1 00:00:00,760 --> 00:00:03,720 Speaker 1: Hey, guys, ready or not, twenty twenty four is here 2 00:00:03,880 --> 00:00:06,320 Speaker 1: and we here at breaking points, are already thinking of 3 00:00:06,400 --> 00:00:08,600 Speaker 1: ways we can up our game for this critical election. 4 00:00:08,800 --> 00:00:11,719 Speaker 2: We rely on our premium subs to expand coverage, upgrade 5 00:00:11,760 --> 00:00:15,720 Speaker 2: the studio ad staff, give you, guys, the best independent. 6 00:00:15,160 --> 00:00:16,239 Speaker 3: Coverage that is possible. 7 00:00:16,280 --> 00:00:18,279 Speaker 2: If you like what we're all about, it just means 8 00:00:18,320 --> 00:00:20,840 Speaker 2: the absolute world to have your support. But enough with that, 9 00:00:21,040 --> 00:00:32,880 Speaker 2: let's get to the show. 10 00:00:37,960 --> 00:00:40,639 Speaker 3: Good morning, everybody, Happy Tuesday. We have an amazing show 11 00:00:40,680 --> 00:00:41,680 Speaker 3: for everybody today. What do we have? 12 00:00:41,720 --> 00:00:42,680 Speaker 4: Firstall, indeed we do. 13 00:00:42,760 --> 00:00:45,080 Speaker 1: We have breaking news this morning with regards to the 14 00:00:45,159 --> 00:00:47,559 Speaker 1: debt ceiling. We will break down those developments for you 15 00:00:47,600 --> 00:00:50,680 Speaker 1: as a deadline approaches incredibly quickly, more quickly than we 16 00:00:50,720 --> 00:00:55,280 Speaker 1: were really expecting. Also, some new quite troubling warnings about 17 00:00:55,320 --> 00:00:58,080 Speaker 1: AI from people who have worked on it, who know 18 00:00:58,160 --> 00:00:59,560 Speaker 1: a lot about it, so we will break all of 19 00:00:59,600 --> 00:01:00,400 Speaker 1: that down for you. 20 00:01:01,040 --> 00:01:02,080 Speaker 4: We're going to review. 21 00:01:01,880 --> 00:01:05,360 Speaker 1: DeSantis's international struggles and the way that was covered by 22 00:01:05,400 --> 00:01:08,800 Speaker 1: the media as his fight with Disney seems to escalate. 23 00:01:09,200 --> 00:01:11,839 Speaker 1: We've got fallout from what we covered yesterday, the second 24 00:01:12,000 --> 00:01:14,240 Speaker 1: largest bank failure in history. What is that going to 25 00:01:14,240 --> 00:01:16,600 Speaker 1: mean going forward, We've got new numbers on trust in 26 00:01:16,640 --> 00:01:17,080 Speaker 1: the media. 27 00:01:17,160 --> 00:01:18,240 Speaker 4: You will not be shocked. 28 00:01:18,640 --> 00:01:22,920 Speaker 1: And my personal favorite block today some leaked audio from 29 00:01:23,120 --> 00:01:25,920 Speaker 1: Tucker Carlson before he left Fox News, which is rather 30 00:01:26,080 --> 00:01:28,479 Speaker 1: entertaining and revealing and all of those good things. 31 00:01:28,560 --> 00:01:31,160 Speaker 2: Also the collapse of Ice can't talk about can't forget 32 00:01:31,160 --> 00:01:31,480 Speaker 2: about that. 33 00:01:31,720 --> 00:01:34,520 Speaker 1: Yeah, that's right, which is pretty wild. I mean, wece 34 00:01:34,720 --> 00:01:37,760 Speaker 1: was like the news outlet to be between them and 35 00:01:37,760 --> 00:01:39,920 Speaker 1: BuzzFeed News collapsing. 36 00:01:40,080 --> 00:01:41,200 Speaker 4: I know it is wild. 37 00:01:41,240 --> 00:01:43,080 Speaker 1: And also I know Soccer is very excited to talk 38 00:01:43,120 --> 00:01:46,680 Speaker 1: to James Fox, who is a filmmaker behind a Moment 39 00:01:46,720 --> 00:01:49,240 Speaker 1: of Contact which I watched last night and you watched 40 00:01:49,240 --> 00:01:51,680 Speaker 1: previously and is very interesting, So excited to talk to 41 00:01:51,760 --> 00:01:53,960 Speaker 1: him as well. But we did want to start with 42 00:01:54,000 --> 00:01:55,920 Speaker 1: that big breaking news with regards to the dead ceiling. 43 00:01:55,960 --> 00:01:57,200 Speaker 2: Yeah that's right, let's go and put it up there 44 00:01:57,200 --> 00:01:59,240 Speaker 2: on the screen. Guys, this is just a very important 45 00:01:59,320 --> 00:02:03,000 Speaker 2: update for everybody. The President actually called Speaker McCarthy yesterday 46 00:02:03,000 --> 00:02:06,320 Speaker 2: while he was traveling abroad in Israel, and President Biden 47 00:02:06,400 --> 00:02:09,080 Speaker 2: asked McCarthy to meet the date of the meeting has 48 00:02:09,120 --> 00:02:12,440 Speaker 2: been set now for May ninth. Now The reason that 49 00:02:12,440 --> 00:02:15,240 Speaker 2: that call is so important is because it came just 50 00:02:15,360 --> 00:02:18,280 Speaker 2: basically about twenty or thirty minutes after the Treasury Department 51 00:02:18,560 --> 00:02:20,760 Speaker 2: officially advised all of us on the day that the 52 00:02:20,800 --> 00:02:22,120 Speaker 2: actual debt limit will be hit. 53 00:02:22,200 --> 00:02:24,240 Speaker 3: Let's go and put this up there on the screen. 54 00:02:24,400 --> 00:02:27,440 Speaker 2: Secretary of the Treasury Janet Yellen saying that the US 55 00:02:27,480 --> 00:02:30,640 Speaker 2: could hit the debt ceiling by June one. That is 56 00:02:30,680 --> 00:02:34,280 Speaker 2: a lot earlier than a lot of initial projections. If 57 00:02:34,320 --> 00:02:36,880 Speaker 2: we parse her letter crystal something that she said that 58 00:02:36,919 --> 00:02:40,519 Speaker 2: it could be basically plus or minus a few weeks 59 00:02:40,560 --> 00:02:45,600 Speaker 2: if they don't exhaust so called extraordinary measures, but saying 60 00:02:45,600 --> 00:02:49,200 Speaker 2: that that is basically the deadline as to when the 61 00:02:49,360 --> 00:02:53,080 Speaker 2: US would likely default on instead. It also just because 62 00:02:53,120 --> 00:02:55,760 Speaker 2: so much of this, While we may not technically default 63 00:02:55,840 --> 00:02:58,520 Speaker 2: or not, there is an expectations game where if the 64 00:02:58,560 --> 00:03:01,359 Speaker 2: Secretary of the Treasury says it's June first, then Wall 65 00:03:01,400 --> 00:03:04,000 Speaker 2: Street will act like it's June first. So even if 66 00:03:04,000 --> 00:03:06,800 Speaker 2: you technically have a day or two left like that's 67 00:03:06,840 --> 00:03:09,200 Speaker 2: the day, though, that the market will likely crash got 68 00:03:09,360 --> 00:03:11,919 Speaker 2: and that could mean then disaster. 69 00:03:12,080 --> 00:03:13,639 Speaker 3: So what does that mean for everybody? 70 00:03:14,280 --> 00:03:17,440 Speaker 2: Obviously, Biden blinked he kept saying, I'm not going to negotiate. 71 00:03:17,440 --> 00:03:19,040 Speaker 2: I'm not going to negotiate. It's like, okay, well you 72 00:03:19,080 --> 00:03:20,880 Speaker 2: call it, Speaker McCarthy. 73 00:03:21,000 --> 00:03:22,000 Speaker 3: Now we're negotiating. 74 00:03:22,360 --> 00:03:25,120 Speaker 2: He has called in all four congressional leaders, so Mitch 75 00:03:25,200 --> 00:03:27,240 Speaker 2: McConnell will be there, Chuck Schumer will be there, and 76 00:03:27,280 --> 00:03:29,560 Speaker 2: jakeem Jeffries will be there as well. They're going to 77 00:03:29,600 --> 00:03:32,760 Speaker 2: try and strike some sort of bargain. Reporting currently indicating 78 00:03:32,760 --> 00:03:35,320 Speaker 2: Crystal that Mitch McConnell wants to stay out of it. 79 00:03:35,400 --> 00:03:37,880 Speaker 2: I don't really believe that for a second. There's got 80 00:03:37,920 --> 00:03:40,360 Speaker 2: to be some sort of Jekyll and Hyde situation going 81 00:03:40,400 --> 00:03:43,680 Speaker 2: on behind the scenes. But almost certainly a deal of 82 00:03:43,720 --> 00:03:46,360 Speaker 2: some kind is going to get struck. At least that's 83 00:03:46,360 --> 00:03:49,560 Speaker 2: what I think, just because Biden kept saying it would negotiation. 84 00:03:49,560 --> 00:03:50,400 Speaker 3: And you know, this is kind of what I was 85 00:03:50,400 --> 00:03:51,560 Speaker 3: saying earlier too. It's so stupid. 86 00:03:51,600 --> 00:03:53,960 Speaker 2: It's like, look, obviously we're all going to negotiate, so 87 00:03:54,240 --> 00:03:57,280 Speaker 2: let's just start negotiating. We will see now though, where 88 00:03:57,320 --> 00:04:00,080 Speaker 2: that goes. Here's part of the issue. Scheduling wise, we 89 00:04:00,160 --> 00:04:03,480 Speaker 2: got a month, okay, but President Biden's gonna be gone 90 00:04:03,520 --> 00:04:06,120 Speaker 2: for a week, he's leaving the country for almost nine days. 91 00:04:06,480 --> 00:04:07,880 Speaker 4: It's going to be it works like three hours away 92 00:04:08,280 --> 00:04:09,040 Speaker 4: three hours a day, and. 93 00:04:09,040 --> 00:04:11,040 Speaker 3: He's going to Japan and Australia, so he's going to 94 00:04:11,080 --> 00:04:13,200 Speaker 3: be tired. Yeah, so we could add that in there. 95 00:04:13,320 --> 00:04:15,880 Speaker 2: So really we've got like twenty days to actually get 96 00:04:15,920 --> 00:04:17,920 Speaker 2: this done. And not only do we need a bargain, 97 00:04:18,160 --> 00:04:21,080 Speaker 2: we need to not only have the negotiation. It's going 98 00:04:21,120 --> 00:04:23,840 Speaker 2: to pass the House and then pass the Senate and 99 00:04:23,880 --> 00:04:25,600 Speaker 2: then get signed by the President. 100 00:04:25,839 --> 00:04:26,600 Speaker 3: What are we going to do? 101 00:04:26,680 --> 00:04:29,520 Speaker 1: I think the President has played this extremely poorly. Yes, 102 00:04:29,880 --> 00:04:31,920 Speaker 1: if you say you're not going to negotiate, then don't 103 00:04:31,960 --> 00:04:33,840 Speaker 1: negotiate with terrorists, I mean, and that's what they are. 104 00:04:33,880 --> 00:04:36,280 Speaker 1: Holding the economy hostage at a time that things are 105 00:04:36,360 --> 00:04:38,559 Speaker 1: very precarious. I mean, we just literally had the largest 106 00:04:38,560 --> 00:04:41,599 Speaker 1: bank failure, second largest bank failure in history. When you 107 00:04:41,640 --> 00:04:44,360 Speaker 1: add together these three bank failures that we've had in 108 00:04:44,400 --> 00:04:47,839 Speaker 1: a very short period of time, is actually larger by 109 00:04:48,080 --> 00:04:50,720 Speaker 1: dollar amount than what we had in two thousand and eight. 110 00:04:50,920 --> 00:04:53,440 Speaker 1: So that's just to underscore the procarity. 111 00:04:52,960 --> 00:04:53,760 Speaker 4: Of the economy. 112 00:04:54,080 --> 00:04:56,640 Speaker 1: As the FED continues raising interest rates and you want 113 00:04:56,640 --> 00:04:59,279 Speaker 1: to play games with the stats dealing. This is where 114 00:04:59,320 --> 00:05:03,279 Speaker 1: the fact that Biden is this like norm abiding institutionalist 115 00:05:03,360 --> 00:05:07,440 Speaker 1: becomes a disaster, becomes a potential global disaster, becomes a 116 00:05:07,480 --> 00:05:10,240 Speaker 1: disaster for regular people, becomes a disaster for the economy. 117 00:05:10,440 --> 00:05:13,000 Speaker 1: He shouldn't negotiate, He should stick to his guns. He 118 00:05:13,040 --> 00:05:15,160 Speaker 1: should take one of the extraordinary measures. He at least 119 00:05:15,160 --> 00:05:17,200 Speaker 1: should not take those off the table, because that's the 120 00:05:17,240 --> 00:05:20,280 Speaker 1: only thing he has to put pressure on the Republicans 121 00:05:20,320 --> 00:05:23,240 Speaker 1: who are taking, in my opinion, in an unconscionable position here. 122 00:05:23,680 --> 00:05:26,160 Speaker 1: And so you know, I think he blinked. I think 123 00:05:26,200 --> 00:05:28,440 Speaker 1: it shows incredible weakness. And I also think it's part 124 00:05:28,480 --> 00:05:32,080 Speaker 1: and parcel with the fact that with Ron playing out 125 00:05:32,080 --> 00:05:35,280 Speaker 1: as chief of staff and with Jeff resigns in, Biden 126 00:05:35,320 --> 00:05:38,320 Speaker 1: has made this very clear like pivot towards the center 127 00:05:38,480 --> 00:05:40,760 Speaker 1: or towards the right. I would say that this is, 128 00:05:40,880 --> 00:05:43,200 Speaker 1: you know, part of that, the idea that we're going 129 00:05:43,240 --> 00:05:45,000 Speaker 1: back to the Obama days and we're going to have 130 00:05:45,040 --> 00:05:49,200 Speaker 1: some kind of grand bargain or sequestration or whatever. I 131 00:05:49,240 --> 00:05:51,520 Speaker 1: just think it's incredibly weak and that he's really mishandled it. 132 00:05:51,600 --> 00:05:53,440 Speaker 3: I think it is mishandled it. In two ways. 133 00:05:53,440 --> 00:05:55,039 Speaker 2: As you said, you know, you're either going to do 134 00:05:55,080 --> 00:05:57,400 Speaker 2: the extraordinary measures to say screw you, or you should 135 00:05:57,440 --> 00:05:59,360 Speaker 2: have been negotiated now for months and not even let 136 00:05:59,360 --> 00:06:01,839 Speaker 2: the turmoil happened. But we're almost trying to have it 137 00:06:01,880 --> 00:06:04,880 Speaker 2: both ways by trying to appear tough but then also buckling. 138 00:06:05,040 --> 00:06:07,320 Speaker 2: So it's like, dude, you got to choose one. You 139 00:06:07,320 --> 00:06:10,400 Speaker 2: know which way are we going down here? So look, well, 140 00:06:10,400 --> 00:06:13,000 Speaker 2: all see, we'll keep you guys updated. It matters for 141 00:06:13,160 --> 00:06:17,840 Speaker 2: all of us, our the US economy, stock portfolios and 142 00:06:18,040 --> 00:06:19,840 Speaker 2: all of that, so make sure that you keep that 143 00:06:20,200 --> 00:06:21,960 Speaker 2: in mind. And we just wanted to give everybody a 144 00:06:22,000 --> 00:06:25,000 Speaker 2: quick update on what, unbelievably is the biggest news. Also, 145 00:06:25,360 --> 00:06:27,159 Speaker 2: we did want to say to all of you, thank 146 00:06:27,160 --> 00:06:28,839 Speaker 2: you all so much to those of you who have 147 00:06:28,880 --> 00:06:31,400 Speaker 2: been signing up for premium memberships who've been helping us 148 00:06:31,400 --> 00:06:34,400 Speaker 2: out as we are building the new studio. We showed 149 00:06:34,400 --> 00:06:37,760 Speaker 2: everybody the lights there. I did receive some troubling news Crystal. 150 00:06:37,920 --> 00:06:40,560 Speaker 2: The monthly members feel as if they're being left out. 151 00:06:40,640 --> 00:06:43,520 Speaker 2: So let's all be very clear. We love the monthlies. 152 00:06:43,560 --> 00:06:46,520 Speaker 2: We have no favorites. We were only shouting out Yearly 153 00:06:46,560 --> 00:06:49,280 Speaker 2: and lintime because that helps. 154 00:06:49,680 --> 00:06:52,920 Speaker 3: That helps in terms of cash flow realizing at this moment. 155 00:06:52,960 --> 00:06:55,640 Speaker 2: But the idea that we don't love and appreciate you 156 00:06:56,200 --> 00:06:57,080 Speaker 2: is ridiculous. 157 00:06:57,480 --> 00:06:58,279 Speaker 3: Yes, exactly. 158 00:06:58,360 --> 00:07:00,400 Speaker 1: I also want to say, for people who can who 159 00:07:00,480 --> 00:07:02,240 Speaker 1: aren't in a position where they can sign up as 160 00:07:02,279 --> 00:07:06,560 Speaker 1: premium subscribers, Kyle's million sub black arrived from YouTube and 161 00:07:06,640 --> 00:07:09,320 Speaker 1: I am a little bit jealous. It's really nice. And guys, 162 00:07:09,400 --> 00:07:11,800 Speaker 1: we're getting kind of close. We're like nine point fifty 163 00:07:11,960 --> 00:07:14,560 Speaker 1: this morning. We're getting we're starting a knock on the door. 164 00:07:14,720 --> 00:07:18,120 Speaker 1: So if you're not able to do the premium membership, 165 00:07:18,200 --> 00:07:21,320 Speaker 1: totally get it. 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And of course, you know, 177 00:07:45,960 --> 00:07:47,520 Speaker 2: if you can't sign up, if or times are tough 178 00:07:47,560 --> 00:07:50,200 Speaker 2: or whatever, watch the video, listen on Spotify, share it 179 00:07:50,200 --> 00:07:52,480 Speaker 2: with a friend or something. It actually really helps us 180 00:07:52,520 --> 00:07:54,920 Speaker 2: out for everybody else though, who can't help us out 181 00:07:54,920 --> 00:07:59,240 Speaker 2: Breakingpoints dot Com monthly, yearly, lifetime, whichever you prefer. I 182 00:07:59,400 --> 00:08:01,360 Speaker 2: also forgot to say yesterday, we do have a donation 183 00:08:01,400 --> 00:08:04,000 Speaker 2: button on the website if that's something that you prefer, 184 00:08:04,080 --> 00:08:06,080 Speaker 2: although we would of course love to have you as 185 00:08:06,120 --> 00:08:08,560 Speaker 2: a premium member just so you can get all the benefits. 186 00:08:08,600 --> 00:08:10,520 Speaker 2: But keep all of that in mind, and just know, 187 00:08:10,880 --> 00:08:13,840 Speaker 2: to all of you and to all of the existing monthly, yearly, 188 00:08:13,880 --> 00:08:16,840 Speaker 2: in lifetime members, we love you very, very dearly, especially 189 00:08:16,920 --> 00:08:19,120 Speaker 2: to those who can help us in this time, just 190 00:08:19,120 --> 00:08:21,680 Speaker 2: because you guys, we're on a ride together, and I 191 00:08:21,680 --> 00:08:25,000 Speaker 2: think it's really cool, especially in the context of BuzzFeed 192 00:08:25,080 --> 00:08:27,640 Speaker 2: is dead, five point thirty eight is dead, now Vice 193 00:08:27,800 --> 00:08:30,160 Speaker 2: is going bankrupt, I mean, which is insane. 194 00:08:30,200 --> 00:08:31,760 Speaker 3: I don't think I would be sitting at this. 195 00:08:31,720 --> 00:08:34,520 Speaker 2: Desk if it wasn't for Shane Smith's Vice Guide to 196 00:08:34,600 --> 00:08:36,920 Speaker 2: North Korea. And you know, we're going to avoid all 197 00:08:36,920 --> 00:08:39,480 Speaker 2: the mistakes that they made over there. 198 00:08:39,440 --> 00:08:42,080 Speaker 1: Kind of learn from the pitfalls of the past, for sure, 199 00:08:42,160 --> 00:08:44,640 Speaker 1: But I mean it does create a real you know, 200 00:08:44,679 --> 00:08:46,880 Speaker 1: you don't cheer for anyone, certainly to lose their job, 201 00:08:46,960 --> 00:08:49,160 Speaker 1: but it does show you there's a real opening in 202 00:08:49,200 --> 00:08:52,280 Speaker 1: the media landscape and a real void to be filled 203 00:08:52,400 --> 00:08:54,719 Speaker 1: at a moment when you know we're heading into yet 204 00:08:54,760 --> 00:08:58,440 Speaker 1: another critical presidential election where a lot of people who 205 00:08:58,520 --> 00:09:01,440 Speaker 1: maybe aren't normal political consumers are starting to dip their 206 00:09:01,480 --> 00:09:03,600 Speaker 1: toe in the water, starting to think about, Okay, what 207 00:09:03,640 --> 00:09:04,959 Speaker 1: do I think about these issues? 208 00:09:05,000 --> 00:09:05,520 Speaker 4: Where do I. 209 00:09:05,520 --> 00:09:08,400 Speaker 1: Stand with regards to the selection, And we would love 210 00:09:08,480 --> 00:09:10,800 Speaker 1: to have a setup where we can welcome them and 211 00:09:10,800 --> 00:09:12,960 Speaker 1: they feel like it's the level of professionalism that they 212 00:09:12,960 --> 00:09:14,040 Speaker 1: could get another place. 213 00:09:13,840 --> 00:09:15,120 Speaker 3: Exactly exactly right. 214 00:09:15,160 --> 00:09:17,160 Speaker 2: And we are also very happy to be able to 215 00:09:17,200 --> 00:09:18,880 Speaker 2: just take what one or two minutes out of our 216 00:09:18,920 --> 00:09:19,360 Speaker 2: day here. 217 00:09:19,760 --> 00:09:21,560 Speaker 3: Rather than have the new studio brought to you by 218 00:09:21,600 --> 00:09:22,280 Speaker 3: Pfizer or. 219 00:09:22,200 --> 00:09:27,120 Speaker 2: Any brought to you by First Mutual Bank, First Republic Bank. 220 00:09:27,880 --> 00:09:29,960 Speaker 1: Everything would be brought to you by Chase at this point, 221 00:09:29,960 --> 00:09:31,479 Speaker 1: since they own the entire world. 222 00:09:31,200 --> 00:09:35,079 Speaker 2: Brought to you by Chase, the Landscaped Chase Studio or 223 00:09:35,240 --> 00:09:38,120 Speaker 2: it could be the Breaking Points Studio entirely funded by 224 00:09:38,160 --> 00:09:38,480 Speaker 2: all of you. 225 00:09:38,559 --> 00:09:40,319 Speaker 3: So we love you and we thank you all very much. 226 00:09:40,400 --> 00:09:43,839 Speaker 2: Let's get to the news here on artificial intelligence, absolutely 227 00:09:43,920 --> 00:09:47,640 Speaker 2: extraordinary development yesterday. Let's put this up there on the screen, 228 00:09:47,960 --> 00:09:52,600 Speaker 2: The quote unquote godfather of AI has left Google and 229 00:09:52,720 --> 00:09:55,800 Speaker 2: is now warning of dangers ahead. The so called godfather 230 00:09:55,840 --> 00:09:59,640 Speaker 2: of AI's name is Jeffrey Hinton. He's actually a scientist 231 00:10:00,080 --> 00:10:03,320 Speaker 2: in his seventies who has been working in the AI. 232 00:10:02,960 --> 00:10:04,720 Speaker 3: Field since the nineteen seventies. 233 00:10:04,800 --> 00:10:08,240 Speaker 2: Crystal his company, was actually bought by and acquired by 234 00:10:08,240 --> 00:10:11,640 Speaker 2: Google in twenty twelve, and he's been at the forefront 235 00:10:11,720 --> 00:10:15,120 Speaker 2: of AI development now for decades. He actually won the 236 00:10:15,240 --> 00:10:18,200 Speaker 2: Turing Award along with some colleagues. 237 00:10:17,760 --> 00:10:19,880 Speaker 3: And has which is basically. 238 00:10:19,520 --> 00:10:24,280 Speaker 2: Considered the Nobel Prize of computing. Now, within that, what 239 00:10:24,559 --> 00:10:28,800 Speaker 2: is doctor Hinton saying. Doctor Hinton is warning that bad 240 00:10:28,880 --> 00:10:33,800 Speaker 2: actors could use AI to supplant humanity. Possibly, he is 241 00:10:33,840 --> 00:10:38,040 Speaker 2: warning that the previous idea, which he thought was far fetched, 242 00:10:38,040 --> 00:10:40,839 Speaker 2: which is that AI could at one point match human 243 00:10:40,880 --> 00:10:43,920 Speaker 2: intelligence and even go beyond, is much closer than is 244 00:10:43,960 --> 00:10:47,840 Speaker 2: previously known. He quit Google specifically because he wanted the 245 00:10:47,880 --> 00:10:50,440 Speaker 2: ability to speak out not just against the company, but 246 00:10:50,559 --> 00:10:54,280 Speaker 2: against AI development and call for better regulation around it. 247 00:10:54,880 --> 00:10:58,280 Speaker 2: But really what opened my eyes was he sees this 248 00:10:58,400 --> 00:11:01,600 Speaker 2: as a race to the bottom because he believed while 249 00:11:01,600 --> 00:11:03,959 Speaker 2: working at Google that they were taking their best steps 250 00:11:04,080 --> 00:11:07,480 Speaker 2: to responsibly develop this products. But then what changed everything 251 00:11:07,880 --> 00:11:12,640 Speaker 2: Microsoft's partnership with open Ai and the integration of chat 252 00:11:12,760 --> 00:11:16,680 Speaker 2: GPT into the bing search system. That has lit a 253 00:11:16,800 --> 00:11:20,120 Speaker 2: fire inside of Google for the first competition really that 254 00:11:20,160 --> 00:11:22,760 Speaker 2: they have faced in what decades, you know, in the 255 00:11:22,800 --> 00:11:25,240 Speaker 2: history of the entire company BA basically ever since they've 256 00:11:25,600 --> 00:11:28,640 Speaker 2: created AdWords, they've been printed money over there, and they've 257 00:11:28,679 --> 00:11:32,160 Speaker 2: always enjoyed basically a monopoly on search. For the very 258 00:11:32,200 --> 00:11:35,160 Speaker 2: first time, they believe that they have an existential threat 259 00:11:35,200 --> 00:11:37,760 Speaker 2: to their business, which means they are much more likely 260 00:11:37,800 --> 00:11:41,160 Speaker 2: to discard any safeguards that they might have in place 261 00:11:41,440 --> 00:11:45,760 Speaker 2: and go forward and developing technology which can't you can't 262 00:11:45,800 --> 00:11:49,480 Speaker 2: take it away. Once you go forward, it's in the system, 263 00:11:49,520 --> 00:11:51,679 Speaker 2: and it's out in the in the sphere, and then 264 00:11:51,760 --> 00:11:54,559 Speaker 2: other countries could use it. He's also especially concerned Crystal 265 00:11:54,760 --> 00:11:58,480 Speaker 2: about the use of AI robots in combat, something that 266 00:11:58,520 --> 00:11:59,920 Speaker 2: he currently sees is inevitable. 267 00:12:00,360 --> 00:12:00,600 Speaker 4: Yeah. 268 00:12:00,600 --> 00:12:03,360 Speaker 1: In fact, he's spent his career avoiding He actually took 269 00:12:03,400 --> 00:12:05,400 Speaker 1: you went and worked in Canada for a part of 270 00:12:05,480 --> 00:12:08,079 Speaker 1: his career because he wanted to avoid taking any Pentagon 271 00:12:08,360 --> 00:12:11,160 Speaker 1: funding for AI, because he's very opposed to these systems 272 00:12:11,200 --> 00:12:13,480 Speaker 1: being used on the battlefield, Which shows you this is 273 00:12:13,559 --> 00:12:16,400 Speaker 1: I think a principled person Number one. Number two, I 274 00:12:16,480 --> 00:12:18,880 Speaker 1: really recommend people read through not just this one, but 275 00:12:18,880 --> 00:12:21,560 Speaker 1: we're going to highlight a few warnings from other people 276 00:12:21,559 --> 00:12:27,440 Speaker 1: who are serious, thoughtful experts in the subject. And even 277 00:12:27,600 --> 00:12:30,760 Speaker 1: if you think what doctor Hinton is saying and what 278 00:12:30,760 --> 00:12:34,400 Speaker 1: some of the others are saying is overwrought, if there 279 00:12:34,480 --> 00:12:37,000 Speaker 1: is a one percent chance that they are correct, we 280 00:12:37,120 --> 00:12:39,840 Speaker 1: have to take dramatic action. I mean, some of these 281 00:12:39,960 --> 00:12:43,119 Speaker 1: experts are warning this could literally be the end of humanity. 282 00:12:43,520 --> 00:12:46,520 Speaker 4: Now, is that like guaranteed? 283 00:12:46,720 --> 00:12:49,360 Speaker 1: No, do I have any way really of assessing whether 284 00:12:49,400 --> 00:12:51,880 Speaker 1: that's overwrought or not. I don't know if there's even 285 00:12:52,000 --> 00:12:54,959 Speaker 1: a one peron there's even one point one percent chance 286 00:12:55,320 --> 00:12:58,520 Speaker 1: that they're correct, we should be taking dramatic action. So 287 00:12:58,600 --> 00:13:01,560 Speaker 1: that's the frame with in which I'm you know, viewing 288 00:13:01,679 --> 00:13:05,200 Speaker 1: all of these comments and all of this analysis me 289 00:13:05,280 --> 00:13:07,520 Speaker 1: read you a few of his words just to give 290 00:13:07,559 --> 00:13:09,960 Speaker 1: you a sense of him and what he's arguing. Specifically, 291 00:13:10,400 --> 00:13:13,360 Speaker 1: he says that he consoles himself for his involvement in 292 00:13:13,400 --> 00:13:17,040 Speaker 1: developing this AI, with the normal excuse if I hadn't 293 00:13:17,080 --> 00:13:19,920 Speaker 1: done it, somebody else would have. It is hard to 294 00:13:19,920 --> 00:13:22,680 Speaker 1: see how you can prevent the bad actors from using 295 00:13:22,760 --> 00:13:26,480 Speaker 1: it for bad things. Maybe what's going on in these systems, 296 00:13:26,480 --> 00:13:29,000 Speaker 1: he goes on to say, is actually better than what 297 00:13:29,200 --> 00:13:30,880 Speaker 1: is going on in the brain. The idea that this 298 00:13:30,920 --> 00:13:33,760 Speaker 1: stuff could get smarter than people. A few people believe that, 299 00:13:34,040 --> 00:13:36,360 Speaker 1: but most people thought it was way off. I thought 300 00:13:36,360 --> 00:13:38,280 Speaker 1: it was way off. I thought it was thirty to 301 00:13:38,360 --> 00:13:42,200 Speaker 1: fifty years or even longer away. Obviously I no longer 302 00:13:42,280 --> 00:13:44,920 Speaker 1: think that. He compares the development of the say to 303 00:13:44,920 --> 00:13:47,840 Speaker 1: basically a nuclear arms race and says it should be 304 00:13:47,840 --> 00:13:49,760 Speaker 1: handled in at least as a gross of a manner, 305 00:13:50,080 --> 00:13:52,520 Speaker 1: but also points out that it's actually more difficult to 306 00:13:52,520 --> 00:13:55,040 Speaker 1: deal with than that, because you know, there are telltale 307 00:13:55,040 --> 00:13:57,920 Speaker 1: signs when country like you know, North Korea or on whoever, 308 00:13:58,280 --> 00:14:02,400 Speaker 1: is developing a nuclear there are ways for us to see. 309 00:14:02,440 --> 00:14:05,280 Speaker 1: This would be a lot easier to hide. So even 310 00:14:05,320 --> 00:14:08,520 Speaker 1: if you have some sort of a global agreement to 311 00:14:08,640 --> 00:14:11,480 Speaker 1: shut down the development of the AI until we can 312 00:14:12,160 --> 00:14:14,680 Speaker 1: wrap our hands around it, at the very least to 313 00:14:14,760 --> 00:14:16,079 Speaker 1: be able to police that would be. 314 00:14:16,000 --> 00:14:18,160 Speaker 4: Extraordinarily, extraordinarily difficult. 