 1: pass to middle class respectability, took that thing and he

1515
01:18:35,479 --> 01:18:38,280
Speaker 1: flipped it to turn it into something that was indulgent

1516
01:18:38,400 --> 01:18:41,479
Speaker 1: and reckless. This view was ultimately accepted by the Obama

1517
01:18:41,520 --> 01:18:44,320
Speaker 1: era Democrats, who left homeowners to wither and die on

1518
01:18:44,360 --> 01:18:46,920
Speaker 1: the vine. And here I will make a political point,

1519
01:18:46,960 --> 01:18:49,280
Speaker 1: which is that I have no doubt that the Obama

1520
01:18:49,320 --> 01:18:52,280
Speaker 1: admin decided not to act to help homeowners because the

1521
01:18:52,280 --> 01:18:55,639
Speaker 1: polling was bad. Doing what was just and required may

1522
01:18:55,640 --> 01:18:58,400
Speaker 1: well have triggered a short term political backlash, but it's

1523
01:18:58,439 --> 01:19:00,640
Speaker 1: now as clear as day that no sing decision may

1524
01:19:00,680 --> 01:19:02,880
Speaker 1: have more directly led to the rise of Trump than

1525
01:19:02,960 --> 01:19:06,320
Speaker 1: abandoning Americans and their communities in their hour of need,

1526
01:19:06,560 --> 01:19:09,200
Speaker 1: but easily finding the money to feed the pigs at

1527
01:19:09,200 --> 01:19:12,519
Speaker 1: the Wall Street trough. The arguments made now against any

1528
01:19:12,560 --> 01:19:15,320
Speaker 1: and all student debt cancelations sound early familiar to the

1529
01:19:15,320 --> 01:19:18,080
Speaker 1: ones made against help for homeowners. The same narrative hitting

1530
01:19:18,080 --> 01:19:20,600
Speaker 1: those who were supposedly responsible, saved ahead of time for

1531
01:19:20,640 --> 01:19:22,639
Speaker 1: their college, or quote worked their butt off to pay

1532
01:19:22,640 --> 01:19:25,240
Speaker 1: off their debt sound a lot like the arguments about

1533
01:19:25,240 --> 01:19:29,320
Speaker 1: the good and responsible homeowners versus the reckless and irresponsible homeowners.

1534
01:19:29,560 --> 01:19:32,599
Speaker 1: First of all, both of these narratives ignore the outright

1535
01:19:32,640 --> 01:19:36,040
Speaker 1: fraud abuse endemic in both systems. The mortgage brokers who

1536
01:19:36,040 --> 01:19:38,720
Speaker 1: targeted immigrants and the elderly and lied them about their

1537
01:19:38,760 --> 01:19:41,519
Speaker 1: loan terms, or even went so far as to forge

1538
01:19:41,560 --> 01:19:45,200
Speaker 1: their signatures on mortgage products that they never actually agreed to,

1539
01:19:45,240 --> 01:19:48,479
Speaker 1: the fly by night for profit colleges promising everything and

1540
01:19:48,600 --> 01:19:51,799
Speaker 1: leaving students with nothing but a lifetime of debt and misery,

1541
01:19:52,360 --> 01:19:55,160
Speaker 1: or the more respectable versions of this like NYU we

1542
01:19:55,200 --> 01:19:58,559
Speaker 1: covered this year, which charges students insane amounts of money,

1543
01:19:58,720 --> 01:20:00,880
Speaker 1: saddling them with some of the high debt loads in

1544
01:20:00,920 --> 01:20:03,720
Speaker 1: the country for degrees that lead them nowhere in terms

1545
01:20:03,720 --> 01:20:06,719
Speaker 1: of the job market. The practices there are so outright

1546
01:20:06,760 --> 01:20:09,720
Speaker 1: exploitative that one female student at least was forced to

1547
01:20:09,800 --> 01:20:13,719
Speaker 1: sell her own eggs in order to afford this scam education.

1548
01:20:14,439 --> 01:20:16,439
Speaker 1: But the big thing these narratives ignore is that the

1549
01:20:16,479 --> 01:20:18,599
Speaker 1: divide between those who paid off their college and will

1550
01:20:18,600 --> 01:20:21,719
Speaker 1: struggle their entire lives with debt isn't about moral character.

