1
00:00:00,280 --> 00:00:03,440
Speaker 1: Cable news is ripping us apart, dividing the nation, making

2
00:00:03,440 --> 00:00:05,880
Speaker 1: it impossible to function as a society and to know

3
00:00:05,920 --> 00:00:08,680
Speaker 1: what is true and what is false. The good news

4
00:00:08,800 --> 00:00:10,800
Speaker 1: is that they're failing and they know it. That is

5
00:00:10,840 --> 00:00:14,840
Speaker 1: why we're building something new. Be part of creating a new, better, healthier,

6
00:00:14,880 --> 00:00:17,920
Speaker 1: and more trustworthy mainstream by becoming a Breaking Points Premium

7
00:00:17,920 --> 00:00:21,520
Speaker 1: member today at breakingpoints dot com. Your hard earned money

8
00:00:21,560 --> 00:00:23,360
Speaker 1: is going to help us build for the midterms and

9
00:00:23,400 --> 00:00:27,360
Speaker 1: the upcoming presidential election so we can provide unparalleled coverage

10
00:00:27,360 --> 00:00:28,600
Speaker 1: of what is sure to be one of the most

11
00:00:28,600 --> 00:00:32,320
Speaker 1: pivotal moments in American history. So what are you waiting for?

12
00:00:32,479 --> 00:00:36,879
Speaker 1: Go to Breakingpoints dot com to help us out. Good morning, everybody,

13
00:00:36,880 --> 00:00:39,320
Speaker 1: Happy Monday. We have an amazing show for everybody today.

14
00:00:39,320 --> 00:00:42,000
Speaker 1: What do we have, Crystal, Indeed, we do lots of

15
00:00:42,040 --> 00:00:45,000
Speaker 1: stuff that is breaking this morning. First of all, we

16
00:00:45,040 --> 00:00:47,440
Speaker 1: have some new comments from some of our leaders, including

17
00:00:47,479 --> 00:00:49,640
Speaker 1: President Biden, about whether or not we might be heading

18
00:00:49,680 --> 00:00:53,600
Speaker 1: towards a recession. Very telling comments. Indeed, we also have

19
00:00:53,680 --> 00:00:57,200
Speaker 1: a new union Apple store workers outside of Maryland. We

20
00:00:57,280 --> 00:01:00,800
Speaker 1: do forming Apple's very first union. That is exciting. We'll

21
00:01:00,800 --> 00:01:02,680
Speaker 1: give you those details there and whether or not the

22
00:01:02,800 --> 00:01:04,959
Speaker 1: fact that the economy is lighting off of a cliff

23
00:01:05,040 --> 00:01:09,039
Speaker 1: may impact that wave of labor organizing. We also have

24
00:01:09,160 --> 00:01:11,120
Speaker 1: some I mean, you just can't make it up the

25
00:01:11,160 --> 00:01:14,000
Speaker 1: stuff that continues to come out of Uvaldi now they

26
00:01:14,040 --> 00:01:15,680
Speaker 1: are I mean, it really is like a whole of

27
00:01:15,680 --> 00:01:18,080
Speaker 1: state cover up at this point, from the governor all

28
00:01:18,120 --> 00:01:20,560
Speaker 1: the way down to the local officials trying to keep

29
00:01:20,600 --> 00:01:23,560
Speaker 1: the public from ever seeing bodycam footage. But we do

30
00:01:23,640 --> 00:01:28,200
Speaker 1: have some sources within the investigation revealing some important details,

31
00:01:28,240 --> 00:01:32,200
Speaker 1: some new lies about exactly went down on that horrific day.

32
00:01:32,880 --> 00:01:35,880
Speaker 1: We're also learning more about just how screwed up the

33
00:01:35,920 --> 00:01:40,760
Speaker 1: airline system is, price gouging, scheduling flights that they know

34
00:01:40,840 --> 00:01:44,119
Speaker 1: they have no prayer ultimately staffing. We also have Pete

35
00:01:44,120 --> 00:01:47,000
Speaker 1: Bootage edge in a position to potentially do something about

36
00:01:47,000 --> 00:01:49,800
Speaker 1: it and basically not acting. So we'll take you through that.

37
00:01:50,440 --> 00:01:53,560
Speaker 1: You guys probably also saw President Biden taking a spill

38
00:01:53,640 --> 00:01:55,920
Speaker 1: off his bike. It appears to be fine, but raising

39
00:01:55,920 --> 00:01:58,480
Speaker 1: new questions about whether or not he should run again

40
00:01:58,560 --> 00:02:01,000
Speaker 1: in twenty twenty four if that's the Democrat's best chance.

41
00:02:01,320 --> 00:02:04,240
Speaker 1: And we also have some new troubling developments in Juliana

42
00:02:04,360 --> 00:02:07,960
Speaker 1: Sange's case, they're continuing, you know, the US and the

43
00:02:08,040 --> 00:02:11,160
Speaker 1: UK government continuing to push for him to be extradited here.

44
00:02:11,240 --> 00:02:12,880
Speaker 1: So we've got all of that for you. Also, Peter

45
00:02:13,000 --> 00:02:16,120
Speaker 1: Zihan going to be back here again. Of course, there

46
00:02:16,120 --> 00:02:17,680
Speaker 1: are a lot of things that he can get into,

47
00:02:18,200 --> 00:02:20,840
Speaker 1: but we want to focus in particular on how we

48
00:02:21,000 --> 00:02:24,760
Speaker 1: may be entering a new phase where inflation is a

49
00:02:24,800 --> 00:02:27,840
Speaker 1: lot higher than it's than it used to be, as

50
00:02:27,919 --> 00:02:32,160
Speaker 1: globalization sort of as going away in certain respects. So

51
00:02:32,320 --> 00:02:33,840
Speaker 1: be interesting to talk to him, But we wanted to

52
00:02:33,840 --> 00:02:36,720
Speaker 1: start with these latest comments with regards to the recession

53
00:02:37,440 --> 00:02:39,959
Speaker 1: we heard from Janet Yellen, she's, of course the Treasury Secretary,

54
00:02:40,000 --> 00:02:42,119
Speaker 1: about whether or not she thought there would be a recession,

55
00:02:42,160 --> 00:02:44,360
Speaker 1: and also how long she thinks inflation is going to

56
00:02:44,360 --> 00:02:46,680
Speaker 1: hang around. Let's take a listen to that. I don't

57
00:02:46,720 --> 00:02:53,040
Speaker 1: think a recession, is it all inevitable? Chair Powell. Clearly

58
00:02:53,120 --> 00:02:58,560
Speaker 1: inflation is unacceptably high. It's President Biden's top priority to

59
00:02:58,600 --> 00:03:03,040
Speaker 1: bring it down, and Chuir Powell has said that his

60
00:03:03,200 --> 00:03:07,280
Speaker 1: goal is to bring inflation down while maintaining a strong

61
00:03:07,360 --> 00:03:11,360
Speaker 1: labor market. That's going to take skill and luck. But

62
00:03:12,160 --> 00:03:16,040
Speaker 1: I believe it's possible. I don't think a recession is inevitable.

63
00:03:16,160 --> 00:03:17,880
Speaker 1: Prices are going to go up before they go down,

64
00:03:17,960 --> 00:03:20,720
Speaker 1: right again, Most economs expect the inflation rate to move

65
00:03:20,760 --> 00:03:23,280
Speaker 1: up to around seven percent by the end of the year.

66
00:03:23,320 --> 00:03:27,560
Speaker 1: Does that sound about right to you, Well, we've had

67
00:03:27,960 --> 00:03:31,280
Speaker 1: high inflation in the first half of this year, and

68
00:03:32,160 --> 00:03:36,320
Speaker 1: that locks in high inflation really for the entire year.

69
00:03:36,840 --> 00:03:39,720
Speaker 1: But I do expect in the months ahead that the

70
00:03:39,800 --> 00:03:45,000
Speaker 1: pace of inflation it's likely to come down. Although remember,

71
00:03:45,040 --> 00:03:50,040
Speaker 1: there are so many uncertainties relating to global developments, so

72
00:03:50,080 --> 00:03:51,880
Speaker 1: there's a lot to read between the lines here. I mean,

73
00:03:51,920 --> 00:03:54,400
Speaker 1: first of all, it's never a good situation when you're

74
00:03:54,520 --> 00:03:58,600
Speaker 1: using language like well, it's not inevitable resolution, It's like, okay,

75
00:03:58,760 --> 00:04:00,960
Speaker 1: so what are we talking like five percent chance of

76
00:04:01,000 --> 00:04:04,400
Speaker 1: avoiding a one percent chance of avoiding it. So there's that,

77
00:04:04,840 --> 00:04:06,800
Speaker 1: And then there's also the fact that you know, in

78
00:04:06,800 --> 00:04:09,520
Speaker 1: spite of the fact the Fed's taking some pretty extraordinary

79
00:04:09,520 --> 00:04:11,920
Speaker 1: action now increasing the level and the pace at which

80
00:04:11,920 --> 00:04:15,960
Speaker 1: they're lifting interest rates, there's still every expectation that inflation

81
00:04:16,080 --> 00:04:19,000
Speaker 1: is going to continue at least through this year, and

82
00:04:19,080 --> 00:04:21,359
Speaker 1: what does that mean. That means the FED will continue

83
00:04:21,360 --> 00:04:25,360
Speaker 1: to act and potentially continue to escalate those actions ultimately,

84
00:04:25,400 --> 00:04:28,320
Speaker 1: since that's basically the only thing that we're doing to

85
00:04:28,440 --> 00:04:32,040
Speaker 1: tame inflation. That means they are coming after you, know,

86
00:04:32,400 --> 00:04:35,960
Speaker 1: you your ability to buy a house. They've said outright

87
00:04:36,000 --> 00:04:38,200
Speaker 1: they want to get wages down, they want to cool

88
00:04:38,240 --> 00:04:40,080
Speaker 1: off the labor market. Won't get to in a little

89
00:04:40,080 --> 00:04:42,200
Speaker 1: bit when we talk about unionizing. I mean that is

90
00:04:42,240 --> 00:04:45,200
Speaker 1: part of what has enabled a lot of activism across

91
00:04:45,240 --> 00:04:47,360
Speaker 1: the country. So yes, of course we have to get

92
00:04:47,360 --> 00:04:50,760
Speaker 1: inflation under control because it is devastating working class people.

93
00:04:51,120 --> 00:04:53,920
Speaker 1: But when we only lean on the FED to do it,

94
00:04:54,160 --> 00:04:55,839
Speaker 1: we leave a lot of things off the table. And,

95
00:04:55,880 --> 00:04:59,120
Speaker 1: by the way, where we are at this point, a

96
00:04:59,160 --> 00:05:01,240
Speaker 1: lot of that, you know, to the extent that the

97
00:05:01,400 --> 00:05:04,280
Speaker 1: extra stimmy checks in the accounts and whatever helped to

98
00:05:04,320 --> 00:05:07,600
Speaker 1: spike inflation, a lot of that is burned off. There

99
00:05:07,600 --> 00:05:09,839
Speaker 1: are a lot of other issues that we're facing that

100
00:05:09,880 --> 00:05:12,000
Speaker 1: are causing inflation. The FED has nothing to do with it. Yeah,

101
00:05:12,040 --> 00:05:13,680
Speaker 1: I mean we see that all in the credit card data.

102
00:05:13,760 --> 00:05:15,880
Speaker 1: We see it in all the increase borrowing and the

103
00:05:15,880 --> 00:05:18,360
Speaker 1: cooling off of the housing market. Even in terms of demand,

104
00:05:18,360 --> 00:05:22,040
Speaker 1: Americans are beginning to curb both restaurant and gas use,

105
00:05:22,200 --> 00:05:24,760
Speaker 1: meaning that quality of life is declining. And I'm not

106
00:05:24,800 --> 00:05:27,120
Speaker 1: saying it's a right, but anytime that you have to

107
00:05:27,160 --> 00:05:29,480
Speaker 1: have to diminish your quality of life in order to

108
00:05:29,520 --> 00:05:32,440
Speaker 1: make basic ends meet. Viral videos going around of people

109
00:05:32,520 --> 00:05:35,000
Speaker 1: saying I got to choose between food or gas this week.

110
00:05:35,040 --> 00:05:37,599
Speaker 1: I mean, that is a horrific position in order to

111
00:05:37,640 --> 00:05:39,880
Speaker 1: be in You also see that the talking point originated

112
00:05:39,880 --> 00:05:42,360
Speaker 1: with Biden himself. Let's put this up there on the screen.

113
00:05:42,400 --> 00:05:44,600
Speaker 1: He did his first sit down interview finally with the

114
00:05:44,640 --> 00:05:48,799
Speaker 1: Associated Press, only thirty minutes, but actually he was pressed

115
00:05:48,839 --> 00:05:51,200
Speaker 1: on inflation. Here's what he said. First of all, it's

116
00:05:51,240 --> 00:05:53,719
Speaker 1: not inevitable whenever it comes to the recession, so we

117
00:05:53,720 --> 00:05:57,360
Speaker 1: see that that bled into the Treasury Secretary's comments. Secondly,

118
00:05:57,440 --> 00:06:00,239
Speaker 1: he says, quote, we're in a stronger position than any

119
00:06:00,320 --> 00:06:04,120
Speaker 1: nation in the world to overcome this inflation. Then he

120
00:06:04,200 --> 00:06:06,280
Speaker 1: pivoted to defending himself and saying that we have the

121
00:06:06,320 --> 00:06:09,440
Speaker 1: strongest job market since World War Two, and then we

122
00:06:09,480 --> 00:06:11,680
Speaker 1: have three point six percent on employment rate and talked

123
00:06:11,680 --> 00:06:14,360
Speaker 1: about wages. I don't know why they continue to go

124
00:06:14,400 --> 00:06:16,920
Speaker 1: to this post World War two talking point. You know,

125
00:06:16,960 --> 00:06:19,839
Speaker 1: it's if this is a good parallel. Actually, consumer sentiment

126
00:06:19,880 --> 00:06:21,839
Speaker 1: post World War two was actually terrible. We had very

127
00:06:21,920 --> 00:06:24,440
Speaker 1: high inflation at that time, and Truman nearly got kicked

128
00:06:24,440 --> 00:06:26,640
Speaker 1: out of office for it because there was massive chaos

129
00:06:26,839 --> 00:06:29,960
Speaker 1: in the labor market. Because once again global events, you

130
00:06:29,960 --> 00:06:32,280
Speaker 1: come out of a crisis, it spikes huge problems and

131
00:06:32,360 --> 00:06:35,000
Speaker 1: it sparks real questions like what exactly are we going

132
00:06:35,080 --> 00:06:36,839
Speaker 1: to do as an economy and how are we going

133
00:06:36,880 --> 00:06:39,239
Speaker 1: to conduct commerce coming out of this? And Biden doesn't

134
00:06:39,279 --> 00:06:41,720
Speaker 1: have an actual answer for that. And this just gets

135
00:06:41,760 --> 00:06:43,920
Speaker 1: to what you're pointing to. There's only two ways really

136
00:06:43,920 --> 00:06:46,640
Speaker 1: to quote unquote solve inflation. You can induce the recession,

137
00:06:46,680 --> 00:06:48,839
Speaker 1: which is basically what the Fed has decided to do,

138
00:06:49,320 --> 00:06:51,040
Speaker 1: or you can try and deal with many of the

139
00:06:51,040 --> 00:06:54,120
Speaker 1: supply side factors. Well guess what is much much harder

140
00:06:54,160 --> 00:06:57,839
Speaker 1: to do both politically, but would actually solve the key

141
00:06:57,839 --> 00:07:00,359
Speaker 1: problem in the future, because this is a thing. Even

142
00:07:00,400 --> 00:07:03,760
Speaker 1: with inducing recession recession to the extent that it can

143
00:07:03,920 --> 00:07:06,640
Speaker 1: quote solve inflation, that just means that you're going to

144
00:07:06,720 --> 00:07:11,679
Speaker 1: reduce demand for everything across the board and hurt all business. Okay,

145
00:07:12,040 --> 00:07:14,720
Speaker 1: I mean I guess that means the price is down.

146
00:07:15,000 --> 00:07:17,960
Speaker 1: But you know, nineteen seventy nine was a miserable year.

147
00:07:18,200 --> 00:07:20,760
Speaker 1: Nineteen eighty we actually went into one of the most

148
00:07:20,760 --> 00:07:24,360
Speaker 1: painful recessions since the Great Depression in nineteen eighty one,

149
00:07:24,400 --> 00:07:26,840
Speaker 1: which is a direct result of the Federal Reserve. And

150
00:07:26,880 --> 00:07:30,160
Speaker 1: to the extent that inflation was even quote solved after that,

151
00:07:30,240 --> 00:07:33,000
Speaker 1: it was mostly a result of the global cooling off

152
00:07:33,200 --> 00:07:35,920
Speaker 1: on the oil markets and learning how to deal with Opek,

153
00:07:36,000 --> 00:07:39,120
Speaker 1: the Iranian Revolution and all of that. So even there,

154
00:07:39,240 --> 00:07:41,320
Speaker 1: the Iran Iraq War probably had more to do with

155
00:07:41,440 --> 00:07:45,240
Speaker 1: solving inflation than the actual Federal Reserve. I'm reading a

156
00:07:45,240 --> 00:07:48,520
Speaker 1: book about the seventies right now, so very well, right up. Well, yeah,

157
00:07:48,560 --> 00:07:50,720
Speaker 1: and Sager, are we talking more about that? And as monologue,

158
00:07:50,720 --> 00:07:53,640
Speaker 1: the parallels are we've both been pretty fascinated by the

159
00:07:53,640 --> 00:07:57,240
Speaker 1: parallels legally because even within like the Left group infighting,

160
00:07:57,280 --> 00:07:59,400
Speaker 1: there were parallels and that there's just a lot of

161
00:07:59,440 --> 00:08:02,480
Speaker 1: strange pair lels going on. But yeah, I mean, it's

162
00:08:02,680 --> 00:08:05,239
Speaker 1: it's there was one other detail in this interview with Biden.

163
00:08:05,280 --> 00:08:07,240
Speaker 1: That's it's a little bit of a side but I

164
00:08:07,240 --> 00:08:09,000
Speaker 1: think the audience would be interested in it, which is

165
00:08:09,120 --> 00:08:12,200
Speaker 1: remember how they hung the picture, the portrait of FDR

166
00:08:12,880 --> 00:08:15,480
Speaker 1: in the White House. This was a signal like I

167
00:08:15,520 --> 00:08:17,280
Speaker 1: get it, and I get the challenge, and we're going

168
00:08:17,360 --> 00:08:19,240
Speaker 1: to have a new new deal, and I'm taking on

169
00:08:19,280 --> 00:08:21,920
Speaker 1: the mantle of Roosevelt. Well, you learn in this interview

170
00:08:21,920 --> 00:08:24,000
Speaker 1: that he actually had nothing to do with it. It

171
00:08:24,040 --> 00:08:26,840
Speaker 1: was I guess John Meacham that hung it there, and

172
00:08:26,880 --> 00:08:29,800
Speaker 1: he looked at it and said, why Franklin Roosevelt. Not

173
00:08:29,880 --> 00:08:31,840
Speaker 1: that I don't like Franklin Roosevelt, but well I put

174
00:08:31,880 --> 00:08:34,480
Speaker 1: that big portrait of Franklin Roosevelt. And Meacham said, no

175
00:08:34,520 --> 00:08:37,240
Speaker 1: one ever inherited that kind of big circumstances and dire

176
00:08:37,280 --> 00:08:39,360
Speaker 1: more dire streets than he did that last time. And

177
00:08:39,400 --> 00:08:43,480
Speaker 1: I said, oh, that's that's encouraging. So anyway, apparently Biden

178
00:08:43,559 --> 00:08:46,000
Speaker 1: never really embraced this FDR thing. I think that's pretty

179
00:08:46,000 --> 00:08:47,880
Speaker 1: clear at this point. But go ahead and put this

180
00:08:47,920 --> 00:08:50,559
Speaker 1: next hair sheet up on the screen, because this article,

181
00:08:50,880 --> 00:08:52,760
Speaker 1: I really recommend people actually go and read the whole

182
00:08:52,760 --> 00:08:55,079
Speaker 1: things from David Lynch at the Washington Post, fed's interest

183
00:08:55,120 --> 00:08:58,280
Speaker 1: rate Hike's May Mark start of tough new economic climate.

184
00:08:59,040 --> 00:09:01,040
Speaker 1: And I'll read you a little bit of this. So

185
00:09:01,080 --> 00:09:04,000
Speaker 1: they said, for forty years now, the formula for US

186
00:09:04,040 --> 00:09:07,000
Speaker 1: economic growth has been the same, cheap money, and that

187
00:09:07,040 --> 00:09:09,480
Speaker 1: has been led by the Fed. Consumers could borrow easily

188
00:09:09,480 --> 00:09:11,760
Speaker 1: to buy homes and cars. Companies, whether profitable or not,

189
00:09:11,800 --> 00:09:14,520
Speaker 1: could tact bond investors for cash to fund their operations.

190
00:09:14,960 --> 00:09:17,000
Speaker 1: Washington could afford to bail out both Wall Street Main

191
00:09:17,040 --> 00:09:20,040
Speaker 1: Street by running eye popping budget deficits made possible by

192
00:09:20,080 --> 00:09:25,200
Speaker 1: borrowed funds. Now, with the end of that easy money regime,

193
00:09:25,720 --> 00:09:28,480
Speaker 1: you're in a very very different era. So, I mean,

194
00:09:28,760 --> 00:09:31,840
Speaker 1: you remember, not that long ago, the sort of conventional

195
00:09:31,880 --> 00:09:34,679
Speaker 1: wisdom was stock market only goes up. And you can

196
00:09:34,760 --> 00:09:37,800
Speaker 1: understand why people felt that way because we had a

197
00:09:37,880 --> 00:09:41,760
Speaker 1: crash during the coronavirus crisis. But it was very short

198
00:09:41,800 --> 00:09:45,400
Speaker 1: because immediately the FED leaps into action to backstop everything.

199
00:09:45,520 --> 00:09:49,080
Speaker 1: And so even as much of the economy was on hold,

200
00:09:49,160 --> 00:09:50,880
Speaker 1: I mean, people were at home, there was very little

201
00:09:50,920 --> 00:09:53,840
Speaker 1: that was actually happening. The stock market kept going up

202
00:09:53,880 --> 00:09:56,320
Speaker 1: and up and up. So you were seeing these twin

203
00:09:57,040 --> 00:10:01,080
Speaker 1: headlines of like you know, massive unemployment, massive numbers of

204
00:10:01,080 --> 00:10:04,240
Speaker 1: people filing for unemployment claims, and yet stock market at

205
00:10:04,320 --> 00:10:08,640
Speaker 1: record levels. So there was just very recently this assumption

206
00:10:08,679 --> 00:10:11,400
Speaker 1: that oh, you can't lose, right, I mean, this thing

207
00:10:11,480 --> 00:10:13,920
Speaker 1: is it was fake. It was completely divorced from any

208
00:10:14,040 --> 00:10:17,120
Speaker 1: kind of reality. It was backstopped and propped up by

209
00:10:17,120 --> 00:10:21,040
Speaker 1: the Fed. Now that's being pulled back, and so we're

210
00:10:21,040 --> 00:10:23,000
Speaker 1: going to talk a minute. Of course, Crypto has taken

211
00:10:23,520 --> 00:10:26,760
Speaker 1: it on the chin. But you had asset bubbles and

212
00:10:26,760 --> 00:10:29,920
Speaker 1: basically every category. Now the air is coming out of

213
00:10:29,920 --> 00:10:32,880
Speaker 1: the tires in every single way. That is leading to

214
00:10:33,200 --> 00:10:36,319
Speaker 1: very new reality. I mean, you've had they say, now

215
00:10:36,360 --> 00:10:39,080
Speaker 1: the total value of debt that's considered distressed by SMP

216
00:10:39,160 --> 00:10:42,000
Speaker 1: Global ratings has nearly doubled over the past month to

217
00:10:42,040 --> 00:10:44,800
Speaker 1: forty nine billion. That includes securities for companies that you

218
00:10:45,280 --> 00:10:47,640
Speaker 1: know and have heard very much about, Write Aid, bed

219
00:10:47,720 --> 00:10:51,520
Speaker 1: Bath and beyond they mentioned. So, you know, this is

220
00:10:51,559 --> 00:10:55,720
Speaker 1: a pretty extraordinary shift, and I think it really remains

221
00:10:55,720 --> 00:10:59,080
Speaker 1: to be seen how the economy handles it. Because we've

222
00:10:59,080 --> 00:11:02,360
Speaker 1: had actively zero interest rates for the FED more or

223
00:11:02,480 --> 00:11:07,120
Speaker 1: less for quite a while now, certainly the last decade.

224
00:11:07,280 --> 00:11:10,720
Speaker 1: The amount that they have propped up these asset classes

225
00:11:10,760 --> 00:11:13,680
Speaker 1: has been extraordinary. By the way, that's part of what

226
00:11:13,960 --> 00:11:16,640
Speaker 1: fed inflation. I know, everybody you know loves to talk

227
00:11:16,679 --> 00:11:19,880
Speaker 1: about like what went to consumers and regular working class people,

228
00:11:19,960 --> 00:11:23,840
Speaker 1: but there was far more money, trillions of dollars that

229
00:11:23,920 --> 00:11:28,400
Speaker 1: was injected into to backstop the markets that fed inflation. Ultimately,

230
00:11:28,400 --> 00:11:31,199
Speaker 1: it also fed massive inequality. And so now as they

231
00:11:31,240 --> 00:11:33,880
Speaker 1: try to unwind that, it's going to be you may

232
00:11:33,920 --> 00:11:35,760
Speaker 1: not have benefited from that on the way up, but

233
00:11:35,880 --> 00:11:38,160
Speaker 1: it is going to be pain all the way around.

