Speaker 1: You're listening to Comedy Central.
Speaker 2: From the most trusted journalist at Comedy Central.
Speaker 3: Is America's only source for news.
Speaker 4: This is the daily joke with your Holy show.
Speaker 1: Yal.
Speaker 2: It's officially been a one hundred days of Donald Trump.
Speaker 1: I'm so tired.
Speaker 2: It's aging this nation and Tom Hanks castaway years.
Speaker 1: But it is the daddy show. I'm John Store.
Speaker 2: Tonight we're kicking off a week long coverage Donald Trump's
Speaker 2: first one hundred.
Speaker 1: Let's call them days.
Speaker 2: Let's get into it.
Speaker 4: It'll be a little disturbance. I was kidding.
Speaker 1: Energy.
Speaker 2: Imagine me with a white beard. But yes, Tomorrow's officially
Speaker 2: the one hundredth day of Donald Trump's second first term,
Speaker 2: and you will be very pleased to hear it is
Speaker 2: going incredibly.
Speaker 5: Well, the most successful one hundred days in the history
Speaker 5: of our country.
Speaker 2: Suck at, Jefferson, suck it, Lincoln sucket Roosevelt's squared.
Speaker 1: Trump's first hundred day is the most successful American history.
Speaker 1: It would be like if.
Speaker 2: America landed on the moon and killed Bin Laden in
Speaker 2: the same mission.
Speaker 1: I thought you could hide on the moon.
Speaker 4: It get him?
Speaker 2: Boys, did you know people make that noise when they
Speaker 2: move on the moon. According to Trump, the most successful
Speaker 2: one hundred days in the history of our country.
Speaker 1: Can anyone offer a counterpoint?
Speaker 6: Chaos and confusion from Wall Street to Washington.
Speaker 7: More than six trillion in market losses, consumer confidence plummeting.
Speaker 2: Outrage over Musk and his Department of Government efficiency. The
Speaker 2: showdown has legal scholars afraid that this might actually be
Speaker 2: a constitutional crisis.
Speaker 3: Firestorm over the national security breach, the Russia Ukraine War
Speaker 3: raging on.
Speaker 2: Just thirty nine percent of Americans approve of the way
Speaker 2: Trump is doing his job, lower than any past president.
Speaker 1: At the one hundred day.
Speaker 2: Mark, he has the lowest approval rating of any president
Speaker 2: in the past eighty years. Suck at Herbert Hoover. Donald
Speaker 2: Trump's ratings are eleven points underwater.
Speaker 1: He doesn't care.
Speaker 2: He's not afraid of being underwater because he's equipped with
Speaker 2: a flotation unit protective a flotation unit protective accessory or FUPA.
Speaker 1: He has a FOOTPA looking up.
Speaker 4: What's up?
Speaker 2: I had I had to be told with that, but
Speaker 2: I hate to break the bad news to Donald Trump.
Speaker 2: His lowered approval rating triggers the Chuck Schumer fight instinct.
Speaker 8: You remember, we're going to keep at it, keep at it,
Speaker 8: keep at it until he goes below forty.
Speaker 2: Yes, he's below forty. Now you've got it right where
Speaker 2: you want him. Finish him, Schumer, Trump is going after
Speaker 2: free speech and universities.
Speaker 1: How will you destroy Trump? Now that he's below forty.
Speaker 8: So we sent him a very strong letter just the
Speaker 8: other day, tail asking eight very strong questions.
Speaker 2: Question one, why is this university different from all other universities?
Speaker 1: Wait, that's the wrong book, Hold on.
Speaker 4: Four.
Speaker 1: Yeah.
Speaker 2: So while we wait for those strongly worded questions to
Speaker 2: work their magic, let's take a look at why so
Speaker 2: many people might be unhappy with Trump's forms. It might
Speaker 2: have something to do with the gap between what Trump
Speaker 2: promised and what he's delivered.
Speaker 1: For instance, the economy America is going to be very
Speaker 1: rich again, and it's going to happen very quickly. I
Speaker 1: think our economy is going to roar. I think our
Speaker 1: stock market is going to do great.
Speaker 5: When I win the election, we will immediately begin a
Speaker 5: brand new Trump economic boom.
Speaker 1: It'll be a boom.
Speaker 2: Fortunately, I do think it's pretty clear that on the economy,
Speaker 2: Donald Trump did make a boom boom, a little boom boom,
Speaker 2: and or dog the Trump go Boom boom. Perhaps Trump
Speaker 2: feels so positive because while the economy has had a
Speaker 2: tout for most people, there have been some winners.
Speaker 1: Donald Trump's net worth more than doubling.
Speaker 2: President Trump's meme coin worth about two point five billion dollars.
Speaker 7: Law firms committing about a billion dollars worth of free
Speaker 7: legal work for the administration.
Speaker 3: XT to reach a ten million dollar settlement with Donald Trump.