1551
01:20:21,880 --> 01:20:24,799
Speaker 1: It's about luck, and it's about class. A much clearer

1552
01:20:24,800 --> 01:20:26,920
Speaker 1: dividing line is whether or not your parents were well

1553
01:20:27,000 --> 01:20:29,400
Speaker 1: enough to well off enough to avail themselves of the

1554
01:20:29,439 --> 01:20:31,960
Speaker 1: tax free college savings accounts that are, by the way,

1555
01:20:32,000 --> 01:20:35,320
Speaker 1: a direct subsidy to upper middle class families. After all,

1556
01:20:35,360 --> 01:20:39,040
Speaker 1: low income people are disproportionately burdened by student debt, and

1557
01:20:39,280 --> 01:20:41,680
Speaker 1: the largest shares of student debt are held by the

1558
01:20:41,720 --> 01:20:44,760
Speaker 1: individuals with the least wealth. There's one more piece of

1559
01:20:44,760 --> 01:20:47,599
Speaker 1: this too, A college education is not exactly living up

1560
01:20:47,600 --> 01:20:50,800
Speaker 1: to its promise anymore. This is extremely obvious if you

1561
01:20:50,840 --> 01:20:53,200
Speaker 1: watch what is happening right now in the Amazon and

1562
01:20:53,280 --> 01:20:57,000
Speaker 1: Starbucks labor union movements. Nomsheiber actually had a good report

1563
01:20:57,040 --> 01:21:01,280
Speaker 1: on this. Increasingly after the Great Recession, college educated workers

1564
01:21:01,280 --> 01:21:04,559
Speaker 1: found themselves were against Starbucks or Amazon or other service

1565
01:21:04,560 --> 01:21:07,040
Speaker 1: sector blue collar jobs in order to be able to

1566
01:21:07,040 --> 01:21:09,559
Speaker 1: make ends meet and be able to afford some kind

1567
01:21:09,640 --> 01:21:13,160
Speaker 1: of healthcare shiber rights of these workers quote. They have

1568
01:21:13,200 --> 01:21:16,000
Speaker 1: a sense that the economic grand bargain available to their

1569
01:21:16,000 --> 01:21:19,280
Speaker 1: parents go to college, work hard, enjoy comfortable lifestyle has

1570
01:21:19,320 --> 01:21:22,040
Speaker 1: broken down and they see unionizing as a way to

1571
01:21:22,120 --> 01:21:24,840
Speaker 1: resurrect it. And by the way, they are correct. In

1572
01:21:24,880 --> 01:21:27,719
Speaker 1: the long run, unionizing the service sector is a way

1573
01:21:27,720 --> 01:21:30,120
Speaker 1: more likely path to the good life than just continuing

1574
01:21:30,160 --> 01:21:33,320
Speaker 1: to follow these politicians and their billionaire capitalist buddies down

1575
01:21:33,360 --> 01:21:37,680
Speaker 1: the debt laden primrose path. These failed promises have radicalized

1576
01:21:37,720 --> 01:21:40,680
Speaker 1: two generations, now, pushing them to occupy Wall Street and

1577
01:21:40,680 --> 01:21:43,400
Speaker 1: the Birding campaign, and now to the burgeoning new labor movement.

1578
01:21:43,760 --> 01:21:46,400
Speaker 1: After all, fifty seven percent of Gen z yers they're

1579
01:21:46,439 --> 01:21:49,160
Speaker 1: going to go to college more than any other generation.

1580
01:21:49,520 --> 01:21:51,720
Speaker 1: Yet they are likely to follow the path of millennials,

1581
01:21:51,880 --> 01:21:55,439
Speaker 1: achieving every single life milestone from marriage, to family to

1582
01:21:55,479 --> 01:21:58,080
Speaker 1: home ownership at a later date than Boomers or the

1583
01:21:58,120 --> 01:22:00,800
Speaker 1: Silent generation. No. One of the key of reasons why

1584
01:22:01,000 --> 01:22:03,960
Speaker 1: is because of that crushing weight of student debt that

1585
01:22:04,080 --> 01:22:08,000
Speaker 1: handcuffs them for literally decades. This is not a failure

1586
01:22:08,080 --> 01:22:13,320
Speaker 1: of personal responsibility. It is fraud, mass fraud perpetrated on millions,