234
00:11:38,559 --> 00:11:40,280
Speaker 1: If the only way we can get out of the

235
00:11:40,320 --> 00:11:42,240
Speaker 1: cycle is for the FED to trigger a recession, which

236
00:11:42,280 --> 00:11:44,080
Speaker 1: is where we're headed. Yeah, and I just you know,

237
00:11:44,120 --> 00:11:46,480
Speaker 1: emphasizing again, there's actually a decent quote here by the

238
00:11:46,520 --> 00:11:48,880
Speaker 1: chief research officer at Barclay's Bank which he's like, look,

239
00:11:48,920 --> 00:11:51,560
Speaker 1: this truth is is that the economy, this economy is

240
00:11:51,600 --> 00:11:53,959
Speaker 1: designed to run off of low interest rates. And so

241
00:11:54,120 --> 00:11:57,920
Speaker 1: we are reshaping the fundamentals of all of the Fortune

242
00:11:57,960 --> 00:12:00,240
Speaker 1: five hundred companies, and the way that they are going

243
00:12:00,280 --> 00:12:02,640
Speaker 1: to have to behave all the way from the fact

244
00:12:02,720 --> 00:12:04,480
Speaker 1: is now that higher interest rates mean that they are

245
00:12:04,559 --> 00:12:06,520
Speaker 1: going to have to spend more in paying down their

246
00:12:06,559 --> 00:12:08,760
Speaker 1: debt too. They're not going to be able to freely

247
00:12:08,800 --> 00:12:11,920
Speaker 1: borrow in order to invest in any of their actual

248
00:12:11,960 --> 00:12:16,480
Speaker 1: resources in capital, both in equipment. Their expenditures are going

249
00:12:16,559 --> 00:12:18,720
Speaker 1: to be able to probably going to go down as

250
00:12:18,760 --> 00:12:21,199
Speaker 1: a result of this. This also means though that they

251
00:12:21,200 --> 00:12:24,000
Speaker 1: have to protect their stock price. To protect their stock price,

252
00:12:24,160 --> 00:12:26,240
Speaker 1: there is only one way to do that. Whenever money

253
00:12:26,280 --> 00:12:29,080
Speaker 1: is expensive to borrow, you have to cut cost, which

254
00:12:29,120 --> 00:12:31,520
Speaker 1: will mean you have to either cut wages or not

255
00:12:31,600 --> 00:12:34,559
Speaker 1: give wage increases to keep pace with inflation, or you

256
00:12:34,640 --> 00:12:37,080
Speaker 1: have to fire people. And unfortunately, I think that's the

257
00:12:37,120 --> 00:12:38,960
Speaker 1: direction that we're going to be heading in, and it

258
00:12:39,000 --> 00:12:41,560
Speaker 1: really is a result of government policy and to the

259
00:12:41,600 --> 00:12:45,479
Speaker 1: Federal Reserve. It will have broad impacts on everybody's retirement portfolios,

260
00:12:45,679 --> 00:12:48,240
Speaker 1: on your ability to borrow. More importantly, for all of

261
00:12:48,240 --> 00:12:49,760
Speaker 1: you I think we're listening to the show, is just

262
00:12:49,800 --> 00:12:51,959
Speaker 1: the sheer ability in order to get hired and the

263
00:12:52,040 --> 00:12:54,439
Speaker 1: labor market mobility that we saw over the last two years,

264
00:12:54,559 --> 00:12:56,480
Speaker 1: which was extraordinary, and you know we're about to get

265
00:12:56,480 --> 00:12:59,319
Speaker 1: to the labor movement. It could cripple the labor movement.

266
00:12:59,400 --> 00:13:01,520
Speaker 1: You know, if you see unemployment tick up, which is

267
00:13:01,520 --> 00:13:03,959
Speaker 1: the explicit goal of the Federal Reserve right now. Yeah, well,

268
00:13:04,000 --> 00:13:05,800
Speaker 1: what does that mean. I mean it means that you're

269
00:13:05,800 --> 00:13:08,160
Speaker 1: going to have less of competitive of a job market.

270
00:13:08,240 --> 00:13:09,959
Speaker 1: So you put all that together and it's a grim

271
00:13:10,040 --> 00:13:11,800
Speaker 1: picture for people. I don't think there's another way to

272
00:13:11,800 --> 00:13:13,840
Speaker 1: say it. There's no doubt about it. And you know,

273
00:13:13,920 --> 00:13:15,920
Speaker 1: all that the froth and the access that were in

274
00:13:15,920 --> 00:13:18,600
Speaker 1: the markets that said things like these zombie companies which

275
00:13:18,600 --> 00:13:22,280
Speaker 1: are losing money every single quarter, but because they can

276
00:13:22,280 --> 00:13:24,760
Speaker 1: borrow money so cheaply, they're able to make their interest

277
00:13:24,760 --> 00:13:28,280
Speaker 1: payments and kind of continue to link limp along. You

278
00:13:28,400 --> 00:13:33,520
Speaker 1: had the massive growth of these SPACs special purpose acquisition companies.

279
00:13:33,520 --> 00:13:36,800
Speaker 1: These are they call them blank check shell corporations, you

280
00:13:36,840 --> 00:13:38,760
Speaker 1: know that have avoid a lot of regulation. A lot

281
00:13:38,840 --> 00:13:42,760
Speaker 1: of those sort of like spectacularly failed. And so because

282
00:13:42,840 --> 00:13:45,840
Speaker 1: you had, you know, these massive trillions injected into the

283
00:13:45,840 --> 00:13:48,000
Speaker 1: market in this way, you created all of these things

284
00:13:48,000 --> 00:13:51,680
Speaker 1: that now are being pulled back dramatically. And I don't

285
00:13:51,679 --> 00:13:53,640
Speaker 1: think anyone knows exactly how this is going to play

286
00:13:53,640 --> 00:13:55,960
Speaker 1: out because we've never been in exactly this place before.

287
00:13:56,000 --> 00:13:58,000
Speaker 1: Even though there are a lot of parallels with the seventies,

288
00:13:58,080 --> 00:14:01,480
Speaker 1: We've not ever been exactly in this place before, and Sager,

289
00:14:01,559 --> 00:14:04,400
Speaker 1: something you've been pointing to is the consumer sentiment. I mean,

290
00:14:04,400 --> 00:14:06,600
Speaker 1: if you just ask the American people how they're feeling

291
00:14:06,600 --> 00:14:08,320
Speaker 1: about things, it is not good at all. Go ahead

292
00:14:08,320 --> 00:14:11,160
Speaker 1: and put this up on the screen. You can see

293
00:14:11,559 --> 00:14:13,520
Speaker 1: the best sentiment here they show in this chart they

294
00:14:13,559 --> 00:14:16,200
Speaker 1: say was in two thousand and This goes back to

295
00:14:16,200 --> 00:14:19,120
Speaker 1: it looks like about nineteen eeteen fifty five. The worst

296
00:14:19,160 --> 00:14:24,120
Speaker 1: sentiment is now right now, So worst sentiment now then,

297
00:14:24,200 --> 00:14:27,720
Speaker 1: even during financial crash two thousand and eight, two thousand

298
00:14:27,720 --> 00:14:30,040
Speaker 1: and nine, and the nineteen seventies of hienflighted. So in

299
00:14:30,000 --> 00:14:34,600
Speaker 1: the nineteen seventies, literally the worst consumer sentiment on record

300
00:14:34,760 --> 00:14:37,720
Speaker 1: in the United States, and people just don't seem to

301
00:14:37,720 --> 00:14:40,440
Speaker 1: grapple with that. It's why Putin's price hike doesn't land.

302
00:14:40,560 --> 00:14:44,000
Speaker 1: It's why best economy since World War Two doesn't land.

303
00:14:44,240 --> 00:14:47,960
Speaker 1: Unless you are speaking to that sentiment, you are not

304
00:14:48,120 --> 00:14:51,920
Speaker 1: going to be a successful politician. And Biden, the administration,

305
00:14:52,120 --> 00:14:54,720
Speaker 1: they have no answer for this. They continue to just

306
00:14:54,760 --> 00:14:58,520
Speaker 1: be dawdling. They don't have they don't appear in step

307
00:14:58,600 --> 00:15:01,200
Speaker 1: with the broad problem of Americans. I've been saying this

308
00:15:01,480 --> 00:15:03,880
Speaker 1: We've been saying this now for what a year. It's like,

309
00:15:04,200 --> 00:15:06,360
Speaker 1: I don't know how long it takes to learn, and

310
00:15:06,400 --> 00:15:08,760
Speaker 1: I get these stupid leaks coming out of the White House.

311
00:15:08,960 --> 00:15:11,200
Speaker 1: Jeff Stein had a story over the weekend about how

312
00:15:11,400 --> 00:15:13,840
Speaker 1: one idea was to give people gas rebates in order

313
00:15:13,920 --> 00:15:16,560
Speaker 1: to spend on gas, which would have been a problem

314
00:15:16,800 --> 00:15:18,920
Speaker 1: given that you don't deal a supply. But they couldn't

315
00:15:18,920 --> 00:15:21,480
Speaker 1: even do that. Why because we don't have enough semiconductor

316
00:15:21,560 --> 00:15:24,040
Speaker 1: chips in order to make that happen. So even their

317
00:15:24,080 --> 00:15:26,880
Speaker 1: stupid idea is not actionable because of a supply problem.

318
00:15:26,880 --> 00:15:30,560
Speaker 1: But they also and Congress us too addressed, is too perfect.

319
00:15:30,680 --> 00:15:33,640
Speaker 1: And then there's also just this is another thing that

320
00:15:33,680 --> 00:15:36,760
Speaker 1: Jeff Stein tweeted. They've been considering this for four months,

321
00:15:36,800 --> 00:15:40,000
Speaker 1: oh my god, four months and they're still apparently considering it.

322
00:15:40,000 --> 00:15:43,160
Speaker 1: It's like should or get off the pot? I mean, honestly,

323
00:15:43,320 --> 00:15:44,920
Speaker 1: and let me think about this, not just on this,

324
00:15:45,000 --> 00:15:47,720
Speaker 1: but a student loaned like all these city float them,

325
00:15:47,720 --> 00:15:50,760
Speaker 1: they think about they agonize them. It's like Jesus Christ,

326
00:15:50,920 --> 00:15:55,360
Speaker 1: people are suffering. Now take even if it's experimental, like

327
00:15:55,360 --> 00:15:56,960
Speaker 1: I mean, this is part of what FDR. It was like,

328
00:15:57,000 --> 00:15:58,960
Speaker 1: we're just gonna throw everything against the wall. We're gonna

329
00:15:58,960 --> 00:16:00,760
Speaker 1: figure out what works, what does work, But we're going

330
00:16:00,840 --> 00:16:03,320
Speaker 1: to act, We're going to try things. We're going to

331
00:16:03,360 --> 00:16:06,880
Speaker 1: be creative and think outside the box. And I think that,

332
00:16:07,040 --> 00:16:10,320
Speaker 1: more than anything, has hamstrung him because if you look

333
00:16:10,360 --> 00:16:13,120
Speaker 1: at the trajectory of his entire career, what has he

334
00:16:13,240 --> 00:16:16,720
Speaker 1: always done. I mean, he's always tried to locate himself

335
00:16:17,120 --> 00:16:21,160
Speaker 1: in the safest, most centrius part of the Democratic Party,

336
00:16:21,600 --> 00:16:24,320
Speaker 1: and there's no answers there for a situation like this.

337
00:16:24,520 --> 00:16:27,960
Speaker 1: I mean, that's why his only move here he put

338
00:16:28,000 --> 00:16:30,160
Speaker 1: on his op ed of oh here's my plan, et cetera,

339
00:16:30,160 --> 00:16:33,040
Speaker 1: et cetera. It boiled down to, yeah, leave it to

340
00:16:33,080 --> 00:16:35,360
Speaker 1: the Fed. Leave it to the Fed. That's it. And

341
00:16:35,400 --> 00:16:38,160
Speaker 1: the only thing the Fed can really do is trigger

342
00:16:38,200 --> 00:16:40,560
Speaker 1: a recession that massively hurts you and doesn't even deal

343
00:16:40,840 --> 00:16:43,240
Speaker 1: with the real core of the reasons that we ended

344
00:16:43,320 --> 00:16:45,800
Speaker 1: up in this situation in the first place. It is

345
00:16:46,000 --> 00:16:48,720
Speaker 1: it is a sad, sad state of affairs. Ultimately, let's

346
00:16:48,720 --> 00:16:52,480
Speaker 1: talk about you'valdi. So some new and interesting revelations. Let's

347
00:16:52,480 --> 00:16:54,760
Speaker 1: start with the first and the foremost, which is that

348
00:16:54,880 --> 00:16:57,680
Speaker 1: let's put this on the screen. Evaldi and Uldi police

349
00:16:57,760 --> 00:17:01,880
Speaker 1: have hired a private law firm to fight against being

350
00:17:01,960 --> 00:17:06,440
Speaker 1: required to release body camera footage and other records related

351
00:17:06,520 --> 00:17:09,719
Speaker 1: to the school shooting. They say that files could be

352
00:17:09,880 --> 00:17:14,920
Speaker 1: highly embarrassing and involve emotional and mental distress. I mean,

353
00:17:15,040 --> 00:17:17,920
Speaker 1: I think it probably caused more emotional mental distress whenever

354
00:17:17,920 --> 00:17:20,359
Speaker 1: little children were killed because you weren't doing your job.

355
00:17:20,640 --> 00:17:23,000
Speaker 1: And the city is now working with this law form,

356
00:17:23,480 --> 00:17:26,080
Speaker 1: so not just release body camera footage, which I mean,

357
00:17:26,160 --> 00:17:28,600
Speaker 1: I guess you could make an argument about that, but

358
00:17:28,920 --> 00:17:33,800
Speaker 1: this is specifically about all records related to the mass shooting.

359
00:17:34,080 --> 00:17:36,280
Speaker 1: This is a letter that they were actually given in

360
00:17:36,440 --> 00:17:40,240
Speaker 1: response to public information requests. Obviously, reporters and all everyone

361
00:17:40,240 --> 00:17:43,320
Speaker 1: else across Texas has been trying to foil body camera

362
00:17:43,359 --> 00:17:46,760
Speaker 1: footage photos, nine to one one calls, emails, text messages,

363
00:17:46,800 --> 00:17:50,600
Speaker 1: criminal records and everything. And they are blocking every possible

364
00:17:50,640 --> 00:17:54,119
Speaker 1: thing that they can because this city has not voluntarily

365
00:17:54,200 --> 00:17:58,320
Speaker 1: released one scrap of information as a result of this.

366
00:17:58,720 --> 00:18:01,520
Speaker 1: And here's the thing, which is that the city is

367
00:18:01,520 --> 00:18:05,000
Speaker 1: now actually asking Ken Paxton, who's the attorney general who

368
00:18:05,000 --> 00:18:08,040
Speaker 1: will get to for a determination on what information is

369
00:18:08,080 --> 00:18:11,320
Speaker 1: required to release to the public, which apparently is the

370
00:18:11,320 --> 00:18:13,840
Speaker 1: standard practice in the state of Texas. So the Texas

371
00:18:13,880 --> 00:18:18,119
Speaker 1: Ag now has the ability to determine which and any,

372
00:18:18,240 --> 00:18:21,800
Speaker 1: if all, records should be released. They're hiding and fighting

373
00:18:21,800 --> 00:18:24,879
Speaker 1: behind this lawsuit. Meanwhile, the Texas Attorney General and the

374
00:18:24,880 --> 00:18:27,560
Speaker 1: governor have the ability right now in order to release

375
00:18:27,680 --> 00:18:30,440
Speaker 1: all of this to the public, which it certainly should

376
00:18:30,480 --> 00:18:33,640
Speaker 1: be in order to make these gentlemen be held to account.

377
00:18:33,640 --> 00:18:37,920
Speaker 1: Remember that guy Pete Aradando, the chief of Evaldi CISD Police,

378
00:18:38,040 --> 00:18:42,440
Speaker 1: he remains completely unavailable to the public. He's been dodging reporters.

379
00:18:42,640 --> 00:18:45,480
Speaker 1: Their hope is all of us will just completely move on.

380
00:18:45,720 --> 00:18:48,520
Speaker 1: At the same time, the San Antonio Express doing some

381
00:18:48,560 --> 00:18:51,200
Speaker 1: great journalism here. Let's throw this on the screen. They

382
00:18:51,280 --> 00:18:54,200
Speaker 1: have a source which says that the police never tried

383
00:18:54,200 --> 00:18:56,320
Speaker 1: to open the door to the classrooms where the Uvalde

384
00:18:56,400 --> 00:19:00,199
Speaker 1: gunmen had kids trapped. Now, we had some indications of

385
00:19:00,240 --> 00:19:03,520
Speaker 1: this in the official timeline that was given. Eventually that

386
00:19:03,640 --> 00:19:06,639
Speaker 1: came out on how they were all holding outside about

387
00:19:06,640 --> 00:19:09,240
Speaker 1: how eventually border patrol had to ask and go and

388
00:19:09,280 --> 00:19:11,879
Speaker 1: get the key in order to try and enter the classroom.

389
00:19:12,040 --> 00:19:15,720
Speaker 1: But this makes it. Official surveillance videos show they did

390
00:19:15,720 --> 00:19:18,600
Speaker 1: not try even once in order to open the door

391
00:19:18,760 --> 00:19:21,840
Speaker 1: to the classrooms where the gunmen had the kids trapped

392
00:19:22,000 --> 00:19:25,880
Speaker 1: for seventy seven minutes. They're also are major questions here

393
00:19:26,119 --> 00:19:29,239
Speaker 1: why was that door unlocked in the first place, in

394
00:19:29,240 --> 00:19:32,400
Speaker 1: addition to the back door. Remember, originally the cops tricked

395
00:19:32,440 --> 00:19:34,479
Speaker 1: to blame a teacher. They were like, oh, a teacher

396
00:19:35,160 --> 00:19:37,440
Speaker 1: put a brick or something in the door, or they

397
00:19:37,440 --> 00:19:39,160
Speaker 1: want to go get their cell phone out of their car.

398
00:19:39,400 --> 00:19:42,639
Speaker 1: No surveillance video and the lawyers of the teacher contested that,

399
00:19:42,880 --> 00:19:46,120
Speaker 1: and it's been confirmed now that she actually closed the door.

400
00:19:46,160 --> 00:19:48,639
Speaker 1: She didn't do anything wrong. And they show also that

401
00:19:48,720 --> 00:19:51,879
Speaker 1: perhaps the classroom door had been both unlocked during the

402
00:19:51,920 --> 00:19:55,040
Speaker 1: classroom but also the school door, and all of this

403
00:19:55,200 --> 00:19:59,320
Speaker 1: just points to not only total engross incompetence on the

404
00:19:59,359 --> 00:20:01,720
Speaker 1: behalf of the pl officers, but now full fledged cover up.

405
00:20:01,800 --> 00:20:04,280
Speaker 1: Yeah the state, No, that's right, and it's at every level.

406
00:20:04,280 --> 00:20:06,760
Speaker 1: And remember this dude, Pete Arodondo, he's now on the

407
00:20:06,800 --> 00:20:10,280
Speaker 1: city council, so he's involved in the decisions at the

408
00:20:10,320 --> 00:20:13,040
Speaker 1: city level as well in terms of how they're going

409
00:20:13,080 --> 00:20:15,639
Speaker 1: to approach this and what they're ultimately going to release,

410
00:20:15,720 --> 00:20:19,119
Speaker 1: But it sure appears like from the bottom all the

411
00:20:19,119 --> 00:20:20,480
Speaker 1: way to the governor, we're going to get to the

412
00:20:20,520 --> 00:20:23,399
Speaker 1: ag and the governor in just a moment. They don't.

413
00:20:23,560 --> 00:20:27,000
Speaker 1: They want to completely stonewall the actual details of what

414
00:20:27,040 --> 00:20:31,080
Speaker 1: happened that day coming out, and we have already seen

415
00:20:31,520 --> 00:20:34,640
Speaker 1: so many lies that they have had to pull back.

416
00:20:34,880 --> 00:20:38,000
Speaker 1: You just have to wonder, like, what else aught could

417
00:20:38,000 --> 00:20:41,560
Speaker 1: they possibly be hiding? Because this is complete insanity. I mean,

418
00:20:41,560 --> 00:20:45,120
Speaker 1: this thing about the door, I'm just I'm beside myself

419
00:20:45,400 --> 00:20:48,920
Speaker 1: because Aredonda, remember his lawyer came out and said, oh no,

420
00:20:49,000 --> 00:20:51,520
Speaker 1: he was. He was trying every king and with every key,

421
00:20:51,680 --> 00:20:54,880
Speaker 1: was just prayerful and hopeful that it would unlock the door. Well,

422
00:20:54,960 --> 00:20:57,120
Speaker 1: the way he said it, it made you think, right

423
00:20:57,200 --> 00:20:59,600
Speaker 1: that he was trying the keys on the door to

424
00:20:59,600 --> 00:21:04,240
Speaker 1: the cloudassroom. The gunman actually is no. According to this source,

425
00:21:04,520 --> 00:21:07,680
Speaker 1: he was trying the keys on a different classroom door

426
00:21:08,119 --> 00:21:10,479
Speaker 1: to see if he could find a master key that

427
00:21:10,560 --> 00:21:14,239
Speaker 1: might unlock all of the doors. Okay, the doors there.

428
00:21:14,480 --> 00:21:17,200
Speaker 1: Remember the gunman went into one classroom and that there

429
00:21:17,240 --> 00:21:20,200
Speaker 1: was an adjoining door, so he was able to get

430
00:21:20,200 --> 00:21:23,240
Speaker 1: into two classrooms and massacre. Almost all of the kids

431
00:21:23,320 --> 00:21:26,840
Speaker 1: and the teachers that were in those two rooms, well,

432
00:21:26,960 --> 00:21:31,440
Speaker 1: one of them, it appears like had malfunctioned and was unlocked.

433
00:21:31,440 --> 00:21:34,640
Speaker 1: Has remember these doors were all supposed to automatically lock

434
00:21:34,760 --> 00:21:38,879
Speaker 1: once they're closed. Now it looks like the way the

435
00:21:38,880 --> 00:21:40,879
Speaker 1: gunman was able to get in is because one of

436
00:21:40,880 --> 00:21:44,320
Speaker 1: these locks, the back door locked malfunction. Now one of

437
00:21:44,320 --> 00:21:47,920
Speaker 1: these classroom door locks malfunction, So he was able to

438
00:21:47,960 --> 00:21:51,719
Speaker 1: waltz right in. They're saying in the investigation that he

439
00:21:51,760 --> 00:21:53,919
Speaker 1: would have been unlikely to be able to lock that

440
00:21:53,960 --> 00:21:58,240
Speaker 1: door himself from the inside. So the whole time the

441
00:21:58,240 --> 00:22:03,960
Speaker 1: cops were standing outside the door, it was unlocked. All

442
00:22:04,000 --> 00:22:07,239
Speaker 1: they had to do was turn the door up. And

443
00:22:07,480 --> 00:22:11,800
Speaker 1: I mean, that's that just I can't I can't even believe.

444
00:22:12,160 --> 00:22:15,480
Speaker 1: Every time we get a new revelation, I just cannot

445
00:22:15,680 --> 00:22:20,800
Speaker 1: believe the callous, cowardice failures of every single one of

446
00:22:20,800 --> 00:22:23,840
Speaker 1: these people. It's mind boggling. And a police source actually says,

447
00:22:23,880 --> 00:22:27,520
Speaker 1: surveillance video conforms that the officers all had access to

448
00:22:27,560 --> 00:22:30,479
Speaker 1: a crowbar tour the tool that could have opened the door. Right,

449
00:22:30,520 --> 00:22:32,920
Speaker 1: So even if it was if you wanted to you

450
00:22:32,960 --> 00:22:34,960
Speaker 1: could have gone in there even it was locked. They

451
00:22:34,960 --> 00:22:37,359
Speaker 1: could have blown their way, tried to blast away in there,

452
00:22:37,400 --> 00:22:39,040
Speaker 1: They could have tried to open the door. They waited

453
00:22:39,040 --> 00:22:40,800
Speaker 1: seventy seven minutes. I mean, all this is just a

454
00:22:41,240 --> 00:22:45,040
Speaker 1: massive screw up, not even screw up, and willful almost incompetence.

455
00:22:45,119 --> 00:22:46,920
Speaker 1: I don't even think we know the half of it. Yeah,

456
00:22:47,200 --> 00:22:49,600
Speaker 1: I mean that the lengths they're going to to keep

457
00:22:49,840 --> 00:22:52,560
Speaker 1: the body camera footage in all of this from coming out,

458
00:22:52,720 --> 00:22:55,080
Speaker 1: I don't think we even know the half of it.

459
00:22:55,160 --> 00:22:57,360
Speaker 1: And one of the experts they point to as well said,

460
00:22:57,400 --> 00:23:00,000
Speaker 1: this is kind of the problem with the body worn case.

461
00:23:00,760 --> 00:23:03,600
Speaker 1: You know, the idea is this like police accountability, but

462
00:23:03,680 --> 00:23:07,240
Speaker 1: in reality, oftentimes the police departments themselves who basically get

463
00:23:07,280 --> 00:23:10,320
Speaker 1: to decide what gets released and what doesn't. So, of course,

464
00:23:10,359 --> 00:23:14,440
Speaker 1: in a situation where you had sketchy behavior, outright violations

465
00:23:14,440 --> 00:23:17,119
Speaker 1: of their code of conduct, or even a legal behavior,

466
00:23:17,920 --> 00:23:20,400
Speaker 1: somehow the police department finds a way to, oh, we can't,

467
00:23:20,400 --> 00:23:23,280
Speaker 1: really we'd love to, but we can't release that particular footage.

468
00:23:23,280 --> 00:23:24,760
Speaker 1: And you know, that's part of the story of what's

469
00:23:24,800 --> 00:23:26,360
Speaker 1: going on here too. And then in terms of Ken

470
00:23:26,359 --> 00:23:30,480
Speaker 1: Paxton's throw this on the screen. The Texas Attorney General says, well,

471
00:23:30,520 --> 00:23:35,360
Speaker 1: God always has a plan whenever he's asked about Vivaldi shooting. Look,

472
00:23:35,440 --> 00:23:39,320
Speaker 1: I just think that it points to this guy needs

473
00:23:39,359 --> 00:23:43,480
Speaker 1: to step up for Texas. Him and Governor Abbott need

474
00:23:43,560 --> 00:23:48,000
Speaker 1: to have a full fledged, actual investigation, get all of

475
00:23:48,040 --> 00:23:53,520
Speaker 1: the records and the police footage, everything out, edit it together,

476
00:23:53,680 --> 00:23:57,360
Speaker 1: and explain to the citizens of Texas what went wrong here.

477
00:23:57,720 --> 00:24:00,760
Speaker 1: And this is not throwing you know, everybody under the bus.

