1 00:00:01,800 --> 00:00:04,720 Speaker 1: Hey, guys, ready or not, twenty twenty four is here, 2 00:00:04,920 --> 00:00:07,400 Speaker 1: and we here at Breaking Points, are already thinking of 3 00:00:07,440 --> 00:00:09,639 Speaker 1: ways we can up our game for this critical election. 4 00:00:09,840 --> 00:00:12,760 Speaker 1: We rely on our premium subs to expand coverage, upgrade 5 00:00:12,800 --> 00:00:16,160 Speaker 1: the studio ad staff, give you, guys, the best independent 6 00:00:16,200 --> 00:00:18,400 Speaker 1: coverage that is possible. If you like what we're all about, 7 00:00:18,440 --> 00:00:20,520 Speaker 1: it means the absolute world to have your support. What 8 00:00:20,560 --> 00:00:23,000 Speaker 1: are you waiting for? Become a premium subscriber today at 9 00:00:23,000 --> 00:00:26,400 Speaker 1: Breakingpoints dot Com the gift that keeps on giving. The 10 00:00:26,440 --> 00:00:29,800 Speaker 1: Taylor Lorenz of The Washington didn't resist this one couldn't 11 00:00:29,840 --> 00:00:32,440 Speaker 1: resist because it's also actually deeply revealing of like a 12 00:00:32,520 --> 00:00:37,960 Speaker 1: true insanity that runs through a very over representative group 13 00:00:38,000 --> 00:00:41,680 Speaker 1: and yet powerful one that exists in American media. So 14 00:00:42,040 --> 00:00:46,320 Speaker 1: Taylor has taken to Twitter to actually defend China's zero 15 00:00:46,440 --> 00:00:52,000 Speaker 1: COVID policy with outright actual misinformation and just revealing what 16 00:00:52,040 --> 00:00:55,280 Speaker 1: the end state for a lot of these branch Coavidians 17 00:00:55,320 --> 00:00:57,480 Speaker 1: really is. So let's put this up there on the screen. 18 00:00:58,200 --> 00:01:00,040 Speaker 1: So she replies to a tweet that talks of a 19 00:01:00,520 --> 00:01:03,720 Speaker 1: Chinese business consultant talking justifying zero COVID by saying that 20 00:01:03,760 --> 00:01:05,200 Speaker 1: in ten years, the West will be brought to its 21 00:01:05,280 --> 00:01:08,280 Speaker 1: knees because of long COVID, which will decimate most of 22 00:01:08,319 --> 00:01:12,160 Speaker 1: its labor force. She says, quote tbh, He's right. Millions 23 00:01:12,160 --> 00:01:14,800 Speaker 1: of people in the Western world are becoming permanently disabled 24 00:01:14,800 --> 00:01:17,600 Speaker 1: and chronically ill with an incurable conditions that destroys their 25 00:01:17,640 --> 00:01:19,680 Speaker 1: ability to live a normal life, and our leaders and 26 00:01:19,720 --> 00:01:22,400 Speaker 1: majority of media are simply ignoring it and misleading people 27 00:01:22,480 --> 00:01:25,600 Speaker 1: about the risk. Secondary in a response officially to the 28 00:01:25,800 --> 00:01:29,160 Speaker 1: zero COVID protests, here's what she says. Quote there is 29 00:01:29,200 --> 00:01:32,440 Speaker 1: no quote lasting natural immunity to COVID. You can get 30 00:01:32,440 --> 00:01:34,680 Speaker 1: COVID over and over and over again because there are 31 00:01:34,680 --> 00:01:38,000 Speaker 1: so many endlessly evolving strains and antibodies. Wayne also, choosing 32 00:01:38,080 --> 00:01:41,440 Speaker 1: not to kill off millions of vulnerable people as the 33 00:01:41,600 --> 00:01:45,959 Speaker 1: US is doing isn't a critical flaw. And you know 34 00:01:46,200 --> 00:01:48,440 Speaker 1: when you look and you think deeply about that. First 35 00:01:48,600 --> 00:01:51,320 Speaker 1: on the long standing natural immunity. Now it is now, 36 00:01:51,360 --> 00:01:53,200 Speaker 1: from what I have read and what I have seen, 37 00:01:53,480 --> 00:01:56,640 Speaker 1: it is true that your natural immunity can wane and 38 00:01:56,720 --> 00:01:59,120 Speaker 1: that you can get COVID again. However, and as I 39 00:01:59,200 --> 00:02:03,080 Speaker 1: understand it, verity of the actual disease decreases over time 40 00:02:03,440 --> 00:02:05,280 Speaker 1: as you continue to get it. And one of the 41 00:02:05,320 --> 00:02:08,679 Speaker 1: whole theories around it is that constantly evolving COVID through 42 00:02:08,760 --> 00:02:11,920 Speaker 1: natural immunity and through going through the population is it 43 00:02:11,919 --> 00:02:14,280 Speaker 1: eventually becomes much more like the common cold in the 44 00:02:14,280 --> 00:02:16,000 Speaker 1: way that people can live with it. So let's put 45 00:02:16,040 --> 00:02:20,440 Speaker 1: that aside on the outright medical misinformation secondary though, what's 46 00:02:20,440 --> 00:02:23,520 Speaker 1: the alternative What she's defending here is zero COVID total 47 00:02:23,560 --> 00:02:26,760 Speaker 1: lockdown policy where people in Xinjang literally burn to death 48 00:02:26,840 --> 00:02:29,720 Speaker 1: because they're holed up in their houses and can't leave 49 00:02:30,280 --> 00:02:34,079 Speaker 1: or unable to get food. Like the idea that we're 50 00:02:34,160 --> 00:02:37,680 Speaker 1: quote choosing to kill off millions of vulnerable people is ludicrous. 51 00:02:37,760 --> 00:02:40,880 Speaker 1: Vulnerable people can get a booster shot anytime that they want. 52 00:02:40,919 --> 00:02:43,800 Speaker 1: They are also and we should, you know, pursue policies 53 00:02:43,800 --> 00:02:45,600 Speaker 1: that make it so that not as many people get 54 00:02:45,639 --> 00:02:48,600 Speaker 1: diabetes and not as many people are obese here in 55 00:02:48,639 --> 00:02:50,600 Speaker 1: the US. But something tells me that she would say 56 00:02:50,600 --> 00:02:52,200 Speaker 1: that that was ablest, so I don't even think she 57 00:02:52,200 --> 00:02:55,720 Speaker 1: actually supports any policy on that. Regardless, there is this 58 00:02:55,840 --> 00:02:59,760 Speaker 1: deep and unhealthy strain with this, you know, this idea 59 00:02:59,800 --> 00:03:03,160 Speaker 1: that millions of people are being permanently disabled. There's no 60 00:03:03,280 --> 00:03:06,480 Speaker 1: evidence of that. Zero on long COVID. I'm not gonna 61 00:03:06,480 --> 00:03:08,639 Speaker 1: say long COVID is totally fake, although I think most 62 00:03:08,639 --> 00:03:10,680 Speaker 1: of the people who claim to have it is totally fake. 63 00:03:10,960 --> 00:03:14,760 Speaker 1: And what I see in general is like a neurosis 64 00:03:14,960 --> 00:03:18,359 Speaker 1: that is manifesting itself online amongst people who can totally 65 00:03:18,600 --> 00:03:21,320 Speaker 1: work from home and are you know, basically take givers 66 00:03:21,520 --> 00:03:23,080 Speaker 1: like her. I saw another woman who was like, I 67 00:03:23,200 --> 00:03:25,400 Speaker 1: finally got it. I got She was looking at as 68 00:03:25,400 --> 00:03:28,359 Speaker 1: a moral failing on her part that by getting COVID. 69 00:03:28,440 --> 00:03:30,880 Speaker 1: She was like, I skipped everything for the last several 70 00:03:30,960 --> 00:03:32,919 Speaker 1: years and I still got it. I'm like, yeah, that's 71 00:03:32,919 --> 00:03:36,080 Speaker 1: the point is it can happen. So don't skip everything, right, 72 00:03:36,240 --> 00:03:39,080 Speaker 1: If you're really afraid, you know, really afraid, Okay, you know, 73 00:03:39,120 --> 00:03:42,160 Speaker 1: you can consider your booster. You could consider wearing a mask. Yeah, 74 00:03:42,200 --> 00:03:43,920 Speaker 1: go to an event, wear a mask. But even then, 75 00:03:43,960 --> 00:03:45,840 Speaker 1: you know, as we have proven and basically shown at 76 00:03:45,880 --> 00:03:48,160 Speaker 1: this point, if you exist in our society today and 77 00:03:48,200 --> 00:03:51,680 Speaker 1: as China's showing us right now, zero COVID doesn't even work. Yeah, 78 00:03:51,720 --> 00:03:55,000 Speaker 1: So what's the point. There are two big things I 79 00:03:55,000 --> 00:03:56,720 Speaker 1: want to say about there There's a lot I could say, 80 00:03:56,720 --> 00:03:58,160 Speaker 1: but there are two big things I want to say. 81 00:03:58,320 --> 00:04:00,480 Speaker 1: First of all, in that first tweet that she put up, 82 00:04:00,720 --> 00:04:02,760 Speaker 1: where she says, like a majority of the media are 83 