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

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

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

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Speaker 1: is that they're failing and they know it. That is

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Speaker 1: why we're building something new. Be part of creating a new, better, healthier,

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

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

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

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

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

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Speaker 1: Go through Breakingpoints dot com to help us out. Good morning, everybody,

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Speaker 1: Happy Monday. We have an amazing show for everybody today.

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Speaker 1: What do we have, Crystal. Indeed, we do lots of

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Speaker 1: big stories breaking this Monday morning, some very troubling new

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Speaker 1: reporting and developments out of Ukraine that we have to

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Speaker 1: update you on. You know, this is starting to fall

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Speaker 1: off of the media's radar a little bit, just at

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Speaker 1: the moment when it almost is that it's most dangerous,

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Speaker 1: So we will bring you all of those updates. We

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Speaker 1: also have some new indications of how the politics might

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Speaker 1: play out in terms of the imminent overturning of Roe

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Speaker 1: versus Wade, Republicans doing themselves no favors. Also some polling

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Speaker 1: indicating that, you know, the picture might be a little

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Speaker 1: bit complicated in terms of the midterms. We'll tell you

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Speaker 1: about that. Also a pitch deck revealed from Elon Musk

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Speaker 1: giving us some insights into what his plans for Twitter

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Speaker 1: might be. Also some revelations about some less than savory

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Speaker 1: sources of funding. Yes he has relied on, including the

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Speaker 1: country of Qatar, not known for their free speech commitment,

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Speaker 1: but we'll tell you about that. We also have news

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Speaker 1: about a new press secretary coming into the White House

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Speaker 1: in Jensaki press on you know, her negotiations behind the

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Speaker 1: scenes while she's still doing the doing the current job

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Speaker 1: and taking a new job with the media organization. Also

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Speaker 1: a pretty stunning moment from Senator rand Paul that we

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Speaker 1: wanted to share with you, talking about this new like

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Speaker 1: ministry of true situation. Pretty good comments from him. I

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Speaker 1: like seeing it. We also have Mohammed Unis in he

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Speaker 1: is the head of polling at Galipies, going to talk

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Speaker 1: to us more about abortion polling and what that looks

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Speaker 1: like going forward. But we wanted to start with some

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Speaker 1: very troubling developments this morning in terms of reporting of

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Speaker 1: the US involvement in Ukraine's prosecution of the war with Russia.

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Speaker 1: Let's go ahead and throw these dueling tear sheets up

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Speaker 1: on the screen here from the New York Times. They

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Speaker 1: were the ones who were sort of at the forefront

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Speaker 1: of this reporting. So two pieces here. Number one, US

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Speaker 1: intelligence is helping Ukraine kill Russian general's official say, and

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Speaker 1: also US intelligence help Ukraine strike Russian flagship official say.

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Speaker 1: So much more hands on involvement in this war than

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Speaker 1: had previously been reported. And Sagar, there had been some

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Speaker 1: indications before we've gotten these little indications that maybe we

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Speaker 1: were helping them with targeting, helping provide intelligence. You and

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Speaker 1: I had talked about it. It honestly sort of flew

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Speaker 1: under the radar of most of the media. Well, now

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Speaker 1: we have specific details about just how instrumental the US's

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Speaker 1: backing of Ukraine has been in some of these major

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Speaker 1: significant events in terms of this war. Let me read

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Speaker 1: you a little bit from the reporting on our assistance

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Speaker 1: in helping to target and ultimately kill these Russian generals.

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Speaker 1: They say the US has provided intelligence about Russian units

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Speaker 1: that has allowed Ukrainians to target and kill many of

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Speaker 1: the Russian generals who have died in action in the

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Speaker 1: Ukraine War. Ukrainian officials say they have killed approximately twelve

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Speaker 1: generals on the front lines, a number that has astonished

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Speaker 1: military analysts. The targeting help is part of a classified

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Speaker 1: effort by the Biden administration provide real time battlefield intelligence

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Speaker 1: to Ukraine. That intelligence also includes anticipated Russian troop movements

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Speaker 1: gleaned from recent American assessments of Moscow's secret battle plans,

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Speaker 1: and in addition, the US provided intelligence that helped This

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Speaker 1: is from that second tear sheet. Ukrainian forces located and

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Speaker 1: strike the flagship of Russia's Black Sea Fleet last month,

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Speaker 1: another sign that the administration is easing it self imposed

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Speaker 1: limitations on how far it will go in helping Ukraine

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Speaker 1: fight Russia. We covered when that flagship went down, and

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Speaker 1: this was a huge deal. It has been covered extensively

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Speaker 1: in Russian media. They engaged in an elaborate cover up

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Speaker 1: to try to deny that it was actually, you know,

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Speaker 1: Ukrainian forces that struck and ultimately brought down this ship.

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Speaker 1: They also tried to cover up the desks that were involved.

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Speaker 1: They tried to claim, oh, there was a fire on board,

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Speaker 1: and everybody's fine, and we towed it to safety. No

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Speaker 1: big deal. But this was a huge blow to Russian

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Speaker 1: So again, without the US public's involvement in any sort

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Speaker 1: of debate, we are getting ourselves more and more and

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Speaker 1: deeper and deeper into this conflict and providing direct assistance

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Speaker 1: in some of the most significant Ukrainian hits on Russia

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Speaker 1: that we have seen so far. This is extraordinarily significant

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Speaker 1: when you consider how the Russians are going to view

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Speaker 1: this involvement. I mean, are they really going to distinguish

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Speaker 1: between us, you know, not being directly boots on the ground,

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Speaker 1: considering how far in we are at this point. You know,

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Speaker 1: Actually what troubles me the most about this is it's

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Speaker 1: very clear you and I know how this town works.

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Speaker 1: This was a strategic leak by the US intelligence community,

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Speaker 1: because they're bragging about it. They're like, yeah, we're helping

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Speaker 1: kill these genitals, We're helping me. And I'm like, hey,

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Speaker 1: why don't you shut up? Because look, I don't think

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Speaker 1: that Russia assumed that this wasn't going on they probably

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Speaker 1: already knew based upon this, but it's within the realm

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Speaker 1: of the proxy war. I'm not condoning it, you know.

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Speaker 1: I still think that we should try our best in

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Speaker 1: order to not get involved these types of things, But

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Speaker 1: there was probably a sense of realism. I just want

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Speaker 1: people to remember this. Do you remember the Russian bounty

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Speaker 1: story that ended up being completely fake, where there was

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Speaker 1: reporting that Russia had put bounties on American soldiers and

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Speaker 1: was helping the Taliban kill them. At that time, several

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Speaker 1: members of the US Senate called for immediately retaliating against Russians,

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Speaker 1: and Ben Sas specifically said that we we should personally assassinate,

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Speaker 1: we should assassinate GRU agents on the ground in Afghanistan. Well,

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Speaker 1: this opens up the exact same response from Russia, assuming

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Speaker 1: that they think in the same way in Moscow that

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Speaker 1: they do in Washington, DC. Is there any real reason

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Speaker 1: to distinguish the two. I mean, look, when you're openly

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Speaker 1: bragging about killing your enemies generals, these are very significant events. Okay,

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Speaker 1: generals don't just die in combat all that much. I

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Speaker 1: actually went back and I was looking back, you know,

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Speaker 1: US generals, it's incredibly rare in order to die in warfare.

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Speaker 1: In the post World War two era, the Russian army

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Speaker 1: is organized a little bit differently, but still, you know,

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Speaker 1: you're losing up to ten generals. I mean, these are

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Speaker 1: long experienced, revered members within both Russian society and the

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Speaker 1: Russian military. Killing those people is going to engender a

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Speaker 1: significant response. And then on top of that, you know,

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Speaker 1: you kill the warship. Now, obviously Ukraine is at war

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Speaker 1: with that nation, so that's within the bounds of conflict.

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Speaker 1: But US opening and saying, oh, well, we're helping a

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Speaker 1: lot of this facilitate. I also, if you look at

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Speaker 1: the headlines of these US intelligence is helping Ukraine kill

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Speaker 1: Russian generals and warships. It's clear the intel community wants

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Speaker 1: to get the credit for this and kind of in

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Speaker 1: the press and both with the population, but they are

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Speaker 1: just overreading the fact that there could still be yet

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Speaker 1: a response from Moscow. I mean, look within the realm

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Speaker 1: of the Gray War. You know, if we are helping

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Speaker 1: facilitate this, we still have soldiers who are in as Syria.

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Speaker 1: If those guys start getting blown up by sophisticated IEDs,

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Speaker 1: well like that's a possible response. Iran did that to

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Speaker 1: our troops when we were in Iraq, and there's not

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Speaker 1: a lot we could do about that. We have troops

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Speaker 1: all over the globe where Russia is also forward deployed.

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Speaker 1: So we just have to consider that this could have

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Speaker 1: a significant blowback and are we ready in order to

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Speaker 1: suffer that consequence. That is exactly right, And there's a

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Speaker 1: few things going on here, I mean, to me, the

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Speaker 1: most important part of this story is the macro trend

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Speaker 1: of how we just keep going further and further and

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Speaker 1: further and further, and with no public debate whatsoever. And

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Speaker 1: if there's one thing the American public has been clear about,

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Speaker 1: it's the fact that they do not want to be

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Speaker 1: in a war with Russia. Yes, you know, they definitely

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Speaker 1: definitely have tons of compassion sympathy for the Ukrainian cause,

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Speaker 1: they want to help Ukraine, they want to stand with Ukraine.

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Speaker 1: But every single poll, no matter how you ask it,

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Speaker 1: people are very clear they do not want to be

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Speaker 1: at war with Russia. And yet, while you know, while

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Speaker 1: we weren't really paying attention, while the media was focused

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Speaker 1: on other things, you now have a member of Congress

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Speaker 1: Seth Molten, a Democrat, outright admitting that. Yeah, at this point,

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Speaker 1: we basically are at war with Russia. Let's take a

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Speaker 1: listen to that. I only have ten seconds left for

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Speaker 1: each of you if you could. But if they wrap

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Speaker 1: this in the Senate with a Ukraine funding and a

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Speaker 1: COVID funding, you guys okay with that Counse and Molden

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Speaker 1: look I to support it because it's the right thing

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Speaker 1: to do for Ukraine. I mean, obviously there's a lot

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Speaker 1: of politics involved, and it will be domestic at home

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Speaker 1: about all their policies and whatnot. But at the end

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Speaker 1: of the day, we've got to realize we're at war,

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Speaker 1: and we're not just at war to support the Ukraine's

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Speaker 1: We're fundamentally at war, although it's somewhere through a proxy

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Speaker 1: with Russia, and it's important that we win fundamentally at

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Speaker 1: war with Russia. Did you vote on that? Did we

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Speaker 1: have a public debate on that? Is that what you want?

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Speaker 1: Because that's what we're being dragged into. And I know

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Speaker 1: we've said it a million times. Not trying to be alarmist,

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Speaker 1: but just remember what the stakes are. You're talking about

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Speaker 1: a conflict between two nuclear armed superpowers. This is extraordinarily dangerous.

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Speaker 1: It's not anything that the American people want, and yet,

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Speaker 1: bit by bit by bit, this is where we've ended up.

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Speaker 1: Trita Parsi had a great thread and a great article

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Speaker 1: about all of this, and of course we have a

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Speaker 1: lot of respect for his foreign policy analysis here, and

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Speaker 1: he said, Biden's dance with the media publicly declaring a

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Speaker 1: more ambitious US objective in Ukraine, only to have it

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Speaker 1: clarified by the White House hours later has imperceptibly expanded

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Speaker 1: America's goals in Ukraine, with potentially disastrous consequences. The riskiest

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Speaker 1: step has been to put the weakening of Russia ahead

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Speaker 1: of the defense of Ukraine. This type of mission creep

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Speaker 1: led to the US thing in Afghanistan for two decades

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Speaker 1: and turned achievable counter terrorsome operation into a doomed nation

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Speaker 1: building project. And he lays out the parallels here of

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Speaker 1: how listen, when we went into Afghanistan, it was we're

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Speaker 1: going to get the bad guys, we're gonna get Osama

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Speaker 1: bin Lan, and we're going to get out. And when

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Speaker 1: we failed to do that, then suddenly you had all

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Speaker 1: the people here who had a lot of money at

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Speaker 1: stake in being engaged in Afghanistan and occupying in Afghanistan

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Speaker 1: for literally forever is what they wanted. Then they started

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Speaker 1: to get their hooks into it. They started to lay

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Speaker 1: the groadwork for Oh no, it's not just that we

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Speaker 1: want to do nation building, what about the women and

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Speaker 1: the girls spreading democracy and freedom around the globe. Next thing,

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Speaker 1: you know, it's twenty years later and we're still in Afghanistan.

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Speaker 1: So Trita doctor Parsi is pointing here to a very

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Speaker 1: similar mission Creep, which is happening with no debate, where

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Speaker 1: bit by bit by bit we're getting even further in.

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Speaker 1: And you know the other piece of this, there was

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Speaker 1: a report coming from it's actually a Ukrainian Pravda, so

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Speaker 1: a Ukrainian outlet here that when Boris Johnson visited Kiev,

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Speaker 1: the key message that he was caring was, we don't

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Speaker 1: want you to negotiate a peace. We want to continue

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Speaker 1: to have war with We want this war against Russia

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Speaker 1: to continue, because ultimately the goal is to weaken Russia,

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Speaker 1: not to secure peace. That is not anything that the

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Speaker 1: American people or you know, people throughout the West ultimately wanted,

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Speaker 1: and yet that appears to be exactly what our leaders

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Speaker 1: are pushing. I couldn't agree with you more crystol and

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Speaker 1: you know, just to put a cap on this. This

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Speaker 1: was leaked to Ukrainian Pravda. Put this up there on

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Speaker 1: the screen, so a Ukrainian aligned media outlet says. The

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Speaker 1: closest sources close to Zelenski said that Boris Johnson, when

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Speaker 1: he appeared in the Capitol, brought a simple message. Even

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Speaker 1: if Ukraine is ready to sign some agreements on guarantees

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Speaker 1: with Putin, the West is not. And this is exactly

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Speaker 1: what I feared from the beginning, that for all of

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Speaker 1: the talk in Washington of we support Ukraine, we support Ukraine,

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Speaker 1: we support Ukraine. If we don't support them when they

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Speaker 1: want to sign a separate piece with Russia, then you're

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Speaker 1: full of it. Then you're actually fulfilling Congressman Moulton's declaration

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Speaker 1: that you are at war with Russia. If our job

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Speaker 1: is to support Ukraine, then we should try to save

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Speaker 1: as many Ukrainian lives as possible within the dignity of

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Speaker 1: what they want to what they want to undergo as

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Speaker 1: a nation. If they want to fight on, so be it.

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Speaker 1: If they don't want to fight on and they want

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Speaker 1: to go towards peace, I think that we should personally

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Speaker 1: support such an action if that that's what they want

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Speaker 1: to do. But for us to rule out a piece

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Speaker 1: on our terms is insane, and you're actually just validating

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Speaker 1: the Russian declaration that Ukraine is part of some great

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Speaker 1: power proxy conflict instead of between these two nations. So

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Speaker 1: I found that incredibly troubling, and I think the fact

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Speaker 1: that it was leaked to a Ukrainian media outlet shows

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Speaker 1: that inside Ukraine there's complicated feelings. You know, Zelenski, he's

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Speaker 1: meeting with George W. Bush, which I don't know whose

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Speaker 1: pr people are, but probably shouldn't do that, but you know,

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Speaker 1: he's meeting with Bush. He's you know, on this media

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Speaker 1: tour with in Israel and here and everywhere. He's begging

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Speaker 1: for weapons. He's gotten more weapons than you know, any country,

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Speaker 1: fourth most amount of military aid of all time since

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Speaker 1: nineteen forty six from the United States cumulatively in the

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Speaker 1: last what three months that have been shipped over to

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Speaker 1: that country. So he's been enormously successful. But you know,

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Speaker 1: if he wants an off ramp, he also needs the

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Speaker 1: West on board. And so the fact that they're leaking

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Speaker 1: this I think is very very significant. Saying that they

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Speaker 1: believe that the West does not believe in a path

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Speaker 1: towards peace, and that they may even have their own

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Speaker 1: separate negotiations. I don't think we should have a goddamn

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Speaker 1: thing to say about what happens here other than what

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Speaker 1: do you guys want? You want to fight, Okay, we'll

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Speaker 1: help you out. But if you don't, let's go. Let's

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Speaker 1: do everything humanly possible. And you know, for us to

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Speaker 1: have our own red lines in this thing only validates

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Speaker 1: the worst of the Russian concerns and actually, you know,

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Speaker 1: makes it so that this thing will not come to

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Speaker 1: an end. And remember, there were what dozens of people

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Speaker 1: killed in an air strike just yesterday. War's not a

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Speaker 1: choke people. A lot of people die, a lot. We've

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Speaker 1: already thousands of people on both sides of the Russian

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Speaker 1: Ukrainian conflict, millions of displaced citizens. This is not something

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Speaker 1: for us to just play around with. This is right,

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Speaker 1: serious thing, that's exactly right. And according to this reporting,

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Speaker 1: they say Johnson's position was that the collective West, which

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Speaker 1: back in February had suggested Zelenski shitd surrender and flee,

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Speaker 1: now felt that Putin was not really as powerful as

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Speaker 1: they'd previously imagined that there was a chance to quote

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Speaker 1: press him. And sure enough, three days after Boris Johnson

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Speaker 1: left for Britain, Putin went public and said talks with

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Speaker 1: Ukraine had turned into a dead end. So there were

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Speaker 1: some developments, publicly reported developments that followed closely on the

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Speaker 1: heels of Boris Johnson coming in and reportedly delivering this

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Speaker 1: message that would indicate perhaps this is exactly what went

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Speaker 1: down that he showed up in Keith basically to say listen,

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Speaker 1: we want this to keep going. We don't want a

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Speaker 1: negotiated peace with Russia at this point because we think

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Speaker 1: Putin is weaker than we expected, and we want the

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Speaker 1: opportunity to continue to weaken Russia. Very very dangerous game,

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Speaker 1: because this gets back to that whole idea gambling for resurrection. Yes,

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Speaker 1: this has not gone well for Russia, there is no

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Speaker 1: doubt about it. Even with their new like limited aims

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Speaker 1: are not particularly going well in terms of this war

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Speaker 1: right now, that doesn't mean that this isn't still a

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Speaker 1: dangerous man with a lot of incredibly dangerous and potentially

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Speaker 1: world destroying weapons at his fingertips. So what happens when

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Speaker 1: he's backed into a corner and when the West is

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Speaker 1: out there, you know, ron Klain outright saying we don't

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Speaker 1: want Putin to have an off ramp. Seth Moulton Congressman

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Speaker 1: outright saying we are at war with Russia. What happens next?

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Speaker 1: Good morning, everybody, Happy Tuesday. We have an amazing show

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Speaker 1: for everybody today. When do we have Crystal. We do

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Speaker 1: lots of big stories breaking this morning that we want

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Speaker 1: to talk to you about. First of all, market taking

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Speaker 1: a bit of a nose dive yesterday and some interesting

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Speaker 1: details there about what's going on with crypto, which stocks

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Speaker 1: are sort of leading the decline, and what that is

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Speaker 1: ultimately all about. So we're going to lead the show

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Speaker 1: with that. But we've also got in the show today

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Speaker 1: Biden planning a major speech today. They clearly realize that,

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Speaker 1: just like not talking about inflation is not our workout

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Speaker 1: for them in the midterms, even with the impending decision

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Speaker 1: regarding Roe versus Way, Democrats are realizing that inflation will

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Speaker 1: be the number one concern on voters minds going to

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Speaker 1: the polls. So Biden trying to do some messaging around that.

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Speaker 1: We will break that down for you. Elon Musk making

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Speaker 1: some new not great comments that he needs to clarify

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Speaker 1: and that's not well thought out comments about his plans

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Speaker 1: for Twitter. So we'll talk about that. This story has

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Speaker 1: escaped notice actually for months now, but there is a

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Speaker 1: massive baby formula shortage. A lot of new moms are

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Speaker 1: really struggling. Oh this is I mean, this is really

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Speaker 1: scary stuff. If your baby is wholly dependent on formula

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Speaker 1: and you can't find it at the store at any price.

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Speaker 1: This is a really major problem that is starting to

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Speaker 1: bubble up to the political level. So I will talk

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Speaker 1: about that, and also some new details about the new

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Speaker 1: Press Secretary of Korean John Pierre, who is coming in here.

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Speaker 1: What at the end of this week's show. I think

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Speaker 1: I believe it's May seventeenth, Yeah, something like that. So

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Speaker 1: coming up soon, we're also going to check in with

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Speaker 1: those Starbucks workers who have been organizing across the country.

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Speaker 1: New developments there from the NLRB is filing suit against

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Speaker 1: Starbucks alleging that they have been engaged in a pattern

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Speaker 1: of unfair labor practices. So we will talk to them

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Speaker 1: about that. But we do want to start with this

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Speaker 1: market crash from yesterday. Let's go ahead and put the

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Speaker 1: Wall Street Journal tear sheet up on the screen. They

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Speaker 1: say stockslide to lowest in twenty twenty two as route continues.

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Speaker 1: Technology energy shares lead the clines as nadstack falls more

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Speaker 1: than four percent. Here's a little bit of the details

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Speaker 1: from the story. They say the most punishing market sell

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Speaker 1: off in years showed no signs of abating. Monday, US

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Speaker 1: stock indexes slid to new loads for twenty twenty two.

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Speaker 1: Other assets like oil and bitcoin tumbled as well. SMP

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Speaker 1: five hundred fell one hundred and thirty two point one

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Speaker 1: points or three point two percent, adding to losses after

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Speaker 1: closing out its longest streak of weekly declined since twenty eleven.

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Speaker 1: Monday mark the first time the index closed below the

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Speaker 1: four thousand levels since March twenty twenty one. NASDAK tumbled

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Speaker 1: for more than five hundred and twenty one points or

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Speaker 1: four point three percent. Dow Jones shed more than six

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Speaker 1: hundred and fifty three points or two percent. And part

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Speaker 1: of what they point to in this article saga is,

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Speaker 1: of course, you guys know what the landscape is. You

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Speaker 1: continue to have these supply chain issues. You have lockdowns

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Speaker 1: in China which are getting even more draconian if anything.

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Speaker 1: You obviously have the war in Ukraine causing all kinds

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Speaker 1: of issues from food prices to gas prices, and you

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Speaker 1: also have the Fed engaged in significant tightening. Now, last

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Speaker 1: week when we talked to you about the Fed moves,

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Speaker 1: so they are lifted interest rates a quarter of a point.

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Speaker 1: Last week they lifted it half a point. Okay, and

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Speaker 1: markets were a little bit reassured by Fed chair Jerome

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Speaker 1: Pal coming out and saying, listen, we're not contemplating going

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Speaker 1: any further, any faster than what we're doing right now,

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Speaker 1: also giving a look into how they are going to

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Speaker 1: unload the assets that they have accumulated off of their

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Speaker 1: balance sheet, which also has a tightening effect. So the

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Speaker 1: day after that we actually did the show said actually

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Speaker 1: markets responded fine, yeah, actually went up a little bit.

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Speaker 1: Yet people were reassured by the fact that, Okay, Jerome

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Speaker 1: Pal says they're not going too far too fast. However,

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Speaker 1: now you have a new inflation report set to come

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Speaker 1: out this week, and there are I think there's a

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Speaker 1: lot of nervousness that if that inflation report continues to

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Speaker 1: be high. But even though the Fed says they're not

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Speaker 1: going to go too far, too fast, they might reassess

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Speaker 1: that if inflation is not ultimately getting under control, So

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Speaker 1: that's what they point to in this article. They say

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Speaker 1: later this week, investors will get another read on inflation

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Speaker 1: when the Bureau of Labor Statistics releases it consumer price index.

