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Speaker 1: Hi, I'm Molly John Fast and this is Fast Politics,

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Speaker 1: where we discussed the top political headlines with some of

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Speaker 1: today's best minds. And it seems like the aliens won't

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Speaker 1: be rescuing us from the Republican Party yet. We have

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Speaker 1: a fantastic show. Today. Representative Katie Porter will make her

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Speaker 1: case on why she is the candidate who should have

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Speaker 1: your support in her run for the California Senate. Then

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Speaker 1: we'll talk to coin desks Ben Schiller about the latest

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Speaker 1: news in crypto. But first we have the host of

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Speaker 1: the Time of Monsters, the Nation's GT here. Welcome to

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Speaker 1: Fast Politics. GT Here. It's always good to be here.

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Speaker 1: You're a fan favorite and I'm so delighted to have

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Speaker 1: you here. I wanted to talk to you first about aliens.

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Speaker 1: They're real and they're mad. He would be very ironic

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Speaker 1: if the end of the human species came a vote,

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Speaker 1: because the Republican has decided to make a big stink

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Speaker 1: about Chinese weather balloon that went off track, and this

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Speaker 1: led Biden and Justin Trudeau to lons of war against

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Speaker 1: space aliens, and they retaliated by just bring the planet that.

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Speaker 1: I have to admit that's something I'm hoping for. But

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Speaker 1: that would be a funny turn of events. I see

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Speaker 1: this as like a way it could go down. So

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Speaker 1: I want to talk to you about the aliens and

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Speaker 1: the space blends. No, I actually want to talk to

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Speaker 1: you about what's really going on in life, which is

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Speaker 1: and not even life politics, because we know that's really

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Speaker 1: not life. Here we are, we are in this crazy

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Speaker 1: period in American life, the run up to the twenty

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Speaker 1: four election, which basically starts the day after the midterms

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Speaker 1: are over. I don't know if you read Political Playbook

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Speaker 1: this morning. I did. Republicans are embracing authoritarianism like you

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Speaker 1: can't fucking believe. Discuss yeah, I know. I mean if

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Speaker 1: you look at the true front runners are you know,

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Speaker 1: Donald Trump, who's like calling for a firing squads against

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Speaker 1: criminals and basically following the path of direct he in

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Speaker 1: the Philippines, and Rhonda Santis, who's offering a kind of

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Speaker 1: you know, while I'm the competent Trump put the fun

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Speaker 1: and fascism, Yeah, really take books out of your libraries

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Speaker 1: and smash teachers and make life very painful for LGBT people.

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Speaker 1: I mean, like obviously, yeah, I mean the two front

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Speaker 1: runners are both offering a form of authoritarianism. Yeah, so,

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Speaker 1: I mean, and then it's clear that's where the party wants.

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Speaker 1: And it's interesting why the party elite has settled on

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Speaker 1: the Santis, like they really seem to think he's their

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Speaker 1: answer to Trump. And it's because they understandand that their

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Speaker 1: base wants some sort of strong man who's very cruel

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Speaker 1: and punishes the enemies, and they think that the Santis

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Speaker 1: can offer that and also be a little bit more

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Speaker 1: stable or a little bit more pliable than Trump. Not

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Speaker 1: a good situation, yeah, I mean, I just wrote a

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Speaker 1: piece about this, that the Santis is really being covered

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Speaker 1: as a normal Republican candidate when he's really not. Yeah,

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Speaker 1: I know, there's all sorts of efforts to normalize him,

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Speaker 1: and it's coming from both he has a lot of

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Speaker 1: like what I would call the institution of Republicans and

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Speaker 1: the mainstream people National Review, Fox News. But also, and

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Speaker 1: I think it's very crucial, a lot of centrist people

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Speaker 1: who aren't wouldn't say they're Republicans, but they want that

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Speaker 1: kind of what they see as a return to normality.

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Speaker 1: So they want a Republican party they think they can

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Speaker 1: work with, and they are also really whitewashing descentists, and

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Speaker 1: I see that. I think you can see that a

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Speaker 1: lot of the coverage of descentists in the mainstream press.

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Speaker 1: I'll just reference Pamela Paul We can talk about for

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Speaker 1: a number of reasons, but he just had a before

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Speaker 1: her latest terrible column in defense of J. K. Rowling,

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Speaker 1: she had another terrible column. You know what liberals can

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Speaker 1: learn from Rhonda Santis basically whitewashing his reputation. I think

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Speaker 1: there's a you know, because people who have like a

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Speaker 1: kind of really personal view of politics and see Trump

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Speaker 1: has being bad because he's a vulgar criminal, all right,

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Speaker 1: and not because he ignores democracy, not because of his policies. Yeah,

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Speaker 1: they're all settling on you know, Ronda Santis, and as

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Speaker 1: I said, that doesn't extends well outside of the mainstream establishment. Republicans'

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Speaker 1: is a real effort. I mean, honestly, I'm not I

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Speaker 1: could work. I don't know, I don't I don't know

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Speaker 1: if de Santis has the juice. I think that if

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Speaker 1: you're really into meat, why would you take like a

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Speaker 1: veggie burger when you could get the real meat? You know,

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Speaker 1: like Trump is out there, you know, calling for people

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Speaker 1: to be executed by firing squad. Why would you? And

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Speaker 1: you see this in the fact that like none of

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Speaker 1: the so called challengers that Trump are willing to take

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Speaker 1: him on like that. You ask like de Santis or

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Speaker 1: Nicky Haley about Trump and they'll say, well, you know,

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Speaker 1: like he was a great president and he's very badly

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Speaker 1: treated and I don't want to fight another Republican. And

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Speaker 1: then you have Trump going like meat fall Ron to

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Speaker 1: all of my Italian American friends, nothing but respect. And

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Speaker 1: I understand the offensiveness of this, but it is also

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Speaker 1: very funny. Yeah, no, no, I mean the man is

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Speaker 1: very good and what he does when it comes to nicknames.

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Speaker 1: He is bad and evil when it comes to everything else. Sure, yeah,

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Speaker 1: but but the nicknames, I mean like the power dynamic, right,

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Speaker 1: like and think about it in school. Who has the power?

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Speaker 1: It's the bully that can, like you know, impose nicknames

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Speaker 1: on people. And who is like, you know, the second

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Speaker 1: in command. It's the people who allow themselves to be

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Speaker 1: nicknamed and bullied. And you know we see that like

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Speaker 1: with Trump Ley not to the meat fall the Santas.

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Speaker 1: But you know, like you know, yes, this is you know,

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Speaker 1: rufically racist attacks on Mitch mcconnald's wife. McConnell is like, well,

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Speaker 1: you know, I think we should be talking about the

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Speaker 1: issues that matter to the American public, like and then

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Speaker 1: going back to like Trump's attacks on Ted Cruise's wife,

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Speaker 1: like the purpose of these attacks the show Who's boss

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Speaker 1: and who cowers and lives in fear? And I have

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Speaker 1: to say, you know, you're looking at the Replican primary

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Speaker 1: so far, like you know, neither the Sentist nor Haley

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Speaker 1: nor Pence, you know who like Trumps like basically inside

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Speaker 1: of the Bob to kill, like none of them are

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Speaker 1: willing to, like, you know, like say anything deeply critical

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Speaker 1: of Trump. Yeah, exactly. And I mean I think that

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Speaker 1: if we find ourselves in this insane position right where

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Speaker 1: you have these Republicans who are completely terrified of Trump

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Speaker 1: because they don't want me and tweets, I want to

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Speaker 1: go back to this uh pla book issue that I

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Speaker 1: read this morning newsletter, um, where they were, you know,

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Speaker 1: quietly Democrats wonder if Joe Biden is too old. And

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Speaker 1: someone sent this to me, Someone in the business sent

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Speaker 1: me this and was like, oh my god, Democrats don't

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Speaker 1: have a base. What are we? What are we? What

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Speaker 1: are Democrats going to do? Oh my god, Oh my god,

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Speaker 1: I'm god. And I thought about this for a minute.

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Speaker 1: And look, one of Joe Biden's great genius things is

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Speaker 1: that at every point people have been like, but you know, ultimately,

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Speaker 1: and again at every point people have been like, but

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Speaker 1: ultimately he won the mid terms, and he had like

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Speaker 1: brilliant political instincts, right, he went against he said Republicans

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Speaker 1: are against democracy, and he went and gave all these

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Speaker 1: speeches and the mainstream media was like, man, who cares?

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Speaker 1: And it was the winning issue for him. Yeah, No,

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Speaker 1: that's right. Yeah, I mean, I mean, I can't think

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Speaker 1: any of these things. Seriously, there's no one of any

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Speaker 1: statue in the Democratic Party who's going to challenge Joe

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Speaker 1: Biden in the primaries. You know, I've done a little

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Speaker 1: bit of partying on this myself, and there's a lot

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Speaker 1: of other people have done more reporting. And so who

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Speaker 1: are these Democrats that don't want Joe Biden to run again?

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Speaker 1: If no one is going to challenge him in the primaries.

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Speaker 1: But beyond that, I mean, like he has been a

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Speaker 1: very successful president and especially the mid years. I mean basically, like,

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Speaker 1: you know, the best kind of midterms for the Democrats

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Speaker 1: going back, depending on how you look at it, either

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Speaker 1: to nineteen sixty two or really to like nineteen thirty four.