1587
01:22:13,400 --> 01:22:17,479
Speaker 1: which deserves redress, and perpetrated most crushingly on those attending

1588
01:22:17,479 --> 01:22:19,479
Speaker 1: college during the pandemic, by the way, when they didn't

1589
01:22:19,479 --> 01:22:23,040
Speaker 1: even benefit from on campus life debt. Cancelation is not

1590
01:22:23,080 --> 01:22:26,280
Speaker 1: a full solution, of course, especially not the timid peddling

1591
01:22:26,320 --> 01:22:28,519
Speaker 1: and means tested version that Biden is likely to offer

1592
01:22:28,800 --> 01:22:31,000
Speaker 1: if he bothers to offer anything at all. And of

1593
01:22:31,040 --> 01:22:33,599
Speaker 1: course it does not address the wrongs done to other

1594
01:22:34,000 --> 01:22:37,840
Speaker 1: many victims of neoliberalism. But it's a start and an

1595
01:22:37,880 --> 01:22:41,120
Speaker 1: initial national recognition that what has been done to these

1596
01:22:41,160 --> 01:22:43,560
Speaker 1: people is wrong and it needs to be fixed. The

1597
01:22:43,560 --> 01:22:46,799
Speaker 1: American people deserve better than lies, market based fairy tales

1598
01:22:46,800 --> 01:22:51,000
Speaker 1: and crushing debt. They deserve jobs, health care, and dignity

1599
01:22:51,320 --> 01:22:53,679
Speaker 1: in lieu of serious steps to secure any of these.

1600
01:22:54,000 --> 01:22:56,000
Speaker 1: At the very least, we can do a bit to

1601
01:22:56,080 --> 01:22:59,040
Speaker 1: lighten their load. I think that's statistic about how with

1602
01:22:59,160 --> 01:23:02,200
Speaker 1: every generation and if you want to hear my reaction

1603
01:23:02,360 --> 01:23:05,920
Speaker 1: to Crystal's monologue, become a premium subscriber today at Breakingpoints

1604
01:23:05,960 --> 01:23:10,240
Speaker 1: dot com. End of last week, we got a kind

1605
01:23:10,240 --> 01:23:13,000
Speaker 1: of a shock report showing that us GDP had actually

1606
01:23:13,200 --> 01:23:16,439
Speaker 1: gone backwards. That was not something that economists were expecting.

1607
01:23:16,640 --> 01:23:19,040
Speaker 1: So joining us to break down what exactly is going

1608
01:23:19,080 --> 01:23:22,080
Speaker 1: on with that and also with our economy writ large

1609
01:23:22,160 --> 01:23:25,120
Speaker 1: is Professor Richard Wolf. He is host of Economic Update,

1610
01:23:25,120 --> 01:23:28,839
Speaker 1: Professor of Economics Emeritus at UMass Amherst, and visiting professor

1611
01:23:28,840 --> 01:23:32,000
Speaker 1: at the New School, and also founder of Democracy at Work.

1612
01:23:32,000 --> 01:23:34,200
Speaker 1: It is always a pleasure to see you, sir, goodeseezir,

1613
01:23:34,840 --> 01:23:37,360
Speaker 1: thank you glad to be here. Yeah, our pleasure. So

1614
01:23:37,400 --> 01:23:39,719
Speaker 1: go ahead and put this report from the Wall Street

1615
01:23:39,760 --> 01:23:42,240
Speaker 1: Journal up on the screen. There you see us GDP

1616
01:23:42,479 --> 01:23:46,040
Speaker 1: falls one point four percent as economy shrinks for the

1617
01:23:46,120 --> 01:23:49,840
Speaker 1: first time since early in the pandemic. Professor, what did

1618
01:23:49,840 --> 01:23:53,799
Speaker 1: you make of this report? Well, you know, the first

1619
01:23:53,840 --> 01:23:57,680
Speaker 1: reaction I had is that it's the latest in a

1620
01:23:57,880 --> 01:24:02,400
Speaker 1: number of statistics with the reaction should be We saw

1621
01:24:02,439 --> 01:24:06,080
Speaker 1: this coming, We knew it would happen. It really wasn't

1622
01:24:06,120 --> 01:24:09,519
Speaker 1: a question of whether, it was mostly a question of when,

1623
01:24:09,960 --> 01:24:13,439
Speaker 1: and when just arrived. Let me explain what I mean.