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Speaker 1: They're expecting data to show that inflation fell a bit

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Speaker 1: from Marches level, but if that comes out higher than expected,

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Speaker 1: that is going to be a major issue. And they

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Speaker 1: say that the feeling of reassurance that came from the

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Speaker 1: fed's comments last week soon gave way to Anxiety's investors

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Speaker 1: grappled with reality that the FED might be forced to

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Speaker 1: rethink its plans if inflation fails to ease up in

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Speaker 1: the coming months. Yeah, and let's just really stick with

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Speaker 1: the FED, because I think that's a look. If there

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Speaker 1: is a recession, if there is a dive, it is

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Speaker 1: almost entirely a FED triggered event. Now let's put this

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Speaker 1: up there on the screen. So the journal actually does

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Speaker 1: a great job of describing this. FED rate hikes are

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Speaker 1: good for banks unless they end in a recession. So

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Speaker 1: they're like, yeah, higher rates are usually good news for banks,

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Speaker 1: but not this year because people are worried that the

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Speaker 1: FED will push until something breaks. And what they point

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Speaker 1: to is that JP, Morgan, Golden Sacks, Bank of America,

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Speaker 1: Morgan Stanley have all dropped this year despite two years

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Speaker 1: of big pandemic gains and despite the fact that an

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Speaker 1: almost every case in previous history, bank stocks go up

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Speaker 1: whenever higher rates are there because they're set to make

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Speaker 1: more on the interest. But investors worry that rate increases

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Speaker 1: that are too big, too fast will tip the economy

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Speaker 1: into recession. And I think an expectations game is very

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Speaker 1: important here. Look the idea that all of this is,

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Speaker 1: you know, tucked by fundamentals and everything is right under there,

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Speaker 1: and it's like you can, you know, go underneath and

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Speaker 1: be like this is all backed by some real stuff

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Speaker 1: almost entirely. Expectations is half, if not more so, of

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Speaker 1: the way that investors are feeling about the current price

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Speaker 1: of the market. Well, if investors worry that race it

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Speaker 1: increases are too big or too fast could tip the

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Speaker 1: economy into recession, the sell off itself could trigger a recession,

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Speaker 1: which would then trigger more FED activity. So there's a

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Speaker 1: self fulfilling prophecy which is ideological and which could very

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Speaker 1: much come to pass in this case. But really what

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Speaker 1: they say is that the current expectation is that the

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Speaker 1: FED is going to push so far so fast on

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Speaker 1: high interest rates that the banks will not be able

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Speaker 1: to recoup any of the profits, and if anything, all

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Speaker 1: across the entire economy, we're going to see a downturn.

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Speaker 1: And the reason that this really worries me is, look,

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Speaker 1: we've told you guys this before. You may not make

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Speaker 1: money on the way up, but you will lose money

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Speaker 1: on the way down. And the reason why is that

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Speaker 1: the tightening of capital. I'm already seeing it. You know.

432
00:22:19,119 --> 00:22:21,280
Speaker 1: I have friends who've already been laid off as a

433
00:22:21,320 --> 00:22:23,760
Speaker 1: result of the fact that their companies could not raise

434
00:22:24,000 --> 00:22:26,560
Speaker 1: the amount of money that they were promised. And listen,

435
00:22:26,720 --> 00:22:29,560
Speaker 1: that's in the private markets and venture capital. They're probably

436
00:22:29,640 --> 00:22:31,320
Speaker 1: like the tip of the spear who are going to

437
00:22:31,359 --> 00:22:34,119
Speaker 1: get affected. But they're just the first. You know, how

438
00:22:34,200 --> 00:22:36,560
Speaker 1: many more recessions are how many more layoffs are coming.

439
00:22:36,560 --> 00:22:38,520
Speaker 1: And the reason why I say that is, remember the

440
00:22:38,560 --> 00:22:41,159
Speaker 1: Great Recession of two thousand and eight. Part of the

441
00:22:41,160 --> 00:22:43,200
Speaker 1: reason we had to bail the banks out was because

442
00:22:43,720 --> 00:22:48,119
Speaker 1: many companies corporations which were taking short term loans in

443
00:22:48,200 --> 00:22:50,080
Speaker 1: order to make payroll. So if we didn't bail out

444
00:22:50,119 --> 00:22:52,000
Speaker 1: the banks, these people were not going to make payroll.

445
00:22:52,040 --> 00:22:53,600
Speaker 1: And they're like, we had to fire everybody on Monday.

446
00:22:53,760 --> 00:22:56,200
Speaker 1: So these are the types of decisions which very much

447
00:22:56,240 --> 00:22:58,760
Speaker 1: could come to pass. A lot of people were maybe

448
00:22:58,840 --> 00:23:01,680
Speaker 1: planning expansion on their investor calls. They won't be able

449
00:23:01,680 --> 00:23:04,080
Speaker 1: to finance at much higher interest rates, you know, I mean,

450
00:23:04,080 --> 00:23:06,199
Speaker 1: look at the mortgage interest rate and then consider the

451
00:23:06,359 --> 00:23:10,080
Speaker 1: commercial ones. I mean, commercial interest rates are not necessarily

452
00:23:10,080 --> 00:23:12,200
Speaker 1: at the same rates. But you know, I was actually

453
00:23:12,200 --> 00:23:15,400
Speaker 1: just talking to a guy yesterday about this. The commercial

454
00:23:15,440 --> 00:23:19,200
Speaker 1: real estate interest rate game is even more murky because

455
00:23:19,200 --> 00:23:21,640
Speaker 1: they don't have set standards, Crystal. A lot of it

456
00:23:21,680 --> 00:23:23,719
Speaker 1: is that the loans are so big and the interest

457
00:23:23,880 --> 00:23:25,480
Speaker 1: that they make is so much that there's a lot

458
00:23:25,480 --> 00:23:28,800
Speaker 1: of jockeying. And as we've talked here before, a lot

459
00:23:28,880 --> 00:23:32,120
Speaker 1: of these big firms Fortune five hundreds have been able

460
00:23:32,160 --> 00:23:34,000
Speaker 1: to say just trust us, and the banks don't really

461
00:23:34,000 --> 00:23:36,920
Speaker 1: do their due diligence. So in a high interest rate environment,

462
00:23:37,119 --> 00:23:39,000
Speaker 1: if you continue to kick that up, a lot of

463
00:23:39,000 --> 00:23:41,760
Speaker 1: these corporations do not underestimate this will not be able

464
00:23:41,800 --> 00:23:43,960
Speaker 1: to make basic cast expectations that are just going to

465
00:23:43,960 --> 00:23:47,280
Speaker 1: have to fire people on a dime in these crazy

466
00:23:47,359 --> 00:23:51,160
Speaker 1: ups and downs, Like uncertainty is what causes real effects

467
00:23:51,200 --> 00:23:52,680
Speaker 1: for you, and that's why I think a lot of

468
00:23:52,680 --> 00:23:55,120
Speaker 1: people should pay attention. Yeah, that's exactly right. I mean,

469
00:23:55,119 --> 00:23:58,040
Speaker 1: the whole goal of the FED is to be able

470
00:23:58,080 --> 00:24:02,520
Speaker 1: to engineer a quote unquot soft landing. This is no

471
00:24:02,640 --> 00:24:06,400
Speaker 1: easy feat, especially when the only tools the FED has

472
00:24:06,440 --> 00:24:10,600
Speaker 1: at its disposal is basically to lessen demand from consumers,

473
00:24:10,920 --> 00:24:13,800
Speaker 1: so to cool off the hot housing market in particular.

474
00:24:13,880 --> 00:24:18,880
Speaker 1: And already you've had residential mortgage rates skyrocket, you know,

475
00:24:19,640 --> 00:24:22,040
Speaker 1: going up at some of the highest rates in history,

476
00:24:22,400 --> 00:24:26,359
Speaker 1: and you now have the median mortgage price, the cost

477
00:24:26,359 --> 00:24:29,120
Speaker 1: of mortgage, monthly cost of mortgage has hit a new

478
00:24:29,280 --> 00:24:33,520
Speaker 1: historical high because of how much interest rates matter in

479
00:24:33,600 --> 00:24:36,560
Speaker 1: terms of what that month to month payment ultimately is.

480
00:24:37,160 --> 00:24:40,000
Speaker 1: So you have the FED trying to sort of tamp

481
00:24:40,080 --> 00:24:43,000
Speaker 1: down demand and put the brakes on what consumers are

482
00:24:43,200 --> 00:24:45,600
Speaker 1: able to spend. And at the same time, you all

483
00:24:45,640 --> 00:24:48,119
Speaker 1: have all these global forces that really have nothing to

484
00:24:48,200 --> 00:24:52,560
Speaker 1: do with that. So it's a very treacherous landscape at

485
00:24:52,600 --> 00:24:54,720
Speaker 1: the same time. I mean, we just got a job's

486
00:24:54,720 --> 00:24:58,320
Speaker 1: report that was actually quite good, you know. So that's

487
00:24:58,640 --> 00:25:02,840
Speaker 1: that's the thing. So you have this very mixed picture where, yes,

488
00:25:02,880 --> 00:25:06,520
Speaker 1: the economy continues to create jobs at a rapid clip.

489
00:25:06,800 --> 00:25:11,280
Speaker 1: Yes unemployment continues to be quite low, but people are

490
00:25:11,600 --> 00:25:14,720
Speaker 1: feeling the pain in terms of what they are paying

491
00:25:14,720 --> 00:25:17,080
Speaker 1: at the grocery store, what they are paying for housing,

492
00:25:17,359 --> 00:25:19,200
Speaker 1: what they are paying for the gap at the gas pump,

493
00:25:19,200 --> 00:25:21,359
Speaker 1: which I know is something that you're covering today, Sager,

494
00:25:21,920 --> 00:25:25,440
Speaker 1: and so it is. Listen, it's not an easy thing

495
00:25:25,640 --> 00:25:27,919
Speaker 1: that the FED is trying to pull off here, and

496
00:25:27,960 --> 00:25:31,280
Speaker 1: clearly there is a lot of nervousness in the market

497
00:25:31,320 --> 00:25:33,240
Speaker 1: about what it's what this is all going to look like.

498
00:25:33,280 --> 00:25:35,280
Speaker 1: And listen, the bottom line is this. I mean, the

499
00:25:35,359 --> 00:25:41,639
Speaker 1: Fed's policy during the COVID recession was to inflate asset

500
00:25:41,640 --> 00:25:45,240
Speaker 1: bull and that decade, Crystal, well, that's that's exactly right.

501
00:25:45,320 --> 00:25:47,800
Speaker 1: I mean this this started with the Gray Recession, that

502
00:25:47,880 --> 00:25:53,040
Speaker 1: was the initial foray into zero interest rates and quantitative easing.

503
00:25:53,320 --> 00:25:58,160
Speaker 1: They went even further during the COVID market crash. There

504
00:25:58,200 --> 00:26:00,200
Speaker 1: was a minute where the market was just like in

505
00:26:00,280 --> 00:26:02,880
Speaker 1: free fall. Even treasury bonds, which should be the sort

506
00:26:02,880 --> 00:26:06,280
Speaker 1: of most stable and most liquid of markets that was

507
00:26:06,320 --> 00:26:09,320
Speaker 1: even seizing up, and they looked at that landscape and

508
00:26:09,440 --> 00:26:13,080
Speaker 1: not incorrectly said, we have to take extraordinary action here,

509
00:26:13,119 --> 00:26:17,320
Speaker 1: and they did, shooting trillions of dollars to backstop both

510
00:26:17,400 --> 00:26:21,679
Speaker 1: the bond and the stock markets. Now that that inflated

511
00:26:21,720 --> 00:26:25,439
Speaker 1: these you know, massive asset bubbles. Before we had basic

512
00:26:25,520 --> 00:26:28,920
Speaker 1: consumer inflation, you had inflation at this very high level

513
00:26:28,960 --> 00:26:32,359
Speaker 1: in terms of stock and bond prices. And now what

514
00:26:32,440 --> 00:26:35,360
Speaker 1: you were talking about about how much the sentiment matters,

515
00:26:35,359 --> 00:26:38,719
Speaker 1: Like those asset prices were not really based on reality.

516
00:26:38,760 --> 00:26:41,000
Speaker 1: As we all know, the stock market like valuations are

517
00:26:41,040 --> 00:26:43,680
Speaker 1: kind of fake. So the minute that there's this reckoning

518
00:26:43,720 --> 00:26:47,200
Speaker 1: of like, oh my god, this you know, this constant

519
00:26:47,240 --> 00:26:50,040
Speaker 1: bull market is not going to last, then you can

520
00:26:50,080 --> 00:26:52,520
Speaker 1: have panic. Then you can have selling off, and that's

521
00:26:52,560 --> 00:26:55,680
Speaker 1: when the bubble can ultimately collapse. And that's why we're

522
00:26:55,720 --> 00:26:58,840
Speaker 1: in dangerous train here. That's why you continue to see,

523
00:26:59,000 --> 00:27:01,080
Speaker 1: you know, the markets going down and down in town.

524
00:27:01,119 --> 00:27:03,280
Speaker 1: You'll have one day where they sort of tick back up,

525
00:27:03,520 --> 00:27:05,480
Speaker 1: and then you go back into this pattern that we've

526
00:27:05,480 --> 00:27:10,040
Speaker 1: been seeing for weeks and weeks. Now, let's move on

527
00:27:10,080 --> 00:27:12,440
Speaker 1: because This is actually an even a very important part

528
00:27:12,480 --> 00:27:14,120
Speaker 1: of the story as well. Let's put this up there

529
00:27:14,160 --> 00:27:16,680
Speaker 1: on the screen, which is that Wall Street is being

530
00:27:16,760 --> 00:27:19,440
Speaker 1: dragged down primarily by tech stocks. Now, I don't want

531
00:27:19,440 --> 00:27:23,040
Speaker 1: to overstate this, because all sectors of the economy are down,

532
00:27:23,359 --> 00:27:26,439
Speaker 1: but the reason why tech stocks and the decline in

533
00:27:26,520 --> 00:27:29,840
Speaker 1: them matter the most is because they make up such

534
00:27:29,840 --> 00:27:32,520
Speaker 1: a large portion of the index funds like the S

535
00:27:32,560 --> 00:27:36,000
Speaker 1: and P five hundred and so tech companies despite the

536
00:27:36,000 --> 00:27:38,399
Speaker 1: fact that they saw, you know, sales go way up

537
00:27:38,480 --> 00:27:40,639
Speaker 1: during the pandemic, and you know, if you think about

538
00:27:40,640 --> 00:27:44,000
Speaker 1: indexes like QQQ and others that aggregate just tech, they

539
00:27:44,000 --> 00:27:47,600
Speaker 1: were doing phenomenally well for over years and years and years.

540
00:27:47,720 --> 00:27:50,040
Speaker 1: You basically couldn't lose money if you weren't investing in

541
00:27:50,080 --> 00:27:52,760
Speaker 1: the big five tech companies. Well, you know, the broader

542
00:27:52,880 --> 00:27:55,120
Speaker 1: S and P five hundred is now down by three

543
00:27:55,119 --> 00:27:57,879
Speaker 1: point two percent for the new low of twenty twenty,

544
00:27:57,920 --> 00:28:00,840
Speaker 1: and it is primarily dragged down by technology. And so

545
00:28:01,200 --> 00:28:04,560
Speaker 1: the decline in technology and the sector there which again

546
00:28:04,560 --> 00:28:07,320
Speaker 1: I was talking about, there's a bleeding effect here from

547
00:28:07,320 --> 00:28:11,080
Speaker 1: the private market. So you are seeing major technology companies

548
00:28:11,119 --> 00:28:16,359
Speaker 1: like faceboor Meta excuse me, meta, Amazon and others were

549
00:28:16,440 --> 00:28:19,960
Speaker 1: declining in both their hiring in their terms of their price.

550
00:28:20,080 --> 00:28:22,600
Speaker 1: Let's put this up there on the screen about Amazon

551
00:28:22,600 --> 00:28:25,359
Speaker 1: in particular, which had its worst day since two thousand

552
00:28:25,480 --> 00:28:29,639
Speaker 1: and six earlier Crystal where they drop by eleven percent

553
00:28:30,000 --> 00:28:33,280
Speaker 1: after posting a three point eight billion dollar loss in

554
00:28:33,359 --> 00:28:35,520
Speaker 1: the first quarter. Now, look, Amazon is going to be fine,

555
00:28:35,520 --> 00:28:38,200
Speaker 1: you know, it's their stock is completely okay. But I

556
00:28:38,240 --> 00:28:41,680
Speaker 1: don't think that people have really appreciated how much of

557
00:28:41,800 --> 00:28:45,880
Speaker 1: Amazon and Facebook and technology was dragging the S and

558
00:28:45,960 --> 00:28:49,600
Speaker 1: P five hundred up during the pandemic in particular. And

559
00:28:49,680 --> 00:28:51,479
Speaker 1: so I mean, if you think about the set and

560
00:28:51,520 --> 00:28:54,880
Speaker 1: forget typical middle class investor four oh one k person,

561
00:28:54,920 --> 00:28:58,120
Speaker 1: they're not picking individual stocks, are almost entirely invested in

562
00:28:58,160 --> 00:29:01,200
Speaker 1: like ETFs or Vanguard or whatever, you know, Evanguard one

563
00:29:01,280 --> 00:29:03,959
Speaker 1: hundred and you know, the total market, et cetera. A

564
00:29:04,040 --> 00:29:06,240
Speaker 1: lot of that because just the sheer amount of WELP

565
00:29:06,320 --> 00:29:09,040
Speaker 1: is tied up in technology means that when tech goes up,

566
00:29:09,080 --> 00:29:11,280
Speaker 1: tech goes down, it's going to drop the whole market

567
00:29:11,400 --> 00:29:15,560
Speaker 1: and it will have a massive impact on middle class portfolios.

568
00:29:15,600 --> 00:29:17,240
Speaker 1: And I think that's the you know, the main story

569
00:29:17,280 --> 00:29:19,360
Speaker 1: that I think we should focus on, which is technology

570
00:29:19,400 --> 00:29:21,960
Speaker 1: was propping up all of these indices. It was popping

571
00:29:22,000 --> 00:29:24,160
Speaker 1: up a lot of people's retirement portfolios, whether they knew

572
00:29:24,200 --> 00:29:26,000
Speaker 1: it or not. And so when you look at it

573
00:29:26,000 --> 00:29:28,680
Speaker 1: and it's down by fifteen percent, you know, this is

574
00:29:28,720 --> 00:29:32,000
Speaker 1: a major part of the reason why these stocks were

575
00:29:32,000 --> 00:29:34,520
Speaker 1: some of the best performers during the pandemic, which makes

576
00:29:34,560 --> 00:29:37,280
Speaker 1: perfect sense. People are stuck at home, you know, Zoom

577
00:29:37,560 --> 00:29:41,360
Speaker 1: like Peloton, things like Zoom, things like Netflix, things like

578
00:29:41,440 --> 00:29:45,360
Speaker 1: Amazon performed extraordinarily well because you couldn't go out and

579
00:29:45,400 --> 00:29:47,400
Speaker 1: do all the normal things that you do, and restaurants

580
00:29:47,400 --> 00:29:49,040
Speaker 1: were closed and gyms were closed and all of that.

581
00:29:49,320 --> 00:29:51,080
Speaker 1: But you could be at home. You can watch Netflix,

582
00:29:51,120 --> 00:29:53,520
Speaker 1: you could do you know, if you're PMC, you could

583
00:29:53,560 --> 00:29:56,680
Speaker 1: order your little Peloton bike and jump on board there.

584
00:29:56,800 --> 00:29:59,400
Speaker 1: You could certainly order whatever you wanted off of Amazon.

585
00:29:59,640 --> 00:30:03,400
Speaker 1: So those stocks performed extraordinarily well during the pandemic. And

586
00:30:03,480 --> 00:30:06,400
Speaker 1: now we've seen Amazon, I think is a really important

587
00:30:06,400 --> 00:30:08,040
Speaker 1: one to talk a little bit more about them in

588
00:30:08,120 --> 00:30:11,120
Speaker 1: just a second. But you see them with you know,

589
00:30:11,520 --> 00:30:16,200
Speaker 1: losing money, definitely not living up to their earnings expectations.

590
00:30:16,200 --> 00:30:20,000
Speaker 1: You see them announcing a hiring slow down, which is

591
00:30:20,160 --> 00:30:24,240
Speaker 1: extraordinary and also very different from the dynamic and the pandemic.

592
00:30:24,640 --> 00:30:28,640
Speaker 1: For years now, actually the biggest problem for Amazon has

593
00:30:28,720 --> 00:30:32,520
Speaker 1: been that they could not hire enough bodies. Because Amazon,

594
00:30:32,560 --> 00:30:34,239
Speaker 1: as you guys know if you watch this show, I mean,

595
00:30:34,240 --> 00:30:36,840
Speaker 1: they basically treat their workers as disposable. They sort of

596
00:30:36,880 --> 00:30:39,840
Speaker 1: intentionally burned through them on I mean they even have

597
00:30:39,880 --> 00:30:41,800
Speaker 1: a time frame they expect to burn through them in

598
00:30:41,840 --> 00:30:45,640
Speaker 1: three years timeframe. They never elevate them to management. And

599
00:30:45,720 --> 00:30:47,640
Speaker 1: so their biggest issue was they're starting to say, ah,

600
00:30:47,720 --> 00:30:49,760
Speaker 1: we're kind of running out of like a worker so

601
00:30:49,760 --> 00:30:54,760
Speaker 1: that we can even employ in our warehouse fulfillment centers.

602
00:30:55,200 --> 00:30:57,440
Speaker 1: And so now for them to say we actually have

603
00:30:57,760 --> 00:30:59,640
Speaker 1: they actually came out and said the CFO said that

604
00:30:59,680 --> 00:31:03,720
Speaker 1: they have too many workers after hiring so many during

605
00:31:03,720 --> 00:31:06,640
Speaker 1: the COVID nineteen pandemic. Now, I wouldn't expect layoffs again

606
00:31:06,680 --> 00:31:09,080
Speaker 1: because they have such a like churn and burn model.

607
00:31:09,720 --> 00:31:12,000
Speaker 1: If they just let workers, you know, if they just

608
00:31:12,280 --> 00:31:14,880
Speaker 1: organically burn out workers the way they normally do, then

609
00:31:14,920 --> 00:31:16,960
Speaker 1: they'll get down to the levels that they ultimately want.

610
00:31:17,000 --> 00:31:21,960
Speaker 1: But that is a significant difference. Netflix also oh, Yeah,

611
00:31:22,000 --> 00:31:24,120
Speaker 1: got hammered in there. What was it for the first time,

612
00:31:24,160 --> 00:31:27,480
Speaker 1: they were losing net subscribers and they're starting to play

613
00:31:27,520 --> 00:31:29,360
Speaker 1: with it. Maybe we've got to go to and advertise

614
00:31:29,400 --> 00:31:32,760
Speaker 1: and driven model. So these are all indications that those

615
00:31:32,800 --> 00:31:35,080
Speaker 1: stocks and those companies that perform so well during the

616
00:31:35,120 --> 00:31:38,000
Speaker 1: pandemic are facing a bit of a reckoning. Now. Part

617
00:31:38,080 --> 00:31:41,640
Speaker 1: of why Amazon is so important, and you guys know

618
00:31:41,680 --> 00:31:45,200
Speaker 1: we talk about Amazon a lot on this show, is

619
00:31:45,280 --> 00:31:49,120
Speaker 1: because they really have their tentacles in almost every part

620
00:31:49,240 --> 00:31:52,520
Speaker 1: of not only the national economy, but also the global economy.

