1 00:00:00,760 --> 00:00:03,720 Speaker 1: Hey, guys, ready or not, twenty twenty four is here, 2 00:00:03,880 --> 00:00:06,320 Speaker 1: and we here at breaking points, are already thinking of 3 00:00:06,400 --> 00:00:08,600 Speaker 1: ways we can up our game for this critical election. 4 00:00:08,800 --> 00:00:11,719 Speaker 2: We rely on our premium subs to expand coverage, upgrade 5 00:00:11,760 --> 00:00:15,720 Speaker 2: the studio ad staff give you, guys, the best independent. 6 00:00:15,160 --> 00:00:16,239 Speaker 3: Coverage that is possible. 7 00:00:16,280 --> 00:00:18,320 Speaker 2: If you like what we're all about, it just means 8 00:00:18,320 --> 00:00:20,840 Speaker 2: the absolute world to have your support. But enough with that, 9 00:00:21,000 --> 00:00:37,199 Speaker 2: let's get to the show. There's always been a lot 10 00:00:37,200 --> 00:00:40,080 Speaker 2: of questions about Bohemian Grove ever since Richard Nixon was 11 00:00:40,120 --> 00:00:43,320 Speaker 2: caught on tape talking about it, since Alex Jones infiltrated 12 00:00:43,320 --> 00:00:46,080 Speaker 2: it and gave us some shocking footage from inside. But 13 00:00:46,200 --> 00:00:48,560 Speaker 2: this one is actually a much more pedestrian problem. 14 00:00:48,640 --> 00:00:50,640 Speaker 3: Let's gohead. Put this up there on the screen. 15 00:00:50,880 --> 00:00:54,880 Speaker 2: The actual workers at Bohemian Grove are suing the elite 16 00:00:54,920 --> 00:00:59,120 Speaker 2: club for wage theft. What they say is that Bohemian Grove, 17 00:00:59,200 --> 00:01:02,400 Speaker 2: despite being a billion air playground, is accused of failing 18 00:01:02,440 --> 00:01:06,880 Speaker 2: to pay overtime and not giving them enough breaks. In fact, 19 00:01:07,240 --> 00:01:11,119 Speaker 2: one worker described members as obscenely wealthy, with private jets, 20 00:01:11,200 --> 00:01:13,880 Speaker 2: multimillion dollar cars, two hundred thousand dollars watches homes on 21 00:01:13,920 --> 00:01:15,959 Speaker 2: the beach in Malibu. They said that they would have 22 00:01:15,959 --> 00:01:18,760 Speaker 2: to perform tasks that or beyond their job duties, including 23 00:01:18,840 --> 00:01:22,200 Speaker 2: such as one instance where a billionaire member forgot to 24 00:01:22,280 --> 00:01:25,840 Speaker 2: bring underwear to the camp and the valets were asked 25 00:01:25,959 --> 00:01:29,080 Speaker 2: to hand wash it. They explained over the years, the 26 00:01:29,120 --> 00:01:32,680 Speaker 2: conditions overwork, lack of pay for overtime, lack of breaks 27 00:01:32,880 --> 00:01:36,360 Speaker 2: worsening despite promises for workers do better. They include quote 28 00:01:36,440 --> 00:01:39,400 Speaker 2: kind words from some of the very wealthy members friendship 29 00:01:39,520 --> 00:01:43,560 Speaker 2: coworkers coming back year after year for their job. It's 30 00:01:43,560 --> 00:01:45,680 Speaker 2: still going on, and they say that even if you 31 00:01:45,720 --> 00:01:47,680 Speaker 2: work twenty three and a half hours a day, your 32 00:01:47,760 --> 00:01:51,200 Speaker 2: daily rate is still your daily rate. So surprised to 33 00:01:51,280 --> 00:01:55,880 Speaker 2: no one, the billionaire kind of secretive hub remains a 34 00:01:55,960 --> 00:01:59,440 Speaker 2: place where their staff apparently doesn't get treated very well. 35 00:01:59,720 --> 00:02:01,480 Speaker 2: And you know, if you're going to ask a guy 36 00:02:01,520 --> 00:02:04,400 Speaker 2: to hand wash your underwear, you may want to pay 37 00:02:04,480 --> 00:02:06,960 Speaker 2: him well. Is when you're at worth that much so 38 00:02:07,000 --> 00:02:08,280 Speaker 2: that he doesn't talk about it. 39 00:02:08,240 --> 00:02:08,680 Speaker 3: In the press. 