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

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

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

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

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

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

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

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

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

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Speaker 1: Friday morning, and welcome to Counterpoints. I'm Ryan Graandma here

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Speaker 1: with Emily Joshinsky. Good morning Emily, Good morning Ryan. All right,

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Speaker 1: so we've got a quick update. Last week we told

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Speaker 1: people that we were thinking about adding some intro music,

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Speaker 1: which is the thing that a lot of viewers have

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Speaker 1: been asking for. The I gus still want to get

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Speaker 1: a little more hyped up. Then I get them at

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Speaker 1: the beginning to show that it's something to really and

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Speaker 1: so your voice is very lyricistic. Lyrical is a nice

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Speaker 1: way of putting it. And so we were blown away

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Speaker 1: by the amount of the amount of music that we

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Speaker 1: were sent. So many of you are musicians yourselves, have

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Speaker 1: written music. People sent us things they'd already composed and

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Speaker 1: said here, you can use these if you want. And

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Speaker 1: you're really good too. You got I mean, this is good.

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Speaker 1: He sent really good stuff. And other people said they're

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Speaker 1: going to work on stuff and send it in, so

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Speaker 1: we're going to have something fun. I also did follow

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Speaker 1: up with Fish. Oh good, that's right. Yeah, he actually

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Speaker 1: emailed Fish. I emailed Fish. Fish said that the problem

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Speaker 1: with Tweezer and Tweezer Reprized is that Warner Music owns

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Speaker 1: some of the rights and so that's difficult, but they

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Speaker 1: own all their lives almost all of their live music rights.

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Speaker 1: So if we want something live, that's that's still an option.

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Speaker 1: But I think so many people submitted music so that

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Speaker 1: we don't do that. That's what it was. The influx

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Speaker 1: was so there were plenty of people that like something

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Speaker 1: like that could work, plenty plenty to find plenty, lots lots.

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Speaker 1: I got lots of positive feedback on that. I'm going

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Speaker 1: to say that good well fish Nation is strong fish wherever,

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Speaker 1: and so at the beginning of every week here there

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Speaker 1: are just a couple of stories that we really want

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Speaker 1: to dive into, and then by the time the show

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Speaker 1: comes around, so much news has broken. We get a

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Speaker 1: packed show. We have another pack show this week. A

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Speaker 1: bunch of new news broke last night that we're going

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Speaker 1: to get to later in the show. We're also going

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Speaker 1: to talk about the hot inflation numbers that came out.

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Speaker 1: Matt Stoller and Dave Dan are both going to be

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Speaker 1: here later in the show to talk about that. What

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Speaker 1: else were we going to talk about today? We've had

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Speaker 1: so much on the dock that we've got. We're going

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Speaker 1: to be talking about everything that happened with PayPal this week.

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Speaker 1: We're talking about the mid terms because there were a

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Speaker 1: series of debates this week that went in some really

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Speaker 1: interesting directions and we have some sound bites from that

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Speaker 1: that we're going to go over. The new Elon Musk news.

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Speaker 1: It sounds like there'sazing investigated. There's Elon Musk news every

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Speaker 1: single day, but yes, that's the new information we have.

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Speaker 1: There's also new information about Donald Trump's bid to a

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Speaker 1: point A special Master in the Marl Logo document case,

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Speaker 1: and then both of us are going to tackle You're

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Speaker 1: tackling Ukraine in yours and I'm tackling January sixth of

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Speaker 1: my monologue. So we've got a really packed show, and

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Speaker 1: like you said, we have editorial calls Thursday afternoons and

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Speaker 1: all the news of course breaks after that, so we're

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Speaker 1: just like trying to squeeze it all in here. And

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Speaker 1: we can start right now with PayPal. Right, So let's

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Speaker 1: start with a story that really, I think is one

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Speaker 1: of the first that is really breaking through the partisan

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Speaker 1: molds that our politics have been stuck in. And this

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Speaker 1: is Rohit Chopra, who I think is a fascinating and

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Speaker 1: dynamic figure throughout the course of his career. He's now

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Speaker 1: the head of the Consumer Financial Protection Bureau, and I

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Speaker 1: think if you are a right winger, you should not

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Speaker 1: sleep on this guy on a number of fronts. He's

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Speaker 1: not going to agree with you on everything. But take

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Speaker 1: a listen to what he said on CNBC yesterday and

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Speaker 1: see or this week and see if any of this

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Speaker 1: resonates with you. I've never actually heard of a payment

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Speaker 1: system thinking that they could find someone for legal expression

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Speaker 1: that their users are making We have ordered all the

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Speaker 1: big tech most of the major big tech firms and

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Speaker 1: payment companies to provide us with information about how are

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Speaker 1: they making decisions about who they kick off their platforms.

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Speaker 1: But we also need to look into whether they believe

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Speaker 1: they can be finding users for legal activities. So trippers

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Speaker 1: responding to a PayPal notice that went out saying people

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Speaker 1: would be fined twenty five hundred dollars would just be

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Speaker 1: taken from their PayPal account if they are posting messages

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Speaker 1: that include misinformation that sort of broadly defined misinformation. They

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Speaker 1: then revoked the policy, said that it was issued in error.

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Speaker 1: I think it's pretty startling that so they should pay

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Speaker 1: twenty five hundred dollars. They should pay twenty five hundred

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Speaker 1: dollars right out of the bank account. Paso do they do?

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Speaker 1: You think they bank with PayPal? No? But JP Morgan,

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Speaker 1: whoever they bank was, should just take twenty five hundred dollars, right.

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Speaker 1: And so this is what's interesting here is that you

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Speaker 1: typically don't have the left right. One of the biggest

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Speaker 1: concerns of conservatives in the Trump era was exactly that

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Speaker 1: they would start to be getting depersoned right as it's

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Speaker 1: called you know, they get de banked, they get de interneted.

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Speaker 1: You cannot have a presence, you cannot access the infrastructure

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Speaker 1: of the twenty first century that you need to live

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Speaker 1: and bank and eat and exist and all of that stuff.

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Speaker 1: This is interesting because it's the left expressing concern as

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Speaker 1: it should. What's always been terrifying is the left saying,

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Speaker 1: you know, kind of the ends justify the means, right,

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Speaker 1: that people are now so dangerous for having different opinions

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Speaker 1: that then get classified as misinformation that yes, you know,

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Speaker 1: we are taking you off of Google ad platforms, which

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Speaker 1: is essentially a monopoly, or we are revoking your ability

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Speaker 1: to sell this book that's critical of sort of transideology

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Speaker 1: on Amazon, and we're just going to keep going down

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Speaker 1: the list Operation choke point right. Yeah. And you would

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Speaker 1: have liberals who would defend that approach, and they would say, well, look,

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Speaker 1: this is a private company. You know, they can do

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Speaker 1: what they want. And if you don't want to have

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Speaker 1: your twenty five hundred dollars taken from you, then don't

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Speaker 1: spread misinformation online like that. I agree with us, right,

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Speaker 1: so like publicly agree with us. Otherwise we will classify

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Speaker 1: what you say is misinformation right. And what's critical here

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Speaker 1: is that Choper who has actual power. Those are people

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Speaker 1: on Twitter and Facebook actually, well the people who run Facebook,

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Speaker 1: and but Choper has real power as the head of

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Speaker 1: the CFPB. And so his emphasis I think on the

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Speaker 1: word legal and focusing on legal versus illegal. He's like,

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Speaker 1: on what grounds does PayPal believe that it can come

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Speaker 1: after a user for legal behavior that isn't even on

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Speaker 1: their platform? And he's his clear answer is they cannot.

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Speaker 1: And so he's pushing he said, all these different big

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Speaker 1: tech platforms, and then there isn't there's not just the

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Speaker 1: principle here that I think that Chopra and others who

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Speaker 1: you know are are part of kind of his his

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Speaker 1: kind of antitrust and kind of corporate skeptical ecosystem on

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Speaker 1: the left. There's there's also an end goal here, which

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Speaker 1: is to say, no, you don't make these decisions. The

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Speaker 1: people make these decisions, and the people make these decisions

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Speaker 1: through their representatives and representatives right the laws. So if

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Speaker 1: there's a law written that is constitutional that you have violated,

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Speaker 1: then there are consequences like that's that's a criminal justice system.

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Speaker 1: That's a that's a system that is based in you know,

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Speaker 1: one person, one vote, representative democracy. We're not going to

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Speaker 1: have a system where somebody has unchecked power, unchecked private power,

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Speaker 1: and it's just going to use it against somebody that

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Speaker 1: they don't like. And I think good for Choprah for

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Speaker 1: standing up for people whose politics he doesn't agree with,

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Speaker 1: right and people who in many cases are actually disenfranchised, marginalized,

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Speaker 1: extremely low income in situations that are like that's that's

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Speaker 1: disproportionately people who are going to end up getting fined

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Speaker 1: before misinformation and disinformation. And it's not to say it's

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Speaker 1: only going to affect you know, the sort of poor

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Speaker 1: rural Trump voter, but it's it is going to affect

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Speaker 1: people like that way more than it's going to affect

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Speaker 1: the people who generally CFPB officials are interacting with who

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Speaker 1: happen to love Joe Biden or whomever else whatever it is.

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Speaker 1: And Operation Joke Point I think was really the first

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Speaker 1: part of this, which is basically that we're looking into

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Speaker 1: purchases or for instance, banks not allowing you to buy

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Speaker 1: firearms with their credit cards. This is where a lot

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Speaker 1: of the fears started bubbling to the surface because it

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Speaker 1: does generally violate the precedent that we have in this

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Speaker 1: country that it's like if you are a bank, if

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Speaker 1: you are you know, PayPal, if you are whatever it is,

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Speaker 1: you have that line, right you are if people are

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Speaker 1: doing things that are legal as a private company and

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Speaker 1: is not in your business interest and it is not

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Speaker 1: sort of in your ethical interest to prevent people from

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Speaker 1: doing their legal conducting legal activity based on partisan ideology

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Speaker 1: or just ideology in general. That then cascaded into moves

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Speaker 1: we saw from social media companies. And this is why

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Speaker 1: when Jim Jordan says that Lena Khan is a Marxist

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Speaker 1: and Lena Khan, you know, shouldn't be FTC chair who's

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Speaker 1: an ally of Rohopra. Yes, the FTC chair Lena Khan.

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Speaker 1: Conservatives shouldn't be empowering Lena Khan to break up tech

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Speaker 1: companies through the FTC and shouldn't be giving her more

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Speaker 1: sort of ammunition to take that on because she's a Marxist.

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Speaker 1: It's like allegedly she's she's played you know, footsie with Marxists,

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Speaker 1: as some people might say, which is ridiculous. I spoke

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Speaker 1: to a student. She spoke some like most student groups

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Speaker 1: nowadays have some socialist Yeah, she's on the left. I mean,

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Speaker 1: there's no question about it. She's progressive in the same

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Speaker 1: way of Hittropa is a progressive and it's an extremely

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Speaker 1: positive sign. And I think that's why we're talking about this,

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Speaker 1: that a progressive has an actual sort of old school

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Speaker 1: a c l U approach to civil liberties. Right and

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Speaker 1: and speech and on open open platforms have become coded

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Speaker 1: as right, which is which is awful and is not

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Speaker 1: going not not headed in a good direction. So it's

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Speaker 1: good to see people who are on the left pulling that,

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Speaker 1: trying to pull trying to pull that back. I'm curious

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Speaker 1: and so but that and they're gonna have They're going

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Speaker 1: to then tussle with people on the left, some some

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Speaker 1: liberals who are going to say no, no no, no, free

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Speaker 1: speech is just you know, it's just a stalking horse

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Speaker 1: for you know, white nationalism or whatever. So that's the

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Speaker 1: problem that the left is going to have to sort out.

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Speaker 1: The right is going to have to compete with the

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Speaker 1: kind of Reaganomics folks, like the right wing folks who

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Speaker 1: are going to say, whoa, whoa, where is this heading?

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Speaker 1: We're now you're going to allow the government to tell

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Speaker 1: a major company like PayPal, how it can run its business.

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Speaker 1: People who for me, populists, people who believe in kind

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Speaker 1: of people powered government, would say yes, course, like everything

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Speaker 1: is all power derives from the consent of the governed.

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Speaker 1: So yes, of course if we if we don't like

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Speaker 1: PayPal doing something like taking twenty five hundred dollars from people,

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Speaker 1: then we're going to tell them not to do that,

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Speaker 1: like that's that's what a democracy is. But on the right,

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Speaker 1: so there is there is a libertarian strain over there

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Speaker 1: that gets very nervous about this kind of thing. So

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Speaker 1: how is that shaking out? Yeah, they and they would

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Speaker 1: say in a free market, that's how we determine these things, right,

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Speaker 1: just another democracy, this is how we determine these things.

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Speaker 1: And then build your own PayPal and then you build

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Speaker 1: it and they shut it down. Well, and this question

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Speaker 1: shuts it down, and you're ready to focus on rite

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Speaker 1: tripa talking about whether this is legal, because I actually

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Speaker 1: think that's an open question. You know, whether it's legal

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Speaker 1: for PayPal to conduct its business in this way. Well,

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Speaker 1: spreading misinformation is legal, it was his point. They're punishing

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Speaker 1: a person for legal behavior. Legal behavior, right, you might

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Speaker 1: find it unethical or it moral or wrong, but it's

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Speaker 1: not illegal. And there's a question of whether PayPal. According

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Speaker 1: to PayPal, you stated the bar till too, it was

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Speaker 1: open till too, but that was too late. You should

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Speaker 1: have been home earlier. We're taking twenty five hundred dollars.

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Speaker 1: We're joking about that. But once you sort of give

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Speaker 1: that power over and it goes into different directions, and

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Speaker 1: you have the like awfully divided Trump era that we've

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Speaker 1: been living in, you can the mind sort of boggles

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Speaker 1: the possibilities. Or you have people tracking periods that's asking

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Speaker 1: like this a miscarriage, Did you get an abortion? You

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Speaker 1: stayed at the bar till two am? And then did X,

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Speaker 1: Y and Z? And the government they buy the data

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Speaker 1: from the company and use it in a trial against

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Speaker 1: whatever it is, or it just it's snow stop. It

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Speaker 1: absolutely just opian. And yeah, it's absolutely being sort of

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Speaker 1: worked out on the right. But I think because the

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Speaker 1: right was victimized by this before the sort of contemporary

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Speaker 1: left was the I guess old school free marketeers were

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Speaker 1: really I think had a chilling experience. Yeah, and that's

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Speaker 1: why you hear a lot of talk about common Carrier framework,

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Speaker 1: applying Common Carrier framework to actual common carriers like banks,

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Speaker 1: or well not so much banks, but like, uh, you know,

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Speaker 1: two banks nationalize the banks and that's their problem. It

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Speaker 1: gets to that place. Yeah, and they're actually where it

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Speaker 1: should go, building up conservative internet companies right now for

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Speaker 1: fear of this, but when the left can sort of

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Speaker 1: break that. It's really been hard for the left to

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Speaker 1: weigh in because the risk has not been worth the

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Speaker 1: reward of speaking out like Rohet Trumpe did, because the

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Speaker 1: risk is that you then get piled on and say

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Speaker 1: you're you're emboldening white nationalism and white supremacy, whereas the

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Speaker 1: reward would be what like some retweets from conservatives and

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Speaker 1: John Schweppe speaking of which the American Principals Project, we

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Speaker 1: have this element A two. He's saying, you know, this

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Speaker 1: is a big opportunity R Troupe sort of breaking this mole.

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Speaker 1: The other area, this is John Shreppy at the American

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Speaker 1: Principal's Project. He says, we have a major opportunity for

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Speaker 1: bipartisan cooperation on protecting consumers from PayPal and other big

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Speaker 1: tech payment processor processors. Common carriage was significant oversight seems

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Speaker 1: to be the way to go. So let me just

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Speaker 1: say that again, significant oversight, and that's coming from John

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Speaker 1: who does really good work over at the American Principals Project.

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Speaker 1: And you do hear a lot of that from conservatives,

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Speaker 1: and I do think it has busted through kind of

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Speaker 1: the typical free market dogma consensus, at least in the

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Speaker 1: conservative movement. Whether that translates into Republican policy is a

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Speaker 1: different question, as is the question of whether it translates

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Speaker 1: into democratic policy from regulators and lawmakers. Yeah done, common carrier,

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Speaker 1: strong regulation, let's do it. I was on CNBC a

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Speaker 1: couple of years of year to twenty seventeen to talk

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Speaker 1: about scoop about Steve Bannon wanting to make Facebook and

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Speaker 1: some others a utility, right, and they started challenging, started

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Speaker 1: challenging me to like defend it. I'm like, this is

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Speaker 1: his idea, but okay, if you want me to defend it,

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Speaker 1: let's do it. Here. It is the CNBC ladies like,

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Speaker 1: I'm not even on Facebook. You don't have to be

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Speaker 1: on Facebook, So why does it need to be able

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Speaker 1: to tell us, Look, I drank well water growing up,

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Speaker 1: doesn't mean we don't have a water utility. Like get

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Speaker 1: out of here, Like I don't drink water. I'll find

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Speaker 1: that all video and share it. But anyway, we have

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Speaker 1: the midterms are getting wild. They are so so we're

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Speaker 1: going to turn now to a mid midterm update and

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Speaker 1: we're going to start with a surprisingly close race in

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Speaker 1: the state of Utah. Now, who would have expected us

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Speaker 1: to be talking about Utah at this point, But a

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Speaker 1: year or so ago, Evan McMullen saw saw what he

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Speaker 1: believed was an opportunity. He made his case kind of

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Speaker 1: behind behind the scenes, but also publicly to whoever, but

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Speaker 1: whoever would listen, that Hey, Democrats are not remotely competitive

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Speaker 1: in Utah. If if I can show that I am

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Speaker 1: a viable challenger to Mike Lee, I think that Democrats

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Speaker 1: will all fizzle away and will then come over and

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Speaker 1: back me, and then I will be close to having

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Speaker 1: a shot against Mike Lee. I've read some demographic data

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Speaker 1: that if you looked at Utah as any other state

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Speaker 1: and stripped Mormonism out of it, which is impossible beause

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Speaker 1: it wouldn't exist really without it, but let's say that

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Speaker 1: you could that it would be either purple or blue

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Speaker 1: just based on urban, suburban and rural demographics. If those

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Speaker 1: urban suburban and roll voters voted like urban suburban and

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Speaker 1: roll voters everywhere else in the country. It's a blue

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Speaker 1: state because Salt Lake City and its suburbs make up

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Speaker 1: such a huge course. There's nothing outside of there. It's

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Speaker 1: just desert once you get outside there. But because of

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Speaker 1: the social conservatism embedded in Mormonism, it has been a

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Speaker 1: rock solid Republican state. But at the same time, because

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Speaker 1: of the inflection of morality embedded in it, there were

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Speaker 1: so uncomfortable with Trump, Like it's much more so than

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Speaker 1: evangelical movement for instance. Yeah, and this is a huge

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Speaker 1: focus of a really great book people should pick up,

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Speaker 1: which is called Alienated America by Tim Carney, where he

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Speaker 1: looked at actually not the general election results in twenty sixteen,

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Speaker 1: but the primary election results on the Republican side in

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Speaker 1: twenty sixteen to analyze which communities supported Trump right away

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Speaker 1: and which we're still backing people like Ted Cruz and

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Speaker 1: Mark Arrubio and Utah. Was a great case study because

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Speaker 1: he found places that have high social capital and high

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Speaker 1: marks of civil society tended to reject Trump in the primary,

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Speaker 1: and places without it rolla Wisconsin, they roll Pennsylvania's rost

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Speaker 1: belt towns. They embraced Trump right away, and so Mike

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Speaker 1: Lee is then presiding over the state that has really

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Speaker 1: high social capital and really high then aversion to Donald Trump. Right,

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Speaker 1: So Trump is like feeds off the carcass of Reaganism,

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Speaker 1: like it thrives in atomization and misery, like alienation actually

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Speaker 1: well alienation that is that has been induced by our economics,

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Speaker 1: in our culture. And so because of the strength of

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Speaker 1: the Mormon community in Utah, those community bonds have have

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Speaker 1: held together a level of of kind of social contentment. Yes,

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Speaker 1: you know that without without papering over the many abuses

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Speaker 1: and all the other uh you know problems I would

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Speaker 1: have with the church. What it what it does is

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Speaker 1: it does create community. And in a place of community,

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Speaker 1: it's very hard to pit people against each other and

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Speaker 1: tear people down. It shields you from the ravages of

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Speaker 1: of economic hardship, and demagoguery is not going to play

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Speaker 1: as well. Yeah, well because you're less right, you're you're

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Speaker 1: you feel lestest in franchise and you are lestes like

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Speaker 1: this is so they were, but they're not going to

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Speaker 1: be democrats. So they're drag They were dragged, kicking and

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Speaker 1: screaming into this Trump coalition. And so McMullen, who ran

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Speaker 1: a kind of independent bid for president that a lot

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Speaker 1: of people made fun of ridiculous, gotten a lot of

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Speaker 1: name recognition out of that, and then harlaid that into

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Speaker 1: this Senate race. Now, let's not get ahead of ourselves.