621
00:31:52,920 --> 00:31:56,240
Speaker 1: So they are very much impacted by consumer spending trends,

622
00:31:56,240 --> 00:31:59,760
Speaker 1: They're very much impacted by supply chain issues, They're very

623
00:31:59,840 --> 00:32:02,760
Speaker 1: much impacted. You know, this is also a tech stock,

624
00:32:02,920 --> 00:32:06,600
Speaker 1: and they're very much dependent on their cloud computing services, which,

625
00:32:06,640 --> 00:32:08,280
Speaker 1: by the way, thank you Joe Biden for awarding them

626
00:32:08,280 --> 00:32:10,960
Speaker 1: another government contract in spite of their union investing. But

627
00:32:11,000 --> 00:32:13,400
Speaker 1: that's why when you look at what's going on with Amazon,

628
00:32:13,920 --> 00:32:17,840
Speaker 1: it's kind of a leading indicator of where all of

629
00:32:17,880 --> 00:32:21,160
Speaker 1: these sectors ultimately might go. Because, yes, it's a tech stock,

630
00:32:21,240 --> 00:32:25,000
Speaker 1: but they really have their hands in so many aspects

631
00:32:25,360 --> 00:32:28,160
Speaker 1: of both our national and global economy. So I think

632
00:32:28,160 --> 00:32:33,680
Speaker 1: that's why this is so extraordinary, extraordinarily significant that they

633
00:32:33,680 --> 00:32:35,840
Speaker 1: are nowhere near where they were during the pandemic. Yeah,

634
00:32:35,880 --> 00:32:38,640
Speaker 1: the tech stock phenomena is going to basically make it

635
00:32:38,760 --> 00:32:40,720
Speaker 1: so that a lot of the investments. I actually just

636
00:32:40,720 --> 00:32:43,840
Speaker 1: read a story this morning about the diamond Hands generation.

637
00:32:43,920 --> 00:32:47,040
Speaker 1: Shout out to my investors. You know, people who are

638
00:32:47,080 --> 00:32:49,680
Speaker 1: like my aid started trading. Guess what, Well, the diamond

639
00:32:49,680 --> 00:32:52,800
Speaker 1: Hands generation has now likely lost more than one hundred

640
00:32:53,320 --> 00:32:56,640
Speaker 1: of their gains during the mean stock era. This is

641
00:32:56,640 --> 00:32:59,560
Speaker 1: a Bloomberg article that just came out. Look, you guys

642
00:32:59,600 --> 00:33:02,000
Speaker 1: knew the you know, let's all be honest about what

643
00:33:02,120 --> 00:33:05,560
Speaker 1: exactly was happening there. Now that being said, that just

644
00:33:05,640 --> 00:33:09,600
Speaker 1: shows you about how dangerous this really can be in

645
00:33:09,640 --> 00:33:11,400
Speaker 1: the you know, you have boom times and then you

646
00:33:11,400 --> 00:33:14,160
Speaker 1: also have the downtimes. And you know, if you actually

647
00:33:14,160 --> 00:33:16,520
Speaker 1: did abide by diamond hands, then you probably lost a

648
00:33:16,560 --> 00:33:19,200
Speaker 1: lot of money. And the reason why that this matters

649
00:33:19,360 --> 00:33:22,920
Speaker 1: is that when amateur investors and stuff like this get burned,

650
00:33:23,160 --> 00:33:25,560
Speaker 1: and you also have people I was talking earlier, a

651
00:33:25,600 --> 00:33:29,960
Speaker 1: much more traditional four oh one K investor significantly down.

652
00:33:30,400 --> 00:33:33,640
Speaker 1: We saw the biggest crisis of confidence of our economy

653
00:33:33,720 --> 00:33:36,240
Speaker 1: in our lifetime was two thousand and eight. I mean,

654
00:33:36,280 --> 00:33:38,560
Speaker 1: I remember my dad and other people who wake up

655
00:33:38,600 --> 00:33:40,520
Speaker 1: and you look at portfolio is down by fifty percent.

656
00:33:40,560 --> 00:33:42,960
Speaker 1: You're like, this is my life saving, this is my

657
00:33:43,920 --> 00:33:48,400
Speaker 1: this is it. You know, college house future. People made

658
00:33:48,400 --> 00:33:52,120
Speaker 1: all plans and it just evaporates overnight, and a lot

659
00:33:52,120 --> 00:33:55,040
Speaker 1: of people never came back from that, and people need

660
00:33:55,080 --> 00:33:58,440
Speaker 1: to realize that we are probably in This is kind

661
00:33:58,440 --> 00:34:00,560
Speaker 1: of how I end my monologue. It's not gonna end

662
00:34:00,560 --> 00:34:02,760
Speaker 1: anytime soon. This is not you know. If anything, the

663
00:34:02,800 --> 00:34:06,680
Speaker 1: COVID recession was a blip in terms of what we're

664
00:34:06,800 --> 00:34:10,520
Speaker 1: headed forward because the fundamentals of our economy are not

665
00:34:10,640 --> 00:34:14,320
Speaker 1: good and everything is really expensive. So a decline in

666
00:34:14,360 --> 00:34:18,200
Speaker 1: consumer cash that means all across the board, plus technology,

667
00:34:18,320 --> 00:34:20,680
Speaker 1: when you have a dry up of high interest rates

668
00:34:20,680 --> 00:34:22,360
Speaker 1: and you're not gonna have cheap capital which can at

669
00:34:22,440 --> 00:34:25,360
Speaker 1: least finance some of the riskiest investments that are happening,

670
00:34:25,440 --> 00:34:27,279
Speaker 1: so you have a decline in the public markets. The

671
00:34:27,360 --> 00:34:29,759
Speaker 1: Journal had a piece on its front page yesterday how

672
00:34:29,800 --> 00:34:32,200
Speaker 1: to make money when stocks are down and bonds are

673
00:34:32,200 --> 00:34:34,840
Speaker 1: not returning. So it's like, yeah, actually how do you

674
00:34:34,920 --> 00:34:36,759
Speaker 1: make money? And the basic advice is like put it

675
00:34:36,800 --> 00:34:38,759
Speaker 1: into savings account, you know what I mean, you know,

676
00:34:38,960 --> 00:34:41,960
Speaker 1: hope for a point zero five interest rate. Actually it

677
00:34:41,960 --> 00:34:45,520
Speaker 1: probably isn't even that high, but hope for a mediocre

678
00:34:45,560 --> 00:34:49,280
Speaker 1: interest rate in order to keep pace with nine percent inflation.

679
00:34:49,760 --> 00:34:52,560
Speaker 1: About what you're so, no matter what you're host like,

680
00:34:52,600 --> 00:34:55,759
Speaker 1: you're either down eight think about this, you're either down

681
00:34:55,880 --> 00:34:57,920
Speaker 1: eight and a half percent if you put your money

682
00:34:58,000 --> 00:35:00,799
Speaker 1: in savings relative to inflation, or you're down by like

683
00:35:00,840 --> 00:35:03,759
Speaker 1: twenty percent if your stocks are down and you have

684
00:35:03,840 --> 00:35:06,400
Speaker 1: to keep up with inflation. So, no matter what, you know,

685
00:35:06,440 --> 00:35:09,279
Speaker 1: almost every sector of this economy, except for what the

686
00:35:09,280 --> 00:35:12,759
Speaker 1: top point oh one percent, is basically hosed right now

687
00:35:12,880 --> 00:35:15,480
Speaker 1: relative to the last five years. Well, it's a really

688
00:35:15,480 --> 00:35:18,080
Speaker 1: depressing story. It is a depressing story, and especially if

689
00:35:18,120 --> 00:35:21,520
Speaker 1: you think about what happened out of the Great Recession,

690
00:35:21,640 --> 00:35:25,359
Speaker 1: because the big institutional players, yeah they took a hit

691
00:35:25,440 --> 00:35:28,680
Speaker 1: during the Great Recession, but they had the capital reserves

692
00:35:28,719 --> 00:35:32,759
Speaker 1: to be able to buy distressed assets at the time.

693
00:35:32,960 --> 00:35:35,160
Speaker 1: Then the FED was pumping a cheap cash, that's right,

694
00:35:35,200 --> 00:35:37,960
Speaker 1: and then they made more money than ever off of

695
00:35:38,000 --> 00:35:42,319
Speaker 1: those you know, distressed assets, in particular housing stock. So

696
00:35:42,520 --> 00:35:44,959
Speaker 1: if you have the money in the capital to play

697
00:35:45,000 --> 00:35:48,320
Speaker 1: the long game, yeah there might be some bargain basement

698
00:35:48,520 --> 00:35:52,160
Speaker 1: deals coming up in the market. But if you are

699
00:35:52,200 --> 00:35:56,560
Speaker 1: a regular person and you've invested your life savings, your retirement,

700
00:35:56,719 --> 00:35:59,719
Speaker 1: whatever it is into the markets, and you don't have

701
00:35:59,760 --> 00:36:02,280
Speaker 1: the and with to hold on for a decade until

702
00:36:02,280 --> 00:36:05,239
Speaker 1: things turn around, yeah, exactly, it's it's going to be very,

703
00:36:05,400 --> 00:36:08,360
Speaker 1: very difficult and very ugly. This is a huge story

704
00:36:08,560 --> 00:36:12,400
Speaker 1: that has not gotten nearly the attention that it should

705
00:36:12,480 --> 00:36:14,600
Speaker 1: and which we are just picking up on because neither

706
00:36:14,600 --> 00:36:16,840
Speaker 1: of us has. I don't have any little babies anymore,

707
00:36:16,920 --> 00:36:18,719
Speaker 1: so I was not aware that this was all going on.

708
00:36:19,200 --> 00:36:23,040
Speaker 1: There's a huge nationwide shortage of baby formula that frankly

709
00:36:23,080 --> 00:36:25,960
Speaker 1: has been going on for months now. It's only getting worse.

710
00:36:27,120 --> 00:36:31,720
Speaker 1: Government has not been responsive at all. Obviously, for many babies,

711
00:36:31,760 --> 00:36:35,960
Speaker 1: formulas their sole source of nutrition, so it's not like

712
00:36:36,040 --> 00:36:39,760
Speaker 1: you can just substitute something else. This is what babies

713
00:36:39,800 --> 00:36:42,200
Speaker 1: need to eat and to be able to survive. So

714
00:36:42,280 --> 00:36:44,160
Speaker 1: this is a major problem. Let's go ahead and put

715
00:36:44,560 --> 00:36:46,520
Speaker 1: the numbers up on the screen here. This is from

716
00:36:47,280 --> 00:36:51,520
Speaker 1: NBC they say effectively that you've got the share of

717
00:36:51,520 --> 00:36:54,680
Speaker 1: baby formula out of stock across the US hit forty

718
00:36:54,760 --> 00:36:59,640
Speaker 1: percent on April twenty fourth. That's according to a number

719
00:36:59,680 --> 00:37:03,320
Speaker 1: crunching group called Data Assembly. That's up from twenty nine percent,

720
00:37:03,360 --> 00:37:05,840
Speaker 1: which already seems pretty high to me back in March.

721
00:37:06,600 --> 00:37:09,239
Speaker 1: They have an expert here who you know, is indicating

722
00:37:09,239 --> 00:37:12,040
Speaker 1: what I was just saying that, unlike other food work recalls,

723
00:37:12,120 --> 00:37:15,040
Speaker 1: shortages in the infant formula supply affects a major or

724
00:37:15,080 --> 00:37:19,760
Speaker 1: even exclusive source of nutrition for babies, and inadequate nutrition

725
00:37:19,880 --> 00:37:23,080
Speaker 1: could have long term health implications for those babies. The

726
00:37:23,120 --> 00:37:28,240
Speaker 1: states that are seeing the worst shortages include Texas, Tennessee, Missouri, Iowa,

727
00:37:28,280 --> 00:37:30,560
Speaker 1: North Dakota, and South Dakota, all with out of stock

728
00:37:30,640 --> 00:37:33,839
Speaker 1: rates of about fifty percent. A total of twenty six

729
00:37:33,880 --> 00:37:35,719
Speaker 1: states and more than half the states have out of

730
00:37:35,719 --> 00:37:39,279
Speaker 1: stock rates that are between forty and fifty percent. Now,

731
00:37:39,320 --> 00:37:41,560
Speaker 1: why is this happening? Now? We have New York Times

732
00:37:41,560 --> 00:37:44,560
Speaker 1: with a little bit of reporting. Part of what happened

733
00:37:44,560 --> 00:37:46,360
Speaker 1: here is there was a signific ahead and put this

734
00:37:46,360 --> 00:37:48,760
Speaker 1: stair sheet up on the screen. There was a significant

735
00:37:48,880 --> 00:37:54,520
Speaker 1: recall of baby formula that was produced by one of

736
00:37:54,520 --> 00:37:58,120
Speaker 1: the major producers, Abbt Nutrition. What they say in the

737
00:37:58,120 --> 00:38:00,279
Speaker 1: New York Times here is parents across the country are

738
00:38:00,320 --> 00:38:03,120
Speaker 1: struggling to keep up with the nationwide shortage. It's a

739
00:38:03,160 --> 00:38:07,360
Speaker 1: problem worsened by a recent recall by Abbot Nutrition, manufacturer

740
00:38:07,400 --> 00:38:10,800
Speaker 1: of baby food. That recall came after at least four

741
00:38:10,920 --> 00:38:15,520
Speaker 1: babies were hospitalized with bacterial infections and two died after

742
00:38:15,600 --> 00:38:20,160
Speaker 1: consuming their products. That's, according to the USFDA, horrifying, horrible,

743
00:38:20,239 --> 00:38:23,799
Speaker 1: horrible situation. Just to give you a sense of how

744
00:38:23,880 --> 00:38:27,560
Speaker 1: central Abbit Nutrition, the company that ultimately had the recall,

745
00:38:27,600 --> 00:38:29,719
Speaker 1: and it's contributing to this shortage. Although they're not the

746
00:38:29,840 --> 00:38:33,640
Speaker 1: entire story, they are actually the exclusive supplier for more

747
00:38:33,680 --> 00:38:38,080
Speaker 1: than half of the wick agencies nationwide. So they say

748
00:38:38,080 --> 00:38:40,800
Speaker 1: this it's not some isolated issue, and that the shortage

749
00:38:40,840 --> 00:38:45,200
Speaker 1: is particularly acute for infants who require specialty formulas to

750
00:38:45,239 --> 00:38:48,560
Speaker 1: address allergies, gas or intestinal issues, or metabolic disorders. So

751
00:38:48,840 --> 00:38:51,279
Speaker 1: listen for you know, some babies who don't have those

752
00:38:51,320 --> 00:38:54,160
Speaker 1: allergies and they're not sensitive, they can basically have whatever

753
00:38:54,200 --> 00:38:56,719
Speaker 1: formula happens to be on the shelf. But if you

754
00:38:57,000 --> 00:39:00,319
Speaker 1: have an infant who has a specialized need and you

755
00:39:00,360 --> 00:39:03,839
Speaker 1: need to get a specific type of formula. This is

756
00:39:03,960 --> 00:39:06,480
Speaker 1: in particular a major issue for you. And then the

757
00:39:06,520 --> 00:39:08,879
Speaker 1: last part of the story here is that you have

758
00:39:09,280 --> 00:39:12,920
Speaker 1: effectively every major retail that is putting limits on how

759
00:39:13,040 --> 00:39:17,720
Speaker 1: much parents can buy. Walgreens, Target, but it's also Walmart, Costco.

760
00:39:17,840 --> 00:39:21,400
Speaker 1: It's also cvs are now placing limits on baby formula

761
00:39:21,600 --> 00:39:24,640
Speaker 1: due to supply shortages. And the last thing I'll say

762
00:39:24,640 --> 00:39:28,719
Speaker 1: about the saga is that formula is also already a

763
00:39:28,880 --> 00:39:34,560
Speaker 1: really significant expense for new parents. On average, parents spend

764
00:39:34,680 --> 00:39:38,720
Speaker 1: between twelve hundred and fifteen hundred dollars on infant formula

765
00:39:38,880 --> 00:39:42,080
Speaker 1: in the first year alone. So when you're talking about

766
00:39:42,160 --> 00:39:45,640
Speaker 1: those costs going up, which they have, that also is

767
00:39:46,160 --> 00:39:49,920
Speaker 1: a major you know, financial strain for families and for

768
00:39:50,000 --> 00:39:51,520
Speaker 1: new parents. Yeah, I mean I was telling you I

769
00:39:51,520 --> 00:39:52,880
Speaker 1: have a friend who's a new mom. I mean, this

770
00:39:52,920 --> 00:39:56,120
Speaker 1: is a really stressful situation because they don't know what

771
00:39:56,280 --> 00:39:58,560
Speaker 1: the supply is coming from, and especially you know, some

772
00:39:58,560 --> 00:40:00,600
Speaker 1: people like to stick to a single brand, and you

773
00:40:00,640 --> 00:40:03,120
Speaker 1: don't even have that luxury in the current market. And

774
00:40:03,160 --> 00:40:07,640
Speaker 1: then Amazon has a two month backlog for generic baby formula. Wow,

775
00:40:07,640 --> 00:40:09,520
Speaker 1: And you know, I mean, the stuff that really scares

776
00:40:09,560 --> 00:40:12,160
Speaker 1: the hell out of me is every major retailer in

777
00:40:12,160 --> 00:40:15,359
Speaker 1: America is rationing baby formula right now. If you were

778
00:40:15,400 --> 00:40:19,960
Speaker 1: a new parent, I mean, that's already a very stressful situation.

779
00:40:20,800 --> 00:40:22,080
Speaker 1: It's one of those things where you really want to

780
00:40:22,120 --> 00:40:25,400
Speaker 1: plan for the future and you're just simply unable to

781
00:40:25,480 --> 00:40:28,279
Speaker 1: do so. You know, imagine just hoping that you're gonna

782
00:40:28,280 --> 00:40:30,239
Speaker 1: be able to get some here. You know, my friend

783
00:40:30,280 --> 00:40:32,480
Speaker 1: who's a new mom eventually to you know, reserve some

784
00:40:32,600 --> 00:40:35,319
Speaker 1: online at a store which is several miles away, and

785
00:40:35,320 --> 00:40:38,000
Speaker 1: then hope that it's there whenever you drive to go

786
00:40:38,080 --> 00:40:40,040
Speaker 1: to I mean, you know, you have a little infant

787
00:40:40,120 --> 00:40:43,319
Speaker 1: child which is relying on this for This isn't like

788
00:40:43,440 --> 00:40:46,359
Speaker 1: a shortage of meat. Now, look, we all, like most

789
00:40:46,360 --> 00:40:49,000
Speaker 1: people like meat. You know, you definitely need meat or

790
00:40:49,080 --> 00:40:51,520
Speaker 1: you know, at least some of the things that gives you.

791
00:40:51,520 --> 00:40:54,080
Speaker 1: You can get it elsewhere, you know, if you are

792
00:40:54,120 --> 00:40:58,120
Speaker 1: careful about it. But this is the exclusive source of nutrition, Like,

793
00:40:58,200 --> 00:41:00,120
Speaker 1: this is the only thing that some of the these

794
00:41:00,200 --> 00:41:02,600
Speaker 1: kids are able to eat. And like you said, the

795
00:41:02,680 --> 00:41:06,120
Speaker 1: wick that part of this is also really important because

796
00:41:06,160 --> 00:41:10,000
Speaker 1: the wik program is for a lot of moms who

797
00:41:10,160 --> 00:41:14,279
Speaker 1: are in the lower end of the income spectrum. And

798
00:41:14,560 --> 00:41:17,719
Speaker 1: also I think single you know, more disportion more likely

799
00:41:17,960 --> 00:41:20,879
Speaker 1: to be single. So you've got like single moms who

800
00:41:21,040 --> 00:41:24,760
Speaker 1: are now depending on the WICK program to get their formula.

801
00:41:25,040 --> 00:41:28,359
Speaker 1: And then you've got over half of WICK states where

802
00:41:28,400 --> 00:41:32,759
Speaker 1: their exclusive supplier is this one particular brand who now

803
00:41:32,800 --> 00:41:35,720
Speaker 1: issued a recall and they straight up are not able

804
00:41:35,760 --> 00:41:39,200
Speaker 1: to get the formula that they were reliant on. So look,

805
00:41:39,239 --> 00:41:42,000
Speaker 1: I mean, this is a catastrophe. There's a lot of

806
00:41:42,080 --> 00:41:46,919
Speaker 1: problems obviously that this exposes. It shows you also part

807
00:41:46,960 --> 00:41:48,880
Speaker 1: of the problems with some of the ways that we

808
00:41:49,440 --> 00:41:51,239
Speaker 1: some of the ways that we do this. Actually I

809
00:41:51,320 --> 00:41:54,319
Speaker 1: was reading from a policy level, which is that by

810
00:41:54,400 --> 00:41:59,759
Speaker 1: exclusively contracting with Abbot Pharmaceutic or Abbot Nutrition, we guarantee

811
00:41:59,800 --> 00:42:02,799
Speaker 1: a price. But part of the problem with that is

812
00:42:02,840 --> 00:42:06,319
Speaker 1: actually is that Abbott then doesn't have the flexibility and

813
00:42:06,360 --> 00:42:09,600
Speaker 1: production because they only plan to produce a certain amount

814
00:42:09,640 --> 00:42:11,880
Speaker 1: in order to meet that price by Wick. So the

815
00:42:12,560 --> 00:42:16,000
Speaker 1: basic thing is is that the actual infrastructure to spin

816
00:42:16,120 --> 00:42:19,839
Speaker 1: up baby formula quickly does not exist period, And now

817
00:42:19,840 --> 00:42:22,640
Speaker 1: we have a massive shortage and guess what, there is

818
00:42:22,719 --> 00:42:26,200
Speaker 1: no at least from what I can tell current response

819
00:42:26,760 --> 00:42:30,680
Speaker 1: from policymakers. I know Jensaki was asked about it yesterday, Crystal,

820
00:42:30,960 --> 00:42:32,719
Speaker 1: but they got nothing to say. I mean at a

821
00:42:32,800 --> 00:42:36,200
Speaker 1: very basic level. Yeah, I mean, she said, ensuring the

822
00:42:36,239 --> 00:42:39,280
Speaker 1: availability of the availability of these products is a priority

823
00:42:39,280 --> 00:42:41,480
Speaker 1: for the FDA, and they're working around the clock to

824
00:42:41,520 --> 00:42:44,839
Speaker 1: address any possible shortage, But she did not outline any

825
00:42:44,880 --> 00:42:47,640
Speaker 1: steps of bide administration is taking in addition to what

826
00:42:47,680 --> 00:42:50,560
Speaker 1: the FDA is doing, whatever they're doing. Unlike with oil,

827
00:42:50,640 --> 00:42:53,800
Speaker 1: the president can't tap a strategic and famil reserve to

828
00:42:53,880 --> 00:42:57,439
Speaker 1: offset load natural supplies. She said, I don't believe there's

829
00:42:57,480 --> 00:43:01,400
Speaker 1: a national stockpile of baby formula. And actually there is

830
00:43:01,560 --> 00:43:04,399
Speaker 1: one lawmaker who has proposed something abby think an Hour

831
00:43:04,480 --> 00:43:08,080
Speaker 1: who is a Democrat from Iowa. She called on a

832
00:43:08,080 --> 00:43:10,600
Speaker 1: White House to invoke the Defense Production Act to force

833
00:43:10,680 --> 00:43:14,000
Speaker 1: manufacturers to produce additional baby formula. And I think it

834
00:43:14,040 --> 00:43:15,680
Speaker 1: has come to that. I mean, you can't leave these

835
00:43:15,719 --> 00:43:19,600
Speaker 1: moms and new parents high and dry like this. I mean,

836
00:43:19,640 --> 00:43:24,919
Speaker 1: this is this is absolutely essential critical supply. It's way

837
00:43:24,960 --> 00:43:28,200
Speaker 1: more important than any other food source that you can

838
00:43:28,280 --> 00:43:30,920
Speaker 1: ultimately think of, because this is this is it if

839
00:43:30,920 --> 00:43:33,960
Speaker 1: you have a formula fed baby, this is what they eat.