478
00:24:00,800 --> 00:24:04,120
Speaker 1: It's the people who are responsible. Root them out of government,

479
00:24:04,359 --> 00:24:07,880
Speaker 1: throw their asses out of office, appoint new people. Frankly,

480
00:24:07,920 --> 00:24:11,440
Speaker 1: you've aldy PD could probably be disbanded at the very least,

481
00:24:11,480 --> 00:24:14,560
Speaker 1: you've already CISD and the state should step in and

482
00:24:14,720 --> 00:24:17,159
Speaker 1: you know, we can have the police as well. I

483
00:24:17,200 --> 00:24:20,480
Speaker 1: didn't say defunded. I said take it away and you know,

484
00:24:20,520 --> 00:24:22,560
Speaker 1: put some new people in there. And in the meantime,

485
00:24:22,720 --> 00:24:26,359
Speaker 1: the Texas Department of Public Safety should step up, you know,

486
00:24:26,520 --> 00:24:29,639
Speaker 1: even apparently the school itself has yet to reopen. I mean,

487
00:24:29,720 --> 00:24:32,160
Speaker 1: there's just so much that needs to actually happen down there,

488
00:24:32,160 --> 00:24:34,200
Speaker 1: and I think a lot of it is being forgotten,

489
00:24:34,280 --> 00:24:37,119
Speaker 1: and I unfortunately, you know, look, what happened is that

490
00:24:37,160 --> 00:24:39,560
Speaker 1: we had a national conversation or whatever about gun control.

491
00:24:39,760 --> 00:24:42,480
Speaker 1: We have a supposed deal which may come by the

492
00:24:42,560 --> 00:24:45,119
Speaker 1: end of this week. This falling apart. Yeah right, that

493
00:24:45,160 --> 00:24:48,520
Speaker 1: looks like it's falling apart. Which at Texas GOP convention,

494
00:24:48,680 --> 00:24:51,840
Speaker 1: as I said, you know, John Cornyn, I thought he

495
00:24:51,960 --> 00:24:53,800
Speaker 1: was going to face some trouble over this, and he

496
00:24:53,840 --> 00:24:56,080
Speaker 1: was booed on the stage and is apparently getting significant

497
00:24:56,119 --> 00:24:59,359
Speaker 1: pushback over the red flag provisions of the law. But

498
00:25:00,119 --> 00:25:02,040
Speaker 1: all of this has foregone that a lot of the

499
00:25:02,080 --> 00:25:03,919
Speaker 1: public I think is still very interested in this, but

500
00:25:03,960 --> 00:25:07,040
Speaker 1: I think the national media and the conversation is continuing

501
00:25:07,040 --> 00:25:09,800
Speaker 1: to pass these kids by. And these are really the

502
00:25:09,800 --> 00:25:11,840
Speaker 1: most direct way that we can at least hold the

503
00:25:11,920 --> 00:25:16,400
Speaker 1: people responsible for what they did, the very very very

504
00:25:16,480 --> 00:25:19,280
Speaker 1: least that could possibly be done. And just to read

505
00:25:19,320 --> 00:25:21,440
Speaker 1: you the whole passing quote here, because he got asked

506
00:25:21,440 --> 00:25:25,840
Speaker 1: specifically by a pastor what you would say to the victims' families,

507
00:25:26,200 --> 00:25:29,000
Speaker 1: he says, I'd have to say, Look, there's always a plan.

508
00:25:29,480 --> 00:25:32,440
Speaker 1: I believe God always has a plan. Life is short,

509
00:25:32,520 --> 00:25:35,720
Speaker 1: no matter what it is. Yeah, come on, come on.

510
00:25:35,840 --> 00:25:39,400
Speaker 1: And then the last piece of this is. I think

511
00:25:39,440 --> 00:25:43,080
Speaker 1: we did our best to give the Governor Greg Abbott

512
00:25:43,160 --> 00:25:46,760
Speaker 1: credit for admitting, you know, saying he was furious about

513
00:25:46,760 --> 00:25:49,879
Speaker 1: the way that he had been misled because originally he

514
00:25:49,960 --> 00:25:52,359
Speaker 1: came out and disseminated the lies that were being fed

515
00:25:52,400 --> 00:25:54,880
Speaker 1: to him, and you all know how that original timeline

516
00:25:54,920 --> 00:26:00,240
Speaker 1: just completely fell apart, multiple lies, multiple shifting storyline. So

517
00:26:00,280 --> 00:26:03,040
Speaker 1: he says he's ultimately livid. We'll go ahead and put

518
00:26:03,040 --> 00:26:06,000
Speaker 1: this piece up on the screen. So the Texas Tribune

519
00:26:06,119 --> 00:26:08,960
Speaker 1: and Pro Publica have submitted about seventy requests to state

520
00:26:09,000 --> 00:26:12,520
Speaker 1: and local agencies for emergency response documentations surrounding the mass

521
00:26:12,520 --> 00:26:15,760
Speaker 1: shooting at rob Elementary, most likely will not be released

522
00:26:15,760 --> 00:26:21,200
Speaker 1: publicly for months, if ever. Greg Abbott's office specifically and

523
00:26:21,240 --> 00:26:23,840
Speaker 1: the Texas Department of Public Safety, the US Marshall Service,

524
00:26:23,880 --> 00:26:26,440
Speaker 1: and the City of Uvaldi are asking the state's Attorney

525
00:26:26,440 --> 00:26:31,120
Speaker 1: General for permission to withhold records that may offer tangible

526
00:26:31,160 --> 00:26:37,200
Speaker 1: answers to the contradictory accounts. So again, whole of government

527
00:26:37,600 --> 00:26:42,000
Speaker 1: cover up, from the local officials, the police department, the

528
00:26:42,000 --> 00:26:45,280
Speaker 1: city council, all the way up to now we know

529
00:26:45,480 --> 00:26:48,679
Speaker 1: the Governor of Texas and the US Marshall Service trying

530
00:26:48,720 --> 00:26:51,840
Speaker 1: to block the release of records that would finally tell

531
00:26:51,920 --> 00:26:54,960
Speaker 1: us the truth of what actually happened that day after

532
00:26:55,000 --> 00:26:58,520
Speaker 1: being fed so many wise. Yeah, like I said, stand

533
00:26:58,600 --> 00:27:00,879
Speaker 1: up for Texas, stand up and show the country you

534
00:27:00,880 --> 00:27:03,400
Speaker 1: know what really happened here, and try and take charge

535
00:27:03,440 --> 00:27:06,840
Speaker 1: of the situation. So I just think it's such a catastrophe.

536
00:27:08,840 --> 00:27:13,360
Speaker 1: We had a viral moment Crystal schooling some people on

537
00:27:13,600 --> 00:27:16,520
Speaker 1: the Bill Maher Real Time experience. Do you want to

538
00:27:16,560 --> 00:27:18,840
Speaker 1: describe it for people before we throw to the clip. Yeah, So,

539
00:27:18,880 --> 00:27:22,040
Speaker 1: as you guys probably know, I flew onto LA over

540
00:27:22,080 --> 00:27:24,360
Speaker 1: the weekend and I went on Real Time with Bill Maher.

541
00:27:25,440 --> 00:27:28,119
Speaker 1: It's such a it's I don't know why. That just

542
00:27:28,160 --> 00:27:32,240
Speaker 1: stresses me out. It's a very different advice. Yeah, there's

543
00:27:32,400 --> 00:27:34,320
Speaker 1: live audience and you fly all the way out there

544
00:27:34,359 --> 00:27:36,280
Speaker 1: and do it, and you know that you got to

545
00:27:36,320 --> 00:27:40,760
Speaker 1: be super super punchy to get your points in because TV. Yeah,

546
00:27:40,920 --> 00:27:43,119
Speaker 1: and we're and you know it's also going to be

547
00:27:43,119 --> 00:27:47,000
Speaker 1: combating and confrontational, which stresses me out too. And we're

548
00:27:47,040 --> 00:27:50,480
Speaker 1: so used to having the time and space to talk

549
00:27:50,640 --> 00:27:53,439
Speaker 1: to talk and go down any avenue we want and

550
00:27:53,520 --> 00:27:56,040
Speaker 1: think out loud and kind of like you know, and

551
00:27:56,040 --> 00:27:58,320
Speaker 1: have things taken in good faith and all those things,

552
00:27:58,359 --> 00:28:00,399
Speaker 1: and like this you gotta be you gotta on and

553
00:28:00,440 --> 00:28:04,000
Speaker 1: on us. So I was extremely stressed out going into this.

554
00:28:04,480 --> 00:28:08,439
Speaker 1: But ultimately, you know, we talked some about January sixth,

555
00:28:08,640 --> 00:28:13,000
Speaker 1: and that conversation was fine. You know, I wanted to

556
00:28:13,000 --> 00:28:15,040
Speaker 1: talk about some of the more underlying issues because that's

557
00:28:15,040 --> 00:28:17,560
Speaker 1: what we do, and that wasn't really there wasn't really

558
00:28:17,600 --> 00:28:19,040
Speaker 1: the time and space for that interest. So then we

559
00:28:19,080 --> 00:28:24,359
Speaker 1: got into inflation. I got very combative, I guess, with

560
00:28:24,480 --> 00:28:28,199
Speaker 1: the in my mind, very simplistic explanation that this is

561
00:28:28,240 --> 00:28:30,359
Speaker 1: all just about the money that was given to working

562
00:28:30,359 --> 00:28:33,359
Speaker 1: class people. And the point I wanted to make, which

563
00:28:33,359 --> 00:28:35,119
Speaker 1: I think is something that you guys are familiar with

564
00:28:35,160 --> 00:28:38,000
Speaker 1: watching the show, is okay, we can talk about that,

565
00:28:38,240 --> 00:28:40,040
Speaker 1: and I'm not dishonest enough to say that that has

566
00:28:40,120 --> 00:28:42,480
Speaker 1: enoughing to do with the inflation we're facing, but we

567
00:28:42,600 --> 00:28:46,000
Speaker 1: just completely ignore the trillions of dollars that went to

568
00:28:46,040 --> 00:28:49,200
Speaker 1: the top that helped to fuel inflation. Somehow, that's fine,

569
00:28:49,600 --> 00:28:51,479
Speaker 1: but god forbid you get a STiMi check in your

570
00:28:51,480 --> 00:28:54,320
Speaker 1: bank account. So that was the point I was trying

571
00:28:54,360 --> 00:28:57,440
Speaker 1: to make and that was also the moment that has

572
00:28:57,480 --> 00:29:00,200
Speaker 1: gone now at this point actually super viral. So let's

573
00:29:00,240 --> 00:29:01,960
Speaker 1: take a look at that. Well, I mean, part of

574
00:29:01,960 --> 00:29:04,560
Speaker 1: this inflationary problem is because we put too much money

575
00:29:04,560 --> 00:29:06,560
Speaker 1: into the economy. There's way too much government spending, and

576
00:29:06,560 --> 00:29:08,600
Speaker 1: that's why we have inflation. So that's a large part

577
00:29:08,600 --> 00:29:12,280
Speaker 1: of that. It's economics, and that's basic economics. We have

578
00:29:12,400 --> 00:29:14,280
Speaker 1: a thing called a pandemic. We had a supply chain

579
00:29:14,280 --> 00:29:18,000
Speaker 1: courses and oh, by the way, that's like the only reason.

580
00:29:18,760 --> 00:29:21,080
Speaker 1: Because people got a little bit of money and just honest,

581
00:29:21,400 --> 00:29:22,960
Speaker 1: a little bit of money. They got more than we

582
00:29:23,000 --> 00:29:25,360
Speaker 1: spent in World War two. So you don't act like,

583
00:29:26,720 --> 00:29:29,160
Speaker 1: hold on, don't act like you said, don't act don't

584
00:29:29,160 --> 00:29:31,880
Speaker 1: act like. We had to react to the pandemic exactly

585
00:29:31,920 --> 00:29:33,800
Speaker 1: the way we did. We hacked, we had to spend

586
00:29:33,800 --> 00:29:37,120
Speaker 1: six Okay, but how about the trillions that the Federal

587
00:29:37,160 --> 00:29:40,000
Speaker 1: Reserve shot at Wall Street. For some reason, people don't

588
00:29:40,000 --> 00:29:43,680
Speaker 1: get upset about that fueled the trillions of dollars the

589
00:29:43,720 --> 00:29:46,240
Speaker 1: Federal Reserve shot at Wall streetcause that stops the stock

590
00:29:46,280 --> 00:29:48,560
Speaker 1: market in the bond market, no one gets upset about that,

591
00:29:48,600 --> 00:29:51,480
Speaker 1: even though that was a massive what do you mean

592
00:29:51,520 --> 00:29:53,280
Speaker 1: shot at Wall Street? When are we talking about that.

593
00:29:53,280 --> 00:29:56,480
Speaker 1: We're talking about buying assets, buying stocks, buying bonds, buying

594
00:29:56,480 --> 00:29:58,840
Speaker 1: treasury bills so that they expand the balance sheet. This

595
00:29:58,920 --> 00:30:01,320
Speaker 1: is during the crisis, the coronavirus crisis, when the stock

596
00:30:01,320 --> 00:30:03,640
Speaker 1: market crashed. That is what the Fed did. They went

597
00:30:03,640 --> 00:30:06,080
Speaker 1: into action. They shot the stock marlers didn't crash during

598
00:30:06,080 --> 00:30:09,000
Speaker 1: that crashing. Now, it crashed and the Fed came in

599
00:30:09,040 --> 00:30:12,959
Speaker 1: and backstopped it. That's what happened. No, it crashed, Go

600
00:30:13,000 --> 00:30:14,960
Speaker 1: back and look at it. It sell off a cliff.

601
00:30:15,240 --> 00:30:18,480
Speaker 1: Treasury bond markets stopped functioning, and the Fed took extraordinary action.

602
00:30:18,520 --> 00:30:21,240
Speaker 1: It's never taken in history. Somehow one gets amassed week

603
00:30:21,280 --> 00:30:24,440
Speaker 1: of it. Someone somehow nobody gets upset about the rich

604
00:30:24,480 --> 00:30:27,280
Speaker 1: people who got tons of money and tons of support,

605
00:30:27,600 --> 00:30:29,880
Speaker 1: way more than working class people did. But oh my god,

606
00:30:29,880 --> 00:30:31,280
Speaker 1: people were able to feed their kids and they had

607
00:30:31,280 --> 00:30:32,920
Speaker 1: a little bit of money in their bank accounts. It

608
00:30:33,000 --> 00:30:34,720
Speaker 1: was the worst thing in the world. That is one

609
00:30:34,760 --> 00:30:37,200
Speaker 1: small part of the inflation story and is, by the way,

610
00:30:37,240 --> 00:30:38,640
Speaker 1: not the only thing that we can deal with to

611
00:30:38,640 --> 00:30:42,120
Speaker 1: get out of this mess. Well, guess the small gas

612
00:30:42,120 --> 00:30:44,880
Speaker 1: prices we can largely attribute to an administration that's been

613
00:30:44,920 --> 00:30:47,680
Speaker 1: waging war on the fossil fuel industry. That's ridiculous, more

614
00:30:47,680 --> 00:30:51,280
Speaker 1: than everybody. I mean, that's US US production. Okay, US

615
00:30:51,320 --> 00:30:54,600
Speaker 1: production is up, it will be at record levels next year.

616
00:30:55,160 --> 00:30:58,080
Speaker 1: The fossil fuel companies themselves are flushed with cash, but

617
00:30:58,160 --> 00:31:00,440
Speaker 1: will not invest in new drilling because they would rather

618
00:31:00,480 --> 00:31:04,000
Speaker 1: give it to their shareholders. That's the truth. So there

619
00:31:04,040 --> 00:31:06,920
Speaker 1: was a lot going on. It is. So the stock

620
00:31:06,920 --> 00:31:09,040
Speaker 1: market crash in March twenty twenty, like, what what are

621
00:31:09,040 --> 00:31:12,840
Speaker 1: you talking about? It? Well, I actually I get why

622
00:31:12,880 --> 00:31:15,640
Speaker 1: you might have forgotten, because the FED left into action.

623
00:31:15,720 --> 00:31:20,840
Speaker 1: But that was such a seminal moment that really determined

624
00:31:20,960 --> 00:31:25,160
Speaker 1: our trajectory everywhere sent because remember the politicians they were

625
00:31:25,240 --> 00:31:27,280
Speaker 1: actually it was unclear that they were going to do

626
00:31:27,360 --> 00:31:31,680
Speaker 1: much of anything for anyone at the time. Remember we

627
00:31:31,680 --> 00:31:34,200
Speaker 1: were going, I mean, we were beside ourselves. Oh my,

628
00:31:34,360 --> 00:31:37,760
Speaker 1: they may not act at all. And then once the

629
00:31:37,800 --> 00:31:41,120
Speaker 1: market crashed, that's when they were like, ah shit, we

630
00:31:41,200 --> 00:31:44,320
Speaker 1: got to do something. And of course the overwhelming amount

631
00:31:44,560 --> 00:31:47,520
Speaker 1: went to the top, as it always does, but they

632
00:31:47,600 --> 00:31:50,680
Speaker 1: had to sweeten the deal with some stuff for regular people.

633
00:31:51,000 --> 00:31:53,520
Speaker 1: Remember at the time, there were all those stories about

634
00:31:53,800 --> 00:31:57,120
Speaker 1: senators who sold everything they had, who sold a bunch

635
00:31:57,160 --> 00:32:00,720
Speaker 1: of their stock before the crash so they could avoid

636
00:32:00,880 --> 00:32:04,200
Speaker 1: the fallout from So the crash ultimately was very short

637
00:32:04,600 --> 00:32:07,280
Speaker 1: exactly because of what I tried my best to explain

638
00:32:07,320 --> 00:32:09,440
Speaker 1: there in a very short period of time, of the

639
00:32:09,480 --> 00:32:13,040
Speaker 1: extraordinary action that the FED ultimately took. And that's why

640
00:32:13,040 --> 00:32:15,760
Speaker 1: you ended up with these dueling headlines of oh my god,

641
00:32:15,800 --> 00:32:19,760
Speaker 1: the stock markets at record levels, but meanwhile, unemployment is,

642
00:32:19,840 --> 00:32:23,200
Speaker 1: you know, also at record levels. The reason you had

643
00:32:23,240 --> 00:32:26,640
Speaker 1: that dueling reality is because of the fed's actions there,

644
00:32:26,680 --> 00:32:28,640
Speaker 1: and so if you don't understand that history, you're going

645
00:32:28,720 --> 00:32:31,560
Speaker 1: to have a hard time understanding what's unfolding before us

646
00:32:31,640 --> 00:32:33,560
Speaker 1: right now. Yeah, I just think that I don't know

647
00:32:33,920 --> 00:32:36,480
Speaker 1: how you could have forgotten that crash, I mean, eat crash.

648
00:32:36,600 --> 00:32:40,959
Speaker 1: Even today, the headlines are all largest stock market crash

649
00:32:41,120 --> 00:32:45,320
Speaker 1: since the twenty twenty crash of coronavirus. Actually, I just

650
00:32:45,320 --> 00:32:48,800
Speaker 1: looked twenty twenty market crash even has its own Wikipedia page.

651
00:32:48,920 --> 00:32:52,000
Speaker 1: And actually at the time, there were Black Monday one,

652
00:32:52,400 --> 00:32:55,680
Speaker 1: Black Thursday, and then there was Black Monday two where

653
00:32:55,680 --> 00:32:59,440
Speaker 1: they specifically talk about how on February seventeenth, that's when

654
00:32:59,480 --> 00:33:01,480
Speaker 1: the Asian markets began to crash as a result of

655
00:33:01,520 --> 00:33:03,640
Speaker 1: the reports coming out not only of China but South

656
00:33:03,720 --> 00:33:07,600
Speaker 1: Korea and initial lockdown procedures. That's what triggered massive markets

657
00:33:07,640 --> 00:33:10,480
Speaker 1: sell off. March of twenty twenty leads to the eventual

658
00:33:10,480 --> 00:33:14,360
Speaker 1: discussion around stimulus checks of lockdowns. April of twenty twenty

659
00:33:14,400 --> 00:33:17,440
Speaker 1: is when all of this gets solidified into place. By May,

660
00:33:17,560 --> 00:33:21,160
Speaker 1: it's largely forgotten and cheap capital floods the system. But

661
00:33:21,360 --> 00:33:23,800
Speaker 1: that was a pivotal economic time. I mean, we are

662
00:33:23,880 --> 00:33:26,720
Speaker 1: going to study that period. Economists are going to study

663
00:33:26,720 --> 00:33:30,760
Speaker 1: that period for decades. That is equivalent to quantitative easing

664
00:33:31,120 --> 00:33:36,360
Speaker 1: post Great Recession, equivalent to Great Depression type monetary policy.

665
00:33:36,520 --> 00:33:38,240
Speaker 1: And yeah, like you said, I guess I could forgive

666
00:33:38,240 --> 00:33:41,880
Speaker 1: Bill for not remembering it. But even yeah, I mean,

667
00:33:42,280 --> 00:33:45,160
Speaker 1: with great respect to Jamie Kirchik and all of that,

668
00:33:45,440 --> 00:33:49,440
Speaker 1: you know, this is the issue with not understanding markets,

669
00:33:49,720 --> 00:33:55,040
Speaker 1: both oil markets and stock markets as to the exact mechanisms.

670
00:33:55,080 --> 00:33:56,920
Speaker 1: Because if you want to sit there and talk about

671
00:33:58,240 --> 00:34:03,320
Speaker 1: demand inflation based upon on stimulus checks and over stimulation, fine, yeah,

672
00:34:03,360 --> 00:34:06,760
Speaker 1: we can have that conversation. But to what extent is

673
00:34:06,800 --> 00:34:10,120
Speaker 1: it part of the current solution? Actually not really, As

674
00:34:10,120 --> 00:34:13,480
Speaker 1: we pointed out here, the stock market and the demand inflation,

675
00:34:13,600 --> 00:34:16,080
Speaker 1: that's what is mostly gone. You know, consumer demand as

676
00:34:16,120 --> 00:34:18,520
Speaker 1: a result of stimulus, checks and savings and all of

677
00:34:18,560 --> 00:34:21,360
Speaker 1: that has tapered off. The current solution in to what

678
00:34:21,400 --> 00:34:25,560
Speaker 1: we're grappling with is an extraordinarily different and different, different

679
00:34:25,600 --> 00:34:28,160
Speaker 1: and difficult time that doesn't have a lot to do

680
00:34:28,239 --> 00:34:30,880
Speaker 1: with happened in March of twenty twenty. So it just

681
00:34:31,200 --> 00:34:34,560
Speaker 1: it just reminded to me discussion. Yeah, and I think

682
00:34:34,600 --> 00:34:38,719
Speaker 1: it also it reminded me where I'm so used to

683
00:34:38,800 --> 00:34:42,600
Speaker 1: existing in this ecosystem. Yeah, it's different, and you know,

684
00:34:42,640 --> 00:34:45,279
Speaker 1: and I know that you guys who watch regularly, like

685
00:34:45,320 --> 00:34:47,200
Speaker 1: you're very aware of this history. Can we talk about

686
00:34:47,200 --> 00:34:49,200
Speaker 1: this stuff a lot. We've gone out of our way

687
00:34:49,239 --> 00:34:50,759
Speaker 1: to really dig into kind of the workings of the

688
00:34:50,760 --> 00:34:53,800
Speaker 1: FED this year because it's so central, Like we've really

689
00:34:53,800 --> 00:34:56,880
Speaker 1: tried to challenge ourselves to understand the on a deeper level,

690
00:34:56,920 --> 00:34:59,960
Speaker 1: what's happening in the oil markets, what's happening with inflation,

691
00:35:00,040 --> 00:35:02,360
Speaker 1: and what some potential solutions are. You know, what the

692
00:35:02,400 --> 00:35:04,279
Speaker 1: truth is and what the talking points from both sides.

693
00:35:04,520 --> 00:35:08,520
Speaker 1: We were not perfect. We really try to understand in

694
00:35:08,560 --> 00:35:12,920
Speaker 1: depth what's happening here. But you know, a cable news

695
00:35:12,960 --> 00:35:16,040
Speaker 1: formatt just doesn't allow for that. No, it does not

696
00:35:16,080 --> 00:35:18,480
Speaker 1: allow for that. Because how long was that segment? Like

697
00:35:18,520 --> 00:35:20,680
Speaker 1: seven minutes that on YouTube all its head was it?

698
00:35:20,840 --> 00:35:23,640
Speaker 1: I don't even know. I think the entire panel discussion

699
00:35:23,640 --> 00:35:25,440
Speaker 1: they say I was thirty minutes. It felt like it

700
00:35:25,480 --> 00:35:28,239
Speaker 1: was nothing. And we covered you know, three or four

701
00:35:28,239 --> 00:35:31,839
Speaker 1: different topics within that time period. So and you got

702
00:35:31,920 --> 00:35:34,759
Speaker 1: you know, obviously a lot of crosstalk and getting cut

703
00:35:34,800 --> 00:35:37,799
Speaker 1: off and all that stuff. So to try to make

704
00:35:37,840 --> 00:35:42,040
Speaker 1: a nuanced point and you know, explain the trajectory of

705
00:35:42,040 --> 00:35:43,960
Speaker 1: how we got here and all these pieces that are

706
00:35:44,000 --> 00:35:47,319
Speaker 1: going on, it's just you know, and that's on real time.

707
00:35:47,360 --> 00:35:49,040
Speaker 1: You have way more space than you do in like

708
00:35:49,040 --> 00:35:52,520
Speaker 1: a cable news thgment. Yeah, cable. So that's why the

709
00:35:52,560 --> 00:35:55,560
Speaker 1: American people are being fed a very non nutritious diet

710
00:35:55,760 --> 00:35:59,600
Speaker 1: in terms of understanding these seminal moments that really have

711
00:35:59,840 --> 00:36:02,120
Speaker 1: been instrumental and getting us to where we are and

712
00:36:02,239 --> 00:36:05,160
Speaker 1: determining where we're going to go next, and that that

713
00:36:05,239 --> 00:36:08,000
Speaker 1: market crash and the response to it was an absolutely

714
00:36:08,040 --> 00:36:10,799
Speaker 1: crucial one. So listen, I had a great experience. I'm

715
00:36:10,840 --> 00:36:13,520
Speaker 1: really grateful for them having me on and giving me

716
00:36:13,560 --> 00:36:15,960
Speaker 1: the ability to, you know, do my best to explain

717
00:36:16,000 --> 00:36:17,919
Speaker 1: the world as I see in some of the things

718
00:36:17,960 --> 00:36:20,120
Speaker 1: that we talk about on this show. So extremely grateful

719
00:36:20,160 --> 00:36:22,839
Speaker 1: for that. Bill couldn't have been nicer. After the fact,

720
00:36:22,840 --> 00:36:26,120
Speaker 1: they do a little, you know, little like get together

721
00:36:26,239 --> 00:36:28,880
Speaker 1: on the patio, open bar whatever, so I got to

722
00:36:28,960 --> 00:36:30,759
Speaker 1: chat with him a little bit and that was that

723
00:36:30,840 --> 00:36:32,840
Speaker 1: was really nice as well. But I will tell you

724
00:36:32,840 --> 00:36:35,520
Speaker 1: the other thing that was funny, which I've never done

725
00:36:35,560 --> 00:36:37,719
Speaker 1: this to myself. I really have never done this to

726
00:36:37,880 --> 00:36:41,440
Speaker 1: myself before. But I had such a hard time gauging

727
00:36:41,719 --> 00:36:45,120
Speaker 1: whether I did well and got my points off or not.