Speaker 7: ABC had a agree to give fifteen million dollars to
Speaker 7: President Trump's library.
Speaker 1: That is giving twenty five million dollars.
Speaker 2: Amazon Jeff Bezos is paying forty million dollars to license
Speaker 2: a documentary about Milania Trump.
Speaker 1: A free market.
Speaker 2: I was like, No, the guy's making billions and billion dollars,
Speaker 2: but seriously, forty million dollars for a documentary about Millennia Trump.
Speaker 4: No offense.
Speaker 1: I'm sure she's a very interesting person.
Speaker 2: But PBS made the entirety of the ken Burn Civil
Speaker 2: War series for three point five million dollars.
Speaker 1: Shoa Shoa was three million dollars.
Speaker 2: I think obviously they wanted four, but they still got
Speaker 2: a good price. The entirety of the Planet Earth series
Speaker 2: eleven episodes was less than that.
Speaker 1: Twenty five million dollars.
Speaker 2: And I know Millennia is a mysterious and private woman,
Speaker 2: but I guarantee you don't have to wait outside her
Speaker 2: house for weeks at a time hoping to catch a
Speaker 2: rare nocturnal feeding on a stripe for South American toad.
Speaker 1: Forty million. So Trump is personally doing great in this economy.
Speaker 1: What about immigration? He made a lot of promises there too.
Speaker 5: We are going to start the largest mass deportation in
Speaker 5: the history of our country, and we are going to
Speaker 5: start with violent criminals.
Speaker 2: We're get to get people out that are criminals.
Speaker 4: And horrible people.
Speaker 5: The Hannibal elector is coming in, lots of them, lots
Speaker 5: of them.
Speaker 4: So many of them.
Speaker 2: It's like that Timothy Shallow may look alike event.
Speaker 1: But for Hannibal electors.
Speaker 2: By the way, wouldn't massing a bunch of Hannibal electors
Speaker 2: around the border be a solution for immigration?
Speaker 1: There was a line here yesterday. I don't now it's
Speaker 1: just shoes in empty Kianti bottles. I don't need. Are
Speaker 1: we taking out the lectors? The worst of the worst.
Speaker 6: Last week's deportations included three American children, all US citizens.
Speaker 6: One of them is battling cancer.
Speaker 9: Oh my god, are you fucking what that's so we're
Speaker 9: deporting a kid with cancer.
Speaker 2: Trump really doesn't understand how to make a wish foundation.
Speaker 1: Works, not saying the cancer kid is the one who
Speaker 1: gets the wish.
Speaker 4: Trump.
Speaker 1: Oh, I'm sorry.
Speaker 2: The audience will go with you on a lot, but
Speaker 2: there are certain moments where I feel their physical pain.
Speaker 1: So that's not working out. What about religion?
Speaker 5: We ought to bring religion back into our country and
Speaker 5: let it get stronger and bigger and better. As I say, hmmm, yes, Christianity, bigger, longer, uncut,
Speaker 5: so I'm told.
Speaker 1: But fine, how's that promise going?
Speaker 10: Jd Vance was one of the last people to see
Speaker 10: who friends is alive, having a meeting within the day
Speaker 10: before he died.
Speaker 1: Jd Vance, don't you understand how make a wish? Were
Speaker 1: Jessica die? In Vance? What did you do to this man?
Speaker 1: This pope had literally.
Speaker 2: Touched lepers, He drank sewage water in slums and survived
Speaker 2: all of it.
Speaker 1: Ten minutes, ten minutes talking with JD.
Speaker 2: Vance, and the Pope is like, God, check, please, God, God,
Speaker 2: I can't, I can't do it.
Speaker 4: Let me.
Speaker 3: Out.
Speaker 1: I've been celibate eighty eight years.
Speaker 2: This is the longest ten minutes of my life. Even
Speaker 2: areas that Trump promised slam dunk progress have abjectly failed.
Speaker 4: And I will settle the.
Speaker 1: War in Ukraine.
Speaker 8: I will have that war settled in one day, twenty
Speaker 8: four hours.
Speaker 5: I will get it settled before I even become president
Speaker 5: if I win, when I'm president elect.
Speaker 1: And what I'll do is, I'll speak to one, I'll
Speaker 1: speak to the other.
Speaker 9: Why are you giving away the secret plan.
Speaker 2: That's the kind of top secret, classified strategy you only
Speaker 2: divulge on signal group chats. I'll talk to one, I'll
Speaker 2: talk to the other. But clearly wait, clearly, twenty four
Speaker 2: hours has passed and no end.
Speaker 1: So what happened?
Speaker 6: President Trump now claiming he was exaggerating with his campaign
Speaker 6: promises to end the war in Ukraine on.
Speaker 7: Day one, The President said, obviously people know that. When
Speaker 7: I said that, it was said in es.
Speaker 1: I'm gonna end the war in Ukraine on day one.
Speaker 4: Is this thing on?
Speaker 2: By the way, I'm a little shocked Trump couldn't get
Speaker 2: it done.
