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Speaker 1: This is Gavin Newsom and this is Steve Bannett. Well, Steve,

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Speaker 1: thanks so much for taking the time to be here.

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Speaker 1: And I want to take this opportunity to sort of,

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Speaker 1: you know, go back a little bit and talk about

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Speaker 1: your history, a little bit about your motivations and where

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Speaker 1: you see this country and for that matter, of the

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Speaker 1: world going. But it's impossible not to note the world

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Speaker 1: that we're living in a relationship to everything happening with

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Speaker 1: the markets, everything happening with the with tariffs, everything happening

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Speaker 1: UH with c R and a potential government.

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Speaker 2: Don't don't don't be given tariffs think. I don't want

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Speaker 2: to start off with you giving a stink. I already.

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Speaker 2: Well we'll streuss a I'm a tariff guy.

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Speaker 1: I appreciate that. And well we'll see, we'll see, we'll stress.

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Speaker 2: The purpose I want to do this is I want

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Speaker 2: to convert you to be a tariff guy. Also, this

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Speaker 2: is this is part of the process to unwind you

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Speaker 2: from being a globalist, to make you a populist nationalist.

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Speaker 2: It's a long journey. It's a long journey. It's a

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Speaker 2: long journey, but I think you'll get there.

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Speaker 1: This is part of the deprogramming, is it. I appreciate

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Speaker 1: And by the way, for the record, I'm going down

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Speaker 1: your rabbit hole right here. I'm not an absolutists as

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Speaker 1: it relates to being against terrorists by any stretched the imagination.

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Speaker 1: And I thought it interesting where we what I think

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Speaker 1: Biden tripled tariffs on illumined and steel, which is getting

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Speaker 1: a lot of attention in this country today as relates

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Speaker 1: to Canada, and Democrats weren't screaming and yelling about that

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Speaker 1: so well.

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Speaker 2: I mean, Fetterman, look you've got you know. By the way,

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Speaker 2: thanks Governor for doing this. I really appreciate it. One

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Speaker 2: to have this conversation for a long time. You know,

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Speaker 2: two of the of the three best economic populists in

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Speaker 2: the Democratic Party, who I think are kind of on

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Speaker 2: an island. One of the best is Roquahanna Rose. Economic patriotism,

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Speaker 2: which we always kid him is just ripping off Navarre

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Speaker 2: and my economic nationalism is is you know, he's an

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Speaker 2: economic populist. So is Fetterman. Fetterman just announced, you know

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Speaker 2: we're here today during the CR. Freederman just announced he

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Speaker 2: would support the CR if it came in as a

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Speaker 2: Fetterman is a populist and then shared Brown. Sharon Brown

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Speaker 2: I think has been an economic populist for a long time.

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Speaker 2: So there are very strong voices in the Democratic Party.

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Speaker 2: I think now unfortunately as a populist, I think they're

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Speaker 2: kind of on an island because it really hasn't been

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Speaker 2: the center of the conversation with the Democratic Party. But

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Speaker 2: I think those three are are pretty good as far

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Speaker 2: as populist and.

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Speaker 1: See I mean in terms of populism, then it's a

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Speaker 1: good segue. How do you define that?

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Speaker 2: Then?

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Speaker 1: What's I mean? Is it a principle? Is right? Obviously

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Speaker 1: maybe a component part, But how do you define populism,

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Speaker 1: particularly in a relationship to their reflective lens in terms of.

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Speaker 2: What populism Obviously we believe in subsidiary, We believe in

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Speaker 2: bringing power back to the grassroots level. Right. We're very

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Speaker 2: anti elitist, and one of the reasons is we think

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Speaker 2: the elites in this country, you know, the highly educated elites,

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Speaker 2: the political class, the Wall Street, Silicon Valley, Hollywood, all

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Speaker 2: of it, have really forgotten the underlying kind of principles

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Speaker 2: of the country and kind of left working class people,

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Speaker 2: regardless of their race, gender, ethnicity, sexual preference. You know,

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Speaker 2: you pick it, they've kind of forgotten. And that's why

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Speaker 2: such a big push for kind of these populous economic

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Speaker 2: policies that look to put the lens is not just

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Speaker 2: America first, but American citizens first, and goes with tax policy,

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Speaker 2: it goes with tariffs, it goes to bringing manufacturing jobs back.

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Speaker 2: It's nationalistic in the fact that not isolationists, but understanding

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Speaker 2: that we've got to make it right for American citizens

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Speaker 2: and particularly for the greatest resource we've had or ever had,

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Speaker 2: which is the American working men and woman. So it's

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Speaker 2: to push every decision as down low as possible and

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Speaker 2: to get everything back to a grassroots level. And one

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Speaker 2: of the keys to populism kind of about the sovereign

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Speaker 2: will is that the use of human agency. That just

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Speaker 2: don't sit there and say, you know, somebody else's got

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Speaker 2: congressman's got to do something, or a senator's got to

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Speaker 2: do something, or governor's got to do something. Of that,

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Speaker 2: you have to use your agency only. And I see

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Speaker 2: this in the Democratic Party now, the people saying do something,

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Speaker 2: do something. I think that's a lesson that we learned

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Speaker 2: after President Trump. And look, you know, we disagree on this,

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Speaker 2: but President Trump won the twenty twenty election, and we

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Speaker 2: were kind of shattered as a movement when he left Washington,

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Speaker 2: d C. And we had to go back to basics

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Speaker 2: to say, you know, it can't be somebody else do something.

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Speaker 2: You know, we had to do something, and that's where

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Speaker 2: we went back to really a pure populist movement, to

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Speaker 2: go at the grassroots, the precinct strategy and kind of

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Speaker 2: rebuild ourselves from there.

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Speaker 1: Well, and I appreciate the notion of agency, that we're

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Speaker 1: not bystanders in the world. It's decisions, not conditions that

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Speaker 1: determine our fade in future, and that that that fundamental

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Speaker 1: notion of agency, I think is important more broadly, and

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Speaker 1: I think that goes to some of the issues around,

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Speaker 1: you know, victimization, and I see a lot of that,

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Speaker 1: respectively on the right increasingly, even with Trump often reaching

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Speaker 1: things from that sort of mindset.

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Speaker 2: Do you what do you mean? What do you mean?

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Speaker 2: What do you mean? For Trump?

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Speaker 1: I think there's sort of the grievance narrative that comes

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Speaker 1: from Trump, this this notion there is there sort of

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Speaker 1: a victim.

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Speaker 2: But they did try to they did try they did

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Speaker 2: try to put him in prison for three hundred years right,

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Speaker 2: they did try to bangrupt, So that's a guy it

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Speaker 2: never had ever had a set of grievances. They did

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Speaker 2: steal according to us, and we're firm believes it is

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Speaker 2: the twenty twenty election, which I think worked out better

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Speaker 2: that providentially that he was able to come back with

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Speaker 2: that gap, because I think you're seeing a a much

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Speaker 2: more uh not just do and improved, but somebody that's

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Speaker 2: much more in command of these decisions and really stepping

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Speaker 2: up in a way that we could have never done before.

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Speaker 2: But no, I don't think it's grievances. I think it's reality.

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Speaker 2: I mean, they tried to. No one in American history

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Speaker 2: has the system ever come after. And I think that's

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Speaker 2: one of the problems that the Democrats you've got in

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Speaker 2: a position of having to defense. Remember I come from

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Speaker 2: a working class Democratic family.

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Speaker 1: Kennedy Democratic family, Kennedy a Democrat.

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Speaker 2: I was telling some people last night, I said, we

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Speaker 2: didn't know any Republicans. There were just we were Irish, Catholic,

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Speaker 2: working class phone company firemen, you know, a navy enlisted people.

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Speaker 2: You didn't know any Republicans. They just weren't in your

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Speaker 2: you know, we were in the South also, which is

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Speaker 2: all you know, machine democratic politics. So you didn't know anybody.

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Speaker 2: You didn't know anybody then, and so to see what

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Speaker 2: President Trump had to go through and to see how

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Speaker 2: we've actively changed the Republican Party to actually the working

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Speaker 2: class party in this country. You know, it was a

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Speaker 2: poll done last spring that showed that we as a

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Speaker 2: Republican Party at the working class party and viewed as such,

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Speaker 2: and that President Trump's the leader of that working class party,

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Speaker 2: and the Democrats have become both not just the Wall

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Speaker 2: Street elitist but also kind of the credential class with

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Speaker 2: the poor underneath it, of which we're now trying to

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Speaker 2: obviously recruit not just the working poor, but actually the

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Speaker 2: poor it self to join our broadening coalition.

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Speaker 1: Well, I appreciate it. I want to and i'll I

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Speaker 1: want to talk more about that because I think it's interesting,

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Speaker 1: just as one of the points of contrast with you, Anne, Frankly,

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Speaker 1: Trump himself right now is on some of the issues

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Speaker 1: of tax policy in relationship this notion of who are

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Speaker 1: you fo And you've been pretty critical about the proposed

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Speaker 1: tax the extension of the existing tax cuts that disproportionately

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Speaker 1: favor the wealthiest, and you were making the point that

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Speaker 1: it should disproportionately focus on the middle class and work.

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Speaker 2: You know, Governor, I'm not so sure. Let me get there.

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Speaker 2: So in seventeen I was a big advocate of that

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Speaker 2: in the first Trump tax plan of actually raising the

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Speaker 2: rates on the upper bracket and doing actually more to

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Speaker 2: the lower bracket of corporations. And it was not just

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Speaker 2: what I thought was right, but also politically expedient at

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Speaker 2: that time. In the spring of twenty seventeen, it was

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Speaker 2: really Bernie Sanders and the Pocahontas that was going to

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Speaker 2: be the number one in Elizabeth is going to be

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Speaker 2: pocahon as we called going to be the challengers coming

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Speaker 2: from the populace left, and I thought it was very

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Speaker 2: important to nip that in the by the time and

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Speaker 2: raise the brackets. Now, I think history shows that they

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Speaker 2: can show you the math that they're doing. All of

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Speaker 2: that actually worked in Unison and got us that great

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Speaker 2: you know, twenty nineteen. Today, in President Trump, I think

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Speaker 2: invest in are pretty upfront that this is the last

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Speaker 2: chance we're going to get it. A supply side cut

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Speaker 2: of that four trillion dollars. I think the two point

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Speaker 2: six trillion dollars of joint you know, four hundred thousand

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Speaker 2: below of couples, and I think you add another couple

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Speaker 2: one hundred billion dollars for maybe the pass throughs to

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Speaker 2: the LLCs. The entrepreneurs get caught up. But that additional

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Speaker 2: trillion dollars unless it's going to be shown mathematically, and

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Speaker 2: I think people are working on this that they consume.

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Speaker 2: You know, right now, I think the top three percent

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Speaker 2: consumer almost fifty percent of what's going to the country.

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Speaker 2: Unless that you're concerned that that would kick you into

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Speaker 2: a major recession of that one away, I am. I'm

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Speaker 2: pretty adamant about that. You shouldn't the upper bracket shouldn't

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Speaker 2: get it, and even some of the corporations shouldn't get

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Speaker 2: it if they're just going to do stock buybacks. But

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Speaker 2: additional tax cuts should go as President Trump promised, no

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Speaker 2: tax on tips, no tax on overtime, and particularly no

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Speaker 2: tax on social security. Yeah anything.

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Speaker 1: His current proposal done that up. Then in that respect

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Speaker 1: well as the deficit and continues those corporate tax cuts

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Speaker 1: and continues the tax cuts to the wealthiest. So it runs.

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Speaker 2: And I think we're not to be argumentative, no appreciate

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Speaker 2: it we want to have an open dialog. I think

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Speaker 2: when you look at Besson, and Charlie Gasparino had a

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Speaker 2: pretty good piece in the New York Post today about this.

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Speaker 2: If you add in, if you look at the growth

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Speaker 2: rates and it's predicating on growth. You look at a

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Speaker 2: growth rate two and a half to three percent, right,

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Speaker 2: if you look at what we're trying to do in

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Speaker 2: cutting federal spending in addition doze which is the way

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Speaker 2: frauden abuse, and you look at additional revenues externally from

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Speaker 2: tariffs you can get to and what Besson's trying to

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Speaker 2: do is take the deficit from six and a half

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Speaker 2: percent of GDP down to three and a half percent

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Speaker 2: of GDP. So this is not this out of control

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Speaker 2: explosion of two trillion dollars in deficits which we as

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Speaker 2: Republicans are about to sign off on today. Just so

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Speaker 2: your audience understands this cr today, the House will approve

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Speaker 2: the Biden Kamala Harris spending for this year, locking it in,

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Speaker 2: locking it in.

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Speaker 1: And that's how you can't be I mean, how are

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Speaker 1: you out there supporting that?

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Speaker 2: Then? Well, because right now I think with everything at

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Speaker 2: do and by the way, it's just it's that plus

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Speaker 2: it's a two tran dollar deficit. Okay. I think the

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Speaker 2: reason we're doing it is that the House has not

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Speaker 2: gotten their act together to get these single subject appropriations

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Speaker 2: bills done. They are committed to do that working with

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Speaker 2: Democrats in the spring and some of this year for

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Speaker 2: fiscal year twenty six. And I think to keep the

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Speaker 2: to keep the government open, to keep President Trump hitting

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Speaker 2: on alls, there's to keep doze at work in federal

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Speaker 2: court overnight, the federal courts are coming after this is

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Speaker 2: on at least information. We expect many more lawsuits about that.

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Speaker 2: But I think in the effort to do it, we're prepared,

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Speaker 2: and you know, we hate, we hate any cr this

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Speaker 2: one we've hated for a long time. We're prepared to

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Speaker 2: go along with the Presiden says he needs it. What

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Speaker 2: I love about Johnson for the first time, they just

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Speaker 2: announced that they're going to vote on it this afternoon.