40 00:02:08,720 --> 00:02:11,239 Speaker 1: I mean, that's the thing, is like these people could 41 00:02:11,320 --> 00:02:16,480 Speaker 1: afford to treat these workers like very well, and then 42 00:02:16,520 --> 00:02:19,880 Speaker 1: you wouldn't have this lawsuit and all these embarrassing claims 43 00:02:19,919 --> 00:02:22,639 Speaker 1: out in the press, and to get more specific, they 44 00:02:22,639 --> 00:02:26,840 Speaker 1: say that the Bohemian Grove treasure Bill Dawson has personally 45 00:02:27,080 --> 00:02:31,200 Speaker 1: directed workers to falsify payroll records and to work off 46 00:02:31,240 --> 00:02:31,680 Speaker 1: the clock. 47 00:02:32,440 --> 00:02:33,720 Speaker 4: The valets here say. 48 00:02:33,480 --> 00:02:36,840 Speaker 1: They were only paid for eight hours despite working sixteen 49 00:02:37,240 --> 00:02:41,880 Speaker 1: plus hours a day, sixteen plus hours a day without 50 00:02:41,960 --> 00:02:46,280 Speaker 1: breaks for the duration of the fourteen day summer camp. 51 00:02:46,760 --> 00:02:50,600 Speaker 1: Another allegation claims a worker was directed to hide from 52 00:02:50,639 --> 00:02:53,960 Speaker 1: a payroll employee when they made a surprise visit to 53 00:02:54,000 --> 00:02:56,440 Speaker 1: the camp as they were being paid under the table. 54 00:02:56,960 --> 00:02:59,680 Speaker 1: We just want this to stop, said a former valet 55 00:02:59,680 --> 00:03:02,680 Speaker 1: at the camps to requested to remain anonymous for fear 56 00:03:02,720 --> 00:03:05,560 Speaker 1: of retaliation from the clubs or members. 57 00:03:05,880 --> 00:03:06,880 Speaker 4: I mean, this is like. 58 00:03:06,919 --> 00:03:10,880 Speaker 1: Our whole society just in a nutshell right here, workers 59 00:03:10,919 --> 00:03:17,440 Speaker 1: being used in abuse, these incredibly wealthy, powerful, secretive billionaires 60 00:03:17,760 --> 00:03:20,440 Speaker 1: thinking that just them being like offering them some kind 61 00:03:20,480 --> 00:03:23,560 Speaker 1: words is all they really want and need, not like 62 00:03:23,720 --> 00:03:26,080 Speaker 1: actually getting paid for the hours that they're working and 63 00:03:26,160 --> 00:03:28,560 Speaker 1: not being treated like indentured servants. 64 00:03:29,120 --> 00:03:30,920 Speaker 4: Unbelievd. I mean, it's just it's too perfect. 65 00:03:30,960 --> 00:03:33,120 Speaker 3: Honestly, it is a bit too perfect. So there you go. 66 00:03:33,280 --> 00:03:36,480 Speaker 3: The latest from Bohemian Grove. Will keep everybody updated and 67 00:03:36,520 --> 00:03:37,200 Speaker 3: we'll see you later. 