1624
01:24:13,920 --> 01:24:17,960
Speaker 1: We've been suffering a serious inflation for a year now,

1625
01:24:18,600 --> 01:24:22,519
Speaker 1: and there's an effort all over the place to minimize it,

1626
01:24:22,840 --> 01:24:28,920
Speaker 1: deny it, explain it away, excuse it, make it temporary.

1627
01:24:29,479 --> 01:24:34,960
Speaker 1: It isn't. It's a very serious problem in this society,

1628
01:24:35,439 --> 01:24:39,040
Speaker 1: as has been the inflation long before a year ago,

1629
01:24:39,360 --> 01:24:43,160
Speaker 1: but an inflation that was restricted to the stock market

1630
01:24:43,320 --> 01:24:47,200
Speaker 1: where prices zoomed and hadn't yet come to the daily

1631
01:24:47,760 --> 01:24:51,599
Speaker 1: economy we all live in. Now we see a shift

1632
01:24:52,000 --> 01:24:55,960
Speaker 1: that inflation, which was with the stock market and wealthy

1633
01:24:56,040 --> 01:24:59,880
Speaker 1: people loved it, now has moved to hit the mass

1634
01:25:00,080 --> 01:25:03,720
Speaker 1: of the people. And if prices go up, and we're

1635
01:25:03,720 --> 01:25:08,280
Speaker 1: guessing these days nine ten percent as a fair notion

1636
01:25:08,400 --> 01:25:13,519
Speaker 1: of what's really happening, we know, without being needing rocket science,

1637
01:25:13,840 --> 01:25:18,599
Speaker 1: that people can't afford to buy goods and services rising

1638
01:25:18,680 --> 01:25:22,919
Speaker 1: in price this way. Never could But after two years

1639
01:25:22,960 --> 01:25:27,040
Speaker 1: of the worst public health disaster in our society and

1640
01:25:27,520 --> 01:25:31,920
Speaker 1: the second worst economic crash, both happening at the same time,

1641
01:25:32,479 --> 01:25:36,160
Speaker 1: an inflation is going to have a magnified effect. And

1642
01:25:36,240 --> 01:25:39,280
Speaker 1: what that means is with less goods and services that

1643
01:25:39,360 --> 01:25:44,839
Speaker 1: people can afford to buy, less get produced, among other things,

1644
01:25:45,080 --> 01:25:48,439
Speaker 1: and you get the shrinkage of our economy. That quote

1645
01:25:48,560 --> 01:25:53,840
Speaker 1: unquote shocks everybody, but really shouldn't have so professor, Can

1646
01:25:53,880 --> 01:25:55,600
Speaker 1: you talk a little bit about that phenomenon in the

1647
01:25:55,640 --> 01:25:57,840
Speaker 1: context of the Fed. We were talking about earlier in

1648
01:25:57,880 --> 01:26:02,080
Speaker 1: the show about the Fed possible allowing both a passive

1649
01:26:02,120 --> 01:26:05,719
Speaker 1: runoff of bonds but also tightening interest rates, which could trigger,

1650
01:26:05,800 --> 01:26:07,880
Speaker 1: you know, slowing down the economy. What does that look

1651
01:26:07,960 --> 01:26:10,120
Speaker 1: like in the context of the current inflation? What does

1652
01:26:10,120 --> 01:26:14,000
Speaker 1: that mean in the future. Well, two things, and they're

1653
01:26:14,040 --> 01:26:19,120
Speaker 1: not quite compatible, but that's the way our crazy economy works.

1654
01:26:19,560 --> 01:26:22,200
Speaker 1: On the one hand, there's a serious question of whether

1655
01:26:22,240 --> 01:26:27,240
Speaker 1: the Federal Reserve is even able to stop this inflation.

1656
01:26:27,680 --> 01:26:31,479
Speaker 1: You know, they were trying to avoid one before that

1657
01:26:31,520 --> 01:26:35,679
Speaker 1: didn't work. They were trying to avoid the three count

1658
01:26:35,720 --> 01:26:39,800
Speaker 1: them three economic crashes we've had in this new century.