728
00:36:45,800 --> 00:36:48,759
Speaker 1: And so I really and I hate watching myself back.

729
00:36:48,760 --> 00:36:50,480
Speaker 1: I really should have watched myself back because if I did,

730
00:36:50,520 --> 00:36:52,160
Speaker 1: I wouldn't be like, okay I did, I did, Okay,

731
00:36:52,160 --> 00:36:55,680
Speaker 1: I got my points across. But I tortured myself that

732
00:36:55,800 --> 00:36:59,240
Speaker 1: night like, oh man, I think you like these certain moments,

733
00:36:59,239 --> 00:37:01,080
Speaker 1: and I was replying, you should have said this, you

734
00:37:01,080 --> 00:37:03,280
Speaker 1: should have said that maybe came off in a bad

735
00:37:03,320 --> 00:37:07,040
Speaker 1: way like maybe we're too aggressive. I really really was

736
00:37:07,080 --> 00:37:10,000
Speaker 1: torturing myself, and I've been thinking about why that is,

737
00:37:10,040 --> 00:37:14,319
Speaker 1: because I really genuinely normally don't do that. Even when

738
00:37:14,360 --> 00:37:17,360
Speaker 1: I have actually performed kind of poorly, I'm usually like,

739
00:37:17,680 --> 00:37:20,000
Speaker 1: what are you gonna do? But I think it's because

740
00:37:20,000 --> 00:37:23,200
Speaker 1: I really did put feel a sense of responsibility to

741
00:37:23,360 --> 00:37:26,919
Speaker 1: represent us and represent this community and like the way

742
00:37:26,920 --> 00:37:28,880
Speaker 1: that we look at things and try to put that

743
00:37:29,000 --> 00:37:31,360
Speaker 1: out in the world a little bit. So I really

744
00:37:31,880 --> 00:37:35,799
Speaker 1: like I felt this pressure to do that, not just

745
00:37:35,960 --> 00:37:38,000
Speaker 1: like for me to do my best, but to try

746
00:37:38,040 --> 00:37:40,080
Speaker 1: to represent what we're doing. I totally get what we're saying.

747
00:37:40,080 --> 00:37:43,160
Speaker 1: I would also be incredibly stressed out because, yeah, like

748
00:37:43,160 --> 00:37:44,719
Speaker 1: you said, I mean, I've seen these people. I know

749
00:37:44,760 --> 00:37:46,360
Speaker 1: these people have known Jamie for a long time. I

750
00:37:46,360 --> 00:37:48,719
Speaker 1: don't know I don't know Bill, but I do know

751
00:37:48,760 --> 00:37:51,920
Speaker 1: their worldview andal, and it's so dramatically different than all

752
00:37:51,960 --> 00:37:54,759
Speaker 1: of us that dealing with it and confronting it on

753
00:37:55,080 --> 00:37:57,799
Speaker 1: national television. Yeah, which is I mean, look, I'm not

754
00:37:57,840 --> 00:38:00,000
Speaker 1: gonna say it's a forte because you came up more

755
00:38:00,080 --> 00:38:01,920
Speaker 1: cables or you're used to more of the time, but

756
00:38:02,040 --> 00:38:04,600
Speaker 1: not having the ability to explain myself and have to

757
00:38:04,680 --> 00:38:07,440
Speaker 1: hit the talking points is the thing I hated most

758
00:38:07,520 --> 00:38:10,520
Speaker 1: always about cable and having to return to that after

759
00:38:10,560 --> 00:38:13,000
Speaker 1: having the freedom here of talking in the way that

760
00:38:13,040 --> 00:38:15,040
Speaker 1: we do would be very difficult, and I don't think

761
00:38:15,040 --> 00:38:16,400
Speaker 1: there would be another way to do it than the

762
00:38:16,440 --> 00:38:18,920
Speaker 1: way you did, which is to have to be combative.

763
00:38:18,960 --> 00:38:20,560
Speaker 1: I mean, to the extent that we ever cut things

764
00:38:20,600 --> 00:38:23,480
Speaker 1: off on this show, it's because of studio time, like literally,

765
00:38:23,480 --> 00:38:25,439
Speaker 1: because we're like, we have to get out of here

766
00:38:25,480 --> 00:38:28,320
Speaker 1: in order to produce our show on time. That's it.

767
00:38:28,320 --> 00:38:31,400
Speaker 1: It's not because you know, I often feel that they

768
00:38:31,440 --> 00:38:35,400
Speaker 1: restrict it artificially in order to induce these results. I

769
00:38:35,440 --> 00:38:40,120
Speaker 1: really do think it's a suboptimal at the best for discussions.

770
00:38:40,160 --> 00:38:42,960
Speaker 1: The first thing I noticed when I shifted from cable

771
00:38:43,040 --> 00:38:48,000
Speaker 1: news to you know, YouTube and to independent media is

772
00:38:48,520 --> 00:38:51,239
Speaker 1: that you just have so much more space and so

773
00:38:51,360 --> 00:38:54,959
Speaker 1: much more attention from the audience to lay out more

774
00:38:55,160 --> 00:38:59,200
Speaker 1: complex arguments and points. You know, I write a monologue

775
00:38:59,200 --> 00:39:01,480
Speaker 1: for cable News, was like, I can hit one point,

776
00:39:01,520 --> 00:39:03,480
Speaker 1: I can hit it a few times. That's the best

777
00:39:03,480 --> 00:39:06,520
Speaker 1: you're going to do with this. Obviously, you guys know

778
00:39:06,560 --> 00:39:08,640
Speaker 1: how we write our monologues and you know, and it's

779
00:39:08,880 --> 00:39:10,920
Speaker 1: we put a lot into it. They go in a

780
00:39:10,920 --> 00:39:13,080
Speaker 1: lot of directions. We try to make them you know,

781
00:39:13,120 --> 00:39:15,640
Speaker 1: complex and nuance and really try to get at whatever

782
00:39:15,680 --> 00:39:18,560
Speaker 1: it is that we're trying to explain. So in any case,

783
00:39:18,800 --> 00:39:21,520
Speaker 1: I think it was used. Judging by the reaction, which

784
00:39:21,520 --> 00:39:25,080
Speaker 1: has been extraordinary viral, I think it was useful to

785
00:39:25,160 --> 00:39:28,719
Speaker 1: go on, even though it really stressed me out. But

786
00:39:28,880 --> 00:39:32,600
Speaker 1: I am also extremely extremely grateful for the time and

787
00:39:32,719 --> 00:39:35,440
Speaker 1: the space and the attention from you guys, and the

788
00:39:35,680 --> 00:39:38,040
Speaker 1: you know and what you guys. What you guys give

789
00:39:38,120 --> 00:39:41,439
Speaker 1: back to us also allows us to kind of bring

790
00:39:41,480 --> 00:39:42,920
Speaker 1: our best to the show. So thank you for that.

791
00:39:43,120 --> 00:39:45,759
Speaker 1: I agree putin completely defiant. Let's go ahead and put

792
00:39:45,760 --> 00:39:48,560
Speaker 1: this up there on the screen. You know, he's mocking

793
00:39:48,640 --> 00:39:51,600
Speaker 1: President Biden and the West over the so called Putin

794
00:39:51,640 --> 00:39:55,840
Speaker 1: inflation at the so called Russian Davos, and his quotes

795
00:39:55,880 --> 00:40:00,360
Speaker 1: here are very directly going after President Biden, though he

796
00:40:01,120 --> 00:40:04,520
Speaker 1: did not name him. He said, with US officials regularly

797
00:40:04,600 --> 00:40:07,440
Speaker 1: referring to the Putin's price hike, he said, quote, they

798
00:40:07,520 --> 00:40:10,960
Speaker 1: already call inflation with my name. He also suggested the

799
00:40:10,960 --> 00:40:13,440
Speaker 1: current generation in Russia has the same fate as the

800
00:40:13,520 --> 00:40:16,280
Speaker 1: Russian seventeenth century Peter the Great in terms of how

801
00:40:16,520 --> 00:40:20,800
Speaker 1: he sees himself returning and strengthening territory. And he said

802
00:40:20,920 --> 00:40:23,759
Speaker 1: of the Putin price hike in particular, he said, who

803
00:40:23,840 --> 00:40:28,040
Speaker 1: is this for? Who believes this? So if you see

804
00:40:28,080 --> 00:40:31,280
Speaker 1: the speech that Putin is giving, he's mocking President Biden

805
00:40:31,360 --> 00:40:34,120
Speaker 1: to his domestic population. But I think it's also worth

806
00:40:34,120 --> 00:40:36,239
Speaker 1: spending a little bit of time in terms of what

807
00:40:36,400 --> 00:40:38,520
Speaker 1: the rest of what he said, which is he's casting

808
00:40:38,600 --> 00:40:43,160
Speaker 1: himself as Peter the Great returning directly to Russian imperial

809
00:40:43,200 --> 00:40:45,400
Speaker 1: ambitions of the days of the czars, just like in

810
00:40:45,440 --> 00:40:49,040
Speaker 1: that initial speech before he launched the invasion of Ukraine.

811
00:40:49,239 --> 00:40:52,320
Speaker 1: And he's painting that very much to the domestic population

812
00:40:52,360 --> 00:40:55,920
Speaker 1: of Russia, who by all accounts currently support him. I mean,

813
00:40:56,000 --> 00:40:59,560
Speaker 1: there's no Yes, there were protests in Russia. Hasn't been

814
00:40:59,560 --> 00:41:01,800
Speaker 1: a protest a long time, to be honest. We covered

815
00:41:01,800 --> 00:41:05,680
Speaker 1: them all at the time, certainly in a segment. Press

816
00:41:05,719 --> 00:41:08,319
Speaker 1: was very enthusiastic. Yeah, I thought it was great. If Yeah,

817
00:41:08,360 --> 00:41:10,759
Speaker 1: and if there were more, I feel confident we'd be

818
00:41:10,760 --> 00:41:13,320
Speaker 1: hearing about absolutely. So I think that the domestic populace

819
00:41:13,400 --> 00:41:16,960
Speaker 1: is probably been ground down. The Russian opposition cannot really

820
00:41:17,000 --> 00:41:20,480
Speaker 1: credibly from what I have seen, Even the Russian opposition

821
00:41:21,000 --> 00:41:23,760
Speaker 1: is painted in a very difficult corner because they oppose

822
00:41:24,200 --> 00:41:27,640
Speaker 1: the war, but they are unable to get around the

823
00:41:27,680 --> 00:41:30,200
Speaker 1: domestic populace who's asking them. Yeah, but the West wants

824
00:41:30,200 --> 00:41:33,400
Speaker 1: to wage economic war on us, So they are in

825
00:41:33,440 --> 00:41:36,000
Speaker 1: a very very tricky situation. Even if Navalney, you know,

826
00:41:36,080 --> 00:41:38,520
Speaker 1: was out of prison, he would find it hard. And

827
00:41:38,560 --> 00:41:41,879
Speaker 1: he's actually given interviews in the past specifically about how

828
00:41:41,880 --> 00:41:44,080
Speaker 1: one of the biggest obstacles to him is that Putin

829
00:41:44,160 --> 00:41:48,800
Speaker 1: is able to weaponize like Western at least not aggression obviously,

830
00:41:48,840 --> 00:41:53,640
Speaker 1: but Western attitudes towards Russia, and how Navalny himself, by

831
00:41:53,640 --> 00:41:56,200
Speaker 1: being painted as like this Western figure, finds it difficult

832
00:41:56,280 --> 00:41:59,839
Speaker 1: to operate actually in Russian circle. So I think that

833
00:42:00,200 --> 00:42:04,319
Speaker 1: that Putin is mocking us, that bocking President Biden continues

834
00:42:04,360 --> 00:42:07,320
Speaker 1: to speak as if he's the next Peter the Great,

835
00:42:07,560 --> 00:42:10,480
Speaker 1: And also the actions that I've talked about my monologue previously.

836
00:42:10,880 --> 00:42:13,839
Speaker 1: You don't cut off Germany and Italy if you need

837
00:42:13,840 --> 00:42:17,360
Speaker 1: the cash like you're if you really need that cash

838
00:42:17,440 --> 00:42:19,680
Speaker 1: in order to keep the war going. You're not going

839
00:42:19,760 --> 00:42:22,200
Speaker 1: to do anything about it. Rubles having its best year

840
00:42:22,239 --> 00:42:25,120
Speaker 1: of any currency on the globe, and at the same time,

841
00:42:25,160 --> 00:42:27,280
Speaker 1: they actually are in a position now where the ruble

842
00:42:27,400 --> 00:42:29,320
Speaker 1: is so strong that their word, they actually need to

843
00:42:29,360 --> 00:42:30,920
Speaker 1: weaken it a little bit. They need to bring the

844
00:42:31,000 --> 00:42:34,880
Speaker 1: value down because it's causing other problems for them. He

845
00:42:35,000 --> 00:42:37,120
Speaker 1: made some other comments here that I think are worth

846
00:42:37,280 --> 00:42:41,640
Speaker 1: highlighting as well. They show that he, you know, after

847
00:42:42,080 --> 00:42:45,080
Speaker 1: I think some genuine concern, probably from him in his

848
00:42:45,200 --> 00:42:48,960
Speaker 1: regime at the beginning of US launching these extraordinary sanctions,

849
00:42:49,440 --> 00:42:51,959
Speaker 1: he seems to feel pretty comfortable with where they are,

850
00:42:52,000 --> 00:42:54,040
Speaker 1: and like we just said, I mean, the numbers bear

851
00:42:54,160 --> 00:42:57,919
Speaker 1: out that for him personally and his regime, they're good

852
00:42:57,920 --> 00:43:00,840
Speaker 1: for now, he says. The people behind saying didn't manage

853
00:43:00,880 --> 00:43:03,760
Speaker 1: to take Russia by storm. The state worked professionally, citizens

854
00:43:03,800 --> 00:43:06,800
Speaker 1: were united in responsible. Gloomy predictions about the Russian economy's

855
00:43:06,800 --> 00:43:10,240
Speaker 1: future didn't come true true, the economic blitzkrieg against Russia

856
00:43:10,280 --> 00:43:12,360
Speaker 1: never had any chance of success. And the weaponry of

857
00:43:12,400 --> 00:43:15,000
Speaker 1: sanctions is a double edged sword, which of course is

858
00:43:15,040 --> 00:43:18,680
Speaker 1: a not very veiled threat. European countries dealt a serious

859
00:43:18,719 --> 00:43:21,719
Speaker 1: blow to their own economy, all on their own hard

860
00:43:21,760 --> 00:43:24,640
Speaker 1: to deny that. He claims the EU will lose four

861
00:43:24,719 --> 00:43:27,120
Speaker 1: hundred million dollars from the sanction. No idea whether that's true.

862
00:43:27,200 --> 00:43:29,560
Speaker 1: The EU has lost its political sovereignty. He goes on

863
00:43:29,680 --> 00:43:32,280
Speaker 1: to say, it's elites are dancing to someone else's tune,

864
00:43:32,320 --> 00:43:36,840
Speaker 1: harming their own population, Europeans and European businesses. Real interests

865
00:43:36,920 --> 00:43:40,560
Speaker 1: are totally ignored and swept aside. So yeah, I mean,

866
00:43:40,600 --> 00:43:44,440
Speaker 1: he seems pretty cocky, frankly about exactly how they have

867
00:43:44,520 --> 00:43:48,440
Speaker 1: weathered the sanctioned storm. And I was talking to Yegor

868
00:43:48,600 --> 00:43:50,680
Speaker 1: and he was telling me that in terms of the

869
00:43:50,719 --> 00:43:55,040
Speaker 1: sort of Russian domestic population, after a lot of angst

870
00:43:55,040 --> 00:43:57,640
Speaker 1: and anxiety and deep concern about how this was going

871
00:43:57,680 --> 00:43:59,560
Speaker 1: to affect people, and I think, I mean, it definitely

872
00:43:59,640 --> 00:44:03,080
Speaker 1: has been has hit ordinary Russian citizens much harder than

873
00:44:03,120 --> 00:44:05,719
Speaker 1: the regime. But he said, at this point the Russian

874
00:44:05,800 --> 00:44:08,520
Speaker 1: war in Ukraine has somewhat faded to the background of

875
00:44:08,560 --> 00:44:11,359
Speaker 1: public life. There isn't the same level of anxiety about

876
00:44:11,360 --> 00:44:12,799
Speaker 1: what this is going to mean and what this is

877
00:44:12,840 --> 00:44:16,240
Speaker 1: going to do. So you know, this is putin basically

878
00:44:16,280 --> 00:44:19,919
Speaker 1: saying listen, I'm fine, you're not hurting me. We're good

879
00:44:19,960 --> 00:44:23,160
Speaker 1: to go for the long haul and working both through

880
00:44:23,280 --> 00:44:27,960
Speaker 1: military action and through again much of which is unconsciable,

881
00:44:28,000 --> 00:44:31,160
Speaker 1: the food blockade, whatever, but to gain leverage so that

882
00:44:31,239 --> 00:44:34,640
Speaker 1: they are in a stronger position ultimately to negotiate. So

883
00:44:35,239 --> 00:44:38,439
Speaker 1: the longer that this goes on, the more that there's

884
00:44:38,480 --> 00:44:43,040
Speaker 1: a grinding stalemate on the battlefield or continued Russian advances

885
00:44:43,320 --> 00:44:47,280
Speaker 1: on the battlefield, the more desperate that global populations become.

886
00:44:47,560 --> 00:44:51,000
Speaker 1: And again this hits the global South the hardest because

887
00:44:51,040 --> 00:44:55,719
Speaker 1: our sanctions on Russian banks make it basically impossible for

888
00:44:55,920 --> 00:44:58,359
Speaker 1: those nations, even if they want to to be able

889
00:44:58,360 --> 00:45:02,200
Speaker 1: to buy Russian grain and fertilizer. And we already had

890
00:45:02,440 --> 00:45:04,839
Speaker 1: regions that were decimated by the climate crisis that we're

891
00:45:04,840 --> 00:45:08,040
Speaker 1: already struggling with crop yields in these years. So you

892
00:45:08,120 --> 00:45:11,160
Speaker 1: have a massive food crisis in part because of Russia's

893
00:45:11,200 --> 00:45:13,920
Speaker 1: unconscharable actions, and then in part of our because of

894
00:45:14,000 --> 00:45:16,960
Speaker 1: our response to the war. So that's where we are.

895
00:45:17,000 --> 00:45:19,480
Speaker 1: It's a lot of misery. And uh, I not that

896
00:45:19,760 --> 00:45:21,640
Speaker 1: you know this would be easy to bring to a

897
00:45:21,680 --> 00:45:24,360
Speaker 1: close or anything like that, but I think everybody should

898
00:45:24,360 --> 00:45:27,040
Speaker 1: be interested in trying to do what they can to

899
00:45:27,120 --> 00:45:30,360
Speaker 1: push this thing to an end through a negotiated settlement,

900
00:45:30,680 --> 00:45:32,839
Speaker 1: so that we can, you know, so that there can

901
00:45:32,880 --> 00:45:35,680
Speaker 1: be peace in Ukraine, so that it you know, it's

902
00:45:35,680 --> 00:45:37,839
Speaker 1: not the whole story of inflation, but it is part

903
00:45:37,840 --> 00:45:39,400
Speaker 1: of it at this point, So we can start to

904
00:45:39,440 --> 00:45:44,759
Speaker 1: get prices under control, and most importantly, so we can

905
00:45:44,800 --> 00:45:48,200
Speaker 1: avoid a conflict with a nuclear superpower, because that would

906
00:45:48,239 --> 00:45:51,800
Speaker 1: be a good thing to do. And domestically, well, President Biden,

907
00:45:52,120 --> 00:45:54,920
Speaker 1: they're sticking to Putin's price hike. The White House twitter feed,

908
00:45:55,040 --> 00:45:57,279
Speaker 1: I just looked at it for the last three days

909
00:45:57,320 --> 00:46:00,239
Speaker 1: has been tweeting almost nothing but Putin's price hike. Put

910
00:46:00,280 --> 00:46:02,640
Speaker 1: together a super cut just to show you how cringe

911
00:46:02,640 --> 00:46:04,400
Speaker 1: worthy it is whenever they're trying to sell this to

912
00:46:04,440 --> 00:46:07,360
Speaker 1: the general population. Let's take a lesson. I've known everything

913
00:46:07,360 --> 00:46:12,040
Speaker 1: in my power to blunt Putin's gas price hike. Today's

914
00:46:12,080 --> 00:46:16,919
Speaker 1: inflation report confirm what America's already know. Putin's price hike

915
00:46:16,960 --> 00:46:20,200
Speaker 1: is city in America hard. Let me start. Let me

916
00:46:20,280 --> 00:46:24,360
Speaker 1: start with the Putin price hike. So because of the

917
00:46:24,400 --> 00:46:27,600
Speaker 1: actions we've taken to address the Putin price hike. We

918
00:46:27,600 --> 00:46:29,600
Speaker 1: are in a better place than we were, you know,

919
00:46:29,680 --> 00:46:35,120
Speaker 1: Putin's price hike inflation. We expect March CPA CPI headline

920
00:46:35,160 --> 00:46:39,319
Speaker 1: inflation to be extraordinarily elevated due to Putin's price hike.

921
00:46:40,239 --> 00:46:44,279
Speaker 1: We have to address the Putin price hike gas hike.

922
00:46:45,440 --> 00:46:50,080
Speaker 1: It has since he started amassing troops earlier this year,

923
00:46:50,560 --> 00:46:52,799
Speaker 1: of the price that the pump has gone up seventy five.

924
00:46:52,920 --> 00:46:57,560
Speaker 1: Since we're doing everything we can to minimize the Putin

925
00:46:57,640 --> 00:47:01,040
Speaker 1: price hike at home, you know, you can barely make

926
00:47:01,040 --> 00:47:04,520
Speaker 1: it up, Crystal. It's just they never end Putin's prize

927
00:47:04,560 --> 00:47:08,000
Speaker 1: pike over and over and over again. And you know,

928
00:47:08,000 --> 00:47:09,760
Speaker 1: we're about to talk about this in the gas block,

929
00:47:09,840 --> 00:47:13,319
Speaker 1: but who's buying this? Like Putin is mocking you over it.

930
00:47:13,360 --> 00:47:14,840
Speaker 1: And I guess, look, you know, we shouldn't take that

931
00:47:14,880 --> 00:47:17,879
Speaker 1: as affirmation, but it just seems to be a joke

932
00:47:18,040 --> 00:47:21,360
Speaker 1: both to the American people, to the probably the West,

933
00:47:21,640 --> 00:47:26,040
Speaker 1: obviously to our adversary, Vladimir Putin. And it's just it's

934
00:47:26,080 --> 00:47:29,680
Speaker 1: not landing, and it really just absolves President Biden of

935
00:47:29,719 --> 00:47:32,600
Speaker 1: any responsibility to do anything about the inflation that we

936
00:47:32,640 --> 00:47:36,640
Speaker 1: face here and that's the part two is I mean,

937
00:47:36,680 --> 00:47:38,840
Speaker 1: I think it is fair to say at this point

938
00:47:38,960 --> 00:47:41,479
Speaker 1: that there's no doubt the war in Ukraine is one

939
00:47:41,520 --> 00:47:45,440
Speaker 1: contributing factor to inflation, both food prices and gas prices

940
00:47:45,480 --> 00:47:48,319
Speaker 1: in particular. But the way that they act like they

941
00:47:48,360 --> 00:47:51,040
Speaker 1: have no control, they have no say, no agency over

942
00:47:51,080 --> 00:47:53,760
Speaker 1: their own government's policy. I mean, this is one area

943
00:47:53,800 --> 00:47:56,719
Speaker 1: when it comes to foreign policy where first of all,

944
00:47:56,719 --> 00:47:59,439
Speaker 1: the president has obviously a lot of bandwidth to act

945
00:47:59,520 --> 00:48:01,480
Speaker 1: on his own and second of all, where you've had

946
00:48:01,480 --> 00:48:05,120
Speaker 1: an almost unanimous by partisan consensus about our actions are

947
00:48:05,200 --> 00:48:09,080
Speaker 1: economic warfare with regard to Russia, and so they act

948
00:48:09,160 --> 00:48:11,520
Speaker 1: like this is just a one way street. And again

949
00:48:11,800 --> 00:48:14,560
Speaker 1: Putin is taking direct action in terms of the food

950
00:48:14,560 --> 00:48:18,040
Speaker 1: blockade that is in and of itself wrong and damaging.

951
00:48:18,360 --> 00:48:21,759
Speaker 1: But they just act like, oh, we we can't do it,

952
00:48:21,840 --> 00:48:23,640
Speaker 1: We have nothing to do with this, we can't do

953
00:48:23,680 --> 00:48:27,880
Speaker 1: anything about it, when in fact they've taken extraordinary action.

954
00:48:28,960 --> 00:48:31,680
Speaker 1: You know, we continue to. I think we just sent

955
00:48:31,800 --> 00:48:35,920
Speaker 1: like our twelfth package of arms, so we are directly

956
00:48:35,960 --> 00:48:38,759
Speaker 1: involved in this conflict. So to pretend, like Putin's price

957
00:48:39,239 --> 00:48:43,360
Speaker 1: nothing we can do is also extraordinarily disingenuous. The media

958
00:48:43,400 --> 00:48:46,120
Speaker 1: isn't making anything. The media is not making things. This

959
00:48:46,160 --> 00:48:50,799
Speaker 1: is actually very interesting, so fair they do phenomenal media analysis.