68 00:03:37,640 --> 00:03:40,760 Speaker 1: So if you have existed online, you are probably aware 69 00:03:40,840 --> 00:03:44,320 Speaker 1: of a new phenomena where a number of orcas has 70 00:03:44,360 --> 00:03:51,280 Speaker 1: been attacking primarily yachts off the Iberian Peninsula. And apparently, 71 00:03:51,560 --> 00:03:54,440 Speaker 1: so the story goes, according to scientists, there may have 72 00:03:54,520 --> 00:03:58,800 Speaker 1: been one Orca that originally was traumatized by one of 73 00:03:58,800 --> 00:04:01,400 Speaker 1: these boats, learned how to ram and disable them, and 74 00:04:01,440 --> 00:04:05,800 Speaker 1: has taught her Orca friends how to do. They're riding 75 00:04:05,840 --> 00:04:09,040 Speaker 1: back and that has really captured the imagination of people 76 00:04:09,040 --> 00:04:13,080 Speaker 1: online who've been talking about in Orca uprising against the yachts. 77 00:04:13,520 --> 00:04:16,880 Speaker 1: So onque of course, the Atlantic has to come in 78 00:04:16,960 --> 00:04:21,920 Speaker 1: as a buzzkill for everyone involved and pen this way 79 00:04:21,960 --> 00:04:24,200 Speaker 1: too self serious piece, go on and put it up 80 00:04:24,200 --> 00:04:27,919 Speaker 1: on the screen titled killer whales are not our friends? 81 00:04:28,120 --> 00:04:31,560 Speaker 1: Stop rooting for the Orcas ramming boats. This is by 82 00:04:31,640 --> 00:04:33,760 Speaker 1: Jacob Stern. I'll read you a little bit at the 83 00:04:33,800 --> 00:04:35,760 Speaker 1: beginning so you get a sense of it. In recent months, 84 00:04:35,839 --> 00:04:38,040 Speaker 1: orcas and the waters off the Iberian peninsul have taken 85 00:04:38,040 --> 00:04:40,280 Speaker 1: a ramming boats. The animals have already sunk three this year, 86 00:04:40,400 --> 00:04:42,960 Speaker 1: damaged several more. After one of the leavest incidents, in 87 00:04:43,000 --> 00:04:45,080 Speaker 1: which a catamaran lost both of its runners, the boat's 88 00:04:45,080 --> 00:04:48,400 Speaker 1: captain suggested the assailants have grown stealthier and more efficient. 89 00:04:48,720 --> 00:04:51,000 Speaker 1: Looks like they knew exactly what they're doing, he said. 90 00:04:51,240 --> 00:04:54,000 Speaker 1: Scientists have documented hundreds of orca boat incidents off the 91 00:04:54,080 --> 00:04:56,600 Speaker 1: Spanish Portuguese coast since twenty twenty, but news coverage of 92 00:04:56,640 --> 00:04:58,840 Speaker 1: these attacks is blowing up right now, thanks in part 93 00:04:58,839 --> 00:05:02,040 Speaker 1: to a creative new about why they're happening. 94 00:05:02,240 --> 00:05:04,679 Speaker 4: Couldtation vengeance? Now that's a story. 95 00:05:05,200 --> 00:05:07,880 Speaker 1: This author then goes on to talk about how you 96 00:05:07,920 --> 00:05:14,120 Speaker 1: shouldn't like, idealize or anthropomorphize orcas, and that if you 97 00:05:14,200 --> 00:05:17,279 Speaker 1: want to do that, they're actually really brutal and terrible. 98 00:05:18,560 --> 00:05:20,919 Speaker 1: Though recent events may fit the story of these organs 99 00:05:20,960 --> 00:05:25,000 Speaker 1: being anti colonial warriors. Lol, you can't just anthropomorphize animals selectively. 100 00:05:25,080 --> 00:05:26,840 Speaker 1: What about all the other evidence we have of orc 101 00:05:26,880 --> 00:05:29,800 Speaker 1: as cruelty or even wickedness. Scientists say they hunt and 102 00:05:29,800 --> 00:05:32,160 Speaker 1: slaughter sharks by the dozen, picking out the liver from 103 00:05:32,200 --> 00:05:34,400 Speaker 1: each one and leaving the rest of the carcasses. 