1659
01:26:40,880 --> 01:26:44,000
Speaker 1: Dot Com in two thousand, the subprime mortgage in two

1660
01:26:44,000 --> 01:26:47,599
Speaker 1: thousand and eight, and now this one associated with the COVID.

1661
01:26:48,560 --> 01:26:51,800
Speaker 1: Their record is poor. So the first big question is

1662
01:26:52,439 --> 01:26:57,639
Speaker 1: will the interest rate increases scheduled for this month, if

1663
01:26:57,680 --> 01:27:02,720
Speaker 1: not this week, will those in fact be adequate, will

1664
01:27:02,760 --> 01:27:06,719
Speaker 1: be effective in slowing the inflation. That's a big open

1665
01:27:06,880 --> 01:27:11,120
Speaker 1: question mark. But the second point, let's assume for the

1666
01:27:11,280 --> 01:27:16,120
Speaker 1: moment that they work that either on their own if

1667
01:27:16,120 --> 01:27:19,000
Speaker 1: they raise it at half a percentage point or with

1668
01:27:19,160 --> 01:27:22,240
Speaker 1: more later this year, as they have said they will do.

1669
01:27:22,920 --> 01:27:27,280
Speaker 1: In that event, Here's what it means. You're making all

1670
01:27:27,439 --> 01:27:31,200
Speaker 1: kinds of things more expensive in this society when you

1671
01:27:31,320 --> 01:27:35,639
Speaker 1: raise interest rates more expensive, to take out a mortgage

1672
01:27:35,640 --> 01:27:39,120
Speaker 1: for your home more expensive, to make those monthly payments

1673
01:27:39,200 --> 01:27:42,879
Speaker 1: for your car more expensive, to make the monthly payments

1674
01:27:42,920 --> 01:27:46,599
Speaker 1: on your credit debt, and possibly even affecting the student

1675
01:27:46,720 --> 01:27:50,920
Speaker 1: debt in this country, which is now an enormous phenomena.

1676
01:27:51,479 --> 01:27:56,160
Speaker 1: That's all going to have negative effects on people's lives.

1677
01:27:57,400 --> 01:28:02,559
Speaker 1: And here's what that means. A crash that more than

1678
01:28:02,600 --> 01:28:06,200
Speaker 1: half the American people were unemployed in twenty twenty and

1679
01:28:06,439 --> 01:28:10,559
Speaker 1: or twenty twenty one for weeks or months at a time.

1680
01:28:11,080 --> 01:28:16,280
Speaker 1: Then an inflation, and now a recession brought on by

1681
01:28:16,360 --> 01:28:20,120
Speaker 1: rising interest rates. You know, the Deutsche Bank, which has

1682
01:28:20,160 --> 01:28:24,240
Speaker 1: no skin in this game because it's in Germany, they've

1683
01:28:24,280 --> 01:28:28,480
Speaker 1: already predicted a recession here and they're advising their clients

1684
01:28:28,760 --> 01:28:33,520
Speaker 1: to adjust their investments in the United States on that assumption.

1685
01:28:34,080 --> 01:28:36,479
Speaker 1: They will be hurt if they've made a mistake. But

1686
01:28:36,560 --> 01:28:40,240
Speaker 1: it should give you an idea that for most of us.

1687
01:28:40,600 --> 01:28:45,080
Speaker 1: We are watching a series of attacks on the mass

1688
01:28:45,120 --> 01:28:50,400
Speaker 1: of people's standard of living that will also, in my judgment,

1689
01:28:50,920 --> 01:28:57,280
Speaker 1: lead to real serious social changes and unrest in this country, which,

1690
01:28:57,439 --> 01:28:59,800
Speaker 1: in the case of the labor movement, you are all

1691
01:29:00,200 --> 01:29:03,519
Speaker 1: he's seeing. Could you lay that on a little bit more?

