1 00:00:01,840 --> 00:00:04,720 Speaker 1: Hey, guys, ready or not, twenty twenty four is here, 2 00:00:04,920 --> 00:00:07,400 Speaker 1: and we here at Breaking Points, are already thinking of 3 00:00:07,440 --> 00:00:09,640 Speaker 1: ways we can up our game for this critical election. 4 00:00:09,840 --> 00:00:12,760 Speaker 1: We rely on our premium subs to expand coverage, upgrade 5 00:00:12,800 --> 00:00:16,160 Speaker 1: the studio ad staff give you, guys, the best independent 6 00:00:16,200 --> 00:00:18,400 Speaker 1: coverage that is possible. If you like what we're all about, 7 00:00:18,440 --> 00:00:20,520 Speaker 1: it means the absolute world to have your support. What 8 00:00:20,560 --> 00:00:23,000 Speaker 1: are you waiting for? Become a premium subscriber today at 9 00:00:23,000 --> 00:00:26,000 Speaker 1: Breakingpoints dot com. Well, just as we got the news 10 00:00:26,000 --> 00:00:29,720 Speaker 1: that Republicans did indeed decide to seat George Santos on committees, 11 00:00:30,000 --> 00:00:32,680 Speaker 1: we are also learning, a courtesy of Patch dot com, 12 00:00:32,920 --> 00:00:37,520 Speaker 1: allegations that he took money that was intended to help 13 00:00:37,680 --> 00:00:42,639 Speaker 1: a disabled veteran whose dog was deadly ill and has 14 00:00:42,680 --> 00:00:46,560 Speaker 1: since passed away. The veteran has told Patch basically that 15 00:00:46,800 --> 00:00:50,440 Speaker 1: what happened was he had a sapphire this puppy who 16 00:00:50,600 --> 00:00:52,479 Speaker 1: was in need, this dog who is in need of 17 00:00:52,479 --> 00:00:55,120 Speaker 1: a three thousand dollars surgery. A vet tech pulled him 18 00:00:55,160 --> 00:00:57,760 Speaker 1: aside and said, Hey, I know this guy who can 19 00:00:57,920 --> 00:01:00,080 Speaker 1: help you. The guide turned out to be by the 20 00:00:59,880 --> 00:01:05,280 Speaker 1: name of one of George Santos's aliases. Santos allegedly took 21 00:01:05,319 --> 00:01:08,520 Speaker 1: the three thousand dollars, closed the account, and never gave 22 00:01:08,560 --> 00:01:12,200 Speaker 1: that money to the disabled veteran in question. The dog, 23 00:01:12,440 --> 00:01:17,280 Speaker 1: as I mentioned earlier, passed away. Ryan. Anytime somebody gets 24 00:01:17,319 --> 00:01:19,600 Speaker 1: caught in a cycle of bad press, some folks will 25 00:01:19,600 --> 00:01:22,160 Speaker 1: try to throw everything at the wall and see what sticks. 26 00:01:22,560 --> 00:01:26,080 Speaker 1: I know CNN like interviewed his former college roomy or whatever, 27 00:01:26,440 --> 00:01:28,200 Speaker 1: and this has been sort of blown up into a 28 00:01:28,280 --> 00:01:31,640 Speaker 1: huge media story. I think it's newsworthy for sure. But 29 00:01:31,920 --> 00:01:35,880 Speaker 1: all of these different questions lead us to wondering this 30 00:01:35,920 --> 00:01:39,959 Speaker 1: story seems very very real't There don't seem to be 31 00:01:39,959 --> 00:01:43,720 Speaker 1: holes pokable in this story. We have online evidence of 32 00:01:43,760 --> 00:01:48,120 Speaker 1: the charity. We have the accounts of two different veterans 33 00:01:48,120 --> 00:01:52,160 Speaker 1: on the story. George Santos, you mentioned this before we 34 00:01:52,400 --> 00:01:55,200 Speaker 1: started taping the segment. There seems to be an indication 35 00:01:55,240 --> 00:01:58,720 Speaker 1: that maybe he's just wired differently, that there's a psychopathy 36 00:01:58,920 --> 00:02:02,080 Speaker 1: at play in his right Most people would not be 37 00:02:02,120 --> 00:02:06,400 Speaker 1: able to kind of physically stomach the what was required 38 00:02:06,440 --> 00:02:09,480 Speaker 1: to pull this off, Like you just just if you 39 00:02:09,560 --> 00:02:13,120 Speaker 1: go up to ninety nine percent of the global public 40 00:02:13,240 --> 00:02:15,080 Speaker 1: and say that you'll give them that they can have 41 00:02:15,120 --> 00:02:17,919 Speaker 1: three thousand dollars, But in order to do that, they 42 00:02:17,960 --> 00:02:23,120 Speaker 1: have to scam an unhoused veteran whose dog is dying. 43 00:02:25,400 --> 00:02:27,000 Speaker 1: Very few people are going to take that, and the 44 00:02:27,000 --> 00:02:29,920 Speaker 1: people who want to help him right, and everybody who's 45 00:02:29,919 --> 00:02:33,359 Speaker 1: trying to help, they set the criminal element of it aside, 46 00:02:33,360 --> 00:02:39,400 Speaker 1: set everything else aside. Most people would just say, absolutely not. 47 00:02:39,440 --> 00:02:42,880 Speaker 1: There's just no way I could even live with myself 48 00:02:42,919 --> 00:02:45,000 Speaker 1: if I did something like that, And so it takes 49 00:02:45,000 --> 00:02:48,600 Speaker 1: a particular mindset to be able to just have no 50 00:02:48,800 --> 00:02:52,040 Speaker 1: feeling at all, or to even kind of thrive on 51 00:02:52,560 --> 00:02:56,359 Speaker 1: the feelings of having ripped people off. You mentioned earlier 52 00:02:56,440 --> 00:02:58,440 Speaker 1: that you know there will always be con artists in 53 00:02:58,480 --> 00:03:00,720 Speaker 1: the world, but to conyr way into Congress in the 54 00:03:00,720 --> 00:03:02,960 Speaker 1: way that George Santos did, not just by telling the 55 00:03:03,040 --> 00:03:05,320 Speaker 1: usual lies, but by actually being like a very real 56 00:03:05,440 --> 00:03:08,919 Speaker 1: con artist reminded me of the Netflix series that got 57 00:03:08,960 --> 00:03:12,400 Speaker 1: super popular last year about Anna Sarokan also known as 58 00:03:12,440 --> 00:03:15,640 Speaker 1: Anna Deelvi, who conned her way into the upper echelons 59 00:03:15,680 --> 00:03:18,080 Speaker 1: of New York social life, and that was sort of 60 00:03:18,080 --> 00:03:20,760 Speaker 1: remarkable to people how she was able in this age 61 00:03:20,760 --> 00:03:23,480 Speaker 1: of social media and the Internet to create an image 62 00:03:23,520 --> 00:03:26,520 Speaker 1: of herself that actually convinced people this is somebody who 63 00:03:26,560 --> 00:03:32,560 Speaker 1: belongs in our socialite club. George Santos does that. Basically, 64 00:03:32,600 --> 00:03:34,960 Speaker 1: there's an emergent picture that looks kind of parallel to 65 00:03:35,000 --> 00:03:38,080 Speaker 1: anadelby that he's cobbling money together from these various places, 66 00:03:38,120 --> 00:03:41,440 Speaker 1: by making up these various stories, even using aliases and 67 00:03:41,600 --> 00:03:44,720 Speaker 1: all of that. The guy ended up in Congress, right, 68 00:03:45,160 --> 00:03:48,360 Speaker 1: and maybe that was never his intention in this was 69 00:03:48,400 --> 00:03:50,720 Speaker 1: like one foot in front of the other kind of 70 00:03:50,720 --> 00:03:54,960 Speaker 1: thing where you realize that if you run for Congress 71 00:03:55,520 --> 00:03:58,560 Speaker 1: that you can you know, you can raise money and 72 00:03:58,600 --> 00:04:00,240 Speaker 1: then you can live off of that money. Can't do 73 00:04:00,280 --> 00:04:02,840 Speaker 1: it legally, but if you can, you can fudge you 74 00:04:02,880 --> 00:04:07,880 Speaker 1: actually can pay yourself a small incomes legally, but you 75 00:04:07,920 --> 00:04:11,080 Speaker 1: can't benefit personally. Otherwise, what he was doing is h 76 00:04:12,000 --> 00:04:14,360 Speaker 1: he was rent He was renting basically a place for 77 00:04:14,440 --> 00:04:17,320 Speaker 1: himself to stay in using the using the campaign money 78 00:04:17,600 --> 00:04:19,480 Speaker 1: to pay for that. You can get away with a 79 00:04:19,520 --> 00:04:22,559 Speaker 1: lot because of how dysfunctional the FEC is and because 80 00:04:22,800 --> 00:04:25,920 Speaker 1: the way that nobody's really checking on this stuff unless 81 00:04:25,920 --> 00:04:28,360 Speaker 1: you win, Like if you win, then people are going 82 00:04:28,400 --> 00:04:32,360 Speaker 1: to start to check. So he ran twice and the 83 00:04:32,400 --> 00:04:34,880 Speaker 1: way that he won, though, I think is the is 84 00:04:34,920 --> 00:04:39,640 Speaker 1: the serious question that needs answering. You can, if you know, 85 00:04:39,680 --> 00:04:42,080 Speaker 1: if you can defraud tens of thousands of dollars out 86 00:04:42,080 --> 00:04:46,359 Speaker 1: of people and endlessly running for Congress or setting up 87 00:04:46,360 --> 00:04:48,640 Speaker 1: a scam pack. It's when you get over the half 88 00:04:48,640 --> 00:04:51,800 Speaker 1: million dollar market, you become like a credible candidate. And 89 00:04:51,880 --> 00:04:56,960 Speaker 1: so where did Santos get this half million dollar loan 90 00:04:56,960 --> 00:05:00,520 Speaker 1: that he was able to give his campaign? That that's 91 00:05:00,560 --> 00:05:04,760 Speaker 1: a key question. And are Republicans nervous that that's going 92 00:05:04,839 --> 00:05:09,440 Speaker 1: to expose some type of corruption that makes this more 93 00:05:09,520 --> 00:05:13,960 Speaker 1: than just kind of this kind of this kind of 94 00:05:14,000 --> 00:05:16,320 Speaker 1: like silly thing that you can courting off to the side, 95 00:05:16,400 --> 00:05:20,000 Speaker 1: although there's nothing silly about what he did to this veteran. 96 00:05:22,200 --> 00:05:23,880 Speaker 1: Or do they think that he's such a kind of 97 00:05:23,960 --> 00:05:29,120 Speaker 1: unique figure that they're immune from any fallout of this. 98 00:05:29,320 --> 00:05:31,600 Speaker 1: I would assume that it's mostly the latter. They should, though, 99 00:05:31,640 --> 00:05:36,160 Speaker 1: be concerned, because I think there's increasing evidence they understood 100 00:05:36,200 --> 00:05:40,239 Speaker 1: that his record was checked and dubious at best. Because 101 00:05:40,240 --> 00:05:42,760 Speaker 1: you always do vulnerability studies. You always do that to 102 00:05:42,800 --> 00:05:45,960 Speaker 1: preempt the opposition research and It's interesting the story came 103 00:05:46,000 --> 00:05:47,839 Speaker 1: out in local media because I think one of the 104 00:05:47,880 --> 00:05:50,200 Speaker 1: reasons that you get these blind spots is because local 105 00:05:50,240 --> 00:05:53,719 Speaker 1: media doesn't have the resources that used to catch this 106 00:05:53,720 --> 00:05:56,359 Speaker 1: stuff before people become members of Congress, for instance. But 107 00:05:56,720 --> 00:05:59,880 Speaker 1: this is already, I think, exposing problems in the Republican Party. 108 00:05:59,880 --> 00:06:02,680 Speaker 1: And there's even the new right folks like Pedro Gunzalez 109 00:06:02,760 --> 00:06:05,440 Speaker 1: coming in and saying he's skated. You know, they knew 110 00:06:05,440 --> 00:06:09,160 Speaker 1: this stuff. And maybe this half million dollar benefactor knew 111 00:06:09,160 --> 00:06:13,240 Speaker 1: some of this stuff, and is why Republicans stuck with Santos. 112 00:06:13,279 --> 00:06:16,120 Speaker 1: We don't know, but that's an open question. Maybe there 113 00:06:16,160 --> 00:06:18,520 Speaker 1: is a benefactor who pushed through it. He's saying, listen, 114 00:06:18,600 --> 00:06:21,239 Speaker 1: Republicans do this stuff, and you have members establishment folks 115 00:06:21,240 --> 00:06:24,719 Speaker 1: like Elis Stephonic we're trying to remake the Republican Party, 116 00:06:24,800 --> 00:06:26,880 Speaker 1: who said, listen, this guy checks all of our kind 117 00:06:26,880 --> 00:06:30,839 Speaker 1: of identity politics boxes off of He's an instrument for us, 118 00:06:30,680 --> 00:06:34,159 Speaker 1: He's a weapon for us to neutralize criticism from the Democrats. 