840
00:43:34,120 --> 00:43:38,160
Speaker 1: So it really is a kind of a brewing disaster here.

841
00:43:38,360 --> 00:43:42,120
Speaker 1: And they were counting the New York Times. One mom

842
00:43:42,280 --> 00:43:46,799
Speaker 1: who was searching online and found like ten cans of

843
00:43:46,840 --> 00:43:51,200
Speaker 1: whatever brand of formula for forty dollars each. I don't

844
00:43:51,239 --> 00:43:54,680
Speaker 1: actually that's a lot. Yeah, I mean formula is expensive,

845
00:43:54,680 --> 00:43:56,800
Speaker 1: but I think it's more like twenty five dollars a can.

846
00:43:57,560 --> 00:44:00,160
Speaker 1: But yeah, forty dollars a can is a lot. And

847
00:44:00,840 --> 00:44:02,880
Speaker 1: she reached out and was like, please, I have to

848
00:44:02,880 --> 00:44:05,520
Speaker 1: have it. I have that can pay in all cash.

849
00:44:04,560 --> 00:44:08,480
Speaker 1: And that's for someone who had the means to do that. Now,

850
00:44:08,560 --> 00:44:11,400
Speaker 1: imagine that your budget has already stretched. Formula and diapers

851
00:44:11,440 --> 00:44:14,320
Speaker 1: are already one of the top items that ultimately is stolen,

852
00:44:14,400 --> 00:44:17,440
Speaker 1: both because of desperate parents and because of criminals who

853
00:44:17,480 --> 00:44:20,480
Speaker 1: know that they can ultimately resell it. So it's a

854
00:44:20,520 --> 00:44:23,120
Speaker 1: bad situation that needs to get more attended. This reminds

855
00:44:23,120 --> 00:44:26,360
Speaker 1: me too of the inflexibility of the FDA. You know,

856
00:44:26,440 --> 00:44:29,200
Speaker 1: at a time when Europeans had rapid tests that we

857
00:44:29,280 --> 00:44:33,640
Speaker 1: didn't have. Yeah, unavailability, Listen, I'm a protectionist at heart,

858
00:44:33,840 --> 00:44:36,200
Speaker 1: but there's a shit ton of baby formulas sitting in

859
00:44:36,239 --> 00:44:39,600
Speaker 1: Europe right now. We have a ban on European imports.

860
00:44:39,719 --> 00:44:44,520
Speaker 1: Apparently a ton of US parents already illegally import European

861
00:44:44,560 --> 00:44:47,440
Speaker 1: baby formula. Really yeah, it's like goat milk based and

862
00:44:47,480 --> 00:44:49,520
Speaker 1: they like it. Listen, I don't know anything about it.

863
00:44:49,560 --> 00:44:51,960
Speaker 1: I was reading a little bit more up saying anything

864
00:44:51,960 --> 00:44:57,120
Speaker 1: about that. Just wave the damn whatever tariff protection against

865
00:44:57,120 --> 00:45:00,200
Speaker 1: this thing. Send to Sea forty seven over there, and

866
00:45:00,280 --> 00:45:02,799
Speaker 1: let's get some baby formula here, and let's give it

867
00:45:02,840 --> 00:45:05,239
Speaker 1: away to anybody who needs it. I mean, these are

868
00:45:05,280 --> 00:45:08,200
Speaker 1: the basic functions of government. You can't be leaving these

869
00:45:08,239 --> 00:45:11,080
Speaker 1: new moms in the lurch. It's probably stressful and has

870
00:45:11,160 --> 00:45:13,680
Speaker 1: hell enough in order to have a new baby in

871
00:45:13,719 --> 00:45:16,439
Speaker 1: the middle of an economic crisis, especially if you're single,

872
00:45:16,480 --> 00:45:19,200
Speaker 1: and especially if you're poor. So I would love to

873
00:45:19,239 --> 00:45:21,960
Speaker 1: see something like that from the Biden administration. But as

874
00:45:22,000 --> 00:45:25,000
Speaker 1: I learned during COVID, it's not like you know, these

875
00:45:25,160 --> 00:45:28,040
Speaker 1: bureaucratic you know, rigidity will force them to be like,

876
00:45:28,080 --> 00:45:31,719
Speaker 1: we'll reviewing the situation while everybody is just sitting suffering

877
00:45:31,800 --> 00:45:34,200
Speaker 1: and stressing out at home. I mean, there's literally an

878
00:45:34,400 --> 00:45:37,560
Speaker 1: entire market over there it's not that hard to go

879
00:45:37,600 --> 00:45:40,280
Speaker 1: and get some. And like I said, I didn't even notice, Crystal.

880
00:45:40,360 --> 00:45:44,320
Speaker 1: There are Facebook groups where parents are illegally importing European

881
00:45:44,360 --> 00:45:48,120
Speaker 1: baby formula already. So if the Facebook moms, if the

882
00:45:48,160 --> 00:45:50,520
Speaker 1: Facebook moms can get their hand on this stuff, it

883
00:45:50,560 --> 00:45:57,040
Speaker 1: doesn't seem that hard for the out This is a

884
00:45:57,200 --> 00:46:01,560
Speaker 1: very important confrontation that have been on Capitol Hill Senator

885
00:46:01,640 --> 00:46:07,439
Speaker 1: rand Paul pressing DHS Secretary Mayorcis about the Disinformation Governance Board.

886
00:46:07,480 --> 00:46:09,759
Speaker 1: And I think that rand Paul said something that we've

887
00:46:09,760 --> 00:46:12,160
Speaker 1: been trying to emphasize here, which is that the US

888
00:46:12,280 --> 00:46:15,000
Speaker 1: government cannot and should not be able to sort out

889
00:46:15,200 --> 00:46:17,960
Speaker 1: what is disinformation because it has been one of the

890
00:46:18,000 --> 00:46:22,560
Speaker 1: greatest purveyors of disinformation in the history of the world.

891
00:46:22,920 --> 00:46:26,880
Speaker 1: Let's watch that confrontation. Do we have policies, do we

892
00:46:26,960 --> 00:46:30,399
Speaker 1: have guard rails? Do we have Here's the problem where

893
00:46:30,480 --> 00:46:33,480
Speaker 1: we can't even agree. We can't even agree what disinformation

894
00:46:33,719 --> 00:46:36,680
Speaker 1: is you can't even agree that it was disinformation that

895
00:46:36,719 --> 00:46:39,560
Speaker 1: the Russians fed information to the Steele dossier. If you

896
00:46:39,600 --> 00:46:41,160
Speaker 1: can't agree to that, how are we ever going to

897
00:46:41,200 --> 00:46:43,560
Speaker 1: go into an agreement on what is disinformation? So you

898
00:46:43,560 --> 00:46:46,600
Speaker 1: can police it on social media. I think you've got

899
00:46:46,640 --> 00:46:49,120
Speaker 1: no idea what disinformation is, and I don't think the

900
00:46:49,160 --> 00:46:51,280
Speaker 1: government's capable of it. Do you know that the greatest

901
00:46:51,320 --> 00:46:53,920
Speaker 1: propagator of disinformation in the history of the world is

902
00:46:54,320 --> 00:46:58,800
Speaker 1: the US government. Are you familiar with macnamaron the Pentagon Papers?

903
00:46:59,719 --> 00:47:02,280
Speaker 1: Are you familiar with George W. Bush and the weapons

904
00:47:02,320 --> 00:47:06,839
Speaker 1: of mass destruction? Or you're familiar with Iran contra. I mean,

905
00:47:07,080 --> 00:47:09,520
Speaker 1: think of all the debates and disputes we've had over

906
00:47:09,560 --> 00:47:13,279
Speaker 1: the last fifty years in our country. We work them

907
00:47:13,320 --> 00:47:15,440
Speaker 1: out by debating them. We don't work them out by

908
00:47:15,520 --> 00:47:18,560
Speaker 1: the government being the arbitrary. I don't want guard rails.

909
00:47:18,680 --> 00:47:20,520
Speaker 1: I want you to have nothing to do with speech.

910
00:47:20,920 --> 00:47:24,960
Speaker 1: You think we can't determine You know, speech by traffickers

911
00:47:25,000 --> 00:47:27,920
Speaker 1: is disinformation. You think the American people are so stupid

912
00:47:27,960 --> 00:47:29,799
Speaker 1: they need you to tell them what the truth is.

913
00:47:30,120 --> 00:47:31,960
Speaker 1: You can't even admit what the truth is with the

914
00:47:32,000 --> 00:47:34,840
Speaker 1: Steele dossier. I don't trust government to figure out what

915
00:47:34,880 --> 00:47:41,920
Speaker 1: the truth is. Government is largely disseminating disinformation. He's right. Look,

916
00:47:42,239 --> 00:47:47,080
Speaker 1: no matter who you are, Maorcis, Trump, Obama, Bill Clinton,

917
00:47:47,680 --> 00:47:50,360
Speaker 1: all the way back FDR that even the best presidents

918
00:47:50,400 --> 00:47:53,719
Speaker 1: they have sewed disinformation. It is the job of the

919
00:47:53,760 --> 00:47:57,520
Speaker 1: press and of free society in order to expose that disinformation,

920
00:47:57,600 --> 00:48:00,200
Speaker 1: and for all of us in order to consider the

921
00:48:00,280 --> 00:48:02,800
Speaker 1: ups and the downs, and the plus and the minus.

922
00:48:02,920 --> 00:48:06,919
Speaker 1: So we should not have any entity out there which

923
00:48:06,960 --> 00:48:10,640
Speaker 1: is government affiliated issuing guidance on this. I mean even

924
00:48:10,840 --> 00:48:13,480
Speaker 1: I'll even go so far as to say on the Russians,

925
00:48:13,680 --> 00:48:16,359
Speaker 1: I don't think it is up to America to say

926
00:48:16,360 --> 00:48:19,600
Speaker 1: that the Russians are sowing. They can say, look, we disagree,

927
00:48:19,640 --> 00:48:21,040
Speaker 1: you know what this is said. I think it should

928
00:48:21,040 --> 00:48:23,160
Speaker 1: be up to us. They can issue, you know, guidance

929
00:48:23,360 --> 00:48:26,920
Speaker 1: or whatever, but they should not be out there declaring

930
00:48:26,960 --> 00:48:29,680
Speaker 1: and classifying things and then feeding that to the tech

931
00:48:29,719 --> 00:48:32,640
Speaker 1: company's crystal. And that is what this new board, by

932
00:48:32,640 --> 00:48:35,200
Speaker 1: all accounts, appears to be doing. They say we're going

933
00:48:35,280 --> 00:48:38,959
Speaker 1: to stick only to foreign disinformation. But as rand Paul,

934
00:48:39,280 --> 00:48:41,760
Speaker 1: you think we need the DHS to tell us that people,

935
00:48:41,800 --> 00:48:44,560
Speaker 1: you know, the drug smugglers, they're feeding hard learns people.

936
00:48:44,640 --> 00:48:48,279
Speaker 1: Oh no, oh wow, what a novel concept. There were

937
00:48:48,280 --> 00:48:51,280
Speaker 1: a couple of things I really appreciated about that whole

938
00:48:52,040 --> 00:48:55,280
Speaker 1: that whole speech and you know, I have a healthy

939
00:48:55,320 --> 00:48:57,480
Speaker 1: bit of skepticism about Ran Paul, So when I saw

940
00:48:57,560 --> 00:48:59,560
Speaker 1: this going viral, I was not It was not a

941
00:48:59,600 --> 00:49:01,120
Speaker 1: sure thing for me that I was going to like

942
00:49:01,120 --> 00:49:02,480
Speaker 1: what he had to say. But there were two things

943
00:49:02,520 --> 00:49:06,400
Speaker 1: I really appreciated. Number one was that he used examples

944
00:49:06,440 --> 00:49:10,279
Speaker 1: that were from Republican administrations. I mean, for a Republican

945
00:49:10,760 --> 00:49:14,360
Speaker 1: to directly call out the George W. Bush administration, I

946
00:49:14,560 --> 00:49:17,000
Speaker 1: say mass destruction. I mean, that's a very that is

947
00:49:17,040 --> 00:49:19,719
Speaker 1: a very new phenomenon, and it is not it is

948
00:49:19,760 --> 00:49:22,120
Speaker 1: not certainly across the board. I mean, we saw in

949
00:49:22,200 --> 00:49:25,840
Speaker 1: the Katanji Brown Jackson confirmation hearings how they were still

950
00:49:25,920 --> 00:49:28,160
Speaker 1: using this like, you know, trying to defend torture and

951
00:49:28,160 --> 00:49:30,160
Speaker 1: trying to use against her the fact that she had

952
00:49:30,200 --> 00:49:32,880
Speaker 1: been on the side of standing up for the constitution

953
00:49:33,000 --> 00:49:36,200
Speaker 1: against indefinite detention and those things against her. So those

954
00:49:36,239 --> 00:49:38,560
Speaker 1: politics are not dead. There are still a lot of

955
00:49:38,600 --> 00:49:41,440
Speaker 1: people in the Republican Party who and in the Democratic

956
00:49:41,440 --> 00:49:45,680
Speaker 1: Party by the way, who still are totally in like

957
00:49:45,880 --> 00:49:50,280
Speaker 1: Meocan brain land. So I appreciated that pointed to Iran contray.

958
00:49:50,280 --> 00:49:53,080
Speaker 1: Of course, that's under the Reagan administration. So that made

959
00:49:53,160 --> 00:49:56,520
Speaker 1: the point really honest and salient because he wasn't just

960
00:49:56,680 --> 00:50:02,080
Speaker 1: cherry picking like the democratic abuses of which there are many, right, Yes,

961
00:50:02,360 --> 00:50:05,560
Speaker 1: so I appreciated that. The other part I really appreciated

962
00:50:05,760 --> 00:50:08,160
Speaker 1: with something that we've talked about on this show here before,

963
00:50:08,840 --> 00:50:11,359
Speaker 1: is he made this comment like, do you really think

964
00:50:11,440 --> 00:50:14,720
Speaker 1: that the American people are so stupid that they can't

965
00:50:15,000 --> 00:50:20,800
Speaker 1: figure out like that smugglers are lying and trafficking and disinformation.

966
00:50:21,520 --> 00:50:24,240
Speaker 1: And that's to me, really the crux of this whole

967
00:50:24,280 --> 00:50:28,400
Speaker 1: issue is that you have a large and growing sentiment

968
00:50:28,640 --> 00:50:33,800
Speaker 1: of elected officials and also just you know, frankly regular

969
00:50:33,840 --> 00:50:37,120
Speaker 1: Americans who don't believe that their fellow citizens are really

970
00:50:37,239 --> 00:50:40,520
Speaker 1: up to participating as citizens in a democracy, that they

971
00:50:40,520 --> 00:50:43,480
Speaker 1: can't handle it. That concern has been present since the

972
00:50:43,480 --> 00:50:47,120
Speaker 1: founding of the republic literally, and that when you have

973
00:50:47,360 --> 00:50:50,000
Speaker 1: that sentiment of like, I can't trust these people on

974
00:50:50,120 --> 00:50:52,759
Speaker 1: here to be you know, in the messy give and

975
00:50:52,800 --> 00:50:55,480
Speaker 1: take of a democracy and figure things out for themselves

976
00:50:55,520 --> 00:50:58,000
Speaker 1: with the help of a free press and with all

977
00:50:58,040 --> 00:51:00,160
Speaker 1: of the you know, wealth of information that is this

978
00:51:00,239 --> 00:51:02,640
Speaker 1: down there in our ecosystem. Now, when you get to

979
00:51:02,680 --> 00:51:05,200
Speaker 1: that point, then what does that justify? That justifies the

980
00:51:06,040 --> 00:51:08,040
Speaker 1: you can't handle it. First of all, we're going to

981
00:51:08,080 --> 00:51:09,879
Speaker 1: censor you. We're not going to allow you to say

982
00:51:09,960 --> 00:51:12,000
Speaker 1: see certain things. We're not going to allow you to

983
00:51:12,000 --> 00:51:17,319
Speaker 1: say certain things. It leads to police state authoritarianism atmosphere.

984
00:51:17,560 --> 00:51:19,480
Speaker 1: And it also leads to the flip side of that

985
00:51:19,640 --> 00:51:23,480
Speaker 1: is so we have to hand total control to the experts.

986
00:51:23,600 --> 00:51:27,480
Speaker 1: It's just this group of educated, credentialed elites. They're the

987
00:51:27,480 --> 00:51:30,799
Speaker 1: only ones we can really trust with this governance and

988
00:51:30,920 --> 00:51:33,640
Speaker 1: democracy stuff like democracy is not for the people. And

989
00:51:33,680 --> 00:51:37,400
Speaker 1: so I really appreciate that his point gets at that piece,

990
00:51:37,440 --> 00:51:40,000
Speaker 1: because I really think that's the central that's why this

991
00:51:40,080 --> 00:51:42,640
Speaker 1: debate is so incredibly important. Nun percent. And let's just

992
00:51:42,719 --> 00:51:44,960
Speaker 1: be reminded of who the new head of this board is,

993
00:51:45,400 --> 00:51:49,200
Speaker 1: the so called emotion cringe person in the entire country.

994
00:51:49,239 --> 00:51:52,560
Speaker 1: No literally, Yeah, like I said, look, theater kid who,

995
00:51:52,640 --> 00:51:55,560
Speaker 1: unlike me, was not mugged by reality the worst of

996
00:51:55,600 --> 00:51:58,560
Speaker 1: all world. Here's where she gave a recent interview. I'll listen,

997
00:51:58,880 --> 00:52:02,840
Speaker 1: there's already this idea, this allegation that there is anti

998
00:52:02,880 --> 00:52:06,319
Speaker 1: conservative bias on the platforms, even though there has been

999
00:52:06,360 --> 00:52:09,560
Speaker 1: study after study proving in fact that often it's liberal

1000
00:52:09,680 --> 00:52:14,600
Speaker 1: voices that are being silenced, particularly minority voices on social media.

1001
00:52:14,719 --> 00:52:16,960
Speaker 1: So I think we're going to see more allegations of that.

1002
00:52:17,800 --> 00:52:21,080
Speaker 1: Where do these fake studies come from? Do I doubt

1003
00:52:21,200 --> 00:52:23,319
Speaker 1: that there are actually liberal is not the right word?

1004
00:52:23,360 --> 00:52:25,560
Speaker 1: Are there left accounts which are censored? Yeah, all of

1005
00:52:25,600 --> 00:52:28,280
Speaker 1: the time. And we have pointed to many of those instances,

1006
00:52:28,320 --> 00:52:31,960
Speaker 1: specifically who are anti imperialists or anti war activists or

1007
00:52:31,960 --> 00:52:34,600
Speaker 1: the most likely some of them may be people of

1008
00:52:34,600 --> 00:52:38,920
Speaker 1: car are liberal voices BLM activists getting salience on Twitter?

1009
00:52:39,200 --> 00:52:42,799
Speaker 1: Get out here? Okay, that is the most ludicrous accusation.

1010
00:52:42,880 --> 00:52:45,080
Speaker 1: And they always come up with this fake data and

1011
00:52:45,120 --> 00:52:47,800
Speaker 1: these experts in order to just justify a censorious, elite

1012
00:52:47,880 --> 00:52:50,080
Speaker 1: liberal point of view. I wish they would just say

1013
00:52:50,080 --> 00:52:52,400
Speaker 1: that they're like, listen, we think some voices are abhorrent,

1014
00:52:52,520 --> 00:52:54,600
Speaker 1: we think others aren't, and not rely on all of

1015
00:52:54,600 --> 00:52:57,800
Speaker 1: this fakery. But look, this is some deserve serious scrutiny.

1016
00:52:57,920 --> 00:53:00,000
Speaker 1: This lady is now the head of a US government

1017
00:53:00,000 --> 00:53:04,560
Speaker 1: agency with possible power over social media companies over very

1018
00:53:04,640 --> 00:53:08,719
Speaker 1: least guidance whatever that means from the Department of Homeland Security,

1019
00:53:09,160 --> 00:53:12,799
Speaker 1: which is the largest law enforcement agency in the entire

1020
00:53:12,960 --> 00:53:14,960
Speaker 1: United States. A lot of people forget that they have

1021
00:53:14,960 --> 00:53:17,400
Speaker 1: immense power over our lives. Yeah, I thought about her

1022
00:53:17,440 --> 00:53:19,960
Speaker 1: comment there a lot. Actually. First of all, I think

1023
00:53:19,960 --> 00:53:22,320
Speaker 1: it's a little revealing that she just conflates liberals and

1024
00:53:22,360 --> 00:53:25,280
Speaker 1: people of color as if there's no like ideological diversity.

1025
00:53:25,360 --> 00:53:26,840
Speaker 1: I'm sure that there are a lot of people of

1026
00:53:26,880 --> 00:53:30,000
Speaker 1: color who are being censored who have dissident views. Yeah, like,

1027
00:53:30,040 --> 00:53:33,480
Speaker 1: there's no doubt about There's no doubt about that. The

1028
00:53:33,600 --> 00:53:37,799
Speaker 1: reason why you don't see liberal voices being censored like

1029
00:53:37,840 --> 00:53:40,480
Speaker 1: you do, you know, voices who are outside of the mainstream,

1030
00:53:40,560 --> 00:53:43,640
Speaker 1: is because, I mean, these companies are run by billionaires

1031
00:53:43,680 --> 00:53:48,600
Speaker 1: and you know they are culturally they are tend to have,

1032
00:53:48,800 --> 00:53:52,320
Speaker 1: you know, a very specific sort of ideology that conforms

1033
00:53:52,360 --> 00:53:55,359
Speaker 1: with what you know, the liberal media wants to put

1034
00:53:55,400 --> 00:54:00,319
Speaker 1: out there. So, yeah, if you're basically in line with

1035
00:54:00,480 --> 00:54:03,799
Speaker 1: the cultural views of the powers that be, then you're

1036
00:54:04,160 --> 00:54:07,080
Speaker 1: not going to be censored. You're not ultimately going to

1037
00:54:07,120 --> 00:54:10,320
Speaker 1: have an issue. To me, it doesn't really matter which

1038
00:54:10,480 --> 00:54:13,520
Speaker 1: part of the spectrum is being censored more or less,

1039
00:54:13,520 --> 00:54:16,359
Speaker 1: because this is a value. It's about the values it's

1040
00:54:16,360 --> 00:54:19,160
Speaker 1: about the principle's about being committed to living in a

1041
00:54:19,160 --> 00:54:23,800
Speaker 1: democracy and what that ultimately entails. Good morning, everybody, Happy Thursday.