00:04:02,760 --> 00:04:06,160 Speaker 1: just ignoring long COVID and the you know, the risks 84 00:04:06,160 --> 00:04:09,800 Speaker 1: of the population. I find it so funny. And I 85 00:04:09,840 --> 00:04:12,160 Speaker 1: see this not just from Taylor, but I see it 86 00:04:12,200 --> 00:04:15,240 Speaker 1: from other people who have a similar like like COVID 87 00:04:15,280 --> 00:04:19,800 Speaker 1: lockdown forever kind of mentality. They are disproportionately represented. The 88 00:04:19,800 --> 00:04:23,000 Speaker 1: media was so late to where the most of the 89 00:04:23,040 --> 00:04:25,919 Speaker 1: population was in terms of how they were actually living 90 00:04:25,960 --> 00:04:27,919 Speaker 1: their lives. I mean, we're still having this year like 91 00:04:28,000 --> 00:04:30,960 Speaker 1: how to be safe it's Thanksgiving when you know, I 92 00:04:30,960 --> 00:04:33,359 Speaker 1: mean some Tinese liver people are very concerned about that. 93 00:04:33,440 --> 00:04:35,880 Speaker 1: If you have like underlying health risks and whatever, yeah 94 00:04:35,960 --> 00:04:38,120 Speaker 1: you worry about it and be careful and safe and 95 00:04:38,160 --> 00:04:41,520 Speaker 1: all that stuff. But the media was much much later. 96 00:04:41,640 --> 00:04:44,440 Speaker 1: They were much more on the side of the like 97 00:04:45,200 --> 00:04:48,000 Speaker 1: Taylor Lorenz's of the world than they were of the 98 00:04:48,040 --> 00:04:51,040 Speaker 1: way that most of the American population was ultimately living. 99 00:04:51,400 --> 00:04:55,440 Speaker 1: And I have always thought that what has made the 100 00:04:55,560 --> 00:05:01,360 Speaker 1: COVID procedure conversation difficult is that you have two competing values. 101 00:05:01,720 --> 00:05:04,599 Speaker 1: You have the idea of like health and we're in 102 00:05:04,640 --> 00:05:06,479 Speaker 1: it together and we have to like do things to 103 00:05:06,560 --> 00:05:08,760 Speaker 1: protect each other. And then you have the idea of 104 00:05:08,960 --> 00:05:12,360 Speaker 1: liberty and freedom and so like, these are competing values. 105 00:05:12,640 --> 00:05:15,000 Speaker 1: And I understand how people can come down in different 106 00:05:15,000 --> 00:05:18,160 Speaker 1: places about how heavily away different things, what they value 107 00:05:18,160 --> 00:05:20,479 Speaker 1: in their own lives, how what they think makes sense 108 00:05:20,480 --> 00:05:23,159 Speaker 1: as a national policy. And I think we have worked 109 00:05:23,200 --> 00:05:26,240 Speaker 1: through that in a not always optimal way, but we 110 00:05:26,279 --> 00:05:28,839 Speaker 1: have worked through that together as a country. I do 111 00:05:28,960 --> 00:05:31,279 Speaker 1: not find it to be an acceptable point on the 112 00:05:31,320 --> 00:05:34,880 Speaker 1: spectrum to be where Taylor Lorenzo is here of being like, 113 00:05:35,000 --> 00:05:39,040 Speaker 1: what China is doing is actually the right policy. I mean, 114 00:05:39,040 --> 00:05:43,800 Speaker 1: she says, because she's quote tweeting a Washington Post tweet 115 00:05:43,839 --> 00:05:49,760 Speaker 1: here where they describe the Beijing's COVID zero strategy as 116 00:05:49,800 --> 00:05:54,359 Speaker 1: having a critical flaw because you know, you have these 117 00:05:54,400 --> 00:05:58,080 Speaker 1: insane lockdowns, and she's like, no, it's not a critical flaw. Actually, 118 00:05:58,120 --> 00:06:05,919 Speaker 1: she's actively advocate for insane authoritarian crackdown lockdown procedures of 119 00:06:05,960 --> 00:06:09,799 Speaker 1: the type that people in China are now rebelling against 120 00:06:10,120 --> 00:06:13,720 Speaker 1: after watching some of their you know, some of their 121 00:06:13,720 --> 00:06:17,279 Speaker 1: fellow citizens die in an apartment fire because they literally 122 00:06:17,279 --> 00:06:20,320 Speaker 1: couldn't get out of their apartment. So it's revealing to 123 00:06:20,440 --> 00:06:23,479 Speaker 1: me that that is like, actually, where you are in 124 00:06:23,480 --> 00:06:27,240 Speaker 1: the spectrum, you are on full authoritarian And again, there 125 00:06:27,279 --> 00:06:31,560 Speaker 1: are many places on that spectrum balancing like safety and freedom. 126 00:06:31,600 --> 00:06:33,920 Speaker 1: There are many places on that spectrum that I think 127 00:06:33,960 --> 00:06:38,080 Speaker 1: are acceptable answers. Full authoritarianism is not one of them. 128 00:06:39,360 --> 00:06:42,880 Speaker 1: That's just my perspective. Should go without saying, you would 129 00:06:42,920 --> 00:06:48,640 Speaker 1: think in the United States. But here we are today, folks. Okay, 130 00:06:48,720 --> 00:06:50,880 Speaker 1: let's get to Balenciaga. You guys, I don't know if 131 00:06:50,880 --> 00:06:54,120 Speaker 1: you've been following this online, but this is really really something. 132 00:06:54,200 --> 00:06:59,400 Speaker 1: So of course, luxury fashion house, storied, renowned fashion house, Balenciaga, 133 00:06:59,440 --> 00:07:02,080 Speaker 1: it's gone for this up on the screen. Under fire 134 00:07:02,320 --> 00:07:04,640 Speaker 1: over what they describe here with the New York Post 135 00:07:04,680 --> 00:07:09,600 Speaker 1: as creepy ads, I would say, disgusting, disturbing ads of 136 00:07:09,800 --> 00:07:14,360 Speaker 1: kids with bondage outfits. We are not going to put 137 00:07:14,400 --> 00:07:17,560 Speaker 1: these photos up on the screen, but I will describe 138 00:07:17,600 --> 00:07:21,640 Speaker 1: them to you. Young children I'm talking maybe four years old, 139 00:07:22,240 --> 00:07:28,480 Speaker 1: standing and positioned in somewhat suggestive positions holding these teddy 140 00:07:28,520 --> 00:07:34,000 Speaker 1: bears that are wearing BDSM gear in some of the pictures. 141 00:07:34,040 --> 00:07:41,360 Speaker 1: There's also other like chain choker looking things in the pictures, 142 00:07:42,680 --> 00:07:45,720 Speaker 1: and it is incredibly disturbing and you're just looking at it. 143 00:07:45,800 --> 00:07:48,640 Speaker 1: You're like, how in the hell did this get greenlit 144 00:07:48,800 --> 00:07:52,800 Speaker 1: by anyone, let alone actually go forward and become a 145 00:07:52,800 --> 00:07:55,800 Speaker 1: major ad campaign and get released to the public with 146 00:07:55,960 --> 00:07:59,600 Speaker 1: no one going what the hell are you thinking about here? 147 00:08:00,080 --> 00:08:04,280 Speaker 1: So there's been huge fallout from this, obviously because Balenciaga 148 00:08:04,320 --> 00:08:07,480 Speaker 1: is associated with all sorts of celebrities, including in particular 149 00:08:07,920 --> 00:08:10,320 Speaker 1: Kim Kardashians. They'd already dropped Kanye so I guess he 150 00:08:10,360 --> 00:08:12,160 Speaker 1: doesn't have to say anything about it, but they were 151 00:08:12,160 --> 00:08:15,680 Speaker 1: still associated with Kim Kardashian. She just put out a statement. 152 00:08:15,760 --> 00:08:18,239 Speaker 1: She says, I've been quiet for the past few days, 153 00:08:18,280 --> 00:08:20,640 Speaker 1: not because I haven't been disgusted and outraged by the 154 00:08:20,640 --> 00:08:24,320 Speaker 1: recent Balenciaga campaigns, but because I wanted an opportunity to 155 00:08:24,320 --> 00:08:26,880 Speaker 1: speak to their team to understand for myself how this 156 00:08:26,920 --> 00:08:29,840 Speaker 1: could have happened question we all have as mother four, 157 00:08:29,840 --> 00:08:32,240 Speaker 1: I've been shaken by the disturbing images. The safety of 158 00:08:32,320 --> 00:08:34,240 Speaker 1: children must be held with the highest regard, and any 159 00:08:34,240 --> 00:08:37,679 Speaker 1: attempts to normalize child abuse of any kind should have 160 00:08:37,760 --> 00:08:41,080 Speaker 1: no place in our society period. I appreciate Balenciaga's removal 161 00:08:41,120 --> 00:08:43,240 Speaker 1: of the campaigns and their apology, and speaking with them, 162 00:08:43,240 --> 00:08:45,599 Speaker 1: I believe they understand the seriousness of the issue and 163 00:08:45,640 --> 00:08:48,800 Speaker 1: will take the necessary measures for this to never happen again. 