315 00:14:18,200 --> 00:14:21,160 Speaker 1: They say, Unlike with nuclear weapons, there's no way of 316 00:14:21,160 --> 00:14:23,680 Speaker 1: knowing whether companies or countries are working on the technology 317 00:14:23,680 --> 00:14:26,640 Speaker 1: and secret. The best hope is the world's leading scientists 318 00:14:26,680 --> 00:14:29,880 Speaker 1: to collaborate on ways of controlling the technology. He goes 319 00:14:29,920 --> 00:14:31,560 Speaker 1: on to say, I don't think they should scale this 320 00:14:31,720 --> 00:14:35,120 Speaker 1: up more until they have understood whether they can control it. 321 00:14:35,600 --> 00:14:37,840 Speaker 1: And that's one of the key pieces here is with 322 00:14:37,960 --> 00:14:42,280 Speaker 1: these large language models, even the people who you know 323 00:14:42,320 --> 00:14:46,640 Speaker 1: are developing the technology don't really fully understand what's going 324 00:14:46,680 --> 00:14:49,080 Speaker 1: on under the hood, because you sort of turn this 325 00:14:49,160 --> 00:14:52,840 Speaker 1: thing loose and feed it all of this information from 326 00:14:53,000 --> 00:14:55,840 Speaker 1: you know, the web and other sources, and then you 327 00:14:55,960 --> 00:14:57,800 Speaker 1: let it go and do its thing. And so that's 328 00:14:57,800 --> 00:15:01,000 Speaker 1: why you end up with Sydney, the the big chatbot, 329 00:15:01,360 --> 00:15:05,040 Speaker 1: sort of go and rogue and professing her quote unquote 330 00:15:05,080 --> 00:15:07,320 Speaker 1: love to Kevin Russ, this New York Times reporter. 331 00:15:07,560 --> 00:15:08,120 Speaker 4: These are not. 332 00:15:08,320 --> 00:15:13,040 Speaker 1: Behaviors that the people who designed this AI expected Sydney 333 00:15:13,320 --> 00:15:16,440 Speaker 1: to engage in. So it just shows you that even 334 00:15:16,520 --> 00:15:19,120 Speaker 1: the people who are the experts in the field, who 335 00:15:19,160 --> 00:15:23,000 Speaker 1: are developing the technology right now, even they don't really 336 00:15:23,160 --> 00:15:26,520 Speaker 1: know what's going on under the surface and what sort 337 00:15:26,520 --> 00:15:28,800 Speaker 1: of results it could ultimately lead to. 338 00:15:28,960 --> 00:15:31,000 Speaker 2: Yeah, I think that's a really important point. And it's 339 00:15:31,040 --> 00:15:34,080 Speaker 2: also there are several canaries in the coal mine who 340 00:15:34,160 --> 00:15:36,520 Speaker 2: now look a lot better and were treated than at 341 00:15:36,520 --> 00:15:38,480 Speaker 2: the time. One of them is Blake Lemoyn. Let's put 342 00:15:38,520 --> 00:15:41,160 Speaker 2: this up there on the screen. He's that former Google 343 00:15:41,240 --> 00:15:45,120 Speaker 2: engineer who actually went viral about a year ago whenever 344 00:15:45,160 --> 00:15:47,600 Speaker 2: he went on the record with the Washington Post to 345 00:15:47,760 --> 00:15:50,920 Speaker 2: warn that Google's language system had come to life and 346 00:15:50,960 --> 00:15:51,720 Speaker 2: achieved sentience. 347 00:15:51,760 --> 00:15:53,680 Speaker 3: He was actually widely mocked at. 348 00:15:53,520 --> 00:15:55,200 Speaker 2: The time, not going to deny, and definitely has some 349 00:15:55,240 --> 00:15:58,720 Speaker 2: interesting personal beliefs religious but hey, it's a free country. 350 00:15:58,960 --> 00:16:00,840 Speaker 2: And one of the things that that he says is 351 00:16:00,920 --> 00:16:04,040 Speaker 2: he worked on you know, so called AI ethics. He's 352 00:16:04,080 --> 00:16:07,560 Speaker 2: a long time engineer, and he was absolutely convinced that 353 00:16:07,680 --> 00:16:11,120 Speaker 2: sentience and some sort of feeling had been achieved by 354 00:16:11,160 --> 00:16:14,000 Speaker 2: the system and that it was being hidden by Google. 355 00:16:14,120 --> 00:16:16,560 Speaker 3: And now here's the thing. At the time, everybody thought 356 00:16:16,600 --> 00:16:17,160 Speaker 3: he was kind. 357 00:16:17,000 --> 00:16:19,440 Speaker 2: Of crazy, as I said, alluding to his own personal 358 00:16:19,480 --> 00:16:22,200 Speaker 2: religious issues. But the point is that now if the 359 00:16:22,360 --> 00:16:26,640 Speaker 2: so called godfather of Ai, the Nobel Prize winning in computing, 360 00:16:27,040 --> 00:16:29,480 Speaker 2: a decades long Google employee in one of the heads 361 00:16:29,520 --> 00:16:32,800 Speaker 2: of the program, is now coming out and vindicating at 362 00:16:32,920 --> 00:16:36,560 Speaker 2: least somewhat what Blake Lemoinne was saying in that article, 363 00:16:36,640 --> 00:16:38,920 Speaker 2: I think we had to take it a lot more seriously, Crystal. 364 00:16:39,080 --> 00:16:42,480 Speaker 1: Yeah, and you know, gets into these technical discussions about Okay, 365 00:16:42,640 --> 00:16:45,800 Speaker 1: what is sentience technically and how would you test it? 366 00:16:45,840 --> 00:16:48,480 Speaker 1: I mean the old test used to be could you 367 00:16:48,520 --> 00:16:50,320 Speaker 1: have a conversation with this thing and not know that 368 00:16:50,360 --> 00:16:53,600 Speaker 1: it wasn't human? Well, you know, we've clearly like we've 369 00:16:53,600 --> 00:16:57,320 Speaker 1: flown by that. And he argues that in a sense, 370 00:16:57,760 --> 00:17:00,880 Speaker 1: the question of sentience is kind of a distract because 371 00:17:01,000 --> 00:17:04,280 Speaker 1: whether or not it has self awareness may not be 372 00:17:04,359 --> 00:17:07,040 Speaker 1: the most relevant question in terms of what it means 373 00:17:07,040 --> 00:17:08,960 Speaker 1: for humanity and what it means for the world and 374 00:17:09,000 --> 00:17:11,879 Speaker 1: how it behaves in the world. So he says, I 375 00:17:11,880 --> 00:17:13,880 Speaker 1: don't like playing those word games with regards to whether 376 00:17:13,960 --> 00:17:15,720 Speaker 1: or not it's sentient, But if it makes some people 377 00:17:15,800 --> 00:17:18,600 Speaker 1: feel better, use the right vocabulary. Okay, fine, whatever flows 378 00:17:18,640 --> 00:17:20,760 Speaker 1: your vote. What it comes down to is that we 379 00:17:20,800 --> 00:17:25,440 Speaker 1: aren't spending enough time on transparency or model understandability. I'm 380 00:17:25,480 --> 00:17:28,199 Speaker 1: of the opinion that we could be using the scientific 381 00:17:28,280 --> 00:17:31,400 Speaker 1: investigative tools that psychology has come up with to understand 382 00:17:31,480 --> 00:17:35,080 Speaker 1: human cognition, both to understand existing AI systems and to 383 00:17:35,240 --> 00:17:39,679 Speaker 1: develop ones that are more easily controllable and understandable. That 384 00:17:39,680 --> 00:17:41,960 Speaker 1: gets to what I was saying before about how even 385 00:17:42,000 --> 00:17:45,040 Speaker 1: the people that are developing these things don't really understand 386 00:17:45,119 --> 00:17:48,359 Speaker 1: what's going on underneath the hood and what sort of 387 00:17:48,440 --> 00:17:52,919 Speaker 1: results that will end up with the AI achieving. He 388 00:17:53,040 --> 00:17:55,040 Speaker 1: also talks about the fact, and I think this is 389 00:17:55,080 --> 00:17:59,320 Speaker 1: really important that what we have seen as a public 390 00:17:59,800 --> 00:18:02,159 Speaker 1: that is not the furthest bleeding edge of where this 391 00:18:02,240 --> 00:18:05,080 Speaker 1: technology is. So he says, by this time the public 392 00:18:05,160 --> 00:18:07,919 Speaker 1: learns about an AI product, the companies who built it, 393 00:18:07,960 --> 00:18:10,520 Speaker 1: they've vetted their pr story, they've consulted with their lawyers, 394 00:18:10,640 --> 00:18:15,160 Speaker 1: they've potentially lobbied regulators to get preferential legislation passed. Says 395 00:18:15,160 --> 00:18:17,280 Speaker 1: that's one of the things I always dislike. Tech companies 396 00:18:17,320 --> 00:18:19,800 Speaker 1: will try to get legislation paths that will govern technology 397 00:18:20,040 --> 00:18:23,600 Speaker 1: that regulators do not yet know even exist. So that's 398 00:18:23,600 --> 00:18:25,960 Speaker 1: the game that they're playing in Washington. He goes on 399 00:18:26,000 --> 00:18:28,720 Speaker 1: to say, they still have far more advanced tech that 400 00:18:28,800 --> 00:18:32,040 Speaker 1: they have not made publicly available. The system he was 401 00:18:32,080 --> 00:18:34,240 Speaker 1: playing with when he came to the conclusion this thing 402 00:18:34,280 --> 00:18:38,240 Speaker 1: has some sort of sentient awareness. He describes it as 403 00:18:38,400 --> 00:18:43,639 Speaker 1: heavily multimodal, not just incorporating images, but incorporating sounds, giving 404 00:18:43,680 --> 00:18:46,679 Speaker 1: it access to the Google Books API that stands for 405 00:18:46,680 --> 00:18:50,520 Speaker 1: Application Programming Index, giving it access to essentially every API 406 00:18:50,640 --> 00:18:53,119 Speaker 1: back and the Google had, and allowing it to just 407 00:18:53,200 --> 00:18:55,639 Speaker 1: gain an understanding of it all. That's the one that 408 00:18:55,720 --> 00:18:58,080 Speaker 1: I was like, you know, this thing, this thing's awake, 409 00:18:58,200 --> 00:18:58,920 Speaker 1: and they haven't. 410 00:18:58,720 --> 00:18:59,960 Speaker 4: Let the public play with that one. 411 00:19:00,520 --> 00:19:03,440 Speaker 1: But Barred, which is the Google AI, is kind of 412 00:19:03,440 --> 00:19:05,600 Speaker 1: a simplified version of that. So it still has a 413 00:19:05,640 --> 00:19:08,479 Speaker 1: lot of the kind of liveliness of that model. So 414 00:19:09,480 --> 00:19:12,479 Speaker 1: as much as what we've seen publicly is sort of 415 00:19:12,480 --> 00:19:16,119 Speaker 1: mind blowing and a little bit terrifying, what these companies 416 00:19:16,359 --> 00:19:18,960 Speaker 1: have that they haven't turned loose to the public is, 417 00:19:19,400 --> 00:19:24,640 Speaker 1: you know, orders of magnitude more advanced. So what's going 418 00:19:24,680 --> 00:19:27,640 Speaker 1: on there? You know, what's going on underneath the hood there? 419 00:19:27,640 --> 00:19:29,680 Speaker 1: What are the implications of that. I don't think there's 420 00:19:29,680 --> 00:19:31,800 Speaker 1: a person on the planet who can really say with certainty. 421 00:19:31,880 --> 00:19:35,080 Speaker 2: Yeah, I think you're absolutely correct. There's another important point. 422 00:19:35,080 --> 00:19:36,800 Speaker 2: It's kind of like with computers, by the time it's 423 00:19:36,800 --> 00:19:39,639 Speaker 2: off the assembly line, it's completely obsolete relative to what 424 00:19:39,680 --> 00:19:42,280 Speaker 2: they're developing. And let's say Apple Labs or inside of 425 00:19:42,320 --> 00:19:45,360 Speaker 2: Microsoft or any of these other places, it's probably two 426 00:19:45,400 --> 00:19:47,720 Speaker 2: to three years out of date. That's the case with 427 00:19:47,800 --> 00:19:52,119 Speaker 2: any mass consumable technology, and especially in the realm of software, 428 00:19:52,280 --> 00:19:57,439 Speaker 2: what is completely experimental versus what is being shipped is huge, 429 00:19:57,680 --> 00:20:01,080 Speaker 2: like massively apart. And anyway, I think we should really 430 00:20:01,160 --> 00:20:03,720 Speaker 2: heed his words, the godfather of AI, and I think 431 00:20:03,760 --> 00:20:06,000 Speaker 2: this is you know, this world remain one of the 432 00:20:06,040 --> 00:20:09,719 Speaker 2: biggest stories in the world now. Also in terms of politics, 433 00:20:09,800 --> 00:20:14,000 Speaker 2: it has already come into the political system. You know, 434 00:20:14,000 --> 00:20:17,520 Speaker 2: a lot of people didn't notice, but the GOP's Republican 435 00:20:17,560 --> 00:20:22,959 Speaker 2: response to President Biden's reelection was actually done with AI 436 00:20:23,440 --> 00:20:26,160 Speaker 2: generated images, and we have. 437 00:20:26,160 --> 00:20:28,159 Speaker 3: Some of that we can play for you. Let's take 438 00:20:28,200 --> 00:20:29,520 Speaker 3: a listen this just. 439 00:20:29,520 --> 00:20:32,600 Speaker 2: In we can now call the twenty twenty four presidential 440 00:20:32,680 --> 00:20:33,960 Speaker 2: race for Joe Biden. 441 00:20:34,080 --> 00:20:41,080 Speaker 1: Montro this morning and in Bolton, China invades Taiwan. 442 00:20:41,960 --> 00:20:44,919 Speaker 2: Financial markets are in free fall as five hundred regional 443 00:20:44,960 --> 00:20:48,080 Speaker 2: banks have shuttered their doors. Border agents were overrun by 444 00:20:48,080 --> 00:20:51,320 Speaker 2: a surge of eighty thousand illegals yesterday. Evening Shells closed 445 00:20:51,320 --> 00:20:54,280 Speaker 2: the city of San Francisco this morning, signing the escalating 446 00:20:54,359 --> 00:20:56,080 Speaker 2: crime and fentonal crisis. 447 00:20:56,720 --> 00:20:57,600 Speaker 5: Who's in charge? 448 00:20:57,640 --> 00:20:57,720 Speaker 4: You? 449 00:20:57,880 --> 00:20:59,960 Speaker 2: It feels like the train is coming off the trend. 450 00:21:01,200 --> 00:21:03,679 Speaker 2: So that was an AI generated ad. Let's go and 451 00:21:03,680 --> 00:21:05,720 Speaker 2: put this up there on the screen, guys. These were 452 00:21:05,760 --> 00:21:09,640 Speaker 2: AI created images that showed Biden and Kamala Harris celebrating 453 00:21:09,680 --> 00:21:13,600 Speaker 2: at the election day party reports about international domestic crises. 454 00:21:13,920 --> 00:21:17,920 Speaker 2: These images were actually used through both I think either 455 00:21:18,000 --> 00:21:21,440 Speaker 2: mid Journey or Dolly two. Now, these are obviously things 456 00:21:21,480 --> 00:21:24,600 Speaker 2: that we have seen be used in the creative system. 457 00:21:24,680 --> 00:21:27,040 Speaker 2: But this is the thing about this type of technology. 458 00:21:27,080 --> 00:21:30,399 Speaker 2: Anybody can use it, and it was done exactly so 459 00:21:30,440 --> 00:21:33,800 Speaker 2: that they could have a rapid response ad almost immediately 460 00:21:34,160 --> 00:21:34,840 Speaker 2: after it was. 461 00:21:34,800 --> 00:21:37,880 Speaker 3: Done, and like who can deny? Look like those? 462 00:21:38,359 --> 00:21:41,320 Speaker 2: It was quicker than photoshop and you know, put the 463 00:21:41,359 --> 00:21:44,680 Speaker 2: merits or whatever of the ad aside. It makes it 464 00:21:44,800 --> 00:21:47,439 Speaker 2: come to life more when you have that type of 465 00:21:47,440 --> 00:21:50,080 Speaker 2: imagery that you can look at and that you connect 466 00:21:50,119 --> 00:21:53,600 Speaker 2: with and that you can bring into like into reality 467 00:21:53,720 --> 00:21:56,760 Speaker 2: more rather than just a photoshopped image or a past 468 00:21:56,800 --> 00:21:58,600 Speaker 2: getty image that somebody is usually using. 469 00:21:58,680 --> 00:22:01,400 Speaker 1: And this technology to me seems to have really developed quickly, 470 00:22:01,440 --> 00:22:03,359 Speaker 1: I mean from when we were first playing with Dolly 471 00:22:03,480 --> 00:22:06,560 Speaker 1: and then you get these like weird images like healthscape 472 00:22:06,600 --> 00:22:09,840 Speaker 1: dystopian images that you could tell right away were you know, 473 00:22:10,000 --> 00:22:14,200 Speaker 1: created by AI. These If you pause the video you 474 00:22:14,280 --> 00:22:16,480 Speaker 1: can see some of those telltale signs. I saw people 475 00:22:16,480 --> 00:22:19,359 Speaker 1: pointing out like one of AI has some trouble with 476 00:22:19,480 --> 00:22:22,840 Speaker 1: human hands, in particular in that first scene. I think 477 00:22:22,880 --> 00:22:24,880 Speaker 1: it's Biden at like the inauguration, where you can tell 478 00:22:24,920 --> 00:22:26,359 Speaker 1: his hands or like a little freaky if. 479 00:22:26,240 --> 00:22:26,800 Speaker 4: You look at it. 480 00:22:27,080 --> 00:22:29,840 Speaker 1: And then the other thing, it's it can't do teeth properly, 481 00:22:30,000 --> 00:22:32,399 Speaker 1: like puts way too many teeth in people's mouths. And 482 00:22:32,440 --> 00:22:35,120 Speaker 1: there's an image of him and Kamala Harris where both 483 00:22:35,119 --> 00:22:37,240 Speaker 1: of them have like way too many teeth, which actually 484 00:22:37,280 --> 00:22:39,720 Speaker 1: serves to make them look more sort of like villainous 485 00:22:39,720 --> 00:22:42,959 Speaker 1: and evil in the ad in my opinion, yeah, it 486 00:22:43,000 --> 00:22:43,320 Speaker 1: makes them. 487 00:22:43,400 --> 00:22:45,359 Speaker 4: Yeah, it's sort of like caricaturish. 488 00:22:45,440 --> 00:22:48,520 Speaker 1: But if what it made me realize is when you 489 00:22:48,720 --> 00:22:52,480 Speaker 1: string all of these image images together in sequence, you 490 00:22:52,480 --> 00:22:55,800 Speaker 1: don't have time to really process what exactly about it 491 00:22:55,840 --> 00:22:58,639 Speaker 1: is off, So you don't really have time to immediately 492 00:22:58,680 --> 00:23:00,240 Speaker 1: have that trigger of oh. 493 00:23:00,240 --> 00:23:01,560 Speaker 4: This was AI generated. 494 00:23:01,640 --> 00:23:04,720 Speaker 1: So that was a revelatory for me, but also the 495 00:23:04,760 --> 00:23:08,000 Speaker 1: fact that yeah, this is already, this isn't We're not 496 00:23:08,000 --> 00:23:09,879 Speaker 1: talking about something that's far off in the future. We're 497 00:23:09,920 --> 00:23:12,359 Speaker 1: talking about something that is here right now. And we 498 00:23:12,440 --> 00:23:14,679 Speaker 1: have a couple other stories that you know, serve to 499 00:23:14,680 --> 00:23:15,720 Speaker 1: make that point as well. 500 00:23:15,880 --> 00:23:18,000 Speaker 2: Oh yeah, I mean, look, I just think it's important 501 00:23:18,000 --> 00:23:20,400 Speaker 2: for people to see like, it's here now, it's over, 502 00:23:20,560 --> 00:23:23,480 Speaker 2: Like the twenty twenty four election is now going to be, 503 00:23:23,920 --> 00:23:26,320 Speaker 2: at least in part, the AI election, and that's going 504 00:23:26,359 --> 00:23:27,919 Speaker 2: to change a lot of things. 505 00:23:27,960 --> 00:23:29,919 Speaker 3: And speaking of change, we're going to get. 506 00:23:29,800 --> 00:23:33,640 Speaker 2: To one now of my favorite stories, which does make 507 00:23:33,680 --> 00:23:37,040 Speaker 2: me very hopeful about AI. So when I was in college, 508 00:23:37,080 --> 00:23:39,720 Speaker 2: there was this book company called cheg where you could 509 00:23:39,760 --> 00:23:42,840 Speaker 2: rent your textbooks, and everybody was doing it because at 510 00:23:42,920 --> 00:23:47,240 Speaker 2: least it was cheaper than the goddamn bookstore. However, cheg 511 00:23:47,480 --> 00:23:51,720 Speaker 2: since then has expanded almost dramatically. I guess I don't 512 00:23:51,760 --> 00:23:53,879 Speaker 2: want to get sued by anybody here. Let's just say 513 00:23:54,119 --> 00:23:58,240 Speaker 2: that they have internal products which help students on quizz 514 00:23:58,359 --> 00:24:01,320 Speaker 2: exams and other things for standard curricula. 515 00:24:01,880 --> 00:24:03,879 Speaker 3: Some people have called it cheating. 516 00:24:04,240 --> 00:24:08,040 Speaker 2: Some people educators have called it a place which is 517 00:24:08,080 --> 00:24:11,600 Speaker 2: basically legalized cheating. And they have been printing money ever since. 518 00:24:11,640 --> 00:24:16,000 Speaker 2: Their stock has been a longtime profitable company. Well, in 519 00:24:16,080 --> 00:24:19,280 Speaker 2: a fascinating new filing, let's go ahead and put this 520 00:24:19,359 --> 00:24:22,320 Speaker 2: up there on the screen, guys, they say this quote. 521 00:24:22,760 --> 00:24:25,359 Speaker 2: In the first part of the year, we saw no 522 00:24:25,920 --> 00:24:30,680 Speaker 2: noticeable impact from chat GPT on our new account growth, 523 00:24:30,720 --> 00:24:35,280 Speaker 2: and we were meeting expectations on new signups. However, since March, 524 00:24:35,560 --> 00:24:38,960 Speaker 2: we have seen a significant spike in student interest in 525 00:24:39,080 --> 00:24:42,280 Speaker 2: chat GPT, and we now believe it is having an 526 00:24:42,359 --> 00:24:45,120 Speaker 2: impact on our new customer growth rate. 527 00:24:45,520 --> 00:24:47,280 Speaker 3: That line alone. 528 00:24:47,280 --> 00:24:53,680 Speaker 2: Sent the stock tumbling thirty seven percent, Crystal thirty seven percent. Now, 529 00:24:53,840 --> 00:24:58,440 Speaker 2: keep in mind, check is a twelve billion dollar company. 530 00:24:59,160 --> 00:25:02,840 Speaker 2: It was literally actually on the cover of Forbes magazine 531 00:25:02,840 --> 00:25:05,640 Speaker 2: in twenty twenty one. The cover said this, this twelve 532 00:25:05,680 --> 00:25:08,359 Speaker 2: billion dollar company is getting rich off students cheating their 533 00:25:08,400 --> 00:25:09,639 Speaker 2: way through COVID. 534 00:25:09,680 --> 00:25:11,240 Speaker 3: No, once again they said it not me. 535 00:25:11,920 --> 00:25:12,080 Speaker 4: Now. 536 00:25:12,119 --> 00:25:14,840 Speaker 2: What they say is that the cheg Study program, which 537 00:25:14,920 --> 00:25:17,120 Speaker 2: was fifteen dollars a month that you can buy from 538 00:25:17,240 --> 00:25:19,679 Speaker 2: cheg was one of those that you could subscribe to. 539 00:25:19,840 --> 00:25:22,560 Speaker 2: Is basically a subscription product which you know, you could 540 00:25:22,560 --> 00:25:26,159 Speaker 2: get essay prompts and other standardized curricula and students and 541 00:25:26,280 --> 00:25:28,960 Speaker 2: others who had either filled out prompts for and in 542 00:25:29,000 --> 00:25:31,720 Speaker 2: some cases people who work at check basically helping you know, 543 00:25:31,840 --> 00:25:35,080 Speaker 2: richer kids or at least kids with money easily more 544 00:25:35,280 --> 00:25:38,640 Speaker 2: make their way through college. Well what do we know now, though, 545 00:25:38,760 --> 00:25:43,080 Speaker 2: which is that chatchept has disrupted so much, not only 546 00:25:43,119 --> 00:25:45,639 Speaker 2: of the way that kids cheat, but of the way 547 00:25:45,680 --> 00:25:49,119 Speaker 2: that educators are working their way around cheating as And 548 00:25:49,160 --> 00:25:52,919 Speaker 2: that's why I actually still believe chat gipt could save education, 549 00:25:53,440 --> 00:25:57,520 Speaker 2: wrote stupid. Busy work has always been the bane of 550 00:25:57,560 --> 00:26:01,399 Speaker 2: these It was only created because of bureaucracy and the 551 00:26:01,480 --> 00:26:04,560 Speaker 2: need to box check and all that. Now we have 552 00:26:04,640 --> 00:26:07,520 Speaker 2: to get back to a place of in person essays, 553 00:26:07,560 --> 00:26:11,040 Speaker 2: which requires spontaneity and thinking, which you can't you know 554 00:26:11,280 --> 00:26:13,320 Speaker 2: handwritten you can't use a computer. 555 00:26:13,400 --> 00:26:14,639 Speaker 3: By the way, there's a lot of evidence. 556 00:26:14,720 --> 00:26:17,080 Speaker 2: You can go listen to doctor Andrew Huberman's podcast about 557 00:26:17,080 --> 00:26:20,000 Speaker 2: why handwriting something out is much better for you than typing. 558 00:26:20,040 --> 00:26:22,080 Speaker 2: Take it from a guy who probably has terrible handwriting 559 00:26:22,119 --> 00:26:23,240 Speaker 2: and actually doesn't. 560 00:26:23,000 --> 00:26:23,760 Speaker 3: Write anything down. 561 00:26:23,800 --> 00:26:25,800 Speaker 2: I still do think that there's a big role for that, 562 00:26:25,880 --> 00:26:29,080 Speaker 2: especially whenever you're trying to learn and absorb information. But second, 563 00:26:29,200 --> 00:26:32,200 Speaker 2: and probably most important, is it's bringing back in person 564 00:26:32,240 --> 00:26:34,960 Speaker 2: discussion inside of classes. I remember, I'm sure you do 565 00:26:35,000 --> 00:26:36,720 Speaker 2: as well, being some of those gen ED classes with 566 00:26:36,760 --> 00:26:38,520 Speaker 2: four or five hundred people, It's like, what are we 567 00:26:38,560 --> 00:26:38,960 Speaker 2: doing here? 568 00:26:39,000 --> 00:26:40,720 Speaker 3: This is you know, we're all to box checking some 569 00:26:40,840 --> 00:26:43,080 Speaker 3: BS gen ED requirement. 570 00:26:43,920 --> 00:26:45,639 Speaker 2: The guy doesn't want to be here, he's like some 571 00:26:45,720 --> 00:26:48,880 Speaker 2: adjunct getting paid like one thousand dollars a semester, eating 572 00:26:48,960 --> 00:26:51,840 Speaker 2: Ramen in his apartment. Everybody in the class doesn't want 573 00:26:51,880 --> 00:26:54,600 Speaker 2: to be here. Everyone is just fake doing the reading. 574 00:26:54,680 --> 00:26:57,680 Speaker 2: It's all BS, except everybody in the room is taking 575 00:26:57,720 --> 00:26:59,880 Speaker 2: out hundreds of thousand dollars or whatever in student debt. 576 00:27:00,240 --> 00:27:02,000 Speaker 2: So let's get away from it, let's actually learn something, 577 00:27:02,040 --> 00:27:02,840 Speaker 2: Let's have a discussion. 578 00:27:03,119 --> 00:27:04,879 Speaker 3: And I think everybody, especially me. 579 00:27:05,000 --> 00:27:07,400 Speaker 2: I can think back to the classes where I learned 580 00:27:07,440 --> 00:27:10,480 Speaker 2: the most were ones where we did almost no busy work, 581 00:27:10,800 --> 00:27:12,720 Speaker 2: very few essays. We just sit there and talked. And 582 00:27:12,760 --> 00:27:15,919 Speaker 2: so I still think about my favorite professor. Ever, I 583 00:27:15,920 --> 00:27:18,280 Speaker 2: don't remember any of the assessments. All I remember is 584 00:27:18,320 --> 00:27:20,760 Speaker 2: sitting there and having my mind blown by this guy 585 00:27:20,920 --> 00:27:23,679 Speaker 2: who is just lobbing like intellectual bombs at us. 586 00:27:23,680 --> 00:27:25,720 Speaker 3: And man, I've never thought about something like that. Yeah, 587 00:27:25,760 --> 00:27:27,440 Speaker 3: and it still sticks with me, you know, to this day. 588 00:27:27,520 --> 00:27:29,400 Speaker 1: Yeah, I mean personally, I was like really good at 589 00:27:29,400 --> 00:27:30,560 Speaker 1: the road like memories. 590 00:27:31,160 --> 00:27:33,000 Speaker 3: That's not necessarily a good thing though, I yeah, right, 591 00:27:33,280 --> 00:27:34,240 Speaker 3: But yeah, you're. 592 00:27:34,080 --> 00:27:36,320 Speaker 4: One hundred percent correct. The courses I. 593 00:27:36,280 --> 00:27:39,920 Speaker 1: Remember and the things that I actually like retain from 594 00:27:40,000 --> 00:27:42,320 Speaker 1: college had nothing to do with any of that. And 595 00:27:42,400 --> 00:27:45,359 Speaker 1: I do think that there is a possibility that CHAT, 596 00:27:45,400 --> 00:27:48,639 Speaker 1: GPT and other you know AI sort of forces a 597 00:27:48,720 --> 00:27:51,280 Speaker 1: rethink of education in a way that could be revitalizing 598 00:27:51,320 --> 00:27:54,320 Speaker 1: and could ultimately be beneficial. But this also to me, 599 00:27:54,480 --> 00:27:57,840 Speaker 1: just shows, you know, now, it's disrupting the cheating industry, 600 00:27:57,880 --> 00:28:00,119 Speaker 1: the multi billion dollar cheating industry a parent. 601 00:28:00,600 --> 00:28:02,080 Speaker 4: It shows you how quick the uptake is. 602 00:28:02,200 --> 00:28:04,680 Speaker 1: It shows you how many people have already figured out 603 00:28:04,680 --> 00:28:07,680 Speaker 1: ways to work this into their life to do whatever 604 00:28:07,720 --> 00:28:11,880 Speaker 1: it is that they needed to be done. And you know, 605 00:28:12,040 --> 00:28:16,520 Speaker 1: it's clabboring this CHEG, but that's not the only company 606 00:28:16,880 --> 00:28:20,000 Speaker 1: that is already anticipating that there are going to be 607 00:28:20,119 --> 00:28:21,760 Speaker 1: huge impacts from this technology. 608 00:28:21,920 --> 00:28:22,840 Speaker 4: And that's the other piece of it. 609 00:28:22,880 --> 00:28:25,520 Speaker 1: I mean, we talked about the warnings, some of them 610 00:28:25,600 --> 00:28:28,439 Speaker 1: quite dire, some of them quite terrifying, of what this 611 00:28:28,600 --> 00:28:30,720 Speaker 1: AI could mean for all of humanity. 612 00:28:31,119 --> 00:28:32,840 Speaker 4: There's also a lot of. 613 00:28:33,240 --> 00:28:35,560 Speaker 1: Concern about what it could mean just in terms of 614 00:28:35,760 --> 00:28:39,320 Speaker 1: employment and social disruption and how many millions of jobs 615 00:28:39,360 --> 00:28:41,680 Speaker 1: could potentially be lost. And I know the cope is 616 00:28:41,680 --> 00:28:44,280 Speaker 1: always like, oh, well, people just use AI to help 617 00:28:44,400 --> 00:28:47,600 Speaker 1: enhance the work that they're doing, maybe in some instances, 618 00:28:47,640 --> 00:28:50,440 Speaker 1: but there's no doubt about it that that level of 619 00:28:50,760 --> 00:28:55,200 Speaker 1: intelligent and ability to have automation could crush a lot 620 00:28:55,200 --> 00:28:58,400 Speaker 1: of industries, could crush a lot of white collar work, 621 00:28:58,440 --> 00:29:00,760 Speaker 1: which is ironic because a lot of the concern was 622 00:29:00,800 --> 00:29:04,600 Speaker 1: about more blue collar or even service sector work. Now 623 00:29:04,680 --> 00:29:07,560 Speaker 1: the real threat is in any sort of white collar 624 00:29:07,640 --> 00:29:10,280 Speaker 1: industry where you know, an AI could at least make 625 00:29:10,320 --> 00:29:14,160 Speaker 1: the first pass for paralegals, accountants, all sorts of things 626 00:29:14,160 --> 00:29:17,280 Speaker 1: that could be directly impacted by this. And again not 627 00:29:17,480 --> 00:29:20,400 Speaker 1: in the like long off distant future. I'm talking like 628 00:29:20,680 --> 00:29:24,040 Speaker 1: right now, very very soon, imminent, already happening. 