1042
00:54:23,840 --> 00:54:25,560
Speaker 1: We have an amazing show for everybody today. When do

1043
00:54:25,560 --> 00:54:28,200
Speaker 1: we have Crystal. Indeed, we do many big stories breaking

1044
00:54:28,239 --> 00:54:31,920
Speaker 1: this morning to bring to you. So new inflation numbers out,

1045
00:54:32,000 --> 00:54:34,520
Speaker 1: the picture continues to be dire. We have all of

1046
00:54:34,520 --> 00:54:37,600
Speaker 1: the details there for you. President Biden also addressing this

1047
00:54:38,080 --> 00:54:41,160
Speaker 1: in a major speech, clearly trying to reframe the debate

1048
00:54:41,200 --> 00:54:44,839
Speaker 1: on inflation, which has been obviously very damaging for you all,

1049
00:54:44,880 --> 00:54:47,440
Speaker 1: but politically dire for Democrats. So we'll bring you all

1050
00:54:47,480 --> 00:54:49,600
Speaker 1: of those details. But there's a lot else that is

1051
00:54:49,640 --> 00:54:54,360
Speaker 1: going on as well. A massive package of aid, mostly

1052
00:54:54,400 --> 00:54:57,560
Speaker 1: going to defense contractors, ultimately passing with regards to the

1053
00:54:57,719 --> 00:55:01,320
Speaker 1: war in Ukraine, very little acent, but where the descent

1054
00:55:01,440 --> 00:55:03,799
Speaker 1: came from is actually kind of interesting, so we'll give

1055
00:55:03,800 --> 00:55:07,320
Speaker 1: you the details of that. Also, and a Palestine American

1056
00:55:07,400 --> 00:55:11,279
Speaker 1: journalist was shot and killed while covering an Israeli raid

1057
00:55:11,400 --> 00:55:14,280
Speaker 1: in the occupied West Bank. We will tell you everything

1058
00:55:14,320 --> 00:55:18,480
Speaker 1: we know about what unfolded. They're really a horrific, horrific tragedy.

1059
00:55:19,040 --> 00:55:21,920
Speaker 1: We also have new numbers with regards to overdose deaths,

1060
00:55:22,040 --> 00:55:25,560
Speaker 1: the numbers continue to go up. There was some hope

1061
00:55:25,600 --> 00:55:28,080
Speaker 1: that that might not be the case as the pandemic

1062
00:55:28,120 --> 00:55:31,040
Speaker 1: started to ease in twenty twenty one and lockdowns came

1063
00:55:31,080 --> 00:55:33,360
Speaker 1: to an end, but in fact, the numbers just continue

1064
00:55:33,400 --> 00:55:36,080
Speaker 1: to get worse and worse. So the details they are

1065
00:55:36,160 --> 00:55:39,279
Speaker 1: also important to get into. And finally, we have some

1066
00:55:39,440 --> 00:55:43,839
Speaker 1: new numbers with regards to the ratings of Simone Sanders'

1067
00:55:43,960 --> 00:55:47,880
Speaker 1: debut on MSNBC. Just how did her first show featuring

1068
00:55:48,200 --> 00:55:50,719
Speaker 1: the First Lady? How did that go? We'll tell you

1069
00:55:50,719 --> 00:55:53,279
Speaker 1: about that. Ryan Grimm is going to join us as well.

1070
00:55:53,280 --> 00:55:56,960
Speaker 1: He actually reported out an extraordinary story about the sort

1071
00:55:57,000 --> 00:56:02,840
Speaker 1: of derailing of a DSA progressive campaign political campaign close

1072
00:56:02,880 --> 00:56:06,560
Speaker 1: to DC that is interesting and instructive. It tells you

1073
00:56:06,600 --> 00:56:08,719
Speaker 1: a lot a lot of ways. So we're gonna have

1074
00:56:08,800 --> 00:56:11,120
Speaker 1: him lay that out since he did the reporting on this.

1075
00:56:11,440 --> 00:56:12,960
Speaker 1: But we do want to start with those brand new

1076
00:56:13,040 --> 00:56:15,160
Speaker 1: numbers on inflation. Sager, Yeah, that's right. Let's go ahead

1077
00:56:15,160 --> 00:56:16,799
Speaker 1: and put this up there on the screen. These are

1078
00:56:16,840 --> 00:56:20,000
Speaker 1: really important numbers. So this is the overall year over

1079
00:56:20,080 --> 00:56:23,960
Speaker 1: year increase by price in terms of specific product categories,

1080
00:56:23,960 --> 00:56:25,200
Speaker 1: So I'm just going to read some of those for

1081
00:56:25,320 --> 00:56:28,560
Speaker 1: just who are listening. Gas forty four percent up year

1082
00:56:28,600 --> 00:56:31,839
Speaker 1: over year, airfare up thirty three percent year over year,

1083
00:56:32,160 --> 00:56:35,120
Speaker 1: eggs up twenty three percent year over year, utility gas

1084
00:56:35,160 --> 00:56:39,200
Speaker 1: twenty three, used cars twenty three, hotels twenty three, bacon eighteen,

1085
00:56:39,400 --> 00:56:44,520
Speaker 1: chicken fifteen, milk fifteen, furniture fifteen, coffee fourteen, beef fourteen,

1086
00:56:44,600 --> 00:56:48,879
Speaker 1: flour fourteen, new cars fourteen, fish thirteen, electricity eleven, health,

1087
00:56:48,880 --> 00:56:53,480
Speaker 1: insurance ten, rent five. So basically everything you need in

1088
00:56:53,520 --> 00:56:58,920
Speaker 1: your entire life minimum up five and at a maximum

1089
00:56:58,960 --> 00:57:03,840
Speaker 1: is up around So not a good situation. Now. The

1090
00:57:03,880 --> 00:57:05,400
Speaker 1: way that the media is trying to spin this, and

1091
00:57:05,400 --> 00:57:07,680
Speaker 1: I'm doing an entire monologue just on the media and

1092
00:57:07,719 --> 00:57:09,880
Speaker 1: inflation is just so hilarious to me. Let's put this

1093
00:57:09,960 --> 00:57:12,920
Speaker 1: up there on the screen. The AP says, us inflation

1094
00:57:13,120 --> 00:57:15,920
Speaker 1: dips from the four decade high but still causing pain.

1095
00:57:16,080 --> 00:57:19,000
Speaker 1: It's like, yeah, it drip dipped to eight point three

1096
00:57:19,160 --> 00:57:22,880
Speaker 1: from eight point five, So not necessarily a huge win.

1097
00:57:23,160 --> 00:57:26,240
Speaker 1: And actually, in terms of the overall increase in price,

1098
00:57:26,640 --> 00:57:29,880
Speaker 1: which you see in the most critical categories like gas

1099
00:57:29,920 --> 00:57:34,720
Speaker 1: and food and gas, food, rent, housing, et cetera. I mean,

1100
00:57:34,800 --> 00:57:38,600
Speaker 1: you just have a situation where it's devastating for most Americans.

1101
00:57:38,640 --> 00:57:40,680
Speaker 1: So Biden administration will get to his speech is trying

1102
00:57:40,720 --> 00:57:43,600
Speaker 1: to spin it talking about wage increased, so well, wages

1103
00:57:43,600 --> 00:57:45,560
Speaker 1: are up two to three percent. It's like that was

1104
00:57:45,600 --> 00:57:47,840
Speaker 1: not even going to cover your rent inflation. I mean,

1105
00:57:48,160 --> 00:57:51,560
Speaker 1: it's gonna cover your rent inflation, let alone food inflation,

1106
00:57:51,760 --> 00:57:55,520
Speaker 1: let alone gas. I mean the lack of focus here

1107
00:57:55,600 --> 00:58:00,840
Speaker 1: on the most basic bread butter like household fences by

1108
00:58:00,840 --> 00:58:03,360
Speaker 1: the administration is going to kill them. And I think

1109
00:58:03,400 --> 00:58:05,480
Speaker 1: that the really depressing part about this, and kind of

1110
00:58:05,600 --> 00:58:08,400
Speaker 1: was the end of my diesel monologue on Tuesday, is

1111
00:58:08,840 --> 00:58:10,520
Speaker 1: there ain't no way out of this thing right now.

1112
00:58:10,600 --> 00:58:13,640
Speaker 1: I mean, gas right now is still four thirty a gallon. Crystal.

1113
00:58:13,840 --> 00:58:17,600
Speaker 1: Airfare is very high, specifically not only because of high

1114
00:58:17,600 --> 00:58:20,360
Speaker 1: demand because everybody wants to travel this summer, but jet

1115
00:58:20,360 --> 00:58:23,200
Speaker 1: fuel is like seven dollars a gallon in New York Harbor.

1116
00:58:23,600 --> 00:58:26,520
Speaker 1: Eggs same thing. I didn't know this, but ten percent

1117
00:58:26,640 --> 00:58:29,120
Speaker 1: of the all the chickens in America apparently died of

1118
00:58:29,360 --> 00:58:31,600
Speaker 1: some weird bird flu this year, So we have some

1119
00:58:31,680 --> 00:58:34,320
Speaker 1: crazy I know, it's like this year, can not possibly

1120
00:58:34,360 --> 00:58:37,320
Speaker 1: catch a break on a single for ten percent of

1121
00:58:37,360 --> 00:58:40,040
Speaker 1: all the chickens I died from a crazy bird flu

1122
00:58:40,160 --> 00:58:43,120
Speaker 1: this year. And then utility gas obviously that comes from

1123
00:58:43,200 --> 00:58:47,520
Speaker 1: natural gas. Hotels demand is sky high. Bacon. I've talked

1124
00:58:47,560 --> 00:58:50,600
Speaker 1: before about the pig shortage and meat and there's all

1125
00:58:50,680 --> 00:58:53,640
Speaker 1: kinds of crazy things going on in the meat supply chain.

1126
00:58:53,760 --> 00:58:56,000
Speaker 1: Same problem with milk. I mean, you know, just on

1127
00:58:56,160 --> 00:58:58,560
Speaker 1: I can go on forever every single one of these categories.

1128
00:58:58,880 --> 00:59:02,840
Speaker 1: The price here is probably only going to increase over

1129
00:59:02,880 --> 00:59:05,840
Speaker 1: the next year, maybe even two years, as the supply

1130
00:59:05,920 --> 00:59:08,280
Speaker 1: chain problems shake out. And there's not a lot the

1131
00:59:08,280 --> 00:59:10,200
Speaker 1: Biden mist I mean, they could have done something, you know,

1132
00:59:10,280 --> 00:59:13,120
Speaker 1: maybe a year ago, six months ago. At this point,

1133
00:59:13,200 --> 00:59:14,560
Speaker 1: they've just shown us that they're not really going to

1134
00:59:14,600 --> 00:59:17,360
Speaker 1: do anything. This is here to stay for a long

1135
00:59:17,560 --> 00:59:20,120
Speaker 1: time to come, and that has major ramification. Yeah, no,

1136
00:59:20,240 --> 00:59:23,760
Speaker 1: that's right. And the way that they're trying to spin

1137
00:59:23,840 --> 00:59:26,680
Speaker 1: it and say, well, there are some there's some good

1138
00:59:26,720 --> 00:59:30,800
Speaker 1: news buried within this report, even though actually the inflation

1139
00:59:31,000 --> 00:59:33,920
Speaker 1: increased more than they were expecting, so it was a

1140
00:59:33,960 --> 00:59:36,800
Speaker 1: worse report than they were expecting, and the stock market

1141
00:59:36,800 --> 00:59:39,280
Speaker 1: once again dipped because of that, because they're looking not

1142
00:59:39,320 --> 00:59:42,360
Speaker 1: just at inflation, but they're also reading the tee leaves

1143
00:59:42,400 --> 00:59:45,960
Speaker 1: of Okay, if inflation remains high, that's going to force

1144
00:59:46,040 --> 00:59:48,919
Speaker 1: the Federal Reserve's hand in terms of having to tighten

1145
00:59:48,960 --> 00:59:51,760
Speaker 1: the economy more and potentially, you know, end up with

1146
00:59:51,840 --> 00:59:53,920
Speaker 1: what they did in the seventies and eighties, which is

1147
00:59:54,040 --> 00:59:57,040
Speaker 1: forcing the country into recession to try to get inflation

1148
00:59:57,240 --> 01:00:00,240
Speaker 1: under control. But so what they're pointing to is they say, oh, well,

1149
01:00:00,560 --> 01:00:04,400
Speaker 1: core prices, so called core prices jump twice as much

1150
01:00:04,440 --> 01:00:06,479
Speaker 1: from March to April as they did the previous month.

1151
01:00:06,960 --> 01:00:09,320
Speaker 1: But there are signs that supply chains are improving for

1152
01:00:09,400 --> 01:00:13,240
Speaker 1: some goods. Prices for appliances and clothing both fell. Cost

1153
01:00:13,320 --> 01:00:15,680
Speaker 1: of used cars dropped. You remember that you used cars

1154
01:00:15,760 --> 01:00:17,960
Speaker 1: sort of like led the charge in terms they were

1155
01:00:18,000 --> 01:00:20,480
Speaker 1: one of the indicator. Yeah, it was. It ended up

1156
01:00:20,520 --> 01:00:24,880
Speaker 1: being a leading indicator. But those prices, you know, for

1157
01:00:25,160 --> 01:00:28,080
Speaker 1: things that are essential to you, for food and for

1158
01:00:28,200 --> 01:00:32,240
Speaker 1: rent and for gasoline continuing to spike at such a

1159
01:00:32,360 --> 01:00:34,520
Speaker 1: rapid pace. I mean that those are the things that

1160
01:00:34,680 --> 01:00:38,200
Speaker 1: really hit household budgets, and that there's just obviously no

1161
01:00:38,400 --> 01:00:42,440
Speaker 1: avoiding paying to get to work, paying to feed yourself

1162
01:00:42,440 --> 01:00:47,240
Speaker 1: and your family, for example. So it's an extraordinarily difficult situation.

1163
01:00:47,440 --> 01:00:49,520
Speaker 1: And yeah, I was reading one analysis I thought this

1164
01:00:49,640 --> 01:00:54,400
Speaker 1: was interesting too about the how this impacts people psychologically

1165
01:00:54,520 --> 01:00:58,480
Speaker 1: as well, because you know, even in a downturn, when

1166
01:00:58,560 --> 01:01:02,320
Speaker 1: you lose your job, we have this whole mythology about

1167
01:01:02,320 --> 01:01:04,480
Speaker 1: the bootstraps and know if you just work harder and

1168
01:01:04,520 --> 01:01:06,840
Speaker 1: you just put yourself down there, then you can overcome

1169
01:01:06,880 --> 01:01:11,120
Speaker 1: these circumstances. With inflation, there's no mythology about like, well,

1170
01:01:11,120 --> 01:01:15,080
Speaker 1: this is really somehow your fault everybody. It feels completely

1171
01:01:15,120 --> 01:01:17,240
Speaker 1: out of your control. There's nothing you can do other

1172
01:01:17,360 --> 01:01:20,640
Speaker 1: than just like cut corners and cut back and cut

1173
01:01:20,640 --> 01:01:23,600
Speaker 1: to the bone what you're ultimately spending for yourself and

1174
01:01:23,640 --> 01:01:27,360
Speaker 1: your family budget. And that sense of powerless is also

1175
01:01:27,720 --> 01:01:29,960
Speaker 1: I mean, that's just a really horrible feeling where you

1176
01:01:30,000 --> 01:01:32,400
Speaker 1: know that there's nothing you can do to keep up

1177
01:01:32,440 --> 01:01:35,440
Speaker 1: with these rising prices, where you know that every time

1178
01:01:35,480 --> 01:01:37,320
Speaker 1: you go to the grocery store you're going to be

1179
01:01:37,320 --> 01:01:38,959
Speaker 1: able to get a little bit less and a little

1180
01:01:38,960 --> 01:01:42,080
Speaker 1: bit less and a little bit less with your dollars.

1181
01:01:42,120 --> 01:01:44,840
Speaker 1: So I think that part of it too. You know,

1182
01:01:45,160 --> 01:01:47,440
Speaker 1: it's the reality of the cuts people are having to make,

1183
01:01:47,480 --> 01:01:51,200
Speaker 1: and also that sense of powerless that there's just nothing

1184
01:01:51,400 --> 01:01:53,760
Speaker 1: in your control that you can do about this whatsoever.

1185
01:01:53,800 --> 01:01:55,439
Speaker 1: I think it's an excellent point. You Actually was talking

1186
01:01:55,440 --> 01:01:57,520
Speaker 1: about this with some friends yesterday about how I finally

1187
01:01:57,560 --> 01:02:00,560
Speaker 1: understand some of my parents quirks about like paying down

1188
01:02:00,560 --> 01:02:03,280
Speaker 1: their mortgage and the way that they're like relentless. And

1189
01:02:03,320 --> 01:02:05,680
Speaker 1: it's like, well, they had mortgages that were like nine

1190
01:02:05,720 --> 01:02:08,760
Speaker 1: percent whenever they were whenever they came to this country.

1191
01:02:08,960 --> 01:02:11,640
Speaker 1: A lot of people had mortgages which were like twelve percent.

1192
01:02:11,720 --> 01:02:14,680
Speaker 1: I mean, I can't even conceive of what that looks like.

1193
01:02:14,760 --> 01:02:17,200
Speaker 1: And a lot of people, you know, even probably older

1194
01:02:17,240 --> 01:02:21,480
Speaker 1: than my parents, really remember the nineteen seventies and like

1195
01:02:21,880 --> 01:02:26,680
Speaker 1: the chaos of having to stand in a gas line

1196
01:02:27,120 --> 01:02:29,440
Speaker 1: for eight hours or going to the grocery. I mean,

1197
01:02:29,480 --> 01:02:32,000
Speaker 1: at that time, you know, runaway inflation was a really

1198
01:02:32,080 --> 01:02:35,240
Speaker 1: real thing, and then you have crazy economy and it

1199
01:02:35,280 --> 01:02:37,480
Speaker 1: just feels like the whole world is falling apart. I'm

1200
01:02:37,480 --> 01:02:39,600
Speaker 1: starting to understand how some of this stuff can imprint

1201
01:02:39,640 --> 01:02:42,200
Speaker 1: on you as a generation. I'm sure, honestly, I think

1202
01:02:42,240 --> 01:02:44,680
Speaker 1: you'll probably imprint on us. I mean, twenty years from now,

1203
01:02:44,720 --> 01:02:46,040
Speaker 1: you're gonna be like, hey man, you don't know what

1204
01:02:46,080 --> 01:02:47,280
Speaker 1: it was like. Like, I mean, I can't be the

1205
01:02:47,320 --> 01:02:49,160
Speaker 1: only guy you go to the grocery store. You see

1206
01:02:49,200 --> 01:02:52,120
Speaker 1: the same pack of something you bought like two months ago,

1207
01:02:52,160 --> 01:02:55,680
Speaker 1: and you're like, what, like this is ten dollars more expensive? Yeah,

1208
01:02:55,680 --> 01:02:59,000
Speaker 1: I feel like this is crazy town. And you know,

1209
01:02:59,080 --> 01:03:02,000
Speaker 1: you ring up and even though you think you're being economical,

1210
01:03:02,120 --> 01:03:04,080
Speaker 1: you're like it's two hundred and fifty bucks. You know,

1211
01:03:04,160 --> 01:03:06,680
Speaker 1: it's like what is happening here? This is one of

1212
01:03:06,680 --> 01:03:09,120
Speaker 1: those things where that is just gonna stay with you

1213
01:03:09,400 --> 01:03:11,280
Speaker 1: for a long time. I mean, I think I try

1214
01:03:11,320 --> 01:03:13,080
Speaker 1: to think back on the Great Recession and how it

1215
01:03:13,120 --> 01:03:15,440
Speaker 1: kind of imprinted us and like change our whole politics,

1216
01:03:15,600 --> 01:03:19,640
Speaker 1: maybe as much as much as the Iraq War. And

1217
01:03:19,680 --> 01:03:22,360
Speaker 1: for me, it was I lost faith in the entire

1218
01:03:22,400 --> 01:03:24,520
Speaker 1: financial system. I was like, oh, this thing is fake.

1219
01:03:24,640 --> 01:03:26,880
Speaker 1: I was like I don't know exactly why. You know,

1220
01:03:26,880 --> 01:03:29,480
Speaker 1: we can talk about mortgage backed securities and like exact,

1221
01:03:29,720 --> 01:03:31,160
Speaker 1: but I just looked at it. And then you know

1222
01:03:31,200 --> 01:03:32,960
Speaker 1: the fact that they got bailed out and then the

1223
01:03:33,040 --> 01:03:34,880
Speaker 1: fact that they all got rich but so many people

1224
01:03:34,920 --> 01:03:37,360
Speaker 1: lost their homes. I just posted a photo yesterday was

1225
01:03:37,400 --> 01:03:39,040
Speaker 1: really just bummed the hell out of me. And it

1226
01:03:39,120 --> 01:03:41,880
Speaker 1: was a side by side photo of Detroit in two

1227
01:03:41,920 --> 01:03:44,320
Speaker 1: thousand and nine, the same house versus the same house

1228
01:03:44,360 --> 01:03:46,560
Speaker 1: in twenty nineteen and two thousand and nine. There was

1229
01:03:46,560 --> 01:03:48,160
Speaker 1: a kiddie pool in the front, and there's a guy

1230
01:03:48,160 --> 01:03:50,120
Speaker 1: outside mowing his lawn. This is like Google mass something

1231
01:03:50,200 --> 01:03:53,080
Speaker 1: yea twenty nineteen. The whole thing is overgrown, the garage

1232
01:03:53,200 --> 01:03:56,400
Speaker 1: is trashed, and the whole street is empty. Yeah, and

1233
01:03:56,440 --> 01:03:58,480
Speaker 1: you're like, oh my god, I mean that really is

1234
01:03:58,520 --> 01:04:01,000
Speaker 1: the legacy of that. That and did really heavily on me.

1235
01:04:01,320 --> 01:04:03,360
Speaker 1: I think inflation is going to imprint heavily on all

1236
01:04:03,360 --> 01:04:06,280
Speaker 1: of us, gen Z everybody. Well. The thing is too

1237
01:04:06,280 --> 01:04:09,240
Speaker 1: that these crises are no longer coming once a generation.

1238
01:04:09,680 --> 01:04:12,560
Speaker 1: It's like it's speeding up. I mean, you know, you

1239
01:04:12,680 --> 01:04:15,320
Speaker 1: live through the Iraq War and the crash and the

1240
01:04:15,600 --> 01:04:18,680
Speaker 1: and COVID and the COVID crash and now this, you know,

1241
01:04:18,920 --> 01:04:22,440
Speaker 1: this chaotic economic circumstances that we see right now, so

1242
01:04:22,520 --> 01:04:25,120
Speaker 1: it just feels like it's all coming so quickly. I

1243
01:04:25,160 --> 01:04:28,240
Speaker 1: definitely saw My dad is older and So he was

1244
01:04:28,320 --> 01:04:31,520
Speaker 1: born during the Great Depression in West Virginia, you know,

1245
01:04:31,600 --> 01:04:35,000
Speaker 1: grew up in in pop complete poverty, I mean, lived

1246
01:04:35,000 --> 01:04:37,800
Speaker 1: in like a one room shandy that his dad built.

1247
01:04:38,120 --> 01:04:42,800
Speaker 1: And you definitely see the way that that frugality stayed

1248
01:04:42,800 --> 01:04:46,720
Speaker 1: with him his entire life, you know, continues with him

1249
01:04:46,720 --> 01:04:49,320
Speaker 1: today where he can tell you, like he's the classic

1250
01:04:49,320 --> 01:04:51,360
Speaker 1: guy who had the same coat that he bought in

1251
01:04:51,400 --> 01:04:54,920
Speaker 1: the seventies that you know, he's wrapped in duct tape

1252
01:04:55,120 --> 01:04:57,160
Speaker 1: and can tell you exactly what it cost when he

1253
01:04:57,200 --> 01:04:59,680
Speaker 1: bought it in nineteen seventy three, Like that's my dad.

1254
01:05:00,160 --> 01:05:03,840
Speaker 1: So there's no doubt that these things have massive generational impacts.