164 00:08:49,040 --> 00:08:52,920 Speaker 1: As for my future with Balenciaga, I'm currently reevaluating my 165 00:08:53,040 --> 00:08:55,880 Speaker 1: relationship with the brand, basing it off their willingness to 166 00:08:55,880 --> 00:08:58,440 Speaker 1: accept accountability for something that should have never happened to 167 00:08:58,520 --> 00:09:00,880 Speaker 1: begin with, and the actions I am expecting to see 168 00:09:01,080 --> 00:09:03,480 Speaker 1: them take to protect children. So she's taking a little 169 00:09:03,520 --> 00:09:07,120 Speaker 1: bit of a wait and see attitude here. Ultimately, people 170 00:09:07,240 --> 00:09:12,480 Speaker 1: after this disturbing, really terrible ad campaign came to light 171 00:09:12,600 --> 00:09:15,360 Speaker 1: with these kids and the bondage bears and whatever the 172 00:09:15,360 --> 00:09:18,760 Speaker 1: hell was going on there, people also found another ad 173 00:09:18,800 --> 00:09:23,640 Speaker 1: campaign where on a desk were strewn some papers that 174 00:09:23,679 --> 00:09:26,520 Speaker 1: looked just sort of like casually laid out, and some 175 00:09:26,600 --> 00:09:30,800 Speaker 1: of the papers, if you look closely, are to involve 176 00:09:30,840 --> 00:09:36,199 Speaker 1: a landmark legal case, which is with regard to child pornography. 177 00:09:36,600 --> 00:09:39,160 Speaker 1: So people looked at that too and are like, what 178 00:09:39,200 --> 00:09:42,600 Speaker 1: the hell is going on at Balenciaga. Now they've put 179 00:09:42,600 --> 00:09:47,559 Speaker 1: out they apologized, they put out their own statement. They also, 180 00:09:47,679 --> 00:09:49,760 Speaker 1: by the way, which I think is I don't know, 181 00:09:50,160 --> 00:09:54,640 Speaker 1: they're suing one of the companies that put that produced 182 00:09:54,720 --> 00:09:56,800 Speaker 1: the ad. I think that in particular had the like 183 00:09:56,960 --> 00:10:00,600 Speaker 1: child born legal document situation. They say, we'd like to 184 00:10:00,640 --> 00:10:04,040 Speaker 1: address the controversy surrounding our ad campaigns. We strongly condemn 185 00:10:04,160 --> 00:10:06,480 Speaker 1: child abuse abuse. It was never our intent to include 186 00:10:06,480 --> 00:10:09,040 Speaker 1: it in our narrative. The two separate ad campaigns in 187 00:10:09,120 --> 00:10:12,800 Speaker 1: question reflect a series of grievous errors for which Balenciaga 188 00:10:13,040 --> 00:10:17,720 Speaker 1: takes responsibility. The first campaign, they say, the one with 189 00:10:17,800 --> 00:10:21,040 Speaker 1: the kids and the BDSM bears. They say it was 190 00:10:21,080 --> 00:10:24,760 Speaker 1: a wrong choice by Balenciaga, combined with our failure in 191 00:10:24,840 --> 00:10:29,160 Speaker 1: assessing and validating images. The responsibility for this lies with 192 00:10:29,200 --> 00:10:32,000 Speaker 1: Balenciaga alone. And then with the other one, where there 193 00:10:32,080 --> 00:10:35,000 Speaker 1: already the legal papers. They try to shift blame to 194 00:10:35,840 --> 00:10:38,600 Speaker 1: the ad company and say, listen, we take full accountability 195 00:10:38,600 --> 00:10:40,920 Speaker 1: for a lack of oversight and control. They should have 196 00:10:41,760 --> 00:10:43,720 Speaker 1: not had those documents in the background, but they didn't 197 00:10:43,760 --> 00:10:45,839 Speaker 1: really know what was going on. And then they go through, 198 00:10:46,120 --> 00:10:50,720 Speaker 1: we're conducting investigations, closely revising our organization collective ways of working, 199 00:10:50,760 --> 00:10:54,600 Speaker 1: reinforcing the structures around our creative processes and validation steps, 200 00:10:54,800 --> 00:10:57,720 Speaker 1: and we're laying the groundwork with organizations who specialize in 201 00:10:57,800 --> 00:11:02,040 Speaker 1: child protection and aims at ending child abuse and exploitation. Yeah, 202 00:11:02,080 --> 00:11:03,719 Speaker 1: there you go. I don't even really know what to 203 00:11:03,760 --> 00:11:06,040 Speaker 1: make of this. I mean, clearly there's a sick person 204 00:11:06,200 --> 00:11:08,920 Speaker 1: who was involved, and maybe multiple sick people who. I mean, 205 00:11:09,240 --> 00:11:11,280 Speaker 1: here's something I believe there. I don't believe for a 206 00:11:11,360 --> 00:11:14,160 Speaker 1: second that those papers just ended up on the desk 207 00:11:14,360 --> 00:11:17,160 Speaker 1: in the photo by accident. I just don't believe. It's 208 00:11:17,280 --> 00:11:20,000 Speaker 1: so weird. They claim that it came from a TV set, 209 00:11:20,040 --> 00:11:23,480 Speaker 1: and I'm like, you randomly grabbed some TV set. Legal 210 00:11:23,520 --> 00:11:26,640 Speaker 1: doc called me into child porn. Yeah, something tells me 211 00:11:26,720 --> 00:11:29,560 Speaker 1: that there's a sick individual involved in this process. But 212 00:11:29,880 --> 00:11:32,880 Speaker 1: I mean it does go to a really gross element 213 00:11:32,960 --> 00:11:36,440 Speaker 1: on Balenciaga's part, which is, you know, they claim independence 214 00:11:36,440 --> 00:11:39,000 Speaker 1: from this entire ad campaign, but I'm not so sure 215 00:11:39,040 --> 00:11:42,440 Speaker 1: because there have been other allegations around, like having baby 216 00:11:42,480 --> 00:11:45,200 Speaker 1: dolls at fashion shows, some other really sick stuff, and 217 00:11:45,520 --> 00:11:47,120 Speaker 1: you know, for us, it's very hard for us to 218 00:11:47,160 --> 00:11:50,800 Speaker 1: parse like what is a like what is conspiracy and 219 00:11:50,840 --> 00:11:53,480 Speaker 1: then what is actually true? But you know, from what 220 00:11:53,559 --> 00:11:56,080 Speaker 1: I have seen, the photos are correct in terms of 221 00:11:56,080 --> 00:11:58,520 Speaker 1: their use of dolls that they had people wearing in 222 00:11:58,600 --> 00:12:02,400 Speaker 1: fashion shows and really on this ad campaign. I mean, 223 00:12:02,440 --> 00:12:05,360 Speaker 1: they're trying to blame this ad company suing them for 224 00:12:05,400 --> 00:12:09,160 Speaker 1: twenty five million so far for extensive damages. But does 225 00:12:09,200 --> 00:12:12,400 Speaker 1: the campaign really do the photo shoots just happen in 226 00:12:12,440 --> 00:12:16,200 Speaker 1: a vacuum, like somebody somewhere had to have editorial direction 227 00:12:16,559 --> 00:12:18,320 Speaker 1: to try and put these teddy bears and put these 228 00:12:18,400 --> 00:12:21,599 Speaker 1: kids in like like I mean, they don't even denieralized 229 00:12:21,600 --> 00:12:25,959 Speaker 1: positions their acceptance of that campaign. Okay, they you know, 230 00:12:26,080 --> 00:12:29,680 Speaker 1: they say this was a wrong choice by Balenciaga. So 231 00:12:30,280 --> 00:12:32,520 Speaker 1: that's the thing I keep coming back to is think 232 00:12:32,920 --> 00:12:35,439 Speaker 1: of all of the people that were involved in this, 233 00:12:36,080 --> 00:12:40,679 Speaker 1: and no one was like, guys, this is gross. Maybe 234 00:12:40,760 --> 00:12:43,400 Speaker 1: let's come up with a different concept that doesn't involve 235 00:12:43,480 --> 00:12:47,040 Speaker 1: kids hanging out with you know, teddy bears with BDSM 236 00:12:47,160 --> 00:12:51,080 Speaker 1: gear and like choker collars on the table. I mean, 237 00:12:51,640 --> 00:12:53,360 Speaker 1: I want to know what the parents were thinking. I 238 00:12:53,360 --> 00:12:55,199 Speaker 1: want to know what the photographer was thinking. I want 239 00:12:55,240 --> 00:12:57,040 Speaker 1: to know what the people came up with the campaign 240 00:12:57,040 --> 00:12:58,959 Speaker 1: was thinking. I want to know what Valenciaga was thinking, 241 00:12:59,000 --> 00:13:01,880 Speaker 1: thinking that this was okay to go forward with. It's 242 00:13:02,040 --> 00:13:05,079 Speaker 1: disturbing on every single level. It's not the first time 243 00:13:05,120 --> 00:13:08,319 Speaker 1: the fashion