Speaker 1: Given his Solomon like peace plan, Pusan would maintain control
Speaker 1: of the territory he's taken since invading more than three
Speaker 1: years ago.
Speaker 10: Crimea will stay with Russia, presidents said today the US
Speaker 10: will make no security guarantees to Ukraine, so she'll be.
Speaker 1: Just trying to absorb the specific city.
Speaker 2: I'm just trying to so Russia, who invaded a sovereign nation,
Speaker 2: gets everything that they wanted and in return Ukraine gets
Speaker 2: to give it to them. Obviously not a master negotiator,
Speaker 2: but I think I could have delivered that plan.
Speaker 1: Here's the kicker.
Speaker 2: After saying to Russia, well, what if we divide it
Speaker 2: where you get everything? Putin just kept through bombing and
Speaker 2: Trump is now reduced from the world's greatest negotiator to
Speaker 2: come on.
Speaker 7: President Trump called on Russia to stop missile strikes on
Speaker 7: Ukraine and made a rare personal rebuke of Putin, saying,
Speaker 7: Vladimir stopped.
Speaker 2: Stop.
Speaker 4: It's in all caps flooding.
Speaker 2: The commander achieved the world's most powerful army with the
Speaker 2: nuclear briefcase on one side the direct red.
Speaker 1: Foae to Moscow on the other.
Speaker 2: Decided the best way to demonstrate the serious one in
Speaker 2: which he took this heinous bombing was to open off
Speaker 2: brand Twitter and all caps.
Speaker 1: Concern face.
Speaker 2: Concern face Bicep party had eggplant skull skull, and you'd
Speaker 2: be surprised to know that stop didn't work because Vladimir
Speaker 2: Putin is not a golden doodle.
Speaker 1: He is apparently a furry. But maybe it's not fair.
Speaker 2: To judge Trump's negotiating skills based on the Ukraine War.
Speaker 2: He didn't start that war. We all know ukrained it
Speaker 2: by wearing that province.
Speaker 1: You knew it. You were doing Ukraine when you sashayed.
Speaker 2: You have pretty little dawn bass all around the black scene.
Speaker 2: The real measure of Trump's first hundred days is the
Speaker 2: shrewdness he showed in the war he did start.
Speaker 1: My fellow Americans, this is Liberation Day. Liberation Day.
Speaker 2: It was a devastating sneak attack launched from the rose garden.
Speaker 2: Fortunately the country he snuck up on was ours.
Speaker 1: Tariff chaos markets in three fall.
Speaker 8: That everybody kind of caught off guard, flat footed on
Speaker 8: Wall Street and elsewhere.
Speaker 7: Major retailers like Target and Walmart have warn shelves could
Speaker 7: go empty in a matter of weeks.
Speaker 1: The bond market melting down overnight. There's now a sixty
Speaker 1: percent chance of a worldwide recession. There's chaos, there's uncertainty.
Speaker 1: No one knows what's going on.
Speaker 2: Yes, apparently plunging our nation into this dark economic abyss is.
Speaker 11: All part of the well. In game theory is called
Speaker 11: strategic uncertainty. So you're not going to tell the person
Speaker 11: on the other side of the negotiation where you're going
Speaker 11: to end up.
Speaker 1: Right right, right, right right.
Speaker 2: But I'm pretty sure in game theory you are supposed
Speaker 2: to tell the person on your side, on your side
Speaker 2: where they're going to end up so they don't freak
Speaker 2: the fuck out. Or maybe it's all bullshit and Trump
Speaker 2: launched a trade war without any of the pre planning
Speaker 2: and preparation that needed to be done, and Besent has
Speaker 2: to go along with it because he's in the service
Speaker 2: of an impulsive man baby that you have to lie
Speaker 2: to so he doesn't turn his viros of vindictiveness onto you.
Speaker 1: How did you not know that other countries weren't going
Speaker 1: to fight back? Did you miss that page in the
Speaker 1: Art of War? Spoiler alert, It's on page one.
Speaker 6: China's retaliation now includes suspending experts of rare earth minerals
Speaker 6: and magnets to the United States. Those materials are essential
Speaker 6: to a number of American industries. Including carmakers, aerospace manufacturers,
Speaker 6: and semiconductor producers. China controls the refinement the production of
Speaker 6: about ninety percent of the world's rare earth metals.
Speaker 7: Elon Musk said that we're having problems with a magnet issue.
Speaker 1: The materials for the magnets for the robots come from China. Oh,
Speaker 1: the robots have no magnets.
Speaker 9: How will they hang up children's drawings on refrigerators?
Speaker 1: They're magnetless.
Speaker 2: And we could have stopped piled magnets and rare earth
Speaker 2: materials like Japan.
Speaker 1: Did in it spat with China. But why bother preparing
Speaker 1: for a war that you yourself are launching. And really,
Speaker 1: how important are magnets anyway?