629 00:29:24,440 --> 00:29:27,680 Speaker 2: Yep, keep it in mind, folks, Like just it's just 630 00:29:27,720 --> 00:29:30,480 Speaker 2: so funny too that the very first industry that chat 631 00:29:30,560 --> 00:29:34,720 Speaker 2: GPT appears to have nuked is effectively for the privatized 632 00:29:34,840 --> 00:29:38,440 Speaker 2: cheating program, which, look, you know, you never you never 633 00:29:38,480 --> 00:29:41,680 Speaker 2: know where these disruptions will come. And I think it's 634 00:29:41,720 --> 00:29:44,120 Speaker 2: the first shoe to drop of many personally, Again, I 635 00:29:44,120 --> 00:29:44,920 Speaker 2: think it's a good thing. 636 00:29:45,360 --> 00:29:47,080 Speaker 3: It's not really you know, no offense to check. 637 00:29:47,240 --> 00:29:50,200 Speaker 2: It's more about the system that cheg was architected to 638 00:29:50,240 --> 00:29:52,880 Speaker 2: try and help. It was all crap in the first place. 639 00:29:52,920 --> 00:29:54,680 Speaker 2: So like, let's get to the point where you're just 640 00:29:54,760 --> 00:29:56,840 Speaker 2: learning how to think. That's probably the most important thing 641 00:29:57,120 --> 00:29:59,320 Speaker 2: you can learn in college if you're in liberal arts 642 00:29:59,320 --> 00:30:02,920 Speaker 2: on the mass and engineering. Now quote that's actually completely different. 643 00:30:03,080 --> 00:30:05,880 Speaker 2: But even there a lot of the road memorization quizzes 644 00:30:06,080 --> 00:30:07,840 Speaker 2: and all of that. If you're cheating on it, then 645 00:30:08,000 --> 00:30:10,680 Speaker 2: are you really learning what you're supposed to anyway? There's 646 00:30:10,720 --> 00:30:13,120 Speaker 2: got to be a better way. I've always thought that, 647 00:30:13,160 --> 00:30:14,960 Speaker 2: you know, both my parents and education. A lot of 648 00:30:15,000 --> 00:30:19,000 Speaker 2: people have long been frustrated by curriculum and bureaucracy and 649 00:30:19,080 --> 00:30:21,920 Speaker 2: all of the different ways that we got to where 650 00:30:21,960 --> 00:30:24,040 Speaker 2: we are, and this is their opportunity to just be 651 00:30:24,120 --> 00:30:25,960 Speaker 2: like enough, let's start something new. 652 00:30:26,080 --> 00:30:27,440 Speaker 3: So I really hope that we get there. 653 00:30:27,680 --> 00:30:29,520 Speaker 1: We will keep watching it because I think this is 654 00:30:29,560 --> 00:30:33,560 Speaker 1: one thing that could profoundly impact our entire society and civilization. 655 00:30:33,720 --> 00:30:35,240 Speaker 4: So keep our eye on it closely. 656 00:30:38,400 --> 00:30:41,360 Speaker 1: All right, let's talk about Ronda Santis was traveling overseas. 657 00:30:41,400 --> 00:30:42,760 Speaker 4: We've brought you a little bit of that. 658 00:30:42,920 --> 00:30:45,600 Speaker 1: And you know, it's funny because originally the media was 659 00:30:45,640 --> 00:30:48,480 Speaker 1: really they were very bullish on Rondo Santis. Conservative media 660 00:30:48,560 --> 00:30:51,080 Speaker 1: was really excited about Rondo Santis, really sort of propping 661 00:30:51,080 --> 00:30:53,480 Speaker 1: them up. We know, Rupert Murdoch over at Fox News 662 00:30:53,520 --> 00:30:55,760 Speaker 1: and with his whole empire told Ronda Santis like, we're 663 00:30:55,800 --> 00:30:58,920 Speaker 1: going to be all in for you guys. The trip 664 00:30:58,960 --> 00:31:01,840 Speaker 1: did not appear to go too well for him. Now, 665 00:31:01,960 --> 00:31:04,000 Speaker 1: I want to say these are headlines that were compiled 666 00:31:04,040 --> 00:31:07,840 Speaker 1: by a Trump operative. However, I can confirm from my 667 00:31:07,880 --> 00:31:10,000 Speaker 1: own perusal of the news that the coverage of his 668 00:31:10,080 --> 00:31:12,480 Speaker 1: overseas trip was almost I don't know if I saw 669 00:31:12,480 --> 00:31:14,880 Speaker 1: a single positive report from it. It's hard to think 670 00:31:14,920 --> 00:31:16,680 Speaker 1: of one. So put this up on the screen. This 671 00:31:16,760 --> 00:31:21,920 Speaker 1: is a compilation of some of the headlines that that 672 00:31:22,000 --> 00:31:25,720 Speaker 1: the Trump campaign is flagging about his trip overseas. Politico 673 00:31:25,800 --> 00:31:31,040 Speaker 1: says ron de tedious DeSantis underwhelms Britain's business chiefs. The 674 00:31:31,040 --> 00:31:34,320 Speaker 1: Independent says Ronda Santis critics gloat over brutal reviews of 675 00:31:34,360 --> 00:31:38,560 Speaker 1: his UK trip, horrendous, low wattage board NBC News, I 676 00:31:38,560 --> 00:31:41,040 Speaker 1: think he's in trouble. Growing number of Ronda Santis donors 677 00:31:41,040 --> 00:31:44,040 Speaker 1: and allies hope for a shakeup Newsweek, Ronda Santis presidential 678 00:31:44,080 --> 00:31:47,040 Speaker 1: ambitions endure another bumpy week role call. What is Rond 679 00:31:47,000 --> 00:31:47,640 Speaker 1: de Santis? 680 00:31:47,760 --> 00:31:48,520 Speaker 4: The Doing. 681 00:31:50,360 --> 00:31:54,360 Speaker 1: Intelligencer all of Ronda Santis' crimes against good etiquette. I'm 682 00:31:54,360 --> 00:31:55,880 Speaker 1: sure Sagaid be very interested in that. 683 00:31:55,960 --> 00:31:59,960 Speaker 4: One media I watched Ronda Santis loses his shit yelling 684 00:32:00,040 --> 00:32:02,800 Speaker 4: a reporter over torchgations. We're going to show you that one. 685 00:32:03,120 --> 00:32:06,480 Speaker 1: Rishie Sunak avoids Ronda Santis on his UK visit. The 686 00:32:06,520 --> 00:32:10,440 Speaker 1: list goes on Republican mega donor withdraws support. Watch DeSantis 687 00:32:10,440 --> 00:32:13,640 Speaker 1: does that weird bubblehead thing. Jason Miller to Newsmac DeSantis 688 00:32:13,680 --> 00:32:16,560 Speaker 1: running into a buzzsaw right now. Roonda Santis likes the 689 00:32:16,640 --> 00:32:19,120 Speaker 1: killer spirit. After stumbles at home, he had a broad 690 00:32:19,120 --> 00:32:21,160 Speaker 1: defined his footing. That's probably the most like even handed 691 00:32:21,200 --> 00:32:23,120 Speaker 1: one that was from the New York Times. Ron de 692 00:32:23,200 --> 00:32:25,760 Speaker 1: Santis just lest another donor. Trump toss de Santis by 693 00:32:25,760 --> 00:32:29,400 Speaker 1: forty six points Fox News poll, Trump still top twenty 694 00:32:29,440 --> 00:32:34,240 Speaker 1: twenty four Republican preference. DeSantis is slipping, so not exactly 695 00:32:34,280 --> 00:32:37,120 Speaker 1: what he was hoping for from his big, you know, 696 00:32:37,680 --> 00:32:41,920 Speaker 1: very intentional international trip where he wanted to portray himself 697 00:32:42,040 --> 00:32:46,600 Speaker 1: as a statesman. Many aspiring presidential candidates will do this 698 00:32:46,680 --> 00:32:49,480 Speaker 1: sort of thing. It's the idea is that it's going 699 00:32:49,560 --> 00:32:52,840 Speaker 1: to help voters imagine you in that role as being 700 00:32:52,920 --> 00:32:56,760 Speaker 1: commander in chief and meeting with foreign leaders and dignitaries. 701 00:32:56,160 --> 00:32:58,720 Speaker 4: Et cetera. If that was the goal. I don't think 702 00:32:58,720 --> 00:32:59,000 Speaker 4: that this. 703 00:32:59,000 --> 00:33:00,760 Speaker 2: Worked out for him too well, No, I don't think so. 704 00:33:00,760 --> 00:33:03,320 Speaker 2: I also think it's a stupid custom. You know, people 705 00:33:03,360 --> 00:33:06,400 Speaker 2: always do. Like Romney went to London, remember that, and 706 00:33:06,400 --> 00:33:09,480 Speaker 2: he pissed off the Brits during the London Olympics. 707 00:33:10,080 --> 00:33:11,920 Speaker 4: Oh, I vaguely remember that. 708 00:33:12,200 --> 00:33:14,720 Speaker 2: Yeah, Obama went to I think it was Munich or 709 00:33:14,880 --> 00:33:17,760 Speaker 2: Berlin maybe, And anyway, so he went to Berlin and 710 00:33:17,760 --> 00:33:19,280 Speaker 2: everyone's like, oh my, you know, a bunch of Germans 711 00:33:19,280 --> 00:33:20,000 Speaker 2: showed up, and he's. 712 00:33:19,880 --> 00:33:21,320 Speaker 3: Like, wow, the world loves Obama. 713 00:33:21,360 --> 00:33:24,760 Speaker 2: It turns out that that's not actually any important metric 714 00:33:25,040 --> 00:33:28,320 Speaker 2: in terms of being president. The custom probably dates back 715 00:33:28,360 --> 00:33:31,880 Speaker 2: to Nixon, the idea that Nixon was like this elder statesman. 716 00:33:31,960 --> 00:33:34,239 Speaker 2: That's where people get the idea that should come from. 717 00:33:34,320 --> 00:33:36,880 Speaker 2: I personally don't think it really matters at all. I'm 718 00:33:36,920 --> 00:33:40,280 Speaker 2: not saying global experience doesn't matter, but in terms of electability, which. 719 00:33:40,080 --> 00:33:42,680 Speaker 1: Is that, I can imagine a case being made that 720 00:33:42,680 --> 00:33:45,160 Speaker 1: the Obama trip actually did help him, because I mean 721 00:33:45,160 --> 00:33:47,440 Speaker 1: he was, you know, his junior seminary like spent three 722 00:33:47,480 --> 00:33:52,720 Speaker 1: minutes in the Senate, and his whole appeal, especially within 723 00:33:52,720 --> 00:33:55,400 Speaker 1: the Democratic primary but also in the general election, was 724 00:33:55,520 --> 00:33:59,960 Speaker 1: very foreign policy based, you know, criticizing both Hillary Clint 725 00:34:00,120 --> 00:34:02,640 Speaker 1: them then ultimately John McCain for the I Rock War. 726 00:34:03,080 --> 00:34:06,320 Speaker 4: So could I could see in that instance how it. 727 00:34:06,240 --> 00:34:08,799 Speaker 1: May have been beneficial for him, and I'm sure I 728 00:34:08,800 --> 00:34:11,400 Speaker 1: don't remember specifically. I'm sure he got glowing media coverage 729 00:34:11,400 --> 00:34:13,640 Speaker 1: for it as well, so that I can imagine how 730 00:34:13,640 --> 00:34:16,319 Speaker 1: that sort of burnished his credentials. But if that was 731 00:34:16,360 --> 00:34:19,120 Speaker 1: the goal for Ron DeSantis, he he clearly didn't. 732 00:34:18,840 --> 00:34:21,520 Speaker 2: Achieve it absolutely also as a reference, and this is 733 00:34:21,520 --> 00:34:23,960 Speaker 2: the thing I keep coming away with Desantas Desanti's the 734 00:34:24,040 --> 00:34:26,920 Speaker 2: biggest news that he made when he was in Japan 735 00:34:27,160 --> 00:34:31,440 Speaker 2: for his trip was having his bizarre, weird bobblehead response 736 00:34:31,719 --> 00:34:34,400 Speaker 2: whenever he was asked about the polls Visa v. 737 00:34:34,480 --> 00:34:34,800 Speaker 3: Trump. 738 00:34:35,000 --> 00:34:37,200 Speaker 2: What that actually just showed to me is I'm like, dude, 739 00:34:37,280 --> 00:34:40,600 Speaker 2: you don't really seem to do well under pressure. Same 740 00:34:40,640 --> 00:34:44,279 Speaker 2: thing here. So the Guantanamo allegations around DeSantis have been 741 00:34:44,320 --> 00:34:47,359 Speaker 2: flying around for a while. Who knows whether they're true 742 00:34:47,440 --> 00:34:50,400 Speaker 2: or not. You know, like, actually, to Desanta's credit, he's like, 743 00:34:50,400 --> 00:34:51,520 Speaker 2: this is coming from a detainee. 744 00:34:51,520 --> 00:34:53,640 Speaker 3: You think they wouldn't want to make news. Maybe maybe not. 745 00:34:53,760 --> 00:34:55,959 Speaker 2: We know that he served there at least for some time. 746 00:34:56,200 --> 00:34:59,120 Speaker 2: The thing is, though, is wouldn't you be prepared for 747 00:34:59,200 --> 00:35:02,200 Speaker 2: the question? And from what comes in this response, I 748 00:35:02,200 --> 00:35:04,560 Speaker 2: think what you're going to see is I think he's 749 00:35:04,560 --> 00:35:07,000 Speaker 2: been dealing with the C league for a long time, 750 00:35:07,360 --> 00:35:10,160 Speaker 2: and if he were to ever become president, this would 751 00:35:10,200 --> 00:35:11,760 Speaker 2: be the easiest question. 752 00:35:11,600 --> 00:35:12,279 Speaker 3: You would ever get. 753 00:35:12,520 --> 00:35:15,719 Speaker 2: And clearly he gets flustered and he doesn't handle the 754 00:35:15,760 --> 00:35:16,360 Speaker 2: pressure all that. 755 00:35:16,440 --> 00:35:18,320 Speaker 3: Well, let's take a listen to his response. 756 00:35:22,480 --> 00:35:30,640 Speaker 6: No, no, not all that's bs now totally who said that? 757 00:35:32,560 --> 00:35:34,759 Speaker 6: How would they know me? Okay, think about that. Do 758 00:35:34,800 --> 00:35:37,600 Speaker 6: you honestly believe that's credible? So this is twenty two 759 00:35:37,680 --> 00:35:41,040 Speaker 6: thousand and six, I'm a junior officer. Do you honestly 760 00:35:41,120 --> 00:35:43,400 Speaker 6: think that they would have remembered me from Adam? 761 00:35:43,440 --> 00:35:44,000 Speaker 7: Of course not. 762 00:35:44,360 --> 00:35:46,880 Speaker 6: They're just trying to get into the news because they 763 00:35:46,920 --> 00:35:49,920 Speaker 6: know people like you will consume it because it fits 764 00:35:49,920 --> 00:35:54,200 Speaker 6: your preordained narrative that you're trying to spend focus. 765 00:35:53,840 --> 00:35:54,600 Speaker 4: On the fact. 766 00:35:55,000 --> 00:35:56,680 Speaker 2: What do you think, Cristel? I mean, I could see 767 00:35:56,680 --> 00:35:58,440 Speaker 2: how some right wing accounts might have spend. 768 00:35:58,239 --> 00:35:59,719 Speaker 3: That was like yeah, they were like, oh we own 769 00:36:00,360 --> 00:36:03,040 Speaker 3: I didn't see it. I sound to get pretty flustered. 770 00:36:03,080 --> 00:36:05,279 Speaker 2: The thing is with Trump is Trump had a remarkable 771 00:36:05,320 --> 00:36:07,479 Speaker 2: ability to laugh at them, and then if they. 772 00:36:07,360 --> 00:36:09,040 Speaker 3: Were really going to push it, he would be like 773 00:36:09,120 --> 00:36:11,480 Speaker 3: excuse me, excuse me, and really own them. 774 00:36:11,520 --> 00:36:15,640 Speaker 2: I watched it happen several times. It seems insecure just 775 00:36:15,640 --> 00:36:17,760 Speaker 2: to me because I think it comes out guns blazing 776 00:36:18,080 --> 00:36:20,200 Speaker 2: out of the gate. He doesn't never try to disarm 777 00:36:20,280 --> 00:36:25,640 Speaker 2: sometimes with humor, which is really just an underlying confidence issue. 778 00:36:25,640 --> 00:36:27,160 Speaker 3: I think whenever you're dealing. 779 00:36:26,920 --> 00:36:28,879 Speaker 1: With this, Yeah, he's got thin skin and he gets 780 00:36:28,920 --> 00:36:30,960 Speaker 1: ruffled basily, and that's what it looks like to me, 781 00:36:31,160 --> 00:36:34,080 Speaker 1: and you know, never let them see you sweat. And 782 00:36:34,120 --> 00:36:37,760 Speaker 1: clearly on this trip he had two instances at least 783 00:36:38,040 --> 00:36:40,960 Speaker 1: where people with you know, pretty obvious questions things have 784 00:36:41,000 --> 00:36:43,920 Speaker 1: been floating around the press, his poll numbers, in particular, 785 00:36:44,360 --> 00:36:49,080 Speaker 1: where he gets he reacts emotionally, and that's not something 786 00:36:49,080 --> 00:36:49,880 Speaker 1: you ever want to do. 787 00:36:50,080 --> 00:36:51,520 Speaker 4: I mean, really, that's a good lesson. 788 00:36:51,600 --> 00:36:53,520 Speaker 1: Like in life, you want to keep control of your 789 00:36:53,560 --> 00:36:56,200 Speaker 1: emotion so that you are playing on your own ground 790 00:36:56,239 --> 00:36:59,080 Speaker 1: and letting people control you and get under your skin. 791 00:36:59,120 --> 00:37:02,120 Speaker 1: To that regard, I do think the substance here matters though, 792 00:37:02,200 --> 00:37:06,239 Speaker 1: because DeSantis. We will never know exactly what DeSantis was 793 00:37:06,239 --> 00:37:08,640 Speaker 1: involved in the allegation, so that he was involved in 794 00:37:08,800 --> 00:37:12,480 Speaker 1: torture and force feeding in particular of prisoners that he 795 00:37:12,520 --> 00:37:15,960 Speaker 1: was at least there viewing this. There were multiple detainees, 796 00:37:16,000 --> 00:37:18,600 Speaker 1: which I'll remind you the overwhelming majority of Guantanamo Bay 797 00:37:18,680 --> 00:37:22,359 Speaker 1: detainees were never charged with anything. Many of them were 798 00:37:22,400 --> 00:37:25,560 Speaker 1: just swept up deemed enemy combatants, and they never brought 799 00:37:25,600 --> 00:37:28,080 Speaker 1: them to any sort of trial because they couldn't actually 800 00:37:28,080 --> 00:37:30,560 Speaker 1: find charges that would stick. So important to keep that 801 00:37:30,560 --> 00:37:32,759 Speaker 1: in mind in terms of who the detainees are. There 802 00:37:32,800 --> 00:37:34,959 Speaker 1: were quite a large number who said they were called 803 00:37:35,000 --> 00:37:37,319 Speaker 1: his face being present at least while they were being 804 00:37:37,440 --> 00:37:40,359 Speaker 1: force fed, and he was there at a time that 805 00:37:40,480 --> 00:37:41,480 Speaker 1: was really the worst. 806 00:37:41,560 --> 00:37:43,520 Speaker 4: Let's put this up on the screen. From Miami Herald. 807 00:37:43,560 --> 00:37:47,719 Speaker 1: There's been multiple reports about you know what involvement he 808 00:37:47,880 --> 00:37:49,239 Speaker 1: had at Guantanamo. 809 00:37:49,920 --> 00:37:50,840 Speaker 4: This is Miami Harold. 810 00:37:50,880 --> 00:37:53,719 Speaker 1: Their headline is very intimate knowledge what Ron DeSantis saw 811 00:37:53,800 --> 00:37:55,960 Speaker 1: while serving at Guantanamo. One of the things that they 812 00:37:56,000 --> 00:37:59,160 Speaker 1: point out the time period when he was serving there 813 00:37:59,520 --> 00:38:04,239 Speaker 1: was one of the most tumultuous and most truly horrifying 814 00:38:04,880 --> 00:38:07,279 Speaker 1: in the history of Guantama, which is really saying a lot. 815 00:38:07,320 --> 00:38:09,640 Speaker 1: You had deaths of three detainees during that time, You 816 00:38:09,680 --> 00:38:12,920 Speaker 1: had clashes with guards rolling the facility, you had restraint 817 00:38:13,040 --> 00:38:15,920 Speaker 1: chairs introduced during that time, during the height of a 818 00:38:15,960 --> 00:38:19,960 Speaker 1: massive hunger strike, facilitating the force feeding of prisoners. As 819 00:38:20,000 --> 00:38:22,719 Speaker 1: I said, this wasn't just like one detainee, that's how 820 00:38:22,760 --> 00:38:25,840 Speaker 1: they were called him. It was a fairly significant number. 821 00:38:26,120 --> 00:38:28,560 Speaker 1: Nobody has been able to fully confirm that. I don't 822 00:38:28,560 --> 00:38:30,239 Speaker 1: think there's any doubt that he would have been well 823 00:38:30,280 --> 00:38:32,440 Speaker 1: aware of all of these things that were going on 824 00:38:32,640 --> 00:38:35,719 Speaker 1: while he was there as a JAG officer at the facility. 825 00:38:36,320 --> 00:38:39,920 Speaker 1: And then the most important piece is I think he 826 00:38:39,960 --> 00:38:43,440 Speaker 1: came away from that experience, you know, seeing the torture, 827 00:38:43,920 --> 00:38:46,320 Speaker 1: or at least being aware of the torture and the 828 00:38:46,719 --> 00:38:51,160 Speaker 1: deaths and the clashes and the totally you know, unconstitutional 829 00:38:51,239 --> 00:38:55,000 Speaker 1: and unconscionable treatment of these quote unquote enemy combatants, this 830 00:38:55,080 --> 00:38:58,480 Speaker 1: fake designation and all of those horrors, and he came 831 00:38:58,560 --> 00:39:00,920 Speaker 1: away and was a very strong and defender of it. 832 00:39:01,800 --> 00:39:04,239 Speaker 1: I think that's important in terms of who he is, 833 00:39:04,360 --> 00:39:06,880 Speaker 1: what his judgment is, his view of the world, his 834 00:39:07,040 --> 00:39:11,160 Speaker 1: view of our responsibilities internationally in the way that we 835 00:39:11,200 --> 00:39:16,239 Speaker 1: should treat human beings. So regardless of whatever his involvement 836 00:39:16,320 --> 00:39:19,440 Speaker 1: technically was, to me, the most important point is that 837 00:39:19,560 --> 00:39:22,160 Speaker 1: he was there during the height of some of the 838 00:39:22,160 --> 00:39:26,080 Speaker 1: worst abuses, and he came away and was incredibly aggressive 839 00:39:26,160 --> 00:39:28,040 Speaker 1: and strident and defending it well. 840 00:39:28,080 --> 00:39:31,000 Speaker 2: And that's another point about strength, where if you were 841 00:39:31,000 --> 00:39:33,080 Speaker 2: going to answer that question, and if you still believe that, 842 00:39:33,120 --> 00:39:35,359 Speaker 2: you're like, listen, I did my job while I was there. 843 00:39:35,480 --> 00:39:38,720 Speaker 2: I never tortured anybody. This is fake news. Next question. 844 00:39:38,960 --> 00:39:41,080 Speaker 2: It's one of those where again you're just coming at 845 00:39:41,120 --> 00:39:43,759 Speaker 2: it from a position where it seems to me that 846 00:39:44,000 --> 00:39:47,280 Speaker 2: he either appears like he wants to try and always 847 00:39:47,320 --> 00:39:50,480 Speaker 2: like own the person but doesn't necessarily do it, or 848 00:39:50,760 --> 00:39:53,759 Speaker 2: it comes from a position of genuinely being rattled by it. 849 00:39:53,840 --> 00:39:54,120 Speaker 3: Either. 850 00:39:54,280 --> 00:39:58,520 Speaker 2: I think both are lack of self confidence, which is 851 00:39:58,600 --> 00:40:00,759 Speaker 2: very important if you're going to run for Yeah. 852 00:40:00,840 --> 00:40:01,359 Speaker 3: So there you go. 853 00:40:01,440 --> 00:40:04,719 Speaker 1: On seven hundred and eighty individuals that went through Guantanamo 854 00:40:04,920 --> 00:40:08,640 Speaker 1: since it opened, only thirty two remained there. Eleven of 855 00:40:08,680 --> 00:40:10,640 Speaker 1: those have been charged with a crime. I mean, this 856 00:40:10,719 --> 00:40:13,600 Speaker 1: is a stain on America. It's you know, a stain 857 00:40:13,680 --> 00:40:18,000 Speaker 1: on every administration since the Bush administration, including the Bush administration, 858 00:40:18,080 --> 00:40:21,080 Speaker 1: that they have not been able to close down this facility. 859 00:40:21,200 --> 00:40:24,319 Speaker 1: And you know, I find it a real stain on 860 00:40:24,920 --> 00:40:28,320 Speaker 1: his judgment and his career that he continued to defend 861 00:40:28,360 --> 00:40:30,360 Speaker 1: what he saw up close and personal. 862 00:40:30,560 --> 00:40:32,799 Speaker 3: The stupidest thing about Guantanamo. Let me just say this. 863 00:40:32,880 --> 00:40:34,719 Speaker 2: Yeah, so, the reason you can't charge these guys with 864 00:40:34,760 --> 00:40:36,719 Speaker 2: the crime, even though in some cases they are dead 865 00:40:36,719 --> 00:40:38,840 Speaker 2: to right s guilty, is because they were tortured and 866 00:40:38,840 --> 00:40:40,600 Speaker 2: we have violated their PRIs If we ever put them 867 00:40:40,640 --> 00:40:42,600 Speaker 2: on trial, they could get off, but we couldn't use 868 00:40:42,640 --> 00:40:44,880 Speaker 2: any of the information that we gleaned against them in 869 00:40:44,920 --> 00:40:48,279 Speaker 2: a court of law, which is what FBI agents who 870 00:40:48,280 --> 00:40:50,600 Speaker 2: were there at the time said. They said, don't do 871 00:40:50,719 --> 00:40:53,480 Speaker 2: this because by doing this, we can't prosecute them. 872 00:40:53,640 --> 00:40:54,759 Speaker 3: And now it's in admissible. 873 00:40:54,880 --> 00:40:56,320 Speaker 2: And now you have a case where you literally have 874 00:40:56,360 --> 00:40:58,520 Speaker 2: the nine to eleven masterminds sitting in a cell and 875 00:40:58,560 --> 00:41:00,600 Speaker 2: you can't charge them in the US Corps and going 876 00:41:00,600 --> 00:41:04,520 Speaker 2: through some BS military tribunal child which doesn't make any sense, 877 00:41:04,600 --> 00:41:06,640 Speaker 2: even though, of course, if you're going to prosecute me, 878 00:41:06,640 --> 00:41:09,440 Speaker 2: he has protections under US law. It was all foreseen 879 00:41:09,600 --> 00:41:11,800 Speaker 2: at the time in two thousand and one. So you 880 00:41:11,840 --> 00:41:14,359 Speaker 2: can thank George W. Bush and Dick Cheney and all 881 00:41:14,400 --> 00:41:16,279 Speaker 2: the other idiots who said that there was clue woke, 882 00:41:16,600 --> 00:41:19,360 Speaker 2: clear and present danger, and it's twenty twenty three and 883 00:41:19,640 --> 00:41:21,439 Speaker 2: we still have a goddamn mess on our hands. 884 00:41:21,520 --> 00:41:22,680 Speaker 3: So thank you, George W. 885 00:41:22,719 --> 00:41:23,000 Speaker 7: Bush. 886 00:41:23,000 --> 00:41:24,000 Speaker 3: That's right for doing this. 887 00:41:24,120 --> 00:41:26,880 Speaker 1: At the same time, we have new developments in terms 888 00:41:26,880 --> 00:41:30,400 Speaker 1: of the fight between ron De Santis and Disney. We 889 00:41:30,480 --> 00:41:33,520 Speaker 1: told you before, so you guys probably remember the backstory here. 890 00:41:33,800 --> 00:41:36,680 Speaker 1: Disney came out against the so called don't say gay 891 00:41:36,719 --> 00:41:40,960 Speaker 1: Bill put on a statement. Ronda Santis and his allies 892 00:41:41,120 --> 00:41:43,520 Speaker 1: reacted against that. This was, you know, him standing up 893 00:41:43,560 --> 00:41:45,600 Speaker 1: to the woke corporation. And I think this thing is 894 00:41:45,719 --> 00:41:48,560 Speaker 1: escalated way beyond what he would have liked. Like the 895 00:41:48,600 --> 00:41:50,399 Speaker 1: rest of the country has moved on, and he's still 896 00:41:50,440 --> 00:41:55,719 Speaker 1: stuck now in this battle against a multinational, gigantic behemoth 897 00:41:55,800 --> 00:41:58,520 Speaker 1: company that happens to be incredibly central to the economy 898 00:41:58,520 --> 00:42:01,719 Speaker 1: in Florida. So he's picked a very large fight here. 899 00:42:02,000 --> 00:42:04,359 Speaker 1: I do want to say though, there was an interesting analysis. 900 00:42:04,400 --> 00:42:08,839 Speaker 1: Disney is now suing DeSantis because they before this ready 901 00:42:08,880 --> 00:42:11,279 Speaker 1: Creak Improvement Board that they had control over before this 902 00:42:11,320 --> 00:42:14,279 Speaker 1: got turned over to Desanta's allies, they really kind of 903 00:42:15,160 --> 00:42:17,520 Speaker 1: worked him over. They put out their notice that they 904 00:42:17,520 --> 00:42:19,400 Speaker 1: were going to have a meeting. They did it twice, 905 00:42:19,440 --> 00:42:21,160 Speaker 1: which is what you're required to do under law. They 906 00:42:21,160 --> 00:42:23,200 Speaker 1: had this meaning and the last act of the board 907 00:42:23,200 --> 00:42:25,279 Speaker 1: before the Desanta's allies took it over, was to hand 908 00:42:25,320 --> 00:42:29,640 Speaker 1: control effectively to Disney and sign this gigantic development deal. 909 00:42:30,239 --> 00:42:33,279 Speaker 1: Now the DeSantis people have come in, they're saying no, no, no, 910 00:42:33,280 --> 00:42:35,360 Speaker 1: we're going to roll back this deal. There's some legislation 911 00:42:35,400 --> 00:42:37,160 Speaker 1: that has involved as well, and so Disney is saying, 912 00:42:37,160 --> 00:42:38,200 Speaker 1: all right, we're going to sue you. 913 00:42:39,040 --> 00:42:39,239 Speaker 4: Now. 914 00:42:39,440 --> 00:42:42,560 Speaker 1: I did an monologue before saying basically, listen between Trump 915 00:42:42,600 --> 00:42:46,600 Speaker 1: attacking DeSantis, DeSantis on this mess that he's created, Disney 916 00:42:46,800 --> 00:42:49,040 Speaker 1: being a gigantic corporation, Like, there's really no one to 917 00:42:49,120 --> 00:42:52,160 Speaker 1: root for here in my personal opinion, But the way 918 00:42:52,200 --> 00:42:54,920 Speaker 1: that Disney crafted this lawsuit is something we should actually 919 00:42:54,960 --> 00:42:57,200 Speaker 1: take a close look at. And some of the reporting 920 00:42:57,239 --> 00:43:00,120 Speaker 1: on is kind of troubling. And you shouldn't if if 921 00:43:00,120 --> 00:43:02,200 Speaker 1: you're you know, on the political left, or if you're 922 00:43:02,239 --> 00:43:05,400 Speaker 1: just concerned about corporate power, you shouldn't necessarily be cheering 923 00:43:05,440 --> 00:43:08,719 Speaker 1: for Disney to succeed in this lawsuit. Put this analysis 924 00:43:08,800 --> 00:43:12,600 Speaker 1: up from Slate, which is a sort of left liberal publication. 925 00:43:12,280 --> 00:43:15,279 Speaker 2: Joseph Stern, he's probably as big a lib as it 926 00:43:15,360 --> 00:43:16,800 Speaker 2: gets on these issues. 