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Speaker 2: He thinks he's got the votes in the House to

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Speaker 2: do it. Then they're going on recess. They're send it

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Speaker 2: over to the Democratic Senate with that play me or

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Speaker 2: trade me.

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Speaker 1: It's right, and they need seven votes on the Senate

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Speaker 1: side in order to get this done. Otherwise we've got

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Speaker 1: a government shut down, it yet another one. What is

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Speaker 1: your over under on the prospects of that.

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Speaker 2: I think it's interesting. I think the Democrats have to

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Speaker 2: make a decision of whether they think it's better to

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Speaker 2: keep it going and keep the resistance they've got in

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Speaker 2: the legislative part, but also in the courts or let

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Speaker 2: elon musk, you know, the potentially unchaining h with the

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Speaker 2: DOSEE groups, on on who's you know, who's who's a

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Speaker 2: necessary employee versus who's an unnecessary employee. I think it's

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Speaker 2: the first time because traditionally the Democrats have always been

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Speaker 2: for keeping the government open. I think they put him

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Speaker 2: in a real conjurary, and I think this is Johnson's

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Speaker 2: It's going to be high stakes poker. I think this afternoon.

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Speaker 2: But people should understand this is a this is a

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Speaker 2: bitter pill to swallow for us, because we have argued

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Speaker 2: this is the whole reason. Kevin McCarthy, a guy you

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Speaker 2: know very well from California, we got turfed out his speaker.

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Speaker 2: It was all over. It was the deal he cut

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Speaker 2: with Biden that gave President Biden two years and unlimited

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Speaker 2: no debt ceiling to spend and run up, and McCarthy

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Speaker 2: then didn't deliver on the single subject appropriations bills and

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Speaker 2: he got turfed out. So your audience understand, these are

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Speaker 2: huge fights on our side of the football all the

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Speaker 2: time about spending.

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Speaker 1: So locking in the Biden era budget or at least

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Speaker 1: extending it and kicking it out. It's the last thing

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Speaker 1: I expected to see coming from your side of the aisle,

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Speaker 1: or at least in the MAGA movement. But also even

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Speaker 1: you saying something complimentary about Speaker Johnson, you've been pretty critical.

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Speaker 1: I've been very critical.

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Speaker 2: I think we're I think we're I've been very up

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Speaker 2: until today, I've been very critical about we're in this

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Speaker 2: job because of over promising and underperforming. And I think

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Speaker 2: you've got in leadership, I think now, and I think

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Speaker 2: it's a long way from him being out of the woods.

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Speaker 2: Is that now? Because you got you got only he's

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Speaker 2: got six months now he's got to deliver like a

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Speaker 2: real budget with real cuts. Because just back for your audience,

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Speaker 2: the doge effort is waste for an abuse. Okay, they're

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Speaker 2: kind of like shock troops or special forces, and people

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Speaker 2: can either say they're great or whatever. I would like

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Speaker 2: to see a little more definition of what they've actually found. Okay,

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Speaker 2: all of us Wouldsparency, I agree with you, more more transparency,

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Speaker 2: but I think but that doesn't to me get to

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Speaker 2: the to the to the the meat of it, because

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Speaker 2: I think you're going to have to have programmatic cuts,

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Speaker 2: and I've been a big proponent that those programmatic cuts

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Speaker 2: have to start in the Defense department. I was a

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Speaker 2: naval officer for a years. My daughter went to West Points.

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Speaker 2: I'm not a dove, but I think I've been a

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Speaker 2: big critic of the tree. And we're at a trillion

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Speaker 2: dollars now, and that's one of the reasons of this

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Speaker 2: postwar international rules based order. We just can't continue on

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Speaker 2: with NATO. We got to have allies that really pitch

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Speaker 2: in here. But you got to start in the Defense

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Speaker 2: department program at you have to do programs and bills

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Speaker 2: to get to get the budget deficit to three and

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Speaker 2: a half percent of GDP roughly under a trellion dollars,

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Speaker 2: so that we can start somehow we can begin to

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Speaker 2: finance this because right now that's the driver of inflation,

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Speaker 2: you know, Biden, the they just restated their numbers from

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Speaker 2: the fourth quarter. And traditionally the Biden thing has always

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Speaker 2: been the labored number has always been different, right, It's been,

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Speaker 2: you know, one thing and then, and we've criticized that

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Speaker 2: for a long time. This one the shocker, and I

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Speaker 2: don't think that. And I've said this that the guys

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Speaker 2: in the economic team did enough for President trumpet pushing this.

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Speaker 2: The inflation number went from two point two percent to

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Speaker 2: four point two percent, and it really didn't even get

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Speaker 2: mentioned in the Business for US. And I said, that

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Speaker 2: shows you the underlying kind of burning inflation. And the

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Speaker 2: reason that is the finance. You have to finance now

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Speaker 2: essentially a third of the debt every year, so you're talking,

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Speaker 2: I don't know, ten twelve trellion dollars, the government securities

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Speaker 2: you have to sell at higher interest rates. That's what's

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Speaker 2: driving inflation. Plus I think a two loose federal reserves,

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Speaker 2: so you had both a fiscal overspending and a monetary

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Speaker 2: loose money. We've got an inflation problem that's not going

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Speaker 2: to be easily solved. The way to solve inflation is

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Speaker 2: you have to cut I believe federal spending dramatically. You

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Speaker 2: have a canesy and kind of stimulus all the time,

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Speaker 2: and you have to do it, and that's going to

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Speaker 2: lead to painful conversations. It just is because if dose

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Speaker 2: doesn't find all this waste for an abuse right and

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Speaker 2: they're saying now they think they can get a trellion dollars,

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Speaker 2: which would cut the deficit in half.

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Speaker 1: Either you can't get a tree and back to your

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Speaker 1: point without significant programmatic cuts. And I appreciate the defense frame,

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Speaker 1: which is anathema. I mean the cring increases the defense

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Speaker 1: spending and in a higher rate, but you can't get

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Speaker 1: there without cuts to something that you, to your credit,

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Speaker 1: have said. You know, you can't put a quote unquote mee.

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Speaker 2: I came, I came to medicaid, I came out of

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Speaker 2: the Pentagon. And this is why I was adamant about

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Speaker 2: Elon Musk what we called crossing the Potomac. There's a

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Speaker 2: point in time that people were saying, well, let Pete

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Speaker 2: Hexath handle the Pentagon. Elie I said no to get

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Speaker 2: if you're going to get prog first off waste fard

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Speaker 2: in reviews. I think everybody has to get everyone, and

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Speaker 2: not just that the Pentagon's got to step up. People

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Speaker 2: have to know that if the way because it's always rumored.

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Speaker 2: You know this, they can't pass an audit. It's two

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Speaker 2: trillion dollars of.

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Speaker 1: Two trillion just for the damn F thirty five, which

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Speaker 1: gets programmatically.

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Speaker 2: But there's two training on the audit. I think there's

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Speaker 2: true training and assets they can't put their hands on.

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Speaker 2: John Stewart was just lighting up one of the Undersecretary's

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Speaker 2: defense I think a couple of weeks ago about this.

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Speaker 2: So you have to do that. But then programmatically, and

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Speaker 2: this is why I think President Trump's hemisphere, the shift

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Speaker 2: to hemispheric defense, which is from Greenland to the Panama

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Speaker 2: canal more of a naval strategy in the It's the

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Speaker 2: three island chains and really the the vast desert of

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Speaker 2: the Pacific is really the American heartland. That's our defensive barrier.

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Speaker 2: That to me, should restructure the entire Pentagon and armed

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Speaker 2: forces to that. To force structure around that. I think

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Speaker 2: Pete hex has got to move immediately. I think there

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Speaker 2: should be significant cuts to the Defense Department, and then

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Speaker 2: that would give you the political cover to then say

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Speaker 2: on medicaid, you know, we got to be sensible here

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Speaker 2: right now with the economic distress, there's a lot of

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Speaker 2: MAGA on Medicaid and a lot.

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Speaker 1: Of overwhelming opposition to cut in it, and and.

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Speaker 2: And I think by you know, the illegal aliens and

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Speaker 2: and and UH and obviously the waste, fraud and abuse

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Speaker 2: and and some of the things about you know, a

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Speaker 2: block granting it back to a governor like yourself in

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Speaker 2: the California UH. To figure it out has to happen.

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Speaker 2: And how the social programs. This is not going to

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Speaker 2: be painless to we've been so out of control and

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Speaker 2: so and it's both parties. The Republican Party has been

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Speaker 2: controlled opposition. They have not had these tough fights. That's

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Speaker 2: the tough fights we're going to have to happen.

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Speaker 1: And to be fair, so people understand, and it's not

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Speaker 1: an indictment to your point about both parties. But you know,

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Speaker 1: another eight point four trillion dollars went to the debt

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Speaker 1: under Trump administration. And to be fair, COVID had a

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Speaker 1: huge part of that, but it's three trillion even before

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Speaker 1: COVID hit to your point, And I remember talking by

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Speaker 1: the way, you'll appreciate this, Steve. I remember being in

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Speaker 1: Marine one talking to Trump, President Trump about the issue

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Speaker 1: of the deficit, and he literally looks at me, and

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Speaker 1: he goes like this with his hands and he said

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Speaker 1: printing press, printing press, and literally dismissed it.

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Speaker 2: He was kidding, he was kidding.

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Speaker 1: Yeah, well, I'm not the way he governed the first

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Speaker 1: four years. I'm not sure you know that first.

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Speaker 2: By the way, the first couple of years, the first

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Speaker 2: couple of years, the deficits were under I think four

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Speaker 2: or five hundred million dollars. We came very close to

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Speaker 2: actually trying to balance it if we went back to

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Speaker 2: pre COVID spending. I mean, Scott Beston says this all

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Speaker 2: the time. We don't have a revenue problem, and this

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Speaker 2: is a verber I would think about having to increase your taxes.

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Speaker 2: We have a spending problem. I mean, post COVID, we've

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Speaker 2: had explosion of some of these programs. I think he

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Speaker 2: got to get your arms around him. But once again,

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Speaker 2: these are going to be huge fights and they're not

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Speaker 2: going to be painless. What I like about Johnson today

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Speaker 2: for the first time, because I think he's tapped us

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Speaker 2: along and over promise and now we're in a situation that,

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Speaker 2: you know, we have to do a cr which we hate.

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Speaker 2: If you think that the Magabase and our show. We

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Speaker 2: represent the hardest core of the hardcore. If you think

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Speaker 2: we like sitting here and basically not lighting up the

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Speaker 2: phones and accepting Joe Biden and Kamala Harris's budget, it's

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Speaker 2: a tough pill.

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Speaker 1: And it's a tell of a thing. I mean, I'm

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Speaker 1: enjoying watching this in some respects.

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Speaker 2: No, but what I liked about what I liked about him.

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Speaker 2: He's voting and going home. He's going to put it

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Speaker 2: right on the Democrats about shutting down the government and not.

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Speaker 2: And I think you're going to have a real firestorm

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Speaker 2: in the Senate, and I think a fascinating debate about

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Speaker 2: the direction of the country. And I think we're going

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Speaker 2: to see that. I think we're going to see that coming.

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Speaker 2: I think we'll see voices like Fetterman and others start

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Speaker 2: to step up and take a much more prominent role

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Speaker 2: in Democratic Party. Because one thing I keep saying all

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Speaker 2: the time, if you'd watch MSNBC and CNN, you never

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Speaker 2: really see the populist on the economic side. You don't

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Speaker 2: see the Roe Qahannas getting the time. You don't see

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Speaker 2: fetter men really getting the time. Sharon Brown and Shure

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Speaker 2: didn't want to do national TV, But you never see

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Speaker 2: really the economic populist ever really get They kind of

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Speaker 2: roll out Bernie Sanders, who I'm not a fan of,

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Speaker 2: but they don't really ever get to the other guys.

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Speaker 2: I think that's all going to come quite different in

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Speaker 2: the in the days and weeks ahead.

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Speaker 1: Well, I think just you know, listening on those of

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Speaker 1: you that that may have some familiarity to you, but

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Speaker 1: never have taken the time to actually listen to you

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Speaker 1: or tune into the war room. I mean the idea

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Speaker 1: that you're even talking about the corporate tax rate and

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Speaker 1: the tax rate for the wealthiest among us and having

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Speaker 1: I mean the fact that you're having this, we're having

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Speaker 1: this dialogue about your different approach. I mean, in some

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Speaker 1: ways it's the California tax policy as it relates to

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Speaker 1: more progressive tax policy that favors the working class that we.

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Speaker 2: Would never take any we would never take anything from California.

433
00:20:53,400 --> 00:20:57,600
Speaker 1: Understand what I'm just I'm challenging you then.

434
00:20:57,440 --> 00:21:00,760
Speaker 2: But you're over you're grossly over taxed in California.

435
00:21:00,760 --> 00:21:04,439
Speaker 1: We want to cut we have we have moderate income

436
00:21:04,520 --> 00:21:07,359
Speaker 1: taxes for middle class working folks. It's the top tax

437
00:21:07,440 --> 00:21:10,600
Speaker 1: rate which you're arguing for a little higher tax rate,

438
00:21:10,640 --> 00:21:13,520
Speaker 1: which I appreciate the corporate tax side. I don't know

439
00:21:13,520 --> 00:21:15,440
Speaker 1: if it's completely dissimilar. I don't want to get you

440
00:21:15,480 --> 00:21:17,440
Speaker 1: in trouble. But on the issue of terrorists, I want

441
00:21:17,440 --> 00:21:19,960
Speaker 1: to go back to that because you're a big you know,

442
00:21:20,000 --> 00:21:22,560
Speaker 1: you're a big supporter of terrorists. I mean, right now this,

443
00:21:22,760 --> 00:21:25,560
Speaker 1: you know, this tit for tat. What's going on in Ontario.