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Speaker 1: He's still he's still something what was it five or

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Speaker 1: six seven points behind in the five point thirty polling,

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Speaker 1: But he's he's climbing like he does, seem like he's moving.

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Speaker 1: Some poles have it very close, and Mike Lee certainly

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Speaker 1: is acting like it's close. Let's go ahead and play

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Speaker 1: this Mike Lee clip on Tucker Carlson this week. Well,

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Speaker 1: I've asked him. I'm asking him right here again tonight,

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Speaker 1: right now. Mitt if you'd like to protect the Republican majority,

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Speaker 1: give us any chance of seizing the Republican majority once again,

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Speaker 1: getting it away from the Democrats who were facilitating this

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Speaker 1: massive spending spree in a massive inflationary binge, please get

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Speaker 1: on board, help me win reelection. Help us do that.

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Speaker 1: You can get your entire family to donate to me

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Speaker 1: through leefersenate dot com. I'd invite all of your viewers

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Speaker 1: to do the same because this is a race that's

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Speaker 1: getting closer and closer because Evan mcmohen can continues to

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Speaker 1: raise millions of dollars from progressive Democratic donors nationwide or

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Speaker 1: a help bent on getting rid of me and replacing

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Speaker 1: him with Evan McMullen. Yeah, well, so he's absolutely right.

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Speaker 1: So Mike Lee won his prior races by huge margins.

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Speaker 1: So he won in twenty ten by about thirty percent,

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Speaker 1: he won in twenty sixteen by about forty percent, or

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Speaker 1: about forty points. And he's right because if you look

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Speaker 1: at the way Evan McMullen is running, I don't know

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Speaker 1: if you get his press releases, they're absolutely hilarious. This

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Speaker 1: is a headline from one of them. On October eleventh,

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Speaker 1: Republican member of the January sixth Committee, Representative Adam Kinsinger

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Speaker 1: endorses Evan McMullen for US Senate. That is not a

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Speaker 1: way to win Republican votes in any other state, and

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Speaker 1: I'm not sure that it actually really works in Utah.

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Speaker 1: He's running as a former undercover CIA agent. That's something

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Speaker 1: he constantly talks about. So this is clearly a campaign

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Speaker 1: where he is breaking in money from big money progressives

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Speaker 1: and well progressives in air quotes, and he is running

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Speaker 1: really for that sort of like v you viewership, wine, mom,

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Speaker 1: vote right and Democrats love kinsing and chaining and those folks.

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Speaker 1: So so you're also appealing to Democrats by citing your

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Speaker 1: support from those particular Republicans. And the Democrats did not

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Speaker 1: run a counter to Lee. They're going they're backing the right,

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Speaker 1: and that's smart. His guest was right that Democrats be like,

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Speaker 1: why are we going to bother exactly like if somebody

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Speaker 1: else is going to take an actual shot, why are

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Speaker 1: we just going to put some toty up here just

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Speaker 1: to lose before we move to the Ohio Senate race,

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Speaker 1: which is fascinating. What's your what's your guests? How is this?

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Speaker 1: He ended up winning election night by five points, and well, yeah,

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Speaker 1: I mean, looking at you closer, real clear politics polls

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Speaker 1: have him up five, three, five, six, and five. Those

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Speaker 1: are the most recent ones, and there's not great polling

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Speaker 1: in this race. That looks like I went all the

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Speaker 1: way back to May and June polls just enlisting off

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Speaker 1: those five most recent ones on RCP. So it's hard

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Speaker 1: to say because the polling, I think, in general, the cycle,

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Speaker 1: I mean pollsters are worried about how bad their numbers are,

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Speaker 1: and so I would guess probably he. I don't think

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Speaker 1: Michael is going to lose. Whether it's a terrifyingly close

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Speaker 1: margin for him or a five point healthy margin is

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Speaker 1: a different question. And now he has also said, and

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Speaker 1: this is the key point, that he will not caucus

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Speaker 1: with either party. McMullen. Yeah, So if it's if there

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Speaker 1: are fifty Republicans, he's like Bernie, know all, Bernie caucus

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Speaker 1: is right. He does. Although when he was elected to

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Speaker 1: the House, the Democratic caucus would not allow men. They said,

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Speaker 1: they said, you can be in our caucus for committee purposes,

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Speaker 1: but we will not let a socialist come to our

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Speaker 1: actual meetings. That was the that was their rule. So

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Speaker 1: if there's fifty Republicans, forty nine Democrats plus their their

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Speaker 1: independence like Bernie and Angus King, and then McMullen. If McMullen,

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Speaker 1: it's not who he cauxes with, that's not what matters.

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Speaker 1: It's who he votes for for a majority leader. So

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Speaker 1: if he votes for Schumer for majority leader but doesn't caucus.

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Speaker 1: So the fact that he said he wouldn't caucus with

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Speaker 1: Democrats doesn't actually mean that he won't help them Krats

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Speaker 1: control the chamber, so that I think we would I

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Speaker 1: think that's what would happen. I think if his internals

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Speaker 1: were higher, maybe we would hear that question being taken

427
00:23:09,160 --> 00:23:11,640
Speaker 1: more seriously by Democrats. I don't know. I would think

428
00:23:11,640 --> 00:23:13,760
Speaker 1: if you Todd Democrats had a good indication that he

429
00:23:13,840 --> 00:23:16,280
Speaker 1: was going to beat Mike Lee, they would really want

430
00:23:16,280 --> 00:23:19,320
Speaker 1: answers to that question, right, because maybe they have the answers,

431
00:23:19,400 --> 00:23:22,159
Speaker 1: maybe they do well, that's true. But if mull is

432
00:23:22,240 --> 00:23:24,240
Speaker 1: McMullan is just going to get in there and vote

433
00:23:24,240 --> 00:23:27,040
Speaker 1: the exact same way that Mike Lee would, they don't

434
00:23:27,040 --> 00:23:29,760
Speaker 1: have a lot of good reason to keep pushing so

435
00:23:29,840 --> 00:23:33,000
Speaker 1: hard for him. So in Ohio there are two people

436
00:23:33,000 --> 00:23:35,879
Speaker 1: that would vote very different ways. Tim Ryan versus j

437
00:23:35,960 --> 00:23:38,240
Speaker 1: d Vance is a race that I don't think anybody

438
00:23:38,240 --> 00:23:42,320
Speaker 1: thought they'd be talking about October fourteenth, or whatever, whatever

439
00:23:42,600 --> 00:23:48,600
Speaker 1: it is. It's it's closer than Georgia right now, according

440
00:23:48,640 --> 00:23:53,160
Speaker 1: to you know, the five thirty eight polls. It's it's

441
00:23:53,280 --> 00:23:55,480
Speaker 1: very hard to believe because it would for Tim Ryan

442
00:23:55,520 --> 00:23:58,680
Speaker 1: to win, it would require everything putts say they understand

443
00:23:58,720 --> 00:24:01,760
Speaker 1: about the electorate zation to be wrong. It would also

444
00:24:01,840 --> 00:24:06,560
Speaker 1: require a significant number of Republicans who are registered Republicans

445
00:24:06,640 --> 00:24:09,000
Speaker 1: voted for Trump, you know, vote Republican up and down

446
00:24:09,040 --> 00:24:11,920
Speaker 1: the ticket, to cast their ballot for Tim Ryan. It

447
00:24:11,920 --> 00:24:15,119
Speaker 1: would also require a ton of young people, women and

448
00:24:15,160 --> 00:24:17,760
Speaker 1: also men who like very much support abortion rights and

449
00:24:17,800 --> 00:24:19,680
Speaker 1: want and want to come out who wouldn't have come

450
00:24:19,720 --> 00:24:23,000
Speaker 1: out otherwise, or Republican women to switch sides. Like a

451
00:24:23,000 --> 00:24:24,720
Speaker 1: lot has to go right for Tim Ryan. But the

452
00:24:24,760 --> 00:24:28,360
Speaker 1: polls are showing that this is a real race. There

453
00:24:28,440 --> 00:24:32,120
Speaker 1: was a debate this week, and let's let's go through

454
00:24:32,440 --> 00:24:34,560
Speaker 1: several of these clips from last night. Here's the first one,

455
00:24:35,240 --> 00:24:40,520
Speaker 1: Kill and confront the extremist movement of which jd Vance

456
00:24:40,960 --> 00:24:44,879
Speaker 1: unfortunately is a part of right. Who says that the

457
00:24:44,920 --> 00:24:48,040
Speaker 1: President of the United States is intentionally trying to kill

458
00:24:48,080 --> 00:24:52,200
Speaker 1: people with fentanyl. Who says that the election was stolen

459
00:24:52,760 --> 00:24:57,000
Speaker 1: jd Vance does, who runs around with Ron desandis the

460
00:24:57,000 --> 00:24:59,880
Speaker 1: governor of Florida who wants to banned books, running around

461
00:25:00,080 --> 00:25:03,280
Speaker 1: Lindsey Graham, who wants a national abortion band. You're running

462
00:25:03,280 --> 00:25:07,040
Speaker 1: around with Marjorie Taylor Green, who's the absolute looniest politician

463
00:25:07,080 --> 00:25:10,040
Speaker 1: in America. This is a dangerous group and we do

464
00:25:10,119 --> 00:25:12,919
Speaker 1: need to confront it. And that's why I'm running to

465
00:25:13,080 --> 00:25:20,399
Speaker 1: represent the exhausted majority Democrats, Republicans and independence against the extremists.

466
00:25:20,680 --> 00:25:23,080
Speaker 1: So I've always expected this race to be tighter than

467
00:25:23,080 --> 00:25:25,399
Speaker 1: people thought, just because Tim Ryan, I think is generally

468
00:25:25,480 --> 00:25:28,520
Speaker 1: underestimated and the spread the RCPA average right now has

469
00:25:28,640 --> 00:25:31,359
Speaker 1: Vans up by point eight I do think JD. Vans

470
00:25:31,440 --> 00:25:33,000
Speaker 1: is going to win. I do think he's run a

471
00:25:33,080 --> 00:25:36,920
Speaker 1: really interesting in a campaign that shows a Republican Party

472
00:25:36,960 --> 00:25:39,000
Speaker 1: going in a direction that's probably a better one from

473
00:25:39,040 --> 00:25:41,280
Speaker 1: where it was before. But to be up by point

474
00:25:41,359 --> 00:25:44,959
Speaker 1: eight percent in that RCP average, again, I don't know

475
00:25:45,000 --> 00:25:47,680
Speaker 1: that our polling right now is great and even polsters

476
00:25:47,720 --> 00:25:50,879
Speaker 1: themselves are worry miss Ohio totally. And we're going to

477
00:25:50,880 --> 00:25:54,400
Speaker 1: talk about Wisconsin too, which Ron Johnson was crushed by

478
00:25:54,440 --> 00:25:57,040
Speaker 1: bad polls the last time he was up for election,

479
00:25:57,320 --> 00:25:59,760
Speaker 1: and we saw how that turned out. So we also

480
00:25:59,800 --> 00:26:02,399
Speaker 1: have an another clip then of JD. Vance's response to

481
00:26:02,440 --> 00:26:05,080
Speaker 1: Tim Ryan, and you can see it. Actually, I think

482
00:26:05,080 --> 00:26:08,119
Speaker 1: this is the first Tim Ryan abortion one. Oh okay,

483
00:26:08,160 --> 00:26:11,560
Speaker 1: so we'll play the next one here said repeatedly on

484
00:26:11,600 --> 00:26:14,560
Speaker 1: the record that I think that that girl should be

485
00:26:14,600 --> 00:26:17,719
Speaker 1: able to get an abortion if she and her family

486
00:26:17,760 --> 00:26:20,800
Speaker 1: so choose to do so. But let's talk about that case,

487
00:26:21,080 --> 00:26:24,520
Speaker 1: because why was a ten year old girl raped in

488
00:26:24,600 --> 00:26:27,240
Speaker 1: our community, raped in our state in the first place.

489
00:26:27,640 --> 00:26:29,840
Speaker 1: The thing the media and Congress and Ryan, they talk

490
00:26:29,880 --> 00:26:32,560
Speaker 1: about this all the time. The thing they never mentioned

491
00:26:32,680 --> 00:26:35,679
Speaker 1: is that poor girl was raped by an illegal alien,

492
00:26:35,760 --> 00:26:38,320
Speaker 1: somebody that should have never been in this state in

493
00:26:38,359 --> 00:26:41,280
Speaker 1: the first place. You voted so many times against border

494
00:26:41,320 --> 00:26:44,560
Speaker 1: wall funding, so many times for amnesty. Tim, if you

495
00:26:44,640 --> 00:26:46,640
Speaker 1: had done your job, she would have never been raped

496
00:26:46,680 --> 00:26:49,200
Speaker 1: in the first place. Do your job on border security.

497
00:26:49,359 --> 00:26:52,000
Speaker 1: Don't lecture me about opinions I don't actually have. It's

498
00:26:52,040 --> 00:26:54,200
Speaker 1: a good performance in the debate from Jadie Vance. Yeah,

499
00:26:54,200 --> 00:26:56,760
Speaker 1: and you were right. That was his response to the

500
00:26:57,119 --> 00:27:00,560
Speaker 1: abortion band argument from Tim Pryan. I don't think that

501
00:27:00,600 --> 00:27:04,840
Speaker 1: people are going to find that credible, really, because it's like, Okay,

502
00:27:05,400 --> 00:27:09,520
Speaker 1: let's say that this particular person never came to the

503
00:27:09,560 --> 00:27:12,680
Speaker 1: country illegally and never raped this particular ten year old girl.

504
00:27:13,000 --> 00:27:15,800
Speaker 1: That doesn't that doesn't eliminate rape, Like we're still going

505
00:27:15,800 --> 00:27:18,280
Speaker 1: to have rape, We're still going to have incest. And

506
00:27:18,359 --> 00:27:20,679
Speaker 1: so you're you're going to have to have You're going

507
00:27:20,760 --> 00:27:24,159
Speaker 1: to have to design policies that take that into account.

508
00:27:24,160 --> 00:27:26,240
Speaker 1: I mean, so he says at the end, you know,

509
00:27:26,280 --> 00:27:27,959
Speaker 1: I think a ten year old who's rape should have

510
00:27:28,000 --> 00:27:32,399
Speaker 1: access to abortion, but he's still part of If he

511
00:27:32,520 --> 00:27:35,679
Speaker 1: is elected, it will allow states like Ohio to go

512
00:27:35,800 --> 00:27:39,800
Speaker 1: forward with bands right that don't take that, don't take

513
00:27:39,840 --> 00:27:42,040
Speaker 1: those exceptions into account. Whether or it's whether it's Ohio

514
00:27:42,320 --> 00:27:44,280
Speaker 1: or somewhere else, I don't know. I mean, I think

515
00:27:44,440 --> 00:27:47,280
Speaker 1: she was able to from the report sheold to go

516
00:27:47,320 --> 00:27:50,480
Speaker 1: to Indiana, right, she Well, whether she actually had to

517
00:27:50,480 --> 00:27:53,280
Speaker 1: go is a different question. There was this idea that

518
00:27:53,520 --> 00:27:56,639
Speaker 1: doctors in Ohio were afraid at the moment to post

519
00:27:56,720 --> 00:27:59,960
Speaker 1: row right, which is what abortion everybody predicted would happen.

520
00:28:00,200 --> 00:28:04,160
Speaker 1: But the response from pretty much every Republican was pretty

521
00:28:04,200 --> 00:28:08,160
Speaker 1: much every Republican was the laws, like, let's design laws

522
00:28:08,240 --> 00:28:11,240
Speaker 1: that don't cause this level of confusion. So I don't know.

523
00:28:11,480 --> 00:28:14,520
Speaker 1: I think that's an open question, but I would if

524
00:28:14,560 --> 00:28:17,720
Speaker 1: I had to predict, I would say Republicans, any laws

525
00:28:17,760 --> 00:28:21,639
Speaker 1: Republicans passed would likely be designed to stop things like

526
00:28:21,640 --> 00:28:24,560
Speaker 1: that from happening, because they're more concerned about their politics

527
00:28:24,600 --> 00:28:28,679
Speaker 1: anyway than they actually are about life. A lot of Republicans,

528
00:28:28,760 --> 00:28:29,959
Speaker 1: not all of them, but a lot of them are

529
00:28:29,960 --> 00:28:32,080
Speaker 1: more concerned about the politics but anyway, and from jd

530
00:28:32,240 --> 00:28:35,960
Speaker 1: Vance's response there, you can see the fact that he

531
00:28:36,080 --> 00:28:38,760
Speaker 1: is very concerned about the politics and the optics of

532
00:28:38,800 --> 00:28:42,600
Speaker 1: it and the way that it affects power weighs very

533
00:28:42,640 --> 00:28:45,080
Speaker 1: heavily on them, and that's why a lot of Republicans

534
00:28:45,160 --> 00:28:47,800
Speaker 1: in the GOP establishment didn't really ever want Roe to

535
00:28:47,840 --> 00:28:51,120
Speaker 1: go anywhere, despite all of their claims to be ready

536
00:28:51,120 --> 00:28:54,480
Speaker 1: to overturn Row, etcetera, etcetera. I just think that saying

537
00:28:54,480 --> 00:28:59,320
Speaker 1: the solution is to eliminate rape, it's like that, great,

538
00:29:00,040 --> 00:29:02,479
Speaker 1: we'd like that if that happened, but that's not going

539
00:29:02,520 --> 00:29:04,280
Speaker 1: to happen. I mean, I do think one of the

540
00:29:04,280 --> 00:29:07,280
Speaker 1: things Democrats miss in the conversation about the borders that

541
00:29:07,400 --> 00:29:11,200
Speaker 1: they'll constantly point to statistics which are true. In many cases,

542
00:29:11,200 --> 00:29:16,400
Speaker 1: there are real studies that show illegal immigrants commit lower

543
00:29:16,480 --> 00:29:20,080
Speaker 1: levels of crime than native born Americans do. Are people

544
00:29:20,080 --> 00:29:24,720
Speaker 1: who are here without documentation commit or illegally commit crimes

545
00:29:24,760 --> 00:29:27,440
Speaker 1: at a lower rate than native born Americans do. But

546
00:29:27,480 --> 00:29:31,640
Speaker 1: the point remains that if somebody is in the country illegally.