960
00:48:50,840 --> 00:48:53,080
Speaker 1: Took a look at the way that the media covered

961
00:48:53,520 --> 00:48:58,360
Speaker 1: Russia's invasion of Ukraine versus our own invasion of a

962
00:48:58,480 --> 00:49:01,280
Speaker 1: rock and low and pulled the way that the media

963
00:49:01,320 --> 00:49:06,600
Speaker 1: has covered these two invasion stories invasion wars has been

964
00:49:07,000 --> 00:49:08,920
Speaker 1: radically different. Let's go ahead and put this up on

965
00:49:08,960 --> 00:49:11,120
Speaker 1: the screen. So what they did is they examined the

966
00:49:11,120 --> 00:49:14,200
Speaker 1: front page of the New York Times from April first

967
00:49:14,360 --> 00:49:16,880
Speaker 1: to April thirtieth, twenty twenty two, and compared that to

968
00:49:17,000 --> 00:49:19,799
Speaker 1: May one to May thirty first, two thousand and three.

969
00:49:19,880 --> 00:49:23,239
Speaker 1: So this is like the exact same point in these

970
00:49:23,320 --> 00:49:27,000
Speaker 1: two wars, the Iraq War and Russia's war on Ukraine,

971
00:49:27,440 --> 00:49:31,720
Speaker 1: and they found incredibly disparate coverage. The media has covered

972
00:49:32,640 --> 00:49:37,719
Speaker 1: Russias were in Ukraine dramatically more than they covered our

973
00:49:37,840 --> 00:49:41,640
Speaker 1: own countries invasion of Iraq. I mean, it should be

974
00:49:41,719 --> 00:49:46,360
Speaker 1: the complete opposite, since our country invading Iraq inherently is

975
00:49:46,640 --> 00:49:50,240
Speaker 1: you know, directly about our citizens, not to say Ukraine,

976
00:49:50,239 --> 00:49:52,640
Speaker 1: what happened is happening there, doesn't matter obviously we've covered

977
00:49:52,680 --> 00:49:56,600
Speaker 1: it a lot too, but this disparity is insane. So

978
00:49:56,680 --> 00:50:00,680
Speaker 1: to give you the numbers, Times front page had one

979
00:50:00,800 --> 00:50:04,120
Speaker 1: hundred and seventy nine stories in that one month timeframe

980
00:50:04,320 --> 00:50:10,160
Speaker 1: on Ukraine. Seventy nine of those were so one hundred

981
00:50:10,200 --> 00:50:11,960
Speaker 1: and seventy nine stories on the Times front page, and

982
00:50:12,000 --> 00:50:14,520
Speaker 1: seventy nine of those concerned the Ukraine invasion. So seventy

983
00:50:14,640 --> 00:50:16,319
Speaker 1: nine out of one hundred and seventy nine that's forty

984
00:50:16,320 --> 00:50:18,880
Speaker 1: four percent. All but three were located at the top

985
00:50:18,920 --> 00:50:21,360
Speaker 1: of the page, where Edders, of course put the stories

986
00:50:21,360 --> 00:50:24,920
Speaker 1: they considered to be most important. Fully five percent of

987
00:50:24,960 --> 00:50:27,640
Speaker 1: all top of the page stories were about the Ukraine War.

988
00:50:27,719 --> 00:50:30,640
Speaker 1: Not a single day went by without a Ukraine story

989
00:50:30,680 --> 00:50:33,239
Speaker 1: being published on the top of the page, and on

990
00:50:33,280 --> 00:50:36,000
Speaker 1: fourteen different days only stories about Ukraine were published on

991
00:50:36,040 --> 00:50:40,680
Speaker 1: the front page. So really overwhelming front page top of

992
00:50:40,719 --> 00:50:43,759
Speaker 1: the page coverage by the New York Times. On the

993
00:50:43,800 --> 00:50:46,600
Speaker 1: other hand, so forty four percent of the front page

994
00:50:46,640 --> 00:50:48,800
Speaker 1: has been Ukraine during this time period. When it was

995
00:50:48,840 --> 00:50:53,200
Speaker 1: the Iraq invasion, only eighteen percent of the front page

996
00:50:53,200 --> 00:50:57,240
Speaker 1: stories were about the Iraq invasion. Only forty one thirty

997
00:50:57,239 --> 00:50:58,840
Speaker 1: two of those were at the top of the page,

998
00:50:58,840 --> 00:51:01,359
Speaker 1: with nine below, and only twenty five percent of all

999
00:51:01,360 --> 00:51:04,359
Speaker 1: top of the page stories were dedicated to the Iraq War.

1000
00:51:04,719 --> 00:51:07,439
Speaker 1: There's a lot more here too. In particular, they get

1001
00:51:07,480 --> 00:51:12,560
Speaker 1: into how much The Times covered stories of civilian deaths

1002
00:51:12,920 --> 00:51:17,120
Speaker 1: when it came to Ukraine versus our invasion of Iraq.

1003
00:51:18,080 --> 00:51:21,000
Speaker 1: They said that fourteen of those front page stories in

1004
00:51:21,040 --> 00:51:24,640
Speaker 1: that one month talked about civilian deaths as a result

1005
00:51:24,719 --> 00:51:27,319
Speaker 1: of the Russian invasion. All of those were at the

1006
00:51:27,320 --> 00:51:30,279
Speaker 1: top of the page. When it came to Iraq, there

1007
00:51:30,360 --> 00:51:34,560
Speaker 1: was only one story about the civilian deaths that were

1008
00:51:34,560 --> 00:51:39,000
Speaker 1: being caused by our own military. So fourteen top of

1009
00:51:39,040 --> 00:51:43,800
Speaker 1: the page stories in one month about civilian deaths, and listen,

1010
00:51:43,880 --> 00:51:46,920
Speaker 1: civilian deaths deserve coverage. I'm not saying those shouldn't have

1011
00:51:47,000 --> 00:51:49,960
Speaker 1: been covered. What I'm saying is when it came to

1012
00:51:50,280 --> 00:51:54,240
Speaker 1: our own civilian body count in a Roq, one story

1013
00:51:54,560 --> 00:51:57,439
Speaker 1: that was it. Yeah, And I just think look for

1014
00:51:57,480 --> 00:51:59,080
Speaker 1: those who are like, why are you drawing a moral

1015
00:51:59,080 --> 00:52:03,120
Speaker 1: equivalence all of that at this the Iraq War matters

1016
00:52:03,239 --> 00:52:06,320
Speaker 1: on such a meta level that it's difficult to underscore.

1017
00:52:06,520 --> 00:52:10,000
Speaker 1: I will always remember there's a quote where George W.

1018
00:52:10,080 --> 00:52:13,480
Speaker 1: Bush in two thousand and six was pressing Putin on

1019
00:52:13,640 --> 00:52:17,239
Speaker 1: instituting democratic reforms. At the time, nobody really knew how

1020
00:52:17,280 --> 00:52:18,840
Speaker 1: things were going to work out with Putin. He was

1021
00:52:18,840 --> 00:52:21,200
Speaker 1: the mayor of Saint Petersburg. He seemed like this all

1022
00:52:21,239 --> 00:52:23,880
Speaker 1: over the place politician. He was the very first person

1023
00:52:23,880 --> 00:52:26,520
Speaker 1: in order to call George W. Bush after nine to

1024
00:52:26,560 --> 00:52:30,800
Speaker 1: eleven and to express sympathy. He also visited Crawford Ranch

1025
00:52:30,840 --> 00:52:33,080
Speaker 1: in November of two thousand and one. There were a

1026
00:52:33,120 --> 00:52:35,600
Speaker 1: lot of theories that Putin was going to be an ally.

1027
00:52:35,680 --> 00:52:38,120
Speaker 1: He eventually turned against the West completely in two thousand

1028
00:52:38,120 --> 00:52:41,320
Speaker 1: and seven, but two thousand and six was a great preview,

1029
00:52:41,360 --> 00:52:43,920
Speaker 1: which is that George W. Bush said, you need to

1030
00:52:43,960 --> 00:52:47,200
Speaker 1: institute more democratic reforms, and he said he actually speaks

1031
00:52:47,239 --> 00:52:49,719
Speaker 1: great English, but through an interpreter, he said, we do

1032
00:52:49,800 --> 00:52:51,839
Speaker 1: not want the type of democracy that we see you've

1033
00:52:51,880 --> 00:52:54,840
Speaker 1: given to the people of Iraq. And I have also

1034
00:52:55,239 --> 00:52:58,080
Speaker 1: seen this also, so I've spoken with people who have

1035
00:52:58,680 --> 00:53:02,040
Speaker 1: you know, engaged in these by bilateral talks with the Chinese.

1036
00:53:02,360 --> 00:53:04,359
Speaker 1: One of the things that always comes up is that

1037
00:53:04,440 --> 00:53:08,640
Speaker 1: you know, our Taiwan not military ambassadors, but like attaches.

1038
00:53:08,800 --> 00:53:12,359
Speaker 1: Whatever the diplomatic thing is. They'll have bilaterals with their

1039
00:53:12,440 --> 00:53:14,920
Speaker 1: Chinese counterparts, and every single time they're like, hey, you know,

1040
00:53:14,920 --> 00:53:16,600
Speaker 1: you shouldn't do anything in time. When they're like, oh yeah,

1041
00:53:16,640 --> 00:53:18,880
Speaker 1: like what about Iraq? Iraq? Tell us about Iraq? They

1042
00:53:19,160 --> 00:53:22,160
Speaker 1: bring it up constantly. The North Koreans do the same

1043
00:53:22,200 --> 00:53:25,120
Speaker 1: thing every single time. They will have a negotiation with them.

1044
00:53:25,160 --> 00:53:26,799
Speaker 1: We're like, hey, listen, you give up your nukes, like

1045
00:53:26,920 --> 00:53:28,600
Speaker 1: your country is going to prosper They're like, oh, yeah,

1046
00:53:28,600 --> 00:53:30,880
Speaker 1: how did that work out? From Mohammar Agadafi Because he

1047
00:53:30,920 --> 00:53:32,560
Speaker 1: gave up his nukes in two thousand and three and

1048
00:53:32,560 --> 00:53:36,359
Speaker 1: then you decapitated him and he got sodomized on television

1049
00:53:36,600 --> 00:53:38,759
Speaker 1: before he was killed and his country was bombed. He's like,

1050
00:53:38,800 --> 00:53:42,319
Speaker 1: so we have no incentive in order to trust you.

1051
00:53:42,360 --> 00:53:46,000
Speaker 1: They also always bring up Saddam Hussein. Their point, apparently

1052
00:53:46,040 --> 00:53:49,600
Speaker 1: to the negotiators, is is well, if Saddam actually had nukes,

1053
00:53:49,600 --> 00:53:52,399
Speaker 1: it would have been better off whenever you invaded him.

1054
00:53:52,520 --> 00:53:54,560
Speaker 1: The point that I think we're always coming down to

1055
00:53:54,800 --> 00:53:56,640
Speaker 1: is the rest of the world is not forgotten about Iraq,

1056
00:53:56,840 --> 00:53:59,319
Speaker 1: even if a lot of other people have, and in

1057
00:53:59,400 --> 00:54:02,480
Speaker 1: terms of media coverage and more, whenever the Russians and

1058
00:54:02,520 --> 00:54:04,560
Speaker 1: the rest of the world are, you know, India, China

1059
00:54:04,719 --> 00:54:07,640
Speaker 1: and others that aren't buying necessarily all of the West,

1060
00:54:07,760 --> 00:54:10,759
Speaker 1: they remember all of this very vividly. So if we

1061
00:54:10,760 --> 00:54:14,480
Speaker 1: don't have a genuine, honest accounting, especially when you have

1062
00:54:14,840 --> 00:54:18,320
Speaker 1: the popular the people in America who are pushing hardest

1063
00:54:18,640 --> 00:54:22,440
Speaker 1: for war with Ukraine, war with Russia and more or

1064
00:54:22,480 --> 00:54:24,279
Speaker 1: whatever you know, under the guise of a no fly

1065
00:54:24,440 --> 00:54:26,680
Speaker 1: zone and all of that, those are the people who

1066
00:54:26,719 --> 00:54:29,319
Speaker 1: beat the drum for the Iraq war. Shouldn't that count

1067
00:54:29,360 --> 00:54:32,439
Speaker 1: for something in terms of their analysis, like a real

1068
00:54:32,480 --> 00:54:34,920
Speaker 1: accounting of what went wrong the last time that we

1069
00:54:35,040 --> 00:54:37,520
Speaker 1: listened to them. So that's why I think media coverage

1070
00:54:37,520 --> 00:54:40,239
Speaker 1: on this is dramatically important. And I've made the case before.

1071
00:54:40,280 --> 00:54:43,200
Speaker 1: I really do believe this. It matters more on foreign

1072
00:54:43,239 --> 00:54:46,000
Speaker 1: policy than anything else because world is a big place.

1073
00:54:46,280 --> 00:54:49,560
Speaker 1: We're not there on the ground in Ukraine or in

1074
00:54:49,640 --> 00:54:53,400
Speaker 1: Iraq or in Afghanistan, so we are really dependent on

1075
00:54:53,880 --> 00:54:57,080
Speaker 1: the media to shape our worldview of both what's happening

1076
00:54:57,160 --> 00:55:01,239
Speaker 1: and what matters. And so imagine if instead of this

1077
00:55:01,360 --> 00:55:06,000
Speaker 1: number store of stories about the civilian suffering in Ukraine.

1078
00:55:06,080 --> 00:55:09,720
Speaker 1: Imagine we had that about oh, maybe Palestine or maybe Yemen.

1079
00:55:10,600 --> 00:55:12,720
Speaker 1: Let's take Yemen as one as a great example, because

1080
00:55:12,760 --> 00:55:15,919
Speaker 1: then when Biden is going had in hand on bend

1081
00:55:15,920 --> 00:55:19,600
Speaker 1: and knee to MBS to beg them for more oil production,

1082
00:55:20,200 --> 00:55:23,960
Speaker 1: people would be able to see the false morality of

1083
00:55:24,000 --> 00:55:26,680
Speaker 1: thinking that that is somehow better doing business with that

1084
00:55:26,719 --> 00:55:30,560
Speaker 1: regime than the Russian regime. And it's clearly, you know,

1085
00:55:30,719 --> 00:55:35,399
Speaker 1: clearly these are both nefarious regimes that are doing bad

1086
00:55:35,520 --> 00:55:38,600
Speaker 1: things in the world. But we're blinded to what's happening

1087
00:55:38,640 --> 00:55:40,839
Speaker 1: in Yemen because you know, I'm not saying they never

1088
00:55:41,000 --> 00:55:44,440
Speaker 1: cover it, but is it anything like what we see

1089
00:55:44,480 --> 00:55:47,400
Speaker 1: with Ukraine coverage? Of course not, And so yes, that

1090
00:55:47,600 --> 00:55:50,319
Speaker 1: really shapes the way people feel about these countries, the

1091
00:55:50,360 --> 00:55:54,000
Speaker 1: way people think that we should ultimately respond. Afghanistan is

1092
00:55:54,040 --> 00:55:58,240
Speaker 1: the perfect example, because you're talking about literally the same country,

1093
00:55:58,560 --> 00:56:03,000
Speaker 1: and when it came to Biden ending the war, there

1094
00:56:03,160 --> 00:56:06,799
Speaker 1: was overwhelming coverage about the civilian population and their pain

1095
00:56:06,880 --> 00:56:09,759
Speaker 1: and their suffering, and you know how we needed to

1096
00:56:09,800 --> 00:56:12,640
Speaker 1: be therefore and we needed to basically stay forever, keep

1097
00:56:12,680 --> 00:56:14,799
Speaker 1: this war going forever, so that we could protect the

1098
00:56:14,800 --> 00:56:19,960
Speaker 1: civilian population. Well, now that we're gone and they've moved on,

1099
00:56:20,320 --> 00:56:23,319
Speaker 1: and we by denying them their central owned central bank

1100
00:56:23,320 --> 00:56:27,359
Speaker 1: reserves are helping to contribute to mass hunger. Of all

1101
00:56:27,400 --> 00:56:29,719
Speaker 1: the countries on the planet, Afghanistan is one of the

1102
00:56:29,800 --> 00:56:32,480
Speaker 1: worst in terms of hunger and starvation right now. We

1103
00:56:32,520 --> 00:56:36,400
Speaker 1: are directly complicit. Not a peep. Where are the stories

1104
00:56:36,400 --> 00:56:39,080
Speaker 1: of civilian humanitarian heartache on the front page of the

1105
00:56:39,080 --> 00:56:42,120
Speaker 1: New York Times over that. So that's why these comparisons

1106
00:56:42,160 --> 00:56:47,200
Speaker 1: really matter. And it's just extraordinary that when our own

1107
00:56:47,560 --> 00:56:52,560
Speaker 1: country invaded a sovereign nation on false pretenses, they did

1108
00:56:52,600 --> 00:56:56,799
Speaker 1: not cover it nearly as much, or the civilian toll

1109
00:56:56,960 --> 00:57:00,840
Speaker 1: hardly at all. The contrast between they're covering the Ukraine

1110
00:57:00,880 --> 00:57:02,840
Speaker 1: work it is night and day. It really is. Oh

1111
00:57:02,880 --> 00:57:07,880
Speaker 1: that's right, Good morning, everybody, Happy Thursday. We have an

1112
00:57:07,920 --> 00:57:10,280
Speaker 1: amazing show for everybody today. What do we have, Crystal. Indeed,

1113
00:57:10,280 --> 00:57:12,000
Speaker 1: we do lots of big stories that we want to

1114
00:57:12,080 --> 00:57:14,080
Speaker 1: talk to you about this morning. First of all, the

1115
00:57:14,080 --> 00:57:17,440
Speaker 1: New York Times actually forced to admit that our sanctions

1116
00:57:17,480 --> 00:57:21,120
Speaker 1: on Russia have completely backfired. Their word is boomerang. So

1117
00:57:21,200 --> 00:57:23,360
Speaker 1: they have some new numbers there that are pretty interesting.

1118
00:57:23,560 --> 00:57:26,440
Speaker 1: We'll also had some primaries this week down in Georgia

1119
00:57:26,520 --> 00:57:29,280
Speaker 1: and Alabama, a little bit of tea leaves reading some

1120
00:57:29,400 --> 00:57:33,120
Speaker 1: contradictory indicators about the state of the Republican Party and

1121
00:57:33,160 --> 00:57:35,840
Speaker 1: Trump and all of that stuff. And also this is

1122
00:57:35,880 --> 00:57:41,000
Speaker 1: pretty stunning, Ron DeSantis actually ahead of Trump in a

1123
00:57:41,120 --> 00:57:45,280
Speaker 1: new New Hampshire theoretical primary poll, so we will break

1124
00:57:45,360 --> 00:57:47,760
Speaker 1: that down for you. Also some other interesting moves on

1125
00:57:47,800 --> 00:57:53,160
Speaker 1: DeSantis's part. I just I can't believe. We continue to

1126
00:57:53,240 --> 00:57:57,080
Speaker 1: learn more and more horrifying details about just what occurred

1127
00:57:57,120 --> 00:58:01,560
Speaker 1: in the Valdi massacre. The very latest news is that

1128
00:58:01,560 --> 00:58:05,600
Speaker 1: that chief of the school police unit has actually been

1129
00:58:05,680 --> 00:58:10,320
Speaker 1: asked to step aside for now. Finally, I don't know

1130
00:58:10,320 --> 00:58:12,160
Speaker 1: what took so long, so we've got the details. There

1131
00:58:12,040 --> 00:58:14,880
Speaker 1: are also an interesting moment from Elizabeth Warren of all people,

1132
00:58:15,280 --> 00:58:18,120
Speaker 1: kind of calling out the FED and really in a

1133
00:58:18,520 --> 00:58:23,080
Speaker 1: very succinct way demonstrating how limited what the FED is

1134
00:58:23,120 --> 00:58:25,200
Speaker 1: going to be able to do in order to get

1135
00:58:25,240 --> 00:58:28,320
Speaker 1: inflation under control and get our economy back to where

1136
00:58:28,320 --> 00:58:30,400
Speaker 1: we would all ultimately like it to be. And then

1137
00:58:30,400 --> 00:58:35,240
Speaker 1: we've cut some interesting thoughts from MSNBC on gas prices. Yes,

1138
00:58:35,600 --> 00:58:39,400
Speaker 1: but we wanted to start Sager control. We finally have.

1139
00:58:39,600 --> 00:58:43,360
Speaker 1: It's finally happening. The date, the announcement, the link. It's

1140
00:58:43,440 --> 00:58:46,120
Speaker 1: all over, people, after I've gone to war for all

1141
00:58:46,160 --> 00:58:49,720
Speaker 1: of you. We're coming to Atlanta Center Stage Theater, Atlanta,

1142
00:58:49,800 --> 00:58:53,360
Speaker 1: September sixteenth, seven thirty eight AM. Okay, So here's how

1143
00:58:53,400 --> 00:58:56,000
Speaker 1: it's going to work. As we promised. The pre sale

1144
00:58:56,080 --> 00:58:59,480
Speaker 1: is going live today. It will be in your email

1145
00:58:59,520 --> 00:59:02,520
Speaker 1: the ticket masterlink, and we're going to give you a password.

1146
00:59:02,520 --> 00:59:04,720
Speaker 1: You have to be a Premium member for the first

1147
00:59:04,760 --> 00:59:07,120
Speaker 1: week in order to be able to buy tickets. If

1148
00:59:07,160 --> 00:59:09,120
Speaker 1: you're a lifetime member, here's how it's going to work.

1149
00:59:09,200 --> 00:59:11,160
Speaker 1: Just to make sure that the seating and all of

1150
00:59:11,200 --> 00:59:13,919
Speaker 1: that works out properly, go ahead and buy tickets, send

1151
00:59:13,960 --> 00:59:16,320
Speaker 1: us an email. We'll refund the cost as we promise.

1152
00:59:16,440 --> 00:59:19,680
Speaker 1: Lifetime members get VIP access. I do also want to say,

1153
00:59:19,920 --> 00:59:22,080
Speaker 1: because they this is what they've warned me. If you

1154
00:59:22,160 --> 00:59:23,960
Speaker 1: are worried that this is going to be the only show,

1155
00:59:24,160 --> 00:59:26,280
Speaker 1: it is not the case. It is first of many.

1156
00:59:26,360 --> 00:59:29,400
Speaker 1: We have to go through this process and announce on

1157
00:59:29,400 --> 00:59:31,680
Speaker 1: this particular one before we can go ahead and book

1158
00:59:31,840 --> 00:59:35,520
Speaker 1: other venues. So Base sartainly, we should demonstrate the desire

1159
00:59:35,600 --> 00:59:37,640
Speaker 1: for people to come and see us before we can

1160
00:59:37,640 --> 00:59:40,360
Speaker 1: book other venues, just to give people peak behind the curtain.

1161
00:59:40,520 --> 00:59:42,920
Speaker 1: Venues and other people won't do deals with you unless

1162
00:59:42,960 --> 00:59:46,000
Speaker 1: you can show that you can sell tickets elsewhere. Hence

1163
00:59:46,040 --> 00:59:48,240
Speaker 1: we were able to get a nice deal with this venue,

1164
00:59:48,320 --> 00:59:51,400
Speaker 1: Center Stage. Thank you center Stage, Atlanta. So go ahead,

1165
00:59:51,440 --> 00:59:53,680
Speaker 1: buy tickets. Show the world that people can show up

1166
00:59:53,720 --> 00:59:56,120
Speaker 1: for Breaking Points live. It's gonna be fun. We're gonna

1167
00:59:56,120 --> 00:59:59,959
Speaker 1: have Crystal me, We're obviously going to have friends, special guests,

1168
01:00:00,160 --> 01:00:03,200
Speaker 1: appearances at various different locations. And for those of you

1169
01:00:03,240 --> 01:00:05,280
Speaker 1: who are in other parts of the country, don't worry.

1170
01:00:05,440 --> 01:00:07,760
Speaker 1: We are coming. We have the map, all of that

1171
01:00:07,840 --> 01:00:09,720
Speaker 1: and stuff laid out, so don't worry as if this

1172
01:00:09,840 --> 01:00:12,000
Speaker 1: is the only one, right that's not your only chance.

1173
01:00:12,280 --> 01:00:14,800
Speaker 1: I am excited about going to Georgia though. Yes, that's

1174
01:00:14,880 --> 01:00:17,480
Speaker 1: one of the reason why it's fun. Rights timed at

1175
01:00:17,480 --> 01:00:19,640
Speaker 1: specifically to be you know, right in the heat of

1176
01:00:19,680 --> 01:00:22,120
Speaker 1: election scenes then and just before some of the biggest

1177
01:00:22,160 --> 01:00:24,600
Speaker 1: races in the country are unfolding in Georgia right now.

1178
01:00:24,640 --> 01:00:26,280
Speaker 1: So to get to go to Atlanta City, I haven't

1179
01:00:26,320 --> 01:00:28,560
Speaker 1: been to for a hot minute. I'm pretty excited about

1180
01:00:28,560 --> 01:00:30,880
Speaker 1: I have not been to Atlanta. I've really never been.

1181
01:00:30,920 --> 01:00:33,320
Speaker 1: I've never spent time in Atlanta, like traveled. I've like

1182
01:00:33,320 --> 01:00:36,120
Speaker 1: obviously spent time in the airport. But I started I

1183
01:00:36,160 --> 01:00:39,600
Speaker 1: started college at Clemson University in South Carolina, and it's

1184
01:00:39,680 --> 01:00:41,680
Speaker 1: not that far from Atlanta. In fact, a lot of

1185
01:00:41,720 --> 01:00:44,640
Speaker 1: times you would fly in and out, Atlanta Airport would

1186
01:00:44,640 --> 01:00:46,080
Speaker 1: be like the cheapest one to fly on. So I

1187
01:00:46,080 --> 01:00:48,000
Speaker 1: spent a bit of time there when I was in college,

1188
01:00:48,040 --> 01:00:49,560
Speaker 1: and I've been back since, but I haven't spent a

1189
01:00:49,600 --> 01:00:51,640
Speaker 1: lot of time there since. So anyway, excited to go

1190
01:00:51,680 --> 01:00:54,040
Speaker 1: down to Georgia. We're coming to Atlanta. We're coming to

1191
01:00:54,080 --> 01:00:57,680
Speaker 1: other battleground states. We're coming to major metropolis's. Don't worry,

1192
01:00:57,800 --> 01:00:59,320
Speaker 1: we are coming. For those of you who are in

1193
01:00:59,360 --> 01:01:01,600
Speaker 1: the area or you know whatever within a couple one

1194
01:01:01,640 --> 01:01:03,600
Speaker 1: hundred miles, go ahead and buy tickets show the world.