Speaker 5: Now, all I know about magnets is this, give me
Speaker 5: a glass of water, let me drop it on the magnets.
Speaker 2: That's the end of the magnets. So we have the
Speaker 2: end of the magnets at the beginning of the magnets.
Speaker 1: Doesn't really matter.
Speaker 2: And we're in this position because we've.
Speaker 1: Been sold this idea of Trump as the master.
Speaker 2: The art of the deal. Only he can bring these
Speaker 2: nations to heal. It is all bullshit.
Speaker 4: I'm telling you.
Speaker 5: These countries are calling us up, kissing my ass.
Speaker 1: Trumptil Time magazine that talks were underway and that Chinese
Speaker 1: president shot In Ping had called him.
Speaker 3: China has shot back repeatedly saying no, they are not talking.
Speaker 7: The President said, I've made two hundred deals. Time, you've
Speaker 7: made two hundred deals? Trump one percent.
Speaker 4: One hundred percent.
Speaker 1: Booshit. Here's how you know two hundred deals. There's only
Speaker 1: like one hundred and eighty countries unless he's making a deal.
Speaker 1: It's true, you can't.
Speaker 2: Unless he's can get deal with Trinidad and Tobago separately.
Speaker 2: All right, Turks, you're settled that keacos knock the bass.
Speaker 1: Back of the Linekeakos.
Speaker 2: Trump is not only not the best negotiator, here's maybe
Speaker 2: the worst negotiator. And it makes sense when you listen
Speaker 2: to him talking about how he thinks of our economic negotiations.
Speaker 7: The President said this, I own the store, and I
Speaker 7: set the prices, and I'll say, if you want to
Speaker 7: shop here, this is what you have to pay.
Speaker 5: If you think of us as a big, beautiful department
Speaker 5: store before that business was destroyed by the internet.
Speaker 2: Right, why in God's name would you use a brick
Speaker 2: and mortar department store for your metaphor on our economic revitalization.
Speaker 2: I think of America as the tower records. I the
Speaker 2: president put the CDs on the rack, and if you
Speaker 2: want to listen to Bloodhound Gang, where else are you
Speaker 2: gonna go?
Speaker 1: Is nowhere else to go? Or maybe that's just how
Speaker 1: capitalism works.
Speaker 2: The American president sets the prices and decides who's allowed
Speaker 2: to come into the store, and then other nations come
Speaker 2: back in six months and the whole country is a
Speaker 2: spirit Halloween.
Speaker 4: What is he doing?
Speaker 2: But his negotiating skills aren't the real danger to this country.
Speaker 2: What's gonna fuck us up is his obsession with the
Speaker 2: concept of the leverage that he has.
Speaker 1: We have all the leverage if you know what you're doing.
Speaker 4: We do have leverage because with.
Speaker 5: A pot of gold using my leverage, and it's a
Speaker 5: tremendous leverage, and I used it before very well.
Speaker 1: You don't have the leverage. That's the key mis understanding here.
Speaker 1: Trump is so arrogant. He thinks the leverage is his,
Speaker 1: it's ours, we.
Speaker 4: The people, And it took us two.
Speaker 1: Hundreds more leverage. Why would you even think it is?
Speaker 1: It took the people two.
Speaker 2: One hundred and fifty years of striving to live up
Speaker 2: to a constitutional republic and rule of law, painstaking equity
Speaker 2: that you are squandering. That is the crux of American exceptionalism.
Speaker 2: You just want to make us great. That's a downgrade.
Speaker 2: Our brand is not strategic uncertainty, and you are not
Speaker 2: the keeper of our pot of gold.
Speaker 1: You are a temporary leprechaun.
Speaker 4: And the more normal, the.
Speaker 2: More enamored President Trump you are with your authoritarian whims,
Speaker 2: the more that you turn our shop city on a
Speaker 2: hill into just another ordinary despot led sea level shithole.
Speaker 1: So if I could just put this, if I could
Speaker 1: just put.
Speaker 2: This in negotiating terms, you can understand all caps.
Speaker 4: Don hold.
Speaker 2: When we come back, Chris Hu's will be joining me.
Speaker 1: Don't go right?
Speaker 9: How do I run about in the dawn?
Speaker 1: Teh I got tonight? An economist, an author, also.
Speaker 2: By the way, one of the co founders of Facebook.
Speaker 2: His new book is called Market Crafters, The one hundred
Speaker 2: Years Struggle to Shape the American Economy.
Speaker 1: Please welopment in the program, Chris Hugh's, sir, animate boy.
Speaker 1: The book is called Market Crafters.
Speaker 2: I don't even know where they're gonna pull that up there,
Speaker 2: But it's fantastic. Just give us a quick off the top.
Speaker 2: What is what do you mean by market crafting? It's
Speaker 2: not an etsy, it's so what are we talking about here?
Speaker 10: So I'm making the case that government and policymakers are
Speaker 10: often shaping markets to make them work better. So they
Speaker 10: can shape the markets to make Americans richer, their economic lives,
Speaker 10: more stable, even safer if they know.