547
00:29:31,840 --> 00:29:35,280
Speaker 1: We don't want to add to already bad crime problems.

548
00:29:35,400 --> 00:29:37,800
Speaker 1: And one way to not add to already bad crime

549
00:29:37,840 --> 00:29:41,200
Speaker 1: problems is to not let people into the country illegally. Yeah. No,

550
00:29:41,280 --> 00:29:44,200
Speaker 1: I think that's an issue worth debating on its own.

551
00:29:44,360 --> 00:29:46,760
Speaker 1: But I just don't think it's relevant to the abortion question,

552
00:29:47,160 --> 00:29:50,080
Speaker 1: is my point. Like your abortion policy has got to

553
00:29:50,120 --> 00:29:53,920
Speaker 1: be what your abortion policy is, independent of crime rates,

554
00:29:53,960 --> 00:29:58,160
Speaker 1: independent of immigration policy and crinative drug policy, Like abortion

555
00:29:58,400 --> 00:30:01,040
Speaker 1: policy is its own thing. I mean, he did answer

556
00:30:01,120 --> 00:30:03,440
Speaker 1: that question based on policy, But I see what you're saying, right,

557
00:30:03,440 --> 00:30:06,400
Speaker 1: and we'll see if that satisfies people. So and next, uh,

558
00:30:06,520 --> 00:30:08,240
Speaker 1: you know, roll the let. I'm not even gonna guess

559
00:30:08,280 --> 00:30:10,040
Speaker 1: which clip it is. This is Ron Johnson, This is

560
00:30:10,120 --> 00:30:12,920
Speaker 1: ro Johnson. Ron Johnson debated one more. No, I think

561
00:30:12,920 --> 00:30:18,200
Speaker 1: we're so we have free here, we got one more. Oh,

562
00:30:18,240 --> 00:30:20,760
Speaker 1: we've one more rivance. Okay, I was wrong, Okay, thank you,

563
00:30:20,960 --> 00:30:23,760
Speaker 1: one to one, all right, one more, one more. And

564
00:30:23,840 --> 00:30:26,680
Speaker 1: I think the problem is when you have guys like JD.

565
00:30:26,800 --> 00:30:29,800
Speaker 1: Vance who can't stand up to anybody, Like just a

566
00:30:29,840 --> 00:30:34,800
Speaker 1: few weeks ago in Youngstown on the stage, Donald Trump

567
00:30:34,960 --> 00:30:37,880
Speaker 1: said to jd Vance, all you do is kiss my

568
00:30:38,000 --> 00:30:41,520
Speaker 1: ass to get my support. He said that that's bad

569
00:30:41,960 --> 00:30:44,160
Speaker 1: because that means jd Vance is going to do whatever

570
00:30:44,200 --> 00:30:46,840
Speaker 1: he wants. Mitch mcconald's given him forty million, he's gonna

571
00:30:46,840 --> 00:30:48,640
Speaker 1: do what he wants. And Peter Teal gave him a

572
00:30:48,680 --> 00:30:50,680
Speaker 1: fifteen million. He's going to do what he wants. And

573
00:30:50,760 --> 00:30:54,120
Speaker 1: here's the thing that's most troubling about this lack of

574
00:30:54,200 --> 00:30:59,080
Speaker 1: courage is that after Trump took jd Vance's dignity from

575
00:30:59,160 --> 00:31:02,320
Speaker 1: him on the stage Youngstown, jd Vance got back up

576
00:31:02,360 --> 00:31:05,520
Speaker 1: on stage and said, start shaking his hand, take a picture, saying, hey,

577
00:31:05,760 --> 00:31:08,160
Speaker 1: aren't we having a great time here tonight. I don't

578
00:31:08,200 --> 00:31:10,760
Speaker 1: know anybody I grew up with. I don't know anybody

579
00:31:10,840 --> 00:31:13,200
Speaker 1: I went to high school with that would allow somebody

580
00:31:13,240 --> 00:31:15,880
Speaker 1: to take their dignity like that and then get back

581
00:31:15,960 --> 00:31:19,000
Speaker 1: up on stage. We need leaders who have courage to

582
00:31:19,120 --> 00:31:22,200
Speaker 1: take on their own party. And I've proven that. And

583
00:31:22,240 --> 00:31:24,840
Speaker 1: he was called an as kisser by the former president.

584
00:31:25,160 --> 00:31:28,120
Speaker 1: Oh that was a good one. He landed that blow,

585
00:31:28,800 --> 00:31:30,960
Speaker 1: although Trump really set him up for it. Does Trump

586
00:31:31,000 --> 00:31:33,400
Speaker 1: want the guy to lose? Jadie Vance? Yeah, I don't

587
00:31:33,440 --> 00:31:35,400
Speaker 1: think so. I think miss McConnell wants him to lose.

588
00:31:35,440 --> 00:31:37,680
Speaker 1: I don't think Donald Trump does. Trump just can't help

589
00:31:37,720 --> 00:31:40,400
Speaker 1: the laugh lines like what's Trump thinking there? He's not.

590
00:31:40,680 --> 00:31:43,600
Speaker 1: I mean, he's just plainly yeah. I mean, I'd be

591
00:31:43,640 --> 00:31:46,240
Speaker 1: surprised that Trump this far in. But that's the thing,

592
00:31:46,320 --> 00:31:48,360
Speaker 1: right he and I think to some excentence what people

593
00:31:48,360 --> 00:31:49,960
Speaker 1: like about him is he's not like coming out and

594
00:31:50,000 --> 00:31:52,920
Speaker 1: being strategic and calculated in the same way that like,

595
00:31:53,120 --> 00:31:57,080
Speaker 1: why is miss McConnell in August bashing Republican Senate candidates, Well,

596
00:31:57,240 --> 00:32:00,400
Speaker 1: because he's trying. That's part of a strategy, not just

597
00:32:00,480 --> 00:32:04,080
Speaker 1: you know, Mitch McConnell talking. Donald Trump often just gets

598
00:32:04,080 --> 00:32:07,280
Speaker 1: out there and talks like he would talk to anyone.

599
00:32:08,240 --> 00:32:10,360
Speaker 1: Anyone could be in front of him, and he'll say

600
00:32:10,400 --> 00:32:13,480
Speaker 1: basically what's on his mind? Right, Yeah, Usually it it'd

601
00:32:13,480 --> 00:32:15,760
Speaker 1: have to be a private recording of a politician to

602
00:32:15,760 --> 00:32:19,280
Speaker 1: get something that's set. Honestly, Now, you can imagine a

603
00:32:19,280 --> 00:32:21,520
Speaker 1: bunch of Trump voters hearing that and be like, okay,

604
00:32:21,560 --> 00:32:25,320
Speaker 1: then good. Yeah, he's just going to be a completely mindless, loyal,

605
00:32:26,080 --> 00:32:28,920
Speaker 1: you know, sick a phant for Trump. He's got he's

606
00:32:28,920 --> 00:32:31,720
Speaker 1: got my votes. I'm with Trump, and Trump knows that.

607
00:32:32,400 --> 00:32:35,120
Speaker 1: Trump knows that. So this is humiliating. Though, good lord,

608
00:32:35,280 --> 00:32:38,680
Speaker 1: that was really that was humiliating. That was well done

609
00:32:38,720 --> 00:32:40,880
Speaker 1: on Tim Ryan's part. And it was Youngstown, which is

610
00:32:40,880 --> 00:32:44,040
Speaker 1: where Tim Ryan is from. And one one Tim Ryan stat.

611
00:32:44,720 --> 00:32:46,720
Speaker 1: I did a story a couple of years ago where

612
00:32:46,720 --> 00:32:50,440
Speaker 1: I looked at the one hundred poorest districts in the

613
00:32:50,480 --> 00:32:52,920
Speaker 1: country and who represented each And if you looked at

614
00:32:52,920 --> 00:32:57,640
Speaker 1: something like the forty poorest districts in the country that

615
00:32:57,720 --> 00:33:01,840
Speaker 1: were majority white, they're all there's only one, as I recall,

616
00:33:02,000 --> 00:33:05,560
Speaker 1: that was represented by a white Democrat. It was Tim Ryan.

617
00:33:05,920 --> 00:33:09,360
Speaker 1: Really interesting and again that's why Tim Ryan, I think

618
00:33:09,400 --> 00:33:14,200
Speaker 1: has been underestimated because he's pretty fluent in the conversation

619
00:33:14,600 --> 00:33:17,479
Speaker 1: that resonates, but his voting record is a real problem

620
00:33:17,520 --> 00:33:19,440
Speaker 1: for him in the same way that Vance took as

621
00:33:19,440 --> 00:33:22,120
Speaker 1: we were just talking about the abortion question and moved

622
00:33:22,120 --> 00:33:24,640
Speaker 1: it to the border and moved it to these issues

623
00:33:24,680 --> 00:33:28,000
Speaker 1: where if you are a sort of twenty twenty two Democrat,

624
00:33:28,560 --> 00:33:31,760
Speaker 1: you are sort of out of touch then with those communities.

625
00:33:32,200 --> 00:33:35,520
Speaker 1: And what I like about him is in his authenticity

626
00:33:36,080 --> 00:33:38,600
Speaker 1: is the yoga thing that he does. So he's all

627
00:33:38,600 --> 00:33:42,320
Speaker 1: into this like yoga and mindfulness stuff, which like good

628
00:33:42,400 --> 00:33:45,840
Speaker 1: for him, But what that shows is that you're secure

629
00:33:45,920 --> 00:33:49,080
Speaker 1: in your working class roots. Like politicians who are not

630
00:33:49,120 --> 00:33:52,120
Speaker 1: secure in their working class roots will will go into

631
00:33:52,160 --> 00:33:54,960
Speaker 1: a bar and just be deeply nervous about what they're

632
00:33:54,960 --> 00:33:58,480
Speaker 1: going to order. There's this classic clip of Obama going

633
00:33:58,520 --> 00:34:01,440
Speaker 1: into a bar in Pennsylvania being like, I don't want

634
00:34:01,440 --> 00:34:05,120
Speaker 1: any that fancy, youngling. Give me one of the local

635
00:34:05,600 --> 00:34:09,040
Speaker 1: local beers that y'all drink. It hurts. And they're like, well,

636
00:34:09,040 --> 00:34:12,600
Speaker 1: we drink yingling. It's not fancy, it's it Actually it's

637
00:34:12,800 --> 00:34:16,000
Speaker 1: pretty bad, but we drink it. Yeah. And so you

638
00:34:16,480 --> 00:34:20,160
Speaker 1: want somebody who's authentic enough to themselves that they will

639
00:34:20,239 --> 00:34:22,120
Speaker 1: look at a menu wherever they are in order what

640
00:34:22,160 --> 00:34:24,520
Speaker 1: they want. And so Tim Ryan's like, you know what,

641
00:34:24,960 --> 00:34:26,520
Speaker 1: I might get made fun of this for this, but

642
00:34:27,640 --> 00:34:29,480
Speaker 1: I'm into mindfulness. I'm into yoga, and I think you

643
00:34:29,480 --> 00:34:30,880
Speaker 1: should be too, because I think it will make you

644
00:34:30,920 --> 00:34:33,279
Speaker 1: feel better. And there are so many working class people

645
00:34:33,280 --> 00:34:36,200
Speaker 1: who are into mindfulness in yoga, and that the working

646
00:34:36,239 --> 00:34:39,399
Speaker 1: class is not some monolithic just like a NASCAR beer

647
00:34:39,400 --> 00:34:41,919
Speaker 1: belly guy and a lot of NASCAR beer belly guys

648
00:34:41,960 --> 00:34:46,080
Speaker 1: are into mindfulness. It's like people contain multitudes. What NASCAR races?

649
00:34:46,120 --> 00:34:49,440
Speaker 1: Are you going to Dover downs? I grew up near Dover.

650
00:34:50,000 --> 00:34:52,960
Speaker 1: They're into mindfulness. I mean there are some right like

651
00:34:53,280 --> 00:34:55,480
Speaker 1: you're going to find some. I think it's it's I

652
00:34:55,520 --> 00:34:58,239
Speaker 1: actually don't disagree with that point at all. I do

653
00:34:58,280 --> 00:35:01,839
Speaker 1: think though, that it's where Tim Ryan's voting record as

654
00:35:01,840 --> 00:35:03,759
Speaker 1: he tries to sort of work his way up the

655
00:35:03,880 --> 00:35:06,760
Speaker 1: chain in twenty twenty two politics and tries to climb

656
00:35:06,800 --> 00:35:10,200
Speaker 1: the political ladder. That's what makes it more difficult now

657
00:35:10,280 --> 00:35:15,360
Speaker 1: because that will say, right, he has not genuinely changed

658
00:35:15,520 --> 00:35:18,880
Speaker 1: where he stands on things like the border, and really,

659
00:35:18,960 --> 00:35:20,520
Speaker 1: I mean he might be talking that way, but he

660
00:35:20,560 --> 00:35:24,080
Speaker 1: really hasn't and that's a problem. So Wisconsin, we have

661
00:35:24,120 --> 00:35:26,680
Speaker 1: one more clip. We're going really long on this segment,

662
00:35:26,760 --> 00:35:29,000
Speaker 1: but that's because there's so much news this week. There

663
00:35:29,000 --> 00:35:30,960
Speaker 1: were debates, and Wisconsin is one of the places that

664
00:35:31,000 --> 00:35:33,520
Speaker 1: had places that had a debate on Thursday night between

665
00:35:33,560 --> 00:35:37,400
Speaker 1: Lieutenant Governor Mandela Barnes who's the Democratic candidate, and incumbent

666
00:35:37,440 --> 00:35:40,160
Speaker 1: Senator Ron Johnson, the Republican. Let's take a look at

667
00:35:40,160 --> 00:35:44,680
Speaker 1: this clip. There was also an instance where Senator Johnson

668
00:35:44,840 --> 00:35:48,160
Speaker 1: had to be sat down by the FBI and warned

669
00:35:48,160 --> 00:35:51,560
Speaker 1: that he may be a Russian asset. We can't trust.

670
00:35:51,719 --> 00:35:54,919
Speaker 1: We cannot trust Senator Johnson to protect democracy abroad because

671
00:35:54,920 --> 00:35:57,319
Speaker 1: we can't even trust Senator Johnson to protect democracy here

672
00:35:57,360 --> 00:35:59,680
Speaker 1: at home. Mister Johnson, you do have a chance on

673
00:35:59,680 --> 00:36:02,840
Speaker 1: o that, and then will also you do have a

674
00:36:02,920 --> 00:36:04,600
Speaker 1: chance on a rebuttle. We'd also want to ask you

675
00:36:04,600 --> 00:36:06,839
Speaker 1: that question about Ukraine. Well, first of all, I wish

676
00:36:06,880 --> 00:36:10,040
Speaker 1: President Biden were more concerned about defending every inch of

677
00:36:10,160 --> 00:36:14,520
Speaker 1: US territory against the invasion on our southern border. I

678
00:36:14,560 --> 00:36:16,560
Speaker 1: certainly would want to get a full accounting of what

679
00:36:16,600 --> 00:36:20,480
Speaker 1: we've already allocated. You know what the weapons have you

680
00:36:20,520 --> 00:36:23,000
Speaker 1: know what weapons we sent to Ukraine, what we need

681
00:36:23,000 --> 00:36:26,200
Speaker 1: to replenish in our own stockpile. I've been to Ukraine

682
00:36:26,360 --> 00:36:28,640
Speaker 1: repeated land. I've been the chairman of our ranking member

683
00:36:28,640 --> 00:36:30,920
Speaker 1: of the European Subcommittee on Foreign Relations. I was at

684
00:36:31,200 --> 00:36:35,759
Speaker 1: President Selinski's inauguration. The Ukrainian people want what we want.

685
00:36:35,960 --> 00:36:39,000
Speaker 1: They want freedom. You have another thirty seconds. I'm sorry,

686
00:36:39,040 --> 00:36:42,640
Speaker 1: you have still another thirty seconds. Okay. On the question

687
00:36:42,800 --> 00:36:48,440
Speaker 1: of Ukraine. Okay, So the Ukrainian people what we want,

688
00:36:48,760 --> 00:36:52,120
Speaker 1: want what we want. They're defending their children, their freedom.

689
00:36:52,800 --> 00:36:56,080
Speaker 1: I think it is good for us, freedom of the peoples,

690
00:36:56,080 --> 00:36:58,759
Speaker 1: to hang together and provide them the defensive weaponry so

691
00:36:58,800 --> 00:37:00,759
Speaker 1: they can defend their territory. But again, I want a

692
00:37:00,800 --> 00:37:04,759
Speaker 1: full accounting. And in response to the wild charge of

693
00:37:05,480 --> 00:37:09,719
Speaker 1: Lieutenant Governor Barnes, the FBI set me up with a

694
00:37:09,920 --> 00:37:14,000
Speaker 1: corrupt with a corrupt briefing and then leap back to

695
00:37:14,080 --> 00:37:18,719
Speaker 1: smear me. I am, that's right, that's sorry. He is

696
00:37:18,840 --> 00:37:21,839
Speaker 1: referring to corruption with the FBI, which I've been trying

697
00:37:21,840 --> 00:37:25,040
Speaker 1: to uncover and expose. Okay, So Ron Johnson is one

698
00:37:25,120 --> 00:37:27,759
Speaker 1: hundred percent correct there, and the media's laughter speaks to

699
00:37:27,920 --> 00:37:30,640
Speaker 1: the media's laughter. The audience's laughter speaks to an alternate

700
00:37:30,719 --> 00:37:33,520
Speaker 1: universe the media has created, which is insane because in

701
00:37:33,560 --> 00:37:37,239
Speaker 1: a healthy, functioning democratic ecosystem, the media would have as

702
00:37:37,280 --> 00:37:40,719
Speaker 1: much curiosity about the corruption of the most powerful law

703
00:37:40,760 --> 00:37:44,000
Speaker 1: enforcement agency in the country, which actually did set Ron

704
00:37:44,080 --> 00:37:47,440
Speaker 1: Johnson up. They briefed him on It's exactly what they

705
00:37:47,440 --> 00:37:49,799
Speaker 1: did to Donald Trump with the dossier where James comy

706
00:37:49,840 --> 00:37:52,120
Speaker 1: briefed Donald Trump with the dossier so that the FBI

707
00:37:52,120 --> 00:37:54,839
Speaker 1: could leak to the media that Donald Trump had been

708
00:37:54,960 --> 00:37:59,160
Speaker 1: briefed on the dossier and then inject that into the conversation.