1255
01:05:03,840 --> 01:05:06,720
Speaker 1: And you also see right now we talk some about

1256
01:05:07,000 --> 01:05:11,640
Speaker 1: the crypto crash and that stable coin that we talked

1257
01:05:11,640 --> 01:05:15,240
Speaker 1: about before. Yeah, it's I mean it's it's a complete disaster.

1258
01:05:15,360 --> 01:05:17,200
Speaker 1: Is down to like fifty cents. This thing is supposed

1259
01:05:17,200 --> 01:05:19,240
Speaker 1: to be pegged at a dollar, and now you have

1260
01:05:19,320 --> 01:05:21,920
Speaker 1: people who sort of put their faith in crypto and

1261
01:05:21,960 --> 01:05:25,520
Speaker 1: put their faith in the stable coin. In particular, they're

1262
01:05:25,560 --> 01:05:31,080
Speaker 1: posting on Reddit like suicide hotlines they've lost everything, and so, yeah,

1263
01:05:31,240 --> 01:05:33,600
Speaker 1: is that going to stay with people for their entire life.

1264
01:05:33,680 --> 01:05:36,360
Speaker 1: Is that going to not just psychologically but just from

1265
01:05:36,400 --> 01:05:39,520
Speaker 1: a literal like what do your life chances and choices

1266
01:05:39,640 --> 01:05:41,640
Speaker 1: and what does it look like for you from here

1267
01:05:41,680 --> 01:05:45,160
Speaker 1: on out? Yeah, that's going to be with people and

1268
01:05:45,240 --> 01:05:49,840
Speaker 1: set their trajectory for their entire lives. So those are

1269
01:05:50,000 --> 01:05:54,760
Speaker 1: you know, it's it's a very dire time. And this

1270
01:05:54,840 --> 01:05:57,120
Speaker 1: is a good way to transition to the politics piece

1271
01:05:57,160 --> 01:06:00,720
Speaker 1: of this. When you look at the numbers among young

1272
01:06:00,760 --> 01:06:03,360
Speaker 1: people and how they feel about Joe Biden and the

1273
01:06:03,400 --> 01:06:07,760
Speaker 1: Democratic Party and how in just a year's time frame

1274
01:06:07,960 --> 01:06:12,280
Speaker 1: it has fallen off a cliff. This is pretty extraordinary,

1275
01:06:12,400 --> 01:06:14,680
Speaker 1: and I think it has a lot to do with

1276
01:06:14,960 --> 01:06:19,400
Speaker 1: the sense of broken promises, number one, the sense that

1277
01:06:19,560 --> 01:06:22,240
Speaker 1: you know, they he came in, I'm going to be

1278
01:06:22,320 --> 01:06:24,560
Speaker 1: FDR and I'm going to do all these things, and

1279
01:06:24,600 --> 01:06:27,240
Speaker 1: then one by one, all of these things which were

1280
01:06:27,440 --> 01:06:30,200
Speaker 1: popular and important and would help people get through these

1281
01:06:30,200 --> 01:06:33,320
Speaker 1: difficult times get sort of like ceremonially shot in the

1282
01:06:33,360 --> 01:06:36,280
Speaker 1: head week after week. And so now you have a

1283
01:06:36,320 --> 01:06:41,000
Speaker 1: situation where coming in, young demographics were the strongest supporter

1284
01:06:41,080 --> 01:06:44,760
Speaker 1: of Joe Biden and now it's completely reversed. Actually, the oldest,

1285
01:06:44,880 --> 01:06:46,800
Speaker 1: older you are, the more likely you are to have

1286
01:06:47,040 --> 01:06:50,040
Speaker 1: a to say, have a favorable opinion of Joe Biden.

1287
01:06:50,080 --> 01:06:53,560
Speaker 1: At this point, young people are despairing of how this

1288
01:06:53,680 --> 01:06:56,160
Speaker 1: administration has ultimately gone for them. Now that doesn't mean

1289
01:06:56,160 --> 01:06:58,120
Speaker 1: they like the Republicans are going to vote for them,

1290
01:06:58,440 --> 01:07:02,720
Speaker 1: but are they completely disenchanted with what the Democratic Party,

1291
01:07:02,760 --> 01:07:05,400
Speaker 1: led by Joe Biden has done for them. Absolutely? So.

1292
01:07:05,880 --> 01:07:09,240
Speaker 1: The Democrats have apparently finally realized that inflation is a

1293
01:07:09,280 --> 01:07:12,440
Speaker 1: major issue and that this is hitting people giving them

1294
01:07:12,440 --> 01:07:15,080
Speaker 1: a pay cut every single week. Biden gave what was

1295
01:07:15,120 --> 01:07:17,800
Speaker 1: billed as a sort of major address on Tuesday to

1296
01:07:17,840 --> 01:07:20,760
Speaker 1: try to reset the narrative around inflation and lay out

1297
01:07:21,360 --> 01:07:23,520
Speaker 1: what he thinks is going on and what his plans

1298
01:07:23,520 --> 01:07:25,840
Speaker 1: are versus what the Republican plans are. Let's take a

1299
01:07:25,840 --> 01:07:27,720
Speaker 1: listen to a little bit of that. I know the

1300
01:07:27,760 --> 01:07:31,840
Speaker 1: families all across America are hurting because of inflation. I

1301
01:07:31,920 --> 01:07:34,440
Speaker 1: understand what it feels like. I come from a family

1302
01:07:34,520 --> 01:07:37,880
Speaker 1: where when the price of gas food went up, we

1303
01:07:37,960 --> 01:07:40,040
Speaker 1: felt it. It It was a discussion of the kitchen table.

1304
01:07:41,080 --> 01:07:44,920
Speaker 1: I want every America to know that I'm taking inflation

1305
01:07:46,440 --> 01:07:50,680
Speaker 1: very seriously and it's my top domestic priority. Let me start.

1306
01:07:51,040 --> 01:07:55,440
Speaker 1: Let me start with the putin price hike, high gas

1307
01:07:55,480 --> 01:07:59,840
Speaker 1: prices and energy prices. My plan is already in motion.

1308
01:08:01,040 --> 01:08:03,680
Speaker 1: I led the world and other countries to join with

1309
01:08:03,800 --> 01:08:07,360
Speaker 1: us to coordinate the largest release of oil from our

1310
01:08:07,400 --> 01:08:11,120
Speaker 1: stockpiles of all the countries in history, two hundred and

1311
01:08:11,160 --> 01:08:15,640
Speaker 1: forty million barrels. My plan is the lower employer and

1312
01:08:15,800 --> 01:08:18,280
Speaker 1: lower every day it costs for every day costs for

1313
01:08:18,320 --> 01:08:21,799
Speaker 1: hard work in Americans, and lower the deficit by asking

1314
01:08:21,920 --> 01:08:27,080
Speaker 1: large corporations. The other path is the ultra maga plan

1315
01:08:28,160 --> 01:08:33,080
Speaker 1: put forward by Congressional Republicans to raise taxes on working families,

1316
01:08:33,760 --> 01:08:39,080
Speaker 1: lower the income of American workers, threaten sacred programs Americans

1317
01:08:39,120 --> 01:08:43,519
Speaker 1: count on like Social Security, Medicare, and Medicaid, and give

1318
01:08:43,640 --> 01:08:48,280
Speaker 1: break after break to big corporations and billionaires, just like

1319
01:08:48,320 --> 01:08:51,439
Speaker 1: they did the last time they're in power. Well, if

1320
01:08:51,439 --> 01:08:53,479
Speaker 1: there's one thing the Democrats are good at soccer, it's

1321
01:08:53,520 --> 01:08:56,360
Speaker 1: coming up with a cringe tag. Bluten price hike is

1322
01:08:56,479 --> 01:08:59,719
Speaker 1: genuinely one of the most cringe things I've ever heard

1323
01:08:59,800 --> 01:09:02,519
Speaker 1: in my entire Ultra Maga also pretty bad. Yeah, what

1324
01:09:02,600 --> 01:09:05,680
Speaker 1: does ultra maga mean? That's the thing is like if

1325
01:09:05,680 --> 01:09:08,880
Speaker 1: you're it doesn't mean That's the thing is if you're

1326
01:09:08,880 --> 01:09:10,800
Speaker 1: going to have a slogan or tagline like this that

1327
01:09:10,840 --> 01:09:12,320
Speaker 1: you're going to lean into. And by the way, some

1328
01:09:12,320 --> 01:09:14,880
Speaker 1: of the reportings suggests that this came from Bill Clinton's

1329
01:09:14,880 --> 01:09:18,160
Speaker 1: at old mind, because they met last week and it

1330
01:09:18,320 --> 01:09:20,439
Speaker 1: sort of is along the lines of the type of

1331
01:09:20,479 --> 01:09:23,600
Speaker 1: political strategies that he engages. I guess that's the speculation

1332
01:09:23,800 --> 01:09:28,599
Speaker 1: about this. But yeah, for your average person, it doesn't land.

1333
01:09:28,640 --> 01:09:32,439
Speaker 1: It doesn't mean anything. Really, they're just like okay, And

1334
01:09:32,560 --> 01:09:34,720
Speaker 1: I mean, he's right. The Republican plan laid out by

1335
01:09:34,800 --> 01:09:38,559
Speaker 1: Rick Scott totally sucks. It would be wildly unpopular. It

1336
01:09:38,600 --> 01:09:42,160
Speaker 1: does entail a tax hike for you know, millions of Americans.

1337
01:09:42,200 --> 01:09:44,960
Speaker 1: It also has this bizarre provision of like we're going

1338
01:09:45,040 --> 01:09:48,960
Speaker 1: to sunset every single social welfare for every program every

1339
01:09:49,000 --> 01:09:51,040
Speaker 1: five years, so that we have to go and re

1340
01:09:51,200 --> 01:09:54,400
Speaker 1: up Medicare, reup Medicaid, reup Social Security, and of course

1341
01:09:54,439 --> 01:09:56,599
Speaker 1: they're going to like extract their powd of flight. He's

1342
01:09:56,680 --> 01:09:59,600
Speaker 1: right about all of this, but this is hardly a

1343
01:09:59,680 --> 01:10:05,519
Speaker 1: compie that's inspiring speech. He only barely called out the

1344
01:10:05,560 --> 01:10:07,840
Speaker 1: corporate price gouging that's going on. We'll get to a

1345
01:10:07,840 --> 01:10:11,920
Speaker 1: little bit more of that. And you know, he's laid

1346
01:10:11,920 --> 01:10:16,200
Speaker 1: out stuff that they already did tapping the strategic patrol umbers. Okay, well,

1347
01:10:16,200 --> 01:10:17,880
Speaker 1: how much did that do for us? Not a whole

1348
01:10:17,920 --> 01:10:20,120
Speaker 1: heck of a lot. And what he lays out going

1349
01:10:20,160 --> 01:10:24,800
Speaker 1: forward is also really sort of milk toast, And most

1350
01:10:24,840 --> 01:10:27,160
Speaker 1: of it doesn't have any chance of succeeding in the

1351
01:10:27,200 --> 01:10:30,599
Speaker 1: Senate as is currently constituted. So he has no plan zero.

1352
01:10:30,720 --> 01:10:32,679
Speaker 1: And at this point, I don't think we have should

1353
01:10:32,760 --> 01:10:35,400
Speaker 1: have any trust in the President's ability in order to

1354
01:10:35,479 --> 01:10:38,200
Speaker 1: do anything about it. And the other point is I

1355
01:10:38,240 --> 01:10:42,680
Speaker 1: don't really understand what universe these people live in. But

1356
01:10:42,880 --> 01:10:45,639
Speaker 1: you and I both caught this article yesterday. Let's put

1357
01:10:45,640 --> 01:10:49,240
Speaker 1: this up there on the screen about how Representative Katie Porter,

1358
01:10:49,280 --> 01:10:52,760
Speaker 1: who I actually like, has some great times sometimes. Yeah, absolutely,

1359
01:10:52,840 --> 01:10:56,000
Speaker 1: some of these CEOs in Congress. You know, she says,

1360
01:10:56,240 --> 01:11:00,000
Speaker 1: only after Representative Katie Porter put bacon in her cart

1361
01:11:00,000 --> 01:11:02,679
Speaker 1: at the local grocery store did she notice that its

1362
01:11:02,720 --> 01:11:05,920
Speaker 1: price had spiked to nine to ninety nine to pound. Reluctantly,

1363
01:11:05,920 --> 01:11:08,400
Speaker 1: she put the package back. It was a dose of

1364
01:11:08,439 --> 01:11:11,000
Speaker 1: reality that Porter and a single mom of three has

1365
01:11:11,040 --> 01:11:14,120
Speaker 1: long understood, but she's not all sure her Democratic College

1366
01:11:14,120 --> 01:11:17,800
Speaker 1: share her interests, and so she said, only after she

1367
01:11:17,880 --> 01:11:21,920
Speaker 1: gave an emotional speech like last week to the House

1368
01:11:21,960 --> 01:11:26,679
Speaker 1: Democratic Caucus, did maybe Congress begin to understand. And here's

1369
01:11:26,720 --> 01:11:29,680
Speaker 1: the thing, As many people pointed out, do you know

1370
01:11:29,720 --> 01:11:32,160
Speaker 1: how to read a poll? This has been the top

1371
01:11:32,360 --> 01:11:36,960
Speaker 1: issue for a year. It's basic. I mean, how much

1372
01:11:36,960 --> 01:11:39,320
Speaker 1: of a bubble are these people living in that they

1373
01:11:39,360 --> 01:11:43,559
Speaker 1: could not understand that stuff is way too expensive all

1374
01:11:43,640 --> 01:11:47,719
Speaker 1: across the board, causing chaos in people's lives, from gas

1375
01:11:47,800 --> 01:11:52,400
Speaker 1: to food, to housing, electricity, all everything that you have

1376
01:11:52,439 --> 01:11:55,120
Speaker 1: to buy these days is too expensive. This has been

1377
01:11:55,160 --> 01:11:59,680
Speaker 1: self evident for eighteen months and really especially in the

1378
01:11:59,760 --> 01:12:03,000
Speaker 1: last What planet are you living on? Yeah, that's what

1379
01:12:03,040 --> 01:12:05,040
Speaker 1: it feels like to me, is like Biden's The theme

1380
01:12:05,080 --> 01:12:06,800
Speaker 1: of Biden's speech in The Southern New York Times wrote

1381
01:12:06,800 --> 01:12:10,479
Speaker 1: it up was Biden urges Americans to have patients. No, dude,

1382
01:12:10,600 --> 01:12:13,600
Speaker 1: you run the country. You people literally run it. What

1383
01:12:13,800 --> 01:12:16,400
Speaker 1: are you gonna do for me? Why should I have

1384
01:12:16,439 --> 01:12:20,000
Speaker 1: any trust? And especially what it took one lady buying

1385
01:12:20,000 --> 01:12:24,160
Speaker 1: some bacon in May twenty twenty two for you got

1386
01:12:24,240 --> 01:12:27,559
Speaker 1: to wake up? What happening here? This story? That was

1387
01:12:27,680 --> 01:12:30,840
Speaker 1: I mean, that was crazy, right, Like, I mean, we've

1388
01:12:30,880 --> 01:12:34,320
Speaker 1: been talking about inflation for a long time now. I don't,

1389
01:12:34,640 --> 01:12:38,120
Speaker 1: I genuinely don't understand how you could have missed this dynamic.

1390
01:12:38,600 --> 01:12:43,080
Speaker 1: And then one of purportedly, according to Katie Porter, one

1391
01:12:43,120 --> 01:12:45,040
Speaker 1: of her colleagues, said to her, well, it's not showing

1392
01:12:45,120 --> 01:12:48,680
Speaker 1: up in the polls, Like what even what what do

1393
01:12:48,760 --> 01:12:52,120
Speaker 1: you say? For how long that inflation is their number

1394
01:12:52,160 --> 01:12:55,080
Speaker 1: one issue? So the whole thing is bizarre. I mean,

1395
01:12:55,160 --> 01:12:58,080
Speaker 1: Katie Porter, obviously, she earns the congressionals hoars one hundred

1396
01:12:58,080 --> 01:13:00,000
Speaker 1: and seventy four thousand dollars, which is a lot of money,

1397
01:13:00,560 --> 01:13:03,439
Speaker 1: way more than what your average American earns. But in

1398
01:13:03,479 --> 01:13:06,760
Speaker 1: fairness to her, she has to maintain residents in two

1399
01:13:06,920 --> 01:13:10,080
Speaker 1: very expensive locations, and she's a single mom with three kids.

1400
01:13:10,240 --> 01:13:13,479
Speaker 1: So it rings true to me that she has to

1401
01:13:13,520 --> 01:13:16,559
Speaker 1: pay a lot more attention to her budget than most

1402
01:13:16,640 --> 01:13:21,439
Speaker 1: members of Connery, who are right, who are multimillionaires. Most

1403
01:13:21,439 --> 01:13:24,640
Speaker 1: of her colleagues, this is completely They can afford to

1404
01:13:24,640 --> 01:13:27,639
Speaker 1: be completely oblivious to whatever the prices of whatever they're

1405
01:13:27,640 --> 01:13:29,439
Speaker 1: buying at the grocery store and whatever the cost of

1406
01:13:29,479 --> 01:13:31,680
Speaker 1: the pump ultimately is. So it does strike me is

1407
01:13:31,720 --> 01:13:33,479
Speaker 1: true that she would be one of the ones who

1408
01:13:33,479 --> 01:13:36,320
Speaker 1: would actually have to pay attention to like, oh my god,

1409
01:13:36,360 --> 01:13:38,600
Speaker 1: this pack of bacon is now ten dollars. This is

1410
01:13:38,640 --> 01:13:41,080
Speaker 1: not going to work out for me. But the fact

1411
01:13:41,080 --> 01:13:44,439
Speaker 1: that I just I can't even believe that it's taken

1412
01:13:44,479 --> 01:13:48,559
Speaker 1: till now for them to really register what a massive

1413
01:13:48,840 --> 01:13:52,479
Speaker 1: problem and total crisis this is for Americans. But we've

1414
01:13:52,520 --> 01:13:54,719
Speaker 1: seen it in the rhetoric. I mean, for how long

1415
01:13:55,240 --> 01:13:57,519
Speaker 1: have we seen them trying to spend the economy and

1416
01:13:57,560 --> 01:14:00,720
Speaker 1: basically say like, you don't really understand and how good

1417
01:14:00,720 --> 01:14:04,639
Speaker 1: the economy actually is right now? The negative numbers are

1418
01:14:04,680 --> 01:14:07,360
Speaker 1: almost as high on you know, how people feel about

1419
01:14:07,360 --> 01:14:09,680
Speaker 1: the economy as they were during the Great Recession. I mean,

1420
01:14:09,720 --> 01:14:12,280
Speaker 1: that's how dire things are for the American people right now,

1421
01:14:12,320 --> 01:14:15,880
Speaker 1: and how much they're feeling the squeeze of every single

1422
01:14:15,960 --> 01:14:18,680
Speaker 1: month their paycheck goes down and down and down in

1423
01:14:18,720 --> 01:14:22,280
Speaker 1: real terms as a result of inflation. So they were

1424
01:14:22,320 --> 01:14:24,840
Speaker 1: trying to paint it as like the media is not

1425
01:14:25,080 --> 01:14:28,920
Speaker 1: covering properly how good the economy actually is. And look

1426
01:14:28,960 --> 01:14:31,960
Speaker 1: at how low on the unemployment is. But if you

1427
01:14:32,120 --> 01:14:34,760
Speaker 1: have a job but you can't pay your bills, like,

1428
01:14:34,920 --> 01:14:38,120
Speaker 1: that's still a really bad economy. That's still a dire

1429
01:14:38,240 --> 01:14:40,680
Speaker 1: situation for you. Thank you. This is the stuff that

1430
01:14:40,720 --> 01:14:42,200
Speaker 1: drives me. They're like, did you not know that your

1431
01:14:42,200 --> 01:14:44,559
Speaker 1: paycheck wing up by It's like, dude, I can't afford

1432
01:14:44,720 --> 01:14:47,920
Speaker 1: the stuff I used to buy. It's simple, that's it. Yeah.

1433
01:14:47,960 --> 01:14:51,000
Speaker 1: I mean that is how people think about the economy,

1434
01:14:51,000 --> 01:14:53,679
Speaker 1: and honestly, that's how they should think about the economy.

1435
01:14:53,840 --> 01:14:57,200
Speaker 1: Nobody cares about nominal GDP and GDP per capita when

1436
01:14:57,240 --> 01:14:59,800
Speaker 1: the stuff that you experience in your daily life is

1437
01:14:59,840 --> 01:15:02,240
Speaker 1: more more expensive and there's no plan in order to

1438
01:15:02,240 --> 01:15:04,800
Speaker 1: bring it down. And you know, Americans are really unanimous

1439
01:15:04,840 --> 01:15:06,920
Speaker 1: right now in terms of inflation causing a problem, but

1440
01:15:06,960 --> 01:15:08,760
Speaker 1: they don't really agree on what's causing it, which I

1441
01:15:08,760 --> 01:15:10,840
Speaker 1: think is really interesting if you look at how the

1442
01:15:10,880 --> 01:15:13,200
Speaker 1: breakdown is. So here this is from the New York

1443
01:15:13,240 --> 01:15:16,400
Speaker 1: Times in terms of their polling. Now, a lot of people,

1444
01:15:16,479 --> 01:15:19,360
Speaker 1: about forty five percent blame the COVID nineteen pandemic, and

1445
01:15:19,439 --> 01:15:21,240
Speaker 1: I think that's very fair. So a lot and a

1446
01:15:21,240 --> 01:15:23,840
Speaker 1: little forty five plus thirty eight, so about eighty six

1447
01:15:23,840 --> 01:15:26,880
Speaker 1: percent of people now. Supply chain disruption is again almost

1448
01:15:27,000 --> 01:15:29,760
Speaker 1: universally agreed upon as a lot or a little in

1449
01:15:29,840 --> 01:15:33,680
Speaker 1: terms of blaming inflation, but things begin to break down

1450
01:15:33,720 --> 01:15:36,639
Speaker 1: a little bit, so people forty percent of people blame

1451
01:15:36,720 --> 01:15:40,280
Speaker 1: corporations a lot, thirty eight percent a little, so again

1452
01:15:40,479 --> 01:15:43,799
Speaker 1: generally unanimous, but then things start to get real split

1453
01:15:44,280 --> 01:15:47,360
Speaker 1: whenever it comes to policy Crystal, the American Rescue plan

1454
01:15:48,000 --> 01:15:50,960
Speaker 1: is thirty percent, A lot of people blame, probably mostly Republicans,

1455
01:15:51,000 --> 01:15:53,479
Speaker 1: thirty seven percent say a little, thirty percent say not

1456
01:15:53,600 --> 01:15:55,840
Speaker 1: at all. And then the war in Ukraine is also

1457
01:15:56,680 --> 01:15:59,280
Speaker 1: very very split the prutent pricepect. And so I was

1458
01:15:59,320 --> 01:16:02,360
Speaker 1: just going to say, which one is the administration going

1459
01:16:02,360 --> 01:16:05,800
Speaker 1: with Crystal? Which of those are they blaming inflation on

1460
01:16:05,920 --> 01:16:08,120
Speaker 1: the most the one that the least amount of people

1461
01:16:08,240 --> 01:16:10,479
Speaker 1: agree with. And by the way, this is what I

1462
01:16:10,520 --> 01:16:14,720
Speaker 1: love about America. They our people are not stupid. Like

1463
01:16:14,840 --> 01:16:16,960
Speaker 1: they look at that and they're like, I don't believe you,

1464
01:16:17,240 --> 01:16:19,360
Speaker 1: and you shouldn't. They're like, stuff has been way more

1465
01:16:19,360 --> 01:16:23,479
Speaker 1: expensive before Russia invaded Ukraine. Don't gaslight me? Yeah? Most

1466
01:16:23,520 --> 01:16:25,439
Speaker 1: people are like yeah, I think it's COVID and I

1467
01:16:25,479 --> 01:16:28,080
Speaker 1: think it's supply. Now, look, we can all disagree on

1468
01:16:28,160 --> 01:16:31,280
Speaker 1: why exactly that is. But you know, some eighty to

1469
01:16:31,360 --> 01:16:34,599
Speaker 1: ninety percent of Americans are not dumb. They're like, yeah,

1470
01:16:34,720 --> 01:16:37,080
Speaker 1: there's a supply problem. There's all this crazy stuff going

1471
01:16:37,080 --> 01:16:39,960
Speaker 1: on with China, and also the pandemic is kind of crazy,

1472
01:16:40,160 --> 01:16:42,840
Speaker 1: you know. And of course the administration goes with the

1473
01:16:42,880 --> 01:16:45,160
Speaker 1: war in Ukraine. Yeah, to blame this stuff, it's not

1474
01:16:45,240 --> 01:16:48,559
Speaker 1: because that puts it totally all in them. And even

1475
01:16:48,640 --> 01:16:53,640
Speaker 1: that though, is disingenuous because obviously we are very involved

1476
01:16:53,760 --> 01:16:55,800
Speaker 1: and we're going to talk in the next block about

1477
01:16:55,840 --> 01:16:58,080
Speaker 1: this more, but we are very involved in what's going

1478
01:16:58,120 --> 01:17:01,080
Speaker 1: on in Ukraine, and this administry has set a policy

1479
01:17:01,120 --> 01:17:03,080
Speaker 1: of we don't actually want the war to end. We

1480
01:17:03,120 --> 01:17:06,600
Speaker 1: want the war to continue with you know, dire consequences

1481
01:17:06,640 --> 01:17:10,439
Speaker 1: for Ukraine and Ukrainian lives, and also dire consequences for

1482
01:17:10,920 --> 01:17:14,240
Speaker 1: Americans and what they are ultimately paying at the pump

1483
01:17:14,320 --> 01:17:17,080
Speaker 1: and paying, you know, in terms of food prices. But

1484
01:17:17,160 --> 01:17:20,040
Speaker 1: to your point, the reason people are not going with

1485
01:17:20,080 --> 01:17:22,240
Speaker 1: that explanation, I mean, I think they buy like okay,

1486
01:17:22,280 --> 01:17:24,519
Speaker 1: that has something to do with what's going on right now.