444
00:21:25,680 --> 00:21:29,440
Speaker 1: We doubled another twenty five percent. Uh, back to illuminum

445
00:21:29,440 --> 00:21:32,600
Speaker 1: steel up in Canada, we're already seeing I think we're increasing.

446
00:21:32,600 --> 00:21:35,040
Speaker 2: I think we're increasing aluminum still. I think he said

447
00:21:35,080 --> 00:21:39,320
Speaker 2: today one hundred percent. There was another truth. So I

448
00:21:39,320 --> 00:21:41,320
Speaker 2: think it was a true social not that it's tit

449
00:21:41,400 --> 00:21:43,760
Speaker 2: for tat, but there was a true social right came

450
00:21:43,800 --> 00:21:44,000
Speaker 2: by the.

451
00:21:44,000 --> 00:21:46,399
Speaker 1: Way, I think there were one hundred, literally one hundred

452
00:21:46,400 --> 00:21:50,000
Speaker 1: true social posts. Uh. And you know, with respect on

453
00:21:50,119 --> 00:21:53,280
Speaker 1: terror policy, it seems a little chaotic. There's no stability.

454
00:21:53,320 --> 00:21:55,879
Speaker 1: The markets are reflecting that. I used to say the

455
00:21:55,880 --> 00:21:58,760
Speaker 1: most powerful force in the world was mother nature. Now

456
00:21:58,760 --> 00:22:01,359
Speaker 1: I say the markets. I mean, people, there's this now

457
00:22:01,400 --> 00:22:05,640
Speaker 1: you're seeing even well, I will trust session you're seeing Trump.

458
00:22:05,800 --> 00:22:08,639
Speaker 2: I say that the bond market, the bond market more

459
00:22:08,680 --> 00:22:10,720
Speaker 2: than the stock market. The bond market has turfed out

460
00:22:10,760 --> 00:22:13,760
Speaker 2: more governments than Howartzer's. If you look over the last

461
00:22:13,800 --> 00:22:16,920
Speaker 2: couple of years, Liz Trust in England, really the Assembly

462
00:22:16,960 --> 00:22:20,360
Speaker 2: in France on the Macrone, the Germans right, the Italians

463
00:22:20,400 --> 00:22:24,760
Speaker 2: are probably close to a sovereign debt crisis. Spain, England's

464
00:22:24,760 --> 00:22:27,200
Speaker 2: been to a couple of governments even starmers under under

465
00:22:27,200 --> 00:22:30,440
Speaker 2: real pressure. So no, the global copple markets, particularly when

466
00:22:30,440 --> 00:22:32,959
Speaker 2: you have to borrow this much money. The ten year

467
00:22:33,040 --> 00:22:35,760
Speaker 2: treasury is you know, Bob Rubin used to run the

468
00:22:35,760 --> 00:22:37,960
Speaker 2: country on the Clinton and this is why Carvel said,

469
00:22:37,960 --> 00:22:39,399
Speaker 2: I want to come back. As I come back, I

470
00:22:39,440 --> 00:22:41,400
Speaker 2: want to come back as as a ten year bond

471
00:22:41,480 --> 00:22:44,520
Speaker 2: or the bond market those set that that ten year

472
00:22:44,600 --> 00:22:48,160
Speaker 2: bond sets everybody's economic you know, underpinnings, and so it's

473
00:22:48,240 --> 00:22:50,800
Speaker 2: very important. But I think with President Trump it's it's

474
00:22:50,840 --> 00:22:53,600
Speaker 2: both a gross strategy and part of his tariffs. You know, Governor,

475
00:22:53,920 --> 00:22:56,359
Speaker 2: it shouldn't be lost that the tariffs have many different

476
00:22:56,359 --> 00:22:59,080
Speaker 2: aspects to a number one. He wants to get back

477
00:22:59,200 --> 00:23:02,000
Speaker 2: at least some back to more of the American plan.

478
00:23:02,359 --> 00:23:07,280
Speaker 2: From Alexander Hamilton McKinley. Before the early nineteen hundreds, driven

479
00:23:07,359 --> 00:23:10,000
Speaker 2: by the earthquake in San Francisco. In the fire, we

480
00:23:10,119 --> 00:23:13,280
Speaker 2: had a massive financial panic and that led to really

481
00:23:13,280 --> 00:23:16,520
Speaker 2: the internal revenue service and people focusing more on getting

482
00:23:16,520 --> 00:23:20,720
Speaker 2: off American domosile companies and American citizens. President Trump wants

483
00:23:20,720 --> 00:23:23,399
Speaker 2: to go back to more external revenue. That's part of

484
00:23:23,400 --> 00:23:26,479
Speaker 2: the terriffs. He looks at the US as a premium market,

485
00:23:26,880 --> 00:23:29,040
Speaker 2: and so you would pay a premium to get access

486
00:23:29,080 --> 00:23:32,159
Speaker 2: to here, like you would get a skybox at a

487
00:23:32,160 --> 00:23:34,440
Speaker 2: sporting event or sit in the front row of a concert.

488
00:23:34,840 --> 00:23:36,840
Speaker 2: And he's got a but he's got an out if

489
00:23:36,840 --> 00:23:38,639
Speaker 2: you want an out, because the tariffs are going to

490
00:23:38,640 --> 00:23:43,240
Speaker 2: be substantial, right and particularly in Mexico and Canada, so

491
00:23:43,280 --> 00:23:47,320
Speaker 2: you can't game the system manufacturing, manufacturing wise and against China.

492
00:23:48,040 --> 00:23:50,280
Speaker 2: Just look over the last you know, he's been there

493
00:23:50,320 --> 00:23:53,120
Speaker 2: forty days. I think over the last three or four weeks,

494
00:23:53,440 --> 00:23:55,400
Speaker 2: you've had almost a trillion dollars. I think it's eight

495
00:23:55,440 --> 00:24:00,359
Speaker 2: hundred million dollars from Honda, from Siemens, from app if

496
00:24:00,359 --> 00:24:04,399
Speaker 2: a five hundred bion dollars taiwan A semiconductor, you know,

497
00:24:04,840 --> 00:24:08,000
Speaker 2: one hundred billion dollars in four years. These are massive

498
00:24:09,320 --> 00:24:12,920
Speaker 2: capital investments in top grade. This is not some sovereign

499
00:24:12,920 --> 00:24:15,000
Speaker 2: wealth fund saying I'm a coming. It's not mascles on

500
00:24:15,080 --> 00:24:17,280
Speaker 2: it's soft bank saying I'm going to throw one hundred

501
00:24:17,280 --> 00:24:20,199
Speaker 2: million dollars. These are companies that are relocating here, and

502
00:24:20,280 --> 00:24:22,920
Speaker 2: a big part of that is the terriffs. They say, look,

503
00:24:22,920 --> 00:24:24,360
Speaker 2: we want to get into the United States, we want

504
00:24:24,400 --> 00:24:28,439
Speaker 2: to manufacture domestically. It's got a logistics supply chain we

505
00:24:28,480 --> 00:24:31,560
Speaker 2: can control. It's got you know, it's got the rule

506
00:24:31,600 --> 00:24:34,000
Speaker 2: of law. But most importantly done half terriffs, and it's

507
00:24:34,000 --> 00:24:37,280
Speaker 2: got lower energy costs. That's the new economic model, and

508
00:24:37,320 --> 00:24:39,320
Speaker 2: it's going to go through some choppy water to get there.

509
00:24:39,359 --> 00:24:42,800
Speaker 2: So these are just not twenty five percent tariff on

510
00:24:42,840 --> 00:24:46,119
Speaker 2: an avocado coming from Mexico or some part under the

511
00:24:46,160 --> 00:24:50,040
Speaker 2: hood from from Canada. It's much more systematic. Now I

512
00:24:50,119 --> 00:24:52,600
Speaker 2: understand the way it was rolled out because of the

513
00:24:52,640 --> 00:24:55,159
Speaker 2: emergency nature of it. The focus was on fentanyl and

514
00:24:55,160 --> 00:24:56,240
Speaker 2: this chemical warfare.

515
00:24:56,320 --> 00:24:59,320
Speaker 1: Yeah, which is a little a little bs, isn't it.

516
00:24:59,359 --> 00:25:03,359
Speaker 1: I mean you a larger economic populism frame here. Let's

517
00:25:03,400 --> 00:25:05,320
Speaker 1: just be honest with folks that had nothing to do

518
00:25:05,680 --> 00:25:11,040
Speaker 1: with the tyrannical nature of prime minister or fifty first

519
00:25:11,720 --> 00:25:16,719
Speaker 1: governor of America. Uh, justin Trudeau's no, no, but but

520
00:25:16,760 --> 00:25:17,119
Speaker 1: hold it.

521
00:25:17,119 --> 00:25:20,440
Speaker 2: The Canadians have been The Canadians are one of the tough.

522
00:25:20,480 --> 00:25:23,040
Speaker 2: This is why I recip when he talked about reciprocy

523
00:25:23,119 --> 00:25:26,440
Speaker 2: on August. On April second, you're going to have reciprocity

524
00:25:26,520 --> 00:25:28,320
Speaker 2: and tariffs in India and Canada.

525
00:25:28,600 --> 00:25:29,879
Speaker 1: Is that any you think that's going to go in

526
00:25:29,920 --> 00:25:32,639
Speaker 1: effect in April? You think you mean with all the uncertainty,

527
00:25:32,720 --> 00:25:35,280
Speaker 1: the market uncertainty, the Trump slump, all of the stress

528
00:25:35,320 --> 00:25:37,760
Speaker 1: and the anxiety that people are feeling all the day.

529
00:25:38,160 --> 00:25:39,280
Speaker 2: I don't call it the I don't call it the

530
00:25:39,320 --> 00:25:39,840
Speaker 2: Trump slump.

531
00:25:39,960 --> 00:25:40,960
Speaker 1: Listen, others.

532
00:25:41,320 --> 00:25:45,359
Speaker 2: No. Warren Buffett. Warren Buffett's who's a big Democrat and

533
00:25:45,400 --> 00:25:48,040
Speaker 2: a supporter of many Democratic politicians, cause you know him

534
00:25:48,119 --> 00:25:50,280
Speaker 2: very well. He went to cash. He's sitting on three

535
00:25:50,320 --> 00:25:53,040
Speaker 2: hundred and fifty bion dollars in cash. A couple months ago.

536
00:25:53,119 --> 00:25:55,760
Speaker 2: I think he realized that a lot of the market,

537
00:25:55,880 --> 00:26:00,080
Speaker 2: particularly equity markets, were driven by Navidia and other a.

538
00:26:00,080 --> 00:26:02,560
Speaker 2: All this Ai first kind of stage, there was a

539
00:26:02,640 --> 00:26:05,119
Speaker 2: lot of fluff in that. So I think with President Trump,

540
00:26:05,160 --> 00:26:07,199
Speaker 2: I do think they're coming in because I think he's

541
00:26:07,640 --> 00:26:10,880
Speaker 2: he's changing the geostrategic model of the United States back

542
00:26:10,920 --> 00:26:14,240
Speaker 2: to a hemispheric defense, away from the post war international

543
00:26:14,359 --> 00:26:17,200
Speaker 2: rules based order, which has really gut at the United States.

544
00:26:17,200 --> 00:26:18,640
Speaker 2: It was great for a while.

545
00:26:19,520 --> 00:26:23,200
Speaker 1: Eighty years of relative peace and prosperity in America dominated.

546
00:26:23,240 --> 00:26:24,919
Speaker 1: I mean, I mean, there's a lot of to do.

547
00:26:24,960 --> 00:26:27,360
Speaker 2: But it got it. But he got it the middle class, remember,

548
00:26:27,600 --> 00:26:29,440
Speaker 2: in the working class, and at the end of the day,

549
00:26:29,840 --> 00:26:32,200
Speaker 2: we had allies that were taking advantage of it. Let's

550
00:26:32,960 --> 00:26:33,639
Speaker 2: give me a second.

551
00:26:33,680 --> 00:26:33,760
Speaker 1: This.

552
00:26:34,320 --> 00:26:36,480
Speaker 2: If you take the rim of the Eurasian landmash, you

553
00:26:36,560 --> 00:26:39,440
Speaker 2: got Western Europe, the Persian Gulf, the Golf emer It's

554
00:26:39,440 --> 00:26:41,879
Speaker 2: Middle East. Then you've got the Straits of Malacca, the

555
00:26:41,920 --> 00:26:44,040
Speaker 2: South China Sea, and then up to Korea and Japan.

556
00:26:44,200 --> 00:26:50,680
Speaker 2: Those four nodes we have commercial relationships, trade deals, capital markets, integration,

557
00:26:51,359 --> 00:26:56,040
Speaker 2: some cultural interface, but it's it's an American security guarantee.

558
00:26:56,240 --> 00:26:59,040
Speaker 2: This is how whether it's NATO or the Middle East

559
00:26:59,119 --> 00:27:02,320
Speaker 2: or a South China or are up with Japan and Korea.

560
00:27:02,760 --> 00:27:05,040
Speaker 2: We have combat troops there. You know, we have one

561
00:27:05,080 --> 00:27:08,280
Speaker 2: hundred and fifty thousand troops deployed today and I think

562
00:27:08,280 --> 00:27:10,240
Speaker 2: one hundred and fifteen countries. This is one of the

563
00:27:10,280 --> 00:27:14,200
Speaker 2: reasons people talk about foreign aid with usaid, which I'm

564
00:27:14,200 --> 00:27:16,280
Speaker 2: against a lot of this stuff going on, but it

565
00:27:16,359 --> 00:27:19,800
Speaker 2: pales in comparison to what we're underwriting for countries that

566
00:27:19,880 --> 00:27:22,680
Speaker 2: were upside down on every trade deal. Our trade deficit

567
00:27:23,200 --> 00:27:26,200
Speaker 2: in I think in January low was a record trade deficit.