709
00:37:59,239 --> 00:38:01,360
Speaker 1: It's exactly what they did with Ron Johnson, and the

710
00:38:01,440 --> 00:38:04,120
Speaker 1: laughter I thought was really interesting. It's not a winning

711
00:38:04,160 --> 00:38:08,200
Speaker 1: campaign issue, I don't think, but it is clearly an

712
00:38:08,200 --> 00:38:10,680
Speaker 1: example of how terrible the media coverage of the FBI

713
00:38:10,760 --> 00:38:14,719
Speaker 1: has been. Yeah, I mean I watched that and I

714
00:38:15,280 --> 00:38:17,640
Speaker 1: enjoyed seeing Ron Johnson get laughed at. But then I

715
00:38:17,680 --> 00:38:20,480
Speaker 1: was like, FBI actually did kind of set him up,

716
00:38:21,320 --> 00:38:23,600
Speaker 1: because like so they come in and they and they breathe,

717
00:38:23,600 --> 00:38:25,480
Speaker 1: and they say, hey, we just want to warn you

718
00:38:25,760 --> 00:38:29,279
Speaker 1: that you're at risk of getting targeted by Russian disinformation

719
00:38:29,480 --> 00:38:32,359
Speaker 1: and other agents and assets. And he's like okay, cool,

720
00:38:32,440 --> 00:38:34,399
Speaker 1: and it's like, of course, thank you, by the way,

721
00:38:34,440 --> 00:38:36,640
Speaker 1: thanks for the heads up. And then it's like a

722
00:38:37,200 --> 00:38:40,399
Speaker 1: later come in the media reports that he's been warned

723
00:38:40,440 --> 00:38:43,360
Speaker 1: by the FBI that he's a stooge. So yeah, that

724
00:38:43,480 --> 00:38:45,279
Speaker 1: is if you're Ron Johnson, you're like, you kind of

725
00:38:45,280 --> 00:38:46,759
Speaker 1: did set me up. And then they set him up

726
00:38:46,760 --> 00:38:48,600
Speaker 1: double because then he has to say that the FBI

727
00:38:48,600 --> 00:38:50,120
Speaker 1: set him up and he looks like an idiot, which

728
00:38:50,120 --> 00:38:52,680
Speaker 1: he says that, yeah, say, Eric Swawell, we're a Republican.

729
00:38:52,840 --> 00:38:55,279
Speaker 1: And the FBI came to him and said, you're at

730
00:38:55,400 --> 00:38:58,879
Speaker 1: risk of the girlfriend of yours is a Chinese spy, right,

731
00:38:58,920 --> 00:39:01,120
Speaker 1: you're at risk, And he actually did like, this is

732
00:39:01,239 --> 00:39:04,640
Speaker 1: phobia we actually have knowledge of. But let's say they

733
00:39:04,680 --> 00:39:07,000
Speaker 1: came to him and said, you're could be the subject

734
00:39:07,000 --> 00:39:10,320
Speaker 1: of Chinese disinformation. And let's say he didn't do anything.

735
00:39:10,360 --> 00:39:13,919
Speaker 1: Let's say he noticed that when Fengfang was a courting him,

736
00:39:14,200 --> 00:39:17,600
Speaker 1: it seemed like it could be a spy because obviously,

737
00:39:18,600 --> 00:39:22,359
Speaker 1: and he then is if he's a Republican, the FBI

738
00:39:22,480 --> 00:39:24,440
Speaker 1: leaks that to the media to make him look like

739
00:39:24,640 --> 00:39:28,239
Speaker 1: he's in bed with China even if he isn't, which

740
00:39:28,280 --> 00:39:31,960
Speaker 1: this case he was. But it's just a classic FBI

741
00:39:32,120 --> 00:39:34,560
Speaker 1: move And it did happen to Ron Johnson, and the

742
00:39:34,600 --> 00:39:36,799
Speaker 1: fact that the audience is laughing to me, was a

743
00:39:36,840 --> 00:39:40,680
Speaker 1: really sad indictment on our media. Meanwhile, Ron Johnson did

744
00:39:40,680 --> 00:39:41,839
Speaker 1: and I don't want to let him off the hook

745
00:39:41,840 --> 00:39:45,560
Speaker 1: completely here, It did admit to participating in what is

746
00:39:45,600 --> 00:39:48,000
Speaker 1: alleged to be a crime, which is the fake elector scheme.

747
00:39:48,440 --> 00:39:50,560
Speaker 1: And he said this. I'm gonna read this because he

748
00:39:50,560 --> 00:39:52,560
Speaker 1: said said this to a local report. I was like,

749
00:39:53,120 --> 00:39:55,719
Speaker 1: he just said it. He said, my involvement in that

750
00:39:55,760 --> 00:39:58,800
Speaker 1: attempt to deliver spanned the course of a couple seconds.

751
00:39:58,840 --> 00:40:02,040
Speaker 1: I got I think. I fielded three texts and sent two.

752
00:40:02,640 --> 00:40:06,000
Speaker 1: Johnson told the reporter I had virtually no involvement. Literally,

753
00:40:06,040 --> 00:40:09,279
Speaker 1: my involvement lasted seconds. So he fielded three texts. The

754
00:40:09,320 --> 00:40:13,080
Speaker 1: text asked asked him, hey, can you get Mike Pence

755
00:40:13,280 --> 00:40:16,680
Speaker 1: to put these fake electors basically fake electors before the

756
00:40:16,719 --> 00:40:20,360
Speaker 1: House so that they will then not affirm Biden as president.

757
00:40:20,880 --> 00:40:24,040
Speaker 1: He sent two texts. He sent texts to forget who

758
00:40:24,120 --> 00:40:26,760
Speaker 1: like the vice president's chief of staff, maybe Pence himself.

759
00:40:27,719 --> 00:40:31,080
Speaker 1: Those details are out there. He was then told no,

760
00:40:31,120 --> 00:40:33,759
Speaker 1: we're not doing this crime. And so he's like, so, my,

761
00:40:34,640 --> 00:40:37,160
Speaker 1: so you can't you can't blame me for this. It's like,

762
00:40:37,239 --> 00:40:39,080
Speaker 1: say you texta hey, you want to do this crime.

763
00:40:39,120 --> 00:40:41,440
Speaker 1: They're like, no, let's not do this crime. Like you

764
00:40:41,840 --> 00:40:44,239
Speaker 1: were still involved in that. So just just the fact

765
00:40:44,239 --> 00:40:49,640
Speaker 1: that it lasted what he says, seconds, that's separate from this,

766
00:40:49,640 --> 00:40:52,480
Speaker 1: this separate FBI thing that where they're calling him a

767
00:40:52,520 --> 00:40:55,960
Speaker 1: Russian asset or whatever. But I didn't want to let

768
00:40:56,239 --> 00:40:59,360
Speaker 1: Ron johnson segment go by without you do love that clip,

769
00:40:59,440 --> 00:41:02,000
Speaker 1: Whereas I think what Ron Johnson is doing there is

770
00:41:02,040 --> 00:41:04,120
Speaker 1: saying like the media coverage of this is blowing it

771
00:41:04,160 --> 00:41:05,880
Speaker 1: out of proportion. And I think it's true that the

772
00:41:05,920 --> 00:41:07,680
Speaker 1: media coverage is blowing it out of proportion. I don't

773
00:41:07,680 --> 00:41:10,680
Speaker 1: disagree with you that there's still something that shouldn't have happened.

774
00:41:10,719 --> 00:41:13,600
Speaker 1: He worked with the conspirators to be the funnel to

775
00:41:13,680 --> 00:41:18,640
Speaker 1: get to Mike Pence, a scheme to illegally and illegitimately

776
00:41:18,960 --> 00:41:23,759
Speaker 1: undermine the lawfully elected electoral college people. He's so that

777
00:41:23,920 --> 00:41:26,840
Speaker 1: the actual president would not be nominated. I think that's like,

778
00:41:27,280 --> 00:41:29,680
Speaker 1: it's hard to blow that out of proportion. I I mean,

779
00:41:29,719 --> 00:41:32,000
Speaker 1: it doesn't make him like a high level conspirator. It

780
00:41:32,120 --> 00:41:34,640
Speaker 1: means he's someone who, as he said and he admitted

781
00:41:34,680 --> 00:41:38,800
Speaker 1: it right that he bag man, he passed informational, not great.

782
00:41:39,680 --> 00:41:41,919
Speaker 1: I don't think it makes him like this high level

783
00:41:41,920 --> 00:41:45,600
Speaker 1: part of the conspiracy. In general, all that is to say,

784
00:41:46,440 --> 00:41:49,440
Speaker 1: the midterm racist this is a race that had a

785
00:41:49,440 --> 00:41:52,040
Speaker 1: pole come out this week that had Ron Johnson now

786
00:41:52,120 --> 00:41:54,479
Speaker 1: up six. It was a poll that had him down,

787
00:41:54,520 --> 00:41:56,600
Speaker 1: the Marquette University poll that had him down about a

788
00:41:56,680 --> 00:42:00,399
Speaker 1: month ago. So there's been a disaster for Democrats. Yes,

789
00:42:00,520 --> 00:42:04,680
Speaker 1: there and Mandela Barnes, they obviously knew going in, had

790
00:42:04,719 --> 00:42:07,640
Speaker 1: a lot of sort of defunded the police type leftist

791
00:42:07,680 --> 00:42:10,360
Speaker 1: activist baggage, which we've talked about here before. Now getting

792
00:42:10,400 --> 00:42:13,279
Speaker 1: hit for a bunch of r T appearances, which is

793
00:42:13,320 --> 00:42:16,000
Speaker 1: not great for liberals, not great. Not I think they've

794
00:42:16,080 --> 00:42:21,640
Speaker 1: kicked our T off all the people Russian disinformation. Yeah,

795
00:42:21,920 --> 00:42:24,319
Speaker 1: all right. A court filing that we got notice of

796
00:42:24,440 --> 00:42:28,560
Speaker 1: on Thursday actually revealed, according to Twitter, that Elon Musk

797
00:42:28,719 --> 00:42:32,640
Speaker 1: is being investigated in relation to his acquisition or his

798
00:42:32,680 --> 00:42:36,280
Speaker 1: attempted acquisition of Twitter. Here's according to the CNN Business

799
00:42:36,320 --> 00:42:38,680
Speaker 1: It is not clear which agencies may be carrying out

800
00:42:38,719 --> 00:42:42,480
Speaker 1: the probe, and Twitter did not identify what specific actions

801
00:42:42,520 --> 00:42:46,200
Speaker 1: by Musk US officials may be investigating. Twitter's filing merely

802
00:42:46,239 --> 00:42:51,000
Speaker 1: said authorities are looking into Musk's quote conduct linked to

803
00:42:51,400 --> 00:42:53,680
Speaker 1: the deal. Now we're going to also get into in

804
00:42:53,719 --> 00:42:57,479
Speaker 1: this segment this news about Donald Trump. The Supreme Court

805
00:42:57,480 --> 00:43:01,239
Speaker 1: has rejected his plea for intervention in terms of the

806
00:43:01,280 --> 00:43:04,400
Speaker 1: special master question. But Ryan, first, if we if we

807
00:43:04,520 --> 00:43:08,359
Speaker 1: just narrowly focus on Musk here, what does what do

808
00:43:08,400 --> 00:43:12,319
Speaker 1: you think could be the purpose of this investigation? What

809
00:43:12,360 --> 00:43:15,800
Speaker 1: could they be looking into? Well, at at a minimum level,

810
00:43:15,840 --> 00:43:18,880
Speaker 1: we know that he made investments of the size that

811
00:43:18,920 --> 00:43:24,320
Speaker 1: require disclosure and then did not disclose in a timely fashion.

812
00:43:24,320 --> 00:43:26,160
Speaker 1: And the reason you have to make these disclosures is

813
00:43:26,200 --> 00:43:29,640
Speaker 1: because investments of that size can can move the stock.

814
00:43:30,440 --> 00:43:33,560
Speaker 1: And if you know that you're making that investment but

815
00:43:33,760 --> 00:43:36,080
Speaker 1: nobody else does, then you can just front run your

816
00:43:36,080 --> 00:43:38,640
Speaker 1: own money and just and just ride it on the

817
00:43:38,640 --> 00:43:42,400
Speaker 1: way up. Which so that that appears to be something

818
00:43:42,400 --> 00:43:44,640
Speaker 1: that the SEC could be looking at. That would be

819
00:43:44,640 --> 00:43:48,160
Speaker 1: an sec thing. SEC investigators are quite familiar with Elon Musk.

820
00:43:48,640 --> 00:43:52,280
Speaker 1: They've they've they've monkeyed with him in the past over

821
00:43:53,400 --> 00:43:56,320
Speaker 1: he got he got doined for his like four to

822
00:43:56,360 --> 00:43:58,200
Speaker 1: twenty tweet, I think I'm going to sell it at

823
00:43:58,200 --> 00:44:00,880
Speaker 1: four to twenty or something like that, and then it

824
00:44:01,120 --> 00:44:04,200
Speaker 1: like moved stock and he's you know, he does stuff

825
00:44:04,200 --> 00:44:06,560
Speaker 1: you can't do based around securities laws. So there might

826
00:44:06,600 --> 00:44:12,399
Speaker 1: be some cure securities law investigation. You know, there could

827
00:44:12,440 --> 00:44:15,760
Speaker 1: there could be questions about the seriousness of the original bid.

828
00:44:16,600 --> 00:44:18,960
Speaker 1: I think there ought to be what's called a scifius review,

829
00:44:19,200 --> 00:44:23,000
Speaker 1: which I forget what that precisely stands for. It's foreign influenced.

830
00:44:23,000 --> 00:44:25,759
Speaker 1: It's like, basically, if there's ever going to be a

831
00:44:26,960 --> 00:44:32,160
Speaker 1: major investment by foreign by foreign either companies or people

832
00:44:33,000 --> 00:44:36,320
Speaker 1: into some type of critical American infrastructure, there's a sifious

833
00:44:36,320 --> 00:44:39,040
Speaker 1: investigation to make sure that this is this is not

834
00:44:39,120 --> 00:44:42,960
Speaker 1: undermining American national security, and that if it is, that

835
00:44:43,000 --> 00:44:45,360
Speaker 1: there are safeguards put up so that it doesn't happen

836
00:44:45,440 --> 00:44:50,000
Speaker 1: like that would happen, say, if Oracle and TikToker, you know,

837
00:44:50,160 --> 00:44:52,759
Speaker 1: engaged in talks, or if the UAE wants to buy

838
00:44:52,920 --> 00:44:54,440
Speaker 1: like an American port, there would have to be a

839
00:44:54,480 --> 00:44:57,200
Speaker 1: sifious review. And if a lot of his financing is

840
00:44:57,239 --> 00:45:00,520
Speaker 1: coming from China or elsewhere, it SEMs like it would

841
00:45:00,520 --> 00:45:02,719
Speaker 1: warrant that kind of review. Yeah. And actually, the way

842
00:45:02,800 --> 00:45:06,480
Speaker 1: this entire deal has unfolded with so much negotiation actually

843
00:45:06,480 --> 00:45:09,080
Speaker 1: happening on Twitter, because what you say publicly in a

844
00:45:09,120 --> 00:45:13,040
Speaker 1: situation like this obviously is relevant to the deal at hand.

845
00:45:13,360 --> 00:45:16,200
Speaker 1: So with all of that happening in this particular situation,

846
00:45:16,920 --> 00:45:20,400
Speaker 1: that means I would be shocked if there wasn't federal

847
00:45:20,440 --> 00:45:24,120
Speaker 1: probe federal probes into the way all of this unfolded.

848
00:45:24,200 --> 00:45:26,280
Speaker 1: So whether or not it's serious is a different question.

849
00:45:26,680 --> 00:45:28,920
Speaker 1: But just whenever you're sort of hashing through these things

850
00:45:28,960 --> 00:45:32,120
Speaker 1: so publicly, then of course there are going to be

851
00:45:32,600 --> 00:45:36,440
Speaker 1: I think, you know, people looking into it and different agencies,

852
00:45:36,480 --> 00:45:38,120
Speaker 1: and so I'd be surprised if it was even just

853
00:45:38,239 --> 00:45:42,040
Speaker 1: one no, that could very well be Yeah. And also,

854
00:45:42,800 --> 00:45:46,560
Speaker 1: if you're an investigator, you're watching this unfold, you're jockeying

855
00:45:46,640 --> 00:45:48,959
Speaker 1: for this one. This is a career maker. And yes,

856
00:45:49,040 --> 00:45:52,160
Speaker 1: that's true. And I don't think Elon Musk is Obviously

857
00:45:52,160 --> 00:45:55,040
Speaker 1: Elon Musk is not stupid. I think he This entire

858
00:45:55,120 --> 00:45:58,160
Speaker 1: deal has been indicative of that sort of billionaire hubres, right,

859
00:45:58,239 --> 00:46:01,120
Speaker 1: like you have enough money to make anything basically go

860
00:46:01,160 --> 00:46:03,440
Speaker 1: away or happen or whatever it is, we'll see. I mean,

861
00:46:03,440 --> 00:46:05,960
Speaker 1: this is kind of testing the theory of the case.

862
00:46:06,160 --> 00:46:08,719
Speaker 1: I still think his whole play was to create a

863
00:46:10,200 --> 00:46:13,160
Speaker 1: kind of public rationale for why he would be selling

864
00:46:13,200 --> 00:46:15,560
Speaker 1: his Tesla stock in a way that would not tank

865
00:46:15,640 --> 00:46:19,080
Speaker 1: Tesla stock in doing so because he wanted to cash

866
00:46:19,120 --> 00:46:22,440
Speaker 1: out at the peak before he's this thing crashed. Just

867
00:46:22,520 --> 00:46:25,520
Speaker 1: I think yesterday there was a number van as we're

868
00:46:25,560 --> 00:46:28,600
Speaker 1: saying we're now short, we're recommending a short on Tesla.

869
00:46:29,280 --> 00:46:32,040
Speaker 1: And so if he could get out of his Tesla

870
00:46:32,080 --> 00:46:34,600
Speaker 1: holdings or a significant chunk I think he sold eight

871
00:46:34,600 --> 00:46:39,960
Speaker 1: billion in his Tesla holdings, then that right there is worth.

872
00:46:40,080 --> 00:46:44,040
Speaker 1: Whatever drama this is going through, the timing was certainly interesting.

873
00:46:44,120 --> 00:46:47,120
Speaker 1: Now another high profile investigation, there was news on that

874
00:46:47,160 --> 00:46:49,759
Speaker 1: front yesterday in terms of the Supreme Court actually said

875
00:46:49,760 --> 00:46:53,360
Speaker 1: no to Donald Trump asking for intervention with a special Master.

876
00:46:53,520 --> 00:46:55,800
Speaker 1: Here's from the case. The application of vacate the stay

877
00:46:55,920 --> 00:46:57,880
Speaker 1: entered by the US Court of Appeals for the Eleventh

878
00:46:57,920 --> 00:47:01,120
Speaker 1: Circuit on September twenty first presented of Justice Thomas and

879
00:47:01,200 --> 00:47:05,000
Speaker 1: by him referred to the Court is denied. Ryan, What

880
00:47:05,040 --> 00:47:07,160
Speaker 1: do you make of that? Legal analysts who looked at

881
00:47:07,160 --> 00:47:11,399
Speaker 1: this appeal filing came away with the impression that this

882
00:47:11,600 --> 00:47:15,840
Speaker 1: was a client who demanded that his lawyers appeal, and

883
00:47:15,880 --> 00:47:18,560
Speaker 1: he didn't care why they appealed or what grounds they appealed.

884
00:47:18,800 --> 00:47:21,120
Speaker 1: Do something, and you can imagine Trump like do something

885
00:47:21,360 --> 00:47:25,160
Speaker 1: like I actually paid you this time, so file and uptrail,

886
00:47:25,440 --> 00:47:27,080
Speaker 1: go write to the Supreme Court. And he could hear

887
00:47:27,280 --> 00:47:30,239
Speaker 1: go to it down before the election, he said, this

888
00:47:30,280 --> 00:47:32,600
Speaker 1: is my Supreme Court. Like, go to my Supreme Court.