104 00:05:33,920 --> 00:05:35,960 Speaker 4: To rot Uneaten orc is killed for sport. 105 00:05:36,320 --> 00:05:39,920 Speaker 1: They push, drag, and spin around live prey, including sea turtles, seabirds, 106 00:05:39,960 --> 00:05:41,760 Speaker 1: and sea lions. Some go as far as to risk 107 00:05:41,800 --> 00:05:44,080 Speaker 1: breaching themselves in order to snag a baby seal, not 108 00:05:44,120 --> 00:05:46,920 Speaker 1: to consume, but simply to torture it to death. Once 109 00:05:46,960 --> 00:05:50,599 Speaker 1: you start applying human ethical standards to apex predators, things 110 00:05:50,640 --> 00:05:54,279 Speaker 1: turn dark. Fasts your views on hashtag ORCA uprising. 111 00:05:54,440 --> 00:05:56,520 Speaker 2: I mean, I still support them. Yeah, they're vicious killers, 112 00:05:56,560 --> 00:05:58,720 Speaker 2: but so are a lot of things in the animal kingdom. 113 00:05:58,800 --> 00:06:00,840 Speaker 2: So what I mean it's also like, yeah, like you said, 114 00:06:00,960 --> 00:06:04,640 Speaker 2: why are we taking this so seriously in general? I mean, look, 115 00:06:04,720 --> 00:06:07,480 Speaker 2: even if they are the vicious demons of the sea, 116 00:06:07,920 --> 00:06:10,080 Speaker 2: we're the ones who are hurting them, So like, why 117 00:06:10,080 --> 00:06:14,039 Speaker 2: shouldn't they make us? Yeah, exactly, we're the vicious demons 118 00:06:14,080 --> 00:06:16,279 Speaker 2: of the land. I guess whenever you look at it. 119 00:06:16,360 --> 00:06:18,360 Speaker 2: So I thought, the whole thing is a bit silly. 120 00:06:18,920 --> 00:06:21,679 Speaker 2: And I also I don't like though that he's actually 121 00:06:21,680 --> 00:06:25,279 Speaker 2: falling into the trap of so called anthropomorpha right, portraying 122 00:06:25,279 --> 00:06:28,880 Speaker 2: it as somehow putting a value judgment on killing baby seals. 123 00:06:29,000 --> 00:06:32,560 Speaker 2: It's like, okay, well, actually, a huge number including us 124 00:06:32,680 --> 00:06:36,159 Speaker 2: not that long ago of species in the animal kingdom 125 00:06:36,480 --> 00:06:39,480 Speaker 2: kill their young like it happens quite often, including our 126 00:06:39,520 --> 00:06:42,760 Speaker 2: closest cousins, the chimpanzees. Bears literally eat many of their 127 00:06:42,800 --> 00:06:46,000 Speaker 2: young sometimes. I believe in some cases where there's like 128 00:06:46,160 --> 00:06:49,200 Speaker 2: a offspring of another alpha male who's killed, that all 129 00:06:49,200 --> 00:06:51,480 Speaker 2: of their offspring will just be killed. It's part par 130 00:06:51,600 --> 00:06:54,599 Speaker 2: for the course in the animal kingdom. That's the brutality 131 00:06:54,680 --> 00:06:57,120 Speaker 2: if you even think it's brutal of evolution. In many ways, 132 00:06:57,120 --> 00:06:59,320 Speaker 2: it's actually a very elegant system. So it's one of 133 00:06:59,320 --> 00:07:02,000 Speaker 2: those where I get annoyed at this value judgment on 134 00:07:02,000 --> 00:07:07,080 Speaker 2: the orca itself. And I think that any time, and 135 00:07:07,120 --> 00:07:09,560 Speaker 2: this is a little Ted Kaczynski hat coming on, where 136 