industry has played with, like, you know, indulging 244 00:13:08,400 --> 00:13:13,160 Speaker 1: the fantasies of pedophiles to appear like glamorous or artsy 245 00:13:13,240 --> 00:13:15,400 Speaker 1: or whatever the hell they think they're doing. Here. We're 246 00:13:15,440 --> 00:13:19,959 Speaker 1: watching that documentary on Victoria's Secret and Les Wexner. They 247 00:13:20,040 --> 00:13:22,480 Speaker 1: had a fashion show that the whole theme was like 248 00:13:23,280 --> 00:13:28,360 Speaker 1: children's bedtime stories, and it was weird, but at least, 249 00:13:28,360 --> 00:13:31,800 Speaker 1: I mean, they had grown ups who were wearing like kids' 250 00:13:31,880 --> 00:13:35,719 Speaker 1: clothes and carrying around like lollipops. I'm just like, what 251 00:13:35,880 --> 00:13:38,240 Speaker 1: were you thinking about with this? So I don't know 252 00:13:38,240 --> 00:13:40,960 Speaker 1: what to say about this. I just can't understand how 253 00:13:41,040 --> 00:13:43,640 Speaker 1: every single person who was involved in this, how no 254 00:13:43,679 --> 00:13:45,520 Speaker 1: one raised their hand and said, you know what, guys, 255 00:13:45,880 --> 00:13:47,920 Speaker 1: let's kill this. This is not this is not right, 256 00:13:48,000 --> 00:13:50,760 Speaker 1: this is not good. Yeah. I think what is really crazy, too, 257 00:13:50,800 --> 00:13:53,360 Speaker 1: is that there are two separate ad campaigns, and one, 258 00:13:53,400 --> 00:13:57,920 Speaker 1: as you said, clearly uh take clearly was directed by Balenciaga. 259 00:13:57,960 --> 00:13:59,920 Speaker 1: I also have no reason, I think at this point 260 00:14:00,160 --> 00:14:01,760 Speaker 1: to not think that they thought it was going to 261 00:14:01,840 --> 00:14:05,120 Speaker 1: be good, because apparently part of their whole ad campaign 262 00:14:05,640 --> 00:14:08,839 Speaker 1: is about forcing consumers to grapple with the meaning of 263 00:14:08,920 --> 00:14:12,360 Speaker 1: quote taste. So they're constantly trying to push the boundary 264 00:14:12,440 --> 00:14:16,120 Speaker 1: the edgy, edgy provocative, right, so you can see it 265 00:14:16,160 --> 00:14:18,440 Speaker 1: in a pretentious like fashion way. But I think, you know, 266 00:14:18,520 --> 00:14:22,520 Speaker 1: involving children, like that's sick and deranged. So look, I 267 00:14:22,600 --> 00:14:25,120 Speaker 1: just think of the very basics who I think there 268 00:14:25,160 --> 00:14:28,320 Speaker 1: needs to be a very thorough investigation by possibly a 269 00:14:28,360 --> 00:14:31,480 Speaker 1: law enforcement entity. I really think there's a sick person 270 00:14:31,720 --> 00:14:34,320 Speaker 1: who is involved with those papers, Like there is something 271 00:14:34,400 --> 00:14:37,040 Speaker 1: going on. You don't just happen to place those papers 272 00:14:37,080 --> 00:14:40,360 Speaker 1: there like that is some It could be one, it 273 00:14:40,360 --> 00:14:44,200 Speaker 1: could be some others who clearly are getting their rocks off, 274 00:14:44,320 --> 00:14:46,160 Speaker 1: like even thinking about it and trying to put it 275 00:14:46,400 --> 00:14:49,240 Speaker 1: out in the public spare possibly trying to normalize it. 276 00:14:49,280 --> 00:14:51,280 Speaker 1: And then at the executive level, I mean, look, I 277 00:14:51,280 --> 00:14:53,840 Speaker 1: don't know exactly what's happening here, but at a basic 278 00:14:54,000 --> 00:14:56,680 Speaker 1: child exploitation like you know, they very much could be 279 00:14:57,720 --> 00:15:00,640 Speaker 1: They could be they could go after them for even 280 00:15:00,640 --> 00:15:02,680 Speaker 1: putting kids in a situation like that, like they shouldn't 281 00:15:02,800 --> 00:15:05,280 Speaker 1: even the models themselves, like should not be exposed to 282 00:15:05,360 --> 00:15:07,640 Speaker 1: the sickness. So I don't have anything to say except 283 00:15:07,680 --> 00:15:09,800 Speaker 1: for those sick and I hope this. I think Kim's 284 00:15:09,800 --> 00:15:12,360 Speaker 1: statements kind of weak too. I mean, she's clearly trying 285 00:15:12,360 --> 00:15:14,720 Speaker 1: to sound the right notes here, how very concerned and 286 00:15:14,760 --> 00:15:17,280 Speaker 1: this is disturbing. I don't understand how this could have happened. 287 00:15:17,320 --> 00:15:19,960 Speaker 1: But at the end she's like, Yeah, I'm staying with 288 00:15:20,000 --> 00:15:23,120 Speaker 1: them and evaluating our relation. What is the point of 289 00:15:23,120 --> 00:15:26,360 Speaker 1: being a billionaire if you can't say screw you to 290 00:15:26,440 --> 00:15:29,480 Speaker 1: people who play foot seat with pedophilia? Yeah, what was 291 00:15:29,520 --> 00:15:31,400 Speaker 1: the point? I mean, to go back to our previous 292 00:15:31,400 --> 00:15:33,480 Speaker 1: segment about crypto, she was one of the ones who 293 00:15:33,560 --> 00:15:37,440 Speaker 1: was like actually called out by the SEC yes for 294 00:15:38,120 --> 00:15:42,560 Speaker 1: pushing one of these scam crypto you know, schemes that 295 00:15:43,280 --> 00:15:46,160 Speaker 1: ultimately ends up completely collapsing. Course, she gets paid in cash, 296 00:15:46,240 --> 00:15:48,040 Speaker 1: so it doesn't matter to her what happens to all 297 00:15:48,200 --> 00:15:52,680 Speaker 1: people who ultimately invested in this pile of dog poo 298 00:15:52,800 --> 00:15:55,440 Speaker 1: that ends up instantly collapsing. So not a lot of 299 00:15:55,440 --> 00:15:58,040 Speaker 1: scruples there no, I just I really don't get you 300 00:15:58,080 --> 00:16:00,680 Speaker 1: know she is, she's a mom like multi small kids. 301 00:16:00,720 --> 00:16:03,000 Speaker 1: It's like you should know better than anybody about how 302 00:16:03,040 --> 00:16:05,160 Speaker 1: sick this is. And you know what, I don't know. 303 00:16:05,440 --> 00:16:09,840 Speaker 1: I really don't know what to say. Let's get to 304 00:16:10,160 --> 00:16:14,160 Speaker 1: a fun story. Is it involves me personally? Well, I 305 00:16:14,200 --> 00:16:15,720 Speaker 1: got to say it here so you know it's not 306 00:16:15,880 --> 00:16:17,920 Speaker 1: totally a loss on my side. Let's go to put 307 00:16:17,920 --> 00:16:21,480 Speaker 1: this up there on the screen. Cryptocurrency lender blockfi has 308 00:16:21,520 --> 00:16:25,600 Speaker 1: now filed for bankruptcy, the latest asualty in the crypto 309 00:16:25,680 --> 00:16:29,680 Speaker 1: turmoil after fdx's collapse. Now full disclosure and I will 310 00:16:29,720 --> 00:16:32,560 Speaker 1: get to the exact dollar amount. I had a sizeable 311 00:16:33,120 --> 00:16:35,560 Speaker 1: some on Block five, of which I had long been 312 00:16:35,840 --> 00:16:38,840 Speaker 1: a customer of theirs, and so this actually lane personally hurts. 313 00:16:39,000 --> 00:16:42,040 Speaker 1: What blockfi is like, where did they fit in the ecosystem? 