889
00:47:32,680 --> 00:47:36,120
Speaker 1: Because he loves my my generals, my judge, Ken, my Kevin,

890
00:47:36,200 --> 00:47:39,160
Speaker 1: go to my judges, go to Miami and tell Amy

891
00:47:39,920 --> 00:47:42,520
Speaker 1: that she promised that she, you know, take care of me.

892
00:47:42,800 --> 00:47:44,640
Speaker 1: I don't think that's what happened, but I mean I

893
00:47:44,719 --> 00:47:49,360
Speaker 1: think he think he has mentality, yes, and so his

894
00:47:49,440 --> 00:47:51,839
Speaker 1: lawyers are like, fine, we'll write an appeal. And I'm

895
00:47:51,920 --> 00:47:55,960
Speaker 1: sure that his lawyers were completely expecting this to be rejected.

896
00:47:56,080 --> 00:47:59,360
Speaker 1: You think, so, yeah, yeah, and yeah. I think a

897
00:48:00,080 --> 00:48:02,120
Speaker 1: part of it also is that this is all playing out.

898
00:48:02,200 --> 00:48:05,920
Speaker 1: I mean, the raid was in August, and it's the

899
00:48:06,040 --> 00:48:09,840
Speaker 1: August before a midterm election cycle. Keeps it in the news.

900
00:48:10,440 --> 00:48:14,160
Speaker 1: But from the Trump perspective, I mean, anything that slows down,

901
00:48:14,280 --> 00:48:18,440
Speaker 1: obstructs knew what the media and Democrats would refer to

902
00:48:18,480 --> 00:48:21,480
Speaker 1: as like blockbusters or smoking guns from coming out, and

903
00:48:21,560 --> 00:48:26,320
Speaker 1: in the timing of this very sensitive three month period,

904
00:48:26,640 --> 00:48:28,600
Speaker 1: I think makes sense. And you've got a big conflict

905
00:48:28,600 --> 00:48:31,040
Speaker 1: because Trump loves to be in the news, but the

906
00:48:31,239 --> 00:48:33,759
Speaker 1: Republicans don't want Trump to be in the news. Democrats

907
00:48:33,760 --> 00:48:36,360
Speaker 1: love it when Trump's in the news. Yeah. Yeah, I

908
00:48:36,440 --> 00:48:39,160
Speaker 1: liked at Trump's truth social feed yesterday and he is

909
00:48:39,280 --> 00:48:42,200
Speaker 1: not like at all running from any of this. He's

910
00:48:42,400 --> 00:48:46,680
Speaker 1: completely he was tweeting. He does. He loves it. Yeah,

911
00:48:46,719 --> 00:48:48,960
Speaker 1: I mean I shouldn't say tweeting. He was true thing,

912
00:48:49,600 --> 00:48:51,719
Speaker 1: tons and tons of links, you know, links all that

913
00:48:51,800 --> 00:48:58,279
Speaker 1: were flattering towards him and opposing the perspective of the

914
00:48:58,320 --> 00:49:00,960
Speaker 1: Democrats in the media. But he's not, you know, he's

915
00:49:01,000 --> 00:49:04,200
Speaker 1: not staying silent and laying low right, He's doing that

916
00:49:04,239 --> 00:49:06,480
Speaker 1: thing like ideal, Like somebody compliments the story I read.

917
00:49:06,520 --> 00:49:12,160
Speaker 1: I retweeted you retruth I retruth it. I don't think

918
00:49:12,160 --> 00:49:14,080
Speaker 1: you're on true Social I got it on there though

919
00:49:14,400 --> 00:49:17,920
Speaker 1: I was on parlor. Were you? Oh? I wasn't on parlor?

920
00:49:18,120 --> 00:49:19,799
Speaker 1: What did you think of it? First day I got

921
00:49:19,840 --> 00:49:21,279
Speaker 1: on there, it was like, let me see what people

922
00:49:21,280 --> 00:49:22,719
Speaker 1: were up to, and I went and checked out like

923
00:49:22,719 --> 00:49:25,279
Speaker 1: Mike Lee's feed he was doing it's like December. He's

924
00:49:25,280 --> 00:49:28,680
Speaker 1: doing election denial stuff. And I jump over to his

925
00:49:28,719 --> 00:49:33,480
Speaker 1: Twitter feed and he's just doing like normal Senate stufffent

926
00:49:33,600 --> 00:49:39,080
Speaker 1: just two completely different messages for two different platforms. Interesting. Interesting, Well, Ryan,

927
00:49:39,960 --> 00:49:43,319
Speaker 1: you have I keep trying to make points happen, like

928
00:49:43,480 --> 00:49:46,600
Speaker 1: make it points. What's your point? Like, what point do

929
00:49:46,640 --> 00:49:53,240
Speaker 1: you want to make today? What's your point? So President

930
00:49:53,239 --> 00:49:56,160
Speaker 1: Biden said recently that the world today is closer to

931
00:49:56,239 --> 00:50:00,680
Speaker 1: nuclear armageddon than at any time since the Cuban missile crisis. Now,

932
00:50:00,719 --> 00:50:03,640
Speaker 1: potential armageddon sounds like a pretty big deal to me,

933
00:50:03,760 --> 00:50:06,120
Speaker 1: and you'd think that it would bring world leaders together

934
00:50:06,560 --> 00:50:08,440
Speaker 1: to try to figure out what we can do to

935
00:50:08,480 --> 00:50:12,400
Speaker 1: avoid this totally avoidable armageddon. Except there's no evidence from

936
00:50:12,440 --> 00:50:15,560
Speaker 1: the US side that the Biden administration is taking this seriously.

937
00:50:16,000 --> 00:50:18,319
Speaker 1: Behind off the cuffer marks at a fundraiser, which is

938
00:50:18,600 --> 00:50:21,719
Speaker 1: where Biden made that armageddon remark. And doesn't take a

939
00:50:21,760 --> 00:50:24,520
Speaker 1: foreign policy or a military expert to know that the

940
00:50:24,560 --> 00:50:27,719
Speaker 1: best way to end the immediate risk of nuclear armageddon

941
00:50:27,800 --> 00:50:29,879
Speaker 1: is to end the war that has produced that risk,

942
00:50:30,320 --> 00:50:32,480
Speaker 1: And this is where Biden is failing to take a

943
00:50:32,560 --> 00:50:36,360
Speaker 1: leadership role. The obvious reality here is that Russia started

944
00:50:36,400 --> 00:50:39,959
Speaker 1: this war and only Russia can end it. But that's

945
00:50:40,040 --> 00:50:42,640
Speaker 1: led to some glib assessments of how it can be ended.

946
00:50:42,920 --> 00:50:45,440
Speaker 1: Here's the Finnish Prime Minister, for instance, being asked to

947
00:50:45,440 --> 00:50:48,920
Speaker 1: respond to Biden's comment. President Biden said last night that

948
00:50:49,480 --> 00:50:54,759
Speaker 1: we may need an offramp to avoid a armageddon offramp.

949
00:50:55,160 --> 00:50:57,480
Speaker 1: What do you mean from the conflict, way out of

950
00:50:57,520 --> 00:51:00,600
Speaker 1: the conflict, out of the conflict. The way out conflict

951
00:51:00,719 --> 00:51:03,359
Speaker 1: is to Russia to leave Ukraine. That's the way out

952
00:51:03,400 --> 00:51:06,360
Speaker 1: of the conflict. Thank you well, yes, of course, that

953
00:51:06,400 --> 00:51:08,719
Speaker 1: would be very nice. It would also have been great

954
00:51:08,800 --> 00:51:11,600
Speaker 1: if Putin had not invaded in the first place. Now

955
00:51:11,640 --> 00:51:14,320
Speaker 1: Here are a lot of commentaries arguing that really Putin

956
00:51:14,400 --> 00:51:17,240
Speaker 1: had no choice but to invade Ukraine because NATO pushed

957
00:51:17,280 --> 00:51:19,600
Speaker 1: up against his borders. But it doesn't take much to

958
00:51:19,640 --> 00:51:21,560
Speaker 1: be able to hold two thoughts at the same time.

959
00:51:22,000 --> 00:51:24,880
Speaker 1: NATO deserves criticism for pushing closer to Russia than it

960
00:51:24,920 --> 00:51:27,360
Speaker 1: said it would, and also Putin is a grown up

961
00:51:27,400 --> 00:51:30,439
Speaker 1: who decided to invade on his own. The invasion was wrong,

962
00:51:30,480 --> 00:51:33,120
Speaker 1: and it's also been a catastrophe so far for Putin,

963
00:51:33,360 --> 00:51:36,279
Speaker 1: for Russia, for Ukraine, and for everybody around the world

964
00:51:36,320 --> 00:51:38,440
Speaker 1: suffering because of it. So it would be nice if

965
00:51:38,440 --> 00:51:40,759
Speaker 1: he would just walk out, but that's not going to

966
00:51:40,800 --> 00:51:44,080
Speaker 1: happen easily now. All along the eastern Ukrainian Front and

967
00:51:44,080 --> 00:51:46,920
Speaker 1: now into the southern front, Russian forces have been collapsing,

968
00:51:46,960 --> 00:51:48,920
Speaker 1: though as mud season sets in, some of it has

969
00:51:48,960 --> 00:51:51,880
Speaker 1: stabilized recently. That city Izsium that you see there was

970
00:51:51,920 --> 00:51:55,680
Speaker 1: thought recently to be firmly in Russian hands. Now it's

971
00:51:55,680 --> 00:51:58,080
Speaker 1: not even close to the front lines anymore. And the

972
00:51:58,120 --> 00:52:01,040
Speaker 1: reinforcements from the mass mobilization aren't going to do much

973
00:52:01,080 --> 00:52:03,800
Speaker 1: to help. And this is tragic because people who wanted

974
00:52:03,840 --> 00:52:06,480
Speaker 1: no part in this war the same way most Ukrainians

975
00:52:06,520 --> 00:52:09,239
Speaker 1: wanted no part in this war, are now dying for it.

976
00:52:09,520 --> 00:52:11,759
Speaker 1: But here's a good example of how well this new

977
00:52:11,800 --> 00:52:15,440
Speaker 1: force is operating. And for those of you listening on

978
00:52:15,480 --> 00:52:17,839
Speaker 1: the podcast, what we're showing here is a Russian tank

979
00:52:18,400 --> 00:52:20,680
Speaker 1: merging onto a road and then running over a landmine

980
00:52:20,680 --> 00:52:23,759
Speaker 1: that even the drone above could see a road just

981
00:52:23,800 --> 00:52:26,040
Speaker 1: completely filled with land mines and just cruise right over

982
00:52:26,080 --> 00:52:28,759
Speaker 1: it and get blown up. Now we can see where

983
00:52:28,800 --> 00:52:32,120
Speaker 1: this war is headed. The question is where exactly the

984
00:52:32,160 --> 00:52:34,160
Speaker 1: boundaries in the end will be drawn, and that's a

985
00:52:34,239 --> 00:52:38,400
Speaker 1: question that's better answered at the negotiating table. Engaging in

986
00:52:38,480 --> 00:52:42,000
Speaker 1: negotiations wouldn't me and Ukraine has to stop its counteroffensive.

987
00:52:42,080 --> 00:52:44,880
Speaker 1: In fact, continuing the offensive while talks are going on

988
00:52:45,000 --> 00:52:47,760
Speaker 1: and while the Russian army is collapsing, would give Russian

989
00:52:47,800 --> 00:52:51,279
Speaker 1: negotiators that much more reason to give major concessions. The

990
00:52:51,280 --> 00:52:54,000
Speaker 1: counter argument is that no, Russia started this, and the

991
00:52:54,120 --> 00:52:57,080
Speaker 1: US and EU should fund Ukraine's military until they've driven

992
00:52:57,120 --> 00:53:00,280
Speaker 1: every Russian soldier off of every inch of Ukraine, maybe

993
00:53:00,320 --> 00:53:04,120
Speaker 1: even including CRIMEA okay, fine, but as a few miles

994
00:53:04,160 --> 00:53:06,879
Speaker 1: of border one way or the other really worth nuclear war.

995
00:53:07,600 --> 00:53:10,120
Speaker 1: Biden knows how close we came to armageddon during the

996
00:53:10,200 --> 00:53:12,680
Speaker 1: Cuban missile crisis, and if he thinks we're there again,

997
00:53:13,120 --> 00:53:16,279
Speaker 1: we have to take that seriously. The Russian Foreign miss

998
00:53:16,280 --> 00:53:18,880
Speaker 1: are said this week that Russia is open to talks

999
00:53:18,880 --> 00:53:21,239
Speaker 1: with the US to end the war, and if we

1000
00:53:21,280 --> 00:53:25,040
Speaker 1: are serious about avoiding armageddon, how can we refuse that.

1001
00:53:25,480 --> 00:53:28,399
Speaker 1: Sergei Lavrov's comments were reported by the Russian state news

1002
00:53:28,400 --> 00:53:32,840
Speaker 1: agency TASS, which said, quote, Russia never rejects a dialogue.

1003
00:53:32,880 --> 00:53:34,799
Speaker 1: Should an offer for a meeting between Putin and Joe

1004
00:53:34,840 --> 00:53:38,400
Speaker 1: Biden on the sidelines of g twenty summit be filed,

1005
00:53:38,719 --> 00:53:41,600
Speaker 1: Moscow will review it if someone believes that a signal

1006
00:53:41,640 --> 00:53:44,320
Speaker 1: for such meeting has already been made. Such belief is

1007
00:53:44,360 --> 00:53:48,640
Speaker 1: based solely on Biden's we'll see remark. This is obviously

1008
00:53:48,760 --> 00:53:53,960
Speaker 1: rather for journalists speculations rather than for real politics, Lavrov noted. Meanwhile,

1009
00:53:54,040 --> 00:53:56,520
Speaker 1: the US claim that they are completely open for talks

1010
00:53:56,520 --> 00:54:00,560
Speaker 1: with the Russian Federation, advocate political resolution of the current

1011
00:54:00,600 --> 00:54:03,120
Speaker 1: situation Ukraine and around it. But is the evil Russians

1012
00:54:03,120 --> 00:54:06,640
Speaker 1: who reject all proposals for contacts, Lavrov said, It is

1013
00:54:06,680 --> 00:54:08,960
Speaker 1: a lie. I can tell you right here. If Turkey

1014
00:54:08,960 --> 00:54:11,440
Speaker 1: is interested in organizing talks between Russia and the West,

1015
00:54:11,600 --> 00:54:13,720
Speaker 1: then it can raise the issue during the meeting between

1016
00:54:13,719 --> 00:54:17,080
Speaker 1: Putin and Erdowan in Astana. We have heard nothing besides

1017
00:54:17,120 --> 00:54:22,640
Speaker 1: public statements now about Vladimir Zelenski, Lavrov said, quote. He

1018
00:54:22,719 --> 00:54:25,000
Speaker 1: will find a way to explain all this and preserve

1019
00:54:25,040 --> 00:54:27,759
Speaker 1: his face. He is a performer. He's a performer, after all,

1020
00:54:27,920 --> 00:54:30,359
Speaker 1: There is a lot of performers on that side right now.

1021
00:54:32,239 --> 00:54:34,480
Speaker 1: He also said, if we talk about Nazis, then the

1022
00:54:34,520 --> 00:54:38,239
Speaker 1: German Nazism Hitler united most European states under his own

1023
00:54:38,280 --> 00:54:41,040
Speaker 1: banner in order to attack and destroy the Soviet Union.

1024
00:54:41,280 --> 00:54:44,520
Speaker 1: Now approximately the same group of countries with some variations,

1025
00:54:44,760 --> 00:54:48,000
Speaker 1: supports Zelenski. But Zelenski, of course is no Hitler because

1026
00:54:48,000 --> 00:54:50,640
Speaker 1: he does not decide on actions against Russia. He has

1027
00:54:50,760 --> 00:54:54,200
Speaker 1: ordered to do concrete things. Now, let's set aside for

1028
00:54:54,239 --> 00:54:56,800
Speaker 1: a moment that Hitler analogy, which has to be the laziest,

1029
00:54:56,920 --> 00:55:00,960
Speaker 1: most absurd one I've ever heard. Perhaps that because Europe

1030
00:55:00,960 --> 00:55:04,320
Speaker 1: was once occupied by Hitler and now Europe is backing Ukraine,

1031
00:55:04,560 --> 00:55:07,520
Speaker 1: says that Zelenski is basically Hitler. Accept he's weak, like

1032
00:55:07,560 --> 00:55:10,920
Speaker 1: a puppet Hitler. But behind the insults in the Bravado

1033
00:55:11,080 --> 00:55:14,000
Speaker 1: is a public claim of being willing to negotiate, which

1034
00:55:14,040 --> 00:55:16,439
Speaker 1: shouldn't be surprising given the turn the war has taken

1035
00:55:16,480 --> 00:55:19,680
Speaker 1: against Russia. In the interview, he even mentioned some things

1036
00:55:19,680 --> 00:55:22,359
Speaker 1: he wanted to negotiate, including the prevention of an arms

1037
00:55:22,440 --> 00:55:26,040
Speaker 1: race in space, which, okay, fine. A space arms race

1038
00:55:26,080 --> 00:55:28,239
Speaker 1: treatise seems like a fine thing, so let's sit down

1039
00:55:28,239 --> 00:55:30,760
Speaker 1: and talk about it. If the fear is that Russia

1040
00:55:30,800 --> 00:55:33,840
Speaker 1: hasn't been punished enough for their invasion of Ukraine, I

1041
00:55:33,880 --> 00:55:36,520
Speaker 1: think it's safe to set that aside. Russia is in

1042
00:55:36,560 --> 00:55:39,600
Speaker 1: a massively weaker position today than they were just before

1043
00:55:39,640 --> 00:55:43,240
Speaker 1: the invasion. Before the war, they had to facto control

1044
00:55:43,280 --> 00:55:45,879
Speaker 1: of Crimea in some parts of the Domebos. If they

1045
00:55:45,960 --> 00:55:49,480
Speaker 1: end the war severely weakened but retain control of Crimea

1046
00:55:49,520 --> 00:55:52,360
Speaker 1: and some parts of Domebos, is that really an outcome

1047
00:55:52,400 --> 00:55:55,320
Speaker 1: that is so horrifying that we need to risk nuclear

1048
00:55:55,440 --> 00:55:59,320
Speaker 1: armageddon to stave it off. And I think what's interesting

1049
00:55:59,360 --> 00:56:05,160
Speaker 1: here is this, there's this well before the January sixth,

1050
00:56:05,160 --> 00:56:09,120
Speaker 1: Committee voted to subpoena Donald Trump yesterday, sources familiar with

1051
00:56:09,160 --> 00:56:12,280
Speaker 1: their plans. That's a quote leaked them to NBC News,

1052
00:56:12,360 --> 00:56:15,440
Speaker 1: which reported members want to put the move in the

1053
00:56:15,480 --> 00:56:19,920
Speaker 1: public record, despite acknowledging how unlikely it'd be for Trump

1054
00:56:20,040 --> 00:56:22,560
Speaker 1: to comply. So let's put that in the context of

1055
00:56:22,600 --> 00:56:26,680
Speaker 1: another headline from yesterday, this one in Bloomberg. Core US

1056
00:56:26,719 --> 00:56:31,640
Speaker 1: inflation rises to forty year high, securing big FED hike.