927 00:43:16,840 --> 00:43:18,799 Speaker 1: I just want people to know, Yes, it's important to 928 00:43:18,840 --> 00:43:21,279 Speaker 1: know who this person is and the perspective they're coming from. 929 00:43:21,360 --> 00:43:24,720 Speaker 1: And he says why I can't root for Disney's lawsuit 930 00:43:24,760 --> 00:43:27,200 Speaker 1: against Ronda Santis. I'm going to read you some of 931 00:43:27,200 --> 00:43:31,320 Speaker 1: these specifics here, but the TLDR is that they have 932 00:43:31,480 --> 00:43:36,839 Speaker 1: taken this very expansionist view that would hand a lot 933 00:43:36,880 --> 00:43:40,520 Speaker 1: of power to states to quash and to courts to 934 00:43:40,600 --> 00:43:44,360 Speaker 1: quash any sort of like labor law regulations. This is 935 00:43:44,400 --> 00:43:47,240 Speaker 1: going This is a throwback to the one of the 936 00:43:47,280 --> 00:43:49,520 Speaker 1: worst eras of the Supreme Court, if not the worst 937 00:43:49,520 --> 00:43:52,040 Speaker 1: era of the Supreme Court, the Lochner era, where they 938 00:43:52,239 --> 00:43:57,240 Speaker 1: used contract law to try to quash things like minimum 939 00:43:57,280 --> 00:44:02,360 Speaker 1: wage legislation or you know, minimum work day legislation, things 940 00:44:02,400 --> 00:44:05,560 Speaker 1: that were beneficial for labor. They tried to say, no, no, no. 941 00:44:06,239 --> 00:44:09,840 Speaker 1: The contract clause in the Constitution says that you can't 942 00:44:09,880 --> 00:44:12,440 Speaker 1: have any of these sort of regulations coming in to 943 00:44:12,680 --> 00:44:16,920 Speaker 1: protect labor. Now, this was has been left aside in 944 00:44:17,040 --> 00:44:19,799 Speaker 1: terms of jurisprudence for more than one hundred years. That 945 00:44:19,840 --> 00:44:22,919 Speaker 1: Disney is reaching back to, and a lot of other 946 00:44:23,000 --> 00:44:26,480 Speaker 1: plaintiffs are reaching back to because they see the incredibly 947 00:44:26,600 --> 00:44:30,839 Speaker 1: pro corporation right word swing of the court and they 948 00:44:30,840 --> 00:44:34,759 Speaker 1: are hoping to bring back some of this Lochner era jurisprudence. 949 00:44:34,800 --> 00:44:36,279 Speaker 4: So let me read you a little bit of the 950 00:44:36,320 --> 00:44:36,960 Speaker 4: analysis here. 951 00:44:36,960 --> 00:44:38,839 Speaker 1: They say this case is more about contract law than 952 00:44:38,840 --> 00:44:42,440 Speaker 1: free expression, and by invoking the Constitution's contracts clause and 953 00:44:42,520 --> 00:44:44,760 Speaker 1: leaning on it so happily, Disney is playing with fire. 954 00:44:45,040 --> 00:44:47,879 Speaker 1: There's a reason this provisionist at war bond for nearly 955 00:44:47,920 --> 00:44:50,960 Speaker 1: a century. Interpreted broadly, it could give courts immense power 956 00:44:51,239 --> 00:44:55,640 Speaker 1: to help corporations and employers escape regulation. The federal judiciary 957 00:44:55,680 --> 00:44:59,040 Speaker 1: should not be handed another open ended invitation halt progress 958 00:44:59,120 --> 00:45:02,040 Speaker 1: at the behest of the scrupulous and powerful, which free 959 00:45:02,040 --> 00:45:03,400 Speaker 1: speech gestures aside. 960 00:45:03,560 --> 00:45:04,759 Speaker 4: Is what this is. 961 00:45:05,280 --> 00:45:07,640 Speaker 1: Goes on to discuss how this became what he describes 962 00:45:07,640 --> 00:45:10,200 Speaker 1: as a tool of mischief during the Lochner Area era. 963 00:45:10,280 --> 00:45:11,920 Speaker 1: That was a period from the eighteen nineties to the 964 00:45:11,960 --> 00:45:15,960 Speaker 1: thirties when the Supreme Court routinely invalidated health, safety, and 965 00:45:16,040 --> 00:45:19,520 Speaker 1: economic regulations. The clause fit neatly into the Court's conception 966 00:45:19,600 --> 00:45:23,160 Speaker 1: of a constitutional liberty of contract that sharply limited state 967 00:45:23,200 --> 00:45:27,240 Speaker 1: oversight of the marketplace. During this period, For instance, Scotis 968 00:45:27,280 --> 00:45:30,640 Speaker 1: repeatedly used the contract's clause to preserve private monopolies over 969 00:45:30,680 --> 00:45:34,600 Speaker 1: the water supply, preventing local governments from constructing their own waterworks. 970 00:45:34,680 --> 00:45:37,680 Speaker 1: Struck down a Kansas law enacted during a financial panic 971 00:45:37,840 --> 00:45:40,400 Speaker 1: that let mortgage holders state in their homes for several 972 00:45:40,400 --> 00:45:43,480 Speaker 1: months after foreclosure. And as I said before, this is 973 00:45:43,520 --> 00:45:46,080 Speaker 1: now being used, you know, to try to get around 974 00:45:46,120 --> 00:45:49,800 Speaker 1: eviction moratorium, to try to get around rent stabilization laws, 975 00:45:49,800 --> 00:45:53,680 Speaker 1: to try to get around wage increases. They're again arguing 976 00:45:53,760 --> 00:45:57,320 Speaker 1: that this violates the contract's clause, and this Disney suit 977 00:45:57,520 --> 00:46:01,120 Speaker 1: fits into that matrix. This is they're not arguing on 978 00:46:01,200 --> 00:46:04,319 Speaker 1: free speech grounds. They're not even just arguing on like 979 00:46:04,520 --> 00:46:09,040 Speaker 1: you know, this was wrongly rolled back, this development deal 980 00:46:09,080 --> 00:46:11,959 Speaker 1: that we put into place in which was rightfully signed 981 00:46:12,040 --> 00:46:14,200 Speaker 1: to law. They're not arguing any of that. They're going 982 00:46:14,200 --> 00:46:18,560 Speaker 1: for this much larger, much broader, potentially much wider implications 983 00:46:18,640 --> 00:46:19,920 Speaker 1: contracts clause argument. 984 00:46:20,080 --> 00:46:22,200 Speaker 2: That's why though, that it was always important to take 985 00:46:22,200 --> 00:46:24,560 Speaker 2: a step back, and you know, people were like, I 986 00:46:24,600 --> 00:46:27,759 Speaker 2: want to own desantists by supporting Disney and vice versa. 987 00:46:28,040 --> 00:46:31,279 Speaker 2: Yeah again, whatever you think about the merits, here's what 988 00:46:31,320 --> 00:46:34,480 Speaker 2: was happening down there. Disney has was running not just 989 00:46:34,520 --> 00:46:38,359 Speaker 2: a magic kingdom but a literal kingdom in Florida. They 990 00:46:38,360 --> 00:46:42,400 Speaker 2: had the ability to like tax themselves, the police force 991 00:46:42,800 --> 00:46:47,680 Speaker 2: they were literally had almost total control over this town, 992 00:46:48,040 --> 00:46:51,000 Speaker 2: and it was effectively like a sovereign area akin to 993 00:46:51,320 --> 00:46:54,920 Speaker 2: almost like a tribal nation inside the United States, except 994 00:46:54,960 --> 00:46:58,000 Speaker 2: it was a multi billion dollar corporation. Now you need 995 00:46:58,040 --> 00:47:01,160 Speaker 2: to ask yourself, are you okay with that? Because the 996 00:47:01,200 --> 00:47:04,160 Speaker 2: previous times in American history when we had that were 997 00:47:04,200 --> 00:47:08,680 Speaker 2: things like Henry Ford's factory, you know town, which was 998 00:47:08,719 --> 00:47:11,480 Speaker 2: so wonderful because you could pay your rent to Henry 999 00:47:11,520 --> 00:47:13,520 Speaker 2: Ford using your forward bucks. 1000 00:47:13,560 --> 00:47:15,160 Speaker 4: And you had mining, yeah, coal. 1001 00:47:15,000 --> 00:47:17,320 Speaker 2: Mining towns that then followed the Ford model, and you 1002 00:47:17,360 --> 00:47:21,000 Speaker 2: basically had people in quasi you know, indentured servitude and 1003 00:47:21,120 --> 00:47:25,320 Speaker 2: or slavery up until really like the nineteen twenties and thirties, 1004 00:47:25,600 --> 00:47:28,920 Speaker 2: whenever people rejected this in the height of the Great Depression. 1005 00:47:28,960 --> 00:47:31,560 Speaker 2: So the point is, like, do you want some sort 1006 00:47:31,560 --> 00:47:34,520 Speaker 2: of legal architecture to be allowed to exist? This also 1007 00:47:34,560 --> 00:47:37,680 Speaker 2: comes back to the crux of the Disney lawsuit. In 1008 00:47:37,760 --> 00:47:42,080 Speaker 2: the brief, they say Disney's First Amendment rights were violated. 1009 00:47:42,120 --> 00:47:44,719 Speaker 2: This comes from you have to take a step back 1010 00:47:44,719 --> 00:47:47,600 Speaker 2: and say, well, hold on a second, does Disney do 1011 00:47:47,680 --> 00:47:49,000 Speaker 2: Disney employees. 1012 00:47:48,560 --> 00:47:51,480 Speaker 3: Have a right to freedom of speech? Absolutely? 1013 00:47:51,800 --> 00:47:55,160 Speaker 2: Does Disney the corporation have a right to free speech? 1014 00:47:55,400 --> 00:47:57,280 Speaker 3: In my opinion, no, I don't think. 1015 00:47:57,120 --> 00:48:00,120 Speaker 2: Any corporation should have a right to free speech. All 1016 00:48:00,200 --> 00:48:03,080 Speaker 2: the corporations are people. I don't think that they should 1017 00:48:03,080 --> 00:48:06,640 Speaker 2: be treated in any way in the same law. And 1018 00:48:06,760 --> 00:48:09,280 Speaker 2: that is actually where the crux of all this comes 1019 00:48:09,280 --> 00:48:11,680 Speaker 2: down to. It's about power, and it's about the fact 1020 00:48:11,680 --> 00:48:14,480 Speaker 2: that you can even listen. I'd support people's freedom of 1021 00:48:14,520 --> 00:48:17,160 Speaker 2: expression and a speech, but I just used a keyword there, 1022 00:48:17,280 --> 00:48:20,600 Speaker 2: which is people, not corporation, because then it comes down 1023 00:48:20,600 --> 00:48:24,320 Speaker 2: to the idea that we the people can't tell corporations 1024 00:48:24,400 --> 00:48:26,799 Speaker 2: what they can and cannot do, which is the very 1025 00:48:26,960 --> 00:48:31,000 Speaker 2: basics of how civil governments govern commerce itself. 1026 00:48:31,080 --> 00:48:33,360 Speaker 1: Well, there's no doubt the Supreme Court disagrees with you, 1027 00:48:33,600 --> 00:48:35,480 Speaker 1: I know that and with me on that. And that's 1028 00:48:35,520 --> 00:48:38,680 Speaker 1: one of the ironies here is that the conservative project 1029 00:48:38,719 --> 00:48:41,279 Speaker 1: that Ron DeSantis has long been a part of has 1030 00:48:41,280 --> 00:48:45,080 Speaker 1: stacked the judiciary with judges who look very favorably on 1031 00:48:45,480 --> 00:48:48,800 Speaker 1: Disney and other gigantic corporations having mass amounts of power 1032 00:48:48,920 --> 00:48:52,319 Speaker 1: and having you know, complete personhood rights and complete free 1033 00:48:52,320 --> 00:48:56,800 Speaker 1: speech rights, et cetera. So that makes it less likely 1034 00:48:56,960 --> 00:49:00,040 Speaker 1: that DeSantis is going to succeed here because again, and 1035 00:49:00,160 --> 00:49:04,279 Speaker 1: this is the judicial picks have always been sold to 1036 00:49:04,320 --> 00:49:06,360 Speaker 1: the conservative base based on social issues. 1037 00:49:06,400 --> 00:49:07,719 Speaker 4: But as we've talked about. 1038 00:49:07,520 --> 00:49:09,799 Speaker 1: Before, I mean, a lot of the real game is 1039 00:49:09,840 --> 00:49:13,799 Speaker 1: about corporate power and about curbing labor power. And so 1040 00:49:14,440 --> 00:49:17,520 Speaker 1: that's the court system that this goes into. The last 1041 00:49:17,560 --> 00:49:20,759 Speaker 1: piece of this is this is the latest development. There 1042 00:49:20,840 --> 00:49:24,080 Speaker 1: is a countersuit now that Red Creek Improvement Board that 1043 00:49:24,239 --> 00:49:26,080 Speaker 1: used to be stacked with Disney people and is now 1044 00:49:26,080 --> 00:49:29,719 Speaker 1: stacked with Desanti's people. They are countersuing Disney. Put us 1045 00:49:29,760 --> 00:49:32,960 Speaker 1: up on the screen from CNN they say DeSantis aligned 1046 00:49:32,960 --> 00:49:38,279 Speaker 1: board votes to sue Disney. The chair of this now 1047 00:49:38,320 --> 00:49:42,520 Speaker 1: called Central Florida Tourism Oversight District Board of Supervisors that's 1048 00:49:42,560 --> 00:49:46,279 Speaker 1: the new name for this thing, says, since Disney sued us, yes, 1049 00:49:46,360 --> 00:49:48,880 Speaker 1: we didn't sue Disney. Disney sued us we have no 1050 00:49:49,040 --> 00:49:51,880 Speaker 1: choice now but to respond, Yes, we will seek justice 1051 00:49:51,920 --> 00:49:54,759 Speaker 1: in our own backyard. So that's the very latest. I 1052 00:49:54,800 --> 00:49:57,080 Speaker 1: have no idea how the law will, how this wall 1053 00:49:57,120 --> 00:50:00,759 Speaker 1: play out in terms of the legal you know, decisions 1054 00:50:00,760 --> 00:50:03,040 Speaker 1: that are likely to come down here, but I think 1055 00:50:03,040 --> 00:50:04,480 Speaker 1: these are all important pieces to keep in mind. 1056 00:50:04,560 --> 00:50:06,439 Speaker 3: Yes, that's right. So let's talk a little bit about 1057 00:50:06,520 --> 00:50:07,680 Speaker 3: First Republic Bank. 1058 00:50:07,800 --> 00:50:10,240 Speaker 1: Yeah, so yesterday we brought you the pretty shocking news 1059 00:50:10,280 --> 00:50:13,600 Speaker 1: that we were living through the second largest bank failure 1060 00:50:13,800 --> 00:50:17,719 Speaker 1: in history. So that's kind of a big deal, and 1061 00:50:18,160 --> 00:50:20,520 Speaker 1: we now can bring you some war numbers about just 1062 00:50:20,600 --> 00:50:23,399 Speaker 1: how significant the turmoil in the banking sector of these 1063 00:50:23,400 --> 00:50:25,840 Speaker 1: past few months has really been. Put this up on 1064 00:50:25,880 --> 00:50:28,000 Speaker 1: the screen from the New York Times. They crunched the 1065 00:50:28,120 --> 00:50:30,840 Speaker 1: numbers and they found that the failed banks this year 1066 00:50:31,200 --> 00:50:35,239 Speaker 1: were actually bigger than twenty five that crumbled back in 1067 00:50:35,280 --> 00:50:37,640 Speaker 1: two thousand and eight. And you can see it's pretty 1068 00:50:37,680 --> 00:50:40,880 Speaker 1: close if you're looking at this bar chart. They just 1069 00:50:41,160 --> 00:50:44,560 Speaker 1: these three banks that just failed just barely, you know, 1070 00:50:45,120 --> 00:50:48,839 Speaker 1: managed to surpass the twenty five that failed last time around. 1071 00:50:48,880 --> 00:50:50,719 Speaker 1: They said the three banks held a total of five 1072 00:50:50,800 --> 00:50:53,799 Speaker 1: hundred and thirty two billion in assets that's more than 1073 00:50:53,840 --> 00:50:57,000 Speaker 1: the five hundred and twenty six billion when adjusted for inflation, 1074 00:50:57,440 --> 00:50:59,680 Speaker 1: held by the twenty five banks that collapse in two 1075 00:50:59,680 --> 00:51:03,520 Speaker 1: thousand and eight at the height of the global financial crisis. 1076 00:51:03,840 --> 00:51:06,640 Speaker 1: You will recall the implosion of Washington Mutual that year 1077 00:51:06,640 --> 00:51:08,880 Speaker 1: as well as the investment banks Lehman Brothers bear Stearns 1078 00:51:08,880 --> 00:51:10,800 Speaker 1: was followed by failers they are on the banking system, 1079 00:51:11,160 --> 00:51:13,840 Speaker 1: and between twenty eight and twenty fifteen there were actually 1080 00:51:13,840 --> 00:51:17,440 Speaker 1: more than five hundred federally insured banks that failed. Most 1081 00:51:17,440 --> 00:51:19,880 Speaker 1: of them were small or mid sized regional banks, and 1082 00:51:19,920 --> 00:51:24,680 Speaker 1: most of them were absorbed into other institutions. And Washington 1083 00:51:24,719 --> 00:51:28,000 Speaker 1: Mutual itself, which was heavily involved in risky mortgages and 1084 00:51:28,040 --> 00:51:30,640 Speaker 1: became the largest bank to fail in history, was sold 1085 00:51:30,719 --> 00:51:34,200 Speaker 1: to JP Morgan Chase, just as First Republic has now 1086 00:51:34,239 --> 00:51:38,080 Speaker 1: been sold to JP Morgan Chase, which has made this 1087 00:51:38,560 --> 00:51:42,560 Speaker 1: bank an absolute giant. It is now by far one 1088 00:51:42,600 --> 00:51:47,080 Speaker 1: of the largest banks in the entire world. Jamie Diamond, 1089 00:51:47,120 --> 00:51:49,880 Speaker 1: as we discussed yesterday, is like one of the most. 1090 00:51:49,680 --> 00:51:51,719 Speaker 4: Powerful people in the world now. 1091 00:51:52,400 --> 00:51:54,680 Speaker 1: Ever since we had the two thousand and eight crash, 1092 00:51:54,760 --> 00:51:57,080 Speaker 1: banks have only gotten bigger and bigger and bigger. I 1093 00:51:57,080 --> 00:51:59,200 Speaker 1: think the number I saw is that JP Morgan Chase 1094 00:51:59,239 --> 00:52:00,960 Speaker 1: is now twice a size that it was. 1095 00:52:01,160 --> 00:52:03,640 Speaker 4: Before the crash happened. 1096 00:52:04,000 --> 00:52:05,719 Speaker 1: So the whole idea of we're going to end too 1097 00:52:05,760 --> 00:52:07,960 Speaker 1: big to fail, et cetera didn't work out that. 1098 00:52:08,000 --> 00:52:10,359 Speaker 2: Well, yeah, too big to fail is now policy. I mean, 1099 00:52:10,360 --> 00:52:12,880 Speaker 2: I said this yesterday, but having the numbers is nuts. 1100 00:52:12,960 --> 00:52:15,680 Speaker 2: JP Morgan three point two trillion, Bank of America two 1101 00:52:15,680 --> 00:52:18,480 Speaker 2: point four two trillion, City Bank one point seven seven trillion, 1102 00:52:18,680 --> 00:52:21,399 Speaker 2: Wells Fargo one point seven two trillion. The drop off 1103 00:52:21,440 --> 00:52:24,279 Speaker 2: from the big four down to the US bank is 1104 00:52:24,560 --> 00:52:27,560 Speaker 2: over a billion dollars from their point you get to 1105 00:52:27,640 --> 00:52:30,480 Speaker 2: five hundred billion, then PNC Bank is five hundred billion, 1106 00:52:30,840 --> 00:52:34,160 Speaker 2: Trust Bank five forty six, Goldman for eighty seven, Capital 1107 00:52:34,200 --> 00:52:36,839 Speaker 2: one four fifty three, and TD Bank three eighty seven. 1108 00:52:36,920 --> 00:52:40,640 Speaker 2: So the reality is is exponential the growth whenever it 1109 00:52:40,719 --> 00:52:43,279 Speaker 2: comes to the biggest banks in the US. And in fact, 1110 00:52:43,360 --> 00:52:45,319 Speaker 2: we really just have four banks, you know, in this 1111 00:52:45,680 --> 00:52:49,840 Speaker 2: in this country that can control the vast majority of assets, 1112 00:52:49,880 --> 00:52:53,240 Speaker 2: which means that if any one of those four goes down, 1113 00:52:53,360 --> 00:52:56,520 Speaker 2: then you know you're you're looking at two thousand and 1114 00:52:56,560 --> 00:52:58,720 Speaker 2: eight on steroids and I just think that the headline 1115 00:52:58,760 --> 00:53:01,840 Speaker 2: there is something that we should all really internalize. The 1116 00:53:01,960 --> 00:53:05,320 Speaker 2: three failed banks bigger than the twenty five that crumbled 1117 00:53:05,440 --> 00:53:08,480 Speaker 2: in two thousand and eight. Now we're not saying that 1118 00:53:08,560 --> 00:53:10,600 Speaker 2: this is two thousand and eight. It's not the same 1119 00:53:10,680 --> 00:53:14,040 Speaker 2: level of contagion, it's not the same level of systemic 1120 00:53:14,120 --> 00:53:16,600 Speaker 2: risk to the banking system. It's got not going to 1121 00:53:16,680 --> 00:53:20,040 Speaker 2: have the same cascading effects. What we are showing you, though, 1122 00:53:20,400 --> 00:53:24,280 Speaker 2: is that the precarity within the economy is probably bigger 1123 00:53:24,520 --> 00:53:28,480 Speaker 2: than people think, and that we could just be one 1124 00:53:28,800 --> 00:53:32,040 Speaker 2: or two events away from a possible two thousand and 1125 00:53:32,120 --> 00:53:35,160 Speaker 2: eight environment. And even if we're not the system that 1126 00:53:35,200 --> 00:53:38,399 Speaker 2: we have right now, if eight ever hits again, and 1127 00:53:38,640 --> 00:53:41,800 Speaker 2: do you really believe the regulators are totally doing their jobs? 1128 00:53:41,920 --> 00:53:44,680 Speaker 2: And if one of these big four goes down, one 1129 00:53:44,680 --> 00:53:46,960 Speaker 2: of these you know, the Bank of America's, the JP, 1130 00:53:47,080 --> 00:53:50,000 Speaker 2: Morgan Jays, the City Bank, Wells Fargo. We have four 1131 00:53:50,040 --> 00:53:51,839 Speaker 2: guys who are charged those which is one of them 1132 00:53:51,920 --> 00:53:54,800 Speaker 2: twenty five percent makes a decision one in four chance 1133 00:53:55,040 --> 00:53:57,920 Speaker 2: you could crash the entire US economy. You could literally 1134 00:53:57,920 --> 00:54:00,640 Speaker 2: and it would be bigger than two thousand in terms 1135 00:54:00,640 --> 00:54:02,640 Speaker 2: of the bailouts that would need to be done and 1136 00:54:02,640 --> 00:54:04,399 Speaker 2: in terms of the risk that it poses to all 1137 00:54:04,400 --> 00:54:04,719 Speaker 2: of us. 1138 00:54:04,800 --> 00:54:05,799 Speaker 4: Yeah, no, that's right. 1139 00:54:06,600 --> 00:54:09,040 Speaker 1: There were a couple other pieces we wanted to bring 1140 00:54:09,080 --> 00:54:12,640 Speaker 1: you here. So part of the issue that we discussed 1141 00:54:12,680 --> 00:54:16,160 Speaker 1: extensively in the wake of Silicon Valley Bank collapsing is 1142 00:54:16,760 --> 00:54:20,800 Speaker 1: you know, what should be the FDIC and deposit insurance levels? 1143 00:54:21,120 --> 00:54:23,360 Speaker 1: Two hundred and fifty K is in theory what it was. 1144 00:54:23,440 --> 00:54:26,239 Speaker 1: But when Silicon Valley Bank collapsed, instantly the government came 1145 00:54:26,280 --> 00:54:27,719 Speaker 1: in and said no, no, no, we're actually going to 1146 00:54:27,760 --> 00:54:31,440 Speaker 1: backstop all deposits. So that raised a host of questions about, Okay, 1147 00:54:31,480 --> 00:54:34,399 Speaker 1: while you're doing that for everybody, what does that mean? 1148 00:54:34,520 --> 00:54:37,239 Speaker 1: Do we need to adjust the system going forward? And 1149 00:54:37,400 --> 00:54:39,200 Speaker 1: put this next piece up on the screen. The FDIC 1150 00:54:39,440 --> 00:54:42,040 Speaker 1: just issued their own report. This was written up in 1151 00:54:42,160 --> 00:54:44,960 Speaker 1: American Banker, a publication I frankly did not know exist 1152 00:54:45,080 --> 00:54:49,000 Speaker 1: but do now. They say, FDIC recommends higher deposit insurance 1153 00:54:49,160 --> 00:54:53,719 Speaker 1: for business accounts. So they considered three different approaches. One 1154 00:54:54,000 --> 00:54:57,719 Speaker 1: is unlimited deposit insurance, basically make what they did at 1155 00:54:57,760 --> 00:55:00,359 Speaker 1: Silicon Valley Bank, make that the law of the land, 1156 00:55:00,480 --> 00:55:03,560 Speaker 1: and have premium increases to reflect the fact that actually 1157 00:55:03,560 --> 00:55:06,759 Speaker 1: now all deposits and all values are going to be 1158 00:55:07,239 --> 00:55:11,840 Speaker 1: backstopped by the federal government. They said that particular idea 1159 00:55:12,360 --> 00:55:15,200 Speaker 1: could be a bad idea because it could encourage sort 1160 00:55:15,200 --> 00:55:17,800 Speaker 1: of risky behavior on the part of banks and depositors, 1161 00:55:17,800 --> 00:55:20,160 Speaker 1: et cetera. They were worried about moral hazard there. I'm 1162 00:55:20,160 --> 00:55:22,359 Speaker 1: sure also the banks don't really want to pay those 1163 00:55:22,400 --> 00:55:25,120 Speaker 1: premiums that would you create a fund large enough to 1164 00:55:25,239 --> 00:55:30,400 Speaker 1: be able to backstop the entire deposits of the entire country. 1165 00:55:30,719 --> 00:55:32,759 Speaker 1: So that was one idea that they put off the table. 1166 00:55:32,800 --> 00:55:34,799 Speaker 1: The other is to keep the status quot two hundred 1167 00:55:34,800 --> 00:55:36,680 Speaker 1: and fifty k for everybody, and it is what it is. 1168 00:55:37,560 --> 00:55:40,640 Speaker 1: They felt that because of some of the challenges that 1169 00:55:40,640 --> 00:55:43,440 Speaker 1: we saw with Silicon Valley Bank, that that doesn't adequately 1170 00:55:43,480 --> 00:55:46,600 Speaker 1: address run risk. So they felt that that was not 1171 00:55:46,640 --> 00:55:49,799 Speaker 1: the best way to go. So the third way that 1172 00:55:49,840 --> 00:55:53,960 Speaker 1: they proposed here is targeting deposit insurance for business accounts, 1173 00:55:54,239 --> 00:55:57,000 Speaker 1: so that you could have greater coverage for business accounts 1174 00:55:57,120 --> 00:56:00,520 Speaker 1: without all the moral hazard. Unlimited insurance introduces yielding what 1175 00:56:00,560 --> 00:56:03,919 Speaker 1: they describe as substantial financial stability benefits relative to their costs. 1176 00:56:03,960 --> 00:56:06,600 Speaker 1: So they're trying to say, okay, so for most regular depositors, 1177 00:56:06,640 --> 00:56:08,960 Speaker 1: it'll stay at two hundred and fifty K. For business accounts, 1178 00:56:08,960 --> 00:56:11,440 Speaker 1: they would presumably have to pay some sort of surcharge 1179 00:56:11,719 --> 00:56:15,080 Speaker 1: and they would have a higher level, not unlimited, but 1180 00:56:15,160 --> 00:56:18,560 Speaker 1: a higher level of deposit threshold that would be covered. 1181 00:56:18,640 --> 00:56:20,680 Speaker 3: Yeah, look, I definitely support that. 1182 00:56:20,719 --> 00:56:22,480 Speaker 2: You know what the problem is though, is that when 1183 00:56:22,520 --> 00:56:24,719 Speaker 2: you give somebody something for free, then why are they 1184 00:56:24,719 --> 00:56:25,400 Speaker 2: going to pay for it? 1185 00:56:25,440 --> 00:56:26,960 Speaker 3: So imagine that like we came out and. 1186 00:56:27,000 --> 00:56:28,880 Speaker 2: Say it don't want point all I fd I see 1187 00:56:28,960 --> 00:56:31,160 Speaker 2: things are benefit and everyone's like okay, cool. So they 1188 00:56:31,200 --> 00:56:33,200 Speaker 2: got the benefit and they didn't have to pay for it, 1189 00:56:33,239 --> 00:56:34,879 Speaker 2: so why would they pay for it? And even if 1190 00:56:34,880 --> 00:56:37,279 Speaker 2: they do pay for it, we will all pay for it. 1191 00:56:37,280 --> 00:56:39,360 Speaker 2: They're the ones who are going to raise the rates 1192 00:56:39,400 --> 00:56:42,640 Speaker 2: because of their risky behavior. You know, there should be 1193 00:56:42,760 --> 00:56:45,359 Speaker 2: a better system that is put in place where the 1194 00:56:45,400 --> 00:56:48,000 Speaker 2: cost is not put on to the consumer or the 1195 00:56:48,040 --> 00:56:51,640 Speaker 2: small business Crystal somebody like you're in my account instead 1196 00:56:51,840 --> 00:56:54,960 Speaker 2: of something like the banks and their profits that they 1197 00:56:54,960 --> 00:56:56,759 Speaker 2: are allowed to take in the first place. 1198 00:56:56,760 --> 00:56:59,200 Speaker 3: So I think this whole system is totally. 1199 00:56:58,760 --> 00:57:02,160 Speaker 2: Backwards for who gets to pay and who doesn't, and 1200 00:57:02,239 --> 00:57:04,920 Speaker 2: it's just still highlights to me, like how unfair the 1201 00:57:05,080 --> 00:57:06,400 Speaker 2: entire system really is. 1202 00:57:06,960 --> 00:57:08,000 Speaker 3: Through all of that. You know. 1203 00:57:08,080 --> 00:57:10,439 Speaker 2: Also, though, in terms of the Federal Reserve, at least 1204 00:57:10,440 --> 00:57:11,640 Speaker 2: some questions are being asked. 1205 00:57:11,920 --> 00:57:13,000 Speaker 3: Put this up there on the screen. 1206 00:57:13,520 --> 00:57:16,560 Speaker 2: Jerome Powell actually could face more opposition as these FED 1207 00:57:16,640 --> 00:57:19,640 Speaker 2: choices are getting tougher. The Biden administration is set to 1208 00:57:19,680 --> 00:57:23,480 Speaker 2: nominate a new person to the Overall Governance Board Crystal, 1209 00:57:23,560 --> 00:57:27,320 Speaker 2: And at the very least policymakers are asking questions about 1210 00:57:27,360 --> 00:57:28,320 Speaker 2: the interest rates. 1211 00:57:28,440 --> 00:57:30,560 Speaker 1: Yeah, now that their banker buddies are interested, so they're 1212 00:57:30,600 --> 00:57:31,280 Speaker 1: starting to think. 1213 00:57:31,160 --> 00:57:33,040 Speaker 4: Like maybe we've done enough. Great high point. 1214 00:57:33,760 --> 00:57:36,160 Speaker 2: Anyway, at least they are doing something. But they're not 1215 00:57:36,160 --> 00:57:38,160 Speaker 2: doing something because any of us are suffering. It's because 1216 00:57:38,160 --> 00:57:39,720 Speaker 2: they're bank boys, are Yeah. 1217 00:57:39,920 --> 00:57:42,920 Speaker 1: And they're still expecting to their meeting this week. The 1218 00:57:43,000 --> 00:57:45,520 Speaker 1: expectation is very much they'll move forward with a twenty 1219 00:57:45,520 --> 00:57:48,440 Speaker 1: five basis point hike. And then after that you have 1220 00:57:48,480 --> 00:57:50,800 Speaker 1: really split views. You have some what's called, you know, 1221 00:57:50,920 --> 00:57:53,840 Speaker 1: hawks who want to continue hiking rates at a very 1222 00:57:54,200 --> 00:57:57,000 Speaker 1: aggressive clip given the fact that inflation continues to be 1223 00:57:57,080 --> 00:58:00,560 Speaker 1: relatively high. Although the pace has come down somewhat, and 1224 00:58:00,560 --> 00:58:02,680 Speaker 1: then you have some doves who are like, you know, 1225 00:58:02,720 --> 00:58:05,200 Speaker 1: we've already kind of broken some pretty significant things in 1226 00:58:05,240 --> 00:58:08,240 Speaker 1: the economy by lifting the rates, because the interest rate 1227 00:58:08,360 --> 00:58:10,200 Speaker 1: risk was at the core of the failure of all 1228 00:58:10,240 --> 00:58:14,000 Speaker 1: three of these very significant sized banks. So they're saying, listen, 1229 00:58:14,040 --> 00:58:16,160 Speaker 1: we already broke some stuff. Maybe we should cool it 1230 00:58:16,200 --> 00:58:18,360 Speaker 1: here and wait for things to settle and see how 1231 00:58:18,400 --> 00:58:20,600 Speaker 1: it's all going. So that will be a fight that's 1232 00:58:20,600 --> 00:58:24,600 Speaker 1: playing out at the FED over the coming months. At 1233 00:58:24,600 --> 00:58:26,040 Speaker 1: the same time, you know, I think one of the 1234 00:58:26,080 --> 00:58:30,760 Speaker 1: important stories coming out of the handling of First Republic's 1235 00:58:30,800 --> 00:58:35,240 Speaker 1: failure is once again JP Morgan Chase getting much much 1236 00:58:35,440 --> 00:58:39,440 Speaker 1: larger and becoming an absolute giant. It has been on 1237 00:58:39,480 --> 00:58:42,360 Speaker 1: this path for quite some time. This makes Jamie Diamond 1238 00:58:42,360 --> 00:58:47,120 Speaker 1: incredibly significantly important. Financial Times had a good report on this. 1239 00:58:47,680 --> 00:58:50,400 Speaker 1: They note put this up on the screen. They note 1240 00:58:50,480 --> 00:58:53,560 Speaker 1: that all deposits were taken over by JP Morgan. That 1241 00:58:53,600 --> 00:58:55,360 Speaker 1: means the US government did not have to declared the 1242 00:58:55,400 --> 00:58:59,040 Speaker 1: bank a systemic risk to protect those larger deposits over 1243 00:58:59,040 --> 00:59:01,880 Speaker 1: two under fifty k JP Morgan, though, they secured a 1244 00:59:01,960 --> 00:59:06,520 Speaker 1: loss sharing agreement, so they capture whatever upside there is, 1245 00:59:06,560 --> 00:59:11,080 Speaker 1: but they have some law sharing agreement to avoid the downside. 