314 00:16:42,080 --> 00:16:44,720 Speaker 1: What did they actually do? It was okay, so at 315 00:16:45,040 --> 00:16:47,960 Speaker 1: at its core it was a trading platform. But the 316 00:16:47,960 --> 00:16:52,160 Speaker 1: core innovation that the major players Block five, Gemini and 317 00:16:52,200 --> 00:16:55,440 Speaker 1: a few others had is their ability to pay very 318 00:16:55,560 --> 00:16:59,520 Speaker 1: high interest on crypto assets. So the idea would be, 319 00:17:00,040 --> 00:17:02,080 Speaker 1: and this is what some of us fell for, was 320 00:17:02,120 --> 00:17:04,879 Speaker 1: that you could take an asset which is fully convertible 321 00:17:04,920 --> 00:17:09,159 Speaker 1: to US dollars like gusd Gemini US dollar coin pegged 322 00:17:09,160 --> 00:17:11,720 Speaker 1: one to one. You could buy that. They would take 323 00:17:11,720 --> 00:17:14,479 Speaker 1: your dollars and effectively loan it out as leverage too 324 00:17:14,960 --> 00:17:17,679 Speaker 1: for trading on its platform. Yeah. Meantime, you had a 325 00:17:17,720 --> 00:17:20,399 Speaker 1: token which was fully convertible and they were paying you 326 00:17:20,800 --> 00:17:24,440 Speaker 1: interest on that so to make you put your money in, Yeah, 327 00:17:24,600 --> 00:17:28,240 Speaker 1: they go and they use your actual dollars to loan out. 328 00:17:28,240 --> 00:17:30,720 Speaker 1: So if I wanted to make leverage bets on their platform, 329 00:17:30,760 --> 00:17:32,720 Speaker 1: I could do so, and I could take loans based 330 00:17:32,760 --> 00:17:35,200 Speaker 1: on the value of my assets. Me as a customer, 331 00:17:35,359 --> 00:17:38,000 Speaker 1: why was I taking advantage of it? Well, the best 332 00:17:38,000 --> 00:17:40,080 Speaker 1: way to think of it is essentially like a mega 333 00:17:40,160 --> 00:17:43,159 Speaker 1: high interest banking account. Lads in, you show me a 334 00:17:43,200 --> 00:17:46,159 Speaker 1: place in twenty twenty one which is paying nine percent 335 00:17:46,200 --> 00:17:49,480 Speaker 1: interest on dollars. So that's what I was taking advantage of. 336 00:17:50,119 --> 00:17:52,520 Speaker 1: Some almost didn't pull it out at the right moment, 337 00:17:52,640 --> 00:17:56,919 Speaker 1: and it turns out that well FDIC exists for a reason. Guys, 338 00:17:57,280 --> 00:18:01,320 Speaker 1: learn from my pain. It's basically like having back money 339 00:18:01,320 --> 00:18:04,119 Speaker 1: in the bank in like the nineteen twenties. You know, 340 00:18:04,200 --> 00:18:06,399 Speaker 1: during the the crash of twenty nine, when they're like, 341 00:18:06,440 --> 00:18:08,120 Speaker 1: your money's not in the bank anymore, You're like, wait, 342 00:18:08,119 --> 00:18:10,040 Speaker 1: what do you where is it? Yeah? So, anyway, we 343 00:18:10,080 --> 00:18:13,440 Speaker 1: invented a lot of capital controls on banks and regulations 344 00:18:13,520 --> 00:18:15,520 Speaker 1: after the fact. This is essentially one of the reasons 345 00:18:15,520 --> 00:18:17,879 Speaker 1: they were able to pay such high interest rates is 346 00:18:17,880 --> 00:18:20,719 Speaker 1: because they had such leverage and large bets being placed 347 00:18:20,760 --> 00:18:24,000 Speaker 1: on the platform. It wasn't as egregious as FTX, but 348 00:18:24,119 --> 00:18:28,280 Speaker 1: it was essentially financial instrumentation that was being developed at 349 00:18:28,280 --> 00:18:30,919 Speaker 1: a more sophisticated level for crypto as the ASCID prices 350 00:18:30,920 --> 00:18:32,639 Speaker 1: went up, well and partly, and we'll get to this, 351 00:18:32,840 --> 00:18:36,359 Speaker 1: they got in trouble with the sec for not sort 352 00:18:36,359 --> 00:18:40,680 Speaker 1: of acknowledging that these accounts and this money was basically securities, 353 00:18:40,720 --> 00:18:42,560 Speaker 1: and so they had to pay. They had a massive 354 00:18:42,560 --> 00:18:46,199 Speaker 1: settlement on hundred million dollars with the SEC over failing 355 00:18:46,240 --> 00:18:51,240 Speaker 1: to fully disclose and register these accounts as securities, which 356 00:18:51,320 --> 00:18:53,280 Speaker 1: was what they really were. Correct. And so let's go 357 00:18:53,320 --> 00:18:54,960 Speaker 1: and put this up there on the screen, the Wall 358 00:18:55,000 --> 00:18:58,040 Speaker 1: Street Journal piece, which is what they point to. This 359 00:18:58,200 --> 00:19:00,199 Speaker 1: shows you as well, the thirty million dollars that you 360 00:19:00,240 --> 00:19:04,239 Speaker 1: reference it STIFO to the SEC. What they point to 361 00:19:04,400 --> 00:19:07,200 Speaker 1: actually in the journal collapse is that this is all 362 00:19:07,240 --> 00:19:10,960 Speaker 1: still linked to FTX. So there were two things existentially 363 00:19:11,000 --> 00:19:13,440 Speaker 1: a problem for block five. Number one was the overall 364 00:19:13,440 --> 00:19:17,040 Speaker 1: downturn in crypto because and this shows you really the fakery, 365 00:19:17,280 --> 00:19:20,520 Speaker 1: which is they were using the asset price of the 366 00:19:20,560 --> 00:19:25,320 Speaker 1: crypto highly volatile asset, and then borrowing dollars based upon that. 367 00:19:25,640 --> 00:19:28,280 Speaker 1: But then you essentially get margin called when you have 368 00:19:28,359 --> 00:19:30,600 Speaker 1: assets that are, you know, doing a diminishing price by 369 00:19:30,600 --> 00:19:33,840 Speaker 1: three hundred percent or whatever over a period of one year. 370 00:19:34,040 --> 00:19:36,199 Speaker 1: That was already a major blow to the company. But 371 00:19:37,040 --> 00:19:39,520 Speaker 1: really what put them over the edge was FTX because 372 00:19:39,760 --> 00:19:43,720 Speaker 1: they had a huge stake actually in FTX and many 373 00:19:43,760 --> 00:19:46,920 Speaker 1: of the tokens that again there were things being borrowed 374 00:19:47,000 --> 00:19:50,520 Speaker 1: against the value of those tokens which go to zero overnight. 375 00:19:50,600 --> 00:19:53,399 Speaker 1: So this is FTX contagion. I mean, this was a 376 00:19:53,480 --> 00:19:56,840 Speaker 1: multi billion dollar company. It had a lot of assets 377 00:19:56,880 --> 00:19:59,800 Speaker 1: it now owed it has ten creditors which it owes 378 00:20:00,040 --> 00:20:03,720 Speaker 1: one point two billion dollars too. So now I'm very 379 00:20:03,800 --> 00:20:08,480 Speaker 1: very will not be one of those rich top ten. 380 00:20:09,040 --> 00:20:11,320 Speaker 1: I would not be one of those folks. But I 381 00:20:11,359 --> 00:20:13,600 Speaker 1: do want to point out, and you found this article, 382 00:20:14,040 --> 00:20:16,520 Speaker 1: let's put this Mother Jones piece up with the screen, 383 00:20:16,720 --> 00:20:19,800 Speaker 1: because this is important. There were a lot of people 384 00:20:20,000 --> 00:20:22,840 Speaker 1: who were not filthy rich who had money on these 385 00:20:22,880 --> 00:20:26,000 Speaker 1: crypto exchanges. They wanted to invest, and they lost everything 386 00:20:26,000 --> 00:20:28,040 Speaker 1: on t Accent. Now, a lot of people also lost 387 00:20:28,280 --> 00:20:31,040 Speaker 1: everything that they had on blockfive. And what they point 388 00:20:31,080 --> 00:20:36,879 Speaker 1: to are really majority younger men much like me, twenty 389 00:20:36,880 --> 00:20:40,320 Speaker 1: five to thirty years old, who saw these not only 390 00:20:40,440 --> 00:20:44,920 Speaker 1: enormous returns, but really you know, sophistication. Sorry that they 391 00:20:44,960 --> 00:20:48,160 Speaker 1: saw people getting rich. They saw you know, opportunities there 392 00:20:48,160 --> 00:20:51,240 Speaker 1: that don't exist in traditional banking or even in equities markets, 393 00:20:51,400 --> 00:20:53,800 Speaker 1: and they're like, hey, this is an opportunity to like 394 00:20:53,920 --> 00:20:56,200 Speaker 1: jump ahead in line on the system. This is my 395 00:20:56,280 --> 00:20:58,720 Speaker 1: opportunity to buy house. And you know, we could sit 396 00:20:58,760 --> 00:21:00,959 Speaker 1: here and you know, cry for the sec to not 397 00:21:01,000 --> 00:21:03,840 Speaker 1: get three thirty million. But it's a lot of guys 398 00:21:03,880 --> 00:21:06,679 Speaker 1: who were trying to save up for a town payment, 399 00:21:06,720 --> 00:21:08,720 Speaker 1: a mortgage who looked at it this as their life 400 00:21:08,720 --> 00:21:11,159 Speaker 1: saving shot. And I'm not gonna say that, you know, 401 00:21:11,200 --> 00:21:13,640 Speaker 1: it's been a crippling blow, although it's still pretty bad 402 00:21:14,280 --> 00:21:16,399 Speaker 1: for what I lost, but a lot of these guys 403 00:21:16,480 --> 00:21:19,639 Speaker 1: it was their actual life savings, which is gone like 404 00:21:19,760 --> 00:21:23,199 Speaker 1: six figures. It's really sad. Yeah, I mean you had 405 00:21:23,280 --> 00:21:26,159 Speaker 1: people who really believed in the dream, who, you know, 406 00:21:26,440 --> 00:21:28,800 Speaker 1: like a lot of young people are looking at the 407 00:21:28,840 --> 00:21:31,480 Speaker 1: housing market are feeling like, I am never going to 408 00:21:31,480 --> 00:21:33,440 Speaker 1: be able to afford to buy a house. They interviewed 409 00:21:33,440 --> 00:21:34,919 Speaker 1: one guy who's trying to buy a home in his 410 00:21:35,760 --> 00:21:37,919 Speaker 1: in his home city of Vancouver, which is one of 411 00:21:37,920 --> 00:21:40,560 Speaker 1: the most expensive real estate markets in the entire world, 412 00:21:40,920 --> 00:21:43,119 Speaker 1: you know, and they thought, Okay, this is an escape 413 00:21:43,560 --> 00:21:46,439 Speaker 1: from the situation that I'm in right now, and they 414 00:21:46,480 --> 00:21:49,760 Speaker 1: went all in, and you know, they particularly in this article. 