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Speaker 1: So and beyond that, I mean, I think that they're real,

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Speaker 1: you know, the whole age issue. I mean, like, you know,

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Speaker 1: like you just look at that state of the Union

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Speaker 1: and like he handled himself perfectly well and not only

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Speaker 1: have himself well, like you know, like it feels me

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Speaker 1: like after delivering an hour and a half speech, i'd say,

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Speaker 1: you know, time for a nap, and he spent like

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Speaker 1: another hour and a half just like hob nobbing with

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Speaker 1: the senators and members of Congress. To me, just feels

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Speaker 1: like a media thing more than anything else. I mean,

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Speaker 1: I will say, like, yeah, I'm not sure if there's

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Speaker 1: there's a groundswell of love for Biden as whatever, but

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Speaker 1: what you described as a genius is the fact that

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Speaker 1: he's very attuned to the party and he knows, you know,

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Speaker 1: where the party is at any given moment. As such,

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Speaker 1: he seems like a perfectly fine leader. Like I don't know,

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Speaker 1: I find all this stuff very hard to take seriously. Yeah, yeah, yeah.

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Speaker 1: This friend of mine was like, and Democrats have no

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Speaker 1: band because there's a lot of I don't know if

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Speaker 1: you know this about the Democratic Party, but it tends

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Speaker 1: to be a party that enjoys wringing its hands. Yeah,

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Speaker 1: the whole bench thing. I don't even know if that's

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Speaker 1: like true. I can think of quite a few people,

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Speaker 1: you know, starting with Whitmer, but a lot of the

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Speaker 1: candidates that ran in against Biden and lost, but you know,

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Speaker 1: did the very interesting things. You know, there's people I

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Speaker 1: don't even like, like Pete Buda Judge, but who seemed

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Speaker 1: to have like strong support among at least some faction

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Speaker 1: of the party. And the other thing is things are

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Speaker 1: so polarized that the thing with the Democrats is that

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Speaker 1: they will coal us around whoever the party leader is,

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Speaker 1: and the party leaders right now Biden, but whoever gets

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Speaker 1: the nomination, people coal ess around because the alternative is

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Speaker 1: like Trump or dissentist. So for both parties, I think

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Speaker 1: what we see is that like, look at all the

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Speaker 1: problems Trump had and all the flaws, and all the

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Speaker 1: people have to kind of hold their nose. But at

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Speaker 1: the end of the day, you know, when you're a

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Speaker 1: jet care jet all the way, m m m m, Yes,

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Speaker 1: when you're a jet you're a jet all the way.

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Speaker 1: I also think that we find ourselves in a world

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Speaker 1: where we have Nicky Haley just jumped into the race.

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Speaker 1: Actually got a d M from someone today that was like,

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Speaker 1: can you talk about Nicki Haley's candidacy. Okay, let's talk

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Speaker 1: Nicki Haley's candidacy. I feel like it's the perfect it's

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Speaker 1: like the perfect candidacy for UM two thousand and three. Yeah, no,

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Speaker 1: I I think that's right. Yeah. And Neil Haley can

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Speaker 1: run on some substantial things. She was a governor of

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Speaker 1: you know, South Carolina, and actually as governor a little

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Speaker 1: bit more moderate than what would expect from a Southern Democrat.

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Speaker 1: But having said that, I mean, what if you have

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Speaker 1: to look at what she's running on. She's running on

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Speaker 1: I will be your person of color friend, she said,

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Speaker 1: you know, like racism is in public in America, like

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Speaker 1: look at me. And Republicans love that sort of candidate,

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Speaker 1: but have ever like nominated them on a presidential level.

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Speaker 1: Every primary season you see someone who runs on that

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Speaker 1: is Herman Kane, Dr Vent Carson, you know again, who

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Speaker 1: had like even more than very impressive biography, impressive the year,

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Speaker 1: but I mean the whole point is like like the

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Speaker 1: idea that we know we're not racist, and then these

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Speaker 1: kind of specifically run on that, Yeah, it doesn't racism

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Speaker 1: doesn't exist. Is that? Yeah? Yeah, you know, like that's

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Speaker 1: an appealing message for a certain type of Republican But

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Speaker 1: in each of these cases, these are kind of who

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Speaker 1: often enjoy a bubble of support. All it took was

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Speaker 1: Trump to start talking about Ben Carson might have life

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Speaker 1: to somebody and was a very dangerous guy, and he

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Speaker 1: pulled it. He pulled it very quickly. And I you know,

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Speaker 1: like I'm just you know, speaking as a seek, I'm

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Speaker 1: not looking forward to whatever ethnic nickname that Donald Trump

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Speaker 1: comes up with, Nicky Healey. I can imagine several of them.

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Speaker 1: So that's a niche she's trying to fail. I think

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Speaker 1: it's a limited niche, and we've we've already seen that

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Speaker 1: at to the extent. Yeah, I mean, she's a kind

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Speaker 1: of Jeb Bush. You know that that faction of the party,

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Speaker 1: which we've already seen is weak. I don't see a future.

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Speaker 1: We would not be so worried about the Republican Party

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Speaker 1: if it were the kind of Republican party that nominated

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Speaker 1: Nicki Halett. That's right. The thing is, even if it

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Speaker 1: nominated her, she'd be then come under all the pressures

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Speaker 1: and we already see this like to actually get where

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Speaker 1: she wants to be. Her first campaign event was with

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Speaker 1: this preacher Haiggy, who's like, you know, like a really

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Speaker 1: awful like anti Semite and Bigett who said like all

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Speaker 1: the terrible things that that sort of fundamental licenseys. So,

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Speaker 1: I mean, the whole pitch would be that she can

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Speaker 1: appeal to more moderates when she gets the domination. But

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Speaker 1: to get to the nomination, she's gonna already you know,

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Speaker 1: she's already made all these compromises and she's not going

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Speaker 1: to get the domination. So so so I think the

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Speaker 1: whole thing is a fiasco from start to finish. Yeah,

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Speaker 1: it's a fiasco. And the other thing is that Trump

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Speaker 1: has has ruined any normal There's like one and again

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Speaker 1: normal needs to be in quotes because she's not particularly normal.

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Speaker 1: But there's like one Republican presidential candidate who hasn't been

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Speaker 1: completely sullied by the everything Trump touches dies law of physics,

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Speaker 1: and that is Liz Chaining. Yeah that's right, that's right, Yeah,

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Speaker 1: I know, who will not also get the nomination. If

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Speaker 1: she runs right, there's no world and when she she

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Speaker 1: couldn't even win her seat, you know, I mean, unless

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Speaker 1: there's something where the Santis and Trump cancel each other out.

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Speaker 1: But I just don't even see that. Trump is already

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Speaker 1: called to meet ball Ron. Yeah, no, no, I I

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Speaker 1: think that's right outside with NICKI I'll make a prediction

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Speaker 1: she won't even get enough votes that Trump will feel

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Speaker 1: the need to come up with a nickname for her.

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Speaker 1: Oh that makes me slightly sad. Yeah, so she won't

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Speaker 1: even get a nickname out of this. Yeah, that is

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Speaker 1: the worst possible. If you can't even get nickname, then

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Speaker 1: you have a lot of trouble. What else are you

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Speaker 1: seeing in our political landscape? Right now? Biden is going

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Speaker 1: to talk about the aliens today, Republicans continue to desperately

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Speaker 1: try to make content for Fox News. Is there anything

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Speaker 1: else on your landscape? Well? Yeah, I think we should

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Speaker 1: mention like the situation in Ohio with the train rack

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Speaker 1: and well, first of all, the sort of really terrible

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Speaker 1: exploitation of this by Republicans who are doing two kinds

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Speaker 1: of things, one of which is to make this into

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Speaker 1: a white genocide narrative, saying like well, nobody's covering this,

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Speaker 1: and they're covering stuff up because it's white, working class

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Speaker 1: Trump supporters. I'll say the politics of this, which is

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Speaker 1: I think that this has led there's a certain class

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Speaker 1: of democratic pundits and commentators and online personalities who have

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Speaker 1: decided to respond to this by simply saying, well, there's

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Speaker 1: nothing to see here, you know, like this is unfair

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Speaker 1: to pee Buddha judge and there's not much he could

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Speaker 1: do anyways. And I obviously think that's the wrong approach.