Speaker 3: What they're doing.
Speaker 10: And so this is a hidden history that we've got
Speaker 10: to pull on and recover if we're going to rebuild
Speaker 10: after the chaos of Trump and this moment.
Speaker 1: Sure, I have to stop you right there.
Speaker 2: Are you suggesting that the American economy is not the
Speaker 2: free market capitalist nirvana that we have been told?
Speaker 3: It turns out it's rip right.
Speaker 10: No, But I mean, for forty years, people did believe
Speaker 10: that markets are self regulating, that they would mostly take
Speaker 10: care of themselves. And they always use the I word intervene.
Speaker 10: Government is there to intervene in.
Speaker 1: Markets only in catastrophe.
Speaker 10: Usually you're like an emergency room. You know, you would
Speaker 10: come and you would fix things. But what I see
Speaker 10: in the history is that when things go well market
Speaker 10: government is structuring markets to make them work better. So
Speaker 10: you can take semiconductors where just a few years ago
Speaker 10: we weren't making any advanced semiconductors in the United States.
Speaker 10: Now we're making the cutting edge chips that are powering
Speaker 10: the iPhone. You could see it in climate, but you
Speaker 10: can also see it in financial stability and energy policy.
Speaker 10: So there are hopeful, inspiring stories which I think I
Speaker 10: need more.
Speaker 3: I think a lot of us need more in this moment.
Speaker 2: Well, because we're out of magnets. We've been out of magnets,
Speaker 2: it's true. But you go back. It begins in the
Speaker 2: New Deal. The story begins with a great lesson of
Speaker 2: how individuals, just this one gentleman hired by Roosevelt, created
Speaker 2: the housing market in America.
Speaker 10: Yeah, well, I wrote the book to talk a lot
Speaker 10: about public policy today. But I think to do that, well,
Speaker 10: you've got to look at the past and see what
Speaker 10: worked and what didn't work. Because we can learn from
Speaker 10: the successes, often we can learn even more from the failure.
Speaker 10: So in the New Deal, the Reconstruction Finance Corporation was
Speaker 10: a national investment bank headed by this larger than life
Speaker 10: figure Jesse Jones, whose story I love telling in.
Speaker 1: The book it's fantastic.
Speaker 3: He has so many different crazy things.
Speaker 10: He's a guy who grew up in Tennessee, goes to Houston,
Speaker 10: makes a million bucks by the time he's thirty years old,
Speaker 10: which is a lot nineteen teens. And then he becomes
Speaker 10: the head of this investment bank which restructures and supports
Speaker 10: American finance, but more importantly gets us out of the
Speaker 10: depression by spurring the housing markets that you mentioned, by
Speaker 10: making direct loans to industry, and then eventually birthing aviation
Speaker 10: and synthetic rubber. I mean, these industries really matter. They
Speaker 10: us win the war ways won us World War Two.
Speaker 2: The reason why I think this book is so timely
Speaker 2: but also so crucial that fiction that government doesn't pick
Speaker 2: winners and losers has always been used when government is
Speaker 2: being asked to enlist aid for people, when it's asked
Speaker 2: to intervene on the side of people.
Speaker 1: Right, politicians that.
Speaker 2: Socialism medicare, it's all socialism.
Speaker 1: You can't do that. That's not capitalism exactly. Bullshit. Yeah,
Speaker 1: it is capitalism.
Speaker 10: Yeah, I mean, the story of American capitalism is one
Speaker 10: where we bring the state power to shape and managed markets.
Speaker 10: So take financial stability is a clear example. The Federal
Speaker 10: Reserve is charged with keeping prices stable, keeping people employed,
Speaker 10: and making sure the financial system doesn't implode. It has
Speaker 10: had a checkered history, but for the most part has
Speaker 10: done a pretty good job of delivering on that for
Speaker 10: investors and the folks who rely on it. And so
Speaker 10: I think what we need to do is learn from
Speaker 10: those successes, but think about what we could do on
Speaker 10: housing policy with a similar kind of institution, or how
Speaker 10: we could stabilize the price of grocery.
Speaker 1: People and not necessarily.
Speaker 2: And it's interesting how once they're involved in the levers
Speaker 2: of power, even the libertarian class become apostles to this
Speaker 2: new theory.
Speaker 10: This gentleman Simon, Yeah, I mean so Bill Simon was
Speaker 10: a Treasury secretary fifty years ago. Libertarians libertarian He was
Speaker 10: honestly the hardest character to write about it in the book,
Speaker 10: because the book is a collection of twelve different stories
Speaker 10: of individuals, successes and failures. Simon, Man, you go into
Speaker 10: the archives and this guy was just a total asshole.
Speaker 9: He was just you can tell that in the archive, boy,
Speaker 9: can't you in.