1246 00:59:11,080 --> 00:59:13,920 Speaker 1: They describe that as a crucial sweetener for the buyer. 1247 00:59:13,960 --> 00:59:17,040 Speaker 1: And although top Biden administration officials played a less prominent 1248 00:59:17,080 --> 00:59:19,480 Speaker 1: role in the negotiations than in the failure of Silicon 1249 00:59:19,520 --> 00:59:23,160 Speaker 1: Valley Bank, the deal came together after heated discussions between 1250 00:59:23,280 --> 00:59:26,120 Speaker 1: Washington and Wall Street. And they note that Diamond had 1251 00:59:26,160 --> 00:59:30,080 Speaker 1: a direct line to Biden through his contacts in Washington, 1252 00:59:30,160 --> 00:59:33,000 Speaker 1: and I would wager a guest that Jamie Diamond always 1253 00:59:33,080 --> 00:59:36,040 Speaker 1: has a direct line to Joe Biden, because he is 1254 00:59:36,160 --> 00:59:38,120 Speaker 1: in some ways as powerful or more so than the 1255 00:59:38,160 --> 00:59:41,760 Speaker 1: President of the United States. At this point, they also 1256 00:59:41,840 --> 00:59:46,840 Speaker 1: talk They quote Ian Katz at Capital Alpha Partners who 1257 00:59:47,200 --> 00:59:50,480 Speaker 1: warns that as the dust settles, there may be increasing 1258 00:59:50,520 --> 00:59:55,480 Speaker 1: political opposition to this deal. Why because in ordinary times 1259 00:59:55,920 --> 00:59:59,840 Speaker 1: regulators never would have approved JP Morgan Chase buying a 1260 01:00:00,080 --> 01:00:02,680 Speaker 1: bank of the size of First Republic because they are 1261 01:00:02,800 --> 01:00:06,880 Speaker 1: already over the limit of having more than ten percent 1262 01:00:07,280 --> 01:00:10,920 Speaker 1: of all of American deposits residing with their bank. They 1263 01:00:10,920 --> 01:00:14,160 Speaker 1: were already over that limit. So if they had just 1264 01:00:14,200 --> 01:00:17,120 Speaker 1: come and we're going to buy First Republic regulators would 1265 01:00:17,160 --> 01:00:19,320 Speaker 1: have said, no way, you're already over the limit. 1266 01:00:19,360 --> 01:00:22,200 Speaker 4: We're not doing it. And so they say they never would. 1267 01:00:21,960 --> 01:00:24,800 Speaker 1: Have received regulatory approval to purchase a healthy bank of 1268 01:00:24,840 --> 01:00:27,080 Speaker 1: that size. They will now get bigger due to their 1269 01:00:27,160 --> 01:00:31,200 Speaker 1: role as savior of last resort. I mean, we have 1270 01:00:31,320 --> 01:00:35,280 Speaker 1: effectively made JP Morgan Chase like a quasi governmental institution 1271 01:00:35,880 --> 01:00:38,880 Speaker 1: and handing them perks that are involved with them looking 1272 01:00:38,920 --> 01:00:41,520 Speaker 1: for them to clean up messes that are made in 1273 01:00:41,520 --> 01:00:45,240 Speaker 1: the banking system in other places. And that is an 1274 01:00:45,280 --> 01:00:48,960 Speaker 1: extraordinary role that they have been put in. Jamie Diamond 1275 01:00:48,960 --> 01:00:51,200 Speaker 1: struck a defiant tone in reaction to all of this. 1276 01:00:51,360 --> 01:00:54,280 Speaker 1: They write, he said, we have capabilities to help our clients, 1277 01:00:54,320 --> 01:00:56,880 Speaker 1: who happen to be cities, schools, states, hospitals, to governments. 1278 01:00:57,040 --> 01:00:59,360 Speaker 1: We bank countries, and we bank the IMF, we bank 1279 01:00:59,400 --> 01:01:03,240 Speaker 1: the World Bank. You need large, successful banks, and anyone 1280 01:01:03,320 --> 01:01:06,040 Speaker 1: who thinks that would be good for the US to 1281 01:01:06,400 --> 01:01:09,280 Speaker 1: not have that should call me directly. I guess we 1282 01:01:09,360 --> 01:01:10,360 Speaker 1: need to get his phone number there. 1283 01:01:10,440 --> 01:01:13,120 Speaker 2: Yeah, yeah, please catch out Jamie. And look, we have 1284 01:01:13,240 --> 01:01:15,040 Speaker 2: a visualization. Go ahead and put this up there on 1285 01:01:15,080 --> 01:01:17,400 Speaker 2: the screen that people can look at. Just look at this. 1286 01:01:17,440 --> 01:01:18,720 Speaker 2: I mean, this is what we're talking about here. 1287 01:01:18,760 --> 01:01:19,800 Speaker 4: This is a note. 1288 01:01:19,960 --> 01:01:23,600 Speaker 1: This is before this acquisition, which is going to add 1289 01:01:23,880 --> 01:01:28,440 Speaker 1: another additional trillion dollars roughly to this number that you 1290 01:01:28,480 --> 01:01:29,280 Speaker 1: see here exactly. 1291 01:01:29,280 --> 01:01:32,560 Speaker 2: So, now JP Morgan is not only the biggest bank 1292 01:01:32,720 --> 01:01:36,440 Speaker 2: in America, it is bigger by orders of magnitude than 1293 01:01:36,480 --> 01:01:39,520 Speaker 2: the previous largest bank, which is Bank of America, which 1294 01:01:39,560 --> 01:01:41,960 Speaker 2: is already huge at two point four trillion, which is 1295 01:01:42,040 --> 01:01:44,760 Speaker 2: also bigger than City Group at one point seven. Like 1296 01:01:44,760 --> 01:01:47,240 Speaker 2: I was saying about earlier, put those four together, we're 1297 01:01:47,240 --> 01:01:49,600 Speaker 2: talking about the vast majority of the US economy in 1298 01:01:49,640 --> 01:01:50,880 Speaker 2: the hands of these four banks. 1299 01:01:51,000 --> 01:01:53,360 Speaker 3: It's been a total failure of too big to fail. 1300 01:01:54,000 --> 01:01:56,800 Speaker 2: The entire two thousand and eight thesis that the vast 1301 01:01:56,800 --> 01:01:59,680 Speaker 2: majority of Americans came away with is We're never going 1302 01:01:59,760 --> 01:02:01,520 Speaker 2: to lie this happen again, because we will never be 1303 01:02:01,600 --> 01:02:04,600 Speaker 2: forced to have bailouts. And instead, we have actually made 1304 01:02:04,640 --> 01:02:07,280 Speaker 2: it more likely that if we ever do face a risk, 1305 01:02:07,560 --> 01:02:09,720 Speaker 2: that we will have to go in and bail these banks, 1306 01:02:10,080 --> 01:02:12,080 Speaker 2: which is what a what a I think, you know, 1307 01:02:12,200 --> 01:02:14,600 Speaker 2: travel back in time fifteen years ago, yeah, and try 1308 01:02:14,600 --> 01:02:17,040 Speaker 2: and tell them that that's how everything was going to work. 1309 01:02:17,080 --> 01:02:17,240 Speaker 7: Out. 1310 01:02:17,360 --> 01:02:18,680 Speaker 3: They would have told you that you were nuts that 1311 01:02:18,720 --> 01:02:19,720 Speaker 3: were never going to let that happen. 1312 01:02:19,720 --> 01:02:21,320 Speaker 2: But we did let it happen, and we actually made 1313 01:02:21,320 --> 01:02:23,760 Speaker 2: it worse, you know, in many many respects, which I 1314 01:02:23,760 --> 01:02:26,040 Speaker 2: think is really sad. You know, to consider about how 1315 01:02:26,080 --> 01:02:28,800 Speaker 2: much populous energy came out from two thousand and eight 1316 01:02:28,920 --> 01:02:31,920 Speaker 2: Occupy Wall Street and so much of that, and you know, 1317 01:02:32,160 --> 01:02:35,360 Speaker 2: really what it ended up with is a more precarious 1318 01:02:35,400 --> 01:02:36,360 Speaker 2: financial system than ever. 1319 01:02:36,840 --> 01:02:39,160 Speaker 1: Just final point to underscore this. Put this last piece 1320 01:02:39,240 --> 01:02:41,520 Speaker 1: up on the screen. This was from Forbes. They write, 1321 01:02:41,520 --> 01:02:46,040 Speaker 1: with first Republic takeover JP Morgan is America's most globally 1322 01:02:46,160 --> 01:02:52,080 Speaker 1: systemically important bank. Their acquisition makes it that it has 1323 01:02:52,120 --> 01:02:55,840 Speaker 1: an asset size now of over four point two trillion. 1324 01:02:56,360 --> 01:02:59,720 Speaker 1: You know that dwarfs now its next competitor Bank of America. 1325 01:03:00,120 --> 01:03:04,960 Speaker 1: It will now rank number five, after four Chinese globally 1326 01:03:05,040 --> 01:03:08,840 Speaker 1: systemically important banks, and it's now more than twice the 1327 01:03:08,880 --> 01:03:11,880 Speaker 1: size it was in two thousand and six. So you know, 1328 01:03:11,960 --> 01:03:14,439 Speaker 1: this author appines clearly the too big to fail problem 1329 01:03:14,440 --> 01:03:16,280 Speaker 1: in the US not only alive and well now an 1330 01:03:16,280 --> 01:03:19,480 Speaker 1: even bigger problem for the financial industry in the American government. 1331 01:03:19,800 --> 01:03:23,120 Speaker 1: Some analysts have stated, the first Republic bank failure is idiosyncratic. 1332 01:03:23,400 --> 01:03:25,240 Speaker 1: Three banks have failed in the US in less than 1333 01:03:25,240 --> 01:03:27,160 Speaker 1: two months. They are amongst the largest bank failures in 1334 01:03:27,280 --> 01:03:30,680 Speaker 1: US history. This is serious. And the last thing that 1335 01:03:30,720 --> 01:03:33,000 Speaker 1: I'll say for everybody to reflect on is the fact 1336 01:03:33,000 --> 01:03:36,280 Speaker 1: that you know this transaction, which once again makes JP 1337 01:03:36,360 --> 01:03:40,120 Speaker 1: Morgan Chase basically a quasi governmental institution, because Lord knows, 1338 01:03:40,120 --> 01:03:42,400 Speaker 1: we are not letting that ship go under no way, 1339 01:03:42,640 --> 01:03:45,360 Speaker 1: and the US government is backstopping any potential risk and 1340 01:03:45,480 --> 01:03:48,479 Speaker 1: losses here of JP Morgan Chase. This is all done 1341 01:03:48,480 --> 01:03:51,040 Speaker 1: over a weekend. It's done very quickly. There is no 1342 01:03:51,440 --> 01:03:56,440 Speaker 1: public input or democratic ability to dissent. And that's the 1343 01:03:56,480 --> 01:03:58,000 Speaker 1: world that we are living in. 1344 01:03:58,080 --> 01:04:01,000 Speaker 2: Yeah Morgan, Joe Jamie, I mean, is now basically the 1345 01:04:01,080 --> 01:04:03,720 Speaker 2: new Andrew Mellon. If you guys, we don't have enough 1346 01:04:03,720 --> 01:04:05,280 Speaker 2: time today for me to go into it, but you 1347 01:04:05,280 --> 01:04:06,800 Speaker 2: should go and look him up. He was both one 1348 01:04:06,840 --> 01:04:08,920 Speaker 2: of the richest men in the country and the banker 1349 01:04:09,480 --> 01:04:12,280 Speaker 2: Secretary of the Treasury of the United States. He eventually 1350 01:04:12,280 --> 01:04:17,040 Speaker 2: went to prison, which is kind of inspiring, but an 1351 01:04:17,240 --> 01:04:20,720 Speaker 2: accountability well, after the Great Depression, we kind of woke 1352 01:04:20,800 --> 01:04:22,480 Speaker 2: up to what was going on there, But in the 1353 01:04:22,480 --> 01:04:25,320 Speaker 2: twenties he was basically a god king here in the US, 1354 01:04:25,400 --> 01:04:28,320 Speaker 2: almost exactly one hundred years ago, coincidentally, So who knows, 1355 01:04:28,360 --> 01:04:29,600 Speaker 2: maybe history will beat itself. 1356 01:04:32,080 --> 01:04:34,640 Speaker 1: We also have our eye on tomorrow as World Press 1357 01:04:34,720 --> 01:04:37,720 Speaker 1: Freedom Day, and there are some new numbers ount that 1358 01:04:37,840 --> 01:04:40,640 Speaker 1: reveal the way the American people feel about our free 1359 01:04:40,680 --> 01:04:41,760 Speaker 1: press here. 1360 01:04:41,440 --> 01:04:42,200 Speaker 4: In the US. 1361 01:04:42,280 --> 01:04:44,320 Speaker 1: And none of these numbers are going to surprise you, 1362 01:04:44,360 --> 01:04:47,400 Speaker 1: but it's always interesting to dig into the specifics. Let's 1363 01:04:47,400 --> 01:04:50,720 Speaker 1: put this first piece up on the screen. This is 1364 01:04:51,000 --> 01:04:53,920 Speaker 1: from the AP and the question here is is the 1365 01:04:53,960 --> 01:04:57,160 Speaker 1: news media doing more to increase political divisions in the US? 1366 01:04:57,320 --> 01:05:00,240 Speaker 1: Decrease political divisions or does it not have any impact? 1367 01:05:00,320 --> 01:05:05,840 Speaker 1: And seventy four percent of America say, of Americans say 1368 01:05:05,920 --> 01:05:08,760 Speaker 1: that it increases divisions, I want to meet this six 1369 01:05:08,800 --> 01:05:12,560 Speaker 1: percent that those decreases divisions. Eighteen percent say it has 1370 01:05:12,680 --> 01:05:18,120 Speaker 1: no impact. So this is an overwhelming indictment of the 1371 01:05:18,160 --> 01:05:20,680 Speaker 1: press and of what they're doing. You know, it gets 1372 01:05:20,680 --> 01:05:23,680 Speaker 1: to the core of Matt Tayeb's book on this subject 1373 01:05:23,720 --> 01:05:26,320 Speaker 1: that effectively, the media's whole job and how they fill 1374 01:05:26,320 --> 01:05:29,080 Speaker 1: a twenty four hour news cycle now is to convince 1375 01:05:29,120 --> 01:05:32,120 Speaker 1: you that your fellow American is the gravest threat to 1376 01:05:32,560 --> 01:05:34,920 Speaker 1: you and your security and your way of life. 1377 01:05:35,000 --> 01:05:37,120 Speaker 4: And people obviously hear scenes of the game. 1378 01:05:37,200 --> 01:05:39,640 Speaker 3: Yeah, I'm glad that they do. And we've always known this. 1379 01:05:40,520 --> 01:05:43,560 Speaker 2: I say, I've ha told this story before, but I 1380 01:05:43,600 --> 01:05:46,000 Speaker 2: met a guy once who made many billions of dollars, 1381 01:05:46,040 --> 01:05:48,360 Speaker 2: and he said, always bet on charts. And whenever I 1382 01:05:48,360 --> 01:05:50,120 Speaker 2: think about the success of this show, and not just 1383 01:05:50,160 --> 01:05:52,440 Speaker 2: this show, so many of the other independent shows that 1384 01:05:52,480 --> 01:05:54,080 Speaker 2: are out there, and you put them all together, and 1385 01:05:54,080 --> 01:05:56,800 Speaker 2: the viewership is many orders of magnitude, you know, combined. 1386 01:05:56,840 --> 01:05:59,720 Speaker 2: Then let's say the total three cable news media. It 1387 01:05:59,720 --> 01:06:02,000 Speaker 2: comes back to this chart. You know, always bet on 1388 01:06:02,160 --> 01:06:04,840 Speaker 2: trust in the mainstream media. And then the fact is 1389 01:06:04,840 --> 01:06:07,880 Speaker 2: is that the vast majority of Americans not only fault, 1390 01:06:08,000 --> 01:06:11,080 Speaker 2: not only don't like the news, they actively blame the 1391 01:06:11,120 --> 01:06:14,640 Speaker 2: news for dividing the nation. And I think everyone in 1392 01:06:14,680 --> 01:06:18,200 Speaker 2: this country can have some sort of personal experience for 1393 01:06:18,440 --> 01:06:20,919 Speaker 2: both right and left to think back to think about 1394 01:06:20,920 --> 01:06:23,560 Speaker 2: a grandma, one of those people who's got a TV 1395 01:06:23,720 --> 01:06:26,320 Speaker 2: installed in the kitchen just so they can watch Fox 1396 01:06:26,520 --> 01:06:26,840 Speaker 2: all day. 1397 01:06:26,880 --> 01:06:27,680 Speaker 3: I wish I was joking. 1398 01:06:27,720 --> 01:06:29,840 Speaker 2: There are a lot more people then you might think, 1399 01:06:30,040 --> 01:06:32,440 Speaker 2: who have literally done that, who can recite to you 1400 01:06:32,520 --> 01:06:35,400 Speaker 2: almost word for word, you know, what's whatever the scandal 1401 01:06:35,440 --> 01:06:37,720 Speaker 2: of the day is. But then also think about, you know, 1402 01:06:38,000 --> 01:06:41,920 Speaker 2: somebody screaming in somebody's face over holding up a sign 1403 01:06:42,000 --> 01:06:44,760 Speaker 2: for somebody that they don't disagree with, or going out 1404 01:06:44,760 --> 01:06:48,760 Speaker 2: of their way to prompt a public confrontation over something 1405 01:06:48,800 --> 01:06:52,640 Speaker 2: which again is fueled almost entirely by the news media 1406 01:06:52,680 --> 01:06:55,040 Speaker 2: and by social media or any of those things that 1407 01:06:55,080 --> 01:06:57,360 Speaker 2: has surfaced up to them, And just think like, is 1408 01:06:57,400 --> 01:06:58,480 Speaker 2: any of this necessary? 1409 01:06:58,720 --> 01:07:00,760 Speaker 3: Because I don't think it is. 1410 01:07:00,920 --> 01:07:02,600 Speaker 2: And one of the things that I think we can 1411 01:07:02,880 --> 01:07:05,040 Speaker 2: come away with is that if you do talk to 1412 01:07:05,080 --> 01:07:08,440 Speaker 2: one another, most people on a very very basic level, 1413 01:07:08,680 --> 01:07:11,840 Speaker 2: are not the caricatures that they see. Most are far 1414 01:07:11,920 --> 01:07:15,960 Speaker 2: more multifaceted and nuanced and understanding than anybody would ever 1415 01:07:16,080 --> 01:07:18,920 Speaker 2: think than if they watch the news where they currently are. 1416 01:07:18,960 --> 01:07:20,760 Speaker 2: And I do think it is at least hardening, even 1417 01:07:20,800 --> 01:07:22,840 Speaker 2: though many people are still locked into the system that 1418 01:07:23,000 --> 01:07:26,240 Speaker 2: most people do at the very least understand that. Now 1419 01:07:26,320 --> 01:07:28,720 Speaker 2: I can understand that. I think most humans can both 1420 01:07:28,800 --> 01:07:30,840 Speaker 2: understand that and be victim to it. So try to 1421 01:07:30,880 --> 01:07:34,920 Speaker 2: minimize the victimization as much as possible and instead have 1422 01:07:35,040 --> 01:07:36,520 Speaker 2: that understanding as you go through your life. 1423 01:07:36,600 --> 01:07:38,760 Speaker 1: Well, because I also think there's a real tendency of 1424 01:07:38,840 --> 01:07:41,680 Speaker 1: people to see media as a problem, but not their 1425 01:07:41,680 --> 01:07:42,400 Speaker 1: particular media. 1426 01:07:42,480 --> 01:07:44,200 Speaker 3: Yeah. It's like when people hate Congress, but then they 1427 01:07:44,240 --> 01:07:45,040 Speaker 3: like their congressmen. 1428 01:07:45,240 --> 01:07:47,000 Speaker 4: Yeah, yeah, yeah, exactly. 1429 01:07:47,040 --> 01:07:49,360 Speaker 1: So it's like, if you're an MSNBC watcher, you're like, well, 1430 01:07:49,360 --> 01:07:51,760 Speaker 1: they're not the problem, you know, Fox News. And if 1431 01:07:51,800 --> 01:07:53,640 Speaker 1: you're a Fox News while you're like, well, the soft 1432 01:07:53,640 --> 01:07:56,560 Speaker 1: Foxes in the issue. Those morons over it, like, you know, 1433 01:07:57,040 --> 01:08:00,280 Speaker 1: the MSNBC. And it also it's always fun to me 1434 01:08:00,360 --> 01:08:03,760 Speaker 1: when when they portray themselves as not being mainstream media, 1435 01:08:03,760 --> 01:08:06,040 Speaker 1: when it's like, you are the largest cable news network, 1436 01:08:06,160 --> 01:08:08,200 Speaker 1: Like whatever you were when you were a scrubby upstar, 1437 01:08:08,280 --> 01:08:10,240 Speaker 1: you were not that anymore. You were definitely part of 1438 01:08:10,280 --> 01:08:12,200 Speaker 1: the mainstream press of America. 1439 01:08:13,240 --> 01:08:14,360 Speaker 4: You won't be surprised to learn. 1440 01:08:14,400 --> 01:08:17,360 Speaker 1: Also, Republicans had a less favorable view of the media, 1441 01:08:17,360 --> 01:08:18,920 Speaker 1: although there were a lot of negative views of the 1442 01:08:18,960 --> 01:08:22,559 Speaker 1: media to be had on all partisan identifications. Put this 1443 01:08:22,720 --> 01:08:25,880 Speaker 1: next piece up on the screen. So here the question is, 1444 01:08:25,880 --> 01:08:29,120 Speaker 1: is the news media hurting democracy sixty one percent of 1445 01:08:29,160 --> 01:08:31,960 Speaker 1: Republicans said yes, twenty three percent of Democrats said yes, 1446 01:08:32,040 --> 01:08:34,200 Speaker 1: thirty six percent of independence. 1447 01:08:34,640 --> 01:08:36,160 Speaker 4: Now, there has been a. 1448 01:08:36,640 --> 01:08:39,320 Speaker 1: I think ever in my entire life, there's always been 1449 01:08:39,360 --> 01:08:42,080 Speaker 1: a trend of Republicans being more skeptical of the media 1450 01:08:42,200 --> 01:08:46,400 Speaker 1: and feeling like their views and perspectives and cultural values 1451 01:08:46,439 --> 01:08:49,320 Speaker 1: weren't reflected in the mainstream press. But I also don't 1452 01:08:49,320 --> 01:08:51,080 Speaker 1: think there's any doubt about the fact that that has 1453 01:08:51,200 --> 01:08:54,880 Speaker 1: escalated in the Trump years, and that, you know, you 1454 01:08:54,960 --> 01:08:58,960 Speaker 1: also now have Democrats that feel similarly frustrated with the press. 1455 01:08:58,960 --> 01:09:00,600 Speaker 1: There are a lot of Democrats who've feel like the 1456 01:09:00,640 --> 01:09:03,120 Speaker 1: news media propped up Donald Trump for ratings back in 1457 01:09:03,160 --> 01:09:05,240 Speaker 1: twenty sixteen. They have all sorts of issues with the 1458 01:09:05,240 --> 01:09:08,479 Speaker 1: press as well. So so you do have those numbers 1459 01:09:08,520 --> 01:09:13,200 Speaker 1: inching up. You also have overwhelming concern about quote unquote misinformation. 1460 01:09:13,600 --> 01:09:16,840 Speaker 1: I suspect that there's a lot of different definitions and 1461 01:09:16,960 --> 01:09:19,040 Speaker 1: understandings of what misinformation might be. 1462 01:09:19,120 --> 01:09:19,920 Speaker 4: But put this up on. 1463 01:09:19,920 --> 01:09:23,919 Speaker 1: The screen, ninety percent saying that misinformation is a problem, 1464 01:09:24,360 --> 01:09:27,080 Speaker 1: only ten percent saying that it is not a problem. 1465 01:09:27,479 --> 01:09:28,799 Speaker 4: I agree with that ninety percent. 1466 01:09:28,880 --> 01:09:31,559 Speaker 1: When you look at you know, you look at Russia 1467 01:09:31,600 --> 01:09:34,719 Speaker 1: Gate hoax, for example, you look over at po Definition, 1468 01:09:34,840 --> 01:09:36,679 Speaker 1: Yeah it looks so you look over at Fox News. 1469 01:09:36,680 --> 01:09:38,840 Speaker 1: That's the way they clearly knew stop the steal was alive, 1470 01:09:38,880 --> 01:09:41,439 Speaker 1: but they went forward with like pushing on their network anyway. 1471 01:09:41,600 --> 01:09:44,840 Speaker 1: So I agree misinformation is a problem, but I doubt 1472 01:09:44,880 --> 01:09:47,839 Speaker 1: that I agree with everything that's that ninety percent defines 1473 01:09:47,920 --> 01:09:50,000 Speaker 1: as misinformation would be my guest exactly. 1474 01:09:50,040 --> 01:09:52,599 Speaker 2: It's like when you ask Republicans democrats is democracy a problem, 1475 01:09:52,640 --> 01:09:54,400 Speaker 2: and you say they they all say yes, and they 1476 01:09:54,439 --> 01:09:55,920 Speaker 2: go who's the problem, and they say. 1477 01:09:55,720 --> 01:09:57,400 Speaker 4: Democrats pointed to each other. 1478 01:09:57,240 --> 01:10:00,680 Speaker 2: A whole lot, we're talking past each other. The next one, too, 1479 01:10:00,720 --> 01:10:03,880 Speaker 2: is important. Put this up there around social media. When 1480 01:10:03,880 --> 01:10:06,280 Speaker 2: you see a news story on social media, you quote 1481 01:10:06,280 --> 01:10:09,200 Speaker 2: expected to be accurate, only sixty six percent say yes, 1482 01:10:09,400 --> 01:10:11,519 Speaker 2: thirty three percent say that's inaccurate. 1483 01:10:11,520 --> 01:10:13,040 Speaker 3: We got to get that an accurate number up. 1484 01:10:13,280 --> 01:10:17,200 Speaker 1: Yeah, for sure, especially given ai that we've been discussing, like, 1485 01:10:17,280 --> 01:10:19,280 Speaker 1: you all need to get a whole lot more skeptical 1486 01:10:19,439 --> 01:10:20,719 Speaker 1: immediately right now. 1487 01:10:20,880 --> 01:10:23,120 Speaker 2: So look, I think what you can really take away 1488 01:10:23,400 --> 01:10:26,720 Speaker 2: is Americans are very unhappy with the news media. They're 1489 01:10:26,800 --> 01:10:31,839 Speaker 2: unhappy for variety of different reasons, but on happiness is opportunity. 1490 01:10:31,160 --> 01:10:32,719 Speaker 3: For everybody who's involved. 1491 01:10:32,720 --> 01:10:34,400 Speaker 2: That's part of what we're trying to do here, That's 1492 01:10:34,439 --> 01:10:35,760 Speaker 2: part of what a lot of people are trying to 1493 01:10:35,760 --> 01:10:38,160 Speaker 2: do all over the internet, and overall, I think that's 1494 01:10:38,160 --> 01:10:41,599 Speaker 2: a good thing because what it does is fill in 1495 01:10:42,120 --> 01:10:47,040 Speaker 2: avoid that exists and that has been artificially almost propped up, 1496 01:10:47,040 --> 01:10:49,719 Speaker 2: and any other business which wasn't as fake this long 1497 01:10:49,720 --> 01:10:52,080 Speaker 2: ago would have died now. Unfortunately, you know, for a 1498 01:10:52,120 --> 01:10:55,720 Speaker 2: variety of cultural and economic reasons, it hasn't been. But 1499 01:10:55,760 --> 01:10:58,240 Speaker 2: that just makes the fight, I think even more important. 1500 01:10:58,240 --> 01:11:01,479 Speaker 2: Considering that the news and large is the medium through 1501 01:11:01,520 --> 01:11:05,519 Speaker 2: most which people experience civic life and politics. I don't 1502 01:11:05,520 --> 01:11:07,200 Speaker 2: think it should be that way, but it is, and 1503 01:11:07,240 --> 01:11:09,920 Speaker 2: so that just makes their importance even higher whenever it 1504 01:11:09,920 --> 01:11:12,320 Speaker 2: comes to policy and the way that people interact with 1505 01:11:12,360 --> 01:11:14,000 Speaker 2: each other on a day to day basis. 1506 01:11:14,160 --> 01:11:16,280 Speaker 3: Sometimes people to see people like. 1507 01:11:16,280 --> 01:11:18,720 Speaker 2: In traffic who have bumper stickers, so like, if you're 1508 01:11:18,720 --> 01:11:20,599 Speaker 2: a liberal, like, here's the birth and I just want 1509 01:11:20,640 --> 01:11:22,720 Speaker 2: to be like, dude, like what compelled you to go 1510 01:11:22,840 --> 01:11:25,479 Speaker 2: out and to buy that sticker and to peel it 1511 01:11:25,520 --> 01:11:27,800 Speaker 2: off and put it on your car and have some 1512 01:11:27,920 --> 01:11:31,000 Speaker 2: smug or you know, vice versa opposite. And I'm always 1513 01:11:31,000 --> 01:11:33,240 Speaker 2: just like, what's going on in your life where you 1514 01:11:33,280 --> 01:11:35,240 Speaker 2: thought that this is like an appropriate thing to do 1515 01:11:35,400 --> 01:11:36,759 Speaker 2: and behave as an adult. 1516 01:11:37,120 --> 01:11:37,880 Speaker 3: It's very odd. 1517 01:11:38,200 --> 01:11:40,479 Speaker 2: It doesn't come from it's not a natural thing. It's 1518 01:11:40,479 --> 01:11:43,479 Speaker 2: one of those where that came from somewhere, and I 1519 01:11:43,479 --> 01:11:44,360 Speaker 2: don't think it's a good thing. 1520 01:11:44,439 --> 01:11:46,800 Speaker 1: Yeah, like you're putting a bumper sticker on your car. 1521 01:11:46,840 --> 01:11:49,000 Speaker 1: That's like, I hate half of the country, So why 1522 01:11:49,200 --> 01:11:51,240 Speaker 1: why are you doing this? Doesn't seem very healthy for you. 1523 01:11:51,520 --> 01:11:52,280 Speaker 3: Just drive the. 1524 01:11:52,240 --> 01:11:54,880 Speaker 2: Car, man, go to work, you know, drive something and 1525 01:11:54,920 --> 01:11:57,479 Speaker 2: you enjoy or you know, or lady, I see, you 1526 01:11:57,479 --> 01:11:59,320 Speaker 2: should see some of these woke ladies that I live around. 1527 01:11:59,400 --> 01:12:02,640 Speaker 2: Some of the sciences these people have in their windows 1528 01:12:03,240 --> 01:12:06,519 Speaker 2: crack you up. Anyway, I think it's important for people 1529 01:12:06,600 --> 01:12:09,840 Speaker 2: to know it's not a natural human thing. It comes 1530 01:12:09,840 --> 01:12:11,719 Speaker 2: from somewhere, and we can change it. And it hasn't 1531 01:12:11,760 --> 01:12:12,479 Speaker 2: always been this way. 1532 01:12:12,560 --> 01:12:14,880 Speaker 3: So that's a good thing. Yeah, inspiring. Let's go to 1533 01:12:14,920 --> 01:12:15,360 Speaker 3: the next one. 1534 01:12:15,720 --> 01:12:19,679 Speaker 2: Two important stories first about Tucker, but also about Vice 1535 01:12:19,760 --> 01:12:21,759 Speaker 2: News and some breaking news. 1536 01:12:21,840 --> 01:12:24,400 Speaker 3: I guess we can say about what's going on over there. 