1057
00:56:32,040 --> 00:56:35,560
Speaker 1: Labor Department data released yesterday show the September Core consumer

1058
00:56:35,600 --> 00:56:39,279
Speaker 1: price index increased six point six percent from last year,

1059
00:56:39,600 --> 00:56:43,520
Speaker 1: which puts it at the highest level in four decades.

1060
00:56:43,560 --> 00:56:46,520
Speaker 1: That's for the Core consumer price index now, according to

1061
00:56:46,560 --> 00:56:50,560
Speaker 1: the BLS, the Bureau of Labor Statistics. Increases in the shelter,

1062
00:56:51,239 --> 00:56:55,560
Speaker 1: food and medical care indexes were the largest of many

1063
00:56:55,600 --> 00:56:59,160
Speaker 1: contributors to that spike. Now consider another report from the

1064
00:56:59,239 --> 00:57:02,440
Speaker 1: last two weeks. This one was published by the Dallas Fed. Quote.

1065
00:57:02,480 --> 00:57:05,400
Speaker 1: Despite the stronger wage growth, due to the tightness of

1066
00:57:05,400 --> 00:57:08,200
Speaker 1: the labor market, a majority of workers are finding their

1067
00:57:08,239 --> 00:57:12,520
Speaker 1: wages falling even further behind inflation. Their analysis found for

1068
00:57:12,600 --> 00:57:15,320
Speaker 1: workers who experienced a decline in their real wage in

1069
00:57:15,400 --> 00:57:18,360
Speaker 1: second quarter twenty twenty two, the median decline was eight

1070
00:57:18,360 --> 00:57:21,600
Speaker 1: point six percent. There's also a land war in Europe

1071
00:57:21,720 --> 00:57:25,040
Speaker 1: careening to the brink of nuclear catastrophe. Whatever you think

1072
00:57:25,040 --> 00:57:28,160
Speaker 1: of our policy. So all that is to say, Democrats

1073
00:57:28,160 --> 00:57:30,640
Speaker 1: believe it's worth their time, in the public's time to

1074
00:57:30,760 --> 00:57:34,480
Speaker 1: extend the January sixth Committee public hearings into the fall

1075
00:57:34,680 --> 00:57:37,400
Speaker 1: for the sake of what they admitted to NBC is

1076
00:57:37,480 --> 00:57:40,680
Speaker 1: basically a stunt because Donald Trump's not responding to that subpoena. Now,

1077
00:57:40,760 --> 00:57:43,760
Speaker 1: stunts can serve political purposes, sure, and that's exactly what

1078
00:57:43,840 --> 00:57:47,160
Speaker 1: Democrats want from this latest hearing, but that's not even

1079
00:57:47,200 --> 00:57:51,520
Speaker 1: good politics. After wrapping the highly produced summer hearings, Liz

1080
00:57:51,600 --> 00:57:54,400
Speaker 1: Cheney and the Committee kept teasing that there would be

1081
00:57:54,440 --> 00:57:56,800
Speaker 1: more to come in the fall, before the midterms election,

1082
00:57:56,960 --> 00:58:00,120
Speaker 1: before the midterm elections, and before the committee expires at

1083
00:58:00,120 --> 00:58:02,880
Speaker 1: the end of the year. The goal was and is

1084
00:58:02,920 --> 00:58:06,040
Speaker 1: to keep every Republican candidate under the shadow of January

1085
00:58:06,040 --> 00:58:08,880
Speaker 1: sixth and Donald Trump ahead of election day. If you

1086
00:58:08,920 --> 00:58:11,160
Speaker 1: can keep it in the news, you can force candidates

1087
00:58:11,200 --> 00:58:13,760
Speaker 1: to talk about it, eating into time that would otherwise

1088
00:58:13,800 --> 00:58:18,600
Speaker 1: be spent talking about gas prices, inflation, the border, education,

1089
00:58:18,840 --> 00:58:22,840
Speaker 1: and declining wages. The Trump centric strategy failed miserably in

1090
00:58:22,880 --> 00:58:26,800
Speaker 1: Virginia's gubernatorial election last year because voters have other concerns,

1091
00:58:26,880 --> 00:58:29,840
Speaker 1: whether or not Democrats want them to. But Democrats did

1092
00:58:29,880 --> 00:58:32,440
Speaker 1: not learn because they continue to be blinded by their

1093
00:58:32,520 --> 00:58:35,960
Speaker 1: rage against Donald Trump and his voters. The most charitable

1094
00:58:36,040 --> 00:58:39,160
Speaker 1: version of this January sixth strategy is that elected Republicans

1095
00:58:39,280 --> 00:58:42,200
Speaker 1: enable Trump, so they should have to constantly answer for

1096
00:58:42,240 --> 00:58:44,880
Speaker 1: what happened on January sixth in order to prevent it

1097
00:58:44,880 --> 00:58:47,960
Speaker 1: from happening again. Thus, in this most charitable version of

1098
00:58:47,960 --> 00:58:50,760
Speaker 1: their logic, Democrats are morally obligated to do all they

1099
00:58:50,760 --> 00:58:53,160
Speaker 1: can to hold Republicans accountable for what they see as

1100
00:58:53,200 --> 00:58:56,920
Speaker 1: an incitement of violence. Again, I think Trump ack did

1101
00:58:56,960 --> 00:58:59,919
Speaker 1: horribly before and after the twenty twenty election, ended extra

1102
00:59:00,320 --> 00:59:04,880
Speaker 1: damage to the country by spreading reckless nonsense about the results.

1103
00:59:05,320 --> 00:59:07,760
Speaker 1: I also cover January sixth in person and heard him

1104
00:59:07,800 --> 00:59:10,560
Speaker 1: tell everyone to go to the Capitol peacefully and saw

1105
00:59:10,600 --> 00:59:13,160
Speaker 1: the crowd get whipped into a frenzy as it marched

1106
00:59:13,200 --> 00:59:16,160
Speaker 1: on Constitution Avenue. So while Donald Trump contributed to the

1107
00:59:16,200 --> 00:59:18,680
Speaker 1: violence on January sixth, there is no question about that.

1108
00:59:19,040 --> 00:59:22,240
Speaker 1: I think it cheapens our collective definition of incitement to

1109
00:59:22,280 --> 00:59:25,800
Speaker 1: apply it to someone who also called for peaceful action. Now,

1110
00:59:26,000 --> 00:59:30,240
Speaker 1: despite their endless sanctimony, democrats fixation on January sixth is

1111
00:59:30,280 --> 00:59:34,240
Speaker 1: not virtuous. It is about their power. It's an election strategy.

1112
00:59:34,280 --> 00:59:37,240
Speaker 1: It exploits a tragedy in a way that will almost

1113
00:59:37,240 --> 00:59:40,840
Speaker 1: certainly create others. These norm breaking stunts are not worth

1114
00:59:40,880 --> 00:59:44,120
Speaker 1: getting Democrats back in power, because Democrats will use their

1115
00:59:44,160 --> 00:59:47,280
Speaker 1: power in ways that create more Donald Trump's and more

1116
00:59:47,400 --> 00:59:50,800
Speaker 1: January sixth. They know their policies are going to worsen

1117
00:59:50,880 --> 00:59:54,400
Speaker 1: inflation and cut wages, They do not care. They think

1118
00:59:54,440 --> 00:59:57,360
Speaker 1: the public suffering is worth it for them to keep

1119
00:59:57,520 --> 01:00:01,480
Speaker 1: or gain power. In the process of orse public trust plummets.

1120
01:00:01,680 --> 01:00:04,400
Speaker 1: Hillary Clinton and Careye, Jean Pierre and Stacy Abrams did

1121
01:00:04,440 --> 01:00:07,760
Speaker 1: immense damage to the country by casting undue doubt on

1122
01:00:07,840 --> 01:00:11,240
Speaker 1: the legitimacy of earlier elections, than the media did amense

1123
01:00:11,320 --> 01:00:14,080
Speaker 1: damage to the country by pretending Democrats did no damage

1124
01:00:14,080 --> 01:00:16,320
Speaker 1: to the country in the course of their election doubts.

1125
01:00:16,760 --> 01:00:19,440
Speaker 1: This is why the Obama era FBI and Clinton campaign

1126
01:00:19,480 --> 01:00:22,280
Speaker 1: cooked up a hoax to disqualify Trump the ends they

1127
01:00:22,320 --> 01:00:26,600
Speaker 1: believe justified the means Trump needed to be stopped, no

1128
01:00:26,680 --> 01:00:29,280
Speaker 1: matter how this is not a partisan strategy, of course,

1129
01:00:29,320 --> 01:00:32,120
Speaker 1: It's actually kind of the inevitable nature of politics. We

1130
01:00:32,200 --> 01:00:34,320
Speaker 1: talked just last week on the show about how pro

1131
01:00:34,400 --> 01:00:37,400
Speaker 1: life voters will elect men like herschel Walker, regardless of

1132
01:00:37,400 --> 01:00:40,800
Speaker 1: his personal character, because they believe the end of outlawing

1133
01:00:40,840 --> 01:00:43,480
Speaker 1: abortion justifies the means of voting for a man of

1134
01:00:43,560 --> 01:00:47,640
Speaker 1: questionable character. But in a healthy democracy, the media would

1135
01:00:47,640 --> 01:00:50,680
Speaker 1: not be colluding with Democrats. They would not be allowing

1136
01:00:50,720 --> 01:00:54,120
Speaker 1: them to pass off their cynical politics as virtuous governance.

1137
01:00:54,320 --> 01:00:57,160
Speaker 1: Our tech companies would hold both parties to equal standards,

1138
01:00:57,160 --> 01:00:59,960
Speaker 1: and Democrats then would have much less incentive to hold

1139
01:01:00,200 --> 01:01:04,840
Speaker 1: bizarre show trials produced for television that shatter congressional precedent

1140
01:01:05,200 --> 01:01:08,080
Speaker 1: because the media would hold them accountable for this ridiculous

1141
01:01:08,200 --> 01:01:11,880
Speaker 1: use of their time rather than cheerleading their efforts. Right now,

1142
01:01:12,000 --> 01:01:16,000
Speaker 1: every member of Congress should be scrambling to support workers

1143
01:01:16,000 --> 01:01:19,400
Speaker 1: and families, busting their butts just to stay above water.

1144
01:01:19,840 --> 01:01:22,920
Speaker 1: They should be devising a sound approach to the nuclear threat.

1145
01:01:23,240 --> 01:01:26,920
Speaker 1: They shouldn't have time for much else, but they've somehow

1146
01:01:26,960 --> 01:01:29,200
Speaker 1: found plenty of it. And that tells you all you

1147
01:01:29,280 --> 01:01:31,440
Speaker 1: need to know about our government right now, and it's

1148
01:01:31,440 --> 01:01:35,000
Speaker 1: how you get more great recessions and more January sixths.

1149
01:01:35,160 --> 01:01:37,600
Speaker 1: Our ecosystem is totally out of whack, and our public

1150
01:01:37,640 --> 01:01:40,520
Speaker 1: and private sectors just keep throwing gasoline on the fire.

1151
01:01:43,680 --> 01:01:46,000
Speaker 1: We have a really interesting segment now when we're going

1152
01:01:46,040 --> 01:01:49,040
Speaker 1: to bring in Matt Stoller and David Dayan, who are

1153
01:01:49,040 --> 01:01:52,880
Speaker 1: going to debate in a really I think, substantive, deep

1154
01:01:52,960 --> 01:01:56,360
Speaker 1: interesting way what's been happening with the Federal Reserve and

1155
01:01:56,600 --> 01:01:59,800
Speaker 1: inflation in the last several months. So we're excited to

1156
01:01:59,800 --> 01:02:03,680
Speaker 1: bring in Matt and David. This week, new hot, hotter

1157
01:02:03,720 --> 01:02:08,040
Speaker 1: than expected inflation data came out, which has produced expectations

1158
01:02:08,040 --> 01:02:10,760
Speaker 1: that the Federal Reserve is going to continue ratching up

1159
01:02:10,800 --> 01:02:13,640
Speaker 1: its interest rates. There's been a kind of paradoxical response

1160
01:02:13,640 --> 01:02:15,360
Speaker 1: from the stock market in the last couple of days,

1161
01:02:15,680 --> 01:02:19,080
Speaker 1: the stock market shooting up rather than crashing as some

1162
01:02:19,120 --> 01:02:23,440
Speaker 1: people expected that it might. So we're going to be

1163
01:02:23,520 --> 01:02:27,720
Speaker 1: joined now by Matt Stoller and Dave Dayan, two friends

1164
01:02:27,800 --> 01:02:29,600
Speaker 1: of the show who we're going to We're going to

1165
01:02:29,680 --> 01:02:32,919
Speaker 1: we're going to talk about the relationship between the Federal

1166
01:02:33,000 --> 01:02:39,720
Speaker 1: Reserve policymaking employment unemployment. And started here by a tweet

1167
01:02:39,720 --> 01:02:43,240
Speaker 1: of mine that got Matt mad, which then led to

1168
01:02:43,280 --> 01:02:46,360
Speaker 1: this segment. So the housing market will totally crash, but

1169
01:02:46,440 --> 01:02:49,040
Speaker 1: with interest rates like this, only cash buyers will be

1170
01:02:49,080 --> 01:02:52,920
Speaker 1: able to capitalize more upward distribution of wealth facilitated by

1171
01:02:52,920 --> 01:02:55,880
Speaker 1: the Fed. This was in response to somebody posting a

1172
01:02:55,960 --> 01:02:58,400
Speaker 1: chart showing that the average thirty year fixed mortgage rate

1173
01:02:58,480 --> 01:03:02,840
Speaker 1: had climbed to seven point one four percent. Uh So,

1174
01:03:03,080 --> 01:03:06,200
Speaker 1: Matt and other people point out, Hey, you guys complain

1175
01:03:06,440 --> 01:03:10,600
Speaker 1: when fiscal when monetary policy is too loose and fuels inequality,

1176
01:03:10,640 --> 01:03:15,360
Speaker 1: and you say that's creating an upward, upward redistribution of

1177
01:03:15,360 --> 01:03:17,760
Speaker 1: wealth and then when monetary policy is tight, you complain

1178
01:03:17,840 --> 01:03:21,240
Speaker 1: that it's shifting policy up and that in fact, the

1179
01:03:22,320 --> 01:03:26,520
Speaker 1: increase in lending costs is actually going to hit a

1180
01:03:26,520 --> 01:03:29,360
Speaker 1: lot of rich people as well. Uh, And so we're

1181
01:03:29,400 --> 01:03:31,720
Speaker 1: gonna we're going to unpack all of that. And I

1182
01:03:31,720 --> 01:03:34,040
Speaker 1: think this is an interesting conversation because all of us,

1183
01:03:34,080 --> 01:03:39,320
Speaker 1: including Emily, want higher wages, want a competitive and strong economy.

1184
01:03:39,560 --> 01:03:42,560
Speaker 1: The question is how to get that either given the

1185
01:03:42,600 --> 01:03:46,040
Speaker 1: tools that are practically available to us, and also the

1186
01:03:46,080 --> 01:03:50,480
Speaker 1: tools that are legally and actually available, but political constraints

1187
01:03:51,160 --> 01:03:55,680
Speaker 1: keep them from being discussed. So, Matt, what what what? What?

1188
01:03:55,880 --> 01:03:58,640
Speaker 1: How would you? How would you describe kind of your

1189
01:03:58,720 --> 01:04:02,000
Speaker 1: your thoughts about how well folks like me think about

1190
01:04:02,560 --> 01:04:09,080
Speaker 1: Federal interest rate piles FED FED interest rate policy. Right, So,

1191
01:04:09,400 --> 01:04:14,000
Speaker 1: over the last I guess six to nine months, maybe

1192
01:04:14,000 --> 01:04:16,200
Speaker 1: a little bit, maybe about a year, the FED has

1193
01:04:16,240 --> 01:04:19,280
Speaker 1: been tightening its monetary policy, which is to say, it's

1194
01:04:19,320 --> 01:04:23,200
Speaker 1: been raising interest rates and shrinking its balance sheet, so

1195
01:04:23,280 --> 01:04:27,080
Speaker 1: taking money out of out of the banking system. And

1196
01:04:27,120 --> 01:04:30,680
Speaker 1: the result is that the stock market has gone down significantly.

1197
01:04:30,680 --> 01:04:34,520
Speaker 1: It's not about about thirty percent or so. But another

1198
01:04:34,560 --> 01:04:37,920
Speaker 1: result is that housing prices are starting to go down,

1199
01:04:38,320 --> 01:04:47,280
Speaker 1: rent increases are finally slowing, Crypto has crashed, mergers are declining,

1200
01:04:47,480 --> 01:04:50,840
Speaker 1: and meanwhile, unemployment is still at three point five percent,

1201
01:04:50,880 --> 01:04:54,520
Speaker 1: and you see help wanted signs everywhere. So what's what's

1202
01:04:54,520 --> 01:04:58,400
Speaker 1: effectively happening is billionaires are losing a lot of money

1203
01:04:58,440 --> 01:05:01,520
Speaker 1: and Wall Street is losing a lot of power. It's

1204
01:05:01,600 --> 01:05:06,520
Speaker 1: not really touching ordinary people. Yet we do have a

1205
01:05:06,600 --> 01:05:11,000
Speaker 1: serious problem with runaway inflation. So what I don't I mean,

1206
01:05:11,040 --> 01:05:15,680
Speaker 1: I think what I'm seeing here is that the Fed

1207
01:05:15,840 --> 01:05:20,360
Speaker 1: for the last ten years has been pushing money into

1208
01:05:20,400 --> 01:05:22,480
Speaker 1: Wall Street. I mean, that's what the Fed does. You know,

1209
01:05:22,520 --> 01:05:25,080
Speaker 1: it doesn't when they say when people say raises or

1210
01:05:25,120 --> 01:05:27,440
Speaker 1: lowers interest rates, like Ryan, when you talk about that,

1211
01:05:29,480 --> 01:05:31,520
Speaker 1: first of all, it does more than that. But it's

1212
01:05:31,560 --> 01:05:34,080
Speaker 1: not There is no one interest rate. It's not like

1213
01:05:34,200 --> 01:05:36,680
Speaker 1: your credit card interest rates go down when the Fed

1214
01:05:36,760 --> 01:05:40,560
Speaker 1: cuts interest rates. The Fed is simply lowering and raising

1215
01:05:40,600 --> 01:05:45,280
Speaker 1: interest rates for Wall Street, right for like Apollo, the

1216
01:05:45,320 --> 01:05:48,680
Speaker 1: giant private equity giant, for Goldman Sachs and so on

1217
01:05:48,720 --> 01:05:51,360
Speaker 1: and so forth, but not for you. And this is

1218
01:05:51,720 --> 01:05:54,120
Speaker 1: deliberately put into statutes. So it was in the Cares

1219
01:05:54,160 --> 01:05:57,440
Speaker 1: Act in twenty twenty, which was the response to the pandemic.