Speaker 10: The letters that I mean, he just absolutely, he absolutely
Speaker 10: had no interest in the state working to make markets
Speaker 10: better until until the energy crisis in nineteen seventy three,
Speaker 10: and he ends up in the Nixon administration in the
Speaker 10: chair where he has to figure out, oh, there's an
Speaker 10: oil embargo and we cannot import any oil from the
Speaker 10: Middle East.
Speaker 3: Prices are skyrocketing. What are we going to do?
Speaker 10: And he does everything from control prices to make allocation
Speaker 10: decisions to actually creating a structure to make sure that
Speaker 10: there's enough home heating oil in New England so no
Speaker 10: one freezes to death. And the irony of I did
Speaker 10: all this research on this guy, expecting to write a
Speaker 10: pretty critical take.
Speaker 3: He was pretty successful. So even libertarians in.
Speaker 10: Fact, a strategic oil reserve exactly is his exactly. The
Speaker 10: strategic petroleum reserve now has hundreds of millions of barrels
Speaker 10: and it's there to help us in case there is
Speaker 10: another kind of oil embargo event, and even to some extent,
Speaker 10: but for the price of stability. So you know, there
Speaker 10: are a lot of stories of Republicans believing in the
Speaker 10: power of market craft but using a different language to
Speaker 10: justify it. But this is not there's no part is
Speaker 10: in claim on the term.
Speaker 2: Right now, so fast forward to today, certainly Trump has
Speaker 2: been incredibly impactful on the market. But use you use
Speaker 2: the word planning. I thought planning was a very interesting
Speaker 2: word to use because there appears to be very you know,
Speaker 2: the strategic predetorium reserve. Why don't we have that for
Speaker 2: rare earth metals before we launch a trade war. This
Speaker 2: doesn't sound like market crafting in the way that you
Speaker 2: understand it.
Speaker 1: It sounds like dart throwing.
Speaker 10: No, I mean it's a couple of people have asked me,
Speaker 10: it's Trump a market crafter, and he's the opposite.
Speaker 3: I mean he's market crasher.
Speaker 10: Market crasher exactly, that great.
Speaker 2: Movie on exactly market Crashers.
Speaker 10: No, but I mean there are ways to think about
Speaker 10: the problem that critical minerals lartin. Ninety percent of critical
Speaker 10: minerals come from China, and there would be a way
Speaker 10: to think about stockpiling those making public sector investment to
Speaker 10: mind those minerals here at home, and ironically, JD. Vance
Speaker 10: and some other folks in the party, we're talking about
Speaker 10: those kinds of ideas as recently as last year. Of course,
Speaker 10: now they're all loyal soldiers, just you know, following this.
Speaker 2: Christy's brilliant, the most talented negotiator. Is this a situation
Speaker 2: where how do you pull out of something that has
Speaker 2: already left the station? Can you do you know of
Speaker 2: any instances where market crafting was done not in response
Speaker 2: to an exterior crisis but to one of our own creation.
Speaker 2: Two thousand and eight comes to mind, because again it
Speaker 2: was that sense of like Alan greenspand saying, I'm sure
Speaker 2: the banks can regulate themselves. What could go wrong and
Speaker 2: it going south? Is this an instance where an intervention
Speaker 2: could take place that could remediate or help ease the
Speaker 2: crisis that we find ourselves in now?
Speaker 10: I mean, the irony of Greenspan, since you mentioned him,
Speaker 10: is that he's got a rap as a deregulator, and
Speaker 10: he did do all kinds of deregulation. The guy was
Speaker 10: also singularly obsessed with financial innovation. He genuinely believed that
Speaker 10: if we created these credit default swaps and the special
Speaker 10: purpose vehicles and all of these elaborate, complex machinations, the
Speaker 10: financial system would be safer. And yet, as we got
Speaker 10: obviously to two thousand and eight, turns out that wasn't
Speaker 10: the case.
Speaker 3: And when they allowed Lehman to.
Speaker 10: Just explode, it was part of this whole framework of like, well,
Speaker 10: what can we do? We need some company just to
Speaker 10: go bankrupt, so everybody learns a lesson, when in reality,
Speaker 10: there's a.
Speaker 3: Long there's a long history of threading the needle.
Speaker 10: Just ten years before, the largest hedge fund in the
Speaker 10: world had also gone bankrupt.
Speaker 3: But there was a parachute, and there was a.
Speaker 10: Way that wasn't creating a bomb in the financial system,
Speaker 10: that allowed that institution to proceed through its bankruptcy proceedings
Speaker 10: in a way that you know, the free market fantasy
Speaker 10: did not allow for Leman.
Speaker 3: So there was a better way.
Speaker 1: We can do they Why do they in those situations? Though?
Speaker 2: Always even the debate over whether or not to save
Speaker 2: Leman or do what they did with Sterns bear Sterns
Speaker 2: and save those guys, or dump a shit ton of
Speaker 2: liquidity and capital into AIG, But they did it all
Speaker 2: at the corporate level. Why is there no policy wedge
Speaker 2: to do the same thing for all the homeowners who
Speaker 2: got foreclosed on not because of the terrible doings of
Speaker 2: Leman and bear Sterns and AIG.