119 00:06:34,200 --> 00:06:36,640 Speaker 1: He can be a face of the Republican Party because 120 00:06:36,680 --> 00:06:39,320 Speaker 1: he claims to be all of these different things, and 121 00:06:39,600 --> 00:06:41,240 Speaker 1: that's a good thing. And you know in the new 122 00:06:41,279 --> 00:06:43,960 Speaker 1: right people are like what utter rot in the Republican 123 00:06:43,960 --> 00:06:49,320 Speaker 1: Party that they would excuse a clear history of perhaps 124 00:06:49,360 --> 00:06:54,160 Speaker 1: sociopathy or whatever, so's it pathic behavior because of that, 125 00:06:54,480 --> 00:06:57,800 Speaker 1: and so Republicans should be nervous. I mean, I do 126 00:06:57,839 --> 00:07:00,280 Speaker 1: think this Our corporate press has blown this wide lay 127 00:07:00,279 --> 00:07:03,800 Speaker 1: out of proportion to its actual newsworthiness which exists. But 128 00:07:04,000 --> 00:07:06,880 Speaker 1: it does, I think reflect seriously on the Republican Party 129 00:07:06,920 --> 00:07:09,520 Speaker 1: and problems in our politics. And I think you're right 130 00:07:09,600 --> 00:07:14,320 Speaker 1: that if because Republicans don't have a strong bench of 131 00:07:14,360 --> 00:07:16,840 Speaker 1: those candidates that they want to check the box they 132 00:07:16,840 --> 00:07:19,160 Speaker 1: don't have, you know, they're not drawing, you know, from 133 00:07:19,280 --> 00:07:21,640 Speaker 1: millions and millions of supporters and then the best of 134 00:07:21,680 --> 00:07:26,120 Speaker 1: those coming forward and running. That's why you're going to 135 00:07:26,200 --> 00:07:30,200 Speaker 1: get some some total cranks desperation who are able to 136 00:07:30,280 --> 00:07:33,120 Speaker 1: check the right boxes and move through the Republican primaries, 137 00:07:33,120 --> 00:07:35,800 Speaker 1: and some will end up being complete con artists. Now, 138 00:07:35,840 --> 00:07:38,000 Speaker 1: the best, the best clue we have yet of where 139 00:07:38,040 --> 00:07:40,920 Speaker 1: this money came from is this. So this guy Andrew 140 00:07:41,480 --> 00:07:46,960 Speaker 1: intertur and his wife maxed out to Santos, gave tens 141 00:07:46,960 --> 00:07:49,920 Speaker 1: of thousands of other of money to other committees that 142 00:07:49,960 --> 00:07:51,880 Speaker 1: were linked to him since twenty twenty, according to The 143 00:07:51,920 --> 00:07:55,160 Speaker 1: Washington Post, and the Post notes that his cousin is 144 00:07:55,240 --> 00:07:58,920 Speaker 1: Russian billionaire Victor Wexelberg, who's been sanctioned by the US 145 00:07:59,000 --> 00:08:04,360 Speaker 1: government for his role in the Russian energy industry. This 146 00:08:04,400 --> 00:08:08,520 Speaker 1: would be the kind of Russian interference that actually does happen, 147 00:08:08,880 --> 00:08:12,440 Speaker 1: like Russian oligarchs, ye, funneling money into the into the 148 00:08:12,440 --> 00:08:15,000 Speaker 1: system to try to get to try to get unsanctioned. 149 00:08:15,040 --> 00:08:17,480 Speaker 1: Like that's a that's I'm not saying that that's what 150 00:08:17,640 --> 00:08:20,600 Speaker 1: happened here, but that would not that would not be crazy, 151 00:08:20,760 --> 00:08:24,000 Speaker 1: right if that's what if that's if it turns out 152 00:08:24,000 --> 00:08:27,840 Speaker 1: that this Bexelberg character had something to do with us, well, 153 00:08:28,240 --> 00:08:30,720 Speaker 1: I assume we're going to find out more, and I 154 00:08:30,760 --> 00:08:34,800 Speaker 1: would assume federal investigators will want to know where the 155 00:08:34,800 --> 00:08:37,560 Speaker 1: money came from, kind of as part of a plea 156 00:08:37,559 --> 00:08:40,280 Speaker 1: bargain that they might offer to him. Yeah, and I 157 00:08:40,320 --> 00:08:42,959 Speaker 1: think that that half million dollars is the big open 158 00:08:43,040 --> 00:08:45,280 Speaker 1: question here. So we'll continue to follow the story of 159 00:08:45,280 --> 00:08:51,360 Speaker 1: Congressman an A. Delvi as it develops. You might have 160 00:08:51,440 --> 00:08:55,400 Speaker 1: seen the new MLK statue in Boston. Some people have 161 00:08:55,559 --> 00:09:00,800 Speaker 1: noticed a phallic interpretation. Well, but notice that fel interpretation. 162 00:09:01,000 --> 00:09:05,280 Speaker 1: Others have just called it hideously ugly. I remain part 163 00:09:05,360 --> 00:09:09,000 Speaker 1: of that category. I don't think there's any possible redeeming 164 00:09:09,080 --> 00:09:13,080 Speaker 1: explanation for it. And yet somehow CNN's Don Lemon and 165 00:09:13,160 --> 00:09:17,240 Speaker 1: the sculptor himself twisted themselves and to actually blame the 166 00:09:17,280 --> 00:09:20,160 Speaker 1: people who are noticing how terrible the sculpture is and 167 00:09:20,240 --> 00:09:23,840 Speaker 1: what it shows around on them. Here's their defense. Let's 168 00:09:23,840 --> 00:09:25,720 Speaker 1: take a listen. Look at the hands in the picture, 169 00:09:25,720 --> 00:09:27,839 Speaker 1: and then look at that the art piece, designed by 170 00:09:27,920 --> 00:09:32,560 Speaker 1: conceptual artist Hank Willis Thomas, only features a couple's arms 171 00:09:32,880 --> 00:09:35,720 Speaker 1: during the embrace and not their heads, which has sparked 172 00:09:36,000 --> 00:09:40,120 Speaker 1: in mixed reaction. There's not the missing heads that the atrocity. 173 00:09:40,200 --> 00:09:44,160 Speaker 1: Although people lamb on the app it's a stump that 174 00:09:44,240 --> 00:09:48,720 Speaker 1: looks like a PINIONI that's the joke. Look at this, YouTubers. 175 00:09:49,120 --> 00:09:51,640 Speaker 1: I'm sorry, but that looks like a giant penis right there. 176 00:09:51,679 --> 00:09:54,800 Speaker 1: I'm sorry it does. I think the artists did a 177 00:09:54,800 --> 00:09:59,440 Speaker 1: great job. I'm I'm satisfied, but it represents something that 178 00:09:59,559 --> 00:10:02,400 Speaker 1: brings people to get it all right. Not sure where 179 00:10:02,400 --> 00:10:05,160 Speaker 1: we played some of that because it's just obviously tolls. 180 00:10:05,160 --> 00:10:09,199 Speaker 1: But listen, joining us now as conceptual artist behind the statue, 181 00:10:09,720 --> 00:10:16,320 Speaker 1: Hank Willis Thomas, good morning. I tell you I saw 182 00:10:16,400 --> 00:10:19,640 Speaker 1: the small version and the concept beforehanded to dinner, and 183 00:10:19,679 --> 00:10:21,559 Speaker 1: I thought it was fantastic. Lots of people who think 184 00:10:21,600 --> 00:10:24,120 Speaker 1: it's fantastic. Okay, so a couple of rapid fire questions. 185 00:10:24,160 --> 00:10:27,000 Speaker 1: So you're happy with it? Oh over the joke? O. No, 186 00:10:27,800 --> 00:10:30,600 Speaker 1: there are no plans to modify or change it. No, 187 00:10:30,800 --> 00:10:33,720 Speaker 1: what'd you do that? If asked? I mean by who? 188 00:10:34,520 --> 00:10:36,800 Speaker 1: I mean, because this is a piece that was selected 189 00:10:36,800 --> 00:10:39,600 Speaker 1: by the people of Boston, and this is not Hank 190 00:10:39,720 --> 00:10:41,720 Speaker 1: just came and put something. Thousands of people who worked 191 00:10:41,720 --> 00:10:44,200 Speaker 1: on this, thousands of people actually put it together, and 192 00:10:44,240 --> 00:10:48,520 Speaker 1: no one saw this, I would say, perverse perspective, and 193 00:10:49,040 --> 00:10:51,079 Speaker 1: I mean to bring that to the King's legacy and 194 00:10:52,200 --> 00:10:55,240 Speaker 1: is to dictate the making of art in the celebration 195 00:10:55,320 --> 00:10:58,120 Speaker 1: of them was really strange for me. I think it's 196 00:10:58,200 --> 00:11:01,439 Speaker 1: I mean, obviously you see what you onspy said in 197 00:11:01,520 --> 00:11:06,760 Speaker 1: the art, and I think sometimes the most compelling art 198 00:11:07,200 --> 00:11:10,240 Speaker 1: is the controversial art. Wow. Yeah, so apparently it's a 199 00:11:10,280 --> 00:11:14,120 Speaker 1: rorschack test. Hundreds of people worked on it, never saw it, 200 00:11:14,160 --> 00:11:16,000 Speaker 1: So then they're idiots and they should all be fired 201 00:11:16,000 --> 00:11:18,400 Speaker 1: at their job. Do you believe they spent ten million 202 00:11:18,440 --> 00:11:21,640 Speaker 1: dollars on this thing? I mean, yeah, I listen for 203 00:11:21,720 --> 00:11:25,680 Speaker 1: the sculptor. I understand defending your work for like CNN, 204 00:11:25,840 --> 00:11:29,360 Speaker 1: what's wrong? Why are you doing this right? And it's like, yeah, 205 00:11:29,400 --> 00:11:32,240 Speaker 1: if you saw this as a looking like a giant dick, 206 00:11:32,280 --> 00:11:34,960 Speaker 1: because literally everyone from a certain angle was like, that 207 00:11:34,960 --> 00:11:36,920 Speaker 1: looks like a giant dick, that's really on you. That's 208 00:11:36,920 --> 00:11:38,480 Speaker 1: about what's in your head. I know there's a lot 209 00:11:38,520 --> 00:11:40,199 Speaker 1: to say about this that I don't really get. And look, 210 00:11:40,200 --> 00:11:42,560 Speaker 1: I don't want to be like controversial or whatever, but 211 00:11:42,679 --> 00:11:44,360 Speaker 1: you know, the whole thing is supposed to like honor 212 00:11:44,480 --> 00:11:46,760 Speaker 1: the king's marriage and like, you know, the whole like 213 00:11:46,840 --> 00:11:48,520 Speaker 1: love for each other thing. And I'm not going to 214 00:11:48,520 --> 00:11:50,240 Speaker 1: go into all the details, but it's not like that 215 00:11:50,360 --> 00:11:52,520 Speaker 1: exactly what was the best saying? Also, why does that 216 00:11:52,600 --> 00:11:55,280 Speaker 1: really have anything to do with Mlka's legacy? You know, 217 00:11:55,559 --> 00:11:57,920 Speaker 1: the whole point was that his personal life shouldn't be 218 00:11:58,320 --> 00:12:01,680 Speaker 1: should be separate, I guess from his actual achievements during 219 00:12:01,960 --> 00:12:04,400 Speaker 1: the civil rights era. And then finally is like a 220 00:12:04,440 --> 00:12:07,280 Speaker 1: modern art perspective. I know, I'm not using the term modern, 221 00:12:07,320 --> 00:12:10,240 Speaker 1: it's I'm technically what is it postmodern or whatever? It's like, 222 00:12:10,320 --> 00:12:12,480 Speaker 1: just put up a statue of the two of them, Like, 223 00:12:12,840 --> 00:12:17,839 Speaker 1: why is everything so so like interpretive these days? What's 224 00:12:17,880 --> 00:12:21,640 Speaker 1: wrong with a statue of them hugging each other clearly 225 00:12:22,000 --> 00:12:26,480 Speaker 1: with their faces? Yes? How did this get through? Like 226 00:12:26,960 --> 00:12:31,120 Speaker 1: he said, many people were involved. No one was like, guys, 227 00:12:31,200 --> 00:12:33,640 Speaker 1: this is going a little I think I think they 228 00:12:33,720 --> 00:12:35,880 Speaker 1: were afraid of being accused of being Honestly, I really 229 00:12:35,880 --> 00:12:38,160 Speaker 1: think that's what it is. You know, people are going 230 00:12:38,200 --> 00:12:39,599 Speaker 1: to call you a racist if you think that the 231 00:12:39,640 --> 00:12:43,360 Speaker 1: statue looks like shit. People are literal shit, anti confrontational too, 232 00:12:43,720 --> 00:12:45,880 Speaker 1: so they're like if everyone else like, yeah, it's great, 233 00:12:45,880 --> 00:12:50,360 Speaker 1: it's amazing, They're like, yeah, totally, I love it. There 234 00:12:50,360 --> 00:12:52,600 Speaker 1: are a couple of other moments though, that I liked 235 00:12:52,640 --> 00:12:55,840 Speaker 1: in this clip. First of all, Don Lemon at the top. 236 00:12:55,920 --> 00:12:57,680 Speaker 1: You know, they play like a couple of people being 237 00:12:57,760 --> 00:13:00,360 Speaker 1: including Megan Kelly being like it looks like a giant dick, 238 00:13:00,440 --> 00:13:02,440 Speaker 1: and it's like those are trolls. I don't even know 239 00:13:02,440 --> 00:13:05,000 Speaker 1: why we played it, Like the only people who would, 240 00:13:05,200 --> 00:13:07,640 Speaker 1: and it also almost turns it into like this kind 241 00:13:07,640 --> 00:13:12,160 Speaker 1: of Parson thing. Yeah, like you're only right wing trolls 242 00:13:12,200 --> 00:13:14,560 Speaker 1: would say the statue was terrible and it's like no, literally, 243 00:13:14,640 --> 00:13:16,840 Speaker 1: anybody with eyeballs looking at this thing would say that 244 00:13:16,880 --> 00:13:19,920 Speaker 1: it's terrible and it's an embarrassment. That's number one. Number two. 245 00:13:20,000 --> 00:13:22,320 Speaker 1: I like the humble brag, the subtle humble brag from 246 00:13:22,360 --> 00:13:24,600 Speaker 1: Don Lemon at the top there to notice that he's like, 247 00:13:24,920 --> 00:13:27,760 Speaker 1: I got an advanced field. I thought it was phenomenal. Yeah. 248 00:13:30,120 --> 00:13:33,200 Speaker 1: And the bigger point, which is that Phenon made a 249 00:13:33,200 --> 00:13:36,160 Speaker 1: big show of rearranging their like morning show, and this 250 00:13:36,200 --> 00:13:38,760 Speaker 1: is supposed to be Chryslick's big imprint on the on 251 00:13:38,800 --> 00:13:42,080 Speaker 1: the network he comes from Morning TV. This show is 252 00:13:42,360 --> 00:13:44,839 Speaker 1: way worse than what they used to have, way worse. 