1220
01:05:58,680 --> 01:06:01,600
Speaker 1: And what that means is that when the FED prints money,

1221
01:06:01,600 --> 01:06:03,680
Speaker 1: and the FED is printed about nine trillion dollars or

1222
01:06:03,720 --> 01:06:05,920
Speaker 1: so over the last ten years, which at a run rate,

1223
01:06:05,960 --> 01:06:07,560
Speaker 1: if you just take an even run rate of how

1224
01:06:07,640 --> 01:06:09,800
Speaker 1: much the FED used to print, it's about nine hundred

1225
01:06:09,880 --> 01:06:14,200
Speaker 1: years of money. What that does is it fundamentally distorted

1226
01:06:14,200 --> 01:06:16,960
Speaker 1: the economy over the last ten years or so, so

1227
01:06:17,000 --> 01:06:19,400
Speaker 1: that we have garbage things like crypto, we have the

1228
01:06:19,480 --> 01:06:24,200
Speaker 1: dramatic expansion of private equity, you have nonsense speculation like

1229
01:06:24,360 --> 01:06:27,480
Speaker 1: game Stop and things like that. It's really reshaped our

1230
01:06:27,520 --> 01:06:32,400
Speaker 1: economy in incredibly dangerous ways. And the FED is pulling

1231
01:06:32,440 --> 01:06:34,760
Speaker 1: back on that and starting to reverse that. And what

1232
01:06:34,800 --> 01:06:37,760
Speaker 1: we're seeing is the speculative hot air is coming out

1233
01:06:37,760 --> 01:06:41,440
Speaker 1: of the economy. A lot of the bad sectors that

1234
01:06:41,440 --> 01:06:45,960
Speaker 1: shouldn't exist, like crypto, are falling apart. Private equity is

1235
01:06:46,000 --> 01:06:49,200
Speaker 1: having real trouble financing mergers which they use for arson.

1236
01:06:49,480 --> 01:06:52,840
Speaker 1: You're seeing fewer stock buybacks. This is good, This is

1237
01:06:52,920 --> 01:06:56,800
Speaker 1: getting rid of the financialization of the economy. Now there

1238
01:06:56,880 --> 01:07:00,760
Speaker 1: is a serious danger. There is a risk of unemployment

1239
01:07:01,560 --> 01:07:05,720
Speaker 1: because what the FED has done is it's effectively has

1240
01:07:06,280 --> 01:07:09,479
Speaker 1: the working person in a hostage situation, saying the only

1241
01:07:09,520 --> 01:07:11,680
Speaker 1: way that we can affect the economy is to give

1242
01:07:11,720 --> 01:07:13,720
Speaker 1: money to Wall Street or take money from Wall Street.

1243
01:07:13,920 --> 01:07:16,200
Speaker 1: And if we take money from Wall Street, then working

1244
01:07:16,240 --> 01:07:19,680
Speaker 1: people are going to get hurt. But that's a fundamental

1245
01:07:20,080 --> 01:07:23,480
Speaker 1: hostage situation. We now have a situation where we run

1246
01:07:23,520 --> 01:07:26,520
Speaker 1: away inflation. The only way to address it is to

1247
01:07:26,560 --> 01:07:29,320
Speaker 1: actually start pulling money out of Wall Street. That's what

1248
01:07:29,320 --> 01:07:31,880
Speaker 1: the FED has been doing. It's a good thing. The

1249
01:07:32,000 --> 01:07:34,880
Speaker 1: problem is, and this gets to your question, the way

1250
01:07:34,920 --> 01:07:39,240
Speaker 1: the left thinks about monetary policy. They don't think about

1251
01:07:39,280 --> 01:07:43,080
Speaker 1: the distortions of the economy up there. They just think, oh, well,

1252
01:07:43,160 --> 01:07:45,000
Speaker 1: you know, if the FED gives money to Wall Street,

1253
01:07:45,040 --> 01:07:46,440
Speaker 1: which is not the way that they think about it.

1254
01:07:46,480 --> 01:07:48,600
Speaker 1: But they say, if the FED lowers interest rates, which

1255
01:07:48,640 --> 01:07:51,880
Speaker 1: is a much more antiseptic way of saying the same thing,

1256
01:07:52,160 --> 01:07:54,280
Speaker 1: then that's good for housing, it's good for working people,

1257
01:07:54,320 --> 01:07:57,240
Speaker 1: it's good for wages, and it's really not. What it's

1258
01:07:57,280 --> 01:07:59,400
Speaker 1: good for is the people who are getting the money,

1259
01:07:59,600 --> 01:08:04,680
Speaker 1: and it's good for warping our economy in really problematic ways. However,

1260
01:08:04,800 --> 01:08:09,600
Speaker 1: and This is to your point. If the FED continues

1261
01:08:09,680 --> 01:08:12,400
Speaker 1: to pull money out of Wall Street, it will break

1262
01:08:12,960 --> 01:08:16,400
Speaker 1: the fragile financial arrangements that have been set up that

1263
01:08:16,439 --> 01:08:18,799
Speaker 1: are fundamentally toxic, but that are still what our economy

1264
01:08:18,840 --> 01:08:22,920
Speaker 1: relies on. It'll break those arrangements and that will cause

1265
01:08:23,240 --> 01:08:27,120
Speaker 1: serious bankruptcies, unemployment, things like that. That it will cause

1266
01:08:27,160 --> 01:08:30,400
Speaker 1: real suffering, but that was sort of inevitable anyway. That's

1267
01:08:30,439 --> 01:08:32,439
Speaker 1: a result of the last ten to fifteen years of

1268
01:08:32,479 --> 01:08:35,920
Speaker 1: bad monetary policy and fiscal policy. So we are going

1269
01:08:36,000 --> 01:08:39,320
Speaker 1: to have to pay for what has happened over the

1270
01:08:39,400 --> 01:08:41,599
Speaker 1: last ten years, and I think we should pay now.

1271
01:08:42,000 --> 01:08:47,000
Speaker 1: What we are seeing as the Fed titans monetary policy

1272
01:08:47,160 --> 01:08:50,120
Speaker 1: is a lot of the speculative hot air is coming

1273
01:08:50,160 --> 01:08:52,320
Speaker 1: out of the market, and that is fundamentally a good thing.

1274
01:08:52,360 --> 01:08:55,920
Speaker 1: So that's my argument. What is Matt getting wrong from

1275
01:08:56,000 --> 01:09:00,360
Speaker 1: your perspective, David, Well, let me just say that I

1276
01:09:01,760 --> 01:09:06,000
Speaker 1: think that's brilliant and I always learn a lot. I

1277
01:09:06,320 --> 01:09:08,960
Speaker 1: always learn a lot from him. Uh. You know, I

1278
01:09:09,000 --> 01:09:13,480
Speaker 1: am going to disagree with him some in this case. Uh.

1279
01:09:13,880 --> 01:09:20,400
Speaker 1: First of all, uh, if if the situation was such

1280
01:09:20,760 --> 01:09:26,000
Speaker 1: that this uh uh uh you know, increase in interest rates,

1281
01:09:26,360 --> 01:09:32,479
Speaker 1: Uh was actually bringing down inflation. Uh, then then then

1282
01:09:32,520 --> 01:09:36,960
Speaker 1: maybe this would be something that was you know, there

1283
01:09:36,960 --> 01:09:39,120
Speaker 1: there would be a relationship where it would be positive.

1284
01:09:39,760 --> 01:09:43,679
Speaker 1: I see no evidence that the the increase in interest

1285
01:09:43,720 --> 01:09:47,439
Speaker 1: rates is having much of an effect on inflation. Interest

1286
01:09:47,520 --> 01:09:50,800
Speaker 1: rates can't deal with the situation in Ukraine. Interest rates

1287
01:09:50,800 --> 01:09:55,879
Speaker 1: can't deal with continued waves of COVID in China. We're

1288
01:09:55,960 --> 01:09:59,080
Speaker 1: still seeing very high interest rates right now. It's not

1289
01:09:59,280 --> 01:10:04,559
Speaker 1: due to wage increases. Real wages are down, but they

1290
01:10:05,160 --> 01:10:08,280
Speaker 1: interest rates continue or inflation continues to be very high

1291
01:10:08,720 --> 01:10:12,880
Speaker 1: despite this continued ratcheting up, and as Matt says, it

1292
01:10:12,960 --> 01:10:15,840
Speaker 1: is going to have a cost eventually on the labor market.

1293
01:10:16,160 --> 01:10:19,719
Speaker 1: That is the explicit goal is that is what Jerome

1294
01:10:19,760 --> 01:10:24,360
Speaker 1: pal has said he wants, is a softening of the

1295
01:10:24,479 --> 01:10:29,640
Speaker 1: labor market and the ability essentially he's not saying it

1296
01:10:29,760 --> 01:10:32,160
Speaker 1: in these words, but the ability to throw people out

1297
01:10:32,200 --> 01:10:34,920
Speaker 1: of work and to increase interest rate. Some people like

1298
01:10:35,000 --> 01:10:38,599
Speaker 1: Larry Summers are saying it explicitly that the unemployment rate

1299
01:10:38,680 --> 01:10:42,599
Speaker 1: needs to be five percent or more, which translates into

1300
01:10:42,640 --> 01:10:48,040
Speaker 1: millions of people losing their jobs. The idea that Matt

1301
01:10:48,080 --> 01:10:50,320
Speaker 1: has is that well, we're going to have to pay

1302
01:10:50,360 --> 01:10:53,360
Speaker 1: the piper at some point, and this is taking money

1303
01:10:53,400 --> 01:10:56,840
Speaker 1: and power away from Wall Street. I question that to

1304
01:10:56,880 --> 01:11:00,800
Speaker 1: a certain extent. Twenty twenty one was a real outlier

1305
01:11:01,040 --> 01:11:04,360
Speaker 1: in terms of mergers and acquisitions. Let's just focus on that.

1306
01:11:05,439 --> 01:11:09,000
Speaker 1: It was the highest levels that we have ever seen

1307
01:11:09,080 --> 01:11:14,640
Speaker 1: pretty much. But according to a report from DC Advisory,

1308
01:11:15,760 --> 01:11:18,640
Speaker 1: deal activity at least in the private equity space is

1309
01:11:19,240 --> 01:11:21,800
Speaker 1: going to hit the levels of twenty eighteen to twenty

1310
01:11:21,880 --> 01:11:26,639
Speaker 1: twenty this year, which were the three previous highly highest

1311
01:11:26,720 --> 01:11:30,760
Speaker 1: yearly activity levels on record. It's not going to hit

1312
01:11:30,800 --> 01:11:33,080
Speaker 1: twenty twenty one levels, but it's not like it's coming

1313
01:11:33,120 --> 01:11:37,519
Speaker 1: back to some impoverished level. There's still about three trillion

1314
01:11:37,560 --> 01:11:40,719
Speaker 1: dollars of what we call dry powder in the private

1315
01:11:40,720 --> 01:11:43,920
Speaker 1: equity markets, which is money that has not been deployed

1316
01:11:43,960 --> 01:11:47,240
Speaker 1: to buy companies. There's still plenty of room to run there,

1317
01:11:47,680 --> 01:11:51,919
Speaker 1: and the private equity industry is pretty skilled in figuring

1318
01:11:51,960 --> 01:11:56,040
Speaker 1: out ways to get out of trouble, even in an

1319
01:11:56,320 --> 01:11:59,720
Speaker 1: unfavorable environment for them. I would point you to this

1320
01:12:00,280 --> 01:12:05,360
Speaker 1: failing Citrix deal, which is a merger which is now

1321
01:12:05,400 --> 01:12:08,639
Speaker 1: going to cost banks a ton of money because they

1322
01:12:08,720 --> 01:12:11,360
Speaker 1: made the deal in a certain interest rate environment. Now

1323
01:12:11,400 --> 01:12:14,280
Speaker 1: interest rates have gone up and they're going to have

1324
01:12:14,320 --> 01:12:17,519
Speaker 1: to spend a lot more to make this deal. The

1325
01:12:17,560 --> 01:12:22,120
Speaker 1: way that deal was structured, the private equity companies that

1326
01:12:22,479 --> 01:12:26,960
Speaker 1: were creating this merger with Citrix invested no new cash

1327
01:12:27,479 --> 01:12:32,639
Speaker 1: into the deal, and there were these preferred shareholders who

1328
01:12:33,120 --> 01:12:37,640
Speaker 1: were other private equity firms who allegedly made investments, but

1329
01:12:37,920 --> 01:12:41,080
Speaker 1: they have the right to claim all proceeds for the

1330
01:12:41,160 --> 01:12:45,599
Speaker 1: sale of one of the companies in the deal. Private

1331
01:12:45,600 --> 01:12:48,919
Speaker 1: equity is very skilled at figuring out ways to wriggle

1332
01:12:48,960 --> 01:12:52,680
Speaker 1: off the hook, and they're doing so with things like

1333
01:12:52,920 --> 01:12:57,439
Speaker 1: what are called continuation funds, which is they just sell

1334
01:12:57,520 --> 01:13:00,360
Speaker 1: companies to themselves so they don't have to real lies

1335
01:13:00,760 --> 01:13:05,120
Speaker 1: the losses that they have on their various portfolio companies.

1336
01:13:05,400 --> 01:13:08,400
Speaker 1: So my point is that the idea that this is

1337
01:13:08,520 --> 01:13:12,120
Speaker 1: punishing Wall Street, I think is a little bit dubious.

1338
01:13:12,600 --> 01:13:15,960
Speaker 1: I think there are ways in which Wall Street is

1339
01:13:16,040 --> 01:13:19,360
Speaker 1: relatively unaffected. And of course, when interest rates go up,

1340
01:13:19,760 --> 01:13:22,880
Speaker 1: banks do pretty well. They get to increase the interest

1341
01:13:23,000 --> 01:13:26,439
Speaker 1: rate that they charge on consumer loans. What we do

1342
01:13:26,640 --> 01:13:32,120
Speaker 1: know is that while housing prices are falling a little bit,

1343
01:13:32,439 --> 01:13:36,439
Speaker 1: the cost of housing, at least for mortgages. You know,

1344
01:13:36,479 --> 01:13:39,599
Speaker 1: buying a mortgage has grown way up. I mean, mortgage

1345
01:13:39,680 --> 01:13:43,479
Speaker 1: rates are at seven percent right now, so the monthly payment,

1346
01:13:43,760 --> 01:13:46,519
Speaker 1: which is what matters here, is going way up. And

1347
01:13:46,560 --> 01:13:51,080
Speaker 1: that's why we're seeing activity in housing markets at levels

1348
01:13:51,120 --> 01:13:54,479
Speaker 1: that we haven't seen since everybody was sitting in their

1349
01:13:54,520 --> 01:13:58,120
Speaker 1: homes at the very beginning of the pandemic. So this

1350
01:13:58,280 --> 01:14:01,200
Speaker 1: is not good necessarily for housing. And the other thing

1351
01:14:01,240 --> 01:14:06,599
Speaker 1: that it does is it is it makes home builders say,

1352
01:14:06,720 --> 01:14:08,479
Speaker 1: this is not a good time to build, This is

1353
01:14:08,520 --> 01:14:10,960
Speaker 1: not a good time to create housing. And of course

1354
01:14:11,200 --> 01:14:16,679
Speaker 1: the reason that we have distorted and unaffordable housing markets

1355
01:14:16,880 --> 01:14:21,000
Speaker 1: is there's simply not enough housing out there, and a

1356
01:14:21,040 --> 01:14:25,760
Speaker 1: situation like this creates less housing being built. This is

1357
01:14:25,800 --> 01:14:28,599
Speaker 1: the problem that we had directly after the financial crisis,

1358
01:14:28,640 --> 01:14:32,280
Speaker 1: when we had a decade basically of flat home building.

1359
01:14:33,240 --> 01:14:38,639
Speaker 1: So I don't think that's a positive necessarily for individuals either,

1360
01:14:38,920 --> 01:14:43,560
Speaker 1: because over time this is going to create this continued

1361
01:14:43,680 --> 01:14:46,320
Speaker 1: gap in the amount of housing we need, the amount

1362
01:14:46,320 --> 01:14:50,559
Speaker 1: of housing demand that there is. You know, it argues

1363
01:14:50,600 --> 01:14:53,479
Speaker 1: for a need for social housing or some other way

1364
01:14:53,520 --> 01:14:56,800
Speaker 1: to get out of this cyclical rut that you get

1365
01:14:56,840 --> 01:15:00,400
Speaker 1: when you rely housing on the public market. Those are

1366
01:15:00,479 --> 01:15:02,840
Speaker 1: some of my my points on and David, on that point,

1367
01:15:02,880 --> 01:15:05,880
Speaker 1: I'm mater curious for your response on this. You talked

1368
01:15:05,880 --> 01:15:08,439
Speaker 1: about a lot of kind of other policy levers outside

1369
01:15:08,439 --> 01:15:11,640
Speaker 1: of monetary policy that could improve these situations, and I

1370
01:15:11,640 --> 01:15:15,640
Speaker 1: guess from my perspective, I agree. You know, definancializing the

1371
01:15:15,680 --> 01:15:19,559
Speaker 1: system is is a is a necessary. Is something that

1372
01:15:19,640 --> 01:15:21,320
Speaker 1: is necessary to be done in it. And if this,

1373
01:15:21,680 --> 01:15:24,840
Speaker 1: if this accomplishes it without destroying the labor market, that's great.

1374
01:15:25,160 --> 01:15:27,599
Speaker 1: From from my perspective, what I would have liked to see,

1375
01:15:27,880 --> 01:15:30,200
Speaker 1: and maybe we'll still get to see it, is what

1376
01:15:30,320 --> 01:15:32,840
Speaker 1: can a tight labor market do to our politics and

1377
01:15:32,880 --> 01:15:36,680
Speaker 1: to our political economy if it's allowed to persist for

1378
01:15:36,760 --> 01:15:39,920
Speaker 1: several years? In other words, if you have workers who

1379
01:15:39,960 --> 01:15:43,280
Speaker 1: are empowered in becoming militant in the workplace, which which

1380
01:15:43,280 --> 01:15:46,640
Speaker 1: you're seeing, now, what what does that look like? How

1381
01:15:46,680 --> 01:15:49,520
Speaker 1: does that change our politics? What do they start demanding?

1382
01:15:49,680 --> 01:15:53,439
Speaker 1: Do those workers then start demanding that the you know,

1383
01:15:53,520 --> 01:15:57,200
Speaker 1: private equity be basically taxed out of existence? Because you know,

1384
01:15:57,320 --> 01:16:00,960
Speaker 1: private equity absolutely benefits from this loose monetary policy, but

1385
01:16:00,960 --> 01:16:03,880
Speaker 1: they are but they're also a regulatory creation of kind

1386
01:16:03,880 --> 01:16:06,200
Speaker 1: of the of the basically the you know, Carter and

1387
01:16:06,479 --> 01:16:09,680
Speaker 1: Reagan area benefit either, right, so you could you just

1388
01:16:09,760 --> 01:16:12,240
Speaker 1: like they were created by policy, they could be uncreated

1389
01:16:12,680 --> 01:16:15,559
Speaker 1: by policy and also by marginal tax rates that make

1390
01:16:15,920 --> 01:16:19,680
Speaker 1: speculation in crypto, make make all of the bubble financialization

1391
01:16:19,800 --> 01:16:24,200
Speaker 1: stuff that you're talking about that makes that impossible right now. Uh,

1392
01:16:24,680 --> 01:16:27,400
Speaker 1: there's no way we're getting marginal rates up there. But

1393
01:16:27,439 --> 01:16:30,639
Speaker 1: what if the tight market, a tight labor market persists,

1394
01:16:30,760 --> 01:16:34,200
Speaker 1: creates a labor movement and then is able to fix that.

1395
01:16:34,760 --> 01:16:38,519
Speaker 1: What they start demanding is a Republican Congress. That's what

1396
01:16:38,560 --> 01:16:41,679
Speaker 1: they're demanding. Like what people want is to deal with inflation.