568
00:27:26,280 --> 00:27:28,560
Speaker 2: I think it's one hundred billion dollars, so not to

569
00:27:28,720 --> 00:27:31,280
Speaker 2: so we have budget deficits, we have trade deficits, and

570
00:27:31,320 --> 00:27:33,240
Speaker 2: are kind of inter strictly link because we've got it

571
00:27:33,320 --> 00:27:36,800
Speaker 2: all the manufacturing jobs, we've all shored those. And I

572
00:27:36,840 --> 00:27:42,480
Speaker 2: think Trump's geoeconomic strategy is a massive rearshuring process. And

573
00:27:42,560 --> 00:27:45,000
Speaker 2: I think you're seeing this now. And I might note,

574
00:27:45,000 --> 00:27:46,840
Speaker 2: and I don't want to take a cheap shop. A

575
00:27:46,880 --> 00:27:49,800
Speaker 2: lot of those tradition would go back to California, but

576
00:27:49,840 --> 00:27:52,920
Speaker 2: they're going to Arizona and Texas because I think they're

577
00:27:52,960 --> 00:27:57,480
Speaker 2: looking at red states now as having lower regulation, lower taxes,

578
00:27:57,840 --> 00:27:59,560
Speaker 2: and people are going there. And I think this is

579
00:27:59,600 --> 00:28:02,720
Speaker 2: going to change a massive the demographic change in the

580
00:28:02,800 --> 00:28:05,800
Speaker 2: United States, as you have Trump's reshowing come back to

581
00:28:05,880 --> 00:28:08,879
Speaker 2: the United States, and so you'll be fair tied to

582
00:28:09,160 --> 00:28:13,440
Speaker 2: that's tied to getting unwinding the post war international rules

583
00:28:13,440 --> 00:28:15,640
Speaker 2: based order. We're going to tell people that, hey, we're

584
00:28:15,640 --> 00:28:19,720
Speaker 2: not going to be everywhere. Kids from California are not

585
00:28:19,760 --> 00:28:22,520
Speaker 2: going to be on carry battle groups. You know, guys

586
00:28:22,520 --> 00:28:24,639
Speaker 2: deployed from San Diego and kids that live in the

587
00:28:24,640 --> 00:28:27,399
Speaker 2: Inland Empire are not going to be deployed in the

588
00:28:27,440 --> 00:28:29,600
Speaker 2: Red Sea with two carry battle groups. They keep the

589
00:28:29,640 --> 00:28:32,919
Speaker 2: Suez Canal open so that Europe can get you know,

590
00:28:33,040 --> 00:28:35,880
Speaker 2: can get energy resources from the Persian Gulf. I think

591
00:28:35,920 --> 00:28:38,120
Speaker 2: those days are kind of over. We'll pick and choose

592
00:28:38,560 --> 00:28:41,040
Speaker 2: as we as we as we pull back and look

593
00:28:41,080 --> 00:28:44,400
Speaker 2: at hemispheric defense, not retreat from the world, not be isolationists,

594
00:28:44,600 --> 00:28:46,720
Speaker 2: but kind of take care of the homeland first, and

595
00:28:46,760 --> 00:28:49,400
Speaker 2: particularly take care of the people in the homeland, the

596
00:28:49,440 --> 00:28:53,600
Speaker 2: working class, in middle class.

597
00:28:57,960 --> 00:29:00,480
Speaker 1: I appreciate how you laid all that out. What you know,

598
00:29:00,720 --> 00:29:05,080
Speaker 1: I think there's risk in the context of the argument

599
00:29:05,080 --> 00:29:08,520
Speaker 1: to move into multipolar world and obviously the security umbrellas

600
00:29:08,560 --> 00:29:11,360
Speaker 1: that will radically reorganize themselves. You've already seen now with

601
00:29:11,400 --> 00:29:15,080
Speaker 1: Mertz in Germany, in the relationship with obviously Britain and France,

602
00:29:15,120 --> 00:29:17,880
Speaker 1: but also I worry about Japan and South Korea and

603
00:29:17,920 --> 00:29:22,280
Speaker 1: that relationship. I worry about the nature of our broader influence.

604
00:29:22,320 --> 00:29:23,960
Speaker 1: But I want to step back. There was a lot

605
00:29:24,000 --> 00:29:26,560
Speaker 1: that influenced a lot of those companies you said that

606
00:29:26,640 --> 00:29:29,400
Speaker 1: are coming back to the United States of America. Do

607
00:29:29,480 --> 00:29:32,480
Speaker 1: you not agree that the industrial policies of the Biden

608
00:29:32,520 --> 00:29:36,480
Speaker 1: administration as it relates to the Infrastructure Bill, aspects of

609
00:29:36,520 --> 00:29:39,640
Speaker 1: the IRA, aspects of the Chips and Science Act, were

610
00:29:39,640 --> 00:29:44,920
Speaker 1: they not determinative from an industrial worker center policy perspective?

611
00:29:45,200 --> 00:29:48,680
Speaker 1: Were they not also influential in the decision for people

612
00:29:48,880 --> 00:29:51,640
Speaker 1: to begin into quote unquote reshore or they pray.

613
00:29:51,680 --> 00:29:53,160
Speaker 2: It might have been at the beginning, but it was

614
00:29:53,200 --> 00:29:56,000
Speaker 2: President Trump they announcedore in President Trump's term. If President

615
00:29:56,040 --> 00:30:00,960
Speaker 2: Trump had not won this election, he just had common

616
00:30:01,120 --> 00:30:02,000
Speaker 2: those companies.

617
00:30:02,040 --> 00:30:04,200
Speaker 1: Now, I mean, do you know record does but there

618
00:30:04,240 --> 00:30:06,800
Speaker 1: was record investments in coming back during the.

619
00:30:07,120 --> 00:30:09,160
Speaker 2: I think about it, correct me if I'm wrong. I

620
00:30:09,240 --> 00:30:11,720
Speaker 2: think Biden in the tire four years is one point

621
00:30:11,720 --> 00:30:15,320
Speaker 2: seven trillion dollars of capital investment back here from I

622
00:30:15,320 --> 00:30:16,840
Speaker 2: think companies, not just private.

623
00:30:16,560 --> 00:30:19,880
Speaker 1: Ectory from the private sector, from the private sector.

624
00:30:19,640 --> 00:30:22,200
Speaker 2: Right, not just saying but Trump's almost at a trillion

625
00:30:22,240 --> 00:30:25,440
Speaker 2: dollars in four weeks. And these are Apple because they

626
00:30:25,520 --> 00:30:30,520
Speaker 2: understand that Trump represents a populist nationalist that's only growing

627
00:30:30,720 --> 00:30:33,640
Speaker 2: and only going to expand, right, And and people are

628
00:30:33,680 --> 00:30:35,760
Speaker 2: now focused on this. And that's why I think you

629
00:30:35,840 --> 00:30:41,320
Speaker 2: have Honda, you have Siemens, you have you know, the

630
00:30:41,360 --> 00:30:44,320
Speaker 2: semiconductor company is huge, you know, the most advanced, I

631
00:30:44,320 --> 00:30:47,040
Speaker 2: would say, semiconductor manufacturer in the world. The other thing,

632
00:30:47,080 --> 00:30:51,240
Speaker 2: I think it's quite interesting that traditionally our tech area

633
00:30:51,320 --> 00:30:54,280
Speaker 2: in one twenty eight in Boston, in Silicon Valley are

634
00:30:54,280 --> 00:30:57,360
Speaker 2: built around great engineering schools built around Berkeley and Stanford,

635
00:30:57,360 --> 00:31:00,320
Speaker 2: are built around Harvard and MIT. You know, when you

636
00:31:00,440 --> 00:31:03,400
Speaker 2: start relocating to Arizona on something that's both an art

637
00:31:03,440 --> 00:31:06,440
Speaker 2: and a science like advanced chip design, and you know,

638
00:31:06,480 --> 00:31:08,880
Speaker 2: I love my crow at Arizona State. He's a buddy

639
00:31:08,920 --> 00:31:12,080
Speaker 2: of mine in Universey. Arizona's a great square. I love Arizona.

640
00:31:12,320 --> 00:31:16,120
Speaker 2: They're not exactly m I, t or Or or Stanford.

641
00:31:16,320 --> 00:31:19,280
Speaker 2: And I think it's showing you that the Red States

642
00:31:19,280 --> 00:31:21,960
Speaker 2: have done such a great job. Texas being the lead

643
00:31:22,360 --> 00:31:25,960
Speaker 2: of actually making these amenable to people's needs as companies.

644
00:31:26,000 --> 00:31:27,360
Speaker 2: That they're coming back there and I think is going

645
00:31:27,440 --> 00:31:29,960
Speaker 2: to have a huge political impact and a huge demographic

646
00:31:30,080 --> 00:31:34,200
Speaker 2: But they didn't come in Biden Harris, and if Kamala

647
00:31:34,240 --> 00:31:37,400
Speaker 2: Harris won, certainly they wouldn't have come because she's still

648
00:31:37,400 --> 00:31:40,400
Speaker 2: a globalist. It's not prepared to disrupt the global supply chains.

649
00:31:40,400 --> 00:31:43,280
Speaker 2: President Trump's prepared to do that because reashoring. They're not

650
00:31:43,280 --> 00:31:46,520
Speaker 2: going to come back here unless you incentivize them to

651
00:31:46,600 --> 00:31:49,160
Speaker 2: come back here. And part of that's a carrot, which

652
00:31:49,200 --> 00:31:56,000
Speaker 2: is what uh, But you know Trump's Trump's better with

653
00:31:56,040 --> 00:31:59,040
Speaker 2: a stick, and you need to You need a carrot

654
00:31:59,040 --> 00:32:00,720
Speaker 2: and a stick a those.

655
00:32:01,200 --> 00:32:03,160
Speaker 1: And I appreciate the stick, but let's talk about those

656
00:32:03,200 --> 00:32:06,440
Speaker 1: red states. Aren't they disproportioned the ones impacted by these tariffs.

657
00:32:06,480 --> 00:32:08,360
Speaker 1: I mean, there's to your point, there's going to be

658
00:32:08,400 --> 00:32:11,840
Speaker 1: some tears here. And I appreciate the larger geopolitical and

659
00:32:11,880 --> 00:32:14,280
Speaker 1: what you're trying to argue for ultimately coming out on

660
00:32:14,320 --> 00:32:17,520
Speaker 1: the other side, but this transition is not overnight. The

661
00:32:17,560 --> 00:32:21,280
Speaker 1: transition will come at real cost and consequence. Let's just

662
00:32:21,280 --> 00:32:24,480
Speaker 1: be pragmatic up in Minnesota, Michigan, in New York. They're

663
00:32:24,480 --> 00:32:27,320
Speaker 1: looking at one hundred dollars more a month on electricity

664
00:32:27,320 --> 00:32:29,760
Speaker 1: bills as it relates to reality nature.

665
00:32:29,800 --> 00:32:32,920
Speaker 2: Look, but that's a threat that's if it goes through something.

666
00:32:33,040 --> 00:32:36,120
Speaker 1: That's just one example. I mean there's not every economist

667
00:32:36,160 --> 00:32:39,360
Speaker 1: looks at the impacts of these TIFFs, but California will

668
00:32:39,360 --> 00:32:40,600
Speaker 1: be disproportion held.

669
00:32:40,880 --> 00:32:44,240
Speaker 2: We did this, Governor. We did the most significant terrorists

670
00:32:44,240 --> 00:32:46,960
Speaker 2: we've ever done on the Chinese Comties Party in President

671
00:32:46,960 --> 00:32:49,840
Speaker 2: Trump's first term, and and and.

672
00:32:49,280 --> 00:32:51,880
Speaker 1: Biden held the line on a lot of this that.

673
00:32:52,200 --> 00:32:54,840
Speaker 2: Held the line one number one because I think geopolitically

674
00:32:54,880 --> 00:32:57,440
Speaker 2: he realized that, you know, you've got to stand up

675
00:32:57,480 --> 00:32:59,920
Speaker 2: to the CCP. And I think although you wouldn't have

676
00:33:00,480 --> 00:33:02,360
Speaker 2: you wouldn't have heard it from the media that what

677
00:33:02,400 --> 00:33:05,520
Speaker 2: President Trump did was the beginning stage of something that

678
00:33:05,560 --> 00:33:06,920
Speaker 2: had to be done to get the attention to the

679
00:33:07,000 --> 00:33:09,680
Speaker 2: Chinese Congress Party that you just can't continue to game

680
00:33:09,720 --> 00:33:12,040
Speaker 2: the system. And President Trump went out of his way.

681
00:33:12,520 --> 00:33:16,480
Speaker 2: By May of nineteen Lightheiser Navarro had that deal that

682
00:33:16,560 --> 00:33:19,000
Speaker 2: went to every seven of the categories they had to

683
00:33:19,000 --> 00:33:21,960
Speaker 2: resolve to really integrate with the Western economy of really

684
00:33:22,000 --> 00:33:25,000
Speaker 2: the world's economy, including the state owned industries, and they

685
00:33:25,040 --> 00:33:27,040
Speaker 2: just tore the deal up and walked away right and

686
00:33:27,120 --> 00:33:29,600
Speaker 2: said screw you. And so that's when these terriffs, and

687
00:33:29,600 --> 00:33:32,360
Speaker 2: the terriffs didn't increase prices. So when people say they

688
00:33:32,360 --> 00:33:36,360
Speaker 2: increased prices, I don't actually think. You have some economists

689
00:33:36,360 --> 00:33:39,280
Speaker 2: saying theoretically, but when we look at practically back to

690
00:33:39,320 --> 00:33:42,320
Speaker 2: the golden year of twenty nineteen, you don't actually see it.