253 00:13:44,920 --> 00:13:47,199 Speaker 1: That's true. I mean it was not great with the 254 00:13:47,640 --> 00:13:50,000 Speaker 1: other two hosts. I'm not saying it was amazing. I 255 00:13:50,040 --> 00:13:51,880 Speaker 1: wasn't doing that well in the ratings, but it was 256 00:13:52,280 --> 00:13:54,600 Speaker 1: way better than whatever that. I got a soft spot 257 00:13:54,640 --> 00:13:56,679 Speaker 1: for a John Berman. He was always always treated you 258 00:13:56,679 --> 00:13:59,160 Speaker 1: wells always very nice. You seem like a nice guy, Yes, 259 00:13:59,280 --> 00:14:01,880 Speaker 1: nice nice guy. I had me on a bunch of 260 00:14:01,920 --> 00:14:05,640 Speaker 1: times during the Sanders campaign and whatever this and apparently 261 00:14:05,720 --> 00:14:08,640 Speaker 1: Kaitlin and Don Lemon apparently like hate each other. It's 262 00:14:08,679 --> 00:14:12,000 Speaker 1: like very clear on her. So it's going well over there. Sorry, 263 00:14:12,840 --> 00:14:16,600 Speaker 1: an absolutely crazy situation happening right now in Arizona. Let's 264 00:14:16,600 --> 00:14:19,000 Speaker 1: gohe and put this up there on the screen. The 265 00:14:19,280 --> 00:14:22,880 Speaker 1: city of Scottsdale has decided to stop selling water to 266 00:14:22,960 --> 00:14:27,520 Speaker 1: an unincorporated enclave of houses that were built nearby. So 267 00:14:27,680 --> 00:14:31,000 Speaker 1: this is roughly five hundred to seven hundred homes with 268 00:14:31,120 --> 00:14:33,680 Speaker 1: about one thousand people who are living there who have 269 00:14:33,760 --> 00:14:37,480 Speaker 1: been totally shut off from the water supply because the 270 00:14:37,520 --> 00:14:40,160 Speaker 1: city says it now has to focus on conserving water 271 00:14:40,400 --> 00:14:44,640 Speaker 1: for its own residents and can sell to this unincorporated area. 272 00:14:44,760 --> 00:14:48,520 Speaker 1: So this area previously had been able to rely on 273 00:14:48,560 --> 00:14:52,040 Speaker 1: Scottsdale and had a link up to their city reservoir. 274 00:14:52,320 --> 00:14:55,000 Speaker 1: And the overall problem is that this area of the 275 00:14:55,040 --> 00:14:58,360 Speaker 1: Snoring Desert has had a drought for nearly twenty years, 276 00:14:58,520 --> 00:15:02,200 Speaker 1: and even though there is major rainfall happening right now 277 00:15:02,240 --> 00:15:05,680 Speaker 1: in California, it's just not enough. It's to fill up 278 00:15:05,720 --> 00:15:08,400 Speaker 1: some of the storage units and others. Many of the 279 00:15:08,440 --> 00:15:11,160 Speaker 1: houses themselves were also built and actually sold to them 280 00:15:11,160 --> 00:15:13,880 Speaker 1: by developers who didn't warn them about this issue. They 281 00:15:13,920 --> 00:15:17,000 Speaker 1: don't have necessarily storage tanks and some of the other 282 00:15:17,240 --> 00:15:18,960 Speaker 1: like if you're living truly off the grid, you know, 283 00:15:19,080 --> 00:15:21,920 Speaker 1: they know what they're doing. You got water tanks, rain collectors, 284 00:15:22,200 --> 00:15:24,440 Speaker 1: all that other stuff. But these people thought, they're like, yeah, 285 00:15:24,480 --> 00:15:26,960 Speaker 1: it's not incorporated, but you know whatever, the water doesn't 286 00:15:27,000 --> 00:15:31,120 Speaker 1: just shut off and they're skipping showers, their toilets don't work. 287 00:15:31,240 --> 00:15:33,680 Speaker 1: I mean talking about a total breakdown in their quality 288 00:15:33,680 --> 00:15:35,680 Speaker 1: of life in a matter of like two days. And 289 00:15:36,160 --> 00:15:38,560 Speaker 1: there is no there's no like when is the water 290 00:15:38,640 --> 00:15:41,880 Speaker 1: coming back, There's no guarantee, yeah, happening. So this is 291 00:15:41,920 --> 00:15:44,320 Speaker 1: all emit a major drought. I was just telling you before. 292 00:15:44,400 --> 00:15:46,720 Speaker 1: I love Scottsdale. I think is one of the most 293 00:15:46,760 --> 00:15:49,720 Speaker 1: beautiful parts of the country. Is such a great city. 294 00:15:49,760 --> 00:15:51,880 Speaker 1: And yeah, look, I mean I knew when I was 295 00:15:51,920 --> 00:15:53,280 Speaker 1: there and it was like one hundred and fifteen degrees. 296 00:15:53,280 --> 00:15:54,760 Speaker 1: I'm like, I don't really know how people live here. 297 00:15:54,800 --> 00:15:56,920 Speaker 1: And now kind of getting a little taste of why. 298 00:15:57,080 --> 00:15:59,200 Speaker 1: There's a quote in here where someone's lag like are 299 00:15:59,200 --> 00:16:01,440 Speaker 1: we just camping now? Now? Yeah, we're doing I mean, 300 00:16:01,720 --> 00:16:03,800 Speaker 1: you know, they bought homes, they knew they were in 301 00:16:03,840 --> 00:16:06,600 Speaker 1: a more rural area. That was what they signed up for. 302 00:16:06,680 --> 00:16:09,520 Speaker 1: They did not sign up for not having running water. 303 00:16:09,760 --> 00:16:12,800 Speaker 1: And the way this went down is what they were 304 00:16:12,800 --> 00:16:15,920 Speaker 1: doing before is they have these big storage reservoirs that 305 00:16:15,960 --> 00:16:18,120 Speaker 1: get filled up basically once a month. They get enough 306 00:16:18,160 --> 00:16:21,240 Speaker 1: water trucked in and filled in these reservoirs to last 307 00:16:21,280 --> 00:16:23,560 Speaker 1: them and their families roughly a month's time, and then 308 00:16:23,600 --> 00:16:24,920 Speaker 1: the truck comes back and fills it up. And the 309 00:16:24,920 --> 00:16:28,120 Speaker 1: truck was coming from Scottsdale, and so Scottsdale said, no, 310 00:16:28,280 --> 00:16:31,760 Speaker 1: we're not doing this anymore. And part of what happened here, 311 00:16:31,920 --> 00:16:33,840 Speaker 1: I mean this is sort of does come down to 312 00:16:33,880 --> 00:16:36,240 Speaker 1: these like sort of skivee developers, it seems to me, 313 00:16:36,720 --> 00:16:39,960 Speaker 1: because Arizona has a law on the books where you're 314 00:16:39,960 --> 00:16:42,440 Speaker 1: not allowed to build a development if you don't have 315 00:16:42,520 --> 00:16:44,920 Speaker 1: an identified water supply that will last at least one 316 00:16:44,960 --> 00:16:49,200 Speaker 1: hundred years. But there's a loophole for developments less than 317 00:16:49,240 --> 00:16:52,120 Speaker 1: six houses. So what these developers would do is they 318 00:16:52,120 --> 00:16:55,600 Speaker 1: would take attractive land divided into five houses and then 319 00:16:55,640 --> 00:16:58,320 Speaker 1: do a whole bunch of these to sort of get 320 00:16:58,360 --> 00:17:01,440 Speaker 1: away with this loophole, and so you know, you can 321 00:17:01,440 --> 00:17:05,639 Speaker 1: see these residents understandably, they're also looking at their home prices, Like, 322 00:17:05,640 --> 00:17:07,919 Speaker 1: even if they wanted to leave, if you just got nuked, 323 00:17:07,960 --> 00:17:10,399 Speaker 1: who is going to buy your house that doesn't have 324 00:17:10,440 --> 00:17:13,880 Speaker 1: a dedicated water supply, So they're totally screwed. And they're 325 00:17:13,920 --> 00:17:17,440 Speaker 1: looking at places like Scottsdale that have beautiful golf courses 326 00:17:17,480 --> 00:17:20,119 Speaker 1: which take massive amounts of waters and swimming pools, and 327 00:17:20,440 --> 00:17:23,560 Speaker 1: you know, and other nearby communities. Apparently there's a nearby 328 00:17:23,600 --> 00:17:26,000 Speaker 1: community that has one of the largest fountains in the 329 00:17:26,160 --> 00:17:29,000 Speaker 1: entire world, and they're like, what the hell, Like, we 330 00:17:29,040 --> 00:17:32,320 Speaker 1: can't even have water to flush our toilets, And I 331 00:17:32,320 --> 00:17:35,119 Speaker 1: think that is a fair point. So anyway, it's a 332 00:17:35,119 --> 00:17:39,080 Speaker 1: bit of a window into just the type of decisions 333 00:17:39,720 --> 00:17:42,919 Speaker 1: and water wars that could really be coming, because a 334 00:17:42,960 --> 00:17:46,520 Speaker 1: lot of the reservoirs that provide water for this entire 335 00:17:47,119 --> 00:17:51,040 Speaker 1: western part of the country have been diminishing and diminishing 336 00:17:51,119 --> 00:17:54,280 Speaker 1: and diminishing, and you're starting to have battles over like 337 00:17:54,359 --> 00:17:57,320 Speaker 1: the Colorado River water is a big one. There are 338 00:17:57,359 --> 00:18:00,600 Speaker 1: people who are trying to fight to basically privatize so 339 00:18:00,640 --> 00:18:03,400 Speaker 1: that it goes to the highest bidder. You have investors 340 00:18:03,440 --> 00:18:06,919 Speaker 1: coming in from Saudi Arabian buying up water rights and 341 00:18:07,040 --> 00:18:09,920 Speaker 1: using it for farming that gets shipped back to there. 342 00:18:09,960 --> 00:18:13,560 Speaker 1: So there. This is one little example of how crucial 343 00:18:13,880 --> 00:18:18,239 Speaker 1: and how devastating these battles ultimately could be as we 344 00:18:18,280 --> 00:18:21,840 Speaker 1: move into the future. Yeah. Absolutely, so everybody just look 345 00:18:21,920 --> 00:18:24,040 Speaker 1: pay attention to these types of things. It could happen. 346 00:18:24,280 --> 00:18:26,160 Speaker 1: I think the fairest point they have having again been 347 00:18:26,320 --> 00:18:29,679 Speaker 1: they're not wrong, like it's a lush green area, not naturally. 348 00:18:29,840 --> 00:18:31,840 Speaker 1: You know, you've got all these golf courses and all 349 00:18:31,880 --> 00:18:34,280 Speaker 1: these resorts and all these things going on. It's like 350 00:18:34,320 --> 00:18:37,119 Speaker 1: you can spare a tank of water for the city. 351 00:18:37,359 --> 00:18:39,760 Speaker 1: I think these people should sue those developers because clearly 352 00:18:39,800 --> 00:18:42,840 Speaker 1: they were scheming or whatever. And you know, probably Arizona 353 00:18:42,840 --> 00:18:44,760 Speaker 1: State government or whoever needs to step in here because 354 00:18:44,760 --> 00:18:46,440 Speaker 1: this is Yes, I do have to say there was 355 00:18:46,480 --> 00:18:49,399 Speaker 1: one line that I thought was interesting and funny and 356 00:18:49,480 --> 00:18:54,520 Speaker 1: how people get like very ideologically driven. One idea was 357 00:18:54,680 --> 00:18:57,160 Speaker 1: all right, well let's form our own little group here 358 00:18:57,320 --> 00:19:00,879 Speaker 1: as a community, and we will pay to have trucks 359 00:19:00,920 --> 00:19:03,000 Speaker 1: go to a further away, not Scott's seale, but another 360 00:19:03,000 --> 00:19:05,679 Speaker 1: further away location that will still sell us water and 361 00:19:05,760 --> 00:19:09,160 Speaker 1: we'll have our own like self funded water provided provider. 362 00:19:09,280 --> 00:19:11,840 Speaker 1: And the quote here says other residents revolted, saying the 363 00:19:11,880 --> 00:19:15,760 Speaker 1: idea would foist an expensive, freedom stealing new arm of 364 00:19:15,840 --> 00:19:20,320 Speaker 1: government on them. So the idea collapsed. So those are 365 00:19:20,320 --> 00:19:22,600 Speaker 1: probably the people who've got the reservoirs and they're like, yeah, 366 00:19:22,640 --> 00:19:25,000 Speaker 1: screw you, I'm not paying for it. Yeah. Yeah, have 367 00:19:25,160 --> 00:19:28,680 Speaker 1: some sympathetic some property taxes are bullshit. Yeah, but it's 368 00:19:28,720 --> 00:19:31,960 Speaker 1: just like you're so anti government that you're willing to 369 00:19:32,040 --> 00:19:35,000 Speaker 1: literally go without water, rather than it's like they have 370 00:19:35,040 --> 00:19:38,560 Speaker 1: the whole community of a few, you know, probably like 371 00:19:38,560 --> 00:19:40,679 Speaker 1: a few hundred people. It's like it's not a big 372 00:19:40,880 --> 00:19:43,920 Speaker 1: expansive guards literally just you and your neighbors. But yeah, 373 00:19:43,960 --> 00:19:46,480 Speaker 1: their their ideology is too strong. They don't want they 374 00:19:46,520 --> 00:19:49,040 Speaker 1: don't want their freedom stolen from their neighbors who are 375 00:19:49,040 --> 00:19:51,000 Speaker 1: also just trying to get maybe their preppers, and they've 376 00:19:51,000 --> 00:19:53,720 Speaker 1: been living for this for their entire lives. You and I, 377 00:19:53,880 --> 00:19:59,000 Speaker 1: we all know the type. A lot of discussions across 378 00:19:59,040 --> 00:20:01,960 Speaker 1: America about the labor shortage, was it unemployment benefits, was 379 00:20:02,000 --> 00:20:04,400 Speaker 1: it pandemic. Was it just a difference in the way 380 00:20:04,400 --> 00:20:07,520 Speaker 1: that people think, Well, we're getting some actually very interesting 381 00:20:07,800 --> 00:20:09,679 Speaker 1: new data. Let's put it up there on the screen. 