1397
01:16:42,439 --> 01:16:45,439
Speaker 1: That's that's just what people want. And you know, it

1398
01:16:45,520 --> 01:16:48,360
Speaker 1: sounds callous that Larry Summer says we need to get

1399
01:16:48,600 --> 01:16:50,559
Speaker 1: you know, we need the labor, we need fewer jobs

1400
01:16:50,600 --> 01:16:55,040
Speaker 1: out there, and but like that's what people want, and

1401
01:16:55,160 --> 01:16:58,639
Speaker 1: like we just sound like idiots pretending that inflation isn't

1402
01:16:58,640 --> 01:17:01,320
Speaker 1: this massive problem and that we don't want millions of

1403
01:17:01,320 --> 01:17:03,960
Speaker 1: people thrown out of work, because it sounds mean people

1404
01:17:04,040 --> 01:17:07,680
Speaker 1: are saying their main problem is inflation, and like we

1405
01:17:07,880 --> 01:17:10,439
Speaker 1: just sound like morons by being like, oh this is

1406
01:17:10,560 --> 01:17:13,120
Speaker 1: this is good for labor, and like working people are saying,

1407
01:17:13,160 --> 01:17:16,360
Speaker 1: we don't like this situation. That's just ya. What about

1408
01:17:16,360 --> 01:17:21,599
Speaker 1: that is is not you know, I just mentioned so

1409
01:17:21,720 --> 01:17:26,360
Speaker 1: the FED is not helping the inflation situation. Well, I mean, okay,

1410
01:17:27,360 --> 01:17:29,200
Speaker 1: first of all, I think there's a difference between raising

1411
01:17:29,200 --> 01:17:32,559
Speaker 1: interest rates and and and shrinking the balance sheet. So

1412
01:17:33,080 --> 01:17:34,920
Speaker 1: I want to talk a little bit about that because

1413
01:17:35,320 --> 01:17:39,000
Speaker 1: because raising like increasing the balance sheet right, was explicitly

1414
01:17:39,040 --> 01:17:43,080
Speaker 1: about the FED going in and buying financial assets, particularly

1415
01:17:43,200 --> 01:17:47,320
Speaker 1: risky financial assets like the the risky loans that that

1416
01:17:47,479 --> 01:17:52,680
Speaker 1: private equity firms would need to finance their takeovers and

1417
01:17:52,760 --> 01:17:56,479
Speaker 1: other sort of stuff out there. And because they were

1418
01:17:56,840 --> 01:17:58,840
Speaker 1: you know, kind of going out to the edges and

1419
01:17:58,880 --> 01:18:03,200
Speaker 1: sort of putting and and forcing investors to go down

1420
01:18:03,240 --> 01:18:07,320
Speaker 1: the yield curve and buy riskier stuff, it incentivized much, much,

1421
01:18:07,400 --> 01:18:10,040
Speaker 1: much more speculation. So we're not just talking about raising

1422
01:18:10,080 --> 01:18:13,479
Speaker 1: or lowering interest rates. We're talking about financial operations where

1423
01:18:13,520 --> 01:18:17,400
Speaker 1: Federal Reserve traders would go in and buy specific assets.

1424
01:18:17,760 --> 01:18:20,719
Speaker 1: And I think that's really dangerous because it is actually

1425
01:18:20,800 --> 01:18:23,120
Speaker 1: having the FED sort of doing fiscal policy, which is

1426
01:18:23,120 --> 01:18:25,920
Speaker 1: the purview of democratic institutions. So I just want to

1427
01:18:25,960 --> 01:18:29,880
Speaker 1: put that on. I want to distinguish between those two things.

1428
01:18:30,120 --> 01:18:34,000
Speaker 1: The other point is the Citrics deal was negotiated in March,

1429
01:18:34,439 --> 01:18:38,439
Speaker 1: when we were still in this like crazy moment, when

1430
01:18:38,479 --> 01:18:41,120
Speaker 1: all there was basically free capital. You would not see

1431
01:18:41,160 --> 01:18:44,280
Speaker 1: banks negotiating a citric steal or pe firms doing a

1432
01:18:44,280 --> 01:18:47,479
Speaker 1: centric steal today. So I just want to point that out,

1433
01:18:47,520 --> 01:18:51,000
Speaker 1: Like I think Elon Munk's purchase of Twitter is like

1434
01:18:51,040 --> 01:18:53,760
Speaker 1: a citric style. Yeah, I mean, he's trying to get

1435
01:18:53,760 --> 01:18:56,160
Speaker 1: out of it for that reason. He sought to buy

1436
01:18:56,160 --> 01:18:58,519
Speaker 1: it when the market was frothy, and now he's trying

1437
01:18:58,520 --> 01:19:00,240
Speaker 1: to get out of it. And the banks going to

1438
01:19:00,280 --> 01:19:01,800
Speaker 1: lose a lot of money on that debt too, but

1439
01:19:01,840 --> 01:19:05,400
Speaker 1: that's because they committed to it in March April May.

1440
01:19:05,439 --> 01:19:07,439
Speaker 1: I forgot exactly when he said he was going to

1441
01:19:07,439 --> 01:19:10,639
Speaker 1: buy it. There's no way that that acquisition would be

1442
01:19:10,680 --> 01:19:14,360
Speaker 1: he wouldn't put forward that acquisition today. That's possible. I

1443
01:19:14,360 --> 01:19:19,040
Speaker 1: mean literally this morning Kroger and Albertson's combined. I mean

1444
01:19:19,080 --> 01:19:21,519
Speaker 1: the idea that there's no kind of that there's this

1445
01:19:22,360 --> 01:19:26,120
Speaker 1: truff of activity in m and a and in Paight,

1446
01:19:26,640 --> 01:19:29,720
Speaker 1: I just don't think it's true. Look, there absolutely is.

1447
01:19:29,760 --> 01:19:32,559
Speaker 1: You said there is twenty twenty one. But first of all,

1448
01:19:32,600 --> 01:19:35,120
Speaker 1: it was not an anomaly, right, it was a record,

1449
01:19:35,160 --> 01:19:38,320
Speaker 1: But it was a record because we passed a law

1450
01:19:38,439 --> 01:19:41,639
Speaker 1: in twenty twenty called the Cares Act, which said the Fed,

1451
01:19:41,760 --> 01:19:45,479
Speaker 1: he's going to buy risky assets and this is my

1452
01:19:45,600 --> 01:19:48,160
Speaker 1: organization came out and said, you wrote about this, and

1453
01:19:48,280 --> 01:19:50,799
Speaker 1: Elizabeth Warren talked about this. This is going to fuel

1454
01:19:50,840 --> 01:19:55,519
Speaker 1: a merger boom, and it indeed did that. And now

1455
01:19:55,800 --> 01:19:58,280
Speaker 1: the thing is about projections, right when they say, oh,

1456
01:19:58,360 --> 01:20:01,040
Speaker 1: private equity is going to go back to twenty nineteen numbers,

1457
01:20:01,040 --> 01:20:04,800
Speaker 1: which of course is too high. These are projections, right,

1458
01:20:04,880 --> 01:20:06,680
Speaker 1: And one of the things that's happened is that the

1459
01:20:07,200 --> 01:20:12,120
Speaker 1: you know, the projections have been consistently wrong and overestimated activity. Now,

1460
01:20:12,160 --> 01:20:14,800
Speaker 1: I look, I think we can all agree that we

1461
01:20:14,840 --> 01:20:18,280
Speaker 1: would prefer to go back to a world where we

1462
01:20:18,320 --> 01:20:21,439
Speaker 1: had a competent government that was managing markets in a

1463
01:20:21,520 --> 01:20:24,560
Speaker 1: much more deliberate way, that we could push money and

1464
01:20:25,000 --> 01:20:28,040
Speaker 1: actually build more housing, that we could get rid of

1465
01:20:28,080 --> 01:20:32,080
Speaker 1: this financialized economy without having to kind of crush the

1466
01:20:32,160 --> 01:20:34,879
Speaker 1: labor market. We could have, you know, we could organize

1467
01:20:34,920 --> 01:20:37,160
Speaker 1: things the way that we did in the depression, in

1468
01:20:37,200 --> 01:20:39,280
Speaker 1: World War two and in the nineteen fifties, where you

1469
01:20:39,360 --> 01:20:42,240
Speaker 1: just had a lot more analysis and understanding of our markets,

1470
01:20:42,280 --> 01:20:44,880
Speaker 1: and we wouldn't have semiconductor shortages and all these different things.

1471
01:20:45,160 --> 01:20:47,920
Speaker 1: But that's not the world we live in. Like fundamentally,

1472
01:20:48,080 --> 01:20:50,400
Speaker 1: we've been making the argument, I say, kind of collectively

1473
01:20:50,439 --> 01:20:52,320
Speaker 1: for the last ten to fifteen years that we need

1474
01:20:52,320 --> 01:20:56,240
Speaker 1: more government competence and more deliberate management of markets, and

1475
01:20:56,479 --> 01:20:59,439
Speaker 1: we're starting to have some impacts, but we have not

1476
01:20:59,600 --> 01:21:03,960
Speaker 1: success in building that infrastructure. Yet. All we have is

1477
01:21:04,040 --> 01:21:07,640
Speaker 1: the FED and that sucks. Okay, it's a bad situation,

1478
01:21:08,080 --> 01:21:10,840
Speaker 1: but it is reality. That's all we got. And we

1479
01:21:11,000 --> 01:21:13,800
Speaker 1: got inflation now, and it's you know, and we all

1480
01:21:13,840 --> 01:21:16,680
Speaker 1: know that it takes a while for the FED to

1481
01:21:18,000 --> 01:21:20,280
Speaker 1: you know, it takes a while for like monetary policy

1482
01:21:20,320 --> 01:21:23,439
Speaker 1: to hit the economy. I want to prefer a lot

1483
01:21:23,439 --> 01:21:26,760
Speaker 1: of other stuff. I was talking about shortages in February

1484
01:21:27,040 --> 01:21:30,280
Speaker 1: of twenty twenty. We didn't do any of the things

1485
01:21:30,320 --> 01:21:33,240
Speaker 1: that we needed to do. So this is all we got, right,

1486
01:21:33,280 --> 01:21:37,400
Speaker 1: and inflation is a huge problem. Unemployment just isn't. We

1487
01:21:37,479 --> 01:21:40,800
Speaker 1: have got to be serious about where we are. And

1488
01:21:40,840 --> 01:21:43,920
Speaker 1: you also have to look at Wall Street, the stock market,

1489
01:21:43,960 --> 01:21:46,920
Speaker 1: the bond markets have collapsed. You cannot tell me that

1490
01:21:47,000 --> 01:21:50,320
Speaker 1: this has not had an impact on billionaires in Wall Street.

1491
01:21:50,479 --> 01:21:53,439
Speaker 1: The ability to finance deals is much lower. And yes

1492
01:21:53,479 --> 01:21:56,160
Speaker 1: you can point to deals, important deals. We definitely need

1493
01:21:56,200 --> 01:21:58,439
Speaker 1: a revamp of anti trust policy. You guys know I

1494
01:21:58,680 --> 01:22:00,800
Speaker 1: care about that and want that. I mean, it's sort

1495
01:22:00,840 --> 01:22:03,880
Speaker 1: of in process, but the reality is this is all

1496
01:22:03,920 --> 01:22:06,400
Speaker 1: we got right now. This is the only lever we got.

1497
01:22:06,439 --> 01:22:09,000
Speaker 1: So we got bad choices on both sides, and I'm

1498
01:22:09,040 --> 01:22:12,320
Speaker 1: saying it is a better choice to say, let us

1499
01:22:12,560 --> 01:22:16,160
Speaker 1: stop the party on Wall Street, let us stop the carnival,

1500
01:22:16,240 --> 01:22:20,360
Speaker 1: let us stop amplifying asset prices, which includes housing prices,

1501
01:22:20,600 --> 01:22:22,800
Speaker 1: and start to take them down. And that is what

1502
01:22:22,920 --> 01:22:25,720
Speaker 1: is happening, and it's causing a lot of pain. Obviously,

1503
01:22:26,040 --> 01:22:29,280
Speaker 1: seven percent mortgage rates, it's terrible if you're trying to

1504
01:22:29,400 --> 01:22:32,680
Speaker 1: buy a house. But the reality is the reason for

1505
01:22:32,760 --> 01:22:37,320
Speaker 1: that is housing prices skyrocketed because of FED policy, and

1506
01:22:37,400 --> 01:22:40,360
Speaker 1: when you start to fix things, it's really painful. But

1507
01:22:40,439 --> 01:22:43,800
Speaker 1: the alternative would be housing prices continuing to go up

1508
01:22:43,960 --> 01:22:46,920
Speaker 1: at ten twenty percent a year, which is not sustainable

1509
01:22:46,960 --> 01:22:49,240
Speaker 1: and is much worse. So we got to be serious

1510
01:22:49,280 --> 01:22:52,240
Speaker 1: here about and look at the world from the perspective

1511
01:22:52,320 --> 01:22:55,320
Speaker 1: of the billionaires and not just say, oh, well, people

1512
01:22:55,400 --> 01:22:58,360
Speaker 1: are getting wages wage increases here and there, when real

1513
01:22:58,400 --> 01:23:00,679
Speaker 1: wages are actually going down and been for the last

1514
01:23:00,760 --> 01:23:04,120
Speaker 1: year or so. Last word to you, David Quickly, I mean,

1515
01:23:04,200 --> 01:23:07,479
Speaker 1: I agree that it's a bad situation. I'm glad you

1516
01:23:07,520 --> 01:23:10,599
Speaker 1: agree with me. It's a bad situation what the Fed

1517
01:23:10,720 --> 01:23:14,800
Speaker 1: is doing, and it does it does take time to

1518
01:23:15,520 --> 01:23:19,400
Speaker 1: move through monetary policy through the economy, and that's why

1519
01:23:19,720 --> 01:23:22,720
Speaker 1: the labor market is still you know, unemployment is still

1520
01:23:22,720 --> 01:23:26,040
Speaker 1: at three point five percent. But nobody believes that what

1521
01:23:26,080 --> 01:23:30,679
Speaker 1: the Fed is doing is going to leave the labor

1522
01:23:30,720 --> 01:23:34,439
Speaker 1: market unaffected. I mean, we already saw in the last

1523
01:23:34,520 --> 01:23:43,200
Speaker 1: Josh the Jolts report, we saw that that open positions

1524
01:23:43,640 --> 01:23:48,679
Speaker 1: fell by one point one million jobs in the last

1525
01:23:49,320 --> 01:23:54,120
Speaker 1: in the last month, So we're heading in that direction.

1526
01:23:54,600 --> 01:23:59,080
Speaker 1: We are heading toward a recession. It is true that

1527
01:23:59,120 --> 01:24:04,120
Speaker 1: the loss of say five million jobs, relative to three

1528
01:24:04,200 --> 01:24:08,320
Speaker 1: hundred million people experiencing inflation, it's always going to be

1529
01:24:08,400 --> 01:24:12,080
Speaker 1: the case that more people look at that inflation and

1530
01:24:12,080 --> 01:24:14,720
Speaker 1: say I don't want this. But what doesn't mean that

1531
01:24:14,880 --> 01:24:17,600
Speaker 1: for those five million people who are going to experience

1532
01:24:17,720 --> 01:24:21,639
Speaker 1: a depression and for the millions of people are going

1533
01:24:21,680 --> 01:24:26,040
Speaker 1: to experience a recession and have all of the attendant

1534
01:24:26,080 --> 01:24:29,519
Speaker 1: problems associated with that, that doesn't mean that that's you

1535
01:24:29,560 --> 01:24:32,400
Speaker 1: know that there's this sort of John Stuart mill greatest

1536
01:24:32,400 --> 01:24:35,960
Speaker 1: good for the greatest number situation going on. Well, David

1537
01:24:36,000 --> 01:24:38,080
Speaker 1: and Matt, there's a ton more to say on this,

1538
01:24:38,120 --> 01:24:40,680
Speaker 1: and we want to have you guys back, but we'll

1539
01:24:40,680 --> 01:24:42,640
Speaker 1: get thirty seconds, but we're not going to get the

1540
01:24:42,640 --> 01:24:44,679
Speaker 1: show out on times. We got to do this quickly.

1541
01:24:44,840 --> 01:24:48,800
Speaker 1: Alternative like should the bed continue the speculative boom? Or

1542
01:24:48,840 --> 01:24:52,559
Speaker 1: what's the alternative here? I think the alternative is dealing

1543
01:24:52,600 --> 01:24:55,760
Speaker 1: with this in a more holistic way, with you know,

1544
01:24:56,479 --> 01:24:59,840
Speaker 1: using the power of Congress to deal with the real

1545
01:25:00,120 --> 01:25:04,680
Speaker 1: drivers of inflation. I don't I'm not convinced that the

1546
01:25:04,720 --> 01:25:07,680
Speaker 1: FED is dealing with the real drivers and inflation just

1547
01:25:07,800 --> 01:25:12,280
Speaker 1: by crushing demand. There are supply side issues, there are

1548
01:25:12,320 --> 01:25:15,519
Speaker 1: corporate profits issues that you've written about, and I don't

1549
01:25:15,560 --> 01:25:17,720
Speaker 1: think that what the FED is doing gets to that

1550
01:25:18,320 --> 01:25:20,599
Speaker 1: and the FED can't make it rain in California. So

1551
01:25:21,800 --> 01:25:24,320
Speaker 1: we'll talk more about this next week. Week after I

1552
01:25:24,360 --> 01:25:26,520
Speaker 1: want to have you guys back on to continue this conversation.

1553
01:25:26,640 --> 01:25:29,839
Speaker 1: Welcome in and talk about the gold standard. There you go, excellent,

1554
01:25:29,920 --> 01:25:33,479
Speaker 1: perfect today. So Matt Solar, American Economic Liberties Project, what's

1555
01:25:33,479 --> 01:25:38,519
Speaker 1: your substack. It's a big, big, and still it's a

1556
01:25:38,560 --> 01:25:41,040
Speaker 1: contributor here at Breaking Points, Cannut Day Day and editor

1557
01:25:41,080 --> 01:25:43,479
Speaker 1: at the American Prospect. Thank you guys so much for

1558
01:25:43,560 --> 01:25:48,599
Speaker 1: joining us. A programming note for next week, we'll be here.

1559
01:25:48,920 --> 01:25:51,920
Speaker 1: We'll be here on Monday and Tuesday. Crystalin Saga are

1560
01:25:52,040 --> 01:25:54,160
Speaker 1: going to be out. They'll be back after that, and

1561
01:25:54,200 --> 01:25:57,120
Speaker 1: then we'll be back again on Friday. The last if

1562
01:25:57,160 --> 01:26:00,200
Speaker 1: you were very confused, our counterpoints Friday airing on Wednesday.

1563
01:26:00,200 --> 01:26:02,799
Speaker 1: It was a unique thing for a for a holiday weekend.

1564
01:26:03,760 --> 01:26:05,960
Speaker 1: But we'll be here Monday and Tuesday filling in for

1565
01:26:06,840 --> 01:26:09,040
Speaker 1: Crystaline Sager. We're excited. We already have like half of

1566
01:26:09,080 --> 01:26:11,160
Speaker 1: Monday show planned. So my stuff that got bumped from

1567
01:26:11,160 --> 01:26:13,479
Speaker 1: the day, stuff that got bumped from the day good interesting,

1568
01:26:13,680 --> 01:26:18,160
Speaker 1: which but it'll get bumped probably probably, so so pessimistic

1569
01:26:19,200 --> 01:26:22,639
Speaker 1: and reasonably so. Everybody, have a great weekend, see you soon.

1570
01:26:22,720 --> 01:26:29,200
Speaker 1: We'll see you Monday.