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Speaker 1: I mean, they're real issues with train safety, with deregulation,

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Speaker 1: with the fact that you know, like this company is

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Speaker 1: behaving terrible. I mean they offered, you know, like five

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Speaker 1: thousand people, they offered twenty five dollars, which is five

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Speaker 1: dollars per resident who are being evacuated. And there's much

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Speaker 1: more that could be done and should be done. And

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Speaker 1: I think the more proper approach we're seeing this from

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Speaker 1: Shared Brown and but also from Eliane Omar, is to

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Speaker 1: call for congressional investigations to look into this, because, I mean,

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Speaker 1: on the one hand, one shouldn't engage in fearmongering. On

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Speaker 1: the other hand, this is an environmental disaster already, like

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Speaker 1: you know, the water is being affected in animal life

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Speaker 1: is being affected. And I don't think that one should

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Speaker 1: simply take the word of the company that causes disaster

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Speaker 1: that all is Hunky Dorrian. Right, Yes, those are not

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Speaker 1: the people to go to. Yes, yeah, trains like they're

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Speaker 1: virtual monopoly, like you can't actually have competing train lines,

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Speaker 1: and so therefore they have to be regulated. And there's

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Speaker 1: a real issue. And I think Trump has a lot

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Speaker 1: blame here, but not just Trump in terms of like

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Speaker 1: how the training industrsement de regulate it is. So I

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Speaker 1: honestly think that this is a political issue. And rather

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Speaker 1: than you know, like having you know, you put your

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Speaker 1: head in the sand and say nothing's going wrong, I

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Speaker 1: think that's going to feed this sort of you know,

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Speaker 1: very racist Republican exploitation of this. Yeah, I think the

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Speaker 1: elian Omar approach, the shared Brown approach, is the right one. Right. No, No, Look,

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Speaker 1: this is a major environmental catastrophe caused by stock by

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Speaker 1: backs and a lack of people listening to unions very

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Speaker 1: much things that liberals believe in. This should be something

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Speaker 1: we are all talking about as much as possible. And

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Speaker 1: the reality is Biden is a president of everyone, whether

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Speaker 1: or not they voted for him, and that's an incredibly

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Speaker 1: important data point. But thank you so much. The time

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Speaker 1: has already gone by, and it went by quickly. Here

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Speaker 1: Congresswoman Katie Border represents California's district and is a candidate

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Speaker 1: for the Senate. Welcome too fast, politics, Katie Border. Thank you,

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Speaker 1: nice to be back. Why are you the best woman

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Speaker 1: for the job? So I think I'm the best person

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Speaker 1: for the job, I want to say, um, although I

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Speaker 1: do think it's really important that we continue to try

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Speaker 1: to achieve a balance of men and women in politics.

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Speaker 1: We know that organizations that have women in leadership about

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Speaker 1: perform organizations that underrepresent women. So the Senate is no

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Speaker 1: exception to that. But I think that, you know, what

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Speaker 1: I can really bring to this race is, as a

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Speaker 1: relative newcomer to politics, is a real sense of what

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Speaker 1: we need to do in the next two to ten

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Speaker 1: years to build that durable majority. I want Democrats to

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Speaker 1: win this cycle, but I want them to win the

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Speaker 1: cycle after that and the cycle after that, which means

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Speaker 1: that we have a politics that really speaks to what

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Speaker 1: voters are worried about in the future, whether that's climate

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Speaker 1: or housing or leaning up government. So I want to

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Speaker 1: ask you, you come from a purple state. It became redistricted,

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Speaker 1: it became more rad you won by three points. You

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Speaker 1: become sort of a really good example of a Democrat

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Speaker 1: who can win in a difficult district, which is again

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Speaker 1: unusual because of the way the Congress is made up.

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Speaker 1: Why are you the right person to win a primary

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Speaker 1: in a very blue state. Yeah, So I represent a

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Speaker 1: purple district in Orange County, and with redistricting, have now

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Speaker 1: represented about a third to a half of Orange County,

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Speaker 1: which is very purple. But I think what I've learned

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Speaker 1: from that is how to get voters to see that

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Speaker 1: you're fighting for them in Washington, and that is something

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Speaker 1: that I think all voters want across the ideological spectrum.

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Speaker 1: So in Orange County, I focus on making sure that

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Speaker 1: I am standing up to the bad guys in Washington.

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Speaker 1: Sometimes that is Trump Republicans, make no mistake. But sometimes

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Speaker 1: it's a corrupt e O who isn't delivering for his

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Speaker 1: customers or his employees. Sometimes that's a government official who

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Speaker 1: just won't pick up the tools that he has and

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Speaker 1: do a better job for the American people. And so

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Speaker 1: I think one of the things that can offer in

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Speaker 1: this race is I know how to win in tough districts,

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Speaker 1: and we have tough districts in California, and we have

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Speaker 1: a lot of them, as you mentioned, Molly, across the

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Speaker 1: United States. So I think California needs someone who can

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Speaker 1: be a political leader helping us win and get rid

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Speaker 1: of the California Republicans who are failing California. But also

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Speaker 1: somebody think the country needs California to have a Senator

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Speaker 1: that can go on the road and get out in

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Speaker 1: every part in pocket of this country and be able

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Speaker 1: to connect with voters. That's how we're going to hold

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Speaker 1: this House and the Senate for generations to come. This

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Speaker 1: is obviously, I mean, I think you've done a really

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Speaker 1: good job in Congress and you've become a star there.

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Speaker 1: I'm curious what is motivating you to go to the Senate. Well,

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Speaker 1: you know, I think the Senate has long been perceived

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Speaker 1: to be the kind of last line of defense for America,

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Speaker 1: for our economy, for our rights, for our democracy, and

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Speaker 1: I think that it's that's really at peril. And I

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Speaker 1: think we in my time in the House, most of

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Speaker 1: that time the first four years my first two terms,

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Speaker 1: we had a Senate that failed to step up, who

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Speaker 1: hid behind the filibuster UM, senators who often cited more

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Speaker 1: often with Republicans than with Democrats, or were unwilling to

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Speaker 1: kind of get in the fight and stand up to

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Speaker 1: corporate power. And so I think that you know the

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Speaker 1: class that I was elected with in folks who were

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Speaker 1: who ran to kind of stand up to Trump and

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Speaker 1: bring new energy to Congress, You're seeing lots of us

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Speaker 1: look to take that same energy and help spread it

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Speaker 1: throughout politics. So I have candidates colleagues who have gone

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Speaker 1: into the administration, like Dev Holland, UM. I have candidates

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Speaker 1: who have gone into becoming lieutenant governors UM. And I

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Speaker 1: think you're seeing some of us run for the Senate.

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Speaker 1: And I think that's good that we are bringing that

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Speaker 1: at that energy and that perspective on what needs to

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Speaker 1: change in Washington to every all that for kinds of

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Speaker 1: institutions that make up our government. Elizabeth Warren was your

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Speaker 1: law professor. You're very influenced by her. Anyone who's watched

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Speaker 1: to do question and knows that what are other ways

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Speaker 1: that you might be more progressive than people now? Yeah,

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Speaker 1: And I think what I've learned from Elizabeth Warren Um

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Speaker 1: watching her and working with her for years um as

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Speaker 1: a law professor before I ran for Congress. UM. I

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Speaker 1: guess that was it. Two things come to mind. One

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Speaker 1: is that she is a teacher, and so am I.

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Speaker 1: And her ability to talk about issues in a way

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Speaker 1: that invites people into the conversation. She's been her career

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Speaker 1: before she became a politician, making it easier for people

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Speaker 1: to understand the law, making it easier for them to

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Speaker 1: understand how the economy works and whether it's working for them.

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Speaker 1: And I really try to do that. I try and

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Speaker 1: my questioning and speeches I give, and my social media

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Speaker 1: to give Americans information to teach them, because then they

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Speaker 1: can pick up the tools of democracy and make their

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Speaker 1: voices heard, whether that's voting or call in their senator

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Speaker 1: or representative. I think the other thing that Elizabeth and

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Speaker 1: I share is a real commitment to understanding the importance

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Speaker 1: of a strong and stable, globally competitive economy. We have

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Speaker 1: both seen in our personal lives as well as in

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Speaker 1: our professional lives what happens when the economy fails. It's

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Speaker 1: not just as President Trump obsessed about the stock market

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Speaker 1: going down it's people who are out of work, it's

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Speaker 1: kids who are going hungry, it's families that are losing

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Speaker 1: their houses, it's it's a whole generation of folks who

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Speaker 1: are being held back from having a secure retirement. And

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Speaker 1: so I grew up in Iowa during the farm crisis,

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Speaker 1: the watch families get more closed on around me. And

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Speaker 1: then when I got to California, my entrance into public

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Speaker 1: service was then Attorney General now Vice President Kamala Harris

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Speaker 1: asking me to hold the bank's feet to the fire

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Speaker 1: on stopping cheating people out of their homes, on actually

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Speaker 1: making them follow the law and hold them to the

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Speaker 1: terms of the deal that they had signed. And so

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Speaker 1: in doing that, I got the chance to travel the

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Speaker 1: state of California and talk to people and see firsthand,

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Speaker 1: especially in a state where home ownership is such a

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Speaker 1: challenge for people, how terrible the consequences are of allowing

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Speaker 1: big corporations to cheat and to rig the economy in

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Speaker 1: their favor. And so I'm a strong proponent of capitalism.

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Speaker 1: But to have capitalism, you have to have competition and

429
00:23:21,560 --> 00:23:28,080
Speaker 1: consumer protection, investor protection, consumer choice, price transparency. And when

430
00:23:28,119 --> 00:23:29,760
Speaker 1: we don't have those things, we have to be willing

431
00:23:29,800 --> 00:23:32,840
Speaker 1: to challenge corporations and change the rules to deliver that.

432
00:23:33,359 --> 00:23:37,239
Speaker 1: So would you change the filibuster? Yes, absolutely, Look, the

433
00:23:37,240 --> 00:23:43,119
Speaker 1: filibuster is not functioning to protect democracy. It's functioning to

434
00:23:43,320 --> 00:23:47,159
Speaker 1: protect the rear end of senators who don't want to

435
00:23:47,160 --> 00:23:51,800
Speaker 1: take a vote on tough issues, and so it's actually antidemocratic.