691
00:33:42,640 --> 00:33:46,200
Speaker 2: And I think there may be some dislocations in the

692
00:33:46,240 --> 00:33:49,960
Speaker 2: short term, but in the intermediate term, I think it's

693
00:33:50,120 --> 00:33:52,680
Speaker 2: really the way you get to the sunlit uplands of

694
00:33:52,720 --> 00:33:57,600
Speaker 2: really having back to the American plan of remember world

695
00:33:57,640 --> 00:34:01,600
Speaker 2: class industrial manufacturing. So many other operas.

696
00:34:01,360 --> 00:34:03,720
Speaker 1: Think it's a mutual goal for all of us. But

697
00:34:04,120 --> 00:34:06,840
Speaker 1: industrial policy, which I think is missing a little bit

698
00:34:07,000 --> 00:34:10,680
Speaker 1: from the Trump agenda. With targeted tariffs, I understand, but

699
00:34:11,120 --> 00:34:16,160
Speaker 1: broad tariffs without an industrial policy where I start.

700
00:34:15,960 --> 00:34:18,480
Speaker 2: To loss sustain The key is broad sustained. If you

701
00:34:18,520 --> 00:34:22,000
Speaker 2: have broad and sustained tariffs and people can make capital

702
00:34:22,040 --> 00:34:26,080
Speaker 2: allocation decisions, particularly small and medium manufacturers. Remember in the

703
00:34:26,160 --> 00:34:30,439
Speaker 2: Chicago area, I think between nineteen ninety eight and two

704
00:34:30,440 --> 00:34:35,360
Speaker 2: thousand and five we lost five thousand small manufacturers and

705
00:34:35,400 --> 00:34:37,839
Speaker 2: a couple of million jobs because we shipped it all

706
00:34:37,840 --> 00:34:39,719
Speaker 2: to China, and those guys are bigging all the time.

707
00:34:40,360 --> 00:34:43,480
Speaker 2: These are not the apples and it's not the Taiwan

708
00:34:43,560 --> 00:34:46,320
Speaker 2: manufacturing some are manufacturing. These are small, you know, the

709
00:34:46,440 --> 00:34:49,400
Speaker 2: companies employed under one hundred people, which I think is

710
00:34:49,400 --> 00:34:52,160
Speaker 2: the life run. In fact, there's a guy in Laguna Beach,

711
00:34:52,239 --> 00:34:54,280
Speaker 2: John Gardner, who's kind of the leader of this effort

712
00:34:54,360 --> 00:34:58,760
Speaker 2: to bring the small manufacturing folks back to more craftsmanship

713
00:34:58,840 --> 00:35:02,239
Speaker 2: type of of manufacturing. We have to do that. We

714
00:35:02,320 --> 00:35:05,759
Speaker 2: have to become a manufacturing powerhouse again. Uh, we have

715
00:35:05,840 --> 00:35:09,239
Speaker 2: to do it quickly. And it's Wall Street is not

716
00:35:09,280 --> 00:35:13,040
Speaker 2: going to love it because they're all neoliberal, neo cons

717
00:35:13,200 --> 00:35:15,400
Speaker 2: They want to be they want to be invading everywhere

718
00:35:16,040 --> 00:35:18,640
Speaker 2: and the and they and they they hate populism. One

719
00:35:18,680 --> 00:35:21,840
Speaker 2: of the reasons people should understand is the is the

720
00:35:21,719 --> 00:35:24,719
Speaker 2: is the is a blowback among the donor class in

721
00:35:24,800 --> 00:35:27,799
Speaker 2: Wall Street. Is not just that the they perceive the

722
00:35:27,840 --> 00:35:30,440
Speaker 2: economics and not to their benefit because they've concent you've

723
00:35:30,440 --> 00:35:33,719
Speaker 2: concentrated well so dramatically here since the financial crash of

724
00:35:33,800 --> 00:35:37,040
Speaker 2: two thousand and eight. But they hate the fact, and

725
00:35:37,080 --> 00:35:40,200
Speaker 2: this shows you the Democratic Party. They hate the fact

726
00:35:40,239 --> 00:35:43,520
Speaker 2: that they're empowering the populist. If we start to win

727
00:35:43,560 --> 00:35:45,600
Speaker 2: on these tariffs, and we start to win on bringing

728
00:35:45,600 --> 00:35:48,880
Speaker 2: these back, our movement is going to get bigger and

729
00:35:48,920 --> 00:35:51,160
Speaker 2: bigger and bigger. Remember we got thirty nine percent of

730
00:35:51,200 --> 00:35:54,480
Speaker 2: African American men. I think first time we've got uh

731
00:35:54,680 --> 00:35:58,080
Speaker 2: majority of near majority of Hispanics. Because working class people

732
00:35:58,480 --> 00:36:01,600
Speaker 2: see the opportunities there, and Wall Street understands this, and

733
00:36:01,640 --> 00:36:05,280
Speaker 2: the corporatis understands. I can't. Corporate America is my enemy

734
00:36:05,600 --> 00:36:07,520
Speaker 2: number one. They're the leader in the woke movement in

735
00:36:07,520 --> 00:36:10,719
Speaker 2: this country, but they're also the greed and avarice has

736
00:36:10,760 --> 00:36:13,239
Speaker 2: always been for the leaders. In fact that the tax

737
00:36:13,280 --> 00:36:15,880
Speaker 2: cuts they take, and one of the reasons I hate

738
00:36:16,360 --> 00:36:18,760
Speaker 2: allowing them to do stock buy backs is they gained

739
00:36:18,760 --> 00:36:22,080
Speaker 2: the system to drive up stock prices to dry the

740
00:36:22,120 --> 00:36:24,040
Speaker 2: warrant package and the thing, and they don't put in

741
00:36:24,120 --> 00:36:25,560
Speaker 2: a capital equipment. Thank you to me.

742
00:36:25,800 --> 00:36:29,120
Speaker 1: If you tell your president that, Steve, you got to

743
00:36:29,120 --> 00:36:32,240
Speaker 1: tell your president that the president presend the status president.

744
00:36:32,239 --> 00:36:34,759
Speaker 2: The president knows this already his tax but he go

745
00:36:34,800 --> 00:36:38,480
Speaker 2: after the carried interest now as he going after corporate subsidies.

746
00:36:38,760 --> 00:36:41,360
Speaker 2: I'm going to I'm going to break some news here, Governor.

747
00:36:41,800 --> 00:36:44,239
Speaker 2: I believe that one of the leading things you're going

748
00:36:44,280 --> 00:36:46,399
Speaker 2: to see in President Trump's tax bill when it comes out,

749
00:36:46,719 --> 00:36:48,720
Speaker 2: that he's going to take on carried interest and President

750
00:36:48,719 --> 00:36:49,560
Speaker 2: Trump is finding how.

751
00:36:49,520 --> 00:36:51,800
Speaker 1: To be that's a that's it. That's my kind of doge.

752
00:36:51,800 --> 00:36:54,160
Speaker 1: That's one point three billion dollars small ball, but it's

753
00:36:54,200 --> 00:36:56,840
Speaker 1: symbolic and subsidence. What about the three billion dollars in

754
00:36:56,880 --> 00:36:59,960
Speaker 1: oil gas subsidies. I mean, that's ultimate corporate welfare.

755
00:37:00,360 --> 00:37:02,480
Speaker 2: What do you mean. We've gotta we gotta drill, baby drill,

756
00:37:02,480 --> 00:37:02,920
Speaker 2: and we need to.

757
00:37:03,120 --> 00:37:06,680
Speaker 1: We're already were thirteen and a half billion barrels a million.

758
00:37:06,840 --> 00:37:08,759
Speaker 2: Yes, today we have we need we have to have

759
00:37:08,800 --> 00:37:10,600
Speaker 2: lower energy costs. And one of the reasons all these

760
00:37:10,640 --> 00:37:13,040
Speaker 2: companies are coming back. We're never What we got to

761
00:37:13,080 --> 00:37:16,120
Speaker 2: do is stop. Look you see this in Germany. Germany

762
00:37:16,600 --> 00:37:18,719
Speaker 2: had this maniacal and you and I are not going

763
00:37:18,760 --> 00:37:20,359
Speaker 2: to agree on this or even close, but they had

764
00:37:20,360 --> 00:37:26,720
Speaker 2: this this fetish. They made a mistake carbon zero. They've

765
00:37:26,800 --> 00:37:30,359
Speaker 2: de industrialized themselves on the Greta Thunberg model, they're three

766
00:37:30,680 --> 00:37:31,160
Speaker 2: five percent.

767
00:37:31,320 --> 00:37:33,759
Speaker 1: They get pretty Gretath of Thumberg, she wasn't even bored.

768
00:37:33,760 --> 00:37:35,560
Speaker 1: But I appreciate your friend, you know.

769
00:37:36,000 --> 00:37:39,360
Speaker 2: But they didn't. There's deindustrializing Germany. We don't want that

770
00:37:39,440 --> 00:37:41,560
Speaker 2: to happen here in the nice Now we're.

771
00:37:41,320 --> 00:37:43,000
Speaker 1: On the same page on that. It's just how we

772
00:37:43,040 --> 00:37:45,120
Speaker 1: achieve the goal. And by the way, one hundred percent

773
00:37:45,160 --> 00:37:48,640
Speaker 1: a line on industrial policy bringing manufacturing back, that's workers

774
00:37:48,719 --> 00:37:50,680
Speaker 1: centered one hundred percent. By the way, I say that

775
00:37:50,800 --> 00:37:54,400
Speaker 1: as governor of the largest manufacturing state in America, a

776
00:37:54,520 --> 00:37:57,640
Speaker 1: state that has more corporate headquarters God bless forgive me

777
00:37:58,160 --> 00:38:00,239
Speaker 1: than any other state in America, more than we've had

778
00:38:00,239 --> 00:38:03,719
Speaker 1: in over a decade, and that dominates in the innovative

779
00:38:03,760 --> 00:38:06,719
Speaker 1: space in terms of scientists and researcher.

780
00:38:06,800 --> 00:38:09,680
Speaker 2: Hang hang out. You've allowed alcohol. But hang on second,

781
00:38:09,760 --> 00:38:13,280
Speaker 2: Hang a second. You've also allowed and this you've also

782
00:38:13,320 --> 00:38:16,439
Speaker 2: allowed the oligarchy of Silicon Valley. And let's talk about

783
00:38:16,520 --> 00:38:20,520
Speaker 2: Silicon Valley. Silicon Valley is on apartheight state, Okay, within

784
00:38:20,640 --> 00:38:24,400
Speaker 2: within you're one of the most progressive leaders in this country.

785
00:38:24,680 --> 00:38:27,479
Speaker 2: Right we disagree probably on everything on the cultural side,

786
00:38:27,520 --> 00:38:29,200
Speaker 2: but you're you're one of the leaders, you're on the

787
00:38:29,239 --> 00:38:33,319
Speaker 2: leaders elected officials of the most progressive state, and you're,

788
00:38:33,400 --> 00:38:35,920
Speaker 2: you know, the leader of that element of the democratic.

789
00:38:36,640 --> 00:38:41,200
Speaker 1: Techno feudalism and feudalism. What do you mean by that exactly?

790
00:38:41,280 --> 00:38:44,040
Speaker 2: Well, here's what I mean is that two things happen

791
00:38:44,080 --> 00:38:46,439
Speaker 2: around two thousand and eight to two thousand and ten.

792
00:38:52,080 --> 00:38:53,879
Speaker 1: By the way, that's sort of the Tea Party. That's

793
00:38:53,880 --> 00:38:55,239
Speaker 1: the Wall Street the bailout.

794
00:38:55,440 --> 00:38:58,080
Speaker 2: So the bailout, the financial crash of two thousand and eight.

795
00:38:58,280 --> 00:39:00,279
Speaker 2: And this is why I considered President Obama kind of

796
00:39:00,280 --> 00:39:02,360
Speaker 2: a tragic figure. Right. He came in as an anti

797
00:39:02,400 --> 00:39:05,440
Speaker 2: war populace, and I'm opposed to the war in Iraq

798
00:39:05,480 --> 00:39:08,760
Speaker 2: and every in Afghanistan. My daughter served after West Point

799
00:39:09,160 --> 00:39:11,160
Speaker 2: in Iraq. And I can tell you as a parent,

800
00:39:11,640 --> 00:39:14,040
Speaker 2: you realize that you have no control over anything when

801
00:39:14,080 --> 00:39:16,400
Speaker 2: your kid goes over for you know, defending their country,

802
00:39:16,440 --> 00:39:20,440
Speaker 2: represent their country. It's you understand, you know, how insignificant

803
00:39:20,480 --> 00:39:23,759
Speaker 2: you are. But the financial crash, you know, Geidner and

804
00:39:23,800 --> 00:39:26,880
Speaker 2: BERNANKI went to a classic Wall Street bailout. You know,

805
00:39:26,920 --> 00:39:29,239
Speaker 2: we didn't let capitalism, you know, Goldman Sacks got b

806
00:39:29,239 --> 00:39:33,080
Speaker 2: held at AIG. No corporate guys ever went to prison

807
00:39:33,120 --> 00:39:35,600
Speaker 2: on the worst bailout. We had the greatest concentration of

808
00:39:35,600 --> 00:39:39,440
Speaker 2: wealth until the pandemic happened with the one percent, because

809
00:39:39,440 --> 00:39:41,360
Speaker 2: you know, the Federal reserves balance sheet went from eight

810
00:39:41,480 --> 00:39:43,480
Speaker 2: hundred and eighty bion dollars to I think four and

811
00:39:43,520 --> 00:39:46,920
Speaker 2: a half, right, and and all that liquidity went to

812
00:39:46,920 --> 00:39:49,960
Speaker 2: bailout real assets and corporate stocks at the same time

813
00:39:50,560 --> 00:39:53,200
Speaker 2: with Obama when they when they you know, when Obama

814
00:39:53,239 --> 00:39:54,520
Speaker 2: got this heads up kind of I think it was

815
00:39:54,560 --> 00:39:57,480
Speaker 2: on Facebook the San Francisco airport, this briefing about how

816
00:39:57,520 --> 00:40:00,480
Speaker 2: social media his his weapon to take on the Clinton

817
00:40:00,560 --> 00:40:04,279
Speaker 2: mafia because he was a relatively unknown guy taking on

818
00:40:04,440 --> 00:40:08,239
Speaker 2: the most embedded political apparatus in the Democratic Party in

819
00:40:08,280 --> 00:40:11,200
Speaker 2: modern history. And he took it all with using social media.