1195
01:01:03,640 --> 01:01:05,880
Speaker 1: Like we said, premium subscribers are the people who get

1196
01:01:06,040 --> 01:01:08,800
Speaker 1: the first shot at all ticket sales, not just this one.

1197
01:01:08,960 --> 01:01:11,520
Speaker 1: And for the lifetime members, you guys have guaranteed seats,

1198
01:01:11,720 --> 01:01:14,200
Speaker 1: no matter where, no matter what. As I said, buy

1199
01:01:14,240 --> 01:01:16,640
Speaker 1: the ticket, send us an email. We'll refund you the

1200
01:01:16,920 --> 01:01:19,840
Speaker 1: entire cost. So go ahead and turn up many. Yeah,

1201
01:01:19,840 --> 01:01:21,680
Speaker 1: it's gonna be exciting. I've we've been working on this

1202
01:01:21,760 --> 01:01:24,240
Speaker 1: for over a year. You know, we were worried with COVID,

1203
01:01:24,440 --> 01:01:27,160
Speaker 1: like a year ago, and think about the last time

1204
01:01:27,160 --> 01:01:28,800
Speaker 1: we do, the very last thing, and it was Arne

1205
01:01:28,840 --> 01:01:31,840
Speaker 1: I did. Was that book show. It was March of

1206
01:01:31,920 --> 01:01:34,720
Speaker 1: what March twenty twenty, I want to say, in retrospet

1207
01:01:34,720 --> 01:01:36,520
Speaker 1: I probably should have done. It was like March nineteenth

1208
01:01:36,680 --> 01:01:39,080
Speaker 1: or something. It really was. It was in Brooklyn. It

1209
01:01:39,160 --> 01:01:43,200
Speaker 1: really was like the last moment before everything shut down

1210
01:01:43,320 --> 01:01:45,840
Speaker 1: for COVID, and there is no doubt it was circulating.

1211
01:01:45,880 --> 01:01:50,120
Speaker 1: The virus so much more widespread than certainly we realized,

1212
01:01:50,120 --> 01:01:51,920
Speaker 1: and that much of the country realized at that point.

1213
01:01:51,960 --> 01:01:54,520
Speaker 1: But we got in right under the wire, had an

1214
01:01:54,520 --> 01:01:57,400
Speaker 1: amazing time. You know, that show. It actually even though

1215
01:01:57,400 --> 01:02:01,120
Speaker 1: we probably in retrospect it was risky to do, we

1216
01:02:01,200 --> 01:02:03,240
Speaker 1: had so many people share with us that that was like,

1217
01:02:03,880 --> 01:02:05,440
Speaker 1: you know, they really sort of held onto that for

1218
01:02:05,440 --> 01:02:07,240
Speaker 1: a long time because it was the last thing that

1219
01:02:07,280 --> 01:02:09,480
Speaker 1: they did and went out in public and did before

1220
01:02:09,560 --> 01:02:12,520
Speaker 1: everything shut down. So anyway, it's been a lot too long,

1221
01:02:12,560 --> 01:02:14,280
Speaker 1: and we're excited to get back out and get to

1222
01:02:14,320 --> 01:02:16,120
Speaker 1: be face to face with people because there really is

1223
01:02:16,120 --> 01:02:18,320
Speaker 1: nothing like that. Just like direct too much. Actually, Oh,

1224
01:02:18,360 --> 01:02:20,560
Speaker 1: I absolutely love that. I love meeting people and especially

1225
01:02:20,560 --> 01:02:22,600
Speaker 1: like getting everybody together anytime that we were able to

1226
01:02:22,600 --> 01:02:24,840
Speaker 1: do that. It's been two years, you know, the show

1227
01:02:24,840 --> 01:02:26,360
Speaker 1: has grown so much, so, I mean there's so many

1228
01:02:26,360 --> 01:02:29,400
Speaker 1: people who've never even had that opportunity in the last

1229
01:02:29,400 --> 01:02:31,000
Speaker 1: two years in order to even just meet us and

1230
01:02:31,280 --> 01:02:34,320
Speaker 1: have fun. And I've been studying other people and how

1231
01:02:34,320 --> 01:02:36,880
Speaker 1: they do live shows and live podcasts. So we've got

1232
01:02:36,920 --> 01:02:39,400
Speaker 1: some fun things planned. I think we had some great

1233
01:02:39,440 --> 01:02:41,320
Speaker 1: innovations in our last one. We're just going to keep

1234
01:02:41,440 --> 01:02:43,680
Speaker 1: building on that. And now we have more production value,

1235
01:02:43,680 --> 01:02:45,720
Speaker 1: and thanks to our premium members and all that, we

1236
01:02:45,720 --> 01:02:47,520
Speaker 1: can bring in some more people and we can really

1237
01:02:47,520 --> 01:02:49,920
Speaker 1: invest in the show. It's gonna be a fun experience.

1238
01:02:50,000 --> 01:02:51,960
Speaker 1: And then just like the New York Show, we're going

1239
01:02:52,000 --> 01:02:53,800
Speaker 1: to have the premium subscribe. They're going to be able

1240
01:02:53,840 --> 01:02:55,960
Speaker 1: to vote on all the topics of the stuff that

1241
01:02:56,000 --> 01:02:57,720
Speaker 1: we cover, and a lot of it will be made

1242
01:02:57,800 --> 01:03:01,200
Speaker 1: available on YouTube for everybody at a later date, So

1243
01:03:01,440 --> 01:03:04,000
Speaker 1: don't worry. You're not necessarily going to lose out. And

1244
01:03:04,160 --> 01:03:06,120
Speaker 1: like I said, get excited. If you're in the area,

1245
01:03:06,240 --> 01:03:09,040
Speaker 1: go ahead and buy tickets. We're really excited. Go ahead

1246
01:03:09,080 --> 01:03:11,040
Speaker 1: and tweet it out, post on Instagram or whatever. We'll

1247
01:03:11,080 --> 01:03:13,320
Speaker 1: retweet it. We'll put it on Instagram. And let's sell

1248
01:03:13,320 --> 01:03:15,280
Speaker 1: this thing out so we can prove to the world

1249
01:03:15,560 --> 01:03:17,800
Speaker 1: that we can also buy ticket or we can sell

1250
01:03:17,840 --> 01:03:19,880
Speaker 1: some tickets here at breakup points. Inde, all right, let's

1251
01:03:19,880 --> 01:03:21,280
Speaker 1: get to this. All right, with all of that out

1252
01:03:21,280 --> 01:03:23,320
Speaker 1: of the way, let's get to the show. Go ahead

1253
01:03:23,320 --> 01:03:25,080
Speaker 1: and put this first hairsheet up on the screen from

1254
01:03:25,120 --> 01:03:28,240
Speaker 1: the New York Times. Lo and behold, New York Times

1255
01:03:28,280 --> 01:03:31,919
Speaker 1: even forced to admit. Here's the headline here, Western move

1256
01:03:32,000 --> 01:03:36,480
Speaker 1: to choke Russia's oil exports. Boomerangs, they add in the

1257
01:03:36,080 --> 01:03:39,520
Speaker 1: caveat for now, the subhad here says, with China and

1258
01:03:39,560 --> 01:03:42,240
Speaker 1: India buying the Russian oil shunned by the West in

1259
01:03:42,280 --> 01:03:44,480
Speaker 1: an effort to force an end to the Ukraine invasion,

1260
01:03:44,920 --> 01:03:51,880
Speaker 1: Moscow is earning more now than it did before the war. Okay,

1261
01:03:52,360 --> 01:03:56,240
Speaker 1: let that sink in. You are paying more at the

1262
01:03:56,240 --> 01:04:01,480
Speaker 1: pump in theory in part to punish putin in reality,

1263
01:04:01,560 --> 01:04:06,000
Speaker 1: we are punishing ourselves. And because the oil price has

1264
01:04:06,040 --> 01:04:10,600
Speaker 1: spiked to such astronomical levels, he is literally his regime

1265
01:04:11,040 --> 01:04:15,960
Speaker 1: literally making more money from oil and gas than ever before.

1266
01:04:17,080 --> 01:04:19,600
Speaker 1: The Chinese and the Indians have stepped in. They are

1267
01:04:19,640 --> 01:04:22,160
Speaker 1: happy to buy oil at a discount. This is something

1268
01:04:22,200 --> 01:04:24,920
Speaker 1: that we have been covering here. There's another twist though,

1269
01:04:24,920 --> 01:04:28,080
Speaker 1: that I learned in this article, which is that you know,

1270
01:04:28,360 --> 01:04:30,640
Speaker 1: you feel like, okay, we've shut Russian oil out of

1271
01:04:30,680 --> 01:04:33,320
Speaker 1: our system. We're not buying any Russian oil. Of course,

1272
01:04:33,320 --> 01:04:36,120
Speaker 1: we're buying Saldi oil and other sort of criminal regimes.

1273
01:04:36,120 --> 01:04:39,000
Speaker 1: But put that aside. It turns out even that is

1274
01:04:39,040 --> 01:04:43,240
Speaker 1: not true, because in particular they trace to the Indian market.

1275
01:04:43,320 --> 01:04:46,160
Speaker 1: There's a lot of people who are happy to buy

1276
01:04:46,200 --> 01:04:50,320
Speaker 1: that discounted oil in India and resell it to us

1277
01:04:50,760 --> 01:04:54,600
Speaker 1: at a premium and exploit the arbitrage. So we're not

1278
01:04:54,880 --> 01:04:58,280
Speaker 1: even We're not even not buying Russian oil, We're just

1279
01:04:58,400 --> 01:05:02,840
Speaker 1: buying it at a more expensive So congratulations to everyone

1280
01:05:02,920 --> 01:05:05,360
Speaker 1: for thinking that this was, you know, great idea. And

1281
01:05:05,800 --> 01:05:08,200
Speaker 1: again what we've said from the beginning is a lot

1282
01:05:08,240 --> 01:05:12,080
Speaker 1: of these effects were really predictable. They were really predictable.

1283
01:05:12,080 --> 01:05:14,800
Speaker 1: I mean, you don't have to look back at distant

1284
01:05:14,840 --> 01:05:18,240
Speaker 1: history to see that. First of all, our sanctions regimes

1285
01:05:18,280 --> 01:05:20,680
Speaker 1: have not been effective in terms of, you know, forcing

1286
01:05:20,720 --> 01:05:23,840
Speaker 1: countries to comply with our will, that's number one. Oftentimes

1287
01:05:23,840 --> 01:05:26,400
Speaker 1: they end up punching the ordinary citizens of those countries

1288
01:05:26,440 --> 01:05:29,200
Speaker 1: and not the regimes. They end up playing into the

1289
01:05:29,280 --> 01:05:32,280
Speaker 1: hands of those autocratic leaders who can say, Hey, your

1290
01:05:32,280 --> 01:05:34,160
Speaker 1: problems aren't with me, your problems are with the West

1291
01:05:34,160 --> 01:05:37,640
Speaker 1: who wants to destroy you. And that's exactly what has

1292
01:05:37,720 --> 01:05:41,120
Speaker 1: happened here. So it really is, you know, so bad

1293
01:05:41,160 --> 01:05:43,640
Speaker 1: at this point that even the New York Times has

1294
01:05:43,680 --> 01:05:46,440
Speaker 1: to admit it. Sager. Yeah, absolutely, And President Biden is

1295
01:05:46,440 --> 01:05:49,880
Speaker 1: actually making a mistake. He is trying to tie the

1296
01:05:50,080 --> 01:05:54,600
Speaker 1: high gas prices directly to the situation in Europe, and

1297
01:05:54,760 --> 01:05:56,400
Speaker 1: he actually framed it that way. He's like, for all

1298
01:05:56,440 --> 01:05:59,240
Speaker 1: the Republicans who are criticizing me, are you saying that

1299
01:05:59,320 --> 01:06:01,360
Speaker 1: we were wrong to stand up to Ukraine or so

1300
01:06:01,440 --> 01:06:04,120
Speaker 1: to support Ukraine and stand up to Putin. He's directly

1301
01:06:04,200 --> 01:06:07,360
Speaker 1: tying the two, which could spell big political disaster for

1302
01:06:07,440 --> 01:06:09,080
Speaker 1: him in the future. Let's take a listen to a

1303
01:06:09,120 --> 01:06:13,480
Speaker 1: speech yesterday. So for all those republics and in Congress

1304
01:06:13,480 --> 01:06:17,720
Speaker 1: criticizing me today for high gas prices in America, are

1305
01:06:17,760 --> 01:06:21,160
Speaker 1: you now saying we were wrong to support Ukraine? Are

1306
01:06:21,160 --> 01:06:23,280
Speaker 1: you saying we were wrong to stand up to Putin?

1307
01:06:24,040 --> 01:06:27,080
Speaker 1: Are you saying that we would rather have lower gas

1308
01:06:27,120 --> 01:06:31,560
Speaker 1: prices in America and Putin's iron fist in Europe? I

1309
01:06:31,560 --> 01:06:34,200
Speaker 1: don't believe that. And you know what, if it was

1310
01:06:34,280 --> 01:06:36,760
Speaker 1: actually working, yeah, there would be a debate. We could

1311
01:06:36,760 --> 01:06:38,919
Speaker 1: have a debate. I still would be opposed. We've talked

1312
01:06:38,920 --> 01:06:40,920
Speaker 1: about the but there would be a debate if this

1313
01:06:41,080 --> 01:06:45,360
Speaker 1: was actually, you know, degrading Russia's ability to prosecute this war.

1314
01:06:45,960 --> 01:06:50,160
Speaker 1: That is the opposite, the literal opposite of what is happening.

1315
01:06:50,440 --> 01:06:53,240
Speaker 1: So it's just dishonest at this point to tell the

1316
01:06:53,280 --> 01:06:56,000
Speaker 1: American people like, oh, you're paying high gas prices, but

1317
01:06:56,040 --> 01:06:59,080
Speaker 1: this is helping Ukraine. This is not helping Ukraine, it's

1318
01:06:59,120 --> 01:07:03,840
Speaker 1: not helping us. We've effectively imposed sanctions on our own citizens,

1319
01:07:03,960 --> 01:07:06,680
Speaker 1: and the Russians are laughing. As we've talked about those

1320
01:07:06,680 --> 01:07:10,440
Speaker 1: comments from Putin previously, I mean, just mocking the Biden

1321
01:07:10,880 --> 01:07:14,320
Speaker 1: administration in their policy. The latest from New York Times

1322
01:07:14,320 --> 01:07:17,560
Speaker 1: that article we had at before. Alexei Miller, who's the

1323
01:07:17,560 --> 01:07:20,200
Speaker 1: head of gas Prom, the Russian energy giant, equipped at

1324
01:07:20,200 --> 01:07:22,400
Speaker 1: an economic conference, the same one that Putin spoke at

1325
01:07:22,440 --> 01:07:25,360
Speaker 1: in Saint Petersburg last week, that he bore no ill

1326
01:07:25,400 --> 01:07:27,880
Speaker 1: will against Europe because even as the continent's imports of

1327
01:07:27,920 --> 01:07:30,680
Speaker 1: Russian natural gas fell by quote several tens of percent,

1328
01:07:30,840 --> 01:07:35,160
Speaker 1: prices rose several fold. Here's the money quote quote, I

1329
01:07:35,280 --> 01:07:37,760
Speaker 1: won't bend the truth if I tell you that we

1330
01:07:37,800 --> 01:07:40,280
Speaker 1: bear no grudge. It's like yeah, for good. And here's

1331
01:07:40,400 --> 01:07:43,680
Speaker 1: he did nothing. Putin actually spoke last night at the

1332
01:07:43,720 --> 01:07:46,280
Speaker 1: Bricks conference. So for people who don't remember, the Bricks

1333
01:07:46,360 --> 01:07:48,280
Speaker 1: was like a concept made up in two thousand and eight,

1334
01:07:48,320 --> 01:07:51,360
Speaker 1: it's like Brazil and Russia, India and China as well

1335
01:07:51,400 --> 01:07:54,240
Speaker 1: of others some developing countries. And at that he actually

1336
01:07:54,320 --> 01:07:56,880
Speaker 1: vowed number one in order to re route all Russian

1337
01:07:56,920 --> 01:07:59,960
Speaker 1: exports to bricks countries, including China and India, the two

1338
01:08:00,320 --> 01:08:03,880
Speaker 1: largest markets, not only oil but everything else. But number two,

1339
01:08:03,960 --> 01:08:06,320
Speaker 1: and this is even more important, is they are working

1340
01:08:06,440 --> 01:08:10,000
Speaker 1: on a unified currency or type of system in order

1341
01:08:10,040 --> 01:08:12,960
Speaker 1: to be able to trade oil off of the US dollars,

1342
01:08:12,960 --> 01:08:16,559
Speaker 1: so either price it and yen to ruble in rupee

1343
01:08:16,600 --> 01:08:20,439
Speaker 1: to ruble and find some medium exchange. So they're moving

1344
01:08:20,479 --> 01:08:23,200
Speaker 1: themselves off of that. They're working to try and create

1345
01:08:23,240 --> 01:08:27,160
Speaker 1: an alternative oil market which they will unambiguously pay much

1346
01:08:27,240 --> 01:08:29,519
Speaker 1: less in China India and as you said, probably just

1347
01:08:29,600 --> 01:08:32,080
Speaker 1: rip us off in the interim. I guess I can't

1348
01:08:32,080 --> 01:08:33,840
Speaker 1: blame them. I probably do the same time, I don't

1349
01:08:33,840 --> 01:08:36,200
Speaker 1: blame China and India, Yeah, not at all. So you

1350
01:08:36,200 --> 01:08:38,720
Speaker 1: put that together, it's not working. As we said, on

1351
01:08:38,760 --> 01:08:41,599
Speaker 1: the battlefield, Ukraine is continuing to suffer. I mean they

1352
01:08:41,640 --> 01:08:44,360
Speaker 1: are urging people in the east in order to leave.

1353
01:08:44,520 --> 01:08:48,560
Speaker 1: There has been a tremendous amount of civilian and military casualties.

1354
01:08:48,600 --> 01:08:51,280
Speaker 1: We don't know what the Russian casualties are. We do

1355
01:08:51,400 --> 01:08:53,360
Speaker 1: know that many of these cities remain besieged and that

1356
01:08:53,479 --> 01:08:56,400
Speaker 1: overall the military picture for Ukraine is not good. So

1357
01:08:56,520 --> 01:08:58,680
Speaker 1: on the battlefield things are not working out. I do

1358
01:08:58,760 --> 01:09:00,559
Speaker 1: again want to present the counter our and this is

1359
01:09:00,560 --> 01:09:02,960
Speaker 1: what everybody says. Yeah, but in two or three years,

1360
01:09:03,040 --> 01:09:06,000
Speaker 1: the Russian oil business is going to really suffer because

1361
01:09:06,000 --> 01:09:08,040
Speaker 1: they won't be able to get the parts that they need,

1362
01:09:08,280 --> 01:09:11,240
Speaker 1: and my response to that would be okay. So Number one,

1363
01:09:11,280 --> 01:09:13,000
Speaker 1: are we supposed to pay five dollars a gallon for

1364
01:09:13,000 --> 01:09:15,160
Speaker 1: two to three years in order to secure the integrity

1365
01:09:15,160 --> 01:09:17,800
Speaker 1: of eastern Ukraine, because that seems kind of crazy. Number

1366
01:09:17,800 --> 01:09:20,880
Speaker 1: two is that in two to three years the military

1367
01:09:21,000 --> 01:09:24,960
Speaker 1: situation will be completely different. Russia has the benefit of

1368
01:09:25,040 --> 01:09:27,720
Speaker 1: not having sky high gas prices right now and a

1369
01:09:27,800 --> 01:09:30,880
Speaker 1: rapidly evolving situation on the battlefield. At this point, we

1370
01:09:30,960 --> 01:09:35,360
Speaker 1: have shipped everything to Ukraine that we possibly could being

1371
01:09:35,400 --> 01:09:38,000
Speaker 1: able to get into an actual war. If they can't

1372
01:09:38,000 --> 01:09:40,080
Speaker 1: get it done with what we've sent, it's not going

1373
01:09:40,160 --> 01:09:43,080
Speaker 1: to happen. Let's just be honest here, and so we

1374
01:09:43,160 --> 01:09:46,280
Speaker 1: then need to move things towards a diplomatic situation. And

1375
01:09:46,720 --> 01:09:49,439
Speaker 1: my problem, and we're about to talk about this with Germany,

1376
01:09:49,680 --> 01:09:52,680
Speaker 1: is that there is no appetite in the West for

1377
01:09:52,880 --> 01:09:56,120
Speaker 1: considering the grand strategic picture. We need to align the

1378
01:09:56,160 --> 01:09:59,400
Speaker 1: incentives for President Zelenski to know that he will be

1379
01:09:59,400 --> 01:10:02,240
Speaker 1: remained secure and power, that he will remain and continue

1380
01:10:02,280 --> 01:10:04,880
Speaker 1: to have Western aid, and that all of that will

1381
01:10:04,880 --> 01:10:08,800
Speaker 1: be there if he continues with negotiations. Frankly even more

1382
01:10:09,000 --> 01:10:12,440
Speaker 1: and instead the opposite incentive is that the more bravado

1383
01:10:12,520 --> 01:10:15,080
Speaker 1: and stuff that they present, the higher the amount of

1384
01:10:15,120 --> 01:10:18,120
Speaker 1: dollars that get sent over to the Ukrainian regime. So

1385
01:10:18,360 --> 01:10:20,840
Speaker 1: we really do need to consider like grand strategic is

1386
01:10:20,960 --> 01:10:23,519
Speaker 1: what we're trying to do here, I mean, just to

1387
01:10:23,560 --> 01:10:28,439
Speaker 1: put it really simply, indirectly, we have higher gas prices. Yeah,

1388
01:10:28,720 --> 01:10:34,000
Speaker 1: we have a worldwide hunger crisis caused in part by

1389
01:10:34,320 --> 01:10:37,479
Speaker 1: this war, in part because Russia's unconschiable actions, in part

1390
01:10:37,520 --> 01:10:39,680
Speaker 1: because of our own response. There are a lot of

1391
01:10:39,920 --> 01:10:43,960
Speaker 1: developing world nations that are unable to purchase the grain

1392
01:10:44,080 --> 01:10:46,760
Speaker 1: and fertilizer from Russia that they normally depend on and

1393
01:10:46,760 --> 01:10:50,240
Speaker 1: are especially depending on now because of our bank sanctions

1394
01:10:50,280 --> 01:10:54,840
Speaker 1: on Russia makes it effectively impossible. So we've got gas crisis,

1395
01:10:54,960 --> 01:11:00,479
Speaker 1: food crisis, Ukraine is losing, and Russia rich than ever.

1396
01:11:01,360 --> 01:11:03,600
Speaker 1: Tell me what part of this policy's working. Tell me

1397
01:11:03,640 --> 01:11:06,000
Speaker 1: what part of the policy's working, I mean, And then

1398
01:11:06,200 --> 01:11:09,280
Speaker 1: to your point, you're like not allowed to say that,

1399
01:11:09,920 --> 01:11:12,040
Speaker 1: or people freak out if you say, Hey, we need

1400
01:11:12,080 --> 01:11:14,400
Speaker 1: to figure out how do we get to the negotiation.

1401
01:11:14,439 --> 01:11:16,479
Speaker 1: How do we wrap up this war in the interests

1402
01:11:16,560 --> 01:11:19,320
Speaker 1: of everyone, especially the Ukrainians. Do you think they want

1403
01:11:19,320 --> 01:11:21,800
Speaker 1: to be a war for three years? They think you

1404
01:11:21,800 --> 01:11:24,160
Speaker 1: think they have time to wait around for the sanctions

1405
01:11:24,200 --> 01:11:26,400
Speaker 1: to start to bite three to five years from now.

1406
01:11:26,479 --> 01:11:30,680
Speaker 1: I don't think so. So when you say anything that

1407
01:11:30,800 --> 01:11:35,920
Speaker 1: contradicts the you know, mainstream bipartisan consensus of we just

1408
01:11:36,000 --> 01:11:38,200
Speaker 1: need to keep sending in the military and we keep

1409
01:11:38,320 --> 01:11:41,639
Speaker 1: need to keep trying these economic this economic warfare, which

1410
01:11:41,640 --> 01:11:43,920
Speaker 1: is completely boomerang. Even the New York Times is admitting it,

1411
01:11:44,280 --> 01:11:47,280
Speaker 1: you get massive backlash, and that just happened in Germany

1412
01:11:47,320 --> 01:11:49,240
Speaker 1: and pretty interesting instance. Let's go ahead and put this

1413
01:11:49,280 --> 01:11:52,799
Speaker 1: tear sheet up on the screen. So this says Schultz

1414
01:11:52,840 --> 01:11:57,280
Speaker 1: advisor turns heads with appeal to consider the future Russian relationship.

1415
01:11:57,400 --> 01:11:59,720
Speaker 1: That's really all that he said is, hey, maybe we

1416
01:11:59,720 --> 01:12:02,559
Speaker 1: should think about whether we want to make Russia a

1417
01:12:02,600 --> 01:12:05,240
Speaker 1: pariah state. This is my interpretation of his words. I'll

1418
01:12:05,240 --> 01:12:08,320
Speaker 1: tell you his exact words in a minute. And massive backlash.

1419
01:12:08,360 --> 01:12:12,120
Speaker 1: So here's this article, they say. German Chancellor Olaf Schultz's

1420
01:12:12,160 --> 01:12:15,280
Speaker 1: top foreign policy aid raised eyebrows Monday night when he

1421
01:12:15,320 --> 01:12:18,240
Speaker 1: suggested Europe should focus more on preserving long term relations

1422
01:12:18,240 --> 01:12:21,120
Speaker 1: with Russia and less on the specifics of German tank

1423
01:12:21,200 --> 01:12:26,920
Speaker 1: shipments to Ukraine in a rare public appearance, Yan's PLOTNR.

1424
01:12:26,960 --> 01:12:28,320
Speaker 1: Do you think that's how you say it? A lot?