436
00:23:51,880 --> 00:23:55,440
Speaker 1: The whole point of the filibuster, remember, besides it's deep

437
00:23:55,480 --> 00:23:57,880
Speaker 1: and racist history, and for that I recommend people read

438
00:23:57,880 --> 00:24:01,359
Speaker 1: Adam Gentilesen's book. But the whole of the filibuster in

439
00:24:01,520 --> 00:24:04,960
Speaker 1: theory today is to protect the rights of the party

440
00:24:05,000 --> 00:24:08,320
Speaker 1: in the minority. It's just a rule of procedure, no

441
00:24:08,440 --> 00:24:10,280
Speaker 1: different than a rule that says you have to raise

442
00:24:10,280 --> 00:24:13,200
Speaker 1: your hand before you can be recognized. But when that

443
00:24:13,320 --> 00:24:17,600
Speaker 1: rule isn't working, and instead of protecting the minority, it's

444
00:24:17,640 --> 00:24:20,159
Speaker 1: allowing the work of the Senate to come to a

445
00:24:20,240 --> 00:24:24,040
Speaker 1: complete halt, I mean, depriving the American people of knowing

446
00:24:24,080 --> 00:24:27,720
Speaker 1: where their senators stand on issues. Than it is failing

447
00:24:27,720 --> 00:24:29,720
Speaker 1: our democracy, and we should get rid of it and

448
00:24:29,840 --> 00:24:33,360
Speaker 1: substitute other ways to protect the party in the minority

449
00:24:33,400 --> 00:24:35,280
Speaker 1: and make sure that they're able to be heard. We

450
00:24:35,400 --> 00:24:37,480
Speaker 1: have tools to do that, in the House, and they

451
00:24:37,520 --> 00:24:40,679
Speaker 1: work very very well. They're just not the filibuster, and

452
00:24:40,680 --> 00:24:43,240
Speaker 1: the filibuster isn't working as a rule of procedure, and

453
00:24:43,359 --> 00:24:45,640
Speaker 1: we shouldn't elevate it to anything more or less than

454
00:24:45,680 --> 00:24:48,600
Speaker 1: what it is a rule, a rule that can be changed.

455
00:24:48,800 --> 00:24:52,560
Speaker 1: I want to push you here. The California historically kind

456
00:24:52,560 --> 00:24:56,160
Speaker 1: of elects the most left candidate in the primary. Talk

457
00:24:56,200 --> 00:24:59,840
Speaker 1: to me about the lefty bona fide is you have. Well, Look,

458
00:25:00,119 --> 00:25:04,199
Speaker 1: I started into politics, and from the get go I

459
00:25:04,400 --> 00:25:07,600
Speaker 1: ran a little bit differently. I didn't take corporate pack money.

460
00:25:07,720 --> 00:25:10,160
Speaker 1: I'm one of four members of the House of Representatives,

461
00:25:10,240 --> 00:25:13,560
Speaker 1: four out of four thirty five who don't take federal

462
00:25:13,600 --> 00:25:17,199
Speaker 1: lobbyist money. Despite those things, I was the second highest

463
00:25:17,200 --> 00:25:21,119
Speaker 1: fundraiser in the House slash cycle, behind only Kevin McCarthy,

464
00:25:21,200 --> 00:25:24,200
Speaker 1: who does take pac money. Of course, he takes every

465
00:25:24,280 --> 00:25:29,119
Speaker 1: count of money. You can raise the resources you need

466
00:25:29,160 --> 00:25:32,199
Speaker 1: to win the toughest, most expensive races in the country

467
00:25:32,320 --> 00:25:35,680
Speaker 1: without being behold into big corporations. And I'm proof of that.

468
00:25:36,119 --> 00:25:39,080
Speaker 1: And so I think that really matters to progressives. Um,

469
00:25:39,080 --> 00:25:41,640
Speaker 1: we need people to believe that we're fighting for them,

470
00:25:41,680 --> 00:25:43,760
Speaker 1: and I have shown that and I show that not

471
00:25:43,840 --> 00:25:46,199
Speaker 1: just in my words, but in my actions and in

472
00:25:46,240 --> 00:25:49,720
Speaker 1: my decisions and the consistency of votes. I've also been

473
00:25:49,720 --> 00:25:52,640
Speaker 1: in leadership in the House Progressive Caucus. I was elected

474
00:25:52,640 --> 00:25:55,040
Speaker 1: by by colleagues to have the number two role, the

475
00:25:55,119 --> 00:26:00,639
Speaker 1: deputy chair representative from Illegia Pol last Congress, and in

476
00:26:00,720 --> 00:26:04,000
Speaker 1: that role, I work closely with Caromela on trying to

477
00:26:04,600 --> 00:26:07,760
Speaker 1: build progressive power, but also get a lot of our

478
00:26:07,800 --> 00:26:11,440
Speaker 1: colleagues to see that the issues that progressives the Progressive

479
00:26:11,480 --> 00:26:15,880
Speaker 1: Caucus was fighting for, issues like affordable childcare and investments

480
00:26:15,880 --> 00:26:19,720
Speaker 1: in housing, actually have the support of the vast majority

481
00:26:19,760 --> 00:26:23,040
Speaker 1: of Americans, and also to highlight for people you can

482
00:26:23,200 --> 00:26:27,600
Speaker 1: be a strong progressive and win tough races, and I

483
00:26:27,840 --> 00:26:30,639
Speaker 1: that's exactly what I've done three times here in Range County.

484
00:26:30,960 --> 00:26:33,160
Speaker 1: And so I think when I'm in the Senate race,

485
00:26:33,320 --> 00:26:35,240
Speaker 1: I think I have the ability to both know how

486
00:26:35,240 --> 00:26:40,080
Speaker 1: to talk to independence and persuadable Republicans, whatever portion of

487
00:26:40,119 --> 00:26:43,320
Speaker 1: Republicans that is, and get them on board. And I've

488
00:26:43,359 --> 00:26:45,639
Speaker 1: had to do that to win every time. And at

489
00:26:45,680 --> 00:26:48,439
Speaker 1: the same time, I ran in two seventeen, when I

490
00:26:48,440 --> 00:26:51,320
Speaker 1: first launched my campaign on things like Medicare for All

491
00:26:51,560 --> 00:26:53,840
Speaker 1: and the Green New Deal. I ran as an unabashed

492
00:26:53,880 --> 00:26:56,360
Speaker 1: progressive and I have stayed that way. And I think

493
00:26:56,440 --> 00:26:59,720
Speaker 1: that consistency of values is something that should give people

494
00:26:59,760 --> 00:27:02,359
Speaker 1: comp and instant as I'm campaigning, when they asked me

495
00:27:02,400 --> 00:27:04,360
Speaker 1: a question and I give them an answer, they can

496
00:27:04,400 --> 00:27:06,120
Speaker 1: they can count on that. So I have to ask

497
00:27:06,160 --> 00:27:09,640
Speaker 1: you about the staffing thing. You know, there's been accusations

498
00:27:09,680 --> 00:27:12,920
Speaker 1: that you were not a nice boss. Have you been

499
00:27:12,960 --> 00:27:16,040
Speaker 1: able to sort of quell this? Yeah, I am a

500
00:27:16,200 --> 00:27:20,080
Speaker 1: terrific staff and there's no way that you can do

501
00:27:20,119 --> 00:27:23,080
Speaker 1: this job without them. We are a team, and we

502
00:27:23,119 --> 00:27:26,520
Speaker 1: are in partnership, and we count on each other. And

503
00:27:26,760 --> 00:27:29,440
Speaker 1: that means sometimes they say to me, you let me down,

504
00:27:29,440 --> 00:27:31,399
Speaker 1: and I told you to give this speech, or what

505
00:27:31,480 --> 00:27:34,520
Speaker 1: happened to my third paragraph? And and sometimes I say

506
00:27:34,520 --> 00:27:36,960
Speaker 1: to them, what are we That third paragraph didn't seem

507
00:27:37,200 --> 00:27:38,719
Speaker 1: to fit with the rest of the speech. What are

508
00:27:38,720 --> 00:27:41,320
Speaker 1: we gonna do? But I'm really proud of my staff.