Speaker 1: Why don't they put capital into those markets?
Speaker 10: I think the simple answer is is because we didn't
Speaker 10: have the institutions of market craft to do that. We
Speaker 10: had an institution of financial stability market craft go save
Speaker 10: those banks, but we had no institution in housing markets
Speaker 10: that could make it cheaper. Well these days, to make
Speaker 10: it cheaper to borrow in the housing crisis moment of
Speaker 10: two thousand and eight two thousand and nine, it would
Speaker 10: have been about relief for people who'd already bowed and
Speaker 10: couldn't make their or.
Speaker 2: Even brought their mortgages up to sea level so that
Speaker 2: there wasn't this default crisis.
Speaker 10: Right, So we decided that finance should be stabilized, but
Speaker 10: housing shouldn't.
Speaker 3: Right, That makes no sense.
Speaker 10: What we need is a housing construction fund to make
Speaker 10: it cheaper to build multifamily developer housing. We need an
Speaker 10: industrial policy for modular housing, the kind of homes that
Speaker 10: are built off site and then you bring them in
Speaker 10: in an apartment building can go up within seven days.
Speaker 3: We can do this.
Speaker 10: We have the ideas, but we have to create the
Speaker 10: institutional reality to get it done.
Speaker 2: But this, to me, this is project and I'm going
Speaker 2: to get the years wrong. I'm sure twenty twenty nine
Speaker 2: for Democrats, there is no reason why Republicans and Democrats
Speaker 2: now agree that the state can intervene on behalf of capitalism.
Speaker 2: Now it's just or shape we're or shape it. We're
Speaker 2: negotiating now what to do it for? The Democrat plan
Speaker 2: should be market crafting for the real needs of people
Speaker 2: through childcare, elder care, exeducation, healthcare. Bring shit that markets
Speaker 2: won't properly regulate.
Speaker 10: Yeah, bring down costs. I mean Americas has been saying
Speaker 10: this for years.
Speaker 3: It was through the Yeah.
Speaker 4: Exactly, and then.
Speaker 2: They have the nerve to make us want to celebrate
Speaker 2: being able to negotiate the price of ten drugs, Like
Speaker 2: it's insane to me that we have created that market
Speaker 2: craft and.
Speaker 3: Pharmaceutical Absolutely, that's totally right.
Speaker 10: But let's also not forget that the tariffs are projected
Speaker 10: of this administration are projected to raise prices anywhere from
Speaker 10: two to four thousand dollars each year the average American family.
Speaker 10: Hill I was gonna be like, oh no, that would
Speaker 10: be very expensive. But my point is is absolutely we
Speaker 10: should be able to get drug prices down.
Speaker 3: We know how to do that.
Speaker 10: That's that's a political problem to get that done.
Speaker 3: We have made some headway in.
Speaker 10: The IRA We got a lot more to do, but
Speaker 10: at the same time, I think we got to be
Speaker 10: very focused on communicating that Trumpanomics is about raising costs
Speaker 10: for Americans, that is very clear, and it's going to
Speaker 10: push us straight into a recession. The only thing that's
Speaker 10: worse than inflation unemployment, and that's straight around the corner.
Speaker 10: And we have to have an agenda to rebuild after that.
Speaker 2: And it also to the utter antithesis of everything that
Speaker 2: you lay out in this book over these last one
Speaker 2: hundred years, there is no infrastructure behind this. It is
Speaker 2: an economic policy by Fiat, by whim, and it is
Speaker 2: I'm going to raise them one hundred and thirty percent
Speaker 2: today on the tariffs. But there's nothing, no strategy underlying it.
Speaker 10: Yeah, I mean we could do there is a way
Speaker 10: in some cases to do tariff policy smartly. You'd want
Speaker 10: to have it be targeted and say, hey, we don't
Speaker 10: want China to dump their evs in our market something
Speaker 10: like that.
Speaker 3: You'd want to do it.
Speaker 10: With Great Britain, the European Union and your allies to
Speaker 10: do it well. And then you'd also want to pair
Speaker 10: it with public investment because you don't want to just
Speaker 10: make things expensive.
Speaker 3: You want to speed up the production here at home.
Speaker 10: There's a way to do that and to think about
Speaker 10: it and Bidenomics. It's gotten a bad rap in a
Speaker 10: lot of cases, but those in ingredients were there with
Speaker 10: a lot of the core elements around climate policy, chips
Speaker 10: and semiconductors, and Lena Khan's work at the FTC.
Speaker 1: She's fantastic.
Speaker 2: And you see it now even when they say, oh,
Speaker 2: Apple has decided they're going to move all of their factories,
Speaker 2: they're going to move them out of China, and you think,
Speaker 2: oh my god, the tyriffs are worked, and then they're
Speaker 2: like to India, they're not moving them here. So this
Speaker 2: is a shell game that corporations they'll wait this out
Speaker 2: because there's nothing underlying it.