382 00:20:09,760 --> 00:20:13,679 Speaker 1: A paper from the National Bureau of Economic Research finds 383 00:20:13,680 --> 00:20:17,119 Speaker 1: that a majority of the post pandemic shortfall in the 384 00:20:17,200 --> 00:20:20,879 Speaker 1: labor supply is people who are working fewer hours, not 385 00:20:21,080 --> 00:20:25,480 Speaker 1: people becoming non workers. Cutting back is especially most common 386 00:20:25,520 --> 00:20:28,960 Speaker 1: amongst high earning men who worked very long hours before 387 00:20:29,240 --> 00:20:32,080 Speaker 1: the pandemic. So let's actually read exactly what they say. Quote. 388 00:20:32,160 --> 00:20:35,199 Speaker 1: Although the pre existing trend of lower labor force participation 389 00:20:35,520 --> 00:20:37,880 Speaker 1: by young men without a college degree accounts for some 390 00:20:37,920 --> 00:20:40,959 Speaker 1: of the decline, the intensive margin accounts for more than 391 00:20:41,040 --> 00:20:44,280 Speaker 1: half of the decline. Between twenty nineteen and twenty twenty two. 392 00:20:44,560 --> 00:20:47,160 Speaker 1: The decline in hours amongst workers was larger for men 393 00:20:47,200 --> 00:20:50,159 Speaker 1: than women, and amongst men, the decline was larger for 394 00:20:50,240 --> 00:20:53,160 Speaker 1: those with a bachelor's degree than those with a high 395 00:20:53,400 --> 00:20:56,440 Speaker 1: or then with less education, for prime age workers than 396 00:20:56,480 --> 00:20:59,880 Speaker 1: older workers, and also for those who already worked long 397 00:21:00,119 --> 00:21:04,360 Speaker 1: hours and had high earnings. Workers hours reduction can explain 398 00:21:04,600 --> 00:21:07,159 Speaker 1: why the labor market is even tighter than it was 399 00:21:07,200 --> 00:21:11,200 Speaker 1: expected at the current levels of unemployment. And labor force participation. 400 00:21:11,440 --> 00:21:13,760 Speaker 1: I like this because it dispels a lot of memes. 401 00:21:14,000 --> 00:21:15,959 Speaker 1: One of the big memes in our society, especially more 402 00:21:16,080 --> 00:21:18,879 Speaker 1: like a conservative meme, is unemployment made it so that 403 00:21:18,960 --> 00:21:22,080 Speaker 1: people refuse to work. And you could have credibly claimed 404 00:21:22,160 --> 00:21:24,560 Speaker 1: that until we cut unemployment off more than a year 405 00:21:24,600 --> 00:21:27,080 Speaker 1: ago and we still have a used labor shortage. Yeah, 406 00:21:27,119 --> 00:21:29,040 Speaker 1: so it's like, well, okay, in fact, I remember the 407 00:21:29,040 --> 00:21:32,280 Speaker 1: states that did it first, they actually saw there they yeah, 408 00:21:32,520 --> 00:21:34,840 Speaker 1: it got even worse for that, so they had worse unemployment. 409 00:21:34,920 --> 00:21:37,000 Speaker 1: So it was unemployment or at least unemployment. Maybe EV 410 00:21:37,000 --> 00:21:38,919 Speaker 1: had something to do with it, but wasn't the whole story, 411 00:21:39,119 --> 00:21:42,160 Speaker 1: And predominantly the whole story just is I don't want 412 00:21:42,160 --> 00:21:43,760 Speaker 1: to work a crappy job. I don't want to work 413 00:21:43,800 --> 00:21:45,320 Speaker 1: as much. I want to spend a ton more time 414 00:21:45,520 --> 00:21:47,480 Speaker 1: with my kids. I mean, if there is any one 415 00:21:47,600 --> 00:21:51,200 Speaker 1: solid benefit to pandemic, it might actually be this one. 416 00:21:51,280 --> 00:21:53,760 Speaker 1: My only hope would be that, of course, people who 417 00:21:53,840 --> 00:21:58,000 Speaker 1: are actually working class and not of not bachelor degree holders, 418 00:21:58,000 --> 00:22:00,520 Speaker 1: which is more than half of the population, would get 419 00:22:00,520 --> 00:22:03,680 Speaker 1: the same benefits to work less hours than their white 420 00:22:03,680 --> 00:22:06,159 Speaker 1: collar counterpropus one hundred percent but I do think that 421 00:22:06,240 --> 00:22:10,280 Speaker 1: this reset in the way people view their lives and 422 00:22:10,320 --> 00:22:13,560 Speaker 1: reprioritize their lives. I think it's nothing but positive direct 423 00:22:13,600 --> 00:22:15,679 Speaker 1: I mean people, these are the type of workers. So 424 00:22:15,720 --> 00:22:18,800 Speaker 1: you're talking about relative high earners, college degree holders who 425 00:22:18,880 --> 00:22:22,000 Speaker 1: were forced to work remotely during the pandemic, and then 426 00:22:22,160 --> 00:22:24,399 Speaker 1: many of them were like, you know what, work is 427 00:22:24,440 --> 00:22:27,320 Speaker 1: not everything. I actually like my kids turns on, I 428 00:22:27,400 --> 00:22:29,280 Speaker 1: kind of like my wife. It's kind of nice having 429 00:22:29,400 --> 00:22:32,720 Speaker 1: like other priorities in my life and having other things 430 00:22:32,760 --> 00:22:35,800 Speaker 1: than just define me other than just who I am 431 00:22:35,960 --> 00:22:39,200 Speaker 1: in the workplace ultimately. And then you couple that with 432 00:22:39,840 --> 00:22:42,440 Speaker 1: the data we talked about last week Sager of which 433 00:22:42,520 --> 00:22:45,919 Speaker 1: jobs make people the most like miserable doing them, and 434 00:22:45,960 --> 00:22:50,240 Speaker 1: it's like lawyer and banker, those are the two most 435 00:22:50,359 --> 00:22:55,240 Speaker 1: miserable professions. And in general it was like white collar workers. 436 00:22:55,240 --> 00:22:56,760 Speaker 1: Now again, I want to take all of that with 437 00:22:56,800 --> 00:22:58,760 Speaker 1: a grain of salt, because some of the occupations that 438 00:22:58,800 --> 00:23:00,960 Speaker 1: they said that were the happiest were ones that were, 439 00:23:01,119 --> 00:23:03,960 Speaker 1: you know, difficult and dangerous. And you have a lot 440 00:23:03,960 --> 00:23:06,600 Speaker 1: of blue collar workers whose work is you know, very 441 00:23:07,040 --> 00:23:09,480 Speaker 1: difficult and can be degrading the way that they're treated 442 00:23:09,520 --> 00:23:11,520 Speaker 1: in the workplace and low paid and all of those 443 00:23:11,560 --> 00:23:14,480 Speaker 1: sorts of things. But it still was kind of revealing 444 00:23:14,840 --> 00:23:17,560 Speaker 1: that the things that were making people the happiest, not 445 00:23:17,600 --> 00:23:19,560 Speaker 1: only in terms of their occupations but where they want 446 00:23:19,560 --> 00:23:21,919 Speaker 1: to spend their time had nothing to do with this 447 00:23:22,080 --> 00:23:27,280 Speaker 1: like miserable office existence. So some rebalancing of those scales, 448 00:23:27,440 --> 00:23:31,200 Speaker 1: I do think it's a tremendously tremendously positive thing and 449 00:23:31,359 --> 00:23:33,399 Speaker 1: better values for us to have as a society as 450 00:23:33,440 --> 00:23:35,119 Speaker 1: a whole. Oh yeah, I mean, look, I have multiple 451 00:23:35,160 --> 00:23:36,800 Speaker 1: friends who had to work in high finance, and it 452 00:23:36,920 --> 00:23:38,640 Speaker 1: sucked the soul out of every single one of them. 453 00:23:38,680 --> 00:23:40,800 Speaker 1: I don't have a single one that survived more than 454 00:23:40,920 --> 00:23:43,320 Speaker 1: let's say, like three to four years. It just burns you. 455 00:23:43,119 --> 00:23:45,280 Speaker 1: You get basically burnt to the core, and then they 456 00:23:45,359 --> 00:23:48,280 Speaker 1: all end up going do something else. But again, this 457 00:23:48,359 --> 00:23:51,320 Speaker 1: is a white collar discussion, particularly, so we don't just need, like, 458 00:23:51,640 --> 00:23:53,520 Speaker 1: you know, for all of the talk of white collar 459 00:23:53,560 --> 00:23:55,600 Speaker 1: people cutting back, like we just had a whole episode 460 00:23:55,600 --> 00:23:57,520 Speaker 1: where guys who work on a railroad literally can't get 461 00:23:57,560 --> 00:23:59,520 Speaker 1: one paid sick day. I mean, for me, the big 462 00:23:59,560 --> 00:24:02,640 Speaker 1: hope would be that because this group of people has 463 00:24:02,720 --> 00:24:05,520 Speaker 1: so much cultural power that the fact that they have 464 00:24:05,560 --> 00:24:08,680 Speaker 1: a shift in mindset helps to use a terrible term, 465 00:24:08,760 --> 00:24:12,800 Speaker 1: trickle down to everybody else. That would be like the big, 466 00:24:12,840 --> 00:24:16,240 Speaker 1: grand optimistic vision. But I mean, to be really serious, 467 00:24:16,280 --> 00:24:19,199 Speaker 1: I do think that a resetting of priorities, at a 468 00:24:19,240 --> 00:24:24,240 Speaker 1: resetting of values is just a genuinely, genuinely good thing. 469 00:24:25,160 --> 00:24:28,360 Speaker 1: All of the panic about the labor force participation rate dropping, 470 00:24:28,560 --> 00:24:30,960 Speaker 1: I think is silly. I think this is from like 471 00:24:31,160 --> 00:24:33,080 Speaker 1: boss class and a lot of people who you know, 472 00:24:33,200 --> 00:24:36,919 Speaker 1: really liked it when they had this labor oversupply and 473 00:24:36,960 --> 00:24:39,639 Speaker 1: then you had like too many workers for the jobs 474 00:24:39,680 --> 00:24:42,760 Speaker 1: and you could just treat them as disposable. So any 475 00:24:42,800 --> 00:24:45,320 Speaker 1: rebalancing of the scales in that direction, in my opinion, 476 00:24:45,400 --> 00:24:47,719 Speaker 1: is a positive. Yeah, I agree with you. All right, 477 00:24:47,760 --> 00:24:50,720 Speaker 1: we here at Counterpoints are going on a crusade. That's right, 478 00:24:51,240 --> 00:24:53,520 Speaker 1: and we're going to win this campaign. We're driving this 479 00:24:53,560 --> 00:24:57,679 Speaker 1: all the way home. We want the cameras in the 480 00:24:57,680 --> 00:24:59,640 Speaker 1: House chamber and you know what, the Senate to house, 481 00:24:59,640 --> 00:25:03,040 Speaker 1: the Senate escaping this to continue to give us the 482 00:25:03,119 --> 00:25:05,359 Speaker 1: kind of drama that they gave us that week where 483 00:25:05,359 --> 00:25:08,080 Speaker 1: there were no rules. So actually over at the Intercept, 484 00:25:08,760 --> 00:25:11,920 Speaker 1: we kicked off a petition that says, basically, if we 485 00:25:12,040 --> 00:25:14,600 Speaker 1: put this put this one up here, basically says free 486 00:25:14,600 --> 00:25:17,919 Speaker 1: the cameras. This is directed to Kevin McCarthy. Allow the 487 00:25:17,960 --> 00:25:21,560 Speaker 1: cameras to not just pan as Nuke Gingrich wanted it 488 00:25:21,600 --> 00:25:25,160 Speaker 1: to one speaker behind the podium, but let us see 489 00:25:25,200 --> 00:25:27,280 Speaker 1: what's going on in the whole chamber. And actually one 490 00:25:27,280 --> 00:25:29,119 Speaker 1: thing that people will learn is that there's nobody in 491 00:25:29,160 --> 00:25:31,840 Speaker 1: the House chamber and maybe that'll start frustrating people and 492 00:25:31,880 --> 00:25:34,560 Speaker 1: then actually we might actually get people all together in 493 00:25:34,600 --> 00:25:38,360 Speaker 1: the room like that's that's fun, that's democracy. It feels 494 00:25:38,600 --> 00:25:41,560 Speaker 1: it feels right. We'll put that, We'll put that petition 495 00:25:42,480 --> 00:25:46,240 Speaker 1: down down in the notes underneath here. Who was the 496 00:25:46,280 --> 00:25:49,080 Speaker 1: Tea Party Patriots? Is that? Who Tea Party Patriots put 497 00:25:49,160 --> 00:25:51,400 Speaker 1: up that second element here for us? Yeah, so Tea 498 00:25:51,440 --> 00:25:55,199 Speaker 1: Party Patriots sort of took the side actually of the 499 00:25:55,240 --> 00:25:58,399 Speaker 1: intercept and the lever I believe in others sort of 500 00:25:58,440 --> 00:26:01,399 Speaker 1: left wing groups that signed the petition, but also has 501 00:26:01,520 --> 00:26:04,200 Speaker 1: to go a little further what they consider a little 502 00:26:04,240 --> 00:26:07,280 Speaker 1: bit further. So in addition to adding c Span to 503 00:26:07,320 --> 00:26:11,159 Speaker 1: continue to broadcast, they said they want to also I'm 504 00:26:11,200 --> 00:26:14,120 Speaker 1: trying to read. Maybe I need a new multiicam view 505 00:26:14,119 --> 00:26:16,760 Speaker 1: of the House. Yeah, the multiicam, the viewers can select 506 00:26:16,800 --> 00:26:20,040 Speaker 1: from multiple vantage points. So it's like citizen journalists, so 507 00:26:20,080 --> 00:26:23,639 Speaker 1: people can do their own yeah production right, empowering citizen 508 00:26:23,760 --> 00:26:29,480 Speaker 1: journalists via c SPAN Now I like it so. Interestingly enough, 509 00:26:30,240 --> 00:26:33,760 Speaker 1: I had a conversation with a leadership source yesterday that 510 00:26:33,840 --> 00:26:36,840 Speaker 1: I think floated some some very relevant information. This is 511 00:26:37,240 --> 00:26:42,480 Speaker 1: to counterpoints. The leadership source said there are eight cameras 512 00:26:42,560 --> 00:26:45,120 Speaker 1: in the House Chamber at all times as of right now. 513 00:26:45,480 --> 00:26:48,399 Speaker 1: That is up from six cameras in the one hundred 514 00:26:48,400 --> 00:26:51,520 Speaker 1: and sixteenth Congress, seven cameras in the one hundred and 515 00:26:51,600 --> 00:26:54,720 Speaker 1: seventeenth Congress, so it's now eight in one hundred and eighteenth. 