509
00:27:41,359 --> 00:27:44,280
Speaker 1: I'm proud that I have promoted from within several times,

510
00:27:44,640 --> 00:27:47,159
Speaker 1: that my district director, for example, started out as an

511
00:27:47,200 --> 00:27:50,040
Speaker 1: intern in my staff. I'm proud that, you know, my

512
00:27:50,119 --> 00:27:53,159
Speaker 1: communications director has been with me from day one. I

513
00:27:53,200 --> 00:27:55,320
Speaker 1: have seen him grow and he has seen me grow,

514
00:27:55,480 --> 00:27:58,520
Speaker 1: and that is an amazing relationship to have. I expect

515
00:27:58,560 --> 00:28:00,520
Speaker 1: a lot of my stuff. I looked the expect a

516
00:28:00,560 --> 00:28:03,080
Speaker 1: lot of myself, but I don't think the American people

517
00:28:03,520 --> 00:28:07,600
Speaker 1: deserve any less. With regard to the most recent stuffer,

518
00:28:07,720 --> 00:28:11,200
Speaker 1: the recent stuffer who has said that I wasn't treating

519
00:28:11,200 --> 00:28:14,520
Speaker 1: her fairly, I will say three things. One, I consulted

520
00:28:14,520 --> 00:28:17,480
Speaker 1: with house employment counsel about what to do when she

521
00:28:17,600 --> 00:28:21,040
Speaker 1: broke our office policy with regard to COVID safety. Too,

522
00:28:21,800 --> 00:28:24,280
Speaker 1: I have a duty to protect the people who work

523
00:28:24,280 --> 00:28:27,560
Speaker 1: in my office. If someone isn't following office policy with

524
00:28:27,600 --> 00:28:31,639
Speaker 1: regard to security, or ethics or COVID, they are putting

525
00:28:31,720 --> 00:28:34,679
Speaker 1: all of us, including constituents who might come into the office,

526
00:28:34,720 --> 00:28:38,120
Speaker 1: at risk. So I have to think about my obligations

527
00:28:38,160 --> 00:28:41,280
Speaker 1: as an employer and as a representative to keep people safe.

528
00:28:41,600 --> 00:28:43,680
Speaker 1: And the third thing is I'm grateful that she was

529
00:28:43,720 --> 00:28:46,280
Speaker 1: able to finish out her term. She worked two years

530
00:28:46,280 --> 00:28:48,880
Speaker 1: for me as a wounded warrior fellow, and I was

531
00:28:48,920 --> 00:28:51,320
Speaker 1: really grateful to have her contributions in the office, and

532
00:28:51,360 --> 00:28:53,360
Speaker 1: I wish her well in her new endeavor. Where are

533
00:28:53,360 --> 00:28:56,280
Speaker 1: you on congressional staff unionise saying, oh, I'm in support

534
00:28:56,320 --> 00:28:58,760
Speaker 1: of that, and I think we've seen some offices trying

535
00:28:58,800 --> 00:29:00,760
Speaker 1: to unionize. I think the republic things are taking in

536
00:29:00,880 --> 00:29:03,360
Speaker 1: with that. But I think it's really really important. Look,

537
00:29:03,360 --> 00:29:06,080
Speaker 1: I don't think this is a tough one. Every worker

538
00:29:06,200 --> 00:29:10,360
Speaker 1: should be free to organize and decide to join the union.

539
00:29:10,560 --> 00:29:13,080
Speaker 1: That that is a core principle. I think President Buying

540
00:29:13,200 --> 00:29:15,400
Speaker 1: here has the exactly is exactly right. You would say

541
00:29:15,400 --> 00:29:18,840
Speaker 1: I'm a union guy, I would say I'm a union gal. Yeah,

542
00:29:19,120 --> 00:29:22,280
Speaker 1: I think that's definitely true. We are having a lot

543
00:29:22,360 --> 00:29:26,760
Speaker 1: of transit issues. The train collision, we had a bunch

544
00:29:26,800 --> 00:29:30,640
Speaker 1: of nearer misses with aviation. What do you think should

545
00:29:30,680 --> 00:29:32,760
Speaker 1: happen here? I mean, some of this is because of

546
00:29:32,800 --> 00:29:35,680
Speaker 1: corporate buybacks, especially when it comes to and when you're

547
00:29:35,680 --> 00:29:39,360
Speaker 1: talking about unions, I'm thinking about the the train workers

548
00:29:39,440 --> 00:29:42,760
Speaker 1: who fought and fought to try to prevent this train

549
00:29:42,840 --> 00:29:45,640
Speaker 1: accident from happening, and we're warning us about it. What

550
00:29:45,680 --> 00:29:47,880
Speaker 1: do you think needs to happen here? There's a fundamental

551
00:29:48,040 --> 00:29:50,480
Speaker 1: problem I think with this. Well, Look, I think what

552
00:29:50,560 --> 00:29:53,840
Speaker 1: we see in transit is emblematic of what we're seeing

553
00:29:54,000 --> 00:29:57,920
Speaker 1: in several other industries right now, which is the consequences

554
00:29:58,240 --> 00:30:05,240
Speaker 1: of years of deregulation and Washington kind of giving corporations

555
00:30:05,280 --> 00:30:07,760
Speaker 1: what they want and how telling to them. Um and

556
00:30:07,800 --> 00:30:09,960
Speaker 1: so I think what those what this works out in

557
00:30:10,160 --> 00:30:14,000
Speaker 1: is in transit is these folks have lobbied and bought

558
00:30:14,000 --> 00:30:17,480
Speaker 1: and paid for sometimes bills that deregulate the industry, that

559
00:30:17,600 --> 00:30:22,400
Speaker 1: take away safety protections, that limit the resources of regulators

560
00:30:22,440 --> 00:30:25,000
Speaker 1: to do their jobs keeping us safe. I think the

561
00:30:25,160 --> 00:30:28,680
Speaker 1: union busting and anti union activity that we've seen in

562
00:30:28,720 --> 00:30:32,240
Speaker 1: transits also a factor. So I think when you decade

563
00:30:32,240 --> 00:30:34,880
Speaker 1: after decade, each of these things is well, is just

564
00:30:34,920 --> 00:30:36,960
Speaker 1: a little bit to help the business, is just a

565
00:30:37,040 --> 00:30:38,960
Speaker 1: little bit to make it easier to do business. But

566
00:30:39,000 --> 00:30:41,800
Speaker 1: when you pile those things up and nobody is willing

567
00:30:41,840 --> 00:30:44,160
Speaker 1: to stand up the corporate power, at the end of

568
00:30:44,200 --> 00:30:48,480
Speaker 1: the day, you have corporations that are putting profit ahead

569
00:30:48,520 --> 00:30:51,520
Speaker 1: of their core business mission, in this case, to get

570
00:30:51,520 --> 00:30:54,720
Speaker 1: people from our goods from point A to point me safely.

571
00:30:55,240 --> 00:30:57,880
Speaker 1: That's your job. If you're an airline, that's your job.

572
00:30:58,040 --> 00:31:00,600
Speaker 1: If you're a trucking company, that's your job. If you're

573
00:31:00,600 --> 00:31:03,520
Speaker 1: a train along the way. We want you to make

574
00:31:03,560 --> 00:31:06,200
Speaker 1: money and be able to contribute to our economy. But

575
00:31:06,520 --> 00:31:09,640
Speaker 1: they are more focused on making money for themselves, on

576
00:31:09,960 --> 00:31:13,080
Speaker 1: lighting the pockets of their executives and their shareholders, than

577
00:31:13,160 --> 00:31:16,720
Speaker 1: they are on executing their core business models successfully. And

578
00:31:16,760 --> 00:31:19,600
Speaker 1: I think there is a role for greater federal regulation here.

579
00:31:19,880 --> 00:31:22,800
Speaker 1: I think we need to make sure that our cabinet secretaries,

580
00:31:22,880 --> 00:31:25,760
Speaker 1: all of them in every department, are willing to stand

581
00:31:25,880 --> 00:31:28,120
Speaker 1: up to those that they're regulating. I think we've seen

582
00:31:28,320 --> 00:31:31,520
Speaker 1: great leadership at the Federal Trade Commission and with regard

583
00:31:31,560 --> 00:31:34,120
Speaker 1: to antitrust on this front, and I think we need

584
00:31:34,160 --> 00:31:36,840
Speaker 1: to keep pushing President Biden, who has shown a real

585
00:31:36,880 --> 00:31:40,000
Speaker 1: willingness to stand up for workers and stand up for consumers,

586
00:31:40,120 --> 00:31:42,680
Speaker 1: to make sure his cabinet in every department is doing

587
00:31:42,680 --> 00:31:44,640
Speaker 1: the same thing. I have one more question with the

588
00:31:44,720 --> 00:31:49,840
Speaker 1: environmental impact in Ohio terrible right, What comes next? It

589
00:31:49,960 --> 00:31:53,000
Speaker 1: just seems to terrifying. Well, I think one of the

590
00:31:53,040 --> 00:31:56,040
Speaker 1: really important things is that our government officials need to

591
00:31:56,120 --> 00:31:59,240
Speaker 1: be on the ground making their own assessment. We cannot take,

592
00:31:59,480 --> 00:32:03,320
Speaker 1: as we often have in these situations, the corporation's talking

593
00:32:03,400 --> 00:32:07,400
Speaker 1: points switch out the head or on the paper and

594
00:32:07,520 --> 00:32:09,640
Speaker 1: speaks out the letterhead and then make them the government

595
00:32:09,640 --> 00:32:13,280
Speaker 1: talking points. The American people and especially the people living

596
00:32:13,360 --> 00:32:16,680
Speaker 1: in East Palestine need to know that they are safe.

597
00:32:16,720 --> 00:32:20,160
Speaker 1: They need independent verification and testing, and we need to

598
00:32:20,200 --> 00:32:23,600
Speaker 1: not take the fact that we're not finding harms today

599
00:32:23,960 --> 00:32:26,760
Speaker 1: as a guarantee that there won't be long term harms.