1537 01:12:24,439 --> 01:12:27,120 Speaker 2: So, with respect to Tucker, a video has now come 1538 01:12:27,160 --> 01:12:29,640 Speaker 2: out of being leaked to media matter. There's lots of 1539 01:12:29,640 --> 01:12:33,960 Speaker 2: speculation around who leaked this video. Was it somebody who 1540 01:12:33,960 --> 01:12:36,680 Speaker 2: works at Fox? Most likely was the Fox management to 1541 01:12:36,760 --> 01:12:40,559 Speaker 2: try and make him look bad. I find it very humorous. Basically, 1542 01:12:40,560 --> 01:12:43,280 Speaker 2: what you're seeing here is a behind the scenes video 1543 01:12:43,680 --> 01:12:47,280 Speaker 2: where producers are telling Tucker he has to wear a 1544 01:12:47,439 --> 01:12:51,800 Speaker 2: sweater during an interview with Andrew Tait. Tucker doesn't want 1545 01:12:51,800 --> 01:12:54,519 Speaker 2: to wear the sweater because it's going to appear on 1546 01:12:54,560 --> 01:12:56,960 Speaker 2: his primetime show. And I think this is a great 1547 01:12:57,040 --> 01:12:58,840 Speaker 2: view for a couple of things. Christy, you and I 1548 01:12:58,920 --> 01:13:01,240 Speaker 2: have worked with such producers and others. This is a 1549 01:13:01,280 --> 01:13:01,760 Speaker 2: good view. 1550 01:13:01,800 --> 01:13:03,360 Speaker 3: I want everybody to take away from this. 1551 01:13:03,680 --> 01:13:06,120 Speaker 2: You can get paid twenty five million dollars, but when 1552 01:13:06,120 --> 01:13:09,000 Speaker 2: your check is signed by somebody else, you're still an employee. 1553 01:13:09,200 --> 01:13:11,880 Speaker 2: You're like inside of a system. Yeah, you're not the king, 1554 01:13:12,200 --> 01:13:14,280 Speaker 2: you know, or even the queen or what. You're not 1555 01:13:14,360 --> 01:13:16,680 Speaker 2: in charge in the way that you should be, and 1556 01:13:16,720 --> 01:13:20,360 Speaker 2: most people think that you are. You're inside of this apparatus. 1557 01:13:20,520 --> 01:13:23,639 Speaker 2: He's dissatisfied in this clip with Fox Nation. He's upset 1558 01:13:23,680 --> 01:13:26,160 Speaker 2: about the website. He's upset about, you know, the way 1559 01:13:26,160 --> 01:13:27,080 Speaker 2: that they're talking to him. 1560 01:13:27,000 --> 01:13:29,280 Speaker 4: And Fox Nation is there like streaming plays. 1561 01:13:29,000 --> 01:13:31,400 Speaker 3: They're streaming which form we have good luck to them, right. 1562 01:13:31,320 --> 01:13:34,320 Speaker 1: And these streaming platforms there's no transparency around, so you 1563 01:13:34,400 --> 01:13:36,960 Speaker 1: have no idea how they're actually faring. And I think 1564 01:13:37,040 --> 01:13:38,400 Speaker 1: Tucker sort of gives up the game there. 1565 01:13:38,400 --> 01:13:40,200 Speaker 2: He gives up the game on how well it's doing. 1566 01:13:40,400 --> 01:13:42,439 Speaker 2: It also really just gives up the game on you 1567 01:13:42,479 --> 01:13:44,720 Speaker 2: could be the number one star on cable news media. 1568 01:13:44,680 --> 01:13:46,559 Speaker 3: But people are still telling those people what to do. 1569 01:13:46,800 --> 01:13:47,360 Speaker 3: Take a listen. 1570 01:13:48,080 --> 01:13:49,840 Speaker 8: I don't want to be a slave to Fox Nation, 1571 01:13:49,880 --> 01:13:53,160 Speaker 8: which I don't think that if people watch anyway, we're 1572 01:13:53,200 --> 01:13:56,680 Speaker 8: gonna uh because I you know, I'm like a representative 1573 01:13:56,680 --> 01:14:00,560 Speaker 8: of the American media now speaking to an exile in 1574 01:14:00,680 --> 01:14:04,360 Speaker 8: Romania and welcome to him back into the brotherhood of journalists. 1575 01:14:05,560 --> 01:14:07,840 Speaker 7: Yeah, it would help us out if he wore though, 1576 01:14:07,880 --> 01:14:08,320 Speaker 7: because we. 1577 01:14:08,280 --> 01:14:10,000 Speaker 3: Asked him not to wear a suit like he was 1578 01:14:10,080 --> 01:14:10,880 Speaker 3: kind of about it. 1579 01:14:11,000 --> 01:14:12,920 Speaker 7: So if you don't have to talk, is gonna be 1580 01:14:12,960 --> 01:14:20,040 Speaker 7: looking casual? That's is that? 1581 01:14:20,120 --> 01:14:24,160 Speaker 9: Okay? 1582 01:14:25,880 --> 01:14:29,400 Speaker 8: I I mean this is airing on the nighttime show 1583 01:14:29,439 --> 01:14:30,679 Speaker 8: and I wanted to look official. 1584 01:14:30,680 --> 01:14:32,720 Speaker 5: I don't want it to be like bro talk and. 1585 01:14:32,680 --> 01:14:36,000 Speaker 8: I and I, you know what I mean, give it. 1586 01:14:36,040 --> 01:14:36,880 Speaker 7: The majority of it. 1587 01:14:37,320 --> 01:14:39,320 Speaker 3: Like if we go like forty five minutes, it's gonna 1588 01:14:39,360 --> 01:14:40,560 Speaker 3: be Foxnation. 1589 01:14:40,160 --> 01:14:43,080 Speaker 8: But nobody's gonna watch it on Foxination. Nobody watches Fox 1590 01:14:43,240 --> 01:14:46,080 Speaker 8: Nation because the site sucks. So I'd really like to 1591 01:14:46,120 --> 01:14:48,639 Speaker 8: just put the dump the whole thing on YouTube. 1592 01:14:49,760 --> 01:14:51,200 Speaker 5: But anyway, that's just my view. 1593 01:14:52,840 --> 01:14:57,040 Speaker 8: Uh, I'm just frustrated with Uh, it's hard to use 1594 01:14:57,080 --> 01:14:57,519 Speaker 8: that site. 1595 01:14:57,560 --> 01:14:59,519 Speaker 5: I don't know why they're not fixing it. 1596 01:14:59,520 --> 01:15:03,719 Speaker 8: It's driving insane and they're like making like lifetime movies, 1597 01:15:03,760 --> 01:15:05,519 Speaker 8: but they don't they don't work on the infrastructure of 1598 01:15:05,560 --> 01:15:08,760 Speaker 8: the site, like what. It's crazy, and it drives me 1599 01:15:08,880 --> 01:15:11,240 Speaker 8: crazy because it's like we're doing all this extra work 1600 01:15:11,240 --> 01:15:14,559 Speaker 8: and no one can find it. It's unbelievable. Actually we're 1601 01:15:14,600 --> 01:15:16,720 Speaker 8: doing our part. We're like working like the animals to 1602 01:15:16,760 --> 01:15:20,400 Speaker 8: produce all this content, and the people in charge of it, whoever, 1603 01:15:20,439 --> 01:15:23,080 Speaker 8: that guy's whatever his name is, like they're ignoring the 1604 01:15:23,120 --> 01:15:25,439 Speaker 8: fact that the site doesn't work, and it's I think 1605 01:15:25,479 --> 01:15:27,439 Speaker 8: it's like a betrayal of our efforts. 1606 01:15:27,479 --> 01:15:29,840 Speaker 5: That's how I feel so I of course I resent it. 1607 01:15:31,479 --> 01:15:32,320 Speaker 3: Here's the worst part. 1608 01:15:32,600 --> 01:15:36,240 Speaker 2: He ended up working, you know, and and that that 1609 01:15:36,320 --> 01:15:39,880 Speaker 2: tells you so much. It's like you work. When you 1610 01:15:39,920 --> 01:15:42,240 Speaker 2: work for somebody, they're telling you how to dress. Nobody 1611 01:15:42,280 --> 01:15:44,240 Speaker 2: tells us what to wear. I wear these suits because 1612 01:15:44,240 --> 01:15:45,920 Speaker 2: they like them. You wear what you like because you 1613 01:15:46,000 --> 01:15:47,920 Speaker 2: like it, because it's how you feel like it. That 1614 01:15:48,040 --> 01:15:50,559 Speaker 2: it's that, and think about that's the number one star 1615 01:15:50,640 --> 01:15:52,800 Speaker 2: and Cable. What are they telling the other people because 1616 01:15:52,840 --> 01:15:54,919 Speaker 2: that how they talk down to everyone. And the arrogance 1617 01:15:54,960 --> 01:15:57,840 Speaker 2: too of that producer about you know, here's the thing 1618 01:15:57,920 --> 01:16:00,200 Speaker 2: who gives a shit what you what he wears? Does 1619 01:16:00,240 --> 01:16:03,040 Speaker 2: it matter at all? Like in any way, No, it's 1620 01:16:03,120 --> 01:16:05,680 Speaker 2: all fake. And the point that he makes too is 1621 01:16:05,680 --> 01:16:07,880 Speaker 2: also so great. All right, He's like, yeah, why does 1622 01:16:07,920 --> 01:16:10,760 Speaker 2: the site suck? Why are they making these idiot they're 1623 01:16:10,800 --> 01:16:15,679 Speaker 2: doing like a Bible study with Ainsley, But the site 1624 01:16:15,760 --> 01:16:16,479 Speaker 2: doesn't work. 1625 01:16:16,680 --> 01:16:19,720 Speaker 1: And if his stuff isn't getting washed on Fox Nation, 1626 01:16:20,240 --> 01:16:22,880 Speaker 1: no one's stuff was getting watched on Fox station. Which 1627 01:16:22,920 --> 01:16:25,040 Speaker 1: why there's no way that Foxting has managed like this 1628 01:16:25,120 --> 01:16:27,599 Speaker 1: because this is too embarrassing, I think, so yeah, yeah, 1629 01:16:28,000 --> 01:16:29,759 Speaker 1: they don't want to reveal it and no one watches 1630 01:16:29,840 --> 01:16:32,920 Speaker 1: Fox Nation and that the website stucks, and then he's like, 1631 01:16:33,280 --> 01:16:33,639 Speaker 1: this is. 1632 01:16:33,560 --> 01:16:35,720 Speaker 4: A waste of my time. No one is watching it here. 1633 01:16:35,880 --> 01:16:38,120 Speaker 1: There's I think, one point in the conversation where he's like, 1634 01:16:38,120 --> 01:16:39,880 Speaker 1: I want to put the thing up on YouTube because 1635 01:16:39,920 --> 01:16:40,559 Speaker 1: then people. 1636 01:16:40,360 --> 01:16:41,240 Speaker 4: Will actually watch it. 1637 01:16:41,240 --> 01:16:43,920 Speaker 1: She's not an idiot, but I mean, yeah, to me, 1638 01:16:44,080 --> 01:16:49,360 Speaker 1: the piece that is so revelatory and not surprising having 1639 01:16:49,400 --> 01:16:52,519 Speaker 1: been in this industry, is like, yeah, you can be 1640 01:16:52,560 --> 01:16:55,720 Speaker 1: the number one rated host, you can you know, be 1641 01:16:55,960 --> 01:16:58,920 Speaker 1: world famous, et cetera, et cetera. But if they want 1642 01:16:58,920 --> 01:17:01,080 Speaker 1: you to wear a sweater and wear freaking sweater, And 1643 01:17:01,160 --> 01:17:04,479 Speaker 1: if you don't think that applies to like putting Tucker aside, 1644 01:17:04,520 --> 01:17:06,200 Speaker 1: if you don't think that applies to all of these 1645 01:17:06,240 --> 01:17:08,519 Speaker 1: hosts and what they cover and how they cover it, 1646 01:17:08,560 --> 01:17:10,200 Speaker 1: and what they look like while they do it, and 1647 01:17:10,200 --> 01:17:12,000 Speaker 1: who they're nice to and who they're mean to, Like, 1648 01:17:12,160 --> 01:17:14,599 Speaker 1: you're a fool. And at the end of the day, 1649 01:17:14,680 --> 01:17:17,720 Speaker 1: they decided, you know, that Tucker was more trouble than 1650 01:17:17,760 --> 01:17:20,559 Speaker 1: he's worth. I agree with that assessment, and they decided 1651 01:17:20,600 --> 01:17:24,599 Speaker 1: to terf them for a variety of reasons. But yeah, 1652 01:17:24,720 --> 01:17:27,120 Speaker 1: it's I guess the last thing to say about this 1653 01:17:27,439 --> 01:17:33,160 Speaker 1: is all of these networks know that their numbers are falling, 1654 01:17:33,680 --> 01:17:36,439 Speaker 1: they know their business model is fading. They know they've 1655 01:17:36,439 --> 01:17:39,120 Speaker 1: got like some sort of limited try. Well, you know, 1656 01:17:39,200 --> 01:17:41,120 Speaker 1: it'll drag out for a long time and they'll still 1657 01:17:41,120 --> 01:17:42,080 Speaker 1: have cultural relevance for. 1658 01:17:42,080 --> 01:17:43,960 Speaker 4: A long time. I don't want to diminish that. 1659 01:17:44,040 --> 01:17:46,559 Speaker 1: But they're all trying to figure out how do we 1660 01:17:46,600 --> 01:17:48,960 Speaker 1: make some sort of a digital plays so we can 1661 01:17:49,120 --> 01:17:51,759 Speaker 1: like get a younger audience and keep this thing going. 1662 01:17:51,840 --> 01:17:56,599 Speaker 1: And every single one of these efforts has been a catastrophe. Clearly, 1663 01:17:56,720 --> 01:18:00,640 Speaker 1: vhoccination is a catastrophe. Fox CNN Plus is a catastrophe. 1664 01:18:00,680 --> 01:18:02,679 Speaker 1: We don't know the numbers at Peacock, but it's obviously 1665 01:18:02,760 --> 01:18:07,000 Speaker 1: catastrophe as well because their behem, they don't know how 1666 01:18:07,040 --> 01:18:10,200 Speaker 1: to create content that people want to see. They don't 1667 01:18:10,240 --> 01:18:12,479 Speaker 1: know how to create a platform that people want to 1668 01:18:12,520 --> 01:18:15,120 Speaker 1: engage with, and so they're just like dying a slow 1669 01:18:15,160 --> 01:18:16,200 Speaker 1: death by a thousand cuts. 1670 01:18:16,280 --> 01:18:18,280 Speaker 3: Yeah, absolutely watch that clip. 1671 01:18:18,400 --> 01:18:20,360 Speaker 2: And if you ever want to know why, we will 1672 01:18:20,439 --> 01:18:22,880 Speaker 2: never work for these people ever again. Yeah, why really 1673 01:18:23,120 --> 01:18:25,599 Speaker 2: a major animating thing. That's how it works behind the scenes, 1674 01:18:25,640 --> 01:18:27,280 Speaker 2: guys like they try and tell you what to do 1675 01:18:27,439 --> 01:18:29,400 Speaker 2: and some stupid ass segment and you're like, what do 1676 01:18:29,479 --> 01:18:32,040 Speaker 2: you do? What's wrong in your brain that you would 1677 01:18:32,120 --> 01:18:34,160 Speaker 2: even think that that is real? And that's up and 1678 01:18:34,200 --> 01:18:37,840 Speaker 2: down the chain, you know, for the entire industry. Let's 1679 01:18:37,880 --> 01:18:41,640 Speaker 2: go to the next one here, which is some stunning news. 1680 01:18:41,360 --> 01:18:43,759 Speaker 3: That broke yesterday. Let's put it up there on the screen. 1681 01:18:44,280 --> 01:18:48,879 Speaker 2: Vice is supposed said to be headed for bankruptcy. The company, 1682 01:18:49,000 --> 01:18:53,639 Speaker 2: once valued at five point seven billion dollars, is struggling 1683 01:18:53,640 --> 01:18:56,439 Speaker 2: to find a buyer this year, has an incredible amount 1684 01:18:56,479 --> 01:19:01,719 Speaker 2: of debt. The news comes immediately after they fired several 1685 01:19:01,760 --> 01:19:05,759 Speaker 2: people in their DC bureau and are cutting costs across 1686 01:19:05,800 --> 01:19:10,320 Speaker 2: the board. This is a company which raised money from Disney, 1687 01:19:10,600 --> 01:19:13,840 Speaker 2: which raised money from private equity in twenty seventeen, was 1688 01:19:13,920 --> 01:19:17,080 Speaker 2: valued at a full five point seven end quote. By 1689 01:19:17,080 --> 01:19:21,240 Speaker 2: today most accounts it is worth only a tiny. 1690 01:19:20,439 --> 01:19:21,559 Speaker 3: Fraction of that. 1691 01:19:22,400 --> 01:19:25,360 Speaker 2: In the event of bankruptcy, their largest debtholder would end 1692 01:19:25,439 --> 01:19:28,320 Speaker 2: up controlling the company. They said that they're operating normally 1693 01:19:28,479 --> 01:19:31,120 Speaker 2: vices currently and what are trying to run an auction 1694 01:19:31,240 --> 01:19:34,200 Speaker 2: to sell the company over the next forty five day period, 1695 01:19:34,240 --> 01:19:37,720 Speaker 2: but clearly they are in dire, dire financial straits. So 1696 01:19:38,000 --> 01:19:40,080 Speaker 2: there are only two ways of this end. Somebody buys 1697 01:19:40,120 --> 01:19:43,320 Speaker 2: it for absolute pennies on the dollar. Very unlikely actually, 1698 01:19:43,360 --> 01:19:46,080 Speaker 2: because they have high cost their burn rate is high. 1699 01:19:46,080 --> 01:19:49,040 Speaker 2: They've got the building in Williamsburg, They've got all these 1700 01:19:49,160 --> 01:19:51,800 Speaker 2: costs in terms of shows and other contracts that they 1701 01:19:51,920 --> 01:19:52,719 Speaker 2: signed up for. 1702 01:19:53,000 --> 01:19:55,479 Speaker 3: They've got massive salaries or had. 1703 01:19:55,320 --> 01:19:58,280 Speaker 2: Them at one point on the books, and this is 1704 01:19:58,520 --> 01:20:01,760 Speaker 2: really sad to me on a personal level. BuzzFeed, I'm 1705 01:20:01,800 --> 01:20:03,960 Speaker 2: gonna be honest, I thought it was hilarious whenever they 1706 01:20:03,960 --> 01:20:07,160 Speaker 2: went down. I thought it was funny with Goker went down. 1707 01:20:07,800 --> 01:20:08,800 Speaker 3: Vice was. 1708 01:20:09,240 --> 01:20:13,280 Speaker 2: It really inspired me to get into the business. They 1709 01:20:13,280 --> 01:20:18,000 Speaker 2: were some of the forefront pioneers on YouTube, developing of 1710 01:20:18,080 --> 01:20:20,760 Speaker 2: finding stories, telling them in a way that I and 1711 01:20:20,880 --> 01:20:23,799 Speaker 2: many people my age and you know, millions of people 1712 01:20:24,000 --> 01:20:26,920 Speaker 2: wanted to consume. I will absolutely never ever forget watching 1713 01:20:26,920 --> 01:20:29,280 Speaker 2: the Vice Guide to North Korea. I had never seen 1714 01:20:29,280 --> 01:20:30,720 Speaker 2: anything like it. I think that came out in two 1715 01:20:30,720 --> 01:20:32,840 Speaker 2: thousand and six or two thousand and seven. And then 1716 01:20:32,880 --> 01:20:36,920 Speaker 2: watching you know, some of their Libyan stuff like Buria. 1717 01:20:37,040 --> 01:20:38,080 Speaker 4: Right along with Isis. 1718 01:20:38,160 --> 01:20:40,040 Speaker 3: Yeah, I mean I remember that one too, the Syrian 1719 01:20:40,040 --> 01:20:41,160 Speaker 3: Civil War coverage. 1720 01:20:41,040 --> 01:20:41,680 Speaker 4: Yeah, that they did. 1721 01:20:41,800 --> 01:20:43,280 Speaker 3: It was incredible. 1722 01:20:43,720 --> 01:20:46,559 Speaker 2: And look, I mean there's a lot of mistakes that 1723 01:20:46,640 --> 01:20:50,479 Speaker 2: were made there, ideology and business on top. 1724 01:20:50,560 --> 01:20:53,360 Speaker 3: But it's sad. It's sad to watch it. But and 1725 01:20:53,400 --> 01:20:54,880 Speaker 3: some great stars were born out of vice. 1726 01:20:55,040 --> 01:20:58,320 Speaker 1: It's hard to I mean, you can't forget. This thing 1727 01:20:58,439 --> 01:21:01,120 Speaker 1: was a giant. It was seen as the like sex 1728 01:21:01,160 --> 01:21:05,040 Speaker 1: gy media upstart. Everybody was all the traditional media outlets 1729 01:21:05,080 --> 01:21:07,360 Speaker 1: were like, how do we replicate this? What they're doing 1730 01:21:07,479 --> 01:21:11,160 Speaker 1: is astonishing, And part of the problem is the things 1731 01:21:11,200 --> 01:21:12,760 Speaker 1: that you're talking about that they did or like the 1732 01:21:12,760 --> 01:21:15,559 Speaker 1: isis ride along or whatever. No established network would do 1733 01:21:15,560 --> 01:21:18,320 Speaker 1: that because it's way too risky and nor should they honestly, because. 1734 01:21:18,120 --> 01:21:20,360 Speaker 4: You're like really putting fear of risk. 1735 01:21:20,560 --> 01:21:23,639 Speaker 1: And so that's the sort of thing that they couldn't 1736 01:21:23,680 --> 01:21:27,040 Speaker 1: really scale. And so yeah, they went down a sort 1737 01:21:27,080 --> 01:21:31,280 Speaker 1: of like typical like left liberal, more identity type of 1738 01:21:31,360 --> 01:21:35,080 Speaker 1: track in terms of their ideology. They became much less 1739 01:21:35,840 --> 01:21:42,040 Speaker 1: unique and I think much less provocative risk taking. And 1740 01:21:42,600 --> 01:21:46,040 Speaker 1: you know, it's also part of this broader shift that 1741 01:21:46,080 --> 01:21:49,879 Speaker 1: we're seeing where all of these outlets that were giants 1742 01:21:49,960 --> 01:21:51,080 Speaker 1: in the twenty tens. 1743 01:21:51,800 --> 01:21:56,560 Speaker 4: It's over. It's just totally over. The amount of funding 1744 01:21:56,600 --> 01:21:57,439 Speaker 4: and cash that was. 1745 01:21:57,439 --> 01:22:01,840 Speaker 1: Being thrown at BuzzFeed and Mike and Weiss and all 1746 01:22:01,920 --> 01:22:05,080 Speaker 1: of these companies, the valuations they were able to achieve, 1747 01:22:05,320 --> 01:22:06,360 Speaker 1: it was insane. 1748 01:22:06,600 --> 01:22:08,120 Speaker 4: Yeah, and now you know. 1749 01:22:08,160 --> 01:22:13,920 Speaker 1: The business the ideology has shifted, the business models have shifted, 1750 01:22:14,040 --> 01:22:16,840 Speaker 1: and so whatever they were doing at that point, now 1751 01:22:16,840 --> 01:22:20,080 Speaker 1: that you have ad revenue specifically right now, has really 1752 01:22:20,160 --> 01:22:21,760 Speaker 1: taken a hit. And this is part of the whole 1753 01:22:21,760 --> 01:22:25,240 Speaker 1: tech session conversation as well. All of these companies that 1754 01:22:25,280 --> 01:22:28,559 Speaker 1: were kind of struggling along that was it for them. 1755 01:22:28,640 --> 01:22:30,680 Speaker 2: There's a great documentary. I might do a modeling on this, 1756 01:22:30,720 --> 01:22:33,439 Speaker 2: because I've never forgotten it. It came out in twenty eleven. 1757 01:22:33,439 --> 01:22:34,920 Speaker 2: I watched it at the time, and I watched it 1758 01:22:34,960 --> 01:22:37,559 Speaker 2: probably every few years since then. It's called Page One, 1759 01:22:37,640 --> 01:22:39,840 Speaker 2: and it's about the New York Times and specifically their 1760 01:22:39,880 --> 01:22:43,760 Speaker 2: media critic David Carr, as they're navigating the Internet at 1761 01:22:43,800 --> 01:22:46,519 Speaker 2: the time. This came out again twelve thirteen years ago. 1762 01:22:46,640 --> 01:22:50,240 Speaker 2: Now there's a scene where Shane Smith is facing off 1763 01:22:50,280 --> 01:22:53,200 Speaker 2: against David Carr, and in it, David Carr was a 1764 01:22:53,240 --> 01:22:55,799 Speaker 2: media critic who is now dead, and Shane is basically 1765 01:22:55,840 --> 01:22:58,040 Speaker 2: super arrogant. He's like, we're doing what you people have 1766 01:22:58,120 --> 01:23:00,320 Speaker 2: never done before, Like we're going to the place we 1767 01:23:00,360 --> 01:23:00,640 Speaker 2: are in. 1768 01:23:00,640 --> 01:23:02,560 Speaker 3: The new media. You're the old media. 1769 01:23:02,680 --> 01:23:04,639 Speaker 2: All this sof and David is like, hey, we've had 1770 01:23:04,640 --> 01:23:07,799 Speaker 2: people in Africa since nineteen sixty like, shut up. Basically 1771 01:23:07,880 --> 01:23:10,320 Speaker 2: he tells me, shut the f up, actually curses in 1772 01:23:10,360 --> 01:23:13,639 Speaker 2: the video, and the arrogance that was exuding was correct 1773 01:23:13,720 --> 01:23:16,280 Speaker 2: if you're thinking about it. In the mind of Shane 1774 01:23:16,320 --> 01:23:17,840 Speaker 2: Smith at the time, He's like, I'm doing stuff you 1775 01:23:17,840 --> 01:23:18,680 Speaker 2: guys are never going to do. 1776 01:23:18,760 --> 01:23:21,000 Speaker 3: I'm the new media. I'm taking over the Internet, all 1777 01:23:21,040 --> 01:23:21,160 Speaker 3: of this. 1778 01:23:21,320 --> 01:23:23,080 Speaker 2: But at the end of the day, you know, twelve 1779 01:23:23,160 --> 01:23:25,479 Speaker 2: thirteen years later, the New York Times is frankly more 1780 01:23:25,479 --> 01:23:28,760 Speaker 2: profitable than ever before. They actually won, they beat Vice 1781 01:23:28,800 --> 01:23:30,240 Speaker 2: because they hired a lot of the people who we 1782 01:23:30,320 --> 01:23:32,400 Speaker 2: used to work at Vice who were any good on 1783 01:23:32,439 --> 01:23:34,679 Speaker 2: top of Box and others. And now Vice is on 1784 01:23:34,920 --> 01:23:37,280 Speaker 2: the verge of bankruptcy. There's a story there to be 1785 01:23:37,360 --> 01:23:41,719 Speaker 2: told about what went wrong for so many of these companies. 1786 01:23:41,720 --> 01:23:43,080 Speaker 3: Fundamentally, I think it was business. 1787 01:23:43,120 --> 01:23:44,880 Speaker 2: I think they got in league with the big, you know, 1788 01:23:44,920 --> 01:23:47,280 Speaker 2: the Hbos and all these other people of the world 1789 01:23:47,280 --> 01:23:48,479 Speaker 2: that got away from their roots. 1790 01:23:48,520 --> 01:23:50,280 Speaker 3: They let ideology seep in. 1791 01:23:50,320 --> 01:23:53,799 Speaker 2: They started building large buildings in downtown Brooklyn, which nobody 1792 01:23:53,840 --> 01:23:58,240 Speaker 2: asked for, and instead they they never played it safe. 1793 01:23:58,479 --> 01:24:00,960 Speaker 2: They tried to do a tech model of get big fast, 1794 01:24:01,400 --> 01:24:04,240 Speaker 2: and by doing that, they took on tech risk without 1795 01:24:04,240 --> 01:24:06,680 Speaker 2: any of the tech upside. It turns out we're all 1796 01:24:06,680 --> 01:24:09,519 Speaker 2: in the same media business, which is a game of inches. 1797 01:24:09,760 --> 01:24:11,519 Speaker 2: You have to kind of have to be brutal, you 1798 01:24:11,640 --> 01:24:13,720 Speaker 2: kind of have to be very risk averse, and you 1799 01:24:13,720 --> 01:24:16,400 Speaker 2: have to think ten fifteen, twenty one hundred years or 1800 01:24:16,400 --> 01:24:17,519 Speaker 2: so in the future. 1801 01:24:17,600 --> 01:24:21,840 Speaker 1: You can't have a huge overhead of legacy media. That's 1802 01:24:21,960 --> 01:24:23,559 Speaker 1: just not going to You're not going to be able 1803 01:24:23,560 --> 01:24:26,280 Speaker 1: to do that in the digital age. And many of 1804 01:24:26,280 --> 01:24:30,479 Speaker 1: these companies really bet on the social media monetization, many 1805 01:24:30,520 --> 01:24:32,960 Speaker 1: of them that are originally on Facebook being huge. I 1806 01:24:32,960 --> 01:24:35,519 Speaker 1: mean Facebook has moved away. First of all, Facebook is 1807 01:24:35,560 --> 01:24:38,400 Speaker 1: like there's not much left content that does well they're 1808 01:24:38,439 --> 01:24:41,439 Speaker 1: at all anymore. When it's it's hard to like, it's 1809 01:24:41,479 --> 01:24:44,879 Speaker 1: easy to forget that that used to be the place 1810 01:24:45,000 --> 01:24:47,800 Speaker 1: for Upworthy and Mike and all of this, like left 1811 01:24:47,840 --> 01:24:51,000 Speaker 1: liberal content was huge on the platform. They're moving away 1812 01:24:51,000 --> 01:24:53,559 Speaker 1: from politics all together. They changed their agroithm to really 1813 01:24:53,760 --> 01:24:56,240 Speaker 1: like screw you on monetization long ago. That took out 1814 01:24:56,280 --> 01:24:59,559 Speaker 1: some of these players, but I think now we're seeing 1815 01:24:59,600 --> 01:25:03,559 Speaker 1: also so with you know, Twitter is moribund. It's not 1816 01:25:03,720 --> 01:25:06,800 Speaker 1: nearly what it used to be already, and so that 1817 01:25:06,920 --> 01:25:10,080 Speaker 1: is changing the underlying business dynamics as well. And Ben Smith, 1818 01:25:10,120 --> 01:25:12,639 Speaker 1: formerly a BuzzFeed, was talking to Ryan Over on his. 1819 01:25:12,640 --> 01:25:15,040 Speaker 4: Podcast about the fact that. 1820 01:25:15,000 --> 01:25:16,880 Speaker 1: You know, some of these it's it's like some of 1821 01:25:16,920 --> 01:25:19,760 Speaker 1: these throwback players are coming back. People are looking at 1822 01:25:19,760 --> 01:25:22,720 Speaker 1: like building out their homepage again, which is something that 1823 01:25:22,920 --> 01:25:24,400 Speaker 1: you know, this has been a long time. 1824 01:25:24,720 --> 01:25:25,839 Speaker 4: People are going back. 1825 01:25:25,680 --> 01:25:30,000 Speaker 1: To like Drudge Report and these news aggregators because the 1826 01:25:30,400 --> 01:25:32,360 Speaker 1: using Twitter to surface the stuff is just not as 1827 01:25:32,400 --> 01:25:37,639 Speaker 1: effective anymore. And the newsletter business, obviously with the substack Semaphore, 1828 01:25:37,680 --> 01:25:41,920 Speaker 1: which has been Smith's new outlet, Puck News, right that 1829 01:25:42,439 --> 01:25:46,120 Speaker 1: newsletter business which is again email Base, it's this legacy 1830 01:25:46,320 --> 01:25:49,679 Speaker 1: technology that's been with us for a long time that's 1831 01:25:49,720 --> 01:25:52,920 Speaker 1: coming back into play as well. So it's it's pretty 1832 01:25:52,920 --> 01:25:54,599 Speaker 1: wild to see the evolution that's happening in right. 1833 01:25:54,640 --> 01:25:56,920 Speaker 2: Yeah, I really might do that mologue. We're going to 1834 01:25:56,960 --> 01:26:00,559 Speaker 2: talk to Ben Smith on Thursday. We'll probably released it 1835 01:26:00,600 --> 01:26:02,519 Speaker 2: sometime on the weekend because it's going to be not 1836 01:26:02,640 --> 01:26:04,160 Speaker 2: in the main show. But there's a lot to be 1837 01:26:04,200 --> 01:26:07,680 Speaker 2: said about his book about that era, so much of 1838 01:26:07,680 --> 01:26:10,240 Speaker 2: what went wrong, but also about what we can learn 1839 01:26:10,280 --> 01:26:12,719 Speaker 2: from them. People like you and I were on the forefront. 1840 01:26:12,760 --> 01:26:14,519 Speaker 2: I don't want to be. I don't want somebody on 1841 01:26:14,600 --> 01:26:17,120 Speaker 2: YouTube who's. 1842 01:26:17,160 --> 01:26:22,960 Speaker 3: Look at Yeah it's like they got arrogance. Yeah it is, 1843 01:26:23,160 --> 01:26:24,400 Speaker 3: and I think about it all the time. 1844 01:26:24,520 --> 01:26:26,920 Speaker 2: But I suspect that the chain was not thinking about 1845 01:26:26,960 --> 01:26:28,320 Speaker 2: that though whenever he was. 1846 01:26:28,520 --> 01:26:30,080 Speaker 3: I mean, you know, yesterday Christals so. 1847 01:26:30,080 --> 01:26:32,400 Speaker 1: High flying, all these people getting these billion dollars. 1848 01:26:32,680 --> 01:26:35,360 Speaker 2: But yesterday, Crystal, you and I show, our show was 1849 01:26:35,479 --> 01:26:38,400 Speaker 2: that's probably the biggest show we've ever done in terms 1850 01:26:38,400 --> 01:26:42,040 Speaker 2: of our YouTube and on podcasts together, if you combine it, 1851 01:26:42,080 --> 01:26:44,400 Speaker 2: if not the biggest, maybe the second largest biggest. 1852 01:26:44,400 --> 01:26:46,160 Speaker 3: But we're still sitting here being like, man, you got 1853 01:26:46,160 --> 01:26:47,920 Speaker 3: to take it easy. You gotta be careful. You got 1854 01:26:47,920 --> 01:26:50,160 Speaker 3: to make sure that you don't go into crazy debt 1855 01:26:50,240 --> 01:26:52,760 Speaker 3: to build a new studio. Everything you want to do 1856 01:26:52,840 --> 01:26:53,559 Speaker 3: is cash flow. 1857 01:26:54,160 --> 01:26:57,280 Speaker 2: These are not the decisions that they were making then 1858 01:26:57,320 --> 01:26:57,760 Speaker 2: at the time. 1859 01:26:57,840 --> 01:26:58,120 Speaker 7: Sorry. 