516 00:26:54,760 --> 00:26:58,040 Speaker 1: And they also pointed out there are six cameras with 517 00:26:58,560 --> 00:27:02,200 Speaker 1: they had forty two transit in the one hundred back 518 00:27:02,200 --> 00:27:05,679 Speaker 1: and right. That went up to seventy three transitions in 519 00:27:05,720 --> 00:27:09,400 Speaker 1: the next congress, so it's it's increased. I'm not sure 520 00:27:09,520 --> 00:27:12,760 Speaker 1: this is okay. So this is the first hour of 521 00:27:12,840 --> 00:27:17,000 Speaker 1: rules debate in each of those congress, so this is there. There. 522 00:27:17,160 --> 00:27:20,439 Speaker 1: They took what should have been a representative sample basically 523 00:27:20,520 --> 00:27:23,480 Speaker 1: from the first hour and said basically that in the 524 00:27:23,520 --> 00:27:26,640 Speaker 1: one hundred and eighteenth Congress, not only have the cameras increased, 525 00:27:26,640 --> 00:27:29,600 Speaker 1: but the transitions and the multiple views have increased. Now, 526 00:27:30,240 --> 00:27:33,360 Speaker 1: the interesting thing here, and this is actually I think 527 00:27:33,400 --> 00:27:36,280 Speaker 1: a worthwhile argument, and I think Ryan has a good solution. 528 00:27:36,840 --> 00:27:40,080 Speaker 1: But the worthwhile argument is that c SPAN is not 529 00:27:41,600 --> 00:27:43,840 Speaker 1: is not the House Gallery. It's not the same thing. 530 00:27:43,960 --> 00:27:46,800 Speaker 1: So c SPAN is not nationalized, and so the argument 531 00:27:46,840 --> 00:27:50,359 Speaker 1: that there's a conglomeration of cable right, So there's the 532 00:27:50,359 --> 00:27:54,359 Speaker 1: slippery slope argument that says what differentiates c SPAN from 533 00:27:54,480 --> 00:27:58,800 Speaker 1: MSNBC or Fox News. So if c SPAN gets control 534 00:27:58,840 --> 00:28:02,159 Speaker 1: of the cameras as to patriots said there and the 535 00:28:02,280 --> 00:28:05,800 Speaker 1: and the different viewpoints, then or as the petition says, 536 00:28:06,359 --> 00:28:11,600 Speaker 1: then what would happen when Fox News or MSNBC comes 537 00:28:11,640 --> 00:28:16,040 Speaker 1: to the House Gallery and says, hey, we want control 538 00:28:16,080 --> 00:28:18,880 Speaker 1: of the cameras. Why does c SPAN get this privilege? 539 00:28:19,000 --> 00:28:20,800 Speaker 1: And we don't because a lot of people think of 540 00:28:20,800 --> 00:28:23,840 Speaker 1: c SPAN almost like PBS, right, like it's this or 541 00:28:23,880 --> 00:28:27,760 Speaker 1: even more nationalized and federalized than PBS. But it's not. 542 00:28:28,080 --> 00:28:31,200 Speaker 1: And that distinction is what makes that really really hard 543 00:28:31,320 --> 00:28:33,760 Speaker 1: because if you do it with c SPAN. Why don't 544 00:28:33,800 --> 00:28:36,040 Speaker 1: you do it with others? Now? Is the solution then 545 00:28:36,040 --> 00:28:39,400 Speaker 1: to nationalize c Span? Yeah, I'd have to. I got 546 00:28:39,400 --> 00:28:43,480 Speaker 1: to think this through. On the one hand, yes, nationalized 547 00:28:43,520 --> 00:28:47,840 Speaker 1: c SPAN, make it public and maybe let PBS do 548 00:28:47,960 --> 00:28:52,800 Speaker 1: it something like that, because I understand the resistance to 549 00:28:52,920 --> 00:28:57,040 Speaker 1: wanting to allowing Fox, msn NBC, CNN, because then where 550 00:28:57,080 --> 00:28:58,840 Speaker 1: do you stop, like who else do you let in? Like? Right? 551 00:28:59,080 --> 00:29:01,360 Speaker 1: And and then and then you have the government in 552 00:29:01,400 --> 00:29:04,680 Speaker 1: the position of kind of licensing certain media but not 553 00:29:04,720 --> 00:29:07,160 Speaker 1: licensing others, which they already do. So they already do, 554 00:29:07,240 --> 00:29:10,959 Speaker 1: but you don't. But it's but it's it's dicey. Yeah, 555 00:29:11,440 --> 00:29:14,080 Speaker 1: when you're getting into that area, then part of me 556 00:29:14,200 --> 00:29:17,719 Speaker 1: is like, you know what, let let MSNBC, CNN, Fox, 557 00:29:18,320 --> 00:29:20,520 Speaker 1: like if they're but then who do you not let in? 558 00:29:20,680 --> 00:29:25,239 Speaker 1: So okay, so all right, I'd say I would. I 559 00:29:25,240 --> 00:29:28,760 Speaker 1: still I'm still signing the petition and im and I'm saying, 560 00:29:29,320 --> 00:29:32,320 Speaker 1: all right, take a shot if if if the House 561 00:29:32,360 --> 00:29:36,200 Speaker 1: Gallery is going to add more cameras and going to 562 00:29:36,280 --> 00:29:43,560 Speaker 1: continue to allow but they've got to I mean, if 563 00:29:43,560 --> 00:29:46,480 Speaker 1: they do a good job, fine, let's see. Yeah, yeah, no, 564 00:29:46,560 --> 00:29:48,600 Speaker 1: I think that's a good point. I mean, yeah, I 565 00:29:48,680 --> 00:29:50,800 Speaker 1: was all, I'm completely in Fabruary. I saw the Tea 566 00:29:50,800 --> 00:29:52,680 Speaker 1: Party Patriots thing and I was like, hell, yeah, let's 567 00:29:52,680 --> 00:29:55,440 Speaker 1: do this. And as I sort of dug into it 568 00:29:55,480 --> 00:29:57,560 Speaker 1: a little bit more and talk to a source, it 569 00:29:57,600 --> 00:30:01,080 Speaker 1: was It's an interesting counter argument because I can see 570 00:30:01,080 --> 00:30:03,800 Speaker 1: like editorial decisions, especially with c SPAN. If you see 571 00:30:03,800 --> 00:30:06,480 Speaker 1: those clips are the ones that as people are tuning 572 00:30:06,480 --> 00:30:09,120 Speaker 1: into cable newsless, they get used in tweets. We use them, 573 00:30:09,160 --> 00:30:13,040 Speaker 1: they get used in instagrams, they get clipped everywhere, Facebook, YouTube, wherever, 574 00:30:13,720 --> 00:30:16,800 Speaker 1: and become really important. And so you are making editorial 575 00:30:16,840 --> 00:30:21,040 Speaker 1: decisions as the person who controls these cameras, and if 576 00:30:21,040 --> 00:30:24,040 Speaker 1: you're just showing you know, Republicans in bad light, Orf, 577 00:30:24,040 --> 00:30:26,400 Speaker 1: you're just showing democrats in bad light, whether it's chaos 578 00:30:26,560 --> 00:30:30,440 Speaker 1: or sleeping, and you're not doing it proportionally to you know, 579 00:30:30,600 --> 00:30:32,760 Speaker 1: both people sleeping in the get like you can have 580 00:30:32,840 --> 00:30:36,640 Speaker 1: a real effect on the discourse by those editorial judgments. 581 00:30:36,640 --> 00:30:40,400 Speaker 1: So I do understand that argument, and I think you know, 582 00:30:40,400 --> 00:30:42,680 Speaker 1: their solution isn't the end of the world saying hey, 583 00:30:42,680 --> 00:30:47,680 Speaker 1: we're increasing cameras, We're increasing different views. So I'm willing 584 00:30:47,720 --> 00:30:49,880 Speaker 1: to see that out. But I also think there's something 585 00:30:49,920 --> 00:30:54,120 Speaker 1: important about figuring out how to because they listen, like 586 00:30:54,440 --> 00:30:57,560 Speaker 1: they do make this decision about who's license to have credentials, 587 00:30:58,240 --> 00:31:00,640 Speaker 1: they do make those decisions. Is there a way to 588 00:31:00,680 --> 00:31:04,960 Speaker 1: do something similar here? And one thing? So one counter 589 00:31:05,040 --> 00:31:07,400 Speaker 1: that that just occurred to me. It could be the 590 00:31:07,880 --> 00:31:10,240 Speaker 1: argument that, well, if you let c SPAN in, then 591 00:31:10,280 --> 00:31:14,080 Speaker 1: you have to let in Fox, MSNBC and CNN doesn't 592 00:31:14,160 --> 00:31:17,160 Speaker 1: hold because Congress can do whatever it wants, Like Congress 593 00:31:17,160 --> 00:31:20,160 Speaker 1: could write into the rules we allow c SPAN and 594 00:31:20,200 --> 00:31:23,160 Speaker 1: not the others, like there's actually there's actually nobody who's 595 00:31:23,160 --> 00:31:25,840 Speaker 1: going to force you to change if you're the lawmakers. 596 00:31:25,920 --> 00:31:28,440 Speaker 1: If you're the rule makers, then then you can do 597 00:31:28,440 --> 00:31:31,120 Speaker 1: whatever you want. You could just say c SPAN. The 598 00:31:31,160 --> 00:31:32,640 Speaker 1: history of this is fun, but then you have a 599 00:31:32,680 --> 00:31:34,400 Speaker 1: hard time when someone comes to you and says, well, 600 00:31:34,400 --> 00:31:38,160 Speaker 1: why why because we say so because public likes se 601 00:31:38,240 --> 00:31:40,719 Speaker 1: SPAN and they don't like you. That's why, get out 602 00:31:40,760 --> 00:31:43,880 Speaker 1: of here. But the history is kind of fun. In 603 00:31:43,920 --> 00:31:47,600 Speaker 1: the nineteenth century, you probably know this. The biggest prize 604 00:31:47,600 --> 00:31:52,400 Speaker 1: in Washington was the contract to do all the printing 605 00:31:52,480 --> 00:31:57,680 Speaker 1: for Congress, and whoever won the speakership was able to 606 00:31:57,680 --> 00:32:01,000 Speaker 1: give that prize out to give that contract, and so 607 00:32:01,040 --> 00:32:05,440 Speaker 1: the party that one would then have its partisan paper 608 00:32:06,000 --> 00:32:11,600 Speaker 1: get a massive subsidy from Congress, from the taxpayer. And 609 00:32:11,640 --> 00:32:15,000 Speaker 1: so it would be funny if you said, Okay, if 610 00:32:15,040 --> 00:32:18,280 Speaker 1: Republicans are in power, Fox gets to control the cameras, 611 00:32:19,360 --> 00:32:23,560 Speaker 1: and if Democrats are in control, MSNBC gets the cameras. Sorry, CNN, 612 00:32:24,440 --> 00:32:26,400 Speaker 1: they are a little more partisan than you are. Well, 613 00:32:26,440 --> 00:32:29,200 Speaker 1: you know, they're still relying to all of this, which 614 00:32:29,240 --> 00:32:32,960 Speaker 1: is even if this solution falls short, it's actually still 615 00:32:33,000 --> 00:32:35,280 Speaker 1: better than where it was before. If the number of 616 00:32:35,280 --> 00:32:38,600 Speaker 1: cameras are increasing, the number of views are increasing, and 617 00:32:38,960 --> 00:32:41,160 Speaker 1: this issue has become more high profile. A lot of 618 00:32:41,200 --> 00:32:42,760 Speaker 1: people have been talking about this this week, to the 619 00:32:42,800 --> 00:32:45,720 Speaker 1: point where the petition is going viral and two Patriots 620 00:32:45,800 --> 00:32:48,800 Speaker 1: was weighing in people on both sides. This is important. 621 00:32:48,880 --> 00:32:50,880 Speaker 1: I think this does really matter a lot. We should 622 00:32:50,880 --> 00:32:53,200 Speaker 1: be able to see what's happening. The speakership battle proved 623 00:32:53,200 --> 00:32:55,560 Speaker 1: that we got a lot of insight. It gave reporters 624 00:32:55,680 --> 00:32:58,440 Speaker 1: questions to ask. There was a lot more that we 625 00:32:58,560 --> 00:33:01,280 Speaker 1: understood about that battle. Because we're porters knew what to 626 00:33:01,560 --> 00:33:04,200 Speaker 1: latch onto. They knew to ask about Mike Rogers, they 627 00:33:04,360 --> 00:33:06,800 Speaker 1: knew to ask about some of these schisms that were 628 00:33:06,800 --> 00:33:09,320 Speaker 1: happening in fights that were happening in real time. Because 629 00:33:09,320 --> 00:33:10,920 Speaker 1: of what we could see in c SPAN, the public 630 00:33:10,960 --> 00:33:12,560 Speaker 1: got to see it in a way that I think 631 00:33:12,680 --> 00:33:16,360 Speaker 1: was extremely enlightening and broaden the context that we all 632 00:33:16,400 --> 00:33:19,520 Speaker 1: had for understanding what was transpiring with our government. So 633 00:33:19,600 --> 00:33:22,840 Speaker 1: it is important and the more views and the more 634 00:33:22,880 --> 00:33:26,240 Speaker 1: transparency we get, the better. And anyone who wants to 635 00:33:26,280 --> 00:33:28,680 Speaker 1: help in that way, I think that's great. That's the 636 00:33:28,720 --> 00:33:31,960 Speaker 1: silver lining is that it's at least advancing in some direction. 