415 00:21:49,840 --> 00:21:52,960 Speaker 1: Why I thought it was important and why I thought 416 00:21:52,960 --> 00:21:55,119 Speaker 1: it was interesting and why I thought it was sad 417 00:21:55,600 --> 00:21:57,880 Speaker 1: is because they tie it directly to people who are 418 00:21:57,880 --> 00:22:01,040 Speaker 1: trying to buy homes. And they have some numbers here 419 00:22:01,600 --> 00:22:05,480 Speaker 1: from Redfin finding that one in nine first time home 420 00:22:05,520 --> 00:22:09,760 Speaker 1: buyers said that selling cryptocurrency helped them save for down payment. 421 00:22:10,600 --> 00:22:12,600 Speaker 1: Eight point eight percent of buyers in the third quarter 422 00:22:12,600 --> 00:22:14,920 Speaker 1: of twenty twenty claim they'd use crypto gains to buy 423 00:22:14,920 --> 00:22:18,000 Speaker 1: their houses. So the number of people who were using 424 00:22:18,080 --> 00:22:20,520 Speaker 1: crypto gains as when the market was hot, when it 425 00:22:20,560 --> 00:22:23,520 Speaker 1: was going up and up and up, was steadily increasing. 426 00:22:23,640 --> 00:22:26,440 Speaker 1: And it makes sense because I mean, we cover here 427 00:22:26,600 --> 00:22:28,600 Speaker 1: you have to have a six figure income now to 428 00:22:28,680 --> 00:22:33,760 Speaker 1: afford the mortgage payment on your average American house. We've 429 00:22:33,760 --> 00:22:37,199 Speaker 1: also covered how you need so much cash up front 430 00:22:37,640 --> 00:22:41,160 Speaker 1: that basically, if you aren't independently wealthy, or you don't 431 00:22:41,200 --> 00:22:42,600 Speaker 1: have parents who are going to give you a few 432 00:22:42,680 --> 00:22:46,280 Speaker 1: hundred grand as your down payment, you're just screwed. And 433 00:22:46,359 --> 00:22:49,719 Speaker 1: so I can totally understand how people saw this as like, Okay, 434 00:22:50,160 --> 00:22:52,680 Speaker 1: you know, I'm in this job, you know, Mayam, I'm 435 00:22:52,680 --> 00:22:55,399 Speaker 1: doing okay in the job, but I can never imagine 436 00:22:55,400 --> 00:22:57,240 Speaker 1: how I'm going to get off of this treadmill and 437 00:22:57,359 --> 00:22:59,760 Speaker 1: actually be able to start to build some wealth and 438 00:23:00,040 --> 00:23:03,000 Speaker 1: just have the basics of the American dream of the house. 439 00:23:03,600 --> 00:23:06,240 Speaker 1: And so they, you know, they fall for the rhetoric, 440 00:23:06,280 --> 00:23:08,720 Speaker 1: they fall for the hype. They end up going all in, 441 00:23:08,960 --> 00:23:12,200 Speaker 1: and it's it's really sad. It just is really sad. 442 00:23:12,240 --> 00:23:15,720 Speaker 1: You know, they interviewed somebody here who like he hasn't 443 00:23:15,720 --> 00:23:18,760 Speaker 1: told his wife yet, she didn't really know how much 444 00:23:18,840 --> 00:23:23,320 Speaker 1: he had in and they talked to somebody who normally 445 00:23:23,440 --> 00:23:25,760 Speaker 1: was really on top of like moving what he had 446 00:23:25,840 --> 00:23:28,800 Speaker 1: around and making sure that it wasn't going to get lost, 447 00:23:28,840 --> 00:23:30,560 Speaker 1: but he like went out of town for a weekend 448 00:23:30,600 --> 00:23:33,080 Speaker 1: and in that time FTX goes bankrupt and you're just 449 00:23:33,119 --> 00:23:39,560 Speaker 1: like you're done. So the level of just pain that 450 00:23:39,800 --> 00:23:42,800 Speaker 1: this cause. With FTX alone, you had over a million 451 00:23:42,840 --> 00:23:45,560 Speaker 1: people who you know, lost a huge amount of money, 452 00:23:45,840 --> 00:23:48,000 Speaker 1: some of it really significant to them. Some of that 453 00:23:48,080 --> 00:23:50,560 Speaker 1: they thought was going to be what really changed their life, 454 00:23:50,640 --> 00:23:54,879 Speaker 1: and they you know, were ultimately completely defrauded. Yeah, I mean, look, 455 00:23:54,920 --> 00:23:57,119 Speaker 1: on a personal level, this is a good this is 456 00:23:57,160 --> 00:23:59,399 Speaker 1: a good lesson because and let's put it up there 457 00:23:59,400 --> 00:24:01,840 Speaker 1: on the screen, the e z act dollar amount, it's 458 00:24:01,920 --> 00:24:04,840 Speaker 1: five five hundred and ninety dollars. So I'll live, but 459 00:24:04,960 --> 00:24:08,000 Speaker 1: you know it hurts. And the reason that I did 460 00:24:08,000 --> 00:24:10,119 Speaker 1: this was greed. I mean, let's be honest, which is 461 00:24:10,520 --> 00:24:13,119 Speaker 1: that day time there was no asset paying nine percent 462 00:24:13,200 --> 00:24:15,040 Speaker 1: based it was you know, like you're looking at a 463 00:24:15,040 --> 00:24:17,080 Speaker 1: company like this, You're like, hey, can't go bankrupt, Like, 464 00:24:17,119 --> 00:24:19,720 Speaker 1: how's that positive? A multi billion dollar company? There's no 465 00:24:19,800 --> 00:24:21,639 Speaker 1: way what could go wrong? You're like, they're paying nine 466 00:24:21,680 --> 00:24:23,800 Speaker 1: percent interests, Like there's no bank account on earth that's 467 00:24:23,840 --> 00:24:26,160 Speaker 1: paying nine percent interests. It's like, be true, you don't 468 00:24:26,160 --> 00:24:28,240 Speaker 1: want to put money in the equities. This this was 469 00:24:28,280 --> 00:24:29,560 Speaker 1: my thinking. I was like, well, you don't want to 470 00:24:29,560 --> 00:24:31,680 Speaker 1: put money in the SP five hundred because that's volatile. 471 00:24:31,960 --> 00:24:33,840 Speaker 1: You know. You're like that could go up and down. 472 00:24:33,880 --> 00:24:37,240 Speaker 1: It's got twenty something percent up town it's down forty percent. 473 00:24:37,280 --> 00:24:38,880 Speaker 1: You're like, this is safe. You know, you're just sitting 474 00:24:38,920 --> 00:24:41,520 Speaker 1: there and to cash. It's just earning interest on that. 475 00:24:41,560 --> 00:24:44,399 Speaker 1: I wasn't doing any crazy leverage. But look, that's a 476 00:24:44,400 --> 00:24:47,840 Speaker 1: good lesson that these FDIIC and other institutions they exist 477 00:24:47,840 --> 00:24:50,240 Speaker 1: for a reason. Yeah, very painful lessons that we all 478 00:24:50,240 --> 00:24:52,879 Speaker 1: had to learn in the nineteen twenties. And yeah, I 479 00:24:52,880 --> 00:24:54,359 Speaker 1: mean I think you know, I'm a micro coll I 480 00:24:54,359 --> 00:24:56,679 Speaker 1: didn't put my life savings in there, although you know 481 00:24:56,760 --> 00:24:58,840 Speaker 1: at the time when I invested all that, that was 482 00:24:58,840 --> 00:25:01,640 Speaker 1: a lot of money for me. And that was one 483 00:25:01,640 --> 00:25:05,160 Speaker 1: of those important This is an important lesson to see. 484 00:25:05,280 --> 00:25:08,520 Speaker 1: You're like, wow, like these the trust in the institutions 485 00:25:08,520 --> 00:25:10,520 Speaker 1: and like you know you buy into oh, well it's 486 00:25:10,520 --> 00:25:13,880 Speaker 1: a regulated company, right, Like even though they had their 487 00:25:14,040 --> 00:25:17,040 Speaker 1: fine on the fcc SEC they have billions of dollars 488 00:25:17,040 --> 00:25:19,280 Speaker 1: on platform. You know, all this it was all fake. 489 00:25:19,400 --> 00:25:22,440 Speaker 1: It literally dried up overnight. That's gone because it's ultimately 490 00:25:22,480 --> 00:25:25,160 Speaker 1: built on nothing. Yeah, I mean, crypto is not peg 491 00:25:25,200 --> 00:25:27,600 Speaker 1: to anything. It's not pegged to anything. I mean it's 492 00:25:27,640 --> 00:25:31,359 Speaker 1: literally just an invented currency. And I know people said, well, 493 00:25:31,400 --> 00:25:34,919 Speaker 1: so is fiat currency. Yeah, but the American dollar is 494 00:25:35,000 --> 00:25:37,840 Speaker 1: backed by the American government, like it's a thing. We 495 00:25:37,920 --> 00:25:40,840 Speaker 1: have an army, we have a federal reserve, we have treasury, 496 00:25:40,880 --> 00:25:43,520 Speaker 1: we have a whole lot of people like bay in taxes. 