820
00:40:11,239 --> 00:40:14,040
Speaker 2: That was his first thing. And there was a deal,

821
00:40:14,200 --> 00:40:18,080
Speaker 2: kind of made a Faustian bargain that we wouldn't pursue

822
00:40:18,120 --> 00:40:22,040
Speaker 2: anti trust, we wouldn't pursue FTC or the Justice Department.

823
00:40:22,280 --> 00:40:25,160
Speaker 2: We would allow the the tech oligarchs in the age

824
00:40:25,200 --> 00:40:29,000
Speaker 2: of the algorithm, the algorithmic age, to to basically dominate

825
00:40:29,040 --> 00:40:32,200
Speaker 2: and dominate in every one of these these verticals, right,

826
00:40:32,280 --> 00:40:35,359
Speaker 2: with no real anti anti trust, and what we allowed

827
00:40:35,400 --> 00:40:38,399
Speaker 2: him to become the most powerful people on earth. Uh

828
00:40:38,480 --> 00:40:41,600
Speaker 2: And And but what proved out is that both on

829
00:40:41,680 --> 00:40:45,280
Speaker 2: social media with TikTok, uh and and then with Deep

830
00:40:45,440 --> 00:40:49,640
Speaker 2: Seek in the AI space, that the Faucian bargain that

831
00:40:49,920 --> 00:40:51,520
Speaker 2: as a hedge of mind, we said, just give us

832
00:40:51,520 --> 00:40:54,680
Speaker 2: the commanding heights, and that didn't happen. In fact, you

833
00:40:54,760 --> 00:40:57,719
Speaker 2: say it's kind of an utter failure that that the

834
00:40:57,760 --> 00:41:00,279
Speaker 2: social media is all kind of clunky. It's very dominant, right,

835
00:41:00,400 --> 00:41:03,040
Speaker 2: but as clunky compared to TikTok. If you look at

836
00:41:03,120 --> 00:41:06,120
Speaker 2: Ai and whether Deep Seek you think it's a Chinese

837
00:41:06,200 --> 00:41:10,920
Speaker 2: syop or it's a spot Nick moment. We clearly we

838
00:41:11,040 --> 00:41:13,399
Speaker 2: clearly you know, you don't hear a lot of talking

839
00:41:13,440 --> 00:41:15,920
Speaker 2: about that carbon zero when this thing needs ten times

840
00:41:15,920 --> 00:41:18,120
Speaker 2: more on the data center, sid it in the in

841
00:41:18,160 --> 00:41:19,759
Speaker 2: the in the in the in the thing because it's

842
00:41:20,120 --> 00:41:22,120
Speaker 2: kind of brute force computing.

843
00:41:22,280 --> 00:41:25,400
Speaker 1: Has it has resuscitated the nuclear question, which is interesting.

844
00:41:25,440 --> 00:41:27,600
Speaker 1: So they're exactly because they're still in command, they haven't

845
00:41:27,600 --> 00:41:31,280
Speaker 1: completely thrown out, uh fully, the commitment to low carbon

846
00:41:31,320 --> 00:41:32,880
Speaker 1: green growth. But your point.

847
00:41:32,719 --> 00:41:37,120
Speaker 2: Direction governor don't get there, you know, because they don't

848
00:41:37,120 --> 00:41:39,239
Speaker 2: have the power, they don't have their business model. Now

849
00:41:39,719 --> 00:41:43,160
Speaker 2: for that epic fail, what's the and they've gotten away

850
00:41:43,200 --> 00:41:47,000
Speaker 2: from capitalism is about markets and profits. Okay, they are

851
00:41:47,040 --> 00:41:50,600
Speaker 2: now about digital platforms in rent their rent seekers, and

852
00:41:51,320 --> 00:41:54,000
Speaker 2: they don't believe in even open borders. These guys are

853
00:41:54,040 --> 00:41:56,480
Speaker 2: techno feudalists. That you have a digital platform, you had

854
00:41:56,560 --> 00:42:00,080
Speaker 2: kind of digital serfs that that serve that, uh, and

855
00:42:00,120 --> 00:42:01,840
Speaker 2: you add it to AI. And what they want to

856
00:42:01,880 --> 00:42:04,879
Speaker 2: do in advanced AI of cutting out all the you know,

857
00:42:05,239 --> 00:42:10,279
Speaker 2: entry level managerial, administrative, low tech work we're going to have.

858
00:42:10,320 --> 00:42:13,359
Speaker 2: We're gonna have a massive problem about unemployment. And they're

859
00:42:13,400 --> 00:42:15,560
Speaker 2: just on the merry way. And here's what Just like

860
00:42:15,600 --> 00:42:18,360
Speaker 2: the lords of easy money on Wall Street came to

861
00:42:18,440 --> 00:42:21,040
Speaker 2: the Federal Reserve and the Treasury for a bailout, and

862
00:42:21,120 --> 00:42:23,400
Speaker 2: no working class or middle class people you know this

863
00:42:23,440 --> 00:42:26,440
Speaker 2: in California got a bailout. They paid for the bailout

864
00:42:26,480 --> 00:42:30,560
Speaker 2: through the taxes. What's the first thing to do? Silicon

865
00:42:30,680 --> 00:42:33,000
Speaker 2: Valley comes. The first thing they come for is we

866
00:42:33,040 --> 00:42:36,360
Speaker 2: need a new Marcury program, we need a Marshall program,

867
00:42:36,400 --> 00:42:38,920
Speaker 2: we need five hundred billion dollars, and they need to

868
00:42:38,960 --> 00:42:43,040
Speaker 2: turn over the Lawrence Livermore weapons lab in California, San Dia.

869
00:42:43,280 --> 00:42:45,320
Speaker 2: We need to take control of all the national labs,

870
00:42:45,680 --> 00:42:48,240
Speaker 2: and we need a five hundred billion dollar bailout because

871
00:42:48,239 --> 00:42:50,000
Speaker 2: of the spot Nick moment, so they come back to

872
00:42:50,000 --> 00:42:52,520
Speaker 2: the taxpurs this way. I think these guys are very

873
00:42:52,600 --> 00:42:55,440
Speaker 2: dangerous and it's created in the Silicon Valley, and I

874
00:42:55,520 --> 00:42:58,319
Speaker 2: understand the beginning there was rationale for this, but now

875
00:42:58,320 --> 00:43:00,359
Speaker 2: it's not and it's got to be And I think

876
00:43:00,400 --> 00:43:01,719
Speaker 2: you've got to be one of the leaders of it

877
00:43:03,360 --> 00:43:06,239
Speaker 2: for ever to get a control of the oligarchs. You,

878
00:43:07,000 --> 00:43:09,880
Speaker 2: as Governor and as quite frankly the leader of that

879
00:43:09,920 --> 00:43:12,200
Speaker 2: wing of the party, have got to work with us

880
00:43:12,239 --> 00:43:14,279
Speaker 2: to say, hey, this can't go on any longer. We

881
00:43:14,560 --> 00:43:18,120
Speaker 2: first thing we need is Lena Kahan, and I we.

882
00:43:18,280 --> 00:43:20,080
Speaker 1: Got rid of her. So I was going to ask you,

883
00:43:20,360 --> 00:43:22,400
Speaker 1: I had someone who was actually starting to deal with

884
00:43:22,440 --> 00:43:24,839
Speaker 1: some of these issues and then truck threw him out

885
00:43:24,960 --> 00:43:26,600
Speaker 1: throughout correct me.

886
00:43:26,520 --> 00:43:28,800
Speaker 2: If I'm wrong, Governor. I don't think Kamala Harris, I

887
00:43:28,800 --> 00:43:31,000
Speaker 2: don't think Lena Khan's name ever crossed the lips of

888
00:43:31,080 --> 00:43:34,439
Speaker 2: Kamala Harrison. I don't recall, but they never had her back.

889
00:43:34,520 --> 00:43:36,239
Speaker 2: She's the first one to say that they never had

890
00:43:36,239 --> 00:43:40,040
Speaker 2: her back. She's a neo Brandeisian after Louis Brandeis, which

891
00:43:40,320 --> 00:43:43,320
Speaker 2: always warrant against the concentration of private power.

892
00:43:43,840 --> 00:43:48,279
Speaker 1: Also celebrated citizenship, which I appreciate, active non inert citizenship,

893
00:43:48,400 --> 00:43:50,040
Speaker 1: exact most human powerful office.

894
00:43:50,040 --> 00:43:53,200
Speaker 2: And he was he was a big believer in human agency.

895
00:43:53,640 --> 00:44:00,640
Speaker 2: And with Gil Slater, gil Slater's deputy, with with Andrew Ferguson,

896
00:44:00,800 --> 00:44:04,120
Speaker 2: also Mike Davis and Rachel On Beauvart on the outside,

897
00:44:04,280 --> 00:44:06,719
Speaker 2: we are the most we want to break up. In fact,

898
00:44:06,719 --> 00:44:08,800
Speaker 2: you've see the suits right now in Northern Virginia and

899
00:44:08,880 --> 00:44:13,240
Speaker 2: d C against Google. I mean, the hardcore, populous wing

900
00:44:13,320 --> 00:44:17,040
Speaker 2: of the Mega movement really wants to target them up.

901
00:44:17,360 --> 00:44:19,719
Speaker 1: And look, I appreciate that, and you've been consistent on

902
00:44:19,760 --> 00:44:22,400
Speaker 1: that for years and obviously goes to you know, I

903
00:44:22,400 --> 00:44:26,040
Speaker 1: imagine some of your issues with with Elon and we

904
00:44:26,080 --> 00:44:28,080
Speaker 1: haven't even gotten to that. And I know that's all.

905
00:44:28,280 --> 00:44:29,560
Speaker 2: Have any issues, have any issues?

906
00:44:29,600 --> 00:44:31,839
Speaker 1: I know what you called him evil, You called him

907
00:44:31,840 --> 00:44:37,200
Speaker 1: a racist. Uh, you have a inherent parasitic illegal alien.

908
00:44:37,360 --> 00:44:40,680
Speaker 1: I think was your exact phrase. Your phrase, not mine,

909
00:44:41,160 --> 00:44:44,440
Speaker 1: though we may share some commonality in terms of concern

910
00:44:44,480 --> 00:44:46,839
Speaker 1: about what he's doing. But that said, let me.

911
00:44:47,200 --> 00:44:50,160
Speaker 2: Just hold it. No, hang on, hang concern. You guys

912
00:44:50,200 --> 00:44:54,640
Speaker 2: loved to see you loved all the oligarchs in particularly

913
00:44:54,719 --> 00:44:57,360
Speaker 2: Elon until they flip. And remember all the rest of

914
00:44:57,400 --> 00:45:01,759
Speaker 2: these oligarchs were all progressive Democrats until eleven people they're

915
00:45:01,800 --> 00:45:02,960
Speaker 2: progressive liberty.

916
00:45:03,040 --> 00:45:05,560
Speaker 1: I would I refer to him as libertarian. And I

917
00:45:05,719 --> 00:45:08,600
Speaker 1: know these guys intimately known them for decades.

918
00:45:08,640 --> 00:45:11,439
Speaker 2: So you know the danger we're dealing with, you know, knowing.

919
00:45:11,640 --> 00:45:14,800
Speaker 1: Look, but what why doesn't Donald Trump? Why doesn't President

920
00:45:14,840 --> 00:45:18,040
Speaker 1: Trump the leader of the movement? Trump isn't without Trump.

921
00:45:18,040 --> 00:45:20,560
Speaker 1: I don't mean maybe maybe it's MAGA, it's the work

922
00:45:20,600 --> 00:45:23,520
Speaker 1: you're doing in that populist base. But why isn't he

923
00:45:23,840 --> 00:45:27,479
Speaker 1: pushing back? He brings someone in from Trump Treasury puts

924
00:45:27,480 --> 00:45:30,319
Speaker 1: a Commerce secretary and only reinforces.

925
00:45:29,760 --> 00:45:32,480
Speaker 2: The first off at Treasury. I think you're seeing a

926
00:45:32,920 --> 00:45:36,640
Speaker 2: very smart analysis about M and A and about the oligarchs.