637 00:33:32,080 --> 00:33:34,280 Speaker 1: There you go, and then people have to actually show 638 00:33:34,320 --> 00:33:37,200 Speaker 1: up and be on the floor. That's right, Yeah, that's hey. 639 00:33:37,240 --> 00:33:39,920 Speaker 1: Maybe this incentivizes them to do that, maybe well to 640 00:33:40,000 --> 00:33:42,200 Speaker 1: actually govern. All right, stick around, we'll have more for 641 00:33:42,280 --> 00:33:47,640 Speaker 1: you soon. Real Clear Investigations is out with a new piece. 642 00:33:47,680 --> 00:33:49,880 Speaker 1: We could put this one up here that they call 643 00:33:50,080 --> 00:33:53,040 Speaker 1: the rise of the of the single woke female or 644 00:33:53,080 --> 00:33:56,880 Speaker 1: the single woke and young democratic female trying to be 645 00:33:56,920 --> 00:33:59,120 Speaker 1: one of these It's one of these pieces that's that 646 00:33:59,240 --> 00:34:01,719 Speaker 1: is kind of putting a finger on a zeitgeisty kind 647 00:34:01,760 --> 00:34:05,600 Speaker 1: of voter block. You know, they make direct reference at 648 00:34:05,640 --> 00:34:07,840 Speaker 1: the top of the story to soccer moms, the way 649 00:34:07,880 --> 00:34:14,560 Speaker 1: that both Democrats and Republicans were battling over this demographic 650 00:34:14,600 --> 00:34:16,560 Speaker 1: that they that existed. But it was also kind of 651 00:34:16,600 --> 00:34:21,080 Speaker 1: creation of political consultant minds. When Sarah Palin came in 652 00:34:21,280 --> 00:34:25,359 Speaker 1: trying to carve into that demographic, she very consciously called 653 00:34:25,400 --> 00:34:28,160 Speaker 1: herself a hockey mom. Wasn't even also, like two thousand 654 00:34:28,160 --> 00:34:30,920 Speaker 1: and four, right, the Ohio in particular, and under the 655 00:34:31,200 --> 00:34:35,960 Speaker 1: soccer mom stereotype, the consultant class was really laser focused 656 00:34:36,000 --> 00:34:39,400 Speaker 1: on what gets the Ohio soccer mom, the Pennsylvania soccer 657 00:34:39,440 --> 00:34:43,160 Speaker 1: mom onto either side, right, and Republicans thought that they 658 00:34:43,239 --> 00:34:46,439 Speaker 1: really had the sauce that was going to like really 659 00:34:46,480 --> 00:34:50,280 Speaker 1: work with the soccer moms at the time. So now 660 00:34:50,600 --> 00:34:54,960 Speaker 1: you have real clear investigations flagging what they're calling SWF 661 00:34:55,680 --> 00:35:01,759 Speaker 1: basically never married women, they don't get to be soccer ma, right, 662 00:35:01,840 --> 00:35:04,799 Speaker 1: and so women in their twenty thirties forties who are 663 00:35:04,880 --> 00:35:08,080 Speaker 1: overwhelmingly Democratic. So what, you know, what what drew you 664 00:35:08,120 --> 00:35:10,640 Speaker 1: to this piece? You know, to your point, I think 665 00:35:10,640 --> 00:35:13,520 Speaker 1: it's what they're trying to do is coin the SWF 666 00:35:13,600 --> 00:35:17,080 Speaker 1: which sounds like if it gives you back to the 667 00:35:17,080 --> 00:35:21,440 Speaker 1: single white female you know s WF imagery. But they say, well, 668 00:35:21,480 --> 00:35:23,520 Speaker 1: married men and women as well as unmarried men broke 669 00:35:23,600 --> 00:35:26,920 Speaker 1: for the GOP. This is last cycle. CNN Exit pools 670 00:35:26,920 --> 00:35:31,080 Speaker 1: found that sixty eight percent of unmarried women voted Democrats. 671 00:35:31,120 --> 00:35:33,360 Speaker 1: And so the logical progression of this argument is that 672 00:35:33,400 --> 00:35:36,240 Speaker 1: if you have such a clear majority of unmarried women 673 00:35:36,400 --> 00:35:39,759 Speaker 1: and an increasing majority of unmarried women supporting Democrats, and 674 00:35:39,840 --> 00:35:43,920 Speaker 1: you also have an increasing majority of women becoming unmarried, 675 00:35:44,280 --> 00:35:48,680 Speaker 1: then this is a huge, huge demographic boost for Democrats. 676 00:35:49,239 --> 00:35:51,400 Speaker 1: They also say their power is growing thanks to the 677 00:35:51,400 --> 00:35:55,520 Speaker 1: demographic wins. The number of never married women has grown 678 00:35:55,560 --> 00:35:58,600 Speaker 1: from about twenty percent nineteen fifty to over thirty percent 679 00:35:58,719 --> 00:36:01,839 Speaker 1: twenty twenty two, while of married women has declined from 680 00:36:01,880 --> 00:36:05,920 Speaker 1: almost seventy percent in nineteen fifty to under fifty percent today. 681 00:36:06,000 --> 00:36:07,799 Speaker 1: And so you have the overall percentage, they say, of 682 00:36:07,800 --> 00:36:11,560 Speaker 1: married households with children declining from thirty seven percent in 683 00:36:11,640 --> 00:36:16,040 Speaker 1: nineteen seventy six to twenty one percent today. That I 684 00:36:16,080 --> 00:36:19,200 Speaker 1: do find interesting that you have these two things happening 685 00:36:19,200 --> 00:36:22,479 Speaker 1: at once, less women getting married and more unmarried women 686 00:36:22,520 --> 00:36:25,400 Speaker 1: supporting Democrats. They get into all the reasons that it 687 00:36:25,480 --> 00:36:27,239 Speaker 1: might be sort of the cultural reasons. They talk about 688 00:36:27,320 --> 00:36:30,799 Speaker 1: education rates, they talk about when you're less likely to 689 00:36:30,840 --> 00:36:33,520 Speaker 1: own a home, perhaps you're more likely to vote for Democrats, 690 00:36:33,800 --> 00:36:37,240 Speaker 1: the fact that you're existing in densely populated urban areas, 691 00:36:38,040 --> 00:36:41,000 Speaker 1: all of these different reasons that women previously may have 692 00:36:41,120 --> 00:36:44,919 Speaker 1: aged into more conservative voting patterns. Typically we just saw 693 00:36:44,960 --> 00:36:50,239 Speaker 1: different rates of voting. So it's I think actually a 694 00:36:50,280 --> 00:36:55,919 Speaker 1: pretty interesting question that sort of swf coinage aside. There's 695 00:36:55,920 --> 00:36:58,960 Speaker 1: something in there for Democrats for sure. Yeah, home ownership 696 00:36:59,280 --> 00:37:03,120 Speaker 1: linked to fan only formation is the force that has, 697 00:37:03,480 --> 00:37:07,040 Speaker 1: you know, historically pulled people to the right in the 698 00:37:07,120 --> 00:37:09,680 Speaker 1: United States of America. Like as people look at it 699 00:37:10,120 --> 00:37:13,960 Speaker 1: at age, as people age they become more conservative. There's 700 00:37:13,960 --> 00:37:16,560 Speaker 1: a you know, they're playing you know, several funny cliches 701 00:37:16,600 --> 00:37:20,480 Speaker 1: about that, but it's it's what happens as you age 702 00:37:21,400 --> 00:37:24,040 Speaker 1: that that ends up shaping your politics and the and 703 00:37:24,080 --> 00:37:27,640 Speaker 1: the significant the significant drivers of that are one, you 704 00:37:27,840 --> 00:37:31,360 Speaker 1: kids and you know, worrying about you know, uh, you know, 705 00:37:31,400 --> 00:37:34,480 Speaker 1: their financial futures right and and their and their safety, 706 00:37:34,480 --> 00:37:38,640 Speaker 1: their security, and related to that is is home ownership right, 707 00:37:38,800 --> 00:37:42,200 Speaker 1: and so then you you become invested in policies that 708 00:37:42,239 --> 00:37:45,880 Speaker 1: are going to preserve the status quo. Uh and are 709 00:37:45,960 --> 00:37:48,040 Speaker 1: and are and are hopefully going to grow your kind 710 00:37:48,040 --> 00:37:51,640 Speaker 1: of investment in in this in the status quo, Whereas 711 00:37:51,760 --> 00:37:54,160 Speaker 1: if you don't have a piece of that, then you're 712 00:37:54,280 --> 00:37:58,279 Speaker 1: then you're much more willing to take risks there. I 713 00:37:58,320 --> 00:38:00,239 Speaker 1: was looking at some polling recently of the twenty twenty 714 00:38:00,320 --> 00:38:03,440 Speaker 1: presidential campaign, and if you were over the age of 715 00:38:03,520 --> 00:38:07,319 Speaker 1: sixty five voting the Democratic primary, the number that there 716 00:38:07,360 --> 00:38:10,440 Speaker 1: were only I think sixteen percent of people who said 717 00:38:10,480 --> 00:38:12,719 Speaker 1: that they were going to vote for the person that 718 00:38:12,880 --> 00:38:16,960 Speaker 1: most closely aligned with their politics. Everyone else was just 719 00:38:17,000 --> 00:38:20,279 Speaker 1: going to vote for whoever could be Trump, Whereas when 720 00:38:20,280 --> 00:38:24,720 Speaker 1: you got to young people under twenty five, a majority 721 00:38:24,719 --> 00:38:26,600 Speaker 1: of them said they're going to just vote for whoever 722 00:38:26,640 --> 00:38:29,239 Speaker 1: it is that is going to make the world a 723 00:38:29,280 --> 00:38:32,400 Speaker 1: better place that believes in the same values, shares the 724 00:38:32,400 --> 00:38:35,920 Speaker 1: same values that they do. And when you're younger, you're 725 00:38:35,960 --> 00:38:37,359 Speaker 1: able to do that because you have less to lose. 726 00:38:37,560 --> 00:38:39,879 Speaker 1: You know, you have less to lose, And that's how 727 00:38:39,960 --> 00:38:43,080 Speaker 1: political scientists have understood this kind of shift that people 728 00:38:43,120 --> 00:38:45,320 Speaker 1: go through it's not that your politics change when you're older, 729 00:38:45,800 --> 00:38:50,560 Speaker 1: it's that your willingness to take risk goes down, and 730 00:38:50,640 --> 00:38:55,080 Speaker 1: so not getting the house in the suburbs and going 731 00:38:55,080 --> 00:38:58,480 Speaker 1: through the process of family formation changes that calculus. Yeah, 732 00:38:58,520 --> 00:39:04,000 Speaker 1: and they invoke the Life of Julia, of course predictably, 733 00:39:04,040 --> 00:39:07,200 Speaker 1: but I think interestingly and to interesting effect, which was 734 00:39:07,719 --> 00:39:10,279 Speaker 1: it has a very big place in the sort of 735 00:39:11,600 --> 00:39:17,640 Speaker 1: the pantheon of conservative movement or the great book of 736 00:39:18,200 --> 00:39:20,680 Speaker 1: Things that you know, people on the right latch onto 737 00:39:20,840 --> 00:39:23,560 Speaker 1: from the Obama administration it's it's a Life of Julia 738 00:39:23,600 --> 00:39:25,320 Speaker 1: thing that it's the life of Julia thing where the 739 00:39:25,360 --> 00:39:29,720 Speaker 1: Bomba administration trotted out as a good thing every step 740 00:39:29,760 --> 00:39:32,640 Speaker 1: of this woman, this hypothetical woman, Julia's life where she 741 00:39:32,680 --> 00:39:35,479 Speaker 1: would get help from the government. And on the right, 742 00:39:35,760 --> 00:39:37,719 Speaker 1: I think there are very real arguments that it was 743 00:39:37,800 --> 00:39:42,279 Speaker 1: a celebration of dependency in a way that sort of 744 00:39:42,560 --> 00:39:45,400 Speaker 1: went beyond what the public consensus always was about the 745 00:39:45,440 --> 00:39:48,520 Speaker 1: relationship between a person and their government. But also I 746 00:39:48,560 --> 00:39:51,960 Speaker 1: think probably resonates with a lot of people, especially post recession, 747 00:39:52,040 --> 00:39:55,239 Speaker 1: which is when the Life of Julia was released, and 748 00:39:55,640 --> 00:39:58,480 Speaker 1: the sort of hyper individualism that has always been informed 749 00:39:58,520 --> 00:40:01,080 Speaker 1: by you know, Paul Ryan giving his staff copies of 750 00:40:01,080 --> 00:40:05,320 Speaker 1: an Rand and you know, that sort of old school 751 00:40:05,320 --> 00:40:08,359 Speaker 1: conservative movement mentality has been replaced by you know, Tim 752 00:40:08,440 --> 00:40:11,480 Speaker 1: card Carney writing books like Alienated America about how the 753 00:40:11,880 --> 00:40:16,279 Speaker 1: problem is alienation and not necessarily