497 00:25:43,680 --> 00:25:46,359 Speaker 1: There's a lot of stuff there, and you can use 498 00:25:46,440 --> 00:25:50,600 Speaker 1: a dollar to buy goods and services, which never came 499 00:25:50,640 --> 00:25:54,960 Speaker 1: to fruition in any real way with crypto. So the 500 00:25:55,000 --> 00:25:58,879 Speaker 1: whole thing could sustain as long as you had people 501 00:25:59,040 --> 00:26:02,159 Speaker 1: believing in the dream and getting more people in and 502 00:26:02,200 --> 00:26:05,040 Speaker 1: more people in, and as long as the balloon kept inflating, 503 00:26:05,280 --> 00:26:07,800 Speaker 1: it was fine. Yeah. But then the minute that and 504 00:26:07,840 --> 00:26:09,920 Speaker 1: this was you know, this was part of what exposed 505 00:26:09,920 --> 00:26:12,159 Speaker 1: that some of the rhetoric around this wasn't true. You know, 506 00:26:12,359 --> 00:26:14,440 Speaker 1: the crypto was the first thing to collapse on the 507 00:26:14,480 --> 00:26:17,640 Speaker 1: market start to turn south, and that's counter to some 508 00:26:17,680 --> 00:26:20,280 Speaker 1: of the rhetoric in the community. And so the minute 509 00:26:20,320 --> 00:26:22,040 Speaker 1: that the air starts to come out of that balloon, 510 00:26:22,400 --> 00:26:25,639 Speaker 1: it's just Domino after Domino after Domino, and you know 511 00:26:25,760 --> 00:26:29,440 Speaker 1: this being sadly the latest ones. Let's go that's all right. 512 00:26:29,480 --> 00:26:32,639 Speaker 1: Look again, it's one of those things where it's a lesson. 513 00:26:32,720 --> 00:26:35,160 Speaker 1: At least I get to share it with everybody here, 514 00:26:35,240 --> 00:26:37,280 Speaker 1: so don't fall for the easy schemes and I have 515 00:26:37,520 --> 00:26:39,480 Speaker 1: things are too good to be true. I mean it 516 00:26:39,840 --> 00:26:41,879 Speaker 1: was it does come. I was like I couldn't believe. 517 00:26:41,920 --> 00:26:44,240 Speaker 1: I cannot believe it's paying like eight or nine percent 518 00:26:44,280 --> 00:26:46,120 Speaker 1: inches like this is nuts, And it was like wait, 519 00:26:46,160 --> 00:26:47,399 Speaker 1: so it's like you don't even have to risk it. 520 00:26:47,440 --> 00:26:49,000 Speaker 1: You just put it in there and you get interest 521 00:26:49,080 --> 00:26:52,359 Speaker 1: on your money. Look, I got lucky twenty seventeen. I 522 00:26:52,400 --> 00:26:55,240 Speaker 1: bought bitcoin even where it is right now. It was 523 00:26:55,280 --> 00:26:57,280 Speaker 1: along a believer in this. It was one of those 524 00:26:57,280 --> 00:27:00,679 Speaker 1: things where it's like you literally couldn't exist outside in 525 00:27:00,720 --> 00:27:03,560 Speaker 1: the equities markets. I felt for the hype just like 526 00:27:03,600 --> 00:27:06,720 Speaker 1: everybody else, and anyway, it's painful reminder, but at least 527 00:27:06,720 --> 00:27:08,639 Speaker 1: they get to share it with all you find people 528 00:27:11,440 --> 00:27:13,440 Speaker 1: let's go to the next part. Elon actually said something 529 00:27:13,560 --> 00:27:15,520 Speaker 1: very interesting of which I will personally be paying a 530 00:27:15,560 --> 00:27:18,359 Speaker 1: lot of attention to. He was replying to a tweet 531 00:27:18,400 --> 00:27:21,000 Speaker 1: where he says, the obvious reality, as longtime users know, 532 00:27:21,359 --> 00:27:23,720 Speaker 1: is that Twitter has failed in trust and safety for 533 00:27:23,760 --> 00:27:28,920 Speaker 1: a very long time and has quote interfered in elections. 534 00:27:29,160 --> 00:27:31,880 Speaker 1: Twitter two point zero will be far more effective, transparent, 535 00:27:31,920 --> 00:27:33,600 Speaker 1: and even handed. Now. I have a lot of questions 536 00:27:33,720 --> 00:27:36,440 Speaker 1: about what interfered in election means. There's a lot of 537 00:27:36,480 --> 00:27:38,800 Speaker 1: different ways to read that. You could read it as colloaquial, 538 00:27:39,119 --> 00:27:43,560 Speaker 1: as panning the Hunter Biden laptop story has implications under elections. 539 00:27:43,960 --> 00:27:47,639 Speaker 1: Most likely that's what he means. However, what I'm really 540 00:27:47,640 --> 00:27:52,200 Speaker 1: interested in is DHS and specifically state government of state 541 00:27:52,200 --> 00:27:55,360 Speaker 1: government cooperation with Twitter's teams that we may not even know. Yeah, 542 00:27:55,800 --> 00:27:58,880 Speaker 1: what is banned, what is not? Was considered misinformation? After 543 00:27:59,000 --> 00:28:01,280 Speaker 1: Ken's great scoop would she broke and talked about here 544 00:28:01,320 --> 00:28:03,840 Speaker 1: on our show the day of the amount of cooperation 545 00:28:03,920 --> 00:28:06,840 Speaker 1: happening between the national security agencies and the major social 546 00:28:06,880 --> 00:28:09,720 Speaker 1: media companies on what's considered misinformation or not is far 547 00:28:09,760 --> 00:28:13,320 Speaker 1: deeper than any of us even know. So While I 548 00:28:13,359 --> 00:28:16,000 Speaker 1: am very sympathetic to the argument about banning the Hunter 549 00:28:16,040 --> 00:28:18,800 Speaker 1: Biden laptop story is election interference, I actually do think 550 00:28:18,840 --> 00:28:21,439 Speaker 1: that's true. How you regulate and all of that is 551 00:28:21,600 --> 00:28:24,080 Speaker 1: a much bigger question. It could go a lot deeper 552 00:28:24,119 --> 00:28:26,040 Speaker 1: than that in terms of what the Twitter files could 553 00:28:26,119 --> 00:28:29,560 Speaker 1: show us. Look, it's probably hopium on my part, but 554 00:28:30,000 --> 00:28:33,400 Speaker 1: I would really like to see what exactly that entails. Yeah. Same. 555 00:28:33,560 --> 00:28:36,080 Speaker 1: It also comes on the heels of a new blog 556 00:28:36,119 --> 00:28:38,800 Speaker 1: post published by Twitter, which I think is very interesting 557 00:28:38,840 --> 00:28:41,160 Speaker 1: because this has to remain consistent again what we talked 558 00:28:41,160 --> 00:28:44,800 Speaker 1: about with both European, US and other country standards. Put 559 00:28:44,840 --> 00:28:47,120 Speaker 1: it up there, he says, Twitter two point zero are 560 00:28:47,560 --> 00:28:50,920 Speaker 1: continued commitment to the public conversation. Twitter's mission is to 561 00:28:50,920 --> 00:28:53,560 Speaker 1: promote and protect the public conversation to be the town 562 00:28:53,600 --> 00:28:56,000 Speaker 1: square of the Internet. We have always understood to reach 563 00:28:56,120 --> 00:28:57,880 Speaker 1: this goal, we must give everyone the power to create 564 00:28:57,920 --> 00:29:02,240 Speaker 1: and share ideas and informations instantly without barriers. Today we 565 00:29:02,320 --> 00:29:04,520 Speaker 1: are a new company embarking on a new chapter. Our 566 00:29:04,560 --> 00:29:07,040 Speaker 1: said fast commitment to that mission has not changed. We 567 00:29:07,080 --> 00:29:09,640 Speaker 1: have always understood that our business and revenue are interconnected 568 00:29:09,720 --> 00:29:13,040 Speaker 1: with our mission. Brand safety is only possible when human 569 00:29:13,080 --> 00:29:16,720 Speaker 1: safety is the top priority. All of this remains true today. 570 00:29:16,960 --> 00:29:19,280 Speaker 1: This is the interesting part. What has changed, however, is 571 00:29:19,320 --> 00:29:22,400 Speaker 1: our approach to experimentation. As you have seen, Twitter is 572 00:29:22,400 --> 00:29:25,560 Speaker 1: embracing public testing. We believe this will open and transparent 573 00:29:25,600 --> 00:29:27,880 Speaker 1: approach to innovation is healthy. We believe that as a 574 00:29:27,920 --> 00:29:30,840 Speaker 1: service of this importance, we will benefit from feedback at scale. 