1860 01:26:58,240 --> 01:26:59,799 Speaker 3: If anything, you know we have learned. 1861 01:26:59,600 --> 01:27:03,920 Speaker 4: Something, all right, Tago, what are you looking at? 1862 01:27:03,960 --> 01:27:04,200 Speaker 7: Well? 1863 01:27:04,439 --> 01:27:06,920 Speaker 2: Last week I did a monologue that many of you appreciated, 1864 01:27:06,960 --> 01:27:09,360 Speaker 2: summing up what I hope to be the final monologues 1865 01:27:09,400 --> 01:27:12,080 Speaker 2: on lab leak. The evidence is so overwhelming at this 1866 01:27:12,120 --> 01:27:14,360 Speaker 2: point for the positive case that COVID lead from the 1867 01:27:14,400 --> 01:27:17,160 Speaker 2: Wuhan lab in twenty nineteen that you, in my opinion, 1868 01:27:17,240 --> 01:27:17,400 Speaker 2: have to. 1869 01:27:17,400 --> 01:27:18,720 Speaker 3: Be adult not to believe it. 1870 01:27:19,080 --> 01:27:23,519 Speaker 2: Unsurprisingly, though, many adults include mainstream media and worse, top 1871 01:27:23,600 --> 01:27:25,960 Speaker 2: officials in public health. So I just thought it'd be 1872 01:27:25,960 --> 01:27:28,120 Speaker 2: fun to just check in on all of them and 1873 01:27:28,160 --> 01:27:30,799 Speaker 2: see how they're dealing with this new reality. The first 1874 01:27:30,960 --> 01:27:32,960 Speaker 2: is a very quick update about a farce that I 1875 01:27:33,000 --> 01:27:34,680 Speaker 2: brought all of you a few weeks ago, when the 1876 01:27:34,720 --> 01:27:37,639 Speaker 2: Atlantic mounted a last ditch effort to defend the natural 1877 01:27:37,680 --> 01:27:41,759 Speaker 2: origin hypothesis. The latest cope theory was that infected raccoon 1878 01:27:41,840 --> 01:27:45,240 Speaker 2: dog meat was the genesis of COVID because an infected 1879 01:27:45,360 --> 01:27:48,639 Speaker 2: dog sample was found at the Wuhan wet market. What they, 1880 01:27:48,640 --> 01:27:51,120 Speaker 2: of course neglected to tell you is that that sample 1881 01:27:51,240 --> 01:27:55,240 Speaker 2: came from early twenty twenty, when COVID was already swamping 1882 01:27:55,280 --> 01:27:58,400 Speaker 2: the entire city of Wuhan, and that there isn't a 1883 01:27:58,520 --> 01:28:01,320 Speaker 2: scrap of genetic evidences say that the dog is where 1884 01:28:01,360 --> 01:28:04,040 Speaker 2: it all began. They also failed to tell you that 1885 01:28:04,120 --> 01:28:07,720 Speaker 2: the leading scientists pushing that theory were involved in a 1886 01:28:07,800 --> 01:28:11,760 Speaker 2: lab leak themselves and were involved in the original cover 1887 01:28:11,880 --> 01:28:15,160 Speaker 2: up of the Labe theory with doctor Fauci in January 1888 01:28:15,160 --> 01:28:18,559 Speaker 2: twenty twenty. Interesting how that works? Huh, Well, the funniest 1889 01:28:18,560 --> 01:28:21,360 Speaker 2: thing has happened since then. The theory from the Atlantic 1890 01:28:21,520 --> 01:28:24,479 Speaker 2: was so flimsy and useless that the scientific study it 1891 01:28:24,560 --> 01:28:28,200 Speaker 2: was based on had to issue ameya culpa update that 1892 01:28:28,400 --> 01:28:31,280 Speaker 2: even The New York Times is feeling compelled to publish 1893 01:28:31,479 --> 01:28:35,919 Speaker 2: headline Scientists revisit data on raccoon, dogs and COVID, stressing 1894 01:28:35,960 --> 01:28:40,600 Speaker 2: the unknown subhead. After analyzing genetic data swabbed from a 1895 01:28:40,640 --> 01:28:44,640 Speaker 2: Wuhan market in early twenty twenty, a virologist said it 1896 01:28:44,720 --> 01:28:48,400 Speaker 2: was unclear if animals for sale there had been infected. 1897 01:28:48,720 --> 01:28:52,120 Speaker 2: The new study and the analysis around it is completely 1898 01:28:52,240 --> 01:28:55,439 Speaker 2: humiliating for the Atlantic and all of those who clung 1899 01:28:55,520 --> 01:28:58,600 Speaker 2: to this last ditch natural origin effort. In fact, the 1900 01:28:58,640 --> 01:29:02,000 Speaker 2: findings vindicate those who believe in a lab leak because 1901 01:29:02,040 --> 01:29:02,679 Speaker 2: the real. 1902 01:29:02,479 --> 01:29:03,639 Speaker 3: Analysis shows this. 1903 01:29:04,120 --> 01:29:07,200 Speaker 2: It wasn't just raccoon dog meat that had COVID on it. 1904 01:29:07,200 --> 01:29:08,719 Speaker 3: It turns out COVID and. 1905 01:29:08,760 --> 01:29:13,720 Speaker 2: Viral samples were all over meat samples everywhere in the 1906 01:29:13,760 --> 01:29:18,000 Speaker 2: market in early twenty twenty, indicating COVID did not come 1907 01:29:18,040 --> 01:29:21,840 Speaker 2: from the Wuhan wet market, but instead humans were depositing 1908 01:29:21,960 --> 01:29:26,479 Speaker 2: viral material over everything they were breathing on. Since the 1909 01:29:26,520 --> 01:29:30,000 Speaker 2: wet market is the only real natural origin theory, it 1910 01:29:30,080 --> 01:29:34,000 Speaker 2: instead shows that humans brought COVID to the market. If 1911 01:29:34,080 --> 01:29:37,560 Speaker 2: humans brought it there, it had to come from somewhere. 1912 01:29:37,720 --> 01:29:40,840 Speaker 2: That somewhere is the Wuhan lab a few miles away. 1913 01:29:41,080 --> 01:29:43,240 Speaker 2: It really doesn't take a genius to figure all this out, 1914 01:29:43,360 --> 01:29:45,920 Speaker 2: As you might be wondering, did the Atlantic issue correction 1915 01:29:46,000 --> 01:29:46,360 Speaker 2: at all? 1916 01:29:46,640 --> 01:29:46,680 Speaker 4: No. 1917 01:29:47,080 --> 01:29:51,080 Speaker 2: Of course, not days after Catherine Who's loser of a scoop, 1918 01:29:51,240 --> 01:29:53,720 Speaker 2: she was still touting the raccoon dog theory as some 1919 01:29:53,760 --> 01:29:56,320 Speaker 2: sort of slam dunk, and as of this writing, she 1920 01:29:56,360 --> 01:30:00,639 Speaker 2: has not yet addressed her embarrassing mishap or apologized spreading 1921 01:30:01,000 --> 01:30:05,120 Speaker 2: dangerous misinformation which might have led people to falsely believe 1922 01:30:05,360 --> 01:30:08,880 Speaker 2: in the natural origin hypothesis. Catherine Woo, though, isn't the 1923 01:30:08,880 --> 01:30:11,719 Speaker 2: only one still clinging to the natural origin theory. Ryan 1924 01:30:11,760 --> 01:30:13,599 Speaker 2: and Emily did a great job of looking back at 1925 01:30:13,640 --> 01:30:17,040 Speaker 2: doctor Fauci's lives during the pandemic and his pathetic defense 1926 01:30:17,080 --> 01:30:19,080 Speaker 2: of them today in The New York Times. But the 1927 01:30:19,120 --> 01:30:21,639 Speaker 2: part that actually stuck out to me was his cope 1928 01:30:21,680 --> 01:30:24,680 Speaker 2: on lab leak and how he seems to pretend he 1929 01:30:24,800 --> 01:30:27,639 Speaker 2: was always open to the idea and in no way 1930 01:30:27,640 --> 01:30:29,920 Speaker 2: did anything to make sure that people wouldn't believe it 1931 01:30:30,040 --> 01:30:33,360 Speaker 2: during the critical period of early twenty twenty. Throughout the interview, 1932 01:30:33,520 --> 01:30:36,559 Speaker 2: Fauci plays several tricks to try and obscure a lab 1933 01:30:36,640 --> 01:30:38,960 Speaker 2: leak and the risks that they pose then and in 1934 01:30:39,000 --> 01:30:42,080 Speaker 2: the future. For example, he says, quote, it wasn't an 1935 01:30:42,120 --> 01:30:45,120 Speaker 2: engineered virus. Somebody went out into the field. Let's say 1936 01:30:45,120 --> 01:30:47,040 Speaker 2: they got infected, came back to the lab, and then 1937 01:30:47,080 --> 01:30:50,000 Speaker 2: spread it out to other people. That ain't a lab leak. 1938 01:30:50,120 --> 01:30:55,120 Speaker 2: Strictly speaking, that's a natural occurrence. Really, is it in 1939 01:30:55,160 --> 01:30:58,519 Speaker 2: a natural occurrence? If you pay somebody to go deep 1940 01:30:58,560 --> 01:31:00,880 Speaker 2: inside of a cave and they get bitten by a 1941 01:31:00,920 --> 01:31:04,080 Speaker 2: bat or some other creature that humans never would have 1942 01:31:04,160 --> 01:31:07,599 Speaker 2: encountered naturally, and would then have that person spread said disease. 1943 01:31:07,920 --> 01:31:09,040 Speaker 3: Is that really natural? 1944 01:31:09,280 --> 01:31:12,240 Speaker 2: And when the interviewer challenges Fauci that obviously that research 1945 01:31:12,280 --> 01:31:15,120 Speaker 2: would have been the cause, he pivots and he says, actually, 1946 01:31:15,200 --> 01:31:17,919 Speaker 2: the interviewer is wrong for saying that if he were Fauci, 1947 01:31:18,120 --> 01:31:20,280 Speaker 2: he would have had trouble sleeping at night over potential 1948 01:31:20,360 --> 01:31:23,920 Speaker 2: lab leaks. He replies, quote, I sleep fine. Remember this 1949 01:31:24,000 --> 01:31:26,000 Speaker 2: work was done in order to be able to help 1950 01:31:26,120 --> 01:31:29,400 Speaker 2: us prepare for the next outbreak. From there, he launches 1951 01:31:29,479 --> 01:31:32,519 Speaker 2: into a spirited defense of gain of function research how 1952 01:31:32,560 --> 01:31:35,719 Speaker 2: it has made us so much safer. He simultaneously claims 1953 01:31:35,800 --> 01:31:38,800 Speaker 2: that we never funded gain of function at the Wuhan Lab, 1954 01:31:39,040 --> 01:31:42,000 Speaker 2: and the gain of function research is essential and was 1955 01:31:42,120 --> 01:31:45,719 Speaker 2: essential to helping with COVID. His evidence is the mRNA 1956 01:31:45,840 --> 01:31:48,760 Speaker 2: COVID vaccine, which the merits of the vaccine and its 1957 01:31:48,760 --> 01:31:51,600 Speaker 2: efficacy aside today of which there are our questions with 1958 01:31:51,680 --> 01:31:53,840 Speaker 2: respect to how it was even sold to the global public. 1959 01:31:54,080 --> 01:31:57,400 Speaker 2: The evidence a gain of function research, especially at the 1960 01:31:57,520 --> 01:32:01,280 Speaker 2: lab and others. What contributed to it that is bunked, 1961 01:32:01,320 --> 01:32:04,120 Speaker 2: according to people who are in the field themselves. Finally, 1962 01:32:04,880 --> 01:32:08,120 Speaker 2: Fauci ends by saying the lesson from COVID is not 1963 01:32:08,320 --> 01:32:11,160 Speaker 2: we need better guidelines around gain of function. We need 1964 01:32:11,200 --> 01:32:14,200 Speaker 2: billions of dollars more instead, according to him, to be 1965 01:32:14,200 --> 01:32:17,840 Speaker 2: spent quote, preparing for the next pandemic. He was never 1966 01:32:17,920 --> 01:32:21,439 Speaker 2: once stopping to consider that his so called preparedness is 1967 01:32:21,479 --> 01:32:23,759 Speaker 2: what led to all of this in the first place. 1968 01:32:24,000 --> 01:32:25,800 Speaker 2: And I know so much of this feels like beating 1969 01:32:25,800 --> 01:32:28,000 Speaker 2: a dead horse. But this interview was published as five 1970 01:32:28,040 --> 01:32:31,120 Speaker 2: days ago. The raccoon dog theory is recent, is just 1971 01:32:31,160 --> 01:32:33,800 Speaker 2: a few weeks ago, the latest research debunking. 1972 01:32:33,400 --> 01:32:34,599 Speaker 3: It a few days old. 1973 01:32:34,880 --> 01:32:36,639 Speaker 2: I've come to the conclusion that I really don't want 1974 01:32:36,640 --> 01:32:39,559 Speaker 2: to let this die, because inquiry into the origin of COVID, 1975 01:32:39,600 --> 01:32:42,400 Speaker 2: for me, has turned into an intellectual journaly where we 1976 01:32:42,560 --> 01:32:46,280 Speaker 2: have discovered the colossally dangerous network of labs across this 1977 01:32:46,439 --> 01:32:49,360 Speaker 2: earth that have likely spawned diseases that may be the 1978 01:32:49,439 --> 01:32:52,160 Speaker 2: death of all of us. We already know things like 1979 01:32:52,240 --> 01:32:54,000 Speaker 2: lyme disease, ebola, and COVID. 1980 01:32:54,120 --> 01:32:55,360 Speaker 3: Those are the ones where there. 1981 01:32:55,240 --> 01:32:56,880 Speaker 2: Is at least some evidence that they came from a 1982 01:32:56,960 --> 01:32:59,599 Speaker 2: lab but as recent increase have shown, they're not going 1983 01:32:59,640 --> 01:33:02,799 Speaker 2: to stop. They keep wanting to do more and more 1984 01:33:03,120 --> 01:33:06,400 Speaker 2: and more, And it seems to me that to save humanity, 1985 01:33:06,600 --> 01:33:09,320 Speaker 2: we probably need to stop the people who are claiming 1986 01:33:09,360 --> 01:33:12,840 Speaker 2: to do research in the name of saving humanity. I've 1987 01:33:12,880 --> 01:33:15,720 Speaker 2: been attacked by the scientific community over this, Crystal that 1988 01:33:15,920 --> 01:33:18,040 Speaker 2: you don't understand what you're talking about, and it's like. 1989 01:33:17,960 --> 01:33:20,640 Speaker 1: Wow, And if you want to hear my reaction to 1990 01:33:20,680 --> 01:33:24,879 Speaker 1: Sagres's monologue, become a premium subscriber today at Breakingpoints dot com. 1991 01:33:27,640 --> 01:33:28,840 Speaker 3: Crystal, what are you taking a look at? 1992 01:33:28,960 --> 01:33:29,080 Speaker 8: Well? 1993 01:33:29,120 --> 01:33:31,240 Speaker 1: Guys, Yesterday, in the wake of the second largest bank 1994 01:33:31,240 --> 01:33:33,439 Speaker 1: failure in history, we told you that so far the 1995 01:33:33,439 --> 01:33:36,240 Speaker 1: collops doesn't appear to be causing a larger contagion, but 1996 01:33:37,000 --> 01:33:40,400 Speaker 1: that didn't mean there weren't still warning signs on the horizons. Specifically, 1997 01:33:40,439 --> 01:33:43,080 Speaker 1: Warren Buffett's business partner Charlie Munger is sounding the alarm 1998 01:33:43,120 --> 01:33:44,160 Speaker 1: over the US. 1999 01:33:43,960 --> 01:33:45,519 Speaker 4: Commercial property market. 2000 01:33:45,800 --> 01:33:48,479 Speaker 1: A lot of real estate isn't so good anymore, Amonger said, 2001 01:33:48,520 --> 01:33:50,559 Speaker 1: we have a lot of troubled office buildings, a lot 2002 01:33:50,560 --> 01:33:53,320 Speaker 1: of troubled shopping centers, a lot of troubled other properties. 2003 01:33:53,400 --> 01:33:55,920 Speaker 1: There's a lot of agony out there. This was an 2004 01:33:55,960 --> 01:33:57,880 Speaker 1: interview with the Financial Times. He went on to say 2005 01:33:57,880 --> 01:34:01,000 Speaker 1: American banks were quote full of loans due to the 2006 01:34:01,000 --> 01:34:04,679 Speaker 1: decline of that market. That got me wondering just how 2007 01:34:04,760 --> 01:34:08,360 Speaker 1: bad could it be? And the answer looks, frankly pretty calamitous. 2008 01:34:08,479 --> 01:34:11,200 Speaker 1: In fact, a recent report from Morgan Stanley warns that 2009 01:34:11,280 --> 01:34:14,040 Speaker 1: the commercial real estate crash could put the two thousand 2010 01:34:14,080 --> 01:34:17,320 Speaker 1: and eight housing crash to shame. That report points to 2011 01:34:17,439 --> 01:34:21,240 Speaker 1: three factors that are combining right now to decimate that market. First, 2012 01:34:21,560 --> 01:34:24,880 Speaker 1: COVID dramatically accelerated a remote or hybrid work trend, which 2013 01:34:24,880 --> 01:34:27,599 Speaker 1: has left many office parks virtual ghost towns. 2014 01:34:27,960 --> 01:34:29,519 Speaker 4: In the faraway distant land. 2015 01:34:29,560 --> 01:34:33,360 Speaker 1: Of twenty eighteen, less than six percent of the workforce 2016 01:34:33,600 --> 01:34:36,679 Speaker 1: was remote. Today that number stands at twenty six percent, 2017 01:34:36,880 --> 01:34:38,640 Speaker 1: so more than a quarter of the nation's workers are 2018 01:34:38,640 --> 01:34:42,639 Speaker 1: fully remote. What's more, sixty six percent of employees work 2019 01:34:42,680 --> 01:34:44,719 Speaker 1: from home at least some of the time. 2020 01:34:45,360 --> 01:34:48,280 Speaker 4: This is an extraordinary. 2021 01:34:47,400 --> 01:34:50,160 Speaker 1: Change in how we do business, which obviously has dramatic 2022 01:34:50,200 --> 01:34:54,120 Speaker 1: repercussions for office needs. What's being described as an office 2023 01:34:54,160 --> 01:34:57,600 Speaker 1: apocalypse has meant that less than half of all offices 2024 01:34:57,680 --> 01:35:00,799 Speaker 1: are currently occupied, that is compared to ninety five percent 2025 01:35:01,160 --> 01:35:04,920 Speaker 1: occupancy rate pre pandemic. Just think of Amazon spiking their 2026 01:35:04,960 --> 01:35:07,080 Speaker 1: big plans for HQ two in northern Virginia to do 2027 01:35:07,120 --> 01:35:10,600 Speaker 1: the tech downturn and the work remote revolution. Think of 2028 01:35:10,640 --> 01:35:13,519 Speaker 1: all those downtowns that have emptied out as office workers 2029 01:35:13,560 --> 01:35:15,719 Speaker 1: stay home or put in only a couple of days 2030 01:35:15,760 --> 01:35:18,599 Speaker 1: at the office. What is the value of that idle 2031 01:35:18,720 --> 01:35:22,320 Speaker 1: vacant office space, which, for logistical and often zoning reasons, 2032 01:35:22,479 --> 01:35:25,000 Speaker 1: is not really convertible to anything else. 2033 01:35:24,840 --> 01:35:25,879 Speaker 4: At least not easily. 2034 01:35:26,479 --> 01:35:29,519 Speaker 1: Second, just as the Fed's interest rate hikes have spiked 2035 01:35:29,560 --> 01:35:32,160 Speaker 1: mortgage rates, putting a freeze on the housing market, that 2036 01:35:32,320 --> 01:35:35,400 Speaker 1: same dynamic is also spiking rates for commercial real estate 2037 01:35:35,439 --> 01:35:38,360 Speaker 1: as well. And this comes at the worst possible time. 2038 01:35:38,479 --> 01:35:41,520 Speaker 1: Due to the third factor mentioned in the Morgan Stanley analysis, 2039 01:35:41,880 --> 01:35:44,880 Speaker 1: the entire sector is facing what's being described as a 2040 01:35:44,960 --> 01:35:48,280 Speaker 1: refinancing wall, where in more than half of the two 2041 01:35:48,320 --> 01:35:51,000 Speaker 1: point nine trillion dollar market is set to come due 2042 01:35:51,000 --> 01:35:52,800 Speaker 1: by the end of twenty twenty five. 2043 01:35:53,560 --> 01:35:56,760 Speaker 4: That is just around the corner when bars, already. 2044 01:35:56,360 --> 01:35:59,519 Speaker 1: Hobbled by remote work trends, go to refinance and find 2045 01:35:59,520 --> 01:36:03,559 Speaker 1: themselves with multipoint higher mortgage rates, How are they going 2046 01:36:03,600 --> 01:36:06,439 Speaker 1: to swing it? Many will not, that is the bottom line, 2047 01:36:06,479 --> 01:36:09,519 Speaker 1: and plenty could default before they even get to that point. 2048 01:36:09,880 --> 01:36:12,000 Speaker 1: Needless to say, when you're talking about a one point 2049 01:36:12,000 --> 01:36:14,800 Speaker 1: five trillion dollar wall of debt, it is no small matter. 2050 01:36:14,920 --> 01:36:18,000 Speaker 1: In fact, analysts are predicting that office and retail property 2051 01:36:18,080 --> 01:36:22,160 Speaker 1: valuations could plummet by forty percent. And as if looming 2052 01:36:22,240 --> 01:36:26,080 Speaker 1: massive defaults and forty percent drop in valuations isn't bad enough, 2053 01:36:26,439 --> 01:36:29,000 Speaker 1: seventy percent of that debt is held by banks. So 2054 01:36:29,160 --> 01:36:31,639 Speaker 1: going back to Monger's dire warning here about banks holding 2055 01:36:31,640 --> 01:36:35,320 Speaker 1: a lot of bad loans, If anything, he understates the case. 2056 01:36:35,560 --> 01:36:37,160 Speaker 1: And it's not just any banks that are up to 2057 01:36:37,160 --> 01:36:40,240 Speaker 1: their eyeballs and very shaky real estate loans. It's specifically 2058 01:36:40,439 --> 01:36:43,240 Speaker 1: small and medium sized banks, which account for some eighty 2059 01:36:43,280 --> 01:36:46,439 Speaker 1: percent of this type of lending. These banks have already 2060 01:36:46,479 --> 01:36:48,760 Speaker 1: been put on shaky round by the depositor flight to 2061 01:36:48,800 --> 01:36:52,200 Speaker 1: giants like JP Morgan Chase. How many will be sent 2062 01:36:52,240 --> 01:36:54,960 Speaker 1: over a cliff when we run face first into that 2063 01:36:55,000 --> 01:36:58,559 Speaker 1: one point five trillion dollar wall of debt now like 2064 01:36:58,640 --> 01:37:01,840 Speaker 1: Signature Silicon Valley Bank and First Republic banks with a 2065 01:37:01,840 --> 01:37:04,120 Speaker 1: lot of commercial real estate loans on their books are 2066 01:37:04,160 --> 01:37:07,200 Speaker 1: subject to a lot of interest rate risk. So as 2067 01:37:07,200 --> 01:37:09,320 Speaker 1: the FED continues to hike rates in what has been 2068 01:37:09,360 --> 01:37:12,439 Speaker 1: an extraordinary death march to strangle workers and crush wages, 2069 01:37:12,960 --> 01:37:15,360 Speaker 1: they could well be tightening the noose around the necks 2070 01:37:15,479 --> 01:37:18,160 Speaker 1: of many more small and medium sized banks will face 2071 01:37:18,200 --> 01:37:21,639 Speaker 1: a reckoning over just the next few years. And sure enough, 2072 01:37:21,640 --> 01:37:23,920 Speaker 1: the FED is meeting again this week to consider their 2073 01:37:23,960 --> 01:37:26,799 Speaker 1: next steps. Now they've already engaged in the most aggressive 2074 01:37:26,800 --> 01:37:29,000 Speaker 1: program of rate hikes in four decades ever since the 2075 01:37:29,040 --> 01:37:32,439 Speaker 1: Bulgar era, they are expected to continue hiking rates. This time, 2076 01:37:32,479 --> 01:37:35,920 Speaker 1: a quarter point rate rise is expected. What happens after 2077 01:37:35,960 --> 01:37:38,719 Speaker 1: that meeting is really anyone's guess. Some FED officials believe 2078 01:37:38,760 --> 01:37:42,240 Speaker 1: that rate hikes should continue to be hiked, should continue aggressively. 2079 01:37:42,439 --> 01:37:45,680 Speaker 1: Consequences to workers into the economy be damned. Others are 2080 01:37:45,720 --> 01:37:49,240 Speaker 1: ready to press pods. Meanwhile, two thirds of economists view 2081 01:37:49,240 --> 01:37:52,360 Speaker 1: of recession is likely right. Rate hikes have already started 2082 01:37:52,360 --> 01:37:54,799 Speaker 1: to break things in the economy and in the banking sector. 2083 01:37:55,680 --> 01:37:58,720 Speaker 1: No one should have any confidence that they actually know 2084 01:37:59,080 --> 01:38:01,840 Speaker 1: what's going to happen if they continue down this path. 2085 01:38:02,400 --> 01:38:05,760 Speaker 1: So that's basically the landscape not very pretty, wall of 2086 01:38:05,840 --> 01:38:08,280 Speaker 1: debt made more crushing by rising rates with a new 2087 01:38:08,320 --> 01:38:11,240 Speaker 1: post pandemic reality that is not going back anytime soon, 2088 01:38:11,360 --> 01:38:14,400 Speaker 1: if ever. And as we approach this reckoning, having watched 2089 01:38:14,400 --> 01:38:17,080 Speaker 1: what happened with Silicon Valley Bank, we now know the 2090 01:38:17,120 --> 01:38:20,479 Speaker 1: federal government effectively considers all banks too big to fail. 2091 01:38:20,880 --> 01:38:22,760 Speaker 1: How many bailouts might we be on the hook for 2092 01:38:22,880 --> 01:38:25,360 Speaker 1: as they desperately scramble to sell off the pieces in 2093 01:38:25,400 --> 01:38:28,360 Speaker 1: a collapse? How much more gigantic will the big boys, 2094 01:38:28,400 --> 01:38:31,479 Speaker 1: and especially J. P. Morgan Chase become. What sort of 2095 01:38:31,520 --> 01:38:35,519 Speaker 1: contagion could result from a more widespread banking crisis, And 2096 01:38:35,600 --> 01:38:38,519 Speaker 1: how much socialism for the rich is American public really 2097 01:38:38,560 --> 01:38:41,559 Speaker 1: willing to accept? As I dug into these numbers, Sager, 2098 01:38:41,760 --> 01:38:43,599 Speaker 1: you know, as a little sort of casual comment from 2099 01:38:43,640 --> 01:38:44,800 Speaker 1: Charlie Munger. 2100 01:38:45,120 --> 01:38:46,200 Speaker 4: It looks really bad. 2101 01:38:46,640 --> 01:38:49,519 Speaker 2: And if you want to hear my reaction to Crystal's monologue, 2102 01:38:49,520 --> 01:38:56,000 Speaker 2: become a premium subscriber today at Breakingpoints dot Com. Joining 2103 01:38:56,040 --> 01:38:58,519 Speaker 2: us now is filmmaker James Fox. He's got a new 2104 01:38:58,800 --> 01:39:01,840 Speaker 2: documentary out, Moment of Contacts, been out for a little while. 2105 01:39:01,840 --> 01:39:03,200 Speaker 3: He was on the Joe Rogan. 2106 01:39:03,240 --> 01:39:07,080 Speaker 2: Experience, and it details an extraordinary incident in Brazil from 2107 01:39:07,160 --> 01:39:10,240 Speaker 2: the nineteen nineties. James, it's very We're very excited to 2108 01:39:10,280 --> 01:39:11,840 Speaker 2: have you join our show and to talk to you. 2109 01:39:11,920 --> 01:39:12,599 Speaker 3: Thank you so much. 2110 01:39:13,000 --> 01:39:15,200 Speaker 7: Thank you guys for having me on. I really appreciate it. 2111 01:39:15,760 --> 01:39:16,360 Speaker 4: That's our pleasure. 2112 01:39:16,400 --> 01:39:18,960 Speaker 2: Let's put the poster up there on the screen for 2113 01:39:19,040 --> 01:39:21,960 Speaker 2: those who are interested, and I do encourage everyone to 2114 01:39:22,040 --> 01:39:24,240 Speaker 2: go out and to rent the documentary, to watch the 2115 01:39:24,240 --> 01:39:29,200 Speaker 2: documentary wherever it's available. Moments of Contact the Roswell of Brazil, James. 2116 01:39:29,439 --> 01:39:31,679 Speaker 2: For those who didn't see you on The Joe Rogan Experience, 2117 01:39:31,720 --> 01:39:34,719 Speaker 2: can you just describe a little bit about what you 2118 01:39:35,000 --> 01:39:38,760 Speaker 2: find and investigate in the documentary about the so called 2119 01:39:38,840 --> 01:39:41,200 Speaker 2: roswell incident in Brazil Virginia. 2120 01:39:42,160 --> 01:39:42,479 Speaker 7: Yeah. 2121 01:39:42,520 --> 01:39:45,479 Speaker 9: So it's funny. It's like it's one of those cases 2122 01:39:45,520 --> 01:39:46,880 Speaker 9: where people. 2123 01:39:46,600 --> 01:39:48,000 Speaker 7: That are familiar with my work. 2124 01:39:48,560 --> 01:39:50,720 Speaker 9: I've been on Joe Rogan before with a film I 2125 01:39:50,720 --> 01:39:51,840 Speaker 9: did called The Phenomenon. 2126 01:39:52,320 --> 01:39:54,360 Speaker 7: I've worked a little bit with former Sentiment. 2127 01:39:54,080 --> 01:39:57,040 Speaker 9: JORI leader Harry Reid and Podesta and a handful of others, 2128 01:39:57,320 --> 01:40:00,840 Speaker 9: both Republicans and Democrats, and and so I sort of 2129 01:40:00,880 --> 01:40:03,919 Speaker 9: developed some a level of credibility that I never as 2130 01:40:04,000 --> 01:40:06,840 Speaker 9: a citizen, never had before. So I really went out 2131 01:40:07,080 --> 01:40:10,160 Speaker 9: on a limb making this documentary because this is about 2132 01:40:10,160 --> 01:40:13,040 Speaker 9: an alleged UFO crash that happened in nineteen ninety six 2133 01:40:13,320 --> 01:40:16,519 Speaker 9: in Virginia, Brazil, in the state of Minas de Rece, 2134 01:40:16,560 --> 01:40:18,880 Speaker 9: which is about four or five hours to the north 2135 01:40:18,920 --> 01:40:22,960 Speaker 9: of South Paolo. And I knew Joe Rogan heard about 2136 01:40:23,040 --> 01:40:25,479 Speaker 9: the case, like a number of times, he had some 2137 01:40:25,560 --> 01:40:27,960 Speaker 9: of his guests talking about it. We had sent him links. 2138 01:40:28,640 --> 01:40:35,000 Speaker 9: The level of skepticism is warranted, and I understand that, 2139 01:40:35,080 --> 01:40:38,400 Speaker 9: but all I ask people is that suspend judgment and 2140 01:40:38,520 --> 01:40:41,639 Speaker 9: just listen to the evidence of the people that were there, 2141 01:40:41,680 --> 01:40:45,879 Speaker 9: the first hand eyewitness testimony from military officers, from firemen, 2142 01:40:46,080 --> 01:40:52,800 Speaker 9: from doctors, from civilians, lawyers. It's absolutely mind bending and 2143 01:40:52,960 --> 01:40:57,120 Speaker 9: what you're left with is something truly extraordinary took place 2144 01:40:57,240 --> 01:41:02,479 Speaker 9: in Virginia, Brazil, January twentieth, January nineteen ninety six. 2145 01:41:02,960 --> 01:41:06,679 Speaker 1: Yeah, yeah, Well, I watched the film last night, and 2146 01:41:07,040 --> 01:41:09,880 Speaker 1: what was most persuasive to me was the fact that 2147 01:41:09,920 --> 01:41:14,040 Speaker 1: you had so many witnesses and these aren't like you know, 2148 01:41:14,240 --> 01:41:16,680 Speaker 1: UFO buffs who are deep in the space or it's 2149 01:41:16,720 --> 01:41:19,320 Speaker 1: not just like one one off person who could dismiss 2150 01:41:19,320 --> 01:41:23,880 Speaker 1: as cook. These are just like regular Brazilian people, families, kids, 2151 01:41:23,920 --> 01:41:27,080 Speaker 1: business people, whatever, who are telling you about what they 2152 01:41:27,120 --> 01:41:29,960 Speaker 1: saw and experienced on that day. The part that I 2153 01:41:30,000 --> 01:41:32,800 Speaker 1: actually find kind of the hardest to believe is the 2154 01:41:32,840 --> 01:41:36,519 Speaker 1: fact that the Brazilian military and working conjunction with the 2155 01:41:36,600 --> 01:41:41,040 Speaker 1: US military, are able to marshal this response so effectively 2156 01:41:41,160 --> 01:41:43,640 Speaker 1: and so quickly and to shut everything down like that 2157 01:41:43,800 --> 01:41:47,800 Speaker 1: level of competence and international coordination was actually the part 2158 01:41:47,840 --> 01:41:50,200 Speaker 1: that I was that I found the hardest to believe. 