1692
01:29:03,760 --> 01:29:06,960
Speaker 1: How do you how do you connect the you know

1693
01:29:07,000 --> 01:29:08,920
Speaker 1: what we do see happening with the labor movement and

1694
01:29:08,960 --> 01:29:12,280
Speaker 1: votes are being counted today in the Amazon Labor Unions

1695
01:29:12,320 --> 01:29:15,200
Speaker 1: second union election there on Staten Island. Why are we

1696
01:29:15,240 --> 01:29:19,519
Speaker 1: seeing those bubblings up there Starbucks other places across the

1697
01:29:19,520 --> 01:29:23,960
Speaker 1: country with the economic landscape as it is today. Well,

1698
01:29:24,040 --> 01:29:26,400
Speaker 1: I'm going to give you an answer, and I admit

1699
01:29:26,520 --> 01:29:29,000
Speaker 1: before I even do that it comes from me as

1700
01:29:29,040 --> 01:29:31,840
Speaker 1: a professor. I've been that all my life. I'm close

1701
01:29:31,880 --> 01:29:34,920
Speaker 1: to the academic world. I'm part of it. And let

1702
01:29:34,960 --> 01:29:38,400
Speaker 1: me point out to something that may have escaped your attention.

1703
01:29:38,520 --> 01:29:41,680
Speaker 1: I don't know whether you covered this already. There was

1704
01:29:41,720 --> 01:29:47,160
Speaker 1: a remarkable effort at Grinnell College in Iowa. I'm the

1705
01:29:47,280 --> 01:29:51,400
Speaker 1: part of students at the college who happen also to

1706
01:29:51,479 --> 01:29:55,400
Speaker 1: be hourly workers. More and more in the United States,

1707
01:29:55,439 --> 01:29:59,960
Speaker 1: students are called upon to do labor, partly because they're

1708
01:30:00,000 --> 01:30:05,320
Speaker 1: desperately financially strapped, taking out loans they can afford, squeezing

1709
01:30:05,320 --> 01:30:08,760
Speaker 1: their parents in ways that are difficult for them. Will

1710
01:30:08,760 --> 01:30:11,519
Speaker 1: all know that story. And by the way, it's a

1711
01:30:11,640 --> 01:30:16,960
Speaker 1: cheap labor force for the college. So it's unusual that

1712
01:30:17,000 --> 01:30:22,960
Speaker 1: the students would mobilize to unionize. They did. They made

1713
01:30:22,960 --> 01:30:26,719
Speaker 1: a real effort, these undergraduates, it's what they are. Grinnell

1714
01:30:26,840 --> 01:30:31,280
Speaker 1: Colleges is an undergraduate college, well known, well respected college.

1715
01:30:31,960 --> 01:30:36,120
Speaker 1: They voted finally, they were strong enough they got an

1716
01:30:36,160 --> 01:30:40,280
Speaker 1: agreement from the college to remain quote unquote neutral. They

1717
01:30:40,360 --> 01:30:43,920
Speaker 1: had their vote last week and the vote was if

1718
01:30:43,960 --> 01:30:46,040
Speaker 1: I had the numbers right, and I know I'm close,

1719
01:30:46,800 --> 01:30:54,800
Speaker 1: three hundred and twenty seven in favor of unionization, six against. Wow.

1720
01:30:54,840 --> 01:30:57,880
Speaker 1: More important than the fact that they won a union,

1721
01:30:58,000 --> 01:31:01,519
Speaker 1: which is very important, is the fact that they want

1722
01:31:01,560 --> 01:31:06,120
Speaker 1: it on such a lopsided outcome. And I think what

1723
01:31:06,160 --> 01:31:08,760
Speaker 1: you're seeing and this is just you know, the tip

1724
01:31:08,800 --> 01:31:12,640
Speaker 1: of the iceberg. What you're seeing is a whole generation

1725
01:31:13,520 --> 01:31:17,840
Speaker 1: that has absorbed these hits. There's not a word to

1726
01:31:17,880 --> 01:31:20,639
Speaker 1: say it hits to the working class, the middle class

1727
01:31:20,680 --> 01:31:23,599
Speaker 1: of this country. They're seeing it in their parents. They're

1728
01:31:23,640 --> 01:31:27,720
Speaker 1: seeing it in their strained school finances. They're seeing it

1729
01:31:27,760 --> 01:31:32,160
Speaker 1: in the quality of the jobs their seniors. Graduating seniors

1730
01:31:32,160 --> 01:31:34,439
Speaker 1: for the last two or three years have been able

1731
01:31:34,479 --> 01:31:37,360
Speaker 1: to get the number of them that are looking forward

1732
01:31:37,400 --> 01:31:40,280
Speaker 1: to being a barista in a coffee shop, or driving

1733
01:31:40,360 --> 01:31:43,880
Speaker 1: an uber car or whatever it is they end up

1734
01:31:43,960 --> 01:31:50,799
Speaker 1: doing that. They're living out the constriction of the American dream.