575 00:29:30,960 --> 00:29:34,120 Speaker 1: We do this work to improve Twitter for our customers, partners, 576 00:29:34,120 --> 00:29:37,080 Speaker 1: and the people who use it across the world. So 577 00:29:37,480 --> 00:29:39,400 Speaker 1: the reason why this is important is it's trying to 578 00:29:39,440 --> 00:29:42,360 Speaker 1: balance crystal the free speech element. But when you continue 579 00:29:42,400 --> 00:29:44,719 Speaker 1: to read, it's actually more of a read. It's more 580 00:29:44,720 --> 00:29:46,880 Speaker 1: of a message to advertisers. It says we want to 581 00:29:46,880 --> 00:29:50,000 Speaker 1: assure you none of our policies have changed. Our trust 582 00:29:50,040 --> 00:29:52,480 Speaker 1: and Safety team continues its diligent work to keep a 583 00:29:52,520 --> 00:29:55,760 Speaker 1: platform safe from hateful conduct. When urgents events manifests on 584 00:29:55,800 --> 00:29:58,600 Speaker 1: the platform, we ensure all ten content moderators have the 585 00:29:58,600 --> 00:30:02,640 Speaker 1: guidance they need to address violative content. As we improve, 586 00:30:02,880 --> 00:30:05,360 Speaker 1: bad actors will also develop new methods. They're like, we're 587 00:30:05,360 --> 00:30:08,240 Speaker 1: working on this. Finally, we will make mistakes, we will learn. 588 00:30:08,280 --> 00:30:10,680 Speaker 1: So I think this is both trying to balance the 589 00:30:10,880 --> 00:30:13,880 Speaker 1: as an official statement of company policy free speech, but 590 00:30:14,000 --> 00:30:16,360 Speaker 1: also to the advertisers being like, no, we do have 591 00:30:16,400 --> 00:30:18,360 Speaker 1: some of this under control. I read the fundamental tension. 592 00:30:18,480 --> 00:30:21,960 Speaker 1: I read this also some memosia European regulators, because, like 593 00:30:22,040 --> 00:30:24,200 Speaker 1: we were saying before, one of the things that the 594 00:30:24,440 --> 00:30:27,360 Speaker 1: European regulators are apparently concerned about is a sort of 595 00:30:27,360 --> 00:30:30,720 Speaker 1: haphazard approach to who's banned and who's unbanned, and so 596 00:30:30,800 --> 00:30:33,960 Speaker 1: what he's trying to say here is like, nothing's really changed. 597 00:30:34,400 --> 00:30:36,120 Speaker 1: They do throw in this line. I thought this was 598 00:30:36,160 --> 00:30:39,080 Speaker 1: the most significant line, where they say, what has changed 599 00:30:39,200 --> 00:30:42,760 Speaker 1: is our approach to experimentation, as you've seen George's embracing 600 00:30:42,760 --> 00:30:45,800 Speaker 1: public testing. We believe this open and transparent approach to 601 00:30:45,800 --> 00:30:49,080 Speaker 1: innovation is healthy. Blah blah blah. So they're trying to say, like, oh, 602 00:30:49,120 --> 00:30:51,200 Speaker 1: the Twitter polls and the various things that we try, 603 00:30:51,240 --> 00:30:53,640 Speaker 1: this is just a little bit of experimentation, but overall, 604 00:30:53,840 --> 00:30:56,640 Speaker 1: our policies are consistent with what you have allowed in 605 00:30:56,680 --> 00:30:59,440 Speaker 1: the past, European regulators. Was how I read that anyway, Yeah, 606 00:30:59,440 --> 00:31:02,520 Speaker 1: I think you're probably correct. There's also another interesting point 607 00:31:02,560 --> 00:31:04,280 Speaker 1: that came out last night. Let's put it up there 608 00:31:04,320 --> 00:31:08,000 Speaker 1: on the screen. There was a meeting between Tim Cook 609 00:31:08,400 --> 00:31:11,240 Speaker 1: and Elon yesterday. Elon actually tweeted out a video of 610 00:31:11,280 --> 00:31:13,920 Speaker 1: getting a tour of the Apple campus. He says, quote 611 00:31:13,920 --> 00:31:18,240 Speaker 1: good conversation. Amongst other things, we resolved the misunderstanding about 612 00:31:18,240 --> 00:31:21,760 Speaker 1: Twitter potentially being removed from the app store. Tim was 613 00:31:21,920 --> 00:31:25,680 Speaker 1: very clear Apple never considered doing so, so a little 614 00:31:25,680 --> 00:31:30,360 Speaker 1: personal diplomacy on the part of Tim Cook. It's kind 615 00:31:30,360 --> 00:31:32,160 Speaker 1: of interesting, you know. I talked previously about that book 616 00:31:32,200 --> 00:31:35,120 Speaker 1: Super Pumped that I read. Tim was actually very involved 617 00:31:35,120 --> 00:31:37,840 Speaker 1: and does actually get involved at the app store level 618 00:31:37,920 --> 00:31:40,920 Speaker 1: when major companies. He actually called Travis kalanick in when 619 00:31:40,920 --> 00:31:42,840 Speaker 1: he was the CEO of Uber, to have him explained 620 00:31:42,880 --> 00:31:45,960 Speaker 1: himself on how Uber could remain on the platform. But 621 00:31:46,280 --> 00:31:49,160 Speaker 1: clearly Tim Cook saw it as one of those things 622 00:31:49,200 --> 00:31:51,400 Speaker 1: that has to be really nipped in the bud. I 623 00:31:51,400 --> 00:31:54,000 Speaker 1: will say this about Tim Cook as a diplomat, he 624 00:31:54,160 --> 00:31:56,400 Speaker 1: is one of the best. Ever happen really, Oh absolutely, 625 00:31:56,480 --> 00:31:59,200 Speaker 1: There's a book I read blanking on the name Spy, 626 00:31:59,200 --> 00:32:00,760 Speaker 1: a guy from the New York Time Times called like 627 00:32:00,880 --> 00:32:03,400 Speaker 1: Apple after Steve Jobs and talks. It's kind of a 628 00:32:03,400 --> 00:32:06,560 Speaker 1: sad story because the point is that Apple really stopped 629 00:32:06,600 --> 00:32:09,640 Speaker 1: innovating at the very highest level with new products, but 630 00:32:09,840 --> 00:32:12,960 Speaker 1: they quadrupled their stock price and revenue because they started 631 00:32:12,960 --> 00:32:15,280 Speaker 1: looking at it as a platform, as a service on 632 00:32:15,320 --> 00:32:17,920 Speaker 1: which you can continue to upsell customers and lock people 633 00:32:17,920 --> 00:32:20,960 Speaker 1: into the ecosystem. Tim Cook is like that business manager, 634 00:32:21,040 --> 00:32:24,080 Speaker 1: like squeezing value out of the value that's been created, 635 00:32:24,200 --> 00:32:27,480 Speaker 1: but also as a diplomat, like his personal diplomacy with 636 00:32:27,560 --> 00:32:30,680 Speaker 1: shishingping with Trump. He played Trump like a complete fiddle 637 00:32:30,760 --> 00:32:33,520 Speaker 1: to make sure that Apple was not impacted by any 638 00:32:33,600 --> 00:32:36,760 Speaker 1: Chinese tariffs. And also, you know, at a business level, 639 00:32:36,960 --> 00:32:40,440 Speaker 1: anytime he sees a potential threat to the brand about 640 00:32:40,440 --> 00:32:43,920 Speaker 1: being censorship and all that, he always skates in. Well, 641 00:32:44,000 --> 00:32:46,960 Speaker 1: I'm disappointed by this outcome because personally, again I found 642 00:32:47,000 --> 00:32:50,240 Speaker 1: it useful. It is on being at war with Apple, 643 00:32:50,280 --> 00:32:53,080 Speaker 1: because remember we had a great conversation about like, this 644 00:32:53,160 --> 00:32:55,240 Speaker 1: is a monopoly and that's why a monopoly is bad, 645 00:32:55,280 --> 00:32:57,800 Speaker 1: And here's the exorbitant fees that they're charging, and like 646 00:32:57,840 --> 00:33:01,400 Speaker 1: the sort of capricious decision making that's totally non transparent. 647 00:33:01,440 --> 00:33:03,720 Speaker 1: They put these companies through the paces and nobody should 648 00:33:03,760 --> 00:33:07,080 Speaker 1: have this much control. So little disappointed at this was personally. 649 00:33:07,120 --> 00:33:08,680 Speaker 1: I liked the two of them being a poor At 650 00:33:08,680 --> 00:33:10,680 Speaker 1: the point is that he's a good diplomat because he 651 00:33:10,680 --> 00:33:12,600 Speaker 1: doesn't want anybody he doesn't want. He doesn't want to 652 00:33:12,600 --> 00:33:15,440 Speaker 1: have that conversation, does he He He didn't like those news stories, 653 00:33:15,480 --> 00:33:17,680 Speaker 1: so he's found a way to move, move beyond it.