Speaker 10: Yeah, I mean literally, the boats that are coming from
Speaker 10: China are at half capacity right now because the companies
Speaker 10: are waiting to ship to see what actually happens. So
Speaker 10: there's an agility in these supply chains, which I think
Speaker 10: is important to realize. And so I mean, but again
Speaker 10: the question is what are we going to do on
Speaker 10: the other side of this, Like, obviously we have to
Speaker 10: criticize what's.
Speaker 3: Happening right now.
Speaker 10: Sure, but all the time that we're doing that, we're
Speaker 10: not developing this positive agenda for the future, and at
Speaker 10: least the latter is mostly what I'm focused on, and
Speaker 10: this is.
Speaker 2: Kind of a really nice framework to start out there.
Speaker 2: I also have to so you haven't obviously been a
Speaker 2: Facebook in a very long time, but I'm still sure
Speaker 2: you're probably a pretty keen observer of the technocrats, and
Speaker 2: you know all the guys from that world. Has anything
Speaker 2: that has happened since Trump to Brabas surprised you in
Speaker 2: terms of the sort of liberty?
Speaker 1: You know?
Speaker 2: The Mark Zuckerberg, what do you want? Twenty five million dogs?
Speaker 2: I'll never do anything again.
Speaker 1: Has there.
Speaker 2: Obsequiousness surprised you in any way? Is there anything about
Speaker 2: what's happening in that world?
Speaker 10: I was a little surprised he didn't get a deal.
Speaker 10: You know, Mark visited the White House two three times.
Speaker 10: I'm in search of a deal and.
Speaker 1: What kind of dealer? What would they get?
Speaker 10: Well, the FTC has sued to break up Facebook, So,
Speaker 10: as you know, I talked about this in an article
Speaker 10: six years ago.
Speaker 1: Til I'm glad to date it was a good one.
Speaker 3: The FTC file, I thought, so.
Speaker 10: The FTC filed suit a year later, and it's taken
Speaker 10: forever to wind through the courts. But Mark Zuckerberg was
Speaker 10: on the stand for not last week, but the week before,
Speaker 10: virtually every day. And the Trump FTC is prosecuting the
Speaker 10: case to separate Instagram and WhatsApp from Facebook.
Speaker 3: That's the agenda.
Speaker 10: And who knows that Google's been declared to monopoly twice
Speaker 10: in the past eight months.
Speaker 1: So he doesn't like Google.
Speaker 2: So some of this is maybe they still they haven't
Speaker 2: proven their loyalty enough. I think he enjoys humiliating Zuckerberg.
Speaker 2: I think he thinks Google was working against him because
Speaker 2: Tim Cook and Apple and got a great deal.
Speaker 3: I know, but I do think something has changed.
Speaker 10: It's not so much about Trump, but I think in
Speaker 10: the world of anti trust and anti monopoly there's been
Speaker 10: a big shift because the guy who's running the FTC now,
Speaker 10: I think it's really interesting that he kept some of
Speaker 10: the merger guidelines from the Lina kon time. They also
Speaker 10: actually filed suit against the FTC filed suit against Uber
Speaker 10: last week for misleading customers.
Speaker 1: What they are. Can you believe it?
Speaker 3: Uber?
Speaker 4: Uber?
Speaker 10: But my point is is like there is there is
Speaker 10: still this sense that markets need to be competitive.
Speaker 3: If uh, if they're gonna work, uh in.
Speaker 10: A way that's in line with the long term history
Speaker 10: of American capitalism. And I think that's a big shift
Speaker 10: in anti trust and anti monopoly. Doesn't have anything to
Speaker 10: do with Trump, so you know, I'm not giving.
Speaker 3: Any credit for it, but it is.
Speaker 10: It has a lot more to do with with Lena
Speaker 10: Khan and a new more emergent set of approaches to
Speaker 10: anti trust that's more in keeping with this and there.
Speaker 2: Is Listen, Lena Khan had fans on the right, Jade
Speaker 2: Vans was a for sure, Josh Holly was a fender.
Speaker 10: So over almost a dozen Republican senators those are for
Speaker 10: her confirmation.
Speaker 1: Yeah, so it's interesting.
Speaker 2: Uh, thank you very much for for being out marketing characters.
Speaker 1: I gotta it's a battle pursue her place. You lear
Speaker 1: that with a coat.
Speaker 2: Hello everybody, I love Yeah, I'll tatch out for tonight.
Speaker 2: We're gonna have full coverage all week Trump's first one days.
Speaker 2: Jordan Plupper's gonna handle tomorrow, Daisy Lyadach on Wednesday, Michael
Speaker 2: Costa on Thursday. No skips all bangers. Yeah, that's a
Speaker 2: music term I learned yesterday.
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