1425
01:12:28,400 --> 01:12:31,200
Speaker 1: It's yeah, probably yenz Jan's I don't know. A long

1426
01:12:31,240 --> 01:12:34,360
Speaker 1: standing architect of Berlin's Russia policy, argued that the debates

1427
01:12:34,360 --> 01:12:37,360
Speaker 1: over Germany's military support for Ukraine, which is frequently criticized

1428
01:12:37,360 --> 01:12:39,880
Speaker 1: for being too hesitant and slow, we're quote driven by

1429
01:12:39,880 --> 01:12:43,200
Speaker 1: a feverishist that misses the bigger questions. In many cases

1430
01:12:43,320 --> 01:12:46,160
Speaker 1: no lives detected. Specifically, he pointed to a long running

1431
01:12:46,760 --> 01:12:50,240
Speaker 1: saga over whether Germany should supply the Ukrainian military was

1432
01:12:50,280 --> 01:12:52,920
Speaker 1: so called martyr infantry fighting vehicles, which Schultz has so

1433
01:12:53,000 --> 01:12:56,000
Speaker 1: far refused to do. Here's the quote. You can fill

1434
01:12:56,080 --> 01:12:59,679
Speaker 1: a lot of newspaper pages with twenty martyrs, but larger

1435
01:12:59,760 --> 01:13:03,360
Speaker 1: arts about what will actually be our relationship with Russia

1436
01:13:03,400 --> 01:13:06,840
Speaker 1: in the future are somehow less frequent. And that's a

1437
01:13:06,920 --> 01:13:10,559
Speaker 1: question that's at least as exciting and relevant, which could

1438
01:13:10,600 --> 01:13:14,440
Speaker 1: be discussed and where there could also be a public discourse.

1439
01:13:15,280 --> 01:13:18,000
Speaker 1: He also called for a software approach towards China and

1440
01:13:18,120 --> 01:13:20,800
Speaker 1: argued Ukraine should not be granted any rebates on its

1441
01:13:20,800 --> 01:13:23,479
Speaker 1: bid to become an EU member just because it was

1442
01:13:23,600 --> 01:13:26,960
Speaker 1: under a Russian attack. He said, just because you're under attack,

1443
01:13:27,040 --> 01:13:30,920
Speaker 1: you don't automatically improve on the rule of law. Okay,

1444
01:13:31,240 --> 01:13:35,320
Speaker 1: So he didn't even say, don't send you know this martyrs,

1445
01:13:35,360 --> 01:13:37,960
Speaker 1: whatever these things are. He didn't even say, hey, we

1446
01:13:38,000 --> 01:13:40,479
Speaker 1: need to focus on like we need to have tay

1447
01:13:40,520 --> 01:13:42,519
Speaker 1: Tom with thread, we need to have a warm relationship.

1448
01:13:42,560 --> 01:13:45,840
Speaker 1: He just said, maybe we should be discussing this, maybe

1449
01:13:45,840 --> 01:13:49,799
Speaker 1: we should be exploring this in some newspaper articles. Massive

1450
01:13:49,880 --> 01:13:52,400
Speaker 1: backlash had to walk back the comments. There's a whole

1451
01:13:52,439 --> 01:13:54,800
Speaker 1: freak down over it with him, and Washington was very

1452
01:13:54,840 --> 01:13:57,439
Speaker 1: upset with him. Here is the basic truth. They have

1453
01:13:57,560 --> 01:13:59,559
Speaker 1: a lot more to lose than us, so maybe we

1454
01:13:59,560 --> 01:14:02,600
Speaker 1: should fight their lead. No, they have what they're like

1455
01:14:02,640 --> 01:14:04,679
Speaker 1: a couple hundred I think, like a thousand miles whatever

1456
01:14:04,800 --> 01:14:07,880
Speaker 1: away from Russia. They fought several wars with Russia. I'm

1457
01:14:07,920 --> 01:14:09,840
Speaker 1: going to presume that they know what's better for their

1458
01:14:09,880 --> 01:14:13,240
Speaker 1: security then we do. Maybe that's a crazy thing. You know,

1459
01:14:13,479 --> 01:14:15,840
Speaker 1: there's a lot of talk of allies and ally ship

1460
01:14:16,160 --> 01:14:19,200
Speaker 1: here here in the United States. Aren't you supposed to

1461
01:14:19,240 --> 01:14:21,200
Speaker 1: listen to them? And be like, what do you guys want?

1462
01:14:21,360 --> 01:14:23,599
Speaker 1: Tell us what it is? Why are we imposing our

1463
01:14:23,680 --> 01:14:27,000
Speaker 1: will on a situation that has negative impact on us?

1464
01:14:27,479 --> 01:14:30,839
Speaker 1: Quite literally whenever it comes to that. Also, the energy

1465
01:14:30,880 --> 01:14:36,360
Speaker 1: situation in Germany is a catastrophe if you care about

1466
01:14:36,360 --> 01:14:41,280
Speaker 1: the climate. Austria, Germany, Italy and the Netherlands are resurrecting

1467
01:14:41,360 --> 01:14:44,920
Speaker 1: coal fired power plants as of right now in order

1468
01:14:44,960 --> 01:14:50,559
Speaker 1: to move towards bringing more energy domestically. So as a result,

1469
01:14:51,439 --> 01:14:56,160
Speaker 1: it as possible do unique deep nuclearization and reduced natural

1470
01:14:56,240 --> 01:15:02,200
Speaker 1: gas imports from Russia, Russia, Germany and Austria and the Netherlands.

1471
01:15:02,200 --> 01:15:04,160
Speaker 1: Germany being one of the largest, I think the largest

1472
01:15:04,200 --> 01:15:06,960
Speaker 1: economy in continental Europe, is now going to have to

1473
01:15:07,000 --> 01:15:10,800
Speaker 1: produce significantly more coal fired energy in order to meet

1474
01:15:11,000 --> 01:15:14,320
Speaker 1: their goals, which is terrible for the climate. Also, people

1475
01:15:14,360 --> 01:15:16,479
Speaker 1: don't know this, coal is very expensive. It's actually not

1476
01:15:16,600 --> 01:15:20,240
Speaker 1: cheap anymore compared to many of the other instances or

1477
01:15:20,360 --> 01:15:23,519
Speaker 1: many of the other alternatives. So consider this. People are

1478
01:15:23,520 --> 01:15:26,320
Speaker 1: paying sky high gas prices and the energy that they're

1479
01:15:26,320 --> 01:15:28,160
Speaker 1: going to use in order to heat their homes in

1480
01:15:28,200 --> 01:15:29,920
Speaker 1: the middle of the summer and then come winter. Because

1481
01:15:30,000 --> 01:15:31,679
Speaker 1: we all know that that's going to happen in order

1482
01:15:31,720 --> 01:15:33,519
Speaker 1: to he sorry, yeah, in order to heat their homes

1483
01:15:33,560 --> 01:15:35,640
Speaker 1: in the winter and cool their homes right now is

1484
01:15:35,680 --> 01:15:40,559
Speaker 1: going to be filthy coal power energy. So consider the

1485
01:15:40,800 --> 01:15:45,200
Speaker 1: broader impact of that, like that is a catastrophe. And listen,

1486
01:15:45,320 --> 01:15:48,240
Speaker 1: the Germans have made a grand strategic decision that they

1487
01:15:48,280 --> 01:15:52,040
Speaker 1: want to continue a some sort of commerce relationship with

1488
01:15:52,120 --> 01:15:55,320
Speaker 1: the Russians. I think that that is broadly the Germans business.

1489
01:15:55,479 --> 01:15:57,120
Speaker 1: To the extent that I make fun of them, it's

1490
01:15:57,120 --> 01:15:59,840
Speaker 1: for taking offline their nuclear power plants and for saying

1491
01:15:59,880 --> 01:16:02,040
Speaker 1: that they don't want to do so. So maybe they'll

1492
01:16:02,040 --> 01:16:04,639
Speaker 1: con consider some of that. I guess though the Greens.

1493
01:16:04,880 --> 01:16:07,240
Speaker 1: You know, if the German Greens don't denounce this more

1494
01:16:07,240 --> 01:16:10,240
Speaker 1: than they denounce nuclear, they are truly full of shit.

1495
01:16:10,479 --> 01:16:14,720
Speaker 1: But whenever you consider the broader implication, we have to

1496
01:16:14,760 --> 01:16:17,400
Speaker 1: have energy here in America that we're going to talk

1497
01:16:17,400 --> 01:16:19,320
Speaker 1: a lot about that today with the gas tax and

1498
01:16:19,360 --> 01:16:22,120
Speaker 1: oil they need it in Western Europe as well. These

1499
01:16:22,120 --> 01:16:25,080
Speaker 1: are still developing countries or so, these are developed economies,

1500
01:16:25,280 --> 01:16:27,479
Speaker 1: like they have a certain standard of living in order

1501
01:16:27,520 --> 01:16:30,880
Speaker 1: to meet the most basic basis. Yeah, and on top

1502
01:16:30,960 --> 01:16:33,960
Speaker 1: of that, you consider, you know, peace between the great

1503
01:16:33,960 --> 01:16:37,959
Speaker 1: powers on the continent, all of that seems very important.

1504
01:16:38,240 --> 01:16:40,800
Speaker 1: I'm not saying this situation in Ukraine isn't important. We

1505
01:16:40,880 --> 01:16:43,559
Speaker 1: have to take stock of what it all is, what's happening,

1506
01:16:43,840 --> 01:16:46,679
Speaker 1: consider the Ukrainians interests and ours, and we should never

1507
01:16:46,880 --> 01:16:52,120
Speaker 1: subjugate our own interests over under what is for Ukraine.

1508
01:16:52,640 --> 01:16:54,599
Speaker 1: It's not clear to me that the policy we're pursuing

1509
01:16:54,680 --> 01:16:56,000
Speaker 1: is good for it. Yeah, I don't think it's good

1510
01:16:56,040 --> 01:16:59,120
Speaker 1: for anybody, But I'm saying, even if it was still Chinese,

1511
01:16:59,160 --> 01:17:01,600
Speaker 1: if they're getting a good gas it's been good for

1512
01:17:01,600 --> 01:17:03,360
Speaker 1: the Indians who are getting a good deal on gas

1513
01:17:03,400 --> 01:17:05,599
Speaker 1: and are able to sell it back and premium to us.

1514
01:17:05,680 --> 01:17:07,639
Speaker 1: So I can't say it's not been good for everybody.

1515
01:17:07,680 --> 01:17:10,640
Speaker 1: Although you know, India also one of the countries that

1516
01:17:10,760 --> 01:17:13,720
Speaker 1: will be impacted by the rising price of food, so

1517
01:17:13,840 --> 01:17:16,920
Speaker 1: I mean that's not costless either. But you know, I

1518
01:17:16,960 --> 01:17:19,719
Speaker 1: do want to say one thing about the gas tax

1519
01:17:19,760 --> 01:17:22,920
Speaker 1: holiday that now has been proposed is being pushed by

1520
01:17:22,920 --> 01:17:25,240
Speaker 1: the Biden administration. Before we move on here and Soccer's

1521
01:17:25,240 --> 01:17:26,840
Speaker 1: gonna be talking about, We're also going to be talking

1522
01:17:27,360 --> 01:17:29,360
Speaker 1: to Skanda, who's done a lot of thinking about how

1523
01:17:29,360 --> 01:17:31,479
Speaker 1: we could get gas prices under control in a very

1524
01:17:31,520 --> 01:17:36,519
Speaker 1: sort of like thoughtful and nuanced way. But Biden has

1525
01:17:36,520 --> 01:17:40,160
Speaker 1: decided to lean into this gas tax holiday idea, which

1526
01:17:40,360 --> 01:17:42,680
Speaker 1: number one is not likely to have much of an

1527
01:17:42,680 --> 01:17:44,519
Speaker 1: impact on what you pay at the pump at all,

1528
01:17:44,560 --> 01:17:48,160
Speaker 1: so it's like impotent. Number two is basically a subsidy

1529
01:17:48,479 --> 01:17:51,240
Speaker 1: to the very oil companies that have, like you know,

1530
01:17:51,320 --> 01:17:54,439
Speaker 1: had these massive record breaking profits. But the only thing

1531
01:17:54,479 --> 01:17:56,160
Speaker 1: they want to do to it is like make rich

1532
01:17:56,160 --> 01:17:58,920
Speaker 1: people even richer. So number two is a subsidy to them.

1533
01:17:59,280 --> 01:18:02,640
Speaker 1: And number three, he has to get this through. Congress

1534
01:18:02,640 --> 01:18:04,960
Speaker 1: already said this isn't even it's not going to have it.

1535
01:18:05,880 --> 01:18:08,000
Speaker 1: So what are you doing. I mean, you're proposing this

1536
01:18:08,040 --> 01:18:11,320
Speaker 1: policy that's like an impotent subsidy to the oil and

1537
01:18:11,360 --> 01:18:14,280
Speaker 1: gas companies that's not even going to pass. What we're

1538
01:18:14,320 --> 01:18:17,800
Speaker 1: talking about here with Ukraine. While of course Putin's price

1539
01:18:17,840 --> 01:18:20,320
Speaker 1: hike isn't everything that's going on with inflation or with

1540
01:18:20,360 --> 01:18:23,600
Speaker 1: the gas markets, it is true that our ban on

1541
01:18:23,640 --> 01:18:27,000
Speaker 1: Russian oil is certainly having an impact on the cost

1542
01:18:27,040 --> 01:18:30,160
Speaker 1: of gasoline. This is something that is completely in your power,

1543
01:18:30,560 --> 01:18:32,639
Speaker 1: and you know, he likes to pretend like we got

1544
01:18:32,760 --> 01:18:35,240
Speaker 1: we can't do anything about it, or that if you're

1545
01:18:35,360 --> 01:18:38,519
Speaker 1: arguing against it, you hate Ukraine, when the reality is

1546
01:18:38,760 --> 01:18:41,880
Speaker 1: it just had the polar opposite effect of what was intended.

1547
01:18:41,960 --> 01:18:44,120
Speaker 1: And I just wish they would be honest about that. Hey,

1548
01:18:44,120 --> 01:18:46,040
Speaker 1: we tried it, it it didn't work. Let's try something else.

1549
01:18:46,160 --> 01:18:48,040
Speaker 1: How about that we agree? I mean, at the very

1550
01:18:48,120 --> 01:18:50,680
Speaker 1: least give some people some hope somewhere. But if you

1551
01:18:50,720 --> 01:18:52,840
Speaker 1: say that this is all tied up with Ukraine, like

1552
01:18:52,880 --> 01:18:54,800
Speaker 1: you're not gonna like what the answer to that question

1553
01:18:54,880 --> 01:18:56,519
Speaker 1: is a year from now, whenever you're like, hey, how

1554
01:18:56,600 --> 01:18:58,680
Speaker 1: much longer do you want to pay five dollars a

1555
01:18:58,720 --> 01:19:00,680
Speaker 1: gallon at the pump in order to make sure that

1556
01:19:00,720 --> 01:19:03,760
Speaker 1: the border of the Dune boss is slightly different than

1557
01:19:03,800 --> 01:19:06,960
Speaker 1: it is than one year ago. I mean, these are

1558
01:19:06,960 --> 01:19:09,640
Speaker 1: not questions. You know, we didn't live in democratic societies

1559
01:19:09,640 --> 01:19:13,040
Speaker 1: in World War One, absent the United States, and a

1560
01:19:13,080 --> 01:19:15,800
Speaker 1: lot of those countries found out the hard way in

1561
01:19:15,840 --> 01:19:18,040
Speaker 1: terms of their domestic politics that a lot of people

1562
01:19:18,040 --> 01:19:20,599
Speaker 1: were like, yeah, why are we spending millions of people

1563
01:19:20,600 --> 01:19:22,360
Speaker 1: to die in order to make sure that, like the

1564
01:19:22,360 --> 01:19:25,000
Speaker 1: French border moves a thousand feet. You know, these are

1565
01:19:25,040 --> 01:19:29,240
Speaker 1: all questions which have to get democratically resolved, and if

1566
01:19:29,240 --> 01:19:31,840
Speaker 1: you are a supporter of the Ukrainians, the last thing

1567
01:19:31,880 --> 01:19:34,240
Speaker 1: that you probably want is for the US domestic populace

1568
01:19:34,439 --> 01:19:36,200
Speaker 1: to turn against it and just say, you know what,

1569
01:19:36,400 --> 01:19:38,800
Speaker 1: piece at all costs, we don't care anymore if this

1570
01:19:38,880 --> 01:19:40,479
Speaker 1: is going to be the own if this is going

1571
01:19:40,520 --> 01:19:42,720
Speaker 1: to be the impact that we have over here, and

1572
01:19:42,760 --> 01:19:44,559
Speaker 1: I very much see that that could be the case,

1573
01:19:44,560 --> 01:19:47,280
Speaker 1: both on history and look, it doesn't take a genius

1574
01:19:47,320 --> 01:19:51,960
Speaker 1: politically in order to figure that out. At the same time,

1575
01:19:52,479 --> 01:19:56,200
Speaker 1: we're getting some more official details that are supposedly accurate

1576
01:19:56,320 --> 01:20:01,599
Speaker 1: about what happened with the Yuvaldi massacre. In particular, the

1577
01:20:02,200 --> 01:20:08,320
Speaker 1: Texas police commander says that after analyzing the response, analyzing

1578
01:20:08,680 --> 01:20:10,879
Speaker 1: body camera footage, which by the way, they are blocking

1579
01:20:10,880 --> 01:20:13,320
Speaker 1: the public from getting access to any of these details.

1580
01:20:13,360 --> 01:20:15,640
Speaker 1: So we're just having to take these people's word for it,

1581
01:20:15,680 --> 01:20:18,720
Speaker 1: so grains of salt on all of this. But according

1582
01:20:18,760 --> 01:20:23,680
Speaker 1: to their timeline, they're saying that these officers could have

1583
01:20:23,920 --> 01:20:31,200
Speaker 1: neutralized and taken out this mass murder in three minutes.

1584
01:20:32,120 --> 01:20:34,600
Speaker 1: Three minutes. Let's take a listen to a little bit

1585
01:20:34,640 --> 01:20:37,479
Speaker 1: of that. Three minutes after the subject under the West Building,

1586
01:20:38,439 --> 01:20:41,479
Speaker 1: there was a sufficient number of armed officers wearing body

1587
01:20:41,520 --> 01:20:47,599
Speaker 1: armor to isolate, distract, and neutralize the subject. The only

1588
01:20:47,640 --> 01:20:50,800
Speaker 1: thing stopping the hallway of dedicated officers from many Room

1589
01:20:50,840 --> 01:20:54,759
Speaker 1: one to eleven and one to twelve was the unseen commander.

1590
01:20:55,640 --> 01:20:58,120
Speaker 1: We've decided to place the lives of officers before the

1591
01:20:58,160 --> 01:21:01,080
Speaker 1: lives of children. That's what I comes down to. That

1592
01:21:01,240 --> 01:21:04,080
Speaker 1: is what it comes down to. You see those photos, Crystal.

1593
01:21:04,320 --> 01:21:07,920
Speaker 1: Those guys they had semi automatic rifles, they had body armor,

1594
01:21:08,000 --> 01:21:11,040
Speaker 1: they had ballistic listic shields, they had I mean they

1595
01:21:11,120 --> 01:21:13,800
Speaker 1: had they pop open the door and it also, by

1596
01:21:13,800 --> 01:21:15,280
Speaker 1: the way, it turns out the door was unlocked, so

1597
01:21:15,320 --> 01:21:17,160
Speaker 1: they didn't even need that. But if they did, they

1598
01:21:17,200 --> 01:21:19,240
Speaker 1: had it right, I mean, all of that. And just

1599
01:21:19,240 --> 01:21:22,360
Speaker 1: to give you guys an idea of how insane things were,

1600
01:21:22,680 --> 01:21:27,519
Speaker 1: let's throw this on the screen. Ava Mireles called her husband.

1601
01:21:27,640 --> 01:21:29,719
Speaker 1: She was one of the teachers who was killed, who

1602
01:21:29,760 --> 01:21:32,719
Speaker 1: her husband was a police officer. Said she was shot

1603
01:21:32,880 --> 01:21:36,280
Speaker 1: and she was dying, and when he tried to save her,

1604
01:21:36,680 --> 01:21:40,400
Speaker 1: he was detained, had his gun taken away, and he

1605
01:21:40,520 --> 01:21:44,599
Speaker 1: was escorted from the school. Now, at the very least,

1606
01:21:44,840 --> 01:21:47,960
Speaker 1: we have some good news right now, which is that

1607
01:21:48,240 --> 01:21:51,519
Speaker 1: Pete Aradondo, the guy who was the head of the

1608
01:21:51,560 --> 01:21:55,720
Speaker 1: police Department of UVALDECISD and made the call to not

1609
01:21:55,840 --> 01:21:58,160
Speaker 1: go in and to take down the shooter, has been

1610
01:21:58,160 --> 01:22:02,000
Speaker 1: relieved of p placed on a leave of absence as

1611
01:22:02,080 --> 01:22:05,880
Speaker 1: of yesterday. However, he remains crystal on the city council.

1612
01:22:06,840 --> 01:22:09,960
Speaker 1: And listen, I mean, I don't really know how the

1613
01:22:10,040 --> 01:22:13,000
Speaker 1: law works. I think it's a good reminder right now.

1614
01:22:13,040 --> 01:22:14,880
Speaker 1: By the way, the Supreme Court says a cop has

1615
01:22:14,880 --> 01:22:18,120
Speaker 1: no obligation to protect you, so you should actually keep

1616
01:22:18,120 --> 01:22:23,400
Speaker 1: that in mind. Given everything, I do not see how,

1617
01:22:24,080 --> 01:22:28,000
Speaker 1: at least in moral justice that at the man who

1618
01:22:28,040 --> 01:22:32,120
Speaker 1: made the call, Pete Ardando, should not be prosecuted in

1619
01:22:32,160 --> 01:22:35,880
Speaker 1: some form, and if that is not allowable under law,

1620
01:22:36,800 --> 01:22:40,040
Speaker 1: somehow needs to be civilly held accountable for what has

1621
01:22:40,040 --> 01:22:43,840
Speaker 1: happened here. Because you could see those officers outside. You

1622
01:22:43,880 --> 01:22:45,720
Speaker 1: could also see the Border patrol guys. By the way,

1623
01:22:45,720 --> 01:22:48,200
Speaker 1: everybody's lined up. They're all GI joed out. You know,

1624
01:22:48,640 --> 01:22:51,000
Speaker 1: I have not no disrespect since the GEOIGI, since those

1625
01:22:51,040 --> 01:22:52,599
Speaker 1: guys are actually the ones who went in and killed

1626
01:22:52,680 --> 01:22:55,000
Speaker 1: the gunman. But I'm saying the guys who were there

1627
01:22:55,360 --> 01:22:57,720
Speaker 1: on the scene, you could see the picture, you could

1628
01:22:57,760 --> 01:23:00,960
Speaker 1: see the time stamp up in the corner, had everything

1629
01:23:01,000 --> 01:23:03,120
Speaker 1: they need. I've had a lot of cops message me

1630
01:23:03,400 --> 01:23:06,360
Speaker 1: saying I would have gone in with my service revolve, well,

1631
01:23:06,400 --> 01:23:08,920
Speaker 1: my service pistol, Yeah, nobody, arm or nothing. I would

1632
01:23:08,920 --> 01:23:11,160
Speaker 1: have gone in. That's my job, That's what I signed

1633
01:23:11,240 --> 01:23:15,080
Speaker 1: up for. And yeah, I don't know. I mean, you

1634
01:23:15,120 --> 01:23:17,799
Speaker 1: see the photo and you see these stories about Evo Morells,

1635
01:23:17,840 --> 01:23:20,600
Speaker 1: his husband. Imagine, I mean, imagine him. What is that

1636
01:23:20,600 --> 01:23:23,360
Speaker 1: guy going through? And he was not just a police officer.

1637
01:23:23,400 --> 01:23:26,000
Speaker 1: He was a police officer for that school district, right

1638
01:23:26,560 --> 01:23:29,479
Speaker 1: and they stopped him and took his weapon and forced

1639
01:23:29,520 --> 01:23:32,280
Speaker 1: him out of the school. He was the actual the

1640
01:23:32,320 --> 01:23:34,320
Speaker 1: one good guy with the gun that wanted to do

1641
01:23:34,400 --> 01:23:38,919
Speaker 1: something and they did. I can't imagine how he goes forward.

1642
01:23:39,040 --> 01:23:44,240
Speaker 1: I mean, it's just so horrifying to imagine. And some

1643
01:23:44,280 --> 01:23:47,559
Speaker 1: of the details. They released an official timeline that had

1644
01:23:47,560 --> 01:23:51,040
Speaker 1: some of the dialogue between these officers, and it is

1645
01:23:51,120 --> 01:23:54,280
Speaker 1: as bad as you imagine. With regards to Pete Aradondo,

1646
01:23:54,320 --> 01:23:57,120
Speaker 1: I mean, he really was at least according to what

1647
01:23:57,400 --> 01:24:00,920
Speaker 1: they're telling us, and there is a massive statewide cover

1648
01:24:01,040 --> 01:24:03,800
Speaker 1: up trying to block journalists and the public from having

1649
01:24:03,840 --> 01:24:06,840
Speaker 1: access to these records on their own. But according to

1650
01:24:06,840 --> 01:24:09,679
Speaker 1: what they're telling us here, you've got, you know, first

1651
01:24:09,720 --> 01:24:12,000
Speaker 1: of all, the three minutes, within three minutes, they could

1652
01:24:12,040 --> 01:24:15,080
Speaker 1: have taken this guy out. That's number one. Number two

1653
01:24:15,280 --> 01:24:18,639
Speaker 1: they have. At eleven fifty six, an officer asks, He says,

1654
01:24:18,880 --> 01:24:21,519
Speaker 1: y'all don't know if there's kids in there. If there's

1655
01:24:21,640 --> 01:24:24,920
Speaker 1: kids in there, we need to go in there, this

1656
01:24:25,200 --> 01:24:29,040
Speaker 1: DPS agent says. The officer replies, whoever's in charge will

1657
01:24:29,080 --> 01:24:33,960
Speaker 1: determine that. So it's this like bureaucratic blame shift. It's

1658
01:24:34,040 --> 01:24:36,680
Speaker 1: not my responsibility, it's not my call. I'm just going

1659
01:24:36,760 --> 01:24:40,640
Speaker 1: to defer to ultimately, I guess Pete Radondo. Then at

1660
01:24:40,640 --> 01:24:44,160
Speaker 1: twelve twenty three, Aradondo says, we've lost two kids. The

1661
01:24:44,200 --> 01:24:46,960
Speaker 1: walls are thin. If he starts shooting, we're gonna lose

1662
01:24:47,000 --> 01:24:49,719
Speaker 1: more kids. I hate to say, we have to put

1663
01:24:49,760 --> 01:24:52,880
Speaker 1: those to the side right now, basically saying we have

1664
01:24:53,000 --> 01:24:55,519
Speaker 1: to sacrifice all of the children that are in those

1665
01:24:55,600 --> 01:24:58,120
Speaker 1: two classrooms. That's our only option here. That's all we

1666
01:24:58,160 --> 01:25:02,920
Speaker 1: can do. At twelve twenty seven, he actually says people

1667
01:25:02,920 --> 01:25:05,880
Speaker 1: are going to ask why we're taking so long. We're

1668
01:25:05,920 --> 01:25:10,080
Speaker 1: trying to preserve the rest of the life. There were

1669
01:25:10,160 --> 01:25:13,519
Speaker 1: kids and this teacher too, by the way, who were

1670
01:25:13,560 --> 01:25:16,599
Speaker 1: bleeding out on the floor. There were other kids who

1671
01:25:16,600 --> 01:25:18,880
Speaker 1: had not yet been shot. We know this. At this

1672
01:25:19,000 --> 01:25:21,280
Speaker 1: point there was one of the teachers died on the

1673
01:25:21,320 --> 01:25:23,920
Speaker 1: way to the hospital. A few minutes would have saved

1674
01:25:24,000 --> 01:25:29,360
Speaker 1: that life. Yeah, that's exactly right. Nothing twelve twenty eight

1675
01:25:29,400 --> 01:25:31,280
Speaker 1: he said, we have master keys in they're not working.