600
00:32:27,080 --> 00:32:30,760
Speaker 1: We have to have to learn the lessons of environmental

601
00:32:30,840 --> 00:32:34,520
Speaker 1: justice and the lessons of pollution from our past, and

602
00:32:34,600 --> 00:32:38,160
Speaker 1: we can't keep repeating the same thing because it's simply expedient.

603
00:32:38,200 --> 00:32:41,560
Speaker 1: For those whose campaigns are funded by the railroad of hand,

604
00:32:41,760 --> 00:32:44,080
Speaker 1: we have to hold them accountable and the government has

605
00:32:44,120 --> 00:32:47,719
Speaker 1: to be a trusted partner in delivering that safety information.

606
00:32:47,880 --> 00:32:51,240
Speaker 1: Katie Porter, thank you so much for joining us my pleasure.

607
00:32:52,080 --> 00:32:55,840
Speaker 1: I know you, our dear listeners, are very busy and

608
00:32:55,920 --> 00:32:58,080
Speaker 1: you don't have time to sort through the hundreds of

609
00:32:58,080 --> 00:33:01,960
Speaker 1: pieces of pundentry each week. This is why every week

610
00:33:02,240 --> 00:33:06,160
Speaker 1: I put together a newsletter of my five favorite articles

611
00:33:06,200 --> 00:33:09,040
Speaker 1: on politics. If you enjoy the podcast, you will love

612
00:33:09,120 --> 00:33:12,960
Speaker 1: having this in your inbox every Friday. So sign up

613
00:33:13,000 --> 00:33:16,320
Speaker 1: at Fast Politics pod dot com and click the tab

614
00:33:16,440 --> 00:33:23,520
Speaker 1: to join our mailing list. That's Fast Politics pod dot com.

615
00:33:23,560 --> 00:33:27,760
Speaker 1: Ben Schiller is the managing editor of Coin Desk. Welcome

616
00:33:27,800 --> 00:33:31,760
Speaker 1: to Fast Politics, Ben. It seems like this is not

617
00:33:31,960 --> 00:33:36,080
Speaker 1: crypto's greatest moment. It would certainly not be crypto's greatest moments.

618
00:33:36,320 --> 00:33:38,840
Speaker 1: Definitely having a tough time, and that's coming from the

619
00:33:39,120 --> 00:33:41,960
Speaker 1: pullout from the FTX scandal, which was a forty billion

620
00:33:42,040 --> 00:33:44,640
Speaker 1: dollar implosion, and it's coming on the back of a

621
00:33:44,640 --> 00:33:47,680
Speaker 1: lot of big claims of the industry mate in Washington,

622
00:33:47,760 --> 00:33:49,800
Speaker 1: d C. Which has turned out not to be true.

623
00:33:50,240 --> 00:33:52,280
Speaker 1: And it's really a reckoning moment for crypto in the

624
00:33:52,320 --> 00:33:55,880
Speaker 1: capital now. So we are about to go into a

625
00:33:55,960 --> 00:34:01,320
Speaker 1: week of crypto. Crypto meats government exactly. Yeah. I mean,

626
00:34:01,400 --> 00:34:04,360
Speaker 1: legislators are lining up to crack down on the industry,

627
00:34:04,480 --> 00:34:06,560
Speaker 1: and I have a lot of hearings, particularly from the

628
00:34:06,600 --> 00:34:09,320
Speaker 1: Senate Banking Committee, and then there's a lot of action

629
00:34:09,400 --> 00:34:12,360
Speaker 1: on the kind of regulatory front with the SEC of particular,

630
00:34:12,440 --> 00:34:14,759
Speaker 1: So Gary Gainslow, who's the chair of the SEC, is

631
00:34:14,840 --> 00:34:17,520
Speaker 1: under a lot of pressure from legislators to really come

632
00:34:17,560 --> 00:34:20,040
Speaker 1: down hard on the industry. For various reasons. A lot

633
00:34:20,200 --> 00:34:24,640
Speaker 1: of industries have a partisan like Republicans have oil and

634
00:34:24,719 --> 00:34:28,520
Speaker 1: gas but in this I think both sides are very

635
00:34:28,560 --> 00:34:32,080
Speaker 1: piste off crypto, right, Yeah, I mean I would argue

636
00:34:32,080 --> 00:34:34,000
Speaker 1: that they're really taking it personally. So I mean, just

637
00:34:34,040 --> 00:34:35,919
Speaker 1: to backtrack a little bit, I mean, for a long time,

638
00:34:36,000 --> 00:34:38,080
Speaker 1: you could have been around since the invention of bitcoin,

639
00:34:38,080 --> 00:34:40,719
Speaker 1: which is about twelve years ago, and for maybe ten

640
00:34:40,760 --> 00:34:43,080
Speaker 1: of those years it wasn't really taken seriously in d C.

641
00:34:43,800 --> 00:34:45,919
Speaker 1: And then last year there was a massive full run

642
00:34:46,280 --> 00:34:48,040
Speaker 1: and there was a lot of money flowing around, and

643
00:34:48,239 --> 00:34:51,600
Speaker 1: crypto really started to get some traction with members of Congress,

644
00:34:51,680 --> 00:34:54,560
Speaker 1: and there was sort of talk of favorable legislation, you know,

645
00:34:54,560 --> 00:34:56,759
Speaker 1: the packs formed, and particularly there are a lot of

646
00:34:56,760 --> 00:35:00,520
Speaker 1: donations flowing around, particularly from SBF or san Band Freed,

647
00:35:00,520 --> 00:35:03,120
Speaker 1: who was the CEO and founder of f t X.

648
00:35:03,520 --> 00:35:06,160
Speaker 1: Him and his colleague gave money to up to a

649
00:35:06,239 --> 00:35:08,719
Speaker 1: third of Congress, So I mean, you know, hundreds and

650
00:35:08,800 --> 00:35:11,719
Speaker 1: hundreds of people. So when the ft X folded in

651
00:35:11,719 --> 00:35:14,279
Speaker 1: this kind of very dramatic way, I think there was

652
00:35:14,280 --> 00:35:16,480
Speaker 1: a kind of a loss of faith both in him obviously,

653
00:35:16,560 --> 00:35:19,080
Speaker 1: but also in the industry in general, because a lot

654
00:35:19,080 --> 00:35:21,680
Speaker 1: of things he'd been saying, and he was a charming guy,

655
00:35:21,920 --> 00:35:25,240
Speaker 1: had this kind of tousel head, kind of young princely image,

656
00:35:25,560 --> 00:35:27,000
Speaker 1: you know, when they when he turned out to be

657
00:35:27,040 --> 00:35:29,640
Speaker 1: a charlatan, I think they really took it personally and

658
00:35:29,640 --> 00:35:32,280
Speaker 1: there had no reason then to really be the champion

659
00:35:32,320 --> 00:35:33,960
Speaker 1: of the industry. And that's what we're seeing now is

660
00:35:34,040 --> 00:35:39,880
Speaker 1: kind of blowback. But didn't SPF actually give money Republicans too? Absolutely,

661
00:35:39,880 --> 00:35:42,279
Speaker 1: it was it was an equal handed operation. I mean

662
00:35:42,320 --> 00:35:44,359
Speaker 1: he joined the Biden election, and you know, the first

663
00:35:44,400 --> 00:35:46,919
Speaker 1: Biden election he gave very heavily to Democrats, but when

664
00:35:46,920 --> 00:35:49,360
Speaker 1: it came to the last two years, he was giving

665
00:35:49,360 --> 00:35:53,440
Speaker 1: even handily to to both sides. Yeah. So it actually

666
00:35:53,520 --> 00:35:56,560
Speaker 1: the idea that he's some kind of that this is

667
00:35:56,600 --> 00:36:00,480
Speaker 1: a partisan crime is really not accurate, not at all.

668
00:36:00,480 --> 00:36:03,200
Speaker 1: I mean, I think his personal leanings are definitely to

669
00:36:03,280 --> 00:36:05,760
Speaker 1: the left, but in terms of building up his political

670
00:36:05,800 --> 00:36:09,320
Speaker 1: capital in Washington, he was definitely giving to everybody. There's

671
00:36:09,400 --> 00:36:14,439
Speaker 1: more than just SPF. That is a problem problem. Yeah.