1487
01:17:24,560 --> 01:17:27,559
Speaker 1: But obviously inflation was going up before the war started,

1488
01:17:27,760 --> 01:17:33,360
Speaker 1: so we're like, we didn't forget it, gall right, the

1489
01:17:33,960 --> 01:17:36,040
Speaker 1: Putin price hike. But that's I mean, that's their way

1490
01:17:36,080 --> 01:17:39,360
Speaker 1: of being like, not on us, it's it's Russia's fault.

1491
01:17:39,360 --> 01:17:42,600
Speaker 1: It's Putin's fault. As is apparently everything that happens in

1492
01:17:42,680 --> 01:17:46,400
Speaker 1: this country bad ever to Democrats, and you know, Stolars

1493
01:17:46,600 --> 01:17:49,599
Speaker 1: has really been laser focused on how much of this

1494
01:17:49,720 --> 01:17:53,200
Speaker 1: has to do also with corporations who have monopoly power

1495
01:17:53,439 --> 01:17:56,000
Speaker 1: looking at this landscape and saying, aha, we can use

1496
01:17:56,040 --> 01:17:58,920
Speaker 1: this as an excuse to further raised prices. And here's

1497
01:17:58,920 --> 01:18:01,559
Speaker 1: some more numbers to back that up. He says, this

1498
01:18:01,600 --> 01:18:04,599
Speaker 1: is a very weird inflationary period with an unusually large

1499
01:18:04,600 --> 01:18:08,439
Speaker 1: share going to profits and an unusually small share going

1500
01:18:08,479 --> 01:18:13,559
Speaker 1: to wages. So this is yet another indication they have

1501
01:18:13,920 --> 01:18:17,320
Speaker 1: fifty four percent of normal and recent contributions to growth

1502
01:18:17,320 --> 01:18:20,519
Speaker 1: and unit prices in the non financial corporate sector, fifty

1503
01:18:20,560 --> 01:18:24,160
Speaker 1: four percent of that is going to corporate profits and

1504
01:18:24,200 --> 01:18:29,760
Speaker 1: only eight percent is going to labor. So overwhelmingly the

1505
01:18:29,920 --> 01:18:33,840
Speaker 1: increase in prices and costs is not coming from you know,

1506
01:18:33,840 --> 01:18:35,519
Speaker 1: a lot of times you hear this from right like, oh,

1507
01:18:35,720 --> 01:18:37,760
Speaker 1: wages are going up, and that means that everything's going

1508
01:18:37,800 --> 01:18:40,000
Speaker 1: to be more expensive. No, that is not what's going

1509
01:18:40,040 --> 01:18:42,639
Speaker 1: on here. Whatsoever. Wages have gone up a little bit,

1510
01:18:42,800 --> 01:18:46,000
Speaker 1: not even close to enough to keep up with inflation. Meanwhile,

1511
01:18:46,000 --> 01:18:50,080
Speaker 1: corporate profits are skyrocketing. And no surprise given that we've

1512
01:18:50,080 --> 01:18:52,920
Speaker 1: heard CEO saying basically like this is a great time

1513
01:18:52,920 --> 01:18:55,400
Speaker 1: for us because we can lift prices and consumers just

1514
01:18:55,479 --> 01:18:57,080
Speaker 1: have to take it, and they will take it because

1515
01:18:57,120 --> 01:19:00,599
Speaker 1: they understand that inflation is happening right now. So again,

1516
01:19:00,680 --> 01:19:03,919
Speaker 1: it was frustrating to me because that is of everything

1517
01:19:03,960 --> 01:19:06,759
Speaker 1: that's going on in the world and contributing to inflation,

1518
01:19:07,160 --> 01:19:09,680
Speaker 1: that corporate price gouging part is actually the part that

1519
01:19:09,720 --> 01:19:12,280
Speaker 1: the White House could do the most about, and so

1520
01:19:12,320 --> 01:19:14,519
Speaker 1: the fact that they, you know, he had like one

1521
01:19:14,600 --> 01:19:17,120
Speaker 1: line about it. He said that the two major causes

1522
01:19:17,240 --> 01:19:20,880
Speaker 1: are COVID supply chain and Pudin's price hike. Buried in

1523
01:19:20,920 --> 01:19:22,880
Speaker 1: the speech is like, oh, and by the way, corporations

1524
01:19:22,920 --> 01:19:25,679
Speaker 1: are lifting their prices too much. But that's the piece

1525
01:19:25,720 --> 01:19:29,120
Speaker 1: you should actually be really focusing on, because number one,

1526
01:19:29,160 --> 01:19:32,200
Speaker 1: it's clearly a significant contributor here and number two, it's

1527
01:19:32,200 --> 01:19:34,840
Speaker 1: something that the administration could do a lot more about

1528
01:19:34,920 --> 01:19:37,439
Speaker 1: than say, you know, whether or not Shanghai is lockdown

1529
01:19:37,520 --> 01:19:40,599
Speaker 1: right now. I you know, I feel like I am

1530
01:19:40,680 --> 01:19:43,120
Speaker 1: just repeating myself over and over again. But you know,

1531
01:19:43,160 --> 01:19:45,679
Speaker 1: I was talking with some friends yesterday, like the Biden

1532
01:19:45,720 --> 01:19:49,679
Speaker 1: administration should declare a national emergency over the baby formula

1533
01:19:49,720 --> 01:19:54,000
Speaker 1: shortage right now, invoke the Defense Production Act. Talk to

1534
01:19:54,040 --> 01:19:57,559
Speaker 1: the FDA and say, hey, what's the problem. Okay, Abbot

1535
01:19:57,560 --> 01:20:01,160
Speaker 1: pharmacy or abbit Foods isn't producing enough. What can we do? Oh,

1536
01:20:01,400 --> 01:20:04,120
Speaker 1: Europe has a ton of baby formula, Let's go buy some.

1537
01:20:04,320 --> 01:20:07,360
Speaker 1: I mean, this is one of those most basic functions

1538
01:20:07,360 --> 01:20:10,320
Speaker 1: of government. These are little little kids, and then expand

1539
01:20:10,320 --> 01:20:14,720
Speaker 1: that across all of the entire economy. The meat packing thing.

1540
01:20:14,720 --> 01:20:16,840
Speaker 1: You I was talking about this with friends yesterday. What

1541
01:20:16,960 --> 01:20:19,640
Speaker 1: happened to that investigation? They ordered some investigation in the

1542
01:20:19,640 --> 01:20:22,080
Speaker 1: meat packing supply chain. That was six seven months ago,

1543
01:20:22,400 --> 01:20:25,519
Speaker 1: So what's happening? I mean, meat is still really expensive. Yeah,

1544
01:20:25,600 --> 01:20:27,479
Speaker 1: all kinds and these are the you know, tip of

1545
01:20:27,520 --> 01:20:29,519
Speaker 1: the spear types of things that you could do to

1546
01:20:29,560 --> 01:20:32,120
Speaker 1: affect the economy. But you know, they're focused on other

1547
01:20:32,160 --> 01:20:34,360
Speaker 1: things right now. By the way we learned on the

1548
01:20:34,400 --> 01:20:37,240
Speaker 1: baby formula, it's shortage. I might do my Monday blackologue

1549
01:20:37,240 --> 01:20:39,559
Speaker 1: on this because this is just so enraging but also

1550
01:20:39,760 --> 01:20:43,600
Speaker 1: so perfect part of what happened and why there is

1551
01:20:43,680 --> 01:20:47,800
Speaker 1: such a disastrous shortage right now and why moms and

1552
01:20:47,880 --> 01:20:50,360
Speaker 1: babies are I mean, this is it's just it's horrible.

1553
01:20:50,400 --> 01:20:52,639
Speaker 1: I can't imagine being in that situation where you don't

1554
01:20:52,720 --> 01:20:56,120
Speaker 1: know where you're going to get your babies next meta horrible, horrible.

1555
01:20:57,400 --> 01:21:01,799
Speaker 1: Abbott had to recall all of their formula, or significant

1556
01:21:01,800 --> 01:21:05,080
Speaker 1: amount of their formula because you had four babies who

1557
01:21:05,120 --> 01:21:09,000
Speaker 1: had a bacterial infection, two of whom died. And now

1558
01:21:09,080 --> 01:21:14,360
Speaker 1: we're learning that apparently they had refused to repair dilapidated

1559
01:21:14,760 --> 01:21:19,120
Speaker 1: drying machines and that you know, made their plants into

1560
01:21:19,160 --> 01:21:23,040
Speaker 1: potential petri dishes for these bacterial infections. At the same time,

1561
01:21:23,080 --> 01:21:25,200
Speaker 1: Saga though they didn't want to take the money to

1562
01:21:25,280 --> 01:21:28,920
Speaker 1: use to invest in actually making sure that babies are safe. Instead,

1563
01:21:28,960 --> 01:21:31,719
Speaker 1: they did invest five point sevent three billion dollars in stock.

1564
01:21:31,760 --> 01:21:33,160
Speaker 1: I was gonna say, she's about to say stocked by

1565
01:21:33,160 --> 01:21:35,960
Speaker 1: that by that every time perfect. You know, this is

1566
01:21:36,000 --> 01:21:38,439
Speaker 1: a good example. Though this is about monopolization, which is

1567
01:21:38,439 --> 01:21:41,800
Speaker 1: that Abbott has a direct contract with WIC the Wick

1568
01:21:41,920 --> 01:21:45,240
Speaker 1: programs we talked about earlier. We need more competition in

1569
01:21:45,280 --> 01:21:47,519
Speaker 1: this sector. And I've now known much more about baby

1570
01:21:47,560 --> 01:21:49,920
Speaker 1: formula than I ever did in my life. But you know,

1571
01:21:50,000 --> 01:21:52,439
Speaker 1: I was telling you there's a wealthy black market for

1572
01:21:52,720 --> 01:21:55,559
Speaker 1: European baby formula. A lot of instagram moms are obsessed

1573
01:21:55,600 --> 01:21:57,760
Speaker 1: with European baby formula because it doesn't have plant based

1574
01:21:57,760 --> 01:22:00,720
Speaker 1: additives like hours and has more whatever. Right, we don't

1575
01:22:00,720 --> 01:22:02,559
Speaker 1: have to get into all of the science on it,

1576
01:22:02,640 --> 01:22:05,440
Speaker 1: but the point is is that there's already an existing

1577
01:22:05,560 --> 01:22:08,479
Speaker 1: market here for European baby formula. Now, look, I'm a

1578
01:22:08,479 --> 01:22:10,800
Speaker 1: protectionist at heart, but if we don't have it and

1579
01:22:10,840 --> 01:22:13,160
Speaker 1: we have a crisis, let's go get some. I mean,

1580
01:22:13,280 --> 01:22:15,840
Speaker 1: these are not hard things to do. I was also

1581
01:22:15,880 --> 01:22:18,360
Speaker 1: reading that there are certain facilities and others that we

1582
01:22:18,400 --> 01:22:21,559
Speaker 1: could easily convert if Biden invoked the Defense Production Act

1583
01:22:21,560 --> 01:22:24,479
Speaker 1: in order to spin up baby formula production. Instead, you know,

1584
01:22:24,680 --> 01:22:28,920
Speaker 1: thumb up, you know what, over at the administration doing

1585
01:22:29,160 --> 01:22:31,800
Speaker 1: absolutely nothing, and I got you know, I got two

1586
01:22:31,840 --> 01:22:34,519
Speaker 1: friends actually right now have newborn infants and both of

1587
01:22:34,560 --> 01:22:37,240
Speaker 1: them texting me about how much one of them is

1588
01:22:37,240 --> 01:22:39,720
Speaker 1: a prepper. Actually, so he foresaw this crisis and he's

1589
01:22:39,720 --> 01:22:41,519
Speaker 1: got like three months, but he's like, listen, man, I

1590
01:22:41,520 --> 01:22:42,960
Speaker 1: don't know what I'm gonna do after three months, because

1591
01:22:42,960 --> 01:22:45,200
Speaker 1: I really hope that, you know, there's not still surety.

1592
01:22:45,200 --> 01:22:47,400
Speaker 1: His wife is freaking out talking to him about it.

1593
01:22:47,520 --> 01:22:49,479
Speaker 1: I don't want to be in this. I can't imagine. Yeah,

1594
01:22:49,760 --> 01:22:52,639
Speaker 1: I was reading about mom so babies so have allergies

1595
01:22:52,640 --> 01:22:55,600
Speaker 1: are particularly like if it's one thing, I mean, this

1596
01:22:55,760 --> 01:22:58,320
Speaker 1: is bad for everybody, and there are states where that

1597
01:22:58,320 --> 01:23:00,439
Speaker 1: it's as much as fifty percent out stock. I mean,

1598
01:23:00,479 --> 01:23:03,240
Speaker 1: if you go on Amazon, for example, you can't possibly

1599
01:23:03,280 --> 01:23:05,560
Speaker 1: buy it. But if you need a specific kind of

1600
01:23:05,600 --> 01:23:08,839
Speaker 1: formula for your baby in particular, it is a really

1601
01:23:08,880 --> 01:23:12,080
Speaker 1: really bad situation. Of course, it's even worse if you

1602
01:23:12,360 --> 01:23:14,519
Speaker 1: are low income and it's hard for you to afford

1603
01:23:14,640 --> 01:23:18,000
Speaker 1: to start with, and then prices are skyrocketing. So, I mean,

1604
01:23:18,040 --> 01:23:22,200
Speaker 1: I can't imagine a more clear cut instance of we

1605
01:23:22,439 --> 01:23:26,000
Speaker 1: have this is a complete crisis. We have to do

1606
01:23:26,040 --> 01:23:28,240
Speaker 1: something about it now, Like if that is in a

1607
01:23:28,280 --> 01:23:32,400
Speaker 1: clear cut case for whatever it takes like go and

1608
01:23:32,439 --> 01:23:34,720
Speaker 1: buy the baby formula, you're bring it here, give it

1609
01:23:34,720 --> 01:23:37,680
Speaker 1: out for free Defense Production Act, whatever you ultimately have

1610
01:23:37,760 --> 01:23:39,960
Speaker 1: to do. And the last thing I'll say about all

1611
01:23:40,000 --> 01:23:42,479
Speaker 1: of this is, you know, the whole promise of this

1612
01:23:42,560 --> 01:23:46,520
Speaker 1: particular system of sort of like radical free market capitalism

1613
01:23:46,560 --> 01:23:49,280
Speaker 1: that we have is that listen, Yes, corporations are going

1614
01:23:49,360 --> 01:23:50,960
Speaker 1: to get rich. Yes, your jobs are going to get

1615
01:23:50,960 --> 01:23:53,559
Speaker 1: stripped overseas, that's all true, but your prices are going

1616
01:23:53,600 --> 01:23:55,479
Speaker 1: to be low, and you're never gonna have to worry

1617
01:23:55,560 --> 01:23:58,559
Speaker 1: about like the you know, food crises that they have

1618
01:23:58,720 --> 01:24:01,519
Speaker 1: in communist countries. That's that's not going to happen here. Well,

1619
01:24:01,520 --> 01:24:04,519
Speaker 1: guess what, you got the job shipped overseas, and you

1620
01:24:04,680 --> 01:24:08,080
Speaker 1: still had prices increase. You're still paying too much. So

1621
01:24:08,240 --> 01:24:10,600
Speaker 1: none of the promises of this system, the way that

1622
01:24:10,680 --> 01:24:13,800
Speaker 1: it was architected, have ultimately come true. And you know,

1623
01:24:13,880 --> 01:24:16,599
Speaker 1: I think that's a big learning to take from all

1624
01:24:16,640 --> 01:24:18,880
Speaker 1: of this as we move forward. Huge learning. And you know,

1625
01:24:18,920 --> 01:24:21,479
Speaker 1: I was reading yesterday about these little these moms on

1626
01:24:21,560 --> 01:24:24,200
Speaker 1: Facebook groups who are having to like swap breast milk,

1627
01:24:24,240 --> 01:24:27,000
Speaker 1: and I'm like, I that is some failed state like

1628
01:24:27,360 --> 01:24:34,960
Speaker 1: nineteen fifteen, completely completely even imagine it. Let's move on

1629
01:24:35,080 --> 01:24:38,320
Speaker 1: because it's somewhat pertains to the baby formulating crisis. This

1630
01:24:38,360 --> 01:24:40,559
Speaker 1: is about Ukraine, So let's put this up there on

1631
01:24:40,720 --> 01:24:44,000
Speaker 1: the screen. So this is the only article I could

1632
01:24:44,040 --> 01:24:46,679
Speaker 1: find where it talked about the US House passes forty

1633
01:24:46,720 --> 01:24:51,920
Speaker 1: billion dollars, which actually listed crystal what that actual aid does.

1634
01:24:52,400 --> 01:24:55,320
Speaker 1: Everybody just says forty billion, Okay, that's a lot of money,

1635
01:24:55,479 --> 01:24:59,400
Speaker 1: What kind of weapons? What is earmarked? Exactly which billion

1636
01:24:59,439 --> 01:25:01,640
Speaker 1: is going where? So here's what they wrote, and I

1637
01:25:01,640 --> 01:25:04,080
Speaker 1: guess voa is American Propaganda's what kind of makes sense.

1638
01:25:04,240 --> 01:25:10,479
Speaker 1: The package includes six billion first security assistance including training, equipment, weapons,

1639
01:25:10,479 --> 01:25:14,640
Speaker 1: and support, eight point seven billion to replenish stocks of

1640
01:25:14,760 --> 01:25:18,639
Speaker 1: existing US equipment sent to Ukraine, think javelin missiles, those

1641
01:25:18,680 --> 01:25:22,240
Speaker 1: type of things. Then three point nine billion for European

1642
01:25:22,360 --> 01:25:25,080
Speaker 1: command operations. I don't know what that means. In addition,

1643
01:25:25,280 --> 01:25:28,880
Speaker 1: the legislation authorizes a further eleven billion dollars in Presidential

1644
01:25:29,000 --> 01:25:32,680
Speaker 1: draw down Authority, which allows the President to authorize the

1645
01:25:32,720 --> 01:25:37,560
Speaker 1: transfer of articles and services from US stocks without congressional

1646
01:25:37,640 --> 01:25:42,280
Speaker 1: approval in response to an emergency. Biden had only asked

1647
01:25:42,400 --> 01:25:45,800
Speaker 1: for five billion, So let that sink in. The President said,

1648
01:25:46,080 --> 01:25:50,200
Speaker 1: I only need five billion in discretionary authority to send

1649
01:25:50,240 --> 01:25:53,160
Speaker 1: whatever the hell I want from US military stocks to Ukraine.

1650
01:25:53,280 --> 01:25:55,439
Speaker 1: Congress was like, yeah, yeah, but what if we double

1651
01:25:55,560 --> 01:25:58,599
Speaker 1: that and then added in extra billions? So why don't

1652
01:25:58,600 --> 01:26:03,200
Speaker 1: you give billion for you to send again without congressional

1653
01:26:03,240 --> 01:26:07,040
Speaker 1: approval whatever you want. Why does this matter? Because the

1654
01:26:07,160 --> 01:26:11,160
Speaker 1: administration and the President in particular, now has the capacity

1655
01:26:11,240 --> 01:26:14,400
Speaker 1: and the congressional authority if this bill is ratified by

1656
01:26:14,439 --> 01:26:19,639
Speaker 1: the Senate in order to send offensive style weapons to Ukraine. Now, look,

1657
01:26:19,640 --> 01:26:21,840
Speaker 1: he already has a limited ability in order to do that,

1658
01:26:22,080 --> 01:26:25,639
Speaker 1: but Congress has now given him eleven billion dollars worth

1659
01:26:25,880 --> 01:26:29,280
Speaker 1: of military equipment, think everything that we have if he

1660
01:26:29,360 --> 01:26:32,360
Speaker 1: so chooses to do so, And now he is the

1661
01:26:32,400 --> 01:26:36,479
Speaker 1: sole discretionary authority over what exactly gets sent over there,

1662
01:26:36,680 --> 01:26:39,920
Speaker 1: and not in regards to this particular pool of funds.

1663
01:26:40,160 --> 01:26:42,000
Speaker 1: You cool with that. You want to put all that

1664
01:26:42,080 --> 01:26:43,960
Speaker 1: power in the man, in the hands of a single man.