927
00:45:36,640 --> 00:45:39,879
Speaker 2: I think look with Gil Slater Andrew Ferguson, I mean,

928
00:45:39,920 --> 00:45:42,319
Speaker 2: these are one notch down and maybe not as well

929
00:45:42,360 --> 00:45:45,160
Speaker 2: known as Lena Khan, but they're in the same they're

930
00:45:45,200 --> 00:45:47,960
Speaker 2: in the same Uh, they're in the same uh school

931
00:45:48,000 --> 00:45:51,480
Speaker 2: of thought of Neo brandeisian of this concept of concern

932
00:45:51,520 --> 00:45:54,880
Speaker 2: about the concentration, the tremendous concentration of private power. I

933
00:45:54,920 --> 00:45:57,520
Speaker 2: think in prison, Trump's working through this right now. Look,

934
00:45:57,880 --> 00:46:00,400
Speaker 2: all these guys just became their damna scene moment was

935
00:46:00,440 --> 00:46:03,200
Speaker 2: eleven pm Eastern Standard time on the fifth of November,

936
00:46:03,239 --> 00:46:06,480
Speaker 2: when Pennsylvania was called for Trump. Once that all of them,

937
00:46:06,560 --> 00:46:10,279
Speaker 2: Zuckerbergh and they all moved. They became maga, you know, Zuckerberg.

938
00:46:10,680 --> 00:46:13,560
Speaker 2: Zuckerberg started growing the hair, working out doing.

939
00:46:13,480 --> 00:46:16,000
Speaker 1: Elon was there a little bit before, it seemed. Lelon

940
00:46:16,160 --> 00:46:18,440
Speaker 1: was there before after he dumped DeSantis.

941
00:46:19,400 --> 00:46:22,360
Speaker 2: Elon I think, very smartly, this goes back to the precinct,

942
00:46:22,360 --> 00:46:24,680
Speaker 2: and I get I give him Trenda's credit. He saw

943
00:46:24,719 --> 00:46:27,440
Speaker 2: the math of what we were doing as grassroots of

944
00:46:27,520 --> 00:46:31,239
Speaker 2: this precinct strategy canvassing. He backed to play. I mean,

945
00:46:31,280 --> 00:46:33,320
Speaker 2: and look, no one's ever written a two hundred and

946
00:46:33,320 --> 00:46:35,319
Speaker 2: fifty million dollar check when they tell me, you know, I.

947
00:46:35,239 --> 00:46:37,880
Speaker 1: Think it's more, but I but that's just my humble opinion.

948
00:46:38,160 --> 00:46:40,239
Speaker 2: It may be more eventually. I think it's up to

949
00:46:40,239 --> 00:46:44,680
Speaker 2: two eighty. But he backed it on the least sexy aspect,

950
00:46:44,760 --> 00:46:47,600
Speaker 2: which is backing grassroots, going door to door, and particularly

951
00:46:47,640 --> 00:46:51,000
Speaker 2: he would go up and campaign in Pennsylvania, Michigan and

952
00:46:51,040 --> 00:46:51,759
Speaker 2: wascond just.

953
00:46:52,239 --> 00:46:54,399
Speaker 1: And forgive me. But what's his end game? I mean,

954
00:46:54,440 --> 00:46:55,960
Speaker 1: you know, I know, you look, he wants to be

955
00:46:55,960 --> 00:46:57,719
Speaker 1: the first trillion air in the world. I mean, what's

956
00:46:57,760 --> 00:46:58,480
Speaker 1: his endgame here?

957
00:46:58,560 --> 00:47:01,719
Speaker 2: Well, you know it. You guys created a governor. I mean,

958
00:47:01,960 --> 00:47:02,680
Speaker 2: you got a way.

959
00:47:02,520 --> 00:47:06,919
Speaker 1: In many respects California did. It was our regulatory process

960
00:47:07,080 --> 00:47:09,640
Speaker 1: and our subsidies to create this market. You're one hundred

961
00:47:09,640 --> 00:47:11,439
Speaker 1: percent right. I think you're right about He.

962
00:47:11,400 --> 00:47:15,640
Speaker 2: Left Canada to come to California. That was, you know said, and.

963
00:47:15,560 --> 00:47:17,400
Speaker 1: Then a big and then a big check from the

964
00:47:17,440 --> 00:47:21,000
Speaker 1: federal government from everybody watching that backed his play early

965
00:47:21,040 --> 00:47:23,560
Speaker 1: on when he was in deep need. He paid it

966
00:47:23,600 --> 00:47:27,440
Speaker 1: back relatively quickly. But he's been the beneficiary of billions

967
00:47:27,440 --> 00:47:28,920
Speaker 1: and billions and billions of dollars.

968
00:47:28,920 --> 00:47:33,560
Speaker 2: Thirty loans, thirty thirty eight loans, I think thirty.

969
00:47:33,960 --> 00:47:36,440
Speaker 1: What do you seriously want him to take over the

970
00:47:36,480 --> 00:47:38,760
Speaker 1: starlink to take over the FAA and the air traffic

971
00:47:38,840 --> 00:47:39,600
Speaker 1: control system.

972
00:47:39,719 --> 00:47:43,799
Speaker 2: Here's is that. Here's where listen. I late at this

973
00:47:43,960 --> 00:47:46,960
Speaker 2: concept at SEAPAC in seventeen that that was going to

974
00:47:47,000 --> 00:47:51,919
Speaker 2: be you know, populous economics and the economic nationalism America. First,

975
00:47:52,000 --> 00:47:55,520
Speaker 2: national security, and the third was a deconstruction the administrative state.

976
00:47:55,960 --> 00:47:58,279
Speaker 2: What Elon Musk has done. And I think this is

977
00:47:58,320 --> 00:48:01,239
Speaker 2: the engineer, you know, the best angels of Elon, that

978
00:48:01,400 --> 00:48:03,640
Speaker 2: engineer's brain. I think he kicked in when he saw

979
00:48:03,680 --> 00:48:05,960
Speaker 2: the strategy of how we actually win and building a

980
00:48:06,000 --> 00:48:09,360
Speaker 2: coalition of working class people. He supported that in President Trump,

981
00:48:09,680 --> 00:48:11,080
Speaker 2: I think now and this is why I think he

982
00:48:11,160 --> 00:48:14,440
Speaker 2: jumped on it. He sees that we have an apparatus,

983
00:48:14,760 --> 00:48:16,839
Speaker 2: and I think you'd be the first amit the administrative

984
00:48:16,880 --> 00:48:19,680
Speaker 2: state that's kind of anti democratic. It's there, and I

985
00:48:19,719 --> 00:48:23,160
Speaker 2: don't care if AOC or Gavin Newsom or Bernie Sanders

986
00:48:23,200 --> 00:48:26,799
Speaker 2: walks into the oval office president United States. The deep

987
00:48:26,880 --> 00:48:29,200
Speaker 2: state and the apparatus is going to do what they're

988
00:48:29,200 --> 00:48:30,520
Speaker 2: going to do. They're going to look at you as

989
00:48:30,560 --> 00:48:31,400
Speaker 2: just passing through.

990
00:48:31,600 --> 00:48:34,600
Speaker 1: Now we refer to it in you know, in non Pejorita.

991
00:48:34,680 --> 00:48:37,000
Speaker 1: But there's a clay layer of bureaucracy, and you're right,

992
00:48:37,080 --> 00:48:39,879
Speaker 1: unaccountable folks making a lot of decisions. And I don't

993
00:48:39,880 --> 00:48:43,000
Speaker 1: think that's wrong, but your yours is a much you know.

994
00:48:42,960 --> 00:48:45,200
Speaker 2: What, I just had an idea we should invite Elon

995
00:48:45,239 --> 00:48:48,160
Speaker 2: because you know these guys better your personal friends with you, guys,

996
00:48:48,160 --> 00:48:51,359
Speaker 2: Elon ought to take a California Doge sit down with

997
00:48:51,400 --> 00:48:52,319
Speaker 2: you so you can get the guard.

998
00:48:52,360 --> 00:48:55,239
Speaker 1: And we've been doing it for going but going, But

999
00:48:55,320 --> 00:48:57,680
Speaker 1: our approach, Steve, is more like rego. We already did

1000
00:48:57,680 --> 00:49:00,200
Speaker 1: this one hundred and forty billion dollars of saving on

1001
00:49:00,239 --> 00:49:04,040
Speaker 1: a one point four trillion dollars budget. That was real savings,

1002
00:49:04,160 --> 00:49:06,040
Speaker 1: and we did it the right way, not to people

1003
00:49:06,080 --> 00:49:09,600
Speaker 1: with people fo one hundred thousand positions the administry.

1004
00:49:09,960 --> 00:49:13,720
Speaker 2: Let let your favorite, let Elon come out. Let Elon

1005
00:49:13,800 --> 00:49:15,480
Speaker 2: come out and verify that. I think for the nation

1006
00:49:15,640 --> 00:49:16,640
Speaker 2: to be good. And because he.

1007
00:49:16,600 --> 00:49:19,359
Speaker 1: Has done, let's just a restlessness to let's go back.

1008
00:49:19,440 --> 00:49:22,040
Speaker 2: Let's go back to do. What he's trying to do

1009
00:49:22,160 --> 00:49:24,759
Speaker 2: is get the waste, fraud and abuse and identified. He

1010
00:49:24,800 --> 00:49:28,000
Speaker 2: has identified USAID, which people have been working on for years.

1011
00:49:28,000 --> 00:49:29,839
Speaker 2: But he's done a good job there. The others is

1012
00:49:29,880 --> 00:49:33,399
Speaker 2: twenty billion dollars in city corps. You know where it went.

1013
00:49:33,640 --> 00:49:35,440
Speaker 2: I think people are going to, you know, eventually need

1014
00:49:35,480 --> 00:49:37,720
Speaker 2: more details. I think he said he's going to provide

1015
00:49:37,719 --> 00:49:40,399
Speaker 2: more details. They just went to federal court last night.

1016
00:49:40,480 --> 00:49:41,320
Speaker 2: A judge ruled.

1017
00:49:41,360 --> 00:49:44,000
Speaker 1: And I love Steve. I love that you're defending him now.

1018
00:49:44,000 --> 00:49:46,279
Speaker 1: By the way, he's been knocked on you, hang on,

1019
00:49:46,360 --> 00:49:49,640
Speaker 1: hang on. He hasn't attacked you back, which is interesting

1020
00:49:49,680 --> 00:49:53,640
Speaker 1: to me. He's marginally attacked you back. You must be muted.

1021
00:49:53,840 --> 00:49:56,080
Speaker 1: I'm curious your private thoughts on that. Why do you

1022
00:49:56,080 --> 00:49:58,239
Speaker 1: think he's a little scared of you?

1023
00:49:58,320 --> 00:49:58,640
Speaker 2: Isn't he?

1024
00:49:58,880 --> 00:49:59,040
Speaker 1: No?

1025
00:49:59,480 --> 00:49:59,920
Speaker 2: I don't think he.

1026
00:50:00,440 --> 00:50:03,000
Speaker 1: I think he is. That's my personal opinion.

1027
00:50:03,480 --> 00:50:06,560
Speaker 2: I'm just I'm just a mick that yells into a microphone.

1028
00:50:06,800 --> 00:50:09,800
Speaker 2: But but Governor, No, here's I think it's important and

1029
00:50:09,920 --> 00:50:11,840
Speaker 2: any and this is why I think, let's get back

1030
00:50:12,280 --> 00:50:16,840
Speaker 2: to why President Trump won again. You have basically working

1031
00:50:16,840 --> 00:50:19,279
Speaker 2: class people, in middle class and particularly lower down the change.

1032
00:50:19,280 --> 00:50:21,680
Speaker 2: They've seen the bailouts on Wall Street, they've seen the

1033
00:50:21,680 --> 00:50:25,359
Speaker 2: oligarchs be made. They don't think they have agency. And

1034
00:50:25,400 --> 00:50:28,000
Speaker 2: in a global, you know, global supply chain, they think

1035
00:50:28,040 --> 00:50:30,400
Speaker 2: they're just a cog in the machine, that their voice

1036
00:50:30,400 --> 00:50:33,359
Speaker 2: is not heard. Right, they're kind of dismiss culturally. They're

1037
00:50:33,360 --> 00:50:35,480
Speaker 2: considering and I don't care if you're black, Hispanic or

1038
00:50:35,480 --> 00:50:39,120
Speaker 2: white working class. It's not a race thing. It's it's ethnicity.

1039
00:50:39,160 --> 00:50:41,480
Speaker 2: It's you're just dismissed as not being important. Now, with

1040
00:50:41,520 --> 00:50:44,560
Speaker 2: AI coming up, they see that even their children that

1041
00:50:44,640 --> 00:50:47,400
Speaker 2: went to college in that in that important ten years

1042
00:50:47,400 --> 00:50:50,600
Speaker 2: that you get out of school, administrative, tech, managerial, are

1043
00:50:50,640 --> 00:50:52,319
Speaker 2: probably not going to be there or be there in

1044
00:50:52,360 --> 00:50:55,319
Speaker 2: some dramatically different way than you came up and your

1045
00:50:55,400 --> 00:50:58,600
Speaker 2: dad came up, and my dad and myself. So I

1046
00:50:58,640 --> 00:51:01,720
Speaker 2: think they see that in the institutions that were supposed

1047
00:51:01,760 --> 00:51:05,320
Speaker 2: to be there to be protective people questioning. The polling

1048
00:51:05,360 --> 00:51:08,200
Speaker 2: shows this categorican. That's why a guy like Trump. Trump

1049
00:51:08,239 --> 00:51:11,560
Speaker 2: comes up and he says, look in DC, not in

1050
00:51:11,600 --> 00:51:13,400
Speaker 2: the room, not in the deal, and I'm going to

1051
00:51:13,440 --> 00:51:15,759
Speaker 2: put you in the room. And people feel comfortable. That's

1052
00:51:15,800 --> 00:51:18,120
Speaker 2: why they love this kind of days of thunder and

1053
00:51:18,360 --> 00:51:20,680
Speaker 2: every day flood the zone. What President Trump is doing.