you know, it is 754 00:40:16,320 --> 00:40:22,239 Speaker 1: actually Obama's the dependency agenda creating hyper individualization. There's a 755 00:40:22,280 --> 00:40:27,359 Speaker 1: groundswell after Youngkin's election in the Conservative movement of saying 756 00:40:27,360 --> 00:40:29,920 Speaker 1: the Republican Party should become the party of parents. Well, 757 00:40:29,960 --> 00:40:33,560 Speaker 1: if there are less parents, your strategy can't just be 758 00:40:34,080 --> 00:40:36,400 Speaker 1: the party of parents. It has to be also the 759 00:40:36,400 --> 00:40:38,680 Speaker 1: party that appeals to Julia. They have to find some 760 00:40:38,800 --> 00:40:41,400 Speaker 1: way to do that. It's not just that Democrats are 761 00:40:41,400 --> 00:40:45,040 Speaker 1: going to become increasingly reliant on that demographic. It's how 762 00:40:45,080 --> 00:40:49,240 Speaker 1: do Republicans become a party that can also appeal to Julia, 763 00:40:49,280 --> 00:40:51,919 Speaker 1: that can also tap into saying. There's this really sad 764 00:40:51,960 --> 00:40:53,640 Speaker 1: New Yorker cover from the Middle of the Pandemic. I 765 00:40:53,680 --> 00:40:56,000 Speaker 1: don't know if you remember. It's a young woman trash 766 00:40:56,000 --> 00:41:00,000 Speaker 1: all over her apartment, takeout containers, a cat pill bottles, 767 00:41:00,040 --> 00:41:03,200 Speaker 1: She's drinking a martini on a zoom call. Yeah, how 768 00:41:03,200 --> 00:41:06,080 Speaker 1: do Republicans tap into that. I don't think they have 769 00:41:06,080 --> 00:41:08,000 Speaker 1: good answers right now. Well, I mean, what they have 770 00:41:08,040 --> 00:41:10,600 Speaker 1: to do is they have to turn Julie into a parent, 771 00:41:11,160 --> 00:41:15,560 Speaker 1: and they are now suffering from the very results of 772 00:41:15,600 --> 00:41:19,000 Speaker 1: the policies that they championed in eight in nineteen nineties. 773 00:41:19,000 --> 00:41:22,920 Speaker 1: If you go in and you destroy people's economic security, 774 00:41:23,960 --> 00:41:27,600 Speaker 1: then you shouldn't be surprised that as a result they're 775 00:41:27,680 --> 00:41:32,759 Speaker 1: delaying having children. Common sense and surveys all say that 776 00:41:32,800 --> 00:41:35,280 Speaker 1: the reason that people are delaying or not having children 777 00:41:35,960 --> 00:41:40,520 Speaker 1: is financial insecurity. They can't afford it. It's too expensive marriage. Yeah, 778 00:41:40,560 --> 00:41:43,359 Speaker 1: and so it's right, the same thing with marriage. And 779 00:41:43,400 --> 00:41:49,080 Speaker 1: so Reaganomics in that entire neoliberal order produced the very 780 00:41:49,120 --> 00:41:53,359 Speaker 1: procarity that has led now to so many people saying, 781 00:41:53,360 --> 00:41:55,080 Speaker 1: you know what, I don't have anything to lose anymore, 782 00:41:55,239 --> 00:41:57,600 Speaker 1: so screw you. Well, it's interesting because Reaganomics was really 783 00:41:57,640 --> 00:42:01,799 Speaker 1: a reaction to government that I don't think we're administered 784 00:42:02,080 --> 00:42:06,319 Speaker 1: responsibly that created some of these problems as well in 785 00:42:07,520 --> 00:42:10,799 Speaker 1: low income populations. And so that's where I think it's 786 00:42:10,840 --> 00:42:13,240 Speaker 1: difficult to have this conversation because, on the one hand, 787 00:42:13,640 --> 00:42:17,080 Speaker 1: you do need to be sure that these policies are 788 00:42:17,080 --> 00:42:21,719 Speaker 1: not cynically administered to create dependents that creates electoral benefits. 789 00:42:21,760 --> 00:42:23,719 Speaker 1: And then at the same time, you need to make 790 00:42:23,760 --> 00:42:26,560 Speaker 1: sure that if you're going to the other side, you 791 00:42:27,200 --> 00:42:30,720 Speaker 1: damn well better be taking a look at what people 792 00:42:30,760 --> 00:42:33,080 Speaker 1: actually need. I mean, one of the biggest drivers on 793 00:42:33,320 --> 00:42:36,799 Speaker 1: unhappiness and stress in this country is freaking healthcare. I mean, 794 00:42:36,840 --> 00:42:39,240 Speaker 1: it's just like Republicans have no answer to that question, 795 00:42:39,320 --> 00:42:42,359 Speaker 1: absolutely none. So they shouldn't be surprised when Julia turns 796 00:42:42,360 --> 00:42:45,959 Speaker 1: to the government and says, I'm out of luck, I'm 797 00:42:46,040 --> 00:42:48,920 Speaker 1: screwed if something happens to me. This is a policy 798 00:42:48,960 --> 00:42:51,600 Speaker 1: I will vote on. They just don't have any answers, 799 00:42:52,120 --> 00:42:54,440 Speaker 1: all right. So then if we can get the Republicans 800 00:42:54,440 --> 00:42:58,640 Speaker 1: supporting kind of left wing kind of pro family ideas 801 00:42:59,200 --> 00:43:03,080 Speaker 1: like creating actual economic security, which then we'll create more parents, 802 00:43:03,120 --> 00:43:05,920 Speaker 1: create more children, and then maybe eventually they'll turn into 803 00:43:05,920 --> 00:43:10,919 Speaker 1: reactionaries a vote for Republicans. I'm fine with that trade off. Fine, 804 00:43:11,000 --> 00:43:15,040 Speaker 1: let's do that. Yeah, make everybody's life better, and if 805 00:43:15,040 --> 00:43:16,880 Speaker 1: they end up voting Republican as a results, but then 806 00:43:17,160 --> 00:43:20,200 Speaker 1: we'll have that fight, then bookmark this video so that 807 00:43:20,640 --> 00:43:23,719 Speaker 1: when that happens Ryan Grimgritz credit for being the car 808 00:43:23,920 --> 00:43:27,960 Speaker 1: rove that's right started your course. Now you guys just 809 00:43:28,000 --> 00:43:32,279 Speaker 1: take all right, Well, we'll have more right after this. 810 00:43:35,160 --> 00:43:37,120 Speaker 1: Hey there, my name is James Lee. Welcome to another 811 00:43:37,160 --> 00:43:40,120 Speaker 1: segment of fifty one forty nine on breaking Points and 812 00:43:40,160 --> 00:43:44,760 Speaker 1: today let's explore the hot button topic permeating the minds 813 00:43:44,800 --> 00:43:48,839 Speaker 1: of CEOs and billionaires at this year's World Economic Forum 814 00:43:49,040 --> 00:43:53,239 Speaker 1: annual meeting in Davos, Switzerland. The Wall Street Journal at 815 00:43:53,320 --> 00:43:58,200 Speaker 1: Davos mood is somber as many CEO's question Economic Outlook 816 00:43:58,920 --> 00:44:04,279 Speaker 1: Reuters twenty twenty three, CEO's most gloomy on growth in 817 00:44:04,320 --> 00:44:09,720 Speaker 1: more than a decade Bloomberg News. CEO's economist worry global 818 00:44:09,760 --> 00:44:15,560 Speaker 1: recession looms as wef begins. Davos has gone mainstream, and 819 00:44:15,640 --> 00:44:20,480 Speaker 1: recession has gone mainstream. PwC survey shows seventy three percent 820 00:44:20,760 --> 00:44:24,320 Speaker 1: of chief executives across the world are expecting a global 821 00:44:24,360 --> 00:44:27,480 Speaker 1: economic growth to decline over the next twelve months. That 822 00:44:27,600 --> 00:44:30,840 Speaker 1: is the most pessimistic view CEOs have had since the 823 00:44:30,880 --> 00:44:34,640 Speaker 1: survey started over a decade ago. Mark, We've been expecting 824 00:44:34,680 --> 00:44:38,239 Speaker 1: a slowdown, but an overwhelming number of CEOs say it's 825 00:44:38,280 --> 00:44:41,000 Speaker 1: coming this year. Yeah, and it's Cheryl and I were 826 00:44:41,040 --> 00:44:43,880 Speaker 1: just talking about this. I feel like if there is 827 00:44:43,920 --> 00:44:47,319 Speaker 1: a recession this year, which I think is likely, that 828 00:44:47,400 --> 00:44:48,600 Speaker 1: this is going to go down as one of the 829 00:44:48,600 --> 00:44:53,279 Speaker 1: most telegraphed, most consensus recessions ever because everyone seems to 830 00:44:53,320 --> 00:44:55,759 Speaker 1: be on board. Everyone believes that there's going to be 831 00:44:56,080 --> 00:44:59,759 Speaker 1: a recession sometime this year, one of the most telegraphed 832 00:44:59,800 --> 00:45:04,919 Speaker 1: mo consensus recessions ever, says mister ceo. There does anyone 833 00:45:04,960 --> 00:45:08,960 Speaker 1: else find it very odd the nature of today's discourse 834 00:45:09,280 --> 00:45:14,680 Speaker 1: where CEOs and billionaires are all predicting a recession. Jeff Bezos, 835 00:45:14,719 --> 00:45:16,919 Speaker 1: who has ninety jillion dollars of his personal net worth 836 00:45:16,920 --> 00:45:19,840 Speaker 1: in Amazon stock, told people not to use it the 837 00:45:19,920 --> 00:45:22,560 Speaker 1: probability to say, if we're not in a recession right now, 838 00:45:22,680 --> 00:45:25,239 Speaker 1: we're likely to be in one very soon. If you're 839 00:45:25,239 --> 00:45:28,799 Speaker 1: an individual and you're thinking about buying a large screen TV, 840 00:45:28,960 --> 00:45:31,520 Speaker 1: maybe slow that down now, hear me out. I understand 841 00:45:31,520 --> 00:45:33,799 Speaker 1: what content creators and the media say, things like we're 842 00:45:33,840 --> 00:45:36,200 Speaker 1: going into a recession, the world is ending it buy 843 00:45:36,280 --> 00:45:39,239 Speaker 1: camp foods, et cetera. It gets clicks and it gets used. 844 00:45:39,239 --> 00:45:40,919 Speaker 1: I see it happen with my own videos as well. 845 00:45:41,160 --> 00:45:43,080 Speaker 1: But what I don't understand is that if you're Jeff 846 00:45:43,080 --> 00:45:45,680 Speaker 1: Bezos and you make money from consumer spending, why are 847 00:45:45,760 --> 00:45:47,120 Speaker 1: you going out of your way to say that there's 848 00:45:47,120 --> 00:45:48,440 Speaker 1: going to be a recession and that you need to 849 00:45:48,480 --> 00:45:51,160 Speaker 1: be careful about spending money. And I'm not just cherrypicking here. 850 00:45:51,239 --> 00:45:52,879 Speaker 1: Look at these other examples of some of the most 851 00:45:52,960 --> 00:45:54,920 Speaker 1: rich and powerful people on earth that's in the exact 852 00:45:54,960 --> 00:45:58,160 Speaker 1: same thing, you know, mild recession for I don't know, 853 00:45:58,200 --> 00:46:01,879 Speaker 1: eighteen months or something like that recession, and they're likely 854 00:46:01,920 --> 00:46:05,000 Speaker 1: to put us in subki recession six nine months from now. 855 00:46:05,040 --> 00:46:08,480 Speaker 1: It's an increase in interest rates that eventually will result 856 00:46:08,520 --> 00:46:11,160 Speaker 1: in an economic slowdown. So I'm afraid that the bears 857 00:46:11,200 --> 00:46:15,080 Speaker 1: on this one have a pretty strong argument. Jeff Bezos, 858 00:46:15,080 --> 00:46:18,879 Speaker 1: Elon Musk, Jamie Diamond, Bill Gates. I'm not saying their 859 00:46:18,880 --> 00:46:22,960 Speaker 1: predictions are necessarily wrong, but these aren't exactly the types 860 00:46:23,000 --> 00:46:26,239 Speaker 1: of people who would go against their own financial interests 861 00:46:26,560 --> 00:46:29,040 Speaker 1: and offer up this kind of advice from the goodness 862 00:46:29,120 --> 00:46:31,480 Speaker 1: of their hearts. I don't think they'll let me know 863 00:46:31,520 --> 00:46:35,680 Speaker 1: what you think, but I think there's more going on here. Yeah, 864 00:46:35,800 --> 00:46:38,440 Speaker 1: we had to take some losses in our subprime department 865 00:46:38,520 --> 00:46:41,640 Speaker 1: last year, but those losses will be contained at only 866 00:46:41,680 --> 00:46:45,680 Speaker 1: five percent. All I have a question, please sir. The 867 00:46:45,760 --> 00:46:47,840 Speaker 1: Q and A is after my statements. But you know 868 00:46:47,880 --> 00:46:50,239 Speaker 1: what you see? How can I help you? How are 869 00:46:50,280 --> 00:46:53,600 Speaker 1: you fine? Thank you? Would you say that it is 870 00:46:53,640 --> 00:46:58,799 Speaker 1: a possibility or a probability that subprime losses stop at 871 00:46:58,840 --> 00:47:02,400 Speaker 1: five percent? Thank you? I would say it is a 872 00:47:02,560 --> 00:47:11,239 Speaker 1: very strong probability, indeed zero zero. There is a zero 873 00:47:11,560 --> 00:47:15,759 Speaker 1: percent chance that your subprime losses will stop at five 874 00:47:15,840 --> 00:47:20,759 Speaker 1: percent zero. Excuse me, I have to take this. You 875 00:47:20,840 --> 00:47:24,839 Speaker 1: must be from Bank of America. Yeah. That is how 876 00:47:25,080 --> 00:47:27,680 Speaker 1: we expect people in positions of power to behave In 877 00:47:27,719 --> 00:47:30,640 Speaker 1: the weeks and months leading up to an economic recession. 