672
00:36:14,440 --> 00:36:18,160
Speaker 1: I mean, the the legislators and particularly SEC are going

673
00:36:18,239 --> 00:36:21,080
Speaker 1: after all aspects of crypto. I mean, I don't want

674
00:36:21,120 --> 00:36:22,880
Speaker 1: to get too into the weeds on this program, but

675
00:36:23,160 --> 00:36:25,319
Speaker 1: you know, there was a big enforcement action from the

676
00:36:25,400 --> 00:36:28,360
Speaker 1: SECC this week coming down on a company called Kraken,

677
00:36:28,440 --> 00:36:32,080
Speaker 1: which is a leading exchange regarding its staking service, which

678
00:36:32,160 --> 00:36:34,160
Speaker 1: sounds a bit sort of in the weeds, but it's

679
00:36:34,160 --> 00:36:36,280
Speaker 1: a big deal for crypto because that's a big source

680
00:36:36,280 --> 00:36:39,400
Speaker 1: of revenue and a big What is staking staking is

681
00:36:39,480 --> 00:36:42,040
Speaker 1: when you take your bitcoin or another coin and you

682
00:36:42,120 --> 00:36:44,879
Speaker 1: give it to a company like cracking, and then they

683
00:36:44,920 --> 00:36:47,200
Speaker 1: give you a return on that money. So it's basically

684
00:36:47,200 --> 00:36:49,640
Speaker 1: a form of collateralization in the same way that you

685
00:36:49,640 --> 00:36:51,239
Speaker 1: would give money to a bank and they would give

686
00:36:51,239 --> 00:36:53,480
Speaker 1: you an interest rate. And what is wrong with their

687
00:36:53,520 --> 00:36:57,600
Speaker 1: staking service, Well, this goes back to what Gary Ginster

688
00:36:57,640 --> 00:37:00,239
Speaker 1: has been saying about crypto all along. If you want

689
00:37:00,280 --> 00:37:02,839
Speaker 1: have been listening, which is that you know, when you

690
00:37:03,239 --> 00:37:07,120
Speaker 1: issue a coin and you have an expectation or give

691
00:37:07,280 --> 00:37:10,240
Speaker 1: the other party an expectation of a return on that coin,

692
00:37:10,800 --> 00:37:14,600
Speaker 1: then you can reasonably expect that asset to be called

693
00:37:14,600 --> 00:37:16,600
Speaker 1: a security. And this is what the argument has been

694
00:37:16,640 --> 00:37:20,040
Speaker 1: about all along, where Gary Gains has been saying that

695
00:37:20,080 --> 00:37:23,000
Speaker 1: all tokens are basically securities, and the industry has not

696
00:37:23,040 --> 00:37:26,600
Speaker 1: wanted to really believe him or really go along with

697
00:37:26,640 --> 00:37:30,000
Speaker 1: the logic of that. So you know, they've been operating

698
00:37:30,360 --> 00:37:33,520
Speaker 1: as if these assets are not securities, and Gary Ginsler

699
00:37:33,560 --> 00:37:37,239
Speaker 1: has secretly or not so secretly been thinking they have

700
00:37:37,320 --> 00:37:41,719
Speaker 1: been securities. But what about candidates Like in Yomy we

701
00:37:41,880 --> 00:37:47,160
Speaker 1: have Cynthia Loomis, who has been very big on crypto.

702
00:37:47,520 --> 00:37:51,279
Speaker 1: In Miami we have the Miami mayor who is a

703
00:37:51,560 --> 00:37:56,600
Speaker 1: slightly lefty Republican and he went big on crypto. I mean,

704
00:37:57,000 --> 00:38:00,520
Speaker 1: did these people and also like all this clebrities who

705
00:38:00,600 --> 00:38:04,359
Speaker 1: did crypto ads, Like, is there any kind of like

706
00:38:04,560 --> 00:38:07,719
Speaker 1: regulatory problems for these people? Do does anyone have to

707
00:38:07,800 --> 00:38:10,520
Speaker 1: pay a fine? I mean not that I know, I've know.

708
00:38:10,600 --> 00:38:12,320
Speaker 1: I mean most of these people have. They've taken money

709
00:38:12,400 --> 00:38:16,440
Speaker 1: from SPF for or some other discredited crypto person, have

710
00:38:16,760 --> 00:38:18,799
Speaker 1: given the money back, or they've given them the money

711
00:38:18,800 --> 00:38:21,480
Speaker 1: away to somebody else. That's the only penalty that they faced.

712
00:38:21,680 --> 00:38:23,959
Speaker 1: Do you think that people have not been hard enough

713
00:38:24,160 --> 00:38:26,840
Speaker 1: on like this? You know, like think about like last

714
00:38:26,960 --> 00:38:31,880
Speaker 1: year's Super Bowl was almost all crypto ads and celebrities

715
00:38:31,920 --> 00:38:34,759
Speaker 1: got millions and millions of dollars, and even like all

716
00:38:34,760 --> 00:38:37,760
Speaker 1: the n f T stuff that is connected to crypto

717
00:38:38,040 --> 00:38:41,920
Speaker 1: that also is a huge payday for celebrities like Onwyneth Paltrow.

718
00:38:42,040 --> 00:38:44,400
Speaker 1: I mean, do you think that there's been enough reporting

719
00:38:44,480 --> 00:38:47,400
Speaker 1: on just the kind of how unfair that was and

720
00:38:47,400 --> 00:38:49,360
Speaker 1: how misled a lot of people were, or do you

721
00:38:49,360 --> 00:38:52,000
Speaker 1: think we'll generally not and just going back to ft

722
00:38:52,200 --> 00:38:55,279
Speaker 1: X again. I mean, he had a number of celebrity endorses.

723
00:38:55,600 --> 00:38:58,239
Speaker 1: Larry David, for instance, did a big Super Bowl ad

724
00:38:58,640 --> 00:39:01,920
Speaker 1: last year, and of those people have gotten into trouble

725
00:39:02,040 --> 00:39:04,399
Speaker 1: for taking all of that money. I don't believe they're

726
00:39:04,400 --> 00:39:08,160
Speaker 1: even party to the bankruptcy proceedings that are going on now.

727
00:39:08,440 --> 00:39:10,359
Speaker 1: It's noting like people are trying to plow that money back,

728
00:39:10,440 --> 00:39:13,160
Speaker 1: so they've got a free reign. I mean, the only

729
00:39:13,200 --> 00:39:15,840
Speaker 1: example really of a celebrity who has gotten to trouble

730
00:39:16,440 --> 00:39:19,759
Speaker 1: is Kim Kardashian. So the SEC made a big kind

731
00:39:19,760 --> 00:39:24,920
Speaker 1: of scapegoating moment out of going after her for pitching

732
00:39:25,120 --> 00:39:28,160
Speaker 1: a a nonsense coin, what we call in the industry

733
00:39:28,160 --> 00:39:32,280
Speaker 1: a ship coin called ethery and Max, where she basically

734
00:39:32,640 --> 00:39:34,839
Speaker 1: went on her Instagram and and said this was this

735
00:39:34,880 --> 00:39:38,399
Speaker 1: was the greatest project ever. And the SEC went after

736
00:39:38,480 --> 00:39:41,960
Speaker 1: that for basically an illegal activity, and they used her

737
00:39:42,000 --> 00:39:45,040
Speaker 1: celebrity against her, and as a sort of an example

738
00:39:45,080 --> 00:39:47,839
Speaker 1: for others not to follow, you know going forward. That's

739
00:39:47,880 --> 00:39:50,319
Speaker 1: really interesting. What else you seeing a coin desk right

740
00:39:50,320 --> 00:39:52,799
Speaker 1: now in the industry itself, which is what we cover,

741
00:39:52,960 --> 00:39:56,040
Speaker 1: you know, and we broke the the spf ft X story,

742
00:39:56,480 --> 00:39:58,320
Speaker 1: So we're kind of seeing both sides of it. On

743
00:39:58,560 --> 00:40:01,280
Speaker 1: the one hand, you know, this is a reckoning moment.

744
00:40:01,360 --> 00:40:03,400
Speaker 1: On the other hand, you know a lot of people

745
00:40:03,800 --> 00:40:06,799
Speaker 1: in the industry are not really getting it. So I

746
00:40:06,800 --> 00:40:10,319
Speaker 1: think there's still that argument to play out now. So um,

747
00:40:10,360 --> 00:40:13,080
Speaker 1: you know, the industry would argue that the sec has

748
00:40:13,080 --> 00:40:16,520
Speaker 1: not been clear in what is and what isn't legal,

749
00:40:16,800 --> 00:40:19,800
Speaker 1: and it's now being rather sort of capricious and arbitrary

750
00:40:19,880 --> 00:40:24,080
Speaker 1: and enforcing traditional securities laws. On the other hand, I

751
00:40:24,080 --> 00:40:26,640
Speaker 1: think most people would say, most reasonable people would say,

752
00:40:26,680 --> 00:40:29,200
Speaker 1: you know, the the industry has been living under kind

753
00:40:29,200 --> 00:40:32,920
Speaker 1: of a wishful thinking and imagining that they're different from

754
00:40:32,920 --> 00:40:35,319
Speaker 1: the rest of the financial system when they're really not.

755
00:40:35,560 --> 00:40:38,080
Speaker 1: And uh, you know, Gary Gansler has been saying for years,

756
00:40:38,080 --> 00:40:40,600
Speaker 1: as I said that, you know, most tokens are securities,

757
00:40:40,640 --> 00:40:43,880
Speaker 1: and the lawyers working for these companies have not wanted

758
00:40:43,920 --> 00:40:46,360
Speaker 1: to really listen to that message. And they've been telling

759
00:40:46,600 --> 00:40:49,279
Speaker 1: their clients, these companies that they can go and do

760
00:40:49,600 --> 00:40:52,440
Speaker 1: lots and lots of kind of exotic things when you

761
00:40:52,440 --> 00:40:54,239
Speaker 1: know there was no kind of legal basis for that.

762
00:40:54,320 --> 00:40:58,759
Speaker 1: So I think we're seeing a process of innovation, sometimes

763
00:40:58,880 --> 00:41:02,160
Speaker 1: you know, worthy and often not worthy, really catching up

764
00:41:02,160 --> 00:41:05,600
Speaker 1: with the law, and regulators starting to really do what

765
00:41:05,640 --> 00:41:09,200
Speaker 1: they've say they're going to do in principle actually an actuality.