1735
01:31:51,160 --> 01:31:55,520
Speaker 1: It's being pulled away from them, and it's very painful

1736
01:31:55,840 --> 01:32:00,760
Speaker 1: for them to see the implicit promises made to by

1737
01:32:00,800 --> 01:32:04,439
Speaker 1: their school, by their parents, by their society as a whole,

1738
01:32:05,120 --> 01:32:09,520
Speaker 1: shrinking out of view, out of their grasp. They are upset,

1739
01:32:09,960 --> 01:32:16,240
Speaker 1: and they're beginning to think through that maybe mobilization in

1740
01:32:16,280 --> 01:32:20,519
Speaker 1: a labor movement is some kind of way forward when

1741
01:32:20,520 --> 01:32:23,760
Speaker 1: there looked to be no other ways. And for those

1742
01:32:23,800 --> 01:32:26,720
Speaker 1: of us that have studied the unionization drive of the

1743
01:32:26,840 --> 01:32:31,080
Speaker 1: nineteen thirties, that's what happened then. The Great Depression had

1744
01:32:31,120 --> 01:32:34,160
Speaker 1: to be in place from nineteen twenty nine to nineteen

1745
01:32:34,200 --> 01:32:39,519
Speaker 1: thirty two before people began to realize, oh goodness, we

1746
01:32:39,720 --> 01:32:44,280
Speaker 1: better join the union. That may make this bad time

1747
01:32:44,720 --> 01:32:47,400
Speaker 1: a little less bad than it would otherwise have been

1748
01:32:47,840 --> 01:32:52,360
Speaker 1: something like that is underway now. It has been extraordinary

1749
01:32:52,360 --> 01:32:53,760
Speaker 1: to watch, and I know there are a couple of

1750
01:32:53,760 --> 01:32:56,439
Speaker 1: other colleges that are moving in that same direction. What

1751
01:32:56,479 --> 01:32:58,960
Speaker 1: made it so unique is that this was, you know,

1752
01:32:59,000 --> 01:33:02,120
Speaker 1: not just one second of the sort of student labor economy,

1753
01:33:02,120 --> 01:33:06,360
Speaker 1: but the entire college and such overwhelming numbers. Professor Wolf,

1754
01:33:06,360 --> 01:33:07,720
Speaker 1: It's always so great to see you. Thank you so

1755
01:33:07,800 --> 01:33:09,760
Speaker 1: much for making things clear. Thanks for joining us, sir,

1756
01:33:10,360 --> 01:33:14,640
Speaker 1: my pleasure. Thank you absolutely, Thank you guys so much

1757
01:33:14,680 --> 01:33:17,320
Speaker 1: for watching. We really appreciate it. Look, your guys' support

1758
01:33:17,400 --> 01:33:18,720
Speaker 1: just means the world. You know we're talking in that

1759
01:33:18,840 --> 01:33:21,680
Speaker 1: CNN block just about the incentives of cable news. It

1760
01:33:21,720 --> 01:33:23,799
Speaker 1: just reminds me how lucky we are to do the show, Crystal.

1761
01:33:23,880 --> 01:33:25,519
Speaker 1: You know, we program it exactly the way that we

1762
01:33:25,560 --> 01:33:27,960
Speaker 1: want what we think will be best in order to

1763
01:33:27,960 --> 01:33:30,599
Speaker 1: make people feel as if they're getting the best amount

1764
01:33:30,600 --> 01:33:33,759
Speaker 1: of information possible, highlighting the stories and aren't being covered.

1765
01:33:33,760 --> 01:33:35,560
Speaker 1: So you're the ones who make that possible. And we

1766
01:33:35,640 --> 01:33:38,040
Speaker 1: got some big stuff in the works which I'm really

1767
01:33:38,080 --> 01:33:40,320
Speaker 1: really excited in order to debut as we approach our

1768
01:33:40,360 --> 01:33:42,639
Speaker 1: one year anniversary. Thank you all so much for watching,

1769
01:33:42,680 --> 01:33:44,720
Speaker 1: and we will see you all tomorrow. Have a good one, guys,

1770
01:33:44,720 --> 01:33:46,320
Speaker 1: see you back here tomorrow.