1665
01:26:44,040 --> 01:26:46,240
Speaker 1: It's not like the president doesn't have enough power. Now,

1666
01:26:46,280 --> 01:26:50,120
Speaker 1: I'll continue four billion dollars in foreign military financing to

1667
01:26:50,160 --> 01:26:53,400
Speaker 1: provide support for Ukraine affected by the crisis, So in effect,

1668
01:26:53,520 --> 01:26:55,680
Speaker 1: we're backstopping some of the loans and other things that

1669
01:26:55,680 --> 01:26:58,000
Speaker 1: they've taken out. And then in addition, the US is

1670
01:26:58,080 --> 01:27:00,920
Speaker 1: rushed three point five billion dollars worth of armaments to

1671
01:27:01,040 --> 01:27:05,759
Speaker 1: Ukraine since Urkane invaded, including Howitzer's anti aircraft singer systems,

1672
01:27:05,800 --> 01:27:10,920
Speaker 1: anti tank javelin systems, ammunition, and recently disclosed ghost drones. Again,

1673
01:27:11,280 --> 01:27:13,599
Speaker 1: not a lot of clarity on what exactly those ghost

1674
01:27:13,680 --> 01:27:16,559
Speaker 1: drones are doing. Now, how exactly did the vote on

1675
01:27:16,560 --> 01:27:19,559
Speaker 1: this breakdown? Let's put this up there on the screen. Well,

1676
01:27:19,640 --> 01:27:22,599
Speaker 1: it went three hundred and sixty eight to fifty seven. Now,

1677
01:27:22,800 --> 01:27:27,000
Speaker 1: every single no vote on that bill, Crystal were Republicans,

1678
01:27:27,200 --> 01:27:31,519
Speaker 1: And I think it really bears noting that not only

1679
01:27:31,600 --> 01:27:34,720
Speaker 1: did not a single Democrat dissent from this, but there

1680
01:27:34,840 --> 01:27:38,920
Speaker 1: was no explanation given to the American people as to

1681
01:27:39,000 --> 01:27:42,320
Speaker 1: why the administration asks for thirty three billion dollars to

1682
01:27:42,439 --> 01:27:44,640
Speaker 1: Ukraine and Congress is like, yeah, but we'll give you

1683
01:27:44,680 --> 01:27:48,400
Speaker 1: forty Why who is this money going to? Who exactly

1684
01:27:48,560 --> 01:27:52,479
Speaker 1: is the beneficiary of this extra We'll get to that.

1685
01:27:52,600 --> 01:27:55,360
Speaker 1: They get they're all here, We're in the Beltway, all

1686
01:27:55,400 --> 01:27:58,800
Speaker 1: the defense contractors that got massively wealthy during the Afghanistan

1687
01:27:58,840 --> 01:28:01,639
Speaker 1: warren during every other We need to ask these questions.

1688
01:28:01,640 --> 01:28:03,080
Speaker 1: And look, I'm not going to say all these fifty

1689
01:28:03,080 --> 01:28:05,080
Speaker 1: seven Repelicans were noble. We have a nit list, we

1690
01:28:05,080 --> 01:28:06,760
Speaker 1: can put it up there on the screen. I think

1691
01:28:06,800 --> 01:28:10,160
Speaker 1: a lot of them did so for deficit reasons. But hey, whatever,

1692
01:28:11,040 --> 01:28:13,479
Speaker 1: I will say, I actually thought, and it pains me

1693
01:28:13,520 --> 01:28:16,240
Speaker 1: to say this that one of the better responses on

1694
01:28:16,280 --> 01:28:18,960
Speaker 1: this was actually Marjorie Taylor Green. So let's put this

1695
01:28:19,080 --> 01:28:21,479
Speaker 1: up there. Here's what she had to say. Let's go

1696
01:28:21,479 --> 01:28:23,800
Speaker 1: to the next one there, guys, which is that she

1697
01:28:23,960 --> 01:28:26,519
Speaker 1: says in America last, and you know, forgive her rhetoric,

1698
01:28:26,720 --> 01:28:30,479
Speaker 1: forty billion dollar Ukraine first. Bill we are voting on tonight.

1699
01:28:30,760 --> 01:28:32,680
Speaker 1: There is an authorization for funds to be given to

1700
01:28:32,720 --> 01:28:34,599
Speaker 1: the CIA for who knows what and for who knows

1701
01:28:34,680 --> 01:28:37,840
Speaker 1: how much, But there is no baby formula for American mothers. Now,

1702
01:28:38,120 --> 01:28:40,920
Speaker 1: look before the inevitable trolls come out. Of course, it

1703
01:28:41,000 --> 01:28:43,640
Speaker 1: is not a one to one situation. But to me,

1704
01:28:43,960 --> 01:28:49,479
Speaker 1: it's about what gets default bipartisan overwhelming support and billions

1705
01:28:49,479 --> 01:28:52,920
Speaker 1: of dollars of funds with no questions asked, no public debate, etc.

1706
01:28:53,479 --> 01:28:57,599
Speaker 1: And what gets talked about on podcasts and online and

1707
01:28:57,720 --> 01:29:01,080
Speaker 1: on Facebook groups amongst millions of new mode and gets

1708
01:29:01,080 --> 01:29:04,639
Speaker 1: no support in Congress, right, no attention, no states, nothing.

1709
01:29:04,760 --> 01:29:07,880
Speaker 1: So let me speak to the Democrats yet. First, it

1710
01:29:08,000 --> 01:29:11,760
Speaker 1: is so pathetic that there not only was there not

1711
01:29:11,960 --> 01:29:15,240
Speaker 1: a single no vote, there was not a word of

1712
01:29:15,360 --> 01:29:17,920
Speaker 1: dissent as far as I could see. And you know,

1713
01:29:18,000 --> 01:29:20,040
Speaker 1: early on you had at least ilhan Omer. I think

1714
01:29:20,080 --> 01:29:22,799
Speaker 1: she might have been basically the only one but raising

1715
01:29:22,880 --> 01:29:26,360
Speaker 1: questions about, hey guys, maybe we need to slow down,

1716
01:29:26,760 --> 01:29:29,760
Speaker 1: maybe we need to actually debate these things, because we

1717
01:29:29,800 --> 01:29:32,800
Speaker 1: are going really far and really fast, and I think

1718
01:29:32,840 --> 01:29:36,240
Speaker 1: we should press the pause button and actually dig into

1719
01:29:36,320 --> 01:29:39,240
Speaker 1: what we're doing here, what the goals are, what the endgame.

1720
01:29:39,360 --> 01:29:43,320
Speaker 1: Is not a word of any of that from anyone.

1721
01:29:43,800 --> 01:29:48,720
Speaker 1: And given that we now know the administration's goal is

1722
01:29:48,800 --> 01:29:52,080
Speaker 1: not to achieve peace in Ukraine, it's to quote unquote

1723
01:29:52,080 --> 01:29:56,160
Speaker 1: week in Russia, which means to keep this war going indefinitely.

1724
01:29:56,240 --> 01:29:58,200
Speaker 1: Now that we know, there are reports of Boris Johnson

1725
01:29:58,240 --> 01:30:01,960
Speaker 1: when he went to Ukraine with Zelensky specifically to say

1726
01:30:02,320 --> 01:30:05,679
Speaker 1: we do not want a negotiated piece right now. Given

1727
01:30:05,880 --> 01:30:09,760
Speaker 1: all of that. Where are the elected voices on the

1728
01:30:09,840 --> 01:30:14,280
Speaker 1: left saying, hey, guys, forty billion dollars for defense contractions

1729
01:30:14,280 --> 01:30:16,719
Speaker 1: and we're just thrown around extra billions and given eleven

1730
01:30:16,800 --> 01:30:18,759
Speaker 1: billion to buyen to do whatever the hell he wants

1731
01:30:18,760 --> 01:30:21,320
Speaker 1: within and potentially offensive weapons, which was supposed to be

1732
01:30:21,360 --> 01:30:23,800
Speaker 1: more or less off the table, Like what are we

1733
01:30:24,040 --> 01:30:29,679
Speaker 1: doing here? Okay, not to mention that originally the idea

1734
01:30:29,800 --> 01:30:32,840
Speaker 1: was this was going to be tied together with COVID money,

1735
01:30:32,880 --> 01:30:35,680
Speaker 1: which was going to go to things which should be uncontroversial,

1736
01:30:35,720 --> 01:30:38,519
Speaker 1: in particular making sure that people who are poor can

1737
01:30:38,560 --> 01:30:41,839
Speaker 1: still get tested and can still get vaccines, which seems

1738
01:30:41,960 --> 01:30:45,680
Speaker 1: kind of important for domestic population as well. Well, there

1739
01:30:45,720 --> 01:30:48,080
Speaker 1: was Republican descent over that, so they put that off

1740
01:30:48,120 --> 01:30:52,400
Speaker 1: the table. So think about what that sets. Funding a

1741
01:30:52,600 --> 01:30:56,880
Speaker 1: proxy war against Russia to the tune of multi billions

1742
01:30:56,880 --> 01:31:00,000
Speaker 1: of tens of billions of dollars is actually less controversy

1743
01:31:00,280 --> 01:31:03,760
Speaker 1: in Congress then making sure that poor people can get

1744
01:31:03,800 --> 01:31:07,880
Speaker 1: a COVID vaccine like that is mind boggling. There was

1745
01:31:07,880 --> 01:31:10,760
Speaker 1: someone on Twitter who said, basically, Congress is just an

1746
01:31:10,840 --> 01:31:13,840
Speaker 1: armstealer now, and that's effectively the case. Now, I do

1747
01:31:13,920 --> 01:31:16,599
Speaker 1: want to say on the Republican side, Listen, these people

1748
01:31:16,640 --> 01:31:19,080
Speaker 1: are full of shit because ultimately, Number one, they didn't

1749
01:31:19,080 --> 01:31:20,800
Speaker 1: want to vote for the COVID, like the stuff that

1750
01:31:20,840 --> 01:31:22,360
Speaker 1: would go to the pope. I don't know what was

1751
01:31:22,360 --> 01:31:26,120
Speaker 1: in the COVID. Number Two, Like, listen, if we actually

1752
01:31:26,200 --> 01:31:27,639
Speaker 1: had a bill that was like we're going to give

1753
01:31:27,680 --> 01:31:29,880
Speaker 1: out free baby formula to the popular, do you think

1754
01:31:29,880 --> 01:31:32,799
Speaker 1: that these people would actually vote for that. Madison Cawthorne

1755
01:31:32,840 --> 01:31:35,160
Speaker 1: was out there saying, like, imagine if we spent forty

1756
01:31:35,200 --> 01:31:38,640
Speaker 1: billion on veterans instead of doing this. This dude just

1757
01:31:38,760 --> 01:31:43,080
Speaker 1: voted against twenty billion for burn pick victims like last month.

1758
01:31:43,439 --> 01:31:46,559
Speaker 1: So let's be clear that on all of this they're

1759
01:31:46,560 --> 01:31:48,439
Speaker 1: all full of shit. Good, it'd still be good to

1760
01:31:48,439 --> 01:31:49,840
Speaker 1: put it. I would love to see it put on

1761
01:31:49,880 --> 01:31:51,320
Speaker 1: the floor. I'd love to see them vote against it.

1762
01:31:51,360 --> 01:31:54,479
Speaker 1: What the baby formula, Yeah, let's do do it. I

1763
01:31:54,479 --> 01:31:56,320
Speaker 1: would love to see that get put on the floor.

1764
01:31:56,560 --> 01:31:58,719
Speaker 1: I think when it comes down, look, I support sending

1765
01:31:58,760 --> 01:32:01,880
Speaker 1: weapons to Ukraine. Sometimes the weapons I support supporting Ukraine.

1766
01:32:02,000 --> 01:32:04,600
Speaker 1: I think that Ukraine's cause is righteous. Now, all of

1767
01:32:04,640 --> 01:32:06,679
Speaker 1: that being said, the reason I'm framing it this way

1768
01:32:06,840 --> 01:32:10,479
Speaker 1: is we need to have debates about grand strategic games. Now,

1769
01:32:10,520 --> 01:32:13,840
Speaker 1: if the Ukrainians want to continue fighting on that's great. Now,

1770
01:32:14,240 --> 01:32:17,040
Speaker 1: what exactly are we also doing in terms of ensuring

1771
01:32:17,080 --> 01:32:21,639
Speaker 1: that Congress exercises his constitutional authority to say, well, okay,

1772
01:32:21,680 --> 01:32:24,000
Speaker 1: we support you on this, but we don't want offensive

1773
01:32:24,040 --> 01:32:26,200
Speaker 1: weapons going over there. So why is it not written

1774
01:32:26,200 --> 01:32:28,000
Speaker 1: into the bill that Biden isn't allowed to do that?

1775
01:32:28,080 --> 01:32:30,120
Speaker 1: I mean, why are we not making it so that

1776
01:32:30,200 --> 01:32:35,440
Speaker 1: Congress has an overwhelming and advisory authority on exactly projecting

1777
01:32:35,520 --> 01:32:37,800
Speaker 1: the people's will, which is what Congress is supposed to

1778
01:32:37,840 --> 01:32:41,439
Speaker 1: be is if most Americans agree we should help out Ukraine,

1779
01:32:41,439 --> 01:32:43,760
Speaker 1: to what end? And this is the problem with I see,

1780
01:32:43,760 --> 01:32:45,840
Speaker 1: which is this is just runaway, which is that they

1781
01:32:45,840 --> 01:32:48,000
Speaker 1: come to us, they're like, we want thirty three billion,

1782
01:32:48,000 --> 01:32:49,640
Speaker 1: and we're like, okay, we'll give you forty billion. Well

1783
01:32:49,640 --> 01:32:52,360
Speaker 1: where's that? Where's the extra money going? And it's like,

1784
01:32:52,400 --> 01:32:54,040
Speaker 1: this is what Glenn wrote about, let's put this up

1785
01:32:54,040 --> 01:32:56,920
Speaker 1: there on the screen, which is that Biden wanted thirty

1786
01:32:56,920 --> 01:33:00,519
Speaker 1: three billion for Ukraine. Congress quickly raised it to prety billion.

1787
01:33:00,600 --> 01:33:04,520
Speaker 1: Who benefits? And look, I think we all know who benefits.

1788
01:33:04,760 --> 01:33:07,960
Speaker 1: Which is that there is a defense industrial complex here

1789
01:33:08,000 --> 01:33:11,000
Speaker 1: in DC. And also, you know, this is taking away

1790
01:33:11,320 --> 01:33:13,519
Speaker 1: from a lot of others. You know, some people who

1791
01:33:13,560 --> 01:33:16,400
Speaker 1: talk about Ukraine say that they care about Taiwan. Guess what,

1792
01:33:16,479 --> 01:33:18,400
Speaker 1: Taiwan's been trying to buy weapons for US now for

1793
01:33:18,439 --> 01:33:21,000
Speaker 1: a while, and they're not able to get the weapons

1794
01:33:21,000 --> 01:33:22,919
Speaker 1: that they want because we sent them all to Ukraine.

1795
01:33:22,960 --> 01:33:25,960
Speaker 1: Here's the other problem. We have a semiconductor crisis in

1796
01:33:25,960 --> 01:33:30,040
Speaker 1: this country. Every javelin anti tach weapons system requires a

1797
01:33:30,160 --> 01:33:33,760
Speaker 1: ton of semiconductors, so much so that the administration is

1798
01:33:33,800 --> 01:33:36,800
Speaker 1: now trying to sell Congress on passing this new semiconductor

1799
01:33:36,840 --> 01:33:40,240
Speaker 1: bill by saying, we need these semiconductors to put into

1800
01:33:40,280 --> 01:33:42,880
Speaker 1: our weapons systems so that we can send it over

1801
01:33:43,040 --> 01:33:44,439
Speaker 1: to Ukraine. Now you don't have to agree with that.

1802
01:33:44,479 --> 01:33:47,040
Speaker 1: I think that's kind of crazy, but my point being

1803
01:33:47,280 --> 01:33:49,880
Speaker 1: that we are you know, we may need these weapons

1804
01:33:49,960 --> 01:33:52,200
Speaker 1: sometime too. What are we going to do We have

1805
01:33:52,320 --> 01:33:54,320
Speaker 1: enough javelins, By the way, the answer to that is no,

1806
01:33:54,640 --> 01:33:57,400
Speaker 1: because we've sent all of them over to Ukraine. There's

1807
01:33:57,479 --> 01:34:00,280
Speaker 1: all kinds of downstream effects here and then all so

1808
01:34:00,479 --> 01:34:03,639
Speaker 1: when the President sends over existing US military stock. Well,

1809
01:34:03,760 --> 01:34:05,920
Speaker 1: then the military has to go buy new ones. So

1810
01:34:05,960 --> 01:34:08,360
Speaker 1: who benefits from that? Crystal cars? Like this is what

1811
01:34:08,400 --> 01:34:11,519
Speaker 1: I'm saying. There are all kinds of downstream, you know,

1812
01:34:11,680 --> 01:34:16,759
Speaker 1: very big and nuanced discussions that need to happen whenever

1813
01:34:16,800 --> 01:34:19,840
Speaker 1: it comes to what do we want to do in

1814
01:34:20,280 --> 01:34:22,599
Speaker 1: this is? You know what, it's been two months now,

1815
01:34:22,760 --> 01:34:25,479
Speaker 1: this has been going on. Ukrainians have fought a righteous war.

1816
01:34:25,680 --> 01:34:28,360
Speaker 1: They're gonna They've battled them in the east. They're keeping

1817
01:34:28,400 --> 01:34:31,479
Speaker 1: them basically, you know, it's a rough stalemate. And I'm

1818
01:34:31,479 --> 01:34:33,439
Speaker 1: not saying that hundreds of people aren't dying. That isn't

1819
01:34:33,600 --> 01:34:36,839
Speaker 1: a tragedy. Where do we go from here? Is flooding

1820
01:34:36,880 --> 01:34:39,320
Speaker 1: the whole country full of weapons? Is that a good thing?

1821
01:34:39,479 --> 01:34:41,120
Speaker 1: Is it a bad thing? I don't know. I mean

1822
01:34:41,160 --> 01:34:44,000
Speaker 1: we should all have independent assessments. And the fact that

1823
01:34:44,040 --> 01:34:45,840
Speaker 1: they just not only rubber stamped it but gave even

1824
01:34:45,880 --> 01:34:48,080
Speaker 1: more is what troubles me the most. And I what

1825
01:34:48,160 --> 01:34:50,880
Speaker 1: I know with war is there's always fortieth order consequences.

1826
01:34:50,920 --> 01:34:53,320
Speaker 1: Of course, of course, I mean, how many times do

1827
01:34:53,360 --> 01:34:56,320
Speaker 1: we have to learn that lesson over and over and

1828
01:34:56,360 --> 01:34:59,240
Speaker 1: over again when it comes back to bite the entire

1829
01:34:59,280 --> 01:35:02,160
Speaker 1: world but all so us specifically, I mean, gun points out,

1830
01:35:02,520 --> 01:35:06,320
Speaker 1: isn't it convenient that just as their grift in Afghanistan ends,

1831
01:35:06,360 --> 01:35:10,519
Speaker 1: they get a new, even more lucrative funding project for

1832
01:35:10,560 --> 01:35:12,479
Speaker 1: the defense contract. You know, for those of you who

1833
01:35:12,520 --> 01:35:14,839
Speaker 1: are suffering in the market right now, you certainly couldn't

1834
01:35:14,880 --> 01:35:19,080
Speaker 1: couldn't go wrong with buying in on Raytheon or Lockheed

1835
01:35:19,160 --> 01:35:23,960
Speaker 1: Martin or one of these defense industrial complex machines, because

1836
01:35:24,160 --> 01:35:28,000
Speaker 1: ultimately Congress is very reliable in making sure that they

1837
01:35:28,040 --> 01:35:31,439
Speaker 1: have even more funding than ultimately what's requested. Think about

1838
01:35:31,479 --> 01:35:35,400
Speaker 1: the disparity in how this conversation unfolds, because if the

1839
01:35:35,439 --> 01:35:38,960
Speaker 1: administration was found to be putting pressure on the Ukrainians

1840
01:35:39,000 --> 01:35:41,680
Speaker 1: to make concessions and negotiate a peace, there would be

1841
01:35:41,760 --> 01:35:44,840
Speaker 1: outrage about that. How could you? How could you do that?

1842
01:35:45,160 --> 01:35:48,400
Speaker 1: But we know that they're putting pressure effectively on Ukraine

1843
01:35:48,439 --> 01:35:51,880
Speaker 1: to continue the war, to continue fighting, And somehow that's

1844
01:35:51,920 --> 01:35:54,519
Speaker 1: fine that part for us to put pressure on them

1845
01:35:54,520 --> 01:35:57,200
Speaker 1: in that direction, because I know people say, oh, well,

1846
01:35:57,280 --> 01:35:59,439
Speaker 1: you know, they the Ukrainians, they want to keep fighting,

1847
01:35:59,479 --> 01:36:01,680
Speaker 1: they want to keep going. Do you really know that?

1848
01:36:01,800 --> 01:36:04,680
Speaker 1: Because it was someone close to Zelensky who leaked that

1849
01:36:04,800 --> 01:36:08,439
Speaker 1: news to Ukrainian Pravda by the way that Boris Johnson

1850
01:36:08,479 --> 01:36:10,479
Speaker 1: was putting pressure on them to continue the war, to

1851
01:36:10,479 --> 01:36:14,519
Speaker 1: continue fighting. So yes, listen, Russia is the aggressor in

1852
01:36:14,560 --> 01:36:17,760
Speaker 1: the situation. All of the conversation about NATO and all

1853
01:36:17,800 --> 01:36:19,680
Speaker 1: of that very clear, like the way that this was

1854
01:36:19,720 --> 01:36:23,000
Speaker 1: ultimately predictable. But they're the ones who are responsible. They're

1855
01:36:23,000 --> 01:36:26,640
Speaker 1: the ones who invaded. None of that is justified whatsoever.

1856
01:36:26,840 --> 01:36:28,880
Speaker 1: And they could end it tomorrow, and they could end

1857
01:36:28,960 --> 01:36:31,439
Speaker 1: up tomorrow, and that is certainly the case. But you know,

1858
01:36:31,880 --> 01:36:34,479
Speaker 1: there is there is no I even saw an article

1859
01:36:34,520 --> 01:36:36,479
Speaker 1: where Biden was saying, like, oh, I'm worried that there's

1860
01:36:36,520 --> 01:36:38,439
Speaker 1: no offeran for Putin. It's like, what do you think

1861
01:36:38,479 --> 01:36:40,840
Speaker 1: your whole policy of your administration has been. I mean,

1862
01:36:40,840 --> 01:36:43,599
Speaker 1: you all are admitting this out right now. So that's

1863
01:36:43,600 --> 01:36:47,600
Speaker 1: a bigger question, is right now the US policy and

1864
01:36:47,640 --> 01:36:49,880
Speaker 1: this forty billion dollars is part of this is to

1865
01:36:50,040 --> 01:36:54,400
Speaker 1: keep war going with Russia. Democratic Congressman Seth Milton admitting

1866
01:36:54,520 --> 01:36:57,240
Speaker 1: we are basically at war with Russia. Now, did you

1867
01:36:57,320 --> 01:36:59,960
Speaker 1: vote for that? Is that what you really wanted are

1868
01:37:00,080 --> 01:37:03,720
Speaker 1: representatives to be doing? Do you want this all to unfoldness,

1869
01:37:03,800 --> 01:37:07,320
Speaker 1: keep going further and further and further and further, with

1870
01:37:07,520 --> 01:37:09,720
Speaker 1: no public debate about what any of it means, with

1871
01:37:09,880 --> 01:37:13,439
Speaker 1: no accountability whatsoever about who or what this money is

1872
01:37:13,520 --> 01:37:16,320
Speaker 1: ultimately funding. Is that really what you wanted here? Yeah?

1873
01:37:16,360 --> 01:37:19,040
Speaker 1: And I think look, that is the ultimate question that

1874
01:37:19,080 --> 01:37:21,519
Speaker 1: all of us should ask. And this is Congress and

1875
01:37:21,600 --> 01:37:24,479
Speaker 1: East specifically the House, the people's House, is supposed to

1876
01:37:24,479 --> 01:37:28,519
Speaker 1: be where the most raucous debates and all that stuff happened.

1877
01:37:28,520 --> 01:37:31,000
Speaker 1: So yeah, when they come in and they're supposed to

1878
01:37:31,000 --> 01:37:34,600
Speaker 1: control the purse, that's what the founders intended. So to

1879
01:37:34,680 --> 01:37:38,320
Speaker 1: have the most direct democracy, democratic body in the world

1880
01:37:38,880 --> 01:37:41,640
Speaker 1: not do that, It's a serious issue.