2159 01:41:50,439 --> 01:41:50,880 Speaker 3: What do you think? 2160 01:41:52,280 --> 01:41:53,479 Speaker 7: I don't blame you one bit. 2161 01:41:53,640 --> 01:41:57,320 Speaker 9: I actually had people like Leslie Kine, who is one 2162 01:41:57,360 --> 01:42:00,400 Speaker 9: of the contributing editors to the New York Times story 2163 01:42:01,479 --> 01:42:04,519 Speaker 9: that exposed the secret Pentagon UFO program in December of 2164 01:42:04,760 --> 01:42:11,400 Speaker 9: twenty seventeen. It was Helene Cooper, Leslie Kane, and Ralph Blumenthal. Anyway, 2165 01:42:11,479 --> 01:42:13,840 Speaker 9: Leslie was like, are you sure you want to report 2166 01:42:13,880 --> 01:42:16,240 Speaker 9: on this case? I said, Leslie. I've known Leslie for 2167 01:42:16,320 --> 01:42:18,000 Speaker 9: quite some time. I said, Leslie, I think there's a 2168 01:42:18,040 --> 01:42:21,360 Speaker 9: lot to it. I really do. And long story short, 2169 01:42:22,040 --> 01:42:25,559 Speaker 9: she reached into her deep contacts. She went public with 2170 01:42:25,600 --> 01:42:30,519 Speaker 9: this about two weeks ago INTEL contacts off the record, 2171 01:42:30,720 --> 01:42:33,280 Speaker 9: and they told her. 2172 01:42:33,160 --> 01:42:34,120 Speaker 7: That it happened. 2173 01:42:34,520 --> 01:42:37,519 Speaker 9: So the fact that she's come forward and said that, 2174 01:42:37,600 --> 01:42:40,840 Speaker 9: and I've talked to other people like Louel Azondo, who's 2175 01:42:40,840 --> 01:42:44,160 Speaker 9: also said to me, I learned that this happened during 2176 01:42:44,320 --> 01:42:45,479 Speaker 9: my time at a tip. 2177 01:42:46,000 --> 01:42:46,439 Speaker 3: Yeah. 2178 01:42:46,520 --> 01:42:50,320 Speaker 2: Let's for those James who aren't familiar with the acronyms 2179 01:42:50,320 --> 01:42:53,320 Speaker 2: with Louel A Zondo and all this, and even with Virginia. 2180 01:42:53,360 --> 01:42:54,719 Speaker 3: No, no, it's completely fine. 2181 01:42:55,160 --> 01:43:00,120 Speaker 2: Let's just describe the timeline of January nineteen ninety six 2182 01:43:00,280 --> 01:43:02,680 Speaker 2: about what witnesses report in the film. You don't have 2183 01:43:02,720 --> 01:43:05,320 Speaker 2: to give away everything from the film, but the broad contours, 2184 01:43:05,439 --> 01:43:08,920 Speaker 2: the Brazilian and the US military response, alleged response, and 2185 01:43:08,960 --> 01:43:11,120 Speaker 2: then some of what you've been able to uncover with 2186 01:43:11,200 --> 01:43:12,560 Speaker 2: new reporting, which we're going to get to in a 2187 01:43:12,600 --> 01:43:12,960 Speaker 2: little bit. 2188 01:43:13,479 --> 01:43:16,120 Speaker 9: Yes, So let me just quickly finish what I was 2189 01:43:16,160 --> 01:43:19,400 Speaker 9: just saying in terms of the US involvement. I've been 2190 01:43:19,400 --> 01:43:21,559 Speaker 9: investigating this case for twelve years. A lot of other 2191 01:43:21,560 --> 01:43:24,479 Speaker 9: people that have investigating in Brazil a lot longer than me, 2192 01:43:25,120 --> 01:43:27,880 Speaker 9: And during that twelve year investigation, I was going back 2193 01:43:27,960 --> 01:43:30,599 Speaker 9: and forth to Brazil countless times a month, a month 2194 01:43:30,640 --> 01:43:34,559 Speaker 9: each time, I was completely unaware that there were any 2195 01:43:34,560 --> 01:43:37,559 Speaker 9: American involvement. I actually learned that on the last trip, 2196 01:43:37,680 --> 01:43:40,800 Speaker 9: just a year and a half, two years ago. So 2197 01:43:41,000 --> 01:43:43,920 Speaker 9: we I'll quickly tell you that every military person that 2198 01:43:43,960 --> 01:43:45,679 Speaker 9: we met with, and they're all featured in the film 2199 01:43:45,720 --> 01:43:47,599 Speaker 9: at some point, particularly in the credits at the end, 2200 01:43:48,000 --> 01:43:49,680 Speaker 9: all said the Americans. 2201 01:43:49,160 --> 01:43:51,719 Speaker 7: Were involved while we were there. The last time. 2202 01:43:53,280 --> 01:43:57,640 Speaker 9: This was really was shocking, was that the flight military 2203 01:43:57,680 --> 01:44:00,559 Speaker 9: flight control officer. Now, when you're in the fire department, 2204 01:44:00,760 --> 01:44:03,000 Speaker 9: you're also military. When you're in the police department, you're 2205 01:44:03,000 --> 01:44:05,759 Speaker 9: also a military. When you're a flight radar control officer 2206 01:44:05,920 --> 01:44:08,639 Speaker 9: who monitors airplanes that come in and out of Brazil, 2207 01:44:08,920 --> 01:44:13,679 Speaker 9: you're also military. And this guy, Carlos Fedis f E. 2208 01:44:13,880 --> 01:44:18,160 Speaker 9: R Ees came forward on the record saying that he 2209 01:44:18,280 --> 01:44:21,080 Speaker 9: was in charge that night and saw the United States 2210 01:44:21,120 --> 01:44:26,000 Speaker 9: Air Force plane come in without authorization from the Brazilian government. 2211 01:44:27,280 --> 01:44:30,160 Speaker 7: It came in and it landed directly. This is on 2212 01:44:30,200 --> 01:44:31,599 Speaker 7: the record, you can go and look it up. 2213 01:44:31,920 --> 01:44:35,719 Speaker 9: It came in and it landed in Campinas, Campenis, without 2214 01:44:35,720 --> 01:44:39,759 Speaker 9: any Brazilian authorization. He kept saying USAF. I was like USAV, 2215 01:44:39,800 --> 01:44:42,120 Speaker 9: what's this guy talking about? The United States Air Force? 2216 01:44:42,520 --> 01:44:46,040 Speaker 9: So it landed a Campenis and we have testimony from 2217 01:44:46,080 --> 01:44:48,280 Speaker 9: the military base as a from people that were that 2218 01:44:48,360 --> 01:44:50,439 Speaker 9: were there, that went on the record that said they 2219 01:44:50,520 --> 01:44:55,400 Speaker 9: drove these creatures to Campinas on that date. So we 2220 01:44:55,520 --> 01:44:58,599 Speaker 9: have testimony for a military personnel on the ground, some 2221 01:44:58,880 --> 01:45:02,400 Speaker 9: civilians and doctors, lawyers about this incident. And then we 2222 01:45:02,479 --> 01:45:05,280 Speaker 9: have confirmation from the flight control officer who's also part 2223 01:45:05,280 --> 01:45:06,960 Speaker 9: of the military, who said he saw the flight come 2224 01:45:07,000 --> 01:45:11,679 Speaker 9: in and it's truly extraordinary. So let me say that 2225 01:45:12,160 --> 01:45:17,080 Speaker 9: in and around the town of Virginia, Brazil, January nineteen 2226 01:45:17,160 --> 01:45:18,519 Speaker 9: ninety six, you. 2227 01:45:18,600 --> 01:45:22,519 Speaker 7: Had farmers, you had truckers. 2228 01:45:22,720 --> 01:45:28,960 Speaker 9: You had professors, in particular Carlos Sosauza, who's also an 2229 01:45:29,040 --> 01:45:34,040 Speaker 9: ultra light pilot, who witnessed a cylindrical sort of cigar 2230 01:45:34,160 --> 01:45:37,640 Speaker 9: shaped object about the size a little bigger. 2231 01:45:37,720 --> 01:45:41,080 Speaker 7: Than a really big school bus. It was metallic. 2232 01:45:41,520 --> 01:45:44,840 Speaker 9: It didn't have any wings, it didn't have any exhaust vents. 2233 01:45:44,640 --> 01:45:45,879 Speaker 7: Or visible means of propulsion. 2234 01:45:46,200 --> 01:45:49,479 Speaker 9: It was just a cylindrical shape object with a gash 2235 01:45:49,520 --> 01:45:50,960 Speaker 9: in the side of it. That looked like it was 2236 01:45:50,960 --> 01:45:55,599 Speaker 9: in trouble. We film a number of witnesses that saw 2237 01:45:55,640 --> 01:45:57,600 Speaker 9: this in the middle of the night and it was 2238 01:45:57,640 --> 01:46:00,559 Speaker 9: just struggling to stay according to the witnesses, struggling. It 2239 01:46:00,560 --> 01:46:03,680 Speaker 9: looked like it was going down, but struggling. And then 2240 01:46:03,920 --> 01:46:06,800 Speaker 9: eventually there was a witness at a place called Myolini 2241 01:46:06,840 --> 01:46:09,799 Speaker 9: Farm on the outskirts of Vargina that saw it impact. 2242 01:46:09,800 --> 01:46:14,360 Speaker 9: The ground went up there, the military arrived. He was 2243 01:46:14,439 --> 01:46:18,280 Speaker 9: met at gunpoint to leave the area. Never once did 2244 01:46:18,320 --> 01:46:20,720 Speaker 9: Carlos de Salaza think that I just witnessed something that 2245 01:46:20,800 --> 01:46:23,280 Speaker 9: crashed potentially from another world. He thought it was some 2246 01:46:23,360 --> 01:46:27,000 Speaker 9: super secret government craft. He had no idea. A few 2247 01:46:27,080 --> 01:46:31,479 Speaker 9: days later there were reports in the town of these 2248 01:46:31,520 --> 01:46:34,719 Speaker 9: of these like four feet tall. I know this sounds crazy, 2249 01:46:34,840 --> 01:46:37,800 Speaker 9: believe me, I do, but these are very credible. And 2250 01:46:37,880 --> 01:46:42,400 Speaker 9: lots of reports coming in about entities that have brown skin, 2251 01:46:43,080 --> 01:46:48,599 Speaker 9: no hair, oily, big, big red eyes, ridges on the forehead, spindily, weak, 2252 01:46:49,840 --> 01:46:57,280 Speaker 9: frightened and scared, cowering, non threatening, and and these reports 2253 01:46:57,320 --> 01:47:00,799 Speaker 9: came in from fire department, from police department, from local civilians. 2254 01:47:00,840 --> 01:47:03,360 Speaker 9: I mean, one of the most incredible accounts is from 2255 01:47:03,439 --> 01:47:07,559 Speaker 9: three girls in broad daylight that came within eight to 2256 01:47:07,600 --> 01:47:10,400 Speaker 9: ten feet of this creature, and it's truly. 2257 01:47:10,120 --> 01:47:13,360 Speaker 1: Remarkable and reportedly, you know, what you report on in 2258 01:47:13,520 --> 01:47:17,760 Speaker 1: the film is that one individual who was charged with 2259 01:47:18,160 --> 01:47:23,160 Speaker 1: capturing these things and you know, actually had it reportedly 2260 01:47:23,240 --> 01:47:26,800 Speaker 1: in his arms, he ends up dying in a mysterious way. 2261 01:47:27,439 --> 01:47:31,080 Speaker 1: Uh thereafter, can you speak to I understand you've learned 2262 01:47:31,120 --> 01:47:33,160 Speaker 1: a little bit more about what might have happened there. 2263 01:47:33,520 --> 01:47:36,479 Speaker 9: So this is an ongoing investigation, and just last week 2264 01:47:36,800 --> 01:47:40,760 Speaker 9: we got a hold of the two forensic pathologists who 2265 01:47:40,840 --> 01:47:45,960 Speaker 9: worked on the deceased military officer doing the autopsy, and 2266 01:47:46,080 --> 01:47:47,960 Speaker 9: they're coming forward for the first time now. 2267 01:47:47,960 --> 01:47:50,920 Speaker 7: They're providing a very detailed, long. 2268 01:47:50,720 --> 01:47:55,040 Speaker 9: Form autosity report that Leslie Kane is actually having translated 2269 01:47:55,280 --> 01:47:59,479 Speaker 9: medically professionally because it's very technical. But they gave us 2270 01:47:59,520 --> 01:48:03,160 Speaker 9: brief statements that we're gonna share that I've just shared 2271 01:48:03,160 --> 01:48:05,040 Speaker 9: with you. I was gonna I was gonna start it 2272 01:48:05,080 --> 01:48:07,479 Speaker 9: with with Joe Rogan, but we just forgot we didn't 2273 01:48:07,479 --> 01:48:10,000 Speaker 9: get to it, So I'm handing these to you. These 2274 01:48:10,000 --> 01:48:13,000 Speaker 9: are brief statements with translations, and you could play them 2275 01:48:13,040 --> 01:48:15,599 Speaker 9: directly from the horse's mouth from the from the forensic 2276 01:48:15,600 --> 01:48:18,719 Speaker 9: pathologists who did work on the on the deceased military officer. 2277 01:48:19,000 --> 01:48:19,240 Speaker 3: Great. 2278 01:48:19,280 --> 01:48:21,000 Speaker 2: We have some of those clips here for those who 2279 01:48:21,040 --> 01:48:22,519 Speaker 2: are listening. I encourage you to come watch this on 2280 01:48:22,560 --> 01:48:24,519 Speaker 2: YouTube because we have subtitles. Let's take a listen. 2281 01:48:32,800 --> 01:48:33,439 Speaker 5: We'll see. 2282 01:48:35,360 --> 01:48:35,880 Speaker 7: Study is. 2283 01:48:46,160 --> 01:48:46,400 Speaker 5: Nice? 2284 01:48:49,360 --> 01:48:52,000 Speaker 7: Is she on the aviation? 2285 01:48:54,280 --> 01:49:00,519 Speaker 9: Ed? I? 2286 01:49:00,520 --> 01:49:01,200 Speaker 1: I will be so. 2287 01:49:05,360 --> 01:49:06,719 Speaker 3: Was someone what we're seeing there? James. 2288 01:49:06,840 --> 01:49:09,519 Speaker 2: There's a longer video, of course, which I'm sure you'll 2289 01:49:09,520 --> 01:49:10,599 Speaker 2: put in a future film. 2290 01:49:10,800 --> 01:49:12,200 Speaker 3: But one of the points that. 2291 01:49:12,200 --> 01:49:15,280 Speaker 2: It's been taken away is that these pathologists describe a 2292 01:49:15,360 --> 01:49:18,559 Speaker 2: bacteria that's never been seen before on Earth and ended 2293 01:49:18,640 --> 01:49:21,800 Speaker 2: up killing a person who ended up transporting these creatures, 2294 01:49:22,080 --> 01:49:25,280 Speaker 2: and alluding also to et and kind of the light 2295 01:49:25,360 --> 01:49:27,479 Speaker 2: at the nfsent. Can you translate some of that for 2296 01:49:27,600 --> 01:49:28,400 Speaker 2: us as to. 2297 01:49:28,680 --> 01:49:30,160 Speaker 7: I get the chill as. 2298 01:49:30,320 --> 01:49:32,479 Speaker 9: I get the chills as someone who's been looking into 2299 01:49:32,479 --> 01:49:34,840 Speaker 9: this case for twelve years, and I know that Marko Lea, 2300 01:49:35,000 --> 01:49:37,559 Speaker 9: my Brazilian counterpart, has been doing it much longer than 2301 01:49:37,600 --> 01:49:39,800 Speaker 9: I have. The fact that we've got these guys, and 2302 01:49:39,880 --> 01:49:42,400 Speaker 9: I tell you I literally was doing zoom calls a 2303 01:49:42,439 --> 01:49:44,400 Speaker 9: couple of days leading up to going on. Joe rogan 2304 01:49:44,479 --> 01:49:48,479 Speaker 9: begging and pleading with these doctors to come forward, and 2305 01:49:48,560 --> 01:49:53,000 Speaker 9: one doctor said, hey, if this, if he comes forward, 2306 01:49:53,080 --> 01:49:55,200 Speaker 9: I'll come forward with him. Will do it together, power 2307 01:49:55,200 --> 01:49:58,040 Speaker 9: and numbers, And then ultimately they did, and they provided 2308 01:49:58,120 --> 01:50:00,720 Speaker 9: us with long form but basically what they're saying, in 2309 01:50:00,760 --> 01:50:05,720 Speaker 9: their entire career, they've never seen anything like this bacterial 2310 01:50:06,000 --> 01:50:09,479 Speaker 9: infection that killed a perfectly healthy twenty three year old 2311 01:50:09,680 --> 01:50:13,680 Speaker 9: military police officer. And they said that they threw the 2312 01:50:13,920 --> 01:50:16,880 Speaker 9: I even interviewed We even interviewed doctor Cesario who worked 2313 01:50:16,920 --> 01:50:19,240 Speaker 9: on him while he was alive. He said, I threw 2314 01:50:19,280 --> 01:50:22,200 Speaker 9: the kitchen sink at him and this nothing was working 2315 01:50:22,920 --> 01:50:26,599 Speaker 9: and this bacteria, it was just a They did never 2316 01:50:26,600 --> 01:50:30,640 Speaker 9: see anything like it. So they took samples, which I 2317 01:50:30,720 --> 01:50:33,080 Speaker 9: know that they're going to have more details on about 2318 01:50:33,760 --> 01:50:36,439 Speaker 9: this type of bacteria, but those are just the initial 2319 01:50:36,439 --> 01:50:38,360 Speaker 9: statements that they're making. And again I have to remind 2320 01:50:38,360 --> 01:50:41,759 Speaker 9: your audience this is an ongoing investigation. I'm not going 2321 01:50:41,800 --> 01:50:44,640 Speaker 9: to put this in another film. I'm going to put 2322 01:50:44,680 --> 01:50:47,000 Speaker 9: it out to the general public immediately because I think 2323 01:50:47,040 --> 01:50:50,360 Speaker 9: that this is a story that could prove once and 2324 01:50:50,400 --> 01:50:52,760 Speaker 9: for all, could settle the debate once and for all 2325 01:50:52,840 --> 01:50:55,160 Speaker 9: whether these things are real or not, because we have 2326 01:50:55,280 --> 01:51:00,320 Speaker 9: a case unlike Roswell, that's so recent that the vast 2327 01:51:00,320 --> 01:51:03,120 Speaker 9: majority of people and witnesses are still. 2328 01:51:03,000 --> 01:51:05,560 Speaker 7: Alive and they're coming forward right now in droves. 2329 01:51:05,920 --> 01:51:08,880 Speaker 2: Yeah, I mean, James, My takeaway from this was either 2330 01:51:09,320 --> 01:51:12,360 Speaker 2: an alien craft landed in Virginia and Brazil in nineteen 2331 01:51:12,479 --> 01:51:17,360 Speaker 2: ninety six, or somebody escaped from some crazy bio lab 2332 01:51:18,120 --> 01:51:21,760 Speaker 2: with an unknown strain of bacteria or something that then 2333 01:51:21,800 --> 01:51:24,080 Speaker 2: the US government of the Brazilian military hopped in and 2334 01:51:24,080 --> 01:51:27,160 Speaker 2: it created some very strange disturbances in the town of 2335 01:51:27,160 --> 01:51:28,960 Speaker 2: which many of these people never forget. I mean, you 2336 01:51:28,960 --> 01:51:32,040 Speaker 2: can tell from the documentary this is a traumatic experience. 2337 01:51:32,120 --> 01:51:34,240 Speaker 2: None of these people wanted to come forward. In many 2338 01:51:34,280 --> 01:51:37,519 Speaker 2: cases you describe having to go through and solicit and 2339 01:51:37,640 --> 01:51:39,519 Speaker 2: beg people to come forward. 2340 01:51:39,560 --> 01:51:40,840 Speaker 3: Can you talk a little bit about that. 2341 01:51:41,439 --> 01:51:42,120 Speaker 7: Absolutely. 2342 01:51:42,280 --> 01:51:44,719 Speaker 9: Well, while we're on the subject matter of cash material, 2343 01:51:45,120 --> 01:51:48,160 Speaker 9: just before we get into this, your audience just has. 2344 01:51:48,080 --> 01:51:51,760 Speaker 7: To hear this. Okay, this is the recently passed excuse me. 2345 01:51:51,760 --> 01:51:55,120 Speaker 9: While I put my old man glasses on UNAP legislation 2346 01:51:55,200 --> 01:52:00,639 Speaker 9: by Senator Jillibrand and Marco Rubio Diego and all also 2347 01:52:00,720 --> 01:52:03,599 Speaker 9: contributed to this. But in any case, this just passed 2348 01:52:03,680 --> 01:52:05,600 Speaker 9: signed into law, the UFP legislation. 2349 01:52:05,880 --> 01:52:07,880 Speaker 7: I'm going to read you one of the. 2350 01:52:08,080 --> 01:52:10,759 Speaker 9: Bits of text, and I'm going to ask your audience 2351 01:52:10,880 --> 01:52:16,640 Speaker 9: what prompted this? Okay, here we go, any activity or 2352 01:52:16,720 --> 01:52:21,040 Speaker 9: program by a department or agency of the Federal government 2353 01:52:21,200 --> 01:52:24,720 Speaker 9: or contractor of such a department or agency relating to 2354 01:52:25,360 --> 01:52:34,720 Speaker 9: unidentified anomaloist phenomena, including with respect to material retrieval, material analysis, 2355 01:52:35,680 --> 01:52:41,120 Speaker 9: reverse engineering, research and development, detection and tracking. They talk 2356 01:52:41,200 --> 01:52:46,200 Speaker 9: about crashed MAI, potentially crashed materialists like covered UFOs. The 2357 01:52:46,320 --> 01:52:50,599 Speaker 9: legislations right here, you can go read it, and they're 2358 01:52:50,640 --> 01:52:51,920 Speaker 9: providing whistleblowers. 2359 01:52:52,200 --> 01:52:54,640 Speaker 1: Pretend, James, are you are you hopeful that some of 2360 01:52:54,680 --> 01:52:58,439 Speaker 1: these DC based efforts on Capitol Hill will lead to 2361 01:52:58,600 --> 01:53:00,559 Speaker 1: increased transparency and information. 2362 01:53:01,160 --> 01:53:05,600 Speaker 9: Well, so everybody thinks that there was this sudden epiphany 2363 01:53:05,640 --> 01:53:10,120 Speaker 9: by the US government to provide Joe public with far 2364 01:53:10,160 --> 01:53:13,840 Speaker 9: more data on the phenomenon, That's not what happened. What 2365 01:53:13,960 --> 01:53:16,519 Speaker 9: happened was there are a couple of insiders like Christopher Mellen, 2366 01:53:16,600 --> 01:53:20,240 Speaker 9: former Deputy Assistant Secretary of Defense for Intelligence, and lou 2367 01:53:20,640 --> 01:53:22,760 Speaker 9: who ran the a TIP program, and a handful of 2368 01:53:22,760 --> 01:53:26,559 Speaker 9: others decided, Wow, the level of secrecy is ridiculous. We 2369 01:53:26,640 --> 01:53:29,679 Speaker 9: are going to find a loophole, walk some evidence out 2370 01:53:29,840 --> 01:53:32,679 Speaker 9: of the Pentagon, which is what happened, and directly onto 2371 01:53:32,680 --> 01:53:34,600 Speaker 9: the front page of the New York Times. Now, the 2372 01:53:34,640 --> 01:53:36,840 Speaker 9: problem is the government can't put the genie back in 2373 01:53:36,840 --> 01:53:40,280 Speaker 9: the bottle, okay, so the intelligence agency. When I met 2374 01:53:40,320 --> 01:53:43,280 Speaker 9: with Senator Harry Reid, former Senate Majority of Leader Harry 2375 01:53:43,280 --> 01:53:46,280 Speaker 9: Reid about this topic, he said that when he launched 2376 01:53:46,680 --> 01:53:50,559 Speaker 9: the UAP Task Force it was called went from as 2377 01:53:50,600 --> 01:53:55,280 Speaker 9: APP to a TIP Advanced Aerospace Threat Identification program. He 2378 01:53:55,320 --> 01:53:58,000 Speaker 9: said that the intelligence agencies were digging in their heels. 2379 01:53:58,000 --> 01:54:00,960 Speaker 9: They were fighting, ticking, catching and biting. They didn't want this, 2380 01:54:01,200 --> 01:54:03,679 Speaker 9: and I suspect the same thing as occurring right now. 2381 01:54:04,080 --> 01:54:06,599 Speaker 7: However, what I'm doing, and what many others are. 2382 01:54:06,439 --> 01:54:10,840 Speaker 9: Doing, We're meeting with the intel folks on the inside 2383 01:54:11,400 --> 01:54:13,920 Speaker 9: that have already gone to testify to ERROW, which is 2384 01:54:14,000 --> 01:54:17,280 Speaker 9: run by Sean Kirkpatrick. It's the new UAP Task Force, 2385 01:54:17,680 --> 01:54:20,120 Speaker 9: and they're going on camera with people like myself, and 2386 01:54:20,400 --> 01:54:22,680 Speaker 9: I've gotten a number of them on camera already, and 2387 01:54:22,720 --> 01:54:26,840 Speaker 9: they're disclosing not the classified parts, but what they've disclosed 2388 01:54:27,320 --> 01:54:29,040 Speaker 9: basically behind closed doors. 2389 01:54:29,960 --> 01:54:32,600 Speaker 7: In other words, I'm providing the names of the programs. 2390 01:54:32,680 --> 01:54:36,000 Speaker 9: I'm providing the names of the individuals involved with the programs, 2391 01:54:36,320 --> 01:54:39,240 Speaker 9: the locations of these programs, and in fact, if you 2392 01:54:39,240 --> 01:54:41,120 Speaker 9: get me the classifications. 2393 01:54:40,360 --> 01:54:43,240 Speaker 7: I can walk you in the door. So the clearances. 2394 01:54:43,520 --> 01:54:47,120 Speaker 9: So if the government is not going to release it, 2395 01:54:47,600 --> 01:54:50,120 Speaker 9: we're going to release this to the public so they'll 2396 01:54:50,120 --> 01:54:52,240 Speaker 9: know that this is going on. So we're just trying 2397 01:54:52,280 --> 01:54:54,160 Speaker 9: to force the government hands. And look, there's a lot 2398 01:54:54,200 --> 01:54:59,440 Speaker 9: of elected officials like Senator Jillibrand and Rubio, Mark Warner, 2399 01:55:00,720 --> 01:55:06,120 Speaker 9: Diego Gyagher, Andre Carson that are really batting for us, 2400 01:55:06,160 --> 01:55:10,120 Speaker 9: that are really there. They need our support, but they 2401 01:55:10,120 --> 01:55:11,840 Speaker 9: are They're going to bat They're not trying to cover 2402 01:55:11,880 --> 01:55:13,720 Speaker 9: this up. They're trying to actually get this open, but 2403 01:55:13,760 --> 01:55:17,320 Speaker 9: the intelligence disease are being very difficult. There's nothing in 2404 01:55:17,360 --> 01:55:19,480 Speaker 9: it for them to share what they have. And there's 2405 01:55:19,520 --> 01:55:23,080 Speaker 9: a lot of amazing photographic evidence behind just behind that 2406 01:55:23,160 --> 01:55:25,560 Speaker 9: wall that I'm that we're talking about as well. 2407 01:55:25,680 --> 01:55:28,000 Speaker 2: It's so frustrating, James. I feel the same way that 2408 01:55:28,040 --> 01:55:30,240 Speaker 2: you do. I hear the exact same thing. And the 2409 01:55:30,320 --> 01:55:32,400 Speaker 2: overwhelming thing that I hear from the inside the intel 2410 01:55:32,400 --> 01:55:34,680 Speaker 2: community is they're terrified because they just don't know what's 2411 01:55:34,720 --> 01:55:36,720 Speaker 2: going on, and they don't want to admit that to 2412 01:55:36,800 --> 01:55:37,280 Speaker 2: all of us. 2413 01:55:37,400 --> 01:55:38,120 Speaker 3: They're terrified. 2414 01:55:38,160 --> 01:55:41,040 Speaker 9: That's exactly right, So you know these I just talked 2415 01:55:41,080 --> 01:55:44,080 Speaker 9: to Christopher Mellen, who's also got to clearances, who's seeing 2416 01:55:44,080 --> 01:55:48,760 Speaker 9: the satellite, the satellite data, photographic evidence, and he said, well, 2417 01:55:48,760 --> 01:55:51,440 Speaker 9: I'm only talking about it because Ratcliffe talked about it. 2418 01:55:51,680 --> 01:55:54,400 Speaker 7: But I'll tell you right now it's amazing. 2419 01:55:54,440 --> 01:55:57,000 Speaker 9: And I said, Christopher, please, because I'm friends with christ 2420 01:55:57,920 --> 01:56:00,080 Speaker 9: can you give me a little more. He's like, well, 2421 01:56:00,200 --> 01:56:03,840 Speaker 9: you imagine like full four K of craft. It's about 2422 01:56:03,840 --> 01:56:06,480 Speaker 9: as good as that, and it's just behind that level 2423 01:56:06,520 --> 01:56:09,080 Speaker 9: of secrecy. So it's only a matter of time where 2424 01:56:09,120 --> 01:56:10,240 Speaker 9: some of that stuff's coming out. 2425 01:56:10,680 --> 01:56:12,880 Speaker 7: I'm very confident, it's just a matter of when. 2426 01:56:13,480 --> 01:56:15,040 Speaker 3: Wow, we can only help. 2427 01:56:15,120 --> 01:56:16,960 Speaker 2: James, is there anything you want to say to the 2428 01:56:17,040 --> 01:56:18,960 Speaker 2: audience before we let you get out of here? 2429 01:56:20,280 --> 01:56:23,160 Speaker 9: Well, I would say, if you check out moment of 2430 01:56:23,200 --> 01:56:26,160 Speaker 9: contact and you still feel nothing. The absolutely extraordinary took 2431 01:56:26,160 --> 01:56:29,440 Speaker 9: place in January of nineteen ninety six and Virginia, Brazil 2432 01:56:29,840 --> 01:56:31,280 Speaker 9: checking Parmesana dinner on me. 2433 01:56:32,440 --> 01:56:33,960 Speaker 3: All right, I love it. 2434 01:56:34,160 --> 01:56:36,440 Speaker 2: People can go and watch the documentary. Follow him at 2435 01:56:36,560 --> 01:56:37,800 Speaker 2: James Fox. Is it James C. 2436 01:56:37,920 --> 01:56:38,720 Speaker 3: Fox on Twitter? 2437 01:56:38,920 --> 01:56:41,400 Speaker 7: I believe yeh at James Sea Fox. 2438 01:56:41,560 --> 01:56:42,040 Speaker 3: There you go. 2439 01:56:42,160 --> 01:56:44,160 Speaker 2: He's a mad man. He just opened up his DMS. 2440 01:56:44,200 --> 01:56:46,920 Speaker 2: I don't know why anybody I know. Good luck to you, 2441 01:56:47,040 --> 01:56:51,560 Speaker 2: James's Thank you, sir, welcome back any time. 2442 01:56:51,600 --> 01:56:52,040 Speaker 3: Thank you. 2443 01:56:53,440 --> 01:56:53,640 Speaker 7: Man. 2444 01:56:53,840 --> 01:56:56,040 Speaker 3: I love talking to that guy. Really interesting subject. 2445 01:56:56,040 --> 01:56:58,440 Speaker 2: Thank you guys so much us for supporting us for 2446 01:56:58,600 --> 01:57:01,280 Speaker 2: all of the monthly year in lifetime members who have 2447 01:57:01,320 --> 01:57:03,480 Speaker 2: been helping us with our new studio and have been 2448 01:57:03,480 --> 01:57:04,480 Speaker 2: signing up for our mission. 2449 01:57:04,640 --> 01:57:05,400 Speaker 3: We're very excited. 2450 01:57:05,440 --> 01:57:09,440 Speaker 2: We've been having absolute gangbuster days here over at breaking points, 2451 01:57:09,480 --> 01:57:12,120 Speaker 2: which is kind of amazing because it's not even like 2452 01:57:12,160 --> 01:57:13,560 Speaker 2: there's some major. 2453 01:57:13,280 --> 01:57:16,080 Speaker 1: Tens not under the key to the presidential election. Yeah 2454 01:57:16,120 --> 01:57:18,080 Speaker 1: there's no, I mean yeah, yeah. 2455 01:57:17,840 --> 01:57:21,680 Speaker 2: It's pretty it's pretty awesome. Vice is dying, BuzzFeed is dead. 2456 01:57:22,320 --> 01:57:25,120 Speaker 2: Many of the new media companies we're supposed to define 2457 01:57:25,160 --> 01:57:28,480 Speaker 2: the twenty tens are literally bankrupt. Meanwhile, things here are 2458 01:57:28,720 --> 01:57:30,680 Speaker 2: better than ever. I suspect the same for many of 2459 01:57:30,680 --> 01:57:33,360 Speaker 2: our friends in independent media. It's a great time. It's 2460 01:57:33,360 --> 01:57:34,680 Speaker 2: a great time to be in this game, and we 2461 01:57:34,720 --> 01:57:36,400 Speaker 2: couldn't be in it without all of you. 2462 01:57:36,520 --> 01:57:38,520 Speaker 3: We love you. We have a great counterpoint show for 2463 01:57:38,520 --> 01:57:51,240 Speaker 2: Everybody tomorrow and we will see you all on Thursday.