766
00:41:09,320 --> 00:41:11,520
Speaker 1: So I think, as I say, it's it's a reckoning moment,

767
00:41:11,640 --> 00:41:13,239
Speaker 1: and it's going to be interesting to see how this

768
00:41:13,520 --> 00:41:15,319
Speaker 1: plays out because there are a lot of big fish

769
00:41:15,360 --> 00:41:18,799
Speaker 1: in this industry that haven't faced any regulatory action in

770
00:41:18,840 --> 00:41:20,960
Speaker 1: the past who are now likely to face it. So

771
00:41:21,200 --> 00:41:24,799
Speaker 1: it's a it's a big moment. Oh yeah, absolutely. I mean,

772
00:41:24,840 --> 00:41:28,279
Speaker 1: doesn't it seem like bitcoin is still kind of overvalued, Well,

773
00:41:28,320 --> 00:41:30,160
Speaker 1: it depends how you look at it, I guess. You know,

774
00:41:30,440 --> 00:41:33,560
Speaker 1: it's been an argument about how you value bitcoin for

775
00:41:33,560 --> 00:41:35,759
Speaker 1: for years and years and what sort of role it

776
00:41:35,760 --> 00:41:38,200
Speaker 1: actually plays, and there's an argument there. I mean, on

777
00:41:38,239 --> 00:41:40,360
Speaker 1: the plus side, you know, it does have millions and

778
00:41:40,400 --> 00:41:42,200
Speaker 1: millions of people out there who really believe in the

779
00:41:42,280 --> 00:41:45,839
Speaker 1: project and really are invested in it, not only financially,

780
00:41:45,920 --> 00:41:47,880
Speaker 1: but in terms of its values and in terms of

781
00:41:47,920 --> 00:41:50,360
Speaker 1: its kind of bigger message and that kind of ideas

782
00:41:50,360 --> 00:41:52,879
Speaker 1: that it kind of holds onto. On the other hand,

783
00:41:52,880 --> 00:41:56,320
Speaker 1: it's made some claims about being a source of value

784
00:41:56,440 --> 00:42:00,400
Speaker 1: in in inflationary times hedge against inflation, which really hasn't

785
00:42:00,600 --> 00:42:03,880
Speaker 1: proven true. It's made some claims about being a currency

786
00:42:04,000 --> 00:42:06,759
Speaker 1: on the Internet, which isn't really true. And so I

787
00:42:06,760 --> 00:42:08,520
Speaker 1: can kind of see it both ways. On the one hand,

788
00:42:08,560 --> 00:42:10,920
Speaker 1: you could say, well, there's an enormous community and that

789
00:42:10,960 --> 00:42:14,719
Speaker 1: community equals something important on the Internet. On the other hand,

790
00:42:14,800 --> 00:42:16,880
Speaker 1: you can say, well, it's made these big claims and

791
00:42:16,920 --> 00:42:19,600
Speaker 1: it hasn't really fulfilled them. So you know, it's kind

792
00:42:19,600 --> 00:42:22,000
Speaker 1: of an argument now about whether Bitcoin is going to

793
00:42:22,080 --> 00:42:26,200
Speaker 1: remain the pre eminent cryptocurrency or whether some other, more nimble,

794
00:42:26,520 --> 00:42:29,959
Speaker 1: more technologically advanced projects will really begin to take over.

795
00:42:30,000 --> 00:42:34,000
Speaker 1: And that's particularly ethereum, but not only ethereum Um, and

796
00:42:34,280 --> 00:42:36,720
Speaker 1: that that argument is very much so sort of taking

797
00:42:36,719 --> 00:42:39,560
Speaker 1: shape now, and it's both an ideological argument and it's

798
00:42:39,560 --> 00:42:45,520
Speaker 1: also a practical sort of technological and financial argument. Jesus,

799
00:42:45,560 --> 00:42:49,520
Speaker 1: what an interesting and strange time we live in. What

800
00:42:49,560 --> 00:42:52,920
Speaker 1: would be an exchange that would seem better, you know,

801
00:42:53,080 --> 00:42:56,160
Speaker 1: would that be a theoryum? I mean what coin would

802
00:42:56,160 --> 00:42:58,279
Speaker 1: be more stable than Bitcoin? Well, I mean none of

803
00:42:58,280 --> 00:43:01,040
Speaker 1: them are particularly stable and less you include what are

804
00:43:01,040 --> 00:43:05,040
Speaker 1: called stable coins, which are expressly designed to be stable,

805
00:43:05,080 --> 00:43:07,920
Speaker 1: i to to not fluctuate in price. And that's always

806
00:43:07,960 --> 00:43:10,440
Speaker 1: been a problem with Bitcoin as a currency. It's it

807
00:43:10,520 --> 00:43:13,560
Speaker 1: goes up and down too much to be um something

808
00:43:13,600 --> 00:43:15,520
Speaker 1: you would actually want to use in a store, because

809
00:43:16,160 --> 00:43:17,879
Speaker 1: you know, if it's going up, then you don't wanna,

810
00:43:18,360 --> 00:43:21,880
Speaker 1: you know, spend it, because then you're losing the potential upside.

811
00:43:22,160 --> 00:43:25,520
Speaker 1: The industry came up with these this idea of stable coins,

812
00:43:25,560 --> 00:43:28,680
Speaker 1: which are sort of mediums of exchange which retain their value.

813
00:43:29,040 --> 00:43:31,520
Speaker 1: But now even though stable coins are now under trouble,

814
00:43:31,719 --> 00:43:34,800
Speaker 1: you know, in trouble legally and in terms of regulation.

815
00:43:34,840 --> 00:43:38,239
Speaker 1: And just this week a stable coin project called pack Sauce,

816
00:43:38,320 --> 00:43:40,520
Speaker 1: which is based here in New York, was forced to

817
00:43:40,560 --> 00:43:44,000
Speaker 1: stop issuing a stable coin on behalf of a very

818
00:43:44,040 --> 00:43:47,960
Speaker 1: big crypto company called finance. It's called be USD. That's

819
00:43:47,960 --> 00:43:51,120
Speaker 1: also seen as rather foreboding for the market because if

820
00:43:51,520 --> 00:43:54,560
Speaker 1: the stable coins, which are supposedly stable are also going

821
00:43:54,600 --> 00:43:56,880
Speaker 1: to full foul of the law, then that could really be,

822
00:43:57,080 --> 00:43:59,880
Speaker 1: you know, an existential threat to the industry going forward,

823
00:44:00,000 --> 00:44:02,520
Speaker 1: because if you don't have stable coins, and you don't

824
00:44:02,560 --> 00:44:06,439
Speaker 1: have big companies like FTX, and you have these other

825
00:44:06,880 --> 00:44:09,719
Speaker 1: issues that the industry is facing, then what do you have?

826
00:44:09,760 --> 00:44:12,920
Speaker 1: And that might be good for bitcoin because bitcoin is

827
00:44:12,960 --> 00:44:16,040
Speaker 1: a sort of unmediated project. That's kind of the whole

828
00:44:16,040 --> 00:44:18,480
Speaker 1: point of it. It kind of ticks on in the background.

829
00:44:18,520 --> 00:44:21,440
Speaker 1: It doesn't need any kind of CEO or any management,

830
00:44:21,520 --> 00:44:23,760
Speaker 1: and that can be good in a time when crypto

831
00:44:23,920 --> 00:44:27,319
Speaker 1: or other aspects of crypto are relying on intermediaries for

832
00:44:27,400 --> 00:44:29,960
Speaker 1: its well being. So that might actually be good for

833
00:44:30,000 --> 00:44:32,400
Speaker 1: bitcoin in the long term. Well, a little bit of

834
00:44:32,440 --> 00:44:35,640
Speaker 1: good news for bitcoin. Uman, you so much for joining us.

835
00:44:35,640 --> 00:44:37,799
Speaker 1: I hope you'll come back. Thanks very much, money if

836
00:44:37,800 --> 00:44:47,680
Speaker 1: it's a pleasure. Jesse Cannon, Molly John Fast. We've all

837
00:44:47,719 --> 00:44:50,080
Speaker 1: been waiting for Fatty Willis to head it down, and

838
00:44:50,120 --> 00:44:52,520
Speaker 1: it's here. I know you'll be shocked to hear this.

839
00:44:53,400 --> 00:44:57,239
Speaker 1: She thinks there may be some lying liars who lie

840
00:44:57,560 --> 00:45:03,480
Speaker 1: in Trump World. Congratulation to all involved. That's it for

841
00:45:03,520 --> 00:45:07,320
Speaker 1: this episode of Fast Politics. Tune in every Monday, Wednesday

842
00:45:07,360 --> 00:45:10,319
Speaker 1: and Friday to your the best minds in politics makes

843
00:45:10,320 --> 00:45:13,640
Speaker 1: sense of all this chaos. If you enjoyed what you've heard,

844
00:45:14,000 --> 00:45:16,920
Speaker 1: please send it to a friend and keep the conversation going.

845
00:45:17,320 --> 00:45:20,560
Speaker 1: And again thanks for listening. H