878 00:47:31,000 --> 00:47:34,680 Speaker 1: The wealthy, the elite, the establishment mouthpieces will say, no, 879 00:47:35,440 --> 00:47:38,120 Speaker 1: the market is strong and there's nothing to worry about, 880 00:47:38,600 --> 00:47:43,120 Speaker 1: and any opinions and evidence contrary to that are to 881 00:47:43,200 --> 00:47:48,720 Speaker 1: be dismissed as fringe conspiracies. Today, however, mega investment firms 882 00:47:48,760 --> 00:47:52,759 Speaker 1: like Blackrock are publicly shouting from the rooftops telling us 883 00:47:52,800 --> 00:47:56,240 Speaker 1: to quote unquote get ready for a recession unlike any 884 00:47:56,320 --> 00:47:59,840 Speaker 1: other and what worked in the past won't work. Now. 885 00:48:00,520 --> 00:48:04,000 Speaker 1: This is really bizarre to me because, and this is 886 00:48:04,000 --> 00:48:08,120 Speaker 1: a little anecdote, the commencement speaker at my MBA graduation. 887 00:48:08,280 --> 00:48:10,840 Speaker 1: Her name was Sally Kratchak. She was kind of a 888 00:48:10,880 --> 00:48:15,719 Speaker 1: famous former research analyst and banking executive. She told us 889 00:48:15,760 --> 00:48:18,319 Speaker 1: in her speech that there was an unwritten rule within 890 00:48:18,400 --> 00:48:22,600 Speaker 1: Wall Street to never write or publish negative research. Basically, 891 00:48:22,640 --> 00:48:25,120 Speaker 1: if you predicted that the market would go up and 892 00:48:25,160 --> 00:48:28,760 Speaker 1: it didn't, that would be okay, just dust your stuff 893 00:48:28,840 --> 00:48:31,400 Speaker 1: off and we'll get it right the next time. But 894 00:48:31,960 --> 00:48:34,719 Speaker 1: if you predicted that the market would go down and 895 00:48:34,760 --> 00:48:39,360 Speaker 1: it didn't, you'd be crucified and fired. That was just 896 00:48:39,520 --> 00:48:42,359 Speaker 1: how it was apparently. But for some reason, they've now 897 00:48:42,440 --> 00:48:45,200 Speaker 1: done a complete one eighty and throughout all of twenty 898 00:48:45,239 --> 00:48:49,600 Speaker 1: twenty two, CEOs and billionaires have been pumulgating this recession narrative, 899 00:48:49,680 --> 00:48:52,520 Speaker 1: so much so that over fifty percent of Americans think 900 00:48:52,719 --> 00:48:55,239 Speaker 1: that the economy is only going to get worse in 901 00:48:55,320 --> 00:48:58,799 Speaker 1: twenty twenty three, according to a recent Wall Street Journal poll. 902 00:48:59,160 --> 00:49:01,759 Speaker 1: So it's either that people in power are for some 903 00:49:01,840 --> 00:49:06,400 Speaker 1: reason more honest, more altruistic now and warning people about 904 00:49:06,440 --> 00:49:10,799 Speaker 1: getting smart with their money, or there's something else going on. 905 00:49:11,440 --> 00:49:14,080 Speaker 1: I think they'll give me something else going on. First off, 906 00:49:14,120 --> 00:49:18,160 Speaker 1: despite however outwardly quote unquote somber, the mood has been 907 00:49:18,200 --> 00:49:21,960 Speaker 1: for CEOs, the fact is that US corporations are still 908 00:49:22,000 --> 00:49:25,000 Speaker 1: lining up to buy back their own shares. The article 909 00:49:25,000 --> 00:49:29,600 Speaker 1: I'm citing is from January ninth, twenty twenty three, Bloomberg News. Quote. 910 00:49:29,640 --> 00:49:33,000 Speaker 1: Despite ninety eight percent or whatever survey you want to 911 00:49:33,120 --> 00:49:35,640 Speaker 1: use of CEOs saying that they're worried about a recession, 912 00:49:36,320 --> 00:49:39,840 Speaker 1: they are still comfortable enough to spend money on stock buybacks. 913 00:49:40,120 --> 00:49:43,480 Speaker 1: So are they really that worried? That's a good question, 914 00:49:43,840 --> 00:49:47,719 Speaker 1: are they because evidence suggests that a recession isn't much 915 00:49:47,719 --> 00:49:50,640 Speaker 1: of a worry if you have enough capital, due to 916 00:49:50,680 --> 00:49:52,800 Speaker 1: the fact that you can not only withstand a recession, 917 00:49:53,320 --> 00:49:56,200 Speaker 1: but you'll come out of it even better off than 918 00:49:56,239 --> 00:49:59,320 Speaker 1: you were previously. The Great Depression, the dot com bubble, 919 00:49:59,560 --> 00:50:04,840 Speaker 1: the finalinancial crisis, their survivors always got bigger. But here 920 00:50:04,960 --> 00:50:07,640 Speaker 1: is the key difference. You remember that clip from earlier, 921 00:50:07,680 --> 00:50:11,200 Speaker 1: the big short The big banks were definitely aware of 922 00:50:11,200 --> 00:50:14,440 Speaker 1: their overlever position and knew they were exposed if the 923 00:50:14,480 --> 00:50:18,800 Speaker 1: bubble were to pop, Probably not to the degree or magnitude, 924 00:50:19,200 --> 00:50:21,360 Speaker 1: but they knew it would be bad for them, which 925 00:50:21,400 --> 00:50:24,600 Speaker 1: is why it was widely reported afterwards that many of 926 00:50:24,600 --> 00:50:27,960 Speaker 1: them had tried to conceal their bad investments and financial 927 00:50:28,000 --> 00:50:32,240 Speaker 1: woes with quote unquote accounting slide of hand, accounting slide 928 00:50:32,280 --> 00:50:35,480 Speaker 1: of hand. Interesting how they put that, But my point 929 00:50:35,560 --> 00:50:38,920 Speaker 1: is this is not the case today. According to a 930 00:50:39,000 --> 00:50:41,880 Speaker 1: report from JP Morgan, all the big banks appear to 931 00:50:41,880 --> 00:50:45,080 Speaker 1: be well capitalized to whether a recession. The nomenclature on 932 00:50:45,120 --> 00:50:47,319 Speaker 1: this graphic looks a little bit technical, but to put 933 00:50:47,320 --> 00:50:50,880 Speaker 1: it simply, even under the worst case scenario, the banks 934 00:50:50,880 --> 00:50:53,480 Speaker 1: would have more than enough cash and reserved to weather 935 00:50:53,520 --> 00:50:56,719 Speaker 1: the storm and comply with regulatory requirements that were put 936 00:50:56,760 --> 00:51:00,520 Speaker 1: in place after the financial crisis. So in some ways, 937 00:51:00,560 --> 00:51:02,560 Speaker 1: I guess it's a good thing that they've learned their 938 00:51:02,640 --> 00:51:05,080 Speaker 1: lesson and won't be on the brink of collapse if 939 00:51:05,120 --> 00:51:08,359 Speaker 1: the economy were to tank. But maybe not so good 940 00:51:08,400 --> 00:51:11,040 Speaker 1: in the sense that they might also be willing to 941 00:51:11,040 --> 00:51:14,439 Speaker 1: tolerate or even bring about a recession for their own 942 00:51:14,560 --> 00:51:18,160 Speaker 1: self serving interests, knowing full well the negative impact it 943 00:51:18,160 --> 00:51:22,200 Speaker 1: would have on everyday working people. For example, think about housing. 944 00:51:22,400 --> 00:51:25,360 Speaker 1: If housing prices were to collapse, who would be best 945 00:51:25,400 --> 00:51:29,719 Speaker 1: primed to take advantage? You think a well capitalized institutional 946 00:51:29,800 --> 00:51:33,399 Speaker 1: investment firm or a full time worker whose job may 947 00:51:33,520 --> 00:51:36,360 Speaker 1: or may not have been impacted by a recession, trying 948 00:51:36,400 --> 00:51:39,600 Speaker 1: to pay their monthly mortgage or saving up to buy 949 00:51:39,640 --> 00:51:43,319 Speaker 1: their first house. This is from Fortune magazine quote. What's 950 00:51:43,320 --> 00:51:46,480 Speaker 1: an interesting dynamic with institutional investors is a lot of 951 00:51:46,560 --> 00:51:48,960 Speaker 1: them have been sitting on the sidelines, waiting for that 952 00:51:49,120 --> 00:51:52,239 Speaker 1: moment to strike. They're thinking, Hey, I want to buy 953 00:51:52,239 --> 00:51:54,600 Speaker 1: these homes from you, the builder, but I want to 954 00:51:54,600 --> 00:51:58,680 Speaker 1: have a discount to do so. These institutional investors don't 955 00:51:58,719 --> 00:52:01,760 Speaker 1: just want markdowns in the ten percent ballpark. They're hoping 956 00:52:01,800 --> 00:52:05,880 Speaker 1: for twenty percent and thirty percent. Well that's sort of convenient, 957 00:52:05,960 --> 00:52:09,560 Speaker 1: isn't it. The hollowing out of America's housing market visa 958 00:52:09,640 --> 00:52:13,440 Speaker 1: via recession by corporate vultures. Alex carp thank you for 959 00:52:13,440 --> 00:52:15,520 Speaker 1: being here. I'm very vi How many times have we 960 00:52:15,600 --> 00:52:18,799 Speaker 1: been doing this? Many? Many times? Yeah, and we've been 961 00:52:18,840 --> 00:52:21,040 Speaker 1: through a bit of a roller coaster in terms of 962 00:52:21,239 --> 00:52:24,880 Speaker 1: the economy, in terms of the world, geopolitics and everything. 963 00:52:25,000 --> 00:52:28,000 Speaker 1: Where what is your sense now and what do you 964 00:52:28,040 --> 00:52:32,080 Speaker 1: think the sensibility is here right now. Yeah, I'm look, 965 00:52:32,360 --> 00:52:35,759 Speaker 1: we built our company and I believe in addressing the 966 00:52:35,800 --> 00:52:38,480 Speaker 1: world as it is. We've built our company around the 967 00:52:38,480 --> 00:52:41,719 Speaker 1: way the world is now. I am pessimistic about the 968 00:52:41,840 --> 00:52:45,560 Speaker 1: near future, very optimistic about what we can do to 969 00:52:45,600 --> 00:52:50,640 Speaker 1: help that. Alex Karp of Palanteer Technologies a scarily powerful firm, 970 00:52:50,920 --> 00:52:52,880 Speaker 1: look them up. But anyway, the point I want to 971 00:52:52,880 --> 00:52:56,160 Speaker 1: make is that I think that clip perfectly encapsulates the 972 00:52:56,239 --> 00:52:59,640 Speaker 1: mindset of Davos and the world economic form and the 973 00:52:59,680 --> 00:53:03,560 Speaker 1: game they play. The CEOs, the billionaires in the business community. 974 00:53:03,880 --> 00:53:06,720 Speaker 1: They love to pontificate about the state of the world, 975 00:53:06,800 --> 00:53:10,840 Speaker 1: the opportunities, the challenges, and how they are the ones 976 00:53:11,400 --> 00:53:15,320 Speaker 1: somehow best equipped to save the world, except of course, 977 00:53:15,719 --> 00:53:19,279 Speaker 1: ignoring the fact that they are responsible for causing most, 978 00:53:19,360 --> 00:53:21,320 Speaker 1: if not all, of the problems in the first place, 979 00:53:21,800 --> 00:53:25,799 Speaker 1: thus perpetuating the cycle where they create problems. Then they 980 00:53:25,800 --> 00:53:29,120 Speaker 1: get together to talk about the problems, which then ultimately 981 00:53:29,200 --> 00:53:32,520 Speaker 1: lead to these backroom deals where they hatch these profit 982 00:53:32,640 --> 00:53:38,680 Speaker 1: generating schemes that masquerade around as solutions. That's a conspiracy 983 00:53:38,719 --> 00:53:41,359 Speaker 1: if there ever was one, because with each of these 984 00:53:41,400 --> 00:53:45,600 Speaker 1: cycles they gain just a little bit more control over 985 00:53:45,640 --> 00:53:50,920 Speaker 1: the masses, and we gradually and inevitably lose our personal sovereignty. 986 00:53:51,480 --> 00:53:55,080 Speaker 1: So is the recession coming? Is it already here? For 987 00:53:55,200 --> 00:53:58,640 Speaker 1: now we can only conjecture. But the undeniable truth is 988 00:53:58,640 --> 00:54:01,759 Speaker 1: that each and every invite a Davos, no doubt, has 989 00:54:01,800 --> 00:54:06,960 Speaker 1: the ability to profit handsomely from economic, social, and geopolitical disorder, 990 00:54:07,360 --> 00:54:12,200 Speaker 1: all while prancing about the Swiss Alps cosplaying as altruistic 991 00:54:12,280 --> 00:54:15,640 Speaker 1: ambassadors of the world. That is all from me this time. 992 00:54:16,120 --> 00:54:18,960 Speaker 1: I am very curious to know what you think. Also, 993 00:54:19,000 --> 00:54:21,760 Speaker 1: if you found today's discussion about Davos to be helpful, 994 00:54:22,040 --> 00:54:24,120 Speaker 1: please take a moment to check out my channel fifty 995 00:54:24,120 --> 00:54:25,840 Speaker 1: one to forty nine with James Lee, where I released 996 00:54:25,880 --> 00:54:29,840 Speaker 1: weekly videos relating to the intersection of business, politics and society. 997 00:54:29,880 --> 00:54:32,960 Speaker 1: The link will be in the description below. Of course, 998 00:54:33,200 --> 00:54:35,440 Speaker 1: subscribe to Breaking Points and thank you so much for 999 00:54:35,480 --> 00:54:36,120 Speaker 1: your time today.