1054
00:51:20,719 --> 00:51:23,520
Speaker 2: And President Trump and you know, because you know him

1055
00:51:23,600 --> 00:51:27,240
Speaker 2: very well, he has a visceral connection with working class

1056
00:51:27,280 --> 00:51:31,400
Speaker 2: people that people in politics haven't had, you know, for generations.

1057
00:51:31,400 --> 00:51:33,960
Speaker 2: He just has this work working class in middle class.

1058
00:51:34,160 --> 00:51:36,399
Speaker 2: They trust him and they believe in him, and he's

1059
00:51:36,440 --> 00:51:38,800
Speaker 2: designated Elon. I've got a lot of problems with Elon,

1060
00:51:38,920 --> 00:51:41,239
Speaker 2: and you know that Elon knows it. But what I

1061
00:51:41,400 --> 00:51:44,120
Speaker 2: do admire is that he is trying to get this

1062
00:51:44,239 --> 00:51:46,640
Speaker 2: situation to get the waste, fraud and abuse out. I

1063
00:51:46,680 --> 00:51:49,240
Speaker 2: hope it gets to a trillion dollars. I'm his biggest

1064
00:51:49,239 --> 00:51:51,160
Speaker 2: support of that. I don't think we're going to get

1065
00:51:51,200 --> 00:51:51,600
Speaker 2: there now.

1066
00:51:51,640 --> 00:51:54,040
Speaker 1: And I think back to your point, that's deep programmatic cuts.

1067
00:51:54,120 --> 00:51:57,200
Speaker 2: We're going to end your consequences and people this summer,

1068
00:51:57,640 --> 00:52:00,200
Speaker 2: and I keep telling people like all these corporacy as

1069
00:52:00,239 --> 00:52:03,080
Speaker 2: it come to Tront to mar Lago in the tech

1070
00:52:03,120 --> 00:52:05,279
Speaker 2: bros and the brologarchs and all of them came to

1071
00:52:05,320 --> 00:52:07,520
Speaker 2: the all of them came to the inauguration. They're all

1072
00:52:07,520 --> 00:52:09,080
Speaker 2: party in their tux sis. I said, this is all

1073
00:52:09,120 --> 00:52:12,200
Speaker 2: great celebratory, but we're going to go through a firestorm.

1074
00:52:12,480 --> 00:52:14,800
Speaker 2: And I think part of this firestorm is not this CR.

1075
00:52:14,880 --> 00:52:18,520
Speaker 2: I think the CR gets kicked down, but this summer,

1076
00:52:18,920 --> 00:52:21,640
Speaker 2: when you start to go through the programmatic changes that

1077
00:52:21,680 --> 00:52:23,680
Speaker 2: you have to have. We have to get control of

1078
00:52:23,680 --> 00:52:25,960
Speaker 2: federal spending. If we don't, we're never going to get

1079
00:52:26,000 --> 00:52:28,919
Speaker 2: rid of inflation. That is going to be the acid test.

1080
00:52:29,160 --> 00:52:30,880
Speaker 2: When you talk about defense, you're going to have the

1081
00:52:30,880 --> 00:52:32,640
Speaker 2: Hawks and a lot of other people in the neo

1082
00:52:32,719 --> 00:52:34,839
Speaker 2: kons in your grill. When you talk about what has

1083
00:52:34,840 --> 00:52:37,520
Speaker 2: to happen to medicate, you know are going there. When

1084
00:52:37,520 --> 00:52:39,720
Speaker 2: you talk about the social programs, you talk about SNAP,

1085
00:52:39,760 --> 00:52:41,759
Speaker 2: you talk about these, we are about to have a

1086
00:52:41,880 --> 00:52:45,680
Speaker 2: national conversation that we've never had. We've never and there's

1087
00:52:45,719 --> 00:52:50,239
Speaker 2: no easy alternatives. All the easy alternatives we left, you know,

1088
00:52:50,320 --> 00:52:52,320
Speaker 2: a decade or a couple of decades ago. This is

1089
00:52:52,360 --> 00:52:54,480
Speaker 2: going to get down to say, hey, we need to

1090
00:52:54,480 --> 00:52:57,120
Speaker 2: get the deficit to under tree and dollars or like

1091
00:52:57,120 --> 00:52:59,359
Speaker 2: three and a half percent. We're never going to People

1092
00:52:59,360 --> 00:53:02,160
Speaker 2: should in this, your audience should understand something. We will

1093
00:53:02,200 --> 00:53:04,840
Speaker 2: never pay off one penny of the face amount of

1094
00:53:04,840 --> 00:53:07,560
Speaker 2: the debt as we increase this now about every hundred

1095
00:53:07,640 --> 00:53:10,840
Speaker 2: days of another tree and dollars. It's just the interest

1096
00:53:11,000 --> 00:53:14,080
Speaker 2: right now, it's the gross interest charge. I think a

1097
00:53:14,120 --> 00:53:15,600
Speaker 2: tree and four, which is the way it's got to

1098
00:53:15,640 --> 00:53:17,680
Speaker 2: be looked not net because they kind of take the

1099
00:53:17,680 --> 00:53:20,080
Speaker 2: they take the interest on the bonds we sell ourselves,

1100
00:53:20,080 --> 00:53:22,600
Speaker 2: and they net it out, which I think is unfair account.

1101
00:53:22,600 --> 00:53:24,200
Speaker 2: And you got to look at the gross right now.

1102
00:53:24,640 --> 00:53:28,239
Speaker 2: It's significantly over the Defense Department. And I would tell

1103
00:53:28,280 --> 00:53:29,879
Speaker 2: people too, as we kind of wrap up or get

1104
00:53:29,880 --> 00:53:33,120
Speaker 2: close to wrap up. In the history of countries, no

1105
00:53:33,280 --> 00:53:37,120
Speaker 2: countries ever come back economically that it's GDP, that its

1106
00:53:37,120 --> 00:53:40,040
Speaker 2: debts above its GDP, and we are now at that

1107
00:53:40,440 --> 00:53:44,640
Speaker 2: at that space. In additional, no nation a national security

1108
00:53:45,000 --> 00:53:48,080
Speaker 2: has ever survived as a major power when the interest

1109
00:53:48,120 --> 00:53:50,960
Speaker 2: payments on their debt go above what they pay for

1110
00:53:51,800 --> 00:53:55,760
Speaker 2: national security. The tree and dollars we are now over

1111
00:53:57,200 --> 00:54:00,279
Speaker 2: our national security right now is one trellion dollars. You're

1112
00:54:00,520 --> 00:54:02,719
Speaker 2: thinking about a tree in two to train four an

1113
00:54:02,719 --> 00:54:04,760
Speaker 2: interest payments alone. Yeah. Money.

1114
00:54:05,080 --> 00:54:07,919
Speaker 1: But Steve, that's why this tax cuts, extending the tax

1115
00:54:07,960 --> 00:54:11,959
Speaker 1: cuts is reckless in this respect.

1116
00:54:09,920 --> 00:54:12,920
Speaker 2: I don't agree with that. I think, if if you

1117
00:54:12,960 --> 00:54:13,399
Speaker 2: want to have.

1118
00:54:14,000 --> 00:54:17,719
Speaker 1: A governor, where how do you by definition, if you

1119
00:54:17,760 --> 00:54:19,560
Speaker 1: want to get out, if you want to have.

1120
00:54:19,560 --> 00:54:21,520
Speaker 2: A shot, if you want to have a shot to

1121
00:54:21,600 --> 00:54:24,319
Speaker 2: get to three and a half four percent, growth. You've

1122
00:54:24,320 --> 00:54:26,160
Speaker 2: got to have a supply side tax Hutch. You just

1123
00:54:26,200 --> 00:54:27,800
Speaker 2: and by the way, for people, it's just keeping the

1124
00:54:27,840 --> 00:54:30,040
Speaker 2: tax cut they have today for for people.

1125
00:54:30,040 --> 00:54:31,680
Speaker 1: This is that's the frame. Though you want to see

1126
00:54:31,719 --> 00:54:33,960
Speaker 1: it increased on corporations in the one percent.

1127
00:54:34,160 --> 00:54:35,880
Speaker 2: I want to see corporations stay. I don't want to

1128
00:54:35,880 --> 00:54:39,719
Speaker 2: see a cut, but on the upper on the upper brackets,

1129
00:54:40,120 --> 00:54:41,920
Speaker 2: I don't want to say. I don't want to see extension.

1130
00:54:42,000 --> 00:54:43,560
Speaker 2: I want them to go back to the old rates

1131
00:54:43,600 --> 00:54:45,640
Speaker 2: and they have to pay the old rates. And then additionally,

1132
00:54:45,960 --> 00:54:48,399
Speaker 2: if they can't help us get this under control, I'm

1133
00:54:48,440 --> 00:54:51,719
Speaker 2: all for increasing taxes on the They will have a

1134
00:54:51,760 --> 00:54:54,640
Speaker 2: tax increase if President Trump doesn't extend it. But then

1135
00:54:54,719 --> 00:54:57,360
Speaker 2: I think we'll have another, have another tax increase the

1136
00:54:57,440 --> 00:55:01,880
Speaker 2: one percent, the top three percent, unless because they control

1137
00:55:02,080 --> 00:55:05,680
Speaker 2: Washington d C. Unless they work together with working class

1138
00:55:05,680 --> 00:55:08,040
Speaker 2: and middle class people to get this spending out of

1139
00:55:08,239 --> 00:55:10,880
Speaker 2: control and get all the corporate welfare out of this,

1140
00:55:10,960 --> 00:55:14,040
Speaker 2: because we hate corporate We hate crony capitalism and corporate welfare.

1141
00:55:13,840 --> 00:55:16,680
Speaker 1: Except for oil and gas. Apparently, Steve, that's not three

1142
00:55:16,760 --> 00:55:17,760
Speaker 1: billion right there.

1143
00:55:17,920 --> 00:55:20,680
Speaker 2: You've got to generate. You've got to generate lower energy

1144
00:55:20,719 --> 00:55:25,920
Speaker 2: costs their exceptions. First off, you finally admitted for the

1145
00:55:25,920 --> 00:55:29,640
Speaker 2: first time, the net carbon fetish is admitted.

1146
00:55:29,680 --> 00:55:33,719
Speaker 1: I've been I've been pretty pletty clear on this whole frame,

1147
00:55:33,760 --> 00:55:35,920
Speaker 1: but I'm not naive about it. But also, by the way,

1148
00:55:35,960 --> 00:55:38,720
Speaker 1: we're not I don't know what more evidence you guys

1149
00:55:38,760 --> 00:55:41,279
Speaker 1: need of Mother Nature's fury and then we've had in

1150
00:55:41,320 --> 00:55:44,279
Speaker 1: the last year. But that's another conversation for another thing,

1151
00:55:44,440 --> 00:55:48,480
Speaker 1: and that's not fanaticism. Eventually, pragmaticially, eventually.

1152
00:55:48,520 --> 00:55:52,160
Speaker 2: Eventually, uh, you work with roe Quahanna and Feederman, you'll

1153
00:55:52,160 --> 00:55:55,200
Speaker 2: become You'll become more of a populous nationalist, and then

1154
00:55:55,280 --> 00:55:56,640
Speaker 2: you'll probably have a bright future.

1155
00:55:59,520 --> 00:56:02,279
Speaker 1: Hey, Steve, I really enjoy this conversation. I think is

1156
00:56:02,320 --> 00:56:05,600
Speaker 1: incredibly valuable. And I appreciate the spirit to which we

1157
00:56:05,600 --> 00:56:08,120
Speaker 1: were able to engage and and I hope we can

1158
00:56:08,160 --> 00:56:10,799
Speaker 1: continue the conversation and and uh, and I hope we

1159
00:56:10,840 --> 00:56:13,640
Speaker 1: get out of this week without any further disruptions. It's

1160
00:56:13,640 --> 00:56:16,799
Speaker 1: been a hell of a hell of a beginning of administration.

1161
00:56:16,960 --> 00:56:20,480
Speaker 1: And I appreciate your your advocacy. I also appreciate that

1162
00:56:20,520 --> 00:56:22,719
Speaker 1: you call balls and strikes as it relates to what

1163
00:56:22,760 --> 00:56:24,919
Speaker 1: you're seeing, uh, with administration.

1164
00:56:25,080 --> 00:56:27,840
Speaker 2: I also think that for your audience. You know, there's

1165
00:56:27,920 --> 00:56:30,880
Speaker 2: a saying that there are decades in which nothing happens

1166
00:56:30,880 --> 00:56:33,520
Speaker 2: in there are weeks in which decades happen. We're living

1167
00:56:33,560 --> 00:56:35,759
Speaker 2: in that time right now. So whatever happens this week,

1168
00:56:35,840 --> 00:56:37,520
Speaker 2: next week is going to be quite intense. We have

1169
00:56:38,080 --> 00:56:41,319
Speaker 2: a mate, we have an economy turn around. Geostrategically, the

1170
00:56:41,320 --> 00:56:43,319
Speaker 2: beginning of the kinetic part of the Third World War

1171
00:56:43,320 --> 00:56:46,280
Speaker 2: has got to be stopped. So it's we're we're living

1172
00:56:46,360 --> 00:56:49,120
Speaker 2: history every day. And uh, I'm just honored you had

1173
00:56:49,120 --> 00:56:51,239
Speaker 2: me on here, and uh, you know we were able

1174
00:56:51,280 --> 00:56:54,920
Speaker 2: to conduct this in some level of decency.

1175
00:56:55,600 --> 00:56:57,359
Speaker 1: I appreciate Steve, thanks for joining us.

1176
00:56:57,520 --> 00:57:04,239
Speaker 2: Thank you, Governor, appreciate you. The Bangaga the song of

1177
00:57:04,320 --> 00:57:05,880
Speaker 2: podm