1676
01:25:31,400 --> 01:25:34,120
Speaker 1: The door was unlocked and they had the crowbar thing

1677
01:25:34,120 --> 01:25:36,519
Speaker 1: to pop it open even if it wasn't. And then

1678
01:25:36,800 --> 01:25:39,960
Speaker 1: finally at twelve thirty said, okay, we've cleared on everything

1679
01:25:39,960 --> 01:25:42,280
Speaker 1: except for that room. We're ready to breach, but that

1680
01:25:42,360 --> 01:25:47,160
Speaker 1: door is locked. And when he finally finally allows the

1681
01:25:47,200 --> 01:25:50,519
Speaker 1: Border patrol agents to go in, he's like, you all

1682
01:25:50,600 --> 01:25:52,360
Speaker 1: can do it if you want to. I mean, it

1683
01:25:52,439 --> 01:25:54,920
Speaker 1: was no, it wasn't like get in, we gotta go,

1684
01:25:55,080 --> 01:25:57,880
Speaker 1: we got I guess if you guys want to, you

1685
01:25:57,960 --> 01:26:03,800
Speaker 1: can go in. It's it's completely It is just so astonishing.

1686
01:26:03,840 --> 01:26:06,120
Speaker 1: And then the fact that you know there's this cover

1687
01:26:06,200 --> 01:26:08,360
Speaker 1: of not allowing the public to see from themselves after

1688
01:26:08,400 --> 01:26:10,479
Speaker 1: all of the lies and the manipulations that they've been

1689
01:26:10,520 --> 01:26:13,120
Speaker 1: caught in one after another. There was another piece of

1690
01:26:13,120 --> 01:26:16,639
Speaker 1: this sacra, which is Texas Governor Greg Abbott, who at

1691
01:26:16,640 --> 01:26:19,479
Speaker 1: this point is also implicated in those decisions to keep

1692
01:26:19,520 --> 01:26:21,920
Speaker 1: records from the public. But you know, he was very

1693
01:26:22,200 --> 01:26:26,920
Speaker 1: angry publicly about the lies that he had been told initially,

1694
01:26:27,280 --> 01:26:30,559
Speaker 1: and they released his handwritten notes saying, you know, what

1695
01:26:30,640 --> 01:26:33,559
Speaker 1: they told him specifically had happened, including some of the

1696
01:26:33,600 --> 01:26:37,080
Speaker 1: things that we know now are blatant lies. Aradonda was

1697
01:26:37,160 --> 01:26:41,280
Speaker 1: in that room and when Abbot was being given this

1698
01:26:41,360 --> 01:26:43,400
Speaker 1: list of what could have spoken up at any time,

1699
01:26:43,479 --> 01:26:46,200
Speaker 1: declared of the record, no, none of that ever happened,

1700
01:26:46,240 --> 01:26:48,960
Speaker 1: So it is unconscionable. You know. The other piece of

1701
01:26:49,000 --> 01:26:53,360
Speaker 1: this is they are planning on now demolishing this elementary school.

1702
01:26:53,400 --> 01:26:55,240
Speaker 1: Rob elementary school, go ahead and put this last piece

1703
01:26:55,280 --> 01:26:58,160
Speaker 1: up on the screen there, guys, which you know I

1704
01:26:58,280 --> 01:27:01,960
Speaker 1: understand I certainlydn't want to send my kid there again,

1705
01:27:02,080 --> 01:27:04,320
Speaker 1: but you damn well better get all the evidence out

1706
01:27:04,360 --> 01:27:05,680
Speaker 1: of the house. I was going to say before you

1707
01:27:05,800 --> 01:27:08,439
Speaker 1: demolish it, especially when you've got like a pretty clear

1708
01:27:08,680 --> 01:27:12,040
Speaker 1: reluctance to show the public anything. And then the news

1709
01:27:12,040 --> 01:27:13,479
Speaker 1: we get is, oh, we're just going to demolish the

1710
01:27:13,479 --> 01:27:16,520
Speaker 1: school right away. Okay, some coverup vibes, you know, basically

1711
01:27:16,560 --> 01:27:22,960
Speaker 1: here listen, it's difficult to find in summon the words like,

1712
01:27:23,240 --> 01:27:26,800
Speaker 1: yes it is. These guys need to be held account

1713
01:27:27,240 --> 01:27:29,600
Speaker 1: in the strongest possible way. I was actually thinking about it.

1714
01:27:29,600 --> 01:27:31,519
Speaker 1: You know, one hundred and fifty years ago, in the

1715
01:27:31,560 --> 01:27:35,000
Speaker 1: frontier days of the Old West, Aradondo and the guys

1716
01:27:35,000 --> 01:27:37,320
Speaker 1: who held this up would have got what's coming to them.

1717
01:27:37,680 --> 01:27:41,479
Speaker 1: And you know, that's the that's the region, and these

1718
01:27:41,560 --> 01:27:45,120
Speaker 1: kids are dead, and the elementary school is now going

1719
01:27:45,200 --> 01:27:48,559
Speaker 1: to get demolished. You know, the city itself is going

1720
01:27:48,600 --> 01:27:53,920
Speaker 1: through this horrific trauma. The Attorney General seems to be nowhere,

1721
01:27:54,200 --> 01:27:57,000
Speaker 1: not doing anything. I don't know why somebody can't just

1722
01:27:57,000 --> 01:27:59,120
Speaker 1: stand it. It's God's plan. I don't know why somebody

1723
01:27:59,200 --> 01:28:01,720
Speaker 1: can't stand up for Texas. I don't know why. You know,

1724
01:28:02,160 --> 01:28:06,000
Speaker 1: somebody needs to pay, is really the only answer that

1725
01:28:06,040 --> 01:28:09,879
Speaker 1: comes out of here. Some interesting comments from Elizabeth Warren

1726
01:28:10,160 --> 01:28:15,479
Speaker 1: recently sort of grilling Federal Reserve chairman Jerome Powell. And

1727
01:28:15,680 --> 01:28:18,720
Speaker 1: as you guys know, some of the backdrop here is,

1728
01:28:18,840 --> 01:28:24,080
Speaker 1: of course that because Washington is unwilling to act with

1729
01:28:24,120 --> 01:28:28,479
Speaker 1: regard to inflation, food prices, gas prices in particular, they've

1730
01:28:28,479 --> 01:28:31,200
Speaker 1: punted this thing to the FED. As we've gone over

1731
01:28:31,520 --> 01:28:34,160
Speaker 1: a lot, the FED is very limited in what they

1732
01:28:34,200 --> 01:28:37,280
Speaker 1: can do. Basically, what they can do is trigger a recession.

1733
01:28:37,360 --> 01:28:40,200
Speaker 1: I mean, that's effectively their open landmitting. We got to

1734
01:28:40,200 --> 01:28:42,960
Speaker 1: get unemployment up, we got to get wages down. So

1735
01:28:43,080 --> 01:28:46,240
Speaker 1: the one thing that Washington has landed on to do

1736
01:28:46,520 --> 01:28:49,960
Speaker 1: to deal with what is, you know, mostly a supply

1737
01:28:50,120 --> 01:28:54,560
Speaker 1: chain driven inflation crisis, is to hurt you and your pocketbook.

1738
01:28:54,640 --> 01:28:57,720
Speaker 1: So Elizabeth Warren, I think here does a very effective

1739
01:28:57,880 --> 01:29:02,400
Speaker 1: job of drawing out that reality and what the FED

1740
01:29:02,520 --> 01:29:05,599
Speaker 1: actions can do and what they cannot do. Let's take

1741
01:29:05,600 --> 01:29:08,519
Speaker 1: a listen to that chare pal, Will gas prices go

1742
01:29:08,600 --> 01:29:11,640
Speaker 1: down as a result of your interest rate increase? I

1743
01:29:11,640 --> 01:29:17,240
Speaker 1: would not think so. Now, okay, and that matters because

1744
01:29:17,280 --> 01:29:20,240
Speaker 1: gas prices are one of the single biggest drivers of inflation.

1745
01:29:21,040 --> 01:29:25,559
Speaker 1: Energy prices overall drove a third of the inflation last month.

1746
01:29:25,960 --> 01:29:29,200
Speaker 1: But the FEDS tools, as you say, have no impact here.

1747
01:29:29,479 --> 01:29:33,400
Speaker 1: So let's look at another necessity. Food price of groceries

1748
01:29:33,560 --> 01:29:36,920
Speaker 1: is up nearly twelve percent this year. Americans feel the pinch.

1749
01:29:37,040 --> 01:29:40,000
Speaker 1: No matter how much groceries cost, people still got to eat.

1750
01:29:40,640 --> 01:29:43,920
Speaker 1: Chair pal. Will the Fed's interest straight increases bring food

1751
01:29:44,000 --> 01:29:48,599
Speaker 1: prices down for families? I wouldn't say so. No, okay,

1752
01:29:49,240 --> 01:29:53,280
Speaker 1: So a FED increase won't bring down these prices. So

1753
01:29:53,320 --> 01:29:55,640
Speaker 1: she goes on to press them on what will it do,

1754
01:29:55,960 --> 01:29:58,760
Speaker 1: and of course the answer is spike unemployments. It caused

1755
01:29:58,800 --> 01:30:01,240
Speaker 1: you to lose your job, your wages to go down

1756
01:30:01,360 --> 01:30:05,160
Speaker 1: and potentially trigger a recession. So you can't get gas

1757
01:30:05,160 --> 01:30:08,400
Speaker 1: prices under control. You can't get food prices under control.

1758
01:30:08,720 --> 01:30:11,559
Speaker 1: This is what you can do. And so you know, Sagar,

1759
01:30:11,560 --> 01:30:13,240
Speaker 1: I was looking at some polling that was being passed

1760
01:30:13,240 --> 01:30:15,519
Speaker 1: around about how Biden's approve writing with young people is

1761
01:30:15,520 --> 01:30:18,840
Speaker 1: now in twenty five percent, and you think about it.

1762
01:30:18,840 --> 01:30:20,479
Speaker 1: I mean, you just step back and you're like, yeah,

1763
01:30:20,479 --> 01:30:23,640
Speaker 1: their policy with regards to gas prices is literally to

1764
01:30:23,720 --> 01:30:26,400
Speaker 1: increase them through the Russian oil band, as we covered earlier,

1765
01:30:26,760 --> 01:30:29,479
Speaker 1: and to lean on the FED to effectively trigger a recession.

1766
01:30:30,000 --> 01:30:34,719
Speaker 1: That's that's their policy. So it's a miracle anyone approves

1767
01:30:34,760 --> 01:30:39,719
Speaker 1: of what they're ultimately doing here. Yeah, and look, Powell

1768
01:30:39,840 --> 01:30:43,400
Speaker 1: destroyed so many of these talking points, you know by Biden.

1769
01:30:43,479 --> 01:30:44,880
Speaker 1: He was like, no, it's not gonna have an effect

1770
01:30:44,880 --> 01:30:46,759
Speaker 1: on food. No, it's not gonna have a fucked on gas.

1771
01:30:46,800 --> 01:30:48,560
Speaker 1: They're like, what about inflation? Is that a result of

1772
01:30:48,600 --> 01:30:51,439
Speaker 1: putin He's like, we had high inflation before the Russian invasion.

1773
01:30:51,720 --> 01:30:55,040
Speaker 1: So he is doing all he can. He owes only

1774
01:30:55,080 --> 01:30:57,760
Speaker 1: control over interest rates. Yeah, it's the president who has

1775
01:30:57,800 --> 01:31:01,160
Speaker 1: control over fiscal policy and other policy that actually do

1776
01:31:01,240 --> 01:31:04,160
Speaker 1: something about this inflation, some of which he refuses to do.

1777
01:31:04,240 --> 01:31:07,200
Speaker 1: Of have been a stupid ass gas tax holiday which

1778
01:31:07,240 --> 01:31:10,360
Speaker 1: won't even happen. So consider that. At the same time,

1779
01:31:10,560 --> 01:31:13,559
Speaker 1: here's what the elites want to do. They basically want

1780
01:31:13,760 --> 01:31:17,200
Speaker 1: to destroy the US economy in order to bring inflation

1781
01:31:17,280 --> 01:31:19,360
Speaker 1: under control. Let's fous on the screen. Here's what Larry

1782
01:31:19,400 --> 01:31:21,280
Speaker 1: Summers said is saying, and he's just saying the quiet

1783
01:31:21,320 --> 01:31:23,360
Speaker 1: part out loud. I don't want to target him specifically,

1784
01:31:23,520 --> 01:31:26,320
Speaker 1: because this is what they all secretly believe. We need

1785
01:31:26,680 --> 01:31:31,439
Speaker 1: five years at six percent unemployment or one year at

1786
01:31:31,640 --> 01:31:37,280
Speaker 1: ten percent unemployment. Great recession level unemployment in order to

1787
01:31:37,360 --> 01:31:42,400
Speaker 1: bring inflation under control. And you know what, he's not wrong.

1788
01:31:42,760 --> 01:31:46,760
Speaker 1: He is not wrong that in the current toolkit, with

1789
01:31:47,000 --> 01:31:49,439
Speaker 1: considering that the FED, which is the only policy instrument

1790
01:31:49,840 --> 01:31:52,479
Speaker 1: that actually is the only way in order to do that.

1791
01:31:52,800 --> 01:31:56,400
Speaker 1: The problem is that three percent unemployment we're at now

1792
01:31:56,560 --> 01:31:59,960
Speaker 1: to six percent is I don't know, tens of millions

1793
01:32:00,040 --> 01:32:04,759
Speaker 1: of people in this country ten percent unemployment. I can't

1794
01:32:04,840 --> 01:32:10,160
Speaker 1: even begin to describe our current economic condition and what

1795
01:32:10,200 --> 01:32:15,160
Speaker 1: that would mean for millions of not only workers, but

1796
01:32:15,200 --> 01:32:18,599
Speaker 1: their families and their dependents. People. Forget the fallout from

1797
01:32:18,600 --> 01:32:20,960
Speaker 1: the Great Retrocession. A lot of people just never went

1798
01:32:21,000 --> 01:32:22,479
Speaker 1: back to work. A lot of people had to drop

1799
01:32:22,479 --> 01:32:25,120
Speaker 1: out of labor force, or they had to find underemployment,

1800
01:32:25,400 --> 01:32:28,640
Speaker 1: cash employment or working two jobs. Lost a lot of benefits,

1801
01:32:28,840 --> 01:32:31,720
Speaker 1: lost their house bottom, fell out of the retirement portfolio,

1802
01:32:32,000 --> 01:32:34,840
Speaker 1: underemployed up until the day that they could finally get

1803
01:32:34,880 --> 01:32:37,240
Speaker 1: Social Security earlier. You think that's not going to happen

1804
01:32:37,280 --> 01:32:40,000
Speaker 1: at five years at six percent of employment, millions would

1805
01:32:40,080 --> 01:32:42,839
Speaker 1: drop out of the workforce, Millions of people would opt

1806
01:32:42,880 --> 01:32:46,280
Speaker 1: for early retirement and near poverty wages, and by the way,

1807
01:32:47,000 --> 01:32:49,240
Speaker 1: It's not like the price of gas would go down

1808
01:32:49,400 --> 01:32:51,920
Speaker 1: either to the extent that gas drops, it'll drop to

1809
01:32:51,960 --> 01:32:54,479
Speaker 1: maybe four dollars, And that would not be based on supply,

1810
01:32:54,520 --> 01:32:55,960
Speaker 1: which is what we need to deal with. It would

1811
01:32:55,960 --> 01:32:57,639
Speaker 1: be based on the fact that people are too poor

1812
01:32:57,680 --> 01:33:00,879
Speaker 1: to drive. I don't want to live in that correct, correct?

1813
01:33:01,000 --> 01:33:03,479
Speaker 1: I mean? And this is the thing too, is that

1814
01:33:03,960 --> 01:33:08,200
Speaker 1: even if the FED triggers a recession and causes ten

1815
01:33:08,240 --> 01:33:13,679
Speaker 1: percent unemployment, it's not clear that their actions alone will

1816
01:33:13,720 --> 01:33:16,519
Speaker 1: actually get inflation under control. I mean, palace based is

1817
01:33:16,640 --> 01:33:18,800
Speaker 1: admitting it there like Nah, this isn't going to really

1818
01:33:18,840 --> 01:33:21,280
Speaker 1: deal with gas or food prices, which are the most

1819
01:33:21,360 --> 01:33:25,400
Speaker 1: painful parts of inflation for most people. But something that

1820
01:33:25,720 --> 01:33:27,720
Speaker 1: Skanda has been writing about, and also that Dave and

1821
01:33:27,760 --> 01:33:31,439
Speaker 1: Dan has been writing about, is it's not just that

1822
01:33:31,760 --> 01:33:34,720
Speaker 1: the FED will crush demand, and by crushed demand, that

1823
01:33:34,760 --> 01:33:38,760
Speaker 1: means hurt you, right, crush wages, your ability to spend money,

1824
01:33:38,840 --> 01:33:41,719
Speaker 1: So your wages will be hit, you may lose your job,

1825
01:33:42,000 --> 01:33:45,280
Speaker 1: destroy your ability to buy all those things. Right, So,

1826
01:33:45,560 --> 01:33:48,680
Speaker 1: not only will the fed's action do that, but it's

1827
01:33:48,680 --> 01:33:51,600
Speaker 1: actually not true that the FED won't do anything on

1828
01:33:51,680 --> 01:33:55,600
Speaker 1: supply hiking interest rates will actually hurt supply because you

1829
01:33:55,640 --> 01:34:00,320
Speaker 1: will have some effects of less investment, and that means,

1830
01:34:00,360 --> 01:34:04,639
Speaker 1: you know, less building, less houses being constructed, these sorts

1831
01:34:04,640 --> 01:34:06,880
Speaker 1: of things that So, you know, if inflation is a

1832
01:34:06,880 --> 01:34:10,519
Speaker 1: mismatch between supply and demand, you're crushing demand, yes, but

1833
01:34:10,600 --> 01:34:12,880
Speaker 1: you're also going to let cause some issues on the

1834
01:34:12,920 --> 01:34:17,920
Speaker 1: supply side, which could exacerbate the problem. So it's not

1835
01:34:18,160 --> 01:34:23,760
Speaker 1: even clear that the Fed's actions alone, without legislative action,

1836
01:34:23,920 --> 01:34:27,439
Speaker 1: without our government actually functioning, and without you know, Biden

1837
01:34:27,479 --> 01:34:31,200
Speaker 1: stop his idiotic policy with regard to Russia also, which

1838
01:34:31,240 --> 01:34:35,200
Speaker 1: is exacerbating the situation, they could actually make things worse.

1839
01:34:35,600 --> 01:34:38,439
Speaker 1: This is something that David dan has been writing over

1840
01:34:38,600 --> 01:34:40,920
Speaker 1: at the American Prospect. We can put this tear sheet

1841
01:34:41,160 --> 01:34:43,400
Speaker 1: up on the screen sort of drawing this sound. He says.

1842
01:34:43,400 --> 01:34:47,800
Speaker 1: The Fed's crushing investment right when we need it. He writes,

1843
01:34:47,840 --> 01:34:50,479
Speaker 1: the FED strategy might not cure the disease. It's hard

1844
01:34:50,560 --> 01:34:53,840
Speaker 1: to attribute inflation entirely to an economy running hot when

1845
01:34:53,840 --> 01:34:56,920
Speaker 1: there hasn't been any economic stimulus in fifteen months. Fiscal

1846
01:34:56,920 --> 01:34:59,519
Speaker 1: policy is now turned sharply negative. What looks to be

1847
01:34:59,560 --> 01:35:01,799
Speaker 1: the greater the problem is a simple shortage in physical

1848
01:35:01,840 --> 01:35:05,160
Speaker 1: capacity to sustain a decent standard of living. The main

1849
01:35:05,200 --> 01:35:07,120
Speaker 1: pockets of inflation right now are in fuel, which is

1850
01:35:07,160 --> 01:35:10,160
Speaker 1: rising because of supply shocks from Ukraine a bottleneck and

1851
01:35:10,160 --> 01:35:13,720
Speaker 1: refining capacity, food also stunted due to war, and housing

1852
01:35:14,120 --> 01:35:17,479
Speaker 1: damaged by a decade of underbuilding. Investment is needed to

1853
01:35:17,560 --> 01:35:20,160
Speaker 1: deal with all of these categories, but thanks to the FED,

1854
01:35:20,520 --> 01:35:23,960
Speaker 1: investment is now harder to do. Indeed, researchers from the

1855
01:35:24,000 --> 01:35:27,679
Speaker 1: Federal Reserve Bank of San Francisco recently concluded that problems

1856
01:35:27,840 --> 01:35:32,160
Speaker 1: other than demand account for about two thirds of current inflation,

1857
01:35:32,600 --> 01:35:36,439
Speaker 1: and the only tool we are using is targeting demand. Again,

1858
01:35:36,479 --> 01:35:39,960
Speaker 1: the thing that hurts you when that is not even

1859
01:35:40,120 --> 01:35:42,080
Speaker 1: close to the majority of what's going on here. Well,

1860
01:35:42,120 --> 01:35:43,920
Speaker 1: David is right. I mean, we have to transform the

1861
01:35:43,920 --> 01:35:46,800
Speaker 1: American economy, in the American stock market, we have to

1862
01:35:46,880 --> 01:35:49,360
Speaker 1: build more warehouse space in order to be more comfortable

1863
01:35:49,400 --> 01:35:52,840
Speaker 1: with inventory. We need more manufacturing capacity here in the

1864
01:35:52,960 --> 01:35:55,519
Speaker 1: US so that we don't rely on globalized just in

1865
01:35:55,600 --> 01:35:58,839
Speaker 1: time delivery. We need the ability in order to build

1866
01:35:58,920 --> 01:36:02,040
Speaker 1: resilience into the economy, and that costs money, and that

1867
01:36:02,200 --> 01:36:06,960
Speaker 1: costs That means investment dollars. When you don't invest and

1868
01:36:07,000 --> 01:36:09,600
Speaker 1: you don't have the capital to borrow, well, you're going

1869
01:36:09,680 --> 01:36:11,479
Speaker 1: to have to cut cost. And when you cut cost,

1870
01:36:11,520 --> 01:36:13,640
Speaker 1: you both cut investments and you cut jobs. And then

1871
01:36:13,640 --> 01:36:16,080
Speaker 1: when demand goes down, you have further revenue that's coming

1872
01:36:16,080 --> 01:36:18,280
Speaker 1: in the door, which affects your ability to borrow. So

1873
01:36:18,520 --> 01:36:21,599
Speaker 1: you're only become leaner. And shareholderism means that we're going

1874
01:36:21,640 --> 01:36:23,599
Speaker 1: to try and squeeze even more values out of the stock.

1875
01:36:23,920 --> 01:36:25,880
Speaker 1: The best way to do so is what cut even

1876
01:36:25,880 --> 01:36:29,120
Speaker 1: more jobs, cut more investment. So at the time when

1877
01:36:29,160 --> 01:36:34,120
Speaker 1: America needs investment more than ever, we are effectively choosing

1878
01:36:34,400 --> 01:36:36,280
Speaker 1: the opposite. I think we should all take cham and

1879
01:36:36,360 --> 01:36:39,639
Speaker 1: powells words to heart, which is he is admitting to

1880
01:36:39,720 --> 01:36:42,400
Speaker 1: us it will not affect it. That's right. And the

1881
01:36:42,479 --> 01:36:45,080
Speaker 1: sad thing is we had a lot of years at

1882
01:36:45,280 --> 01:36:48,679
Speaker 1: zero percent interest rates to do this investment, and instead

1883
01:36:49,080 --> 01:36:53,439
Speaker 1: companies bought back their own stock and issued dividends and

1884
01:36:53,840 --> 01:36:57,000
Speaker 1: they didn't do the investment. The federal government completely hamstrung,

1885
01:36:57,120 --> 01:36:59,599
Speaker 1: they didn't do the investment. So that's the other piece

1886
01:36:59,680 --> 01:37:03,960
Speaker 1: is we had this window of a decade to set

1887
01:37:04,000 --> 01:37:06,400
Speaker 1: ourselves up for the future, so that you know, in

1888
01:37:06,479 --> 01:37:11,040
Speaker 1: reshore job, reshore capacity, all of those things, and we

1889
01:37:11,160 --> 01:37:14,559
Speaker 1: lost it. So it's it is it is, guys. I

1890
01:37:14,600 --> 01:37:16,599
Speaker 1: really think it's going to be ugly. I'm very concerned

1891
01:37:16,600 --> 01:37:18,120
Speaker 1: about where we're headed right now. I think it's going

1892
01:37:18,200 --> 01:37:19,679
Speaker 1: to be bad unfortunately as well.