00:07:09,600 --> 00:07:13,560 Speaker 2: you see things in the wild evolve as a system 137 00:07:13,840 --> 00:07:16,920 Speaker 2: to try and push back against the encroachment of mankind, 138 00:07:17,120 --> 00:07:18,760 Speaker 2: can't help but cheer for it. 139 00:07:18,880 --> 00:07:21,239 Speaker 1: Just the thing that just to me was so funny 140 00:07:21,440 --> 00:07:24,440 Speaker 1: is like everyone's joking about, like everyone's having a good 141 00:07:24,480 --> 00:07:27,720 Speaker 1: time on the internet with this right making memes doing 142 00:07:27,760 --> 00:07:31,080 Speaker 1: their thing, pretending that the orcas are anti colonial warriors 143 00:07:31,120 --> 00:07:33,400 Speaker 1: like they said, And then you have to come in 144 00:07:33,440 --> 00:07:35,800 Speaker 1: and do this like very self serious analysis of well, 145 00:07:35,840 --> 00:07:39,120 Speaker 1: actually they kill baby cereals and blah blah, bless, like 146 00:07:39,480 --> 00:07:42,040 Speaker 1: no one was actually thinking that the orcas were like 147 00:07:42,120 --> 00:07:45,840 Speaker 1: the vanguard of the revolution. Here, guys, everyone's just having 148 00:07:45,880 --> 00:07:48,880 Speaker 1: fun on the internet. I liked some of their responses 149 00:07:48,920 --> 00:07:52,679 Speaker 1: to this piece. One of them said they're not called 150 00:07:52,680 --> 00:07:55,560 Speaker 1: best friend whales after all. Another one said did a 151 00:07:55,640 --> 00:07:59,440 Speaker 1: yacht right, which I thought was pretty good. And then 152 00:07:59,480 --> 00:08:01,800 Speaker 1: also regards to like the rogan RFK thing, there were 153 00:08:01,840 --> 00:08:04,320 Speaker 1: a bunch of like one hundred thousand dollars to be 154 00:08:04,720 --> 00:08:08,040 Speaker 1: the orca thing. So anyway, that's the state of the discourse. 155 00:08:08,200 --> 00:08:09,000 Speaker 5: I'm with the organs. 156 00:08:09,600 --> 00:08:10,800 Speaker 3: I still think organs are cool. 157 00:08:11,160 --> 00:08:13,120 Speaker 2: I think what they do is brutal, but I think 158 00:08:13,160 --> 00:08:14,720 Speaker 2: a lot of things that are in the animal Kingdom 159 00:08:14,760 --> 00:08:16,600 Speaker 2: are brutal in facts, that's what I think is cool. 160 00:08:19,520 --> 00:08:22,360 Speaker 2: Some interesting developments in the social media world. It looks 161 00:08:22,400 --> 00:08:25,800 Speaker 2: like Mark Zuckerberg will be launching a new Twitter competitor. 162 00:08:25,880 --> 00:08:28,120 Speaker 2: Let's go ahead and put this up there on the screen. 163 00:08:28,480 --> 00:08:31,200 Speaker 2: They are calling it Threads. It will be was code 164 00:08:31,240 --> 00:08:34,120 Speaker 2: named inside of the company called Project ninety two, and 165 00:08:34,320 --> 00:08:38,679 Speaker 2: screenshop screenshots suggest it will feature continuous scroll of text 166 00:08:38,760 --> 00:08:42,080 Speaker 2: like Twitter with buttons similar to like and to retweet. Ryan, 167 00:08:42,120 --> 00:08:44,400 Speaker 2: You've been looking into this a little bit for us. 168 00:08:44,800 --> 00:08:46,559 Speaker 2: What do you know what's going on here? 169 00:08:46,640 --> 00:08:49,200 Speaker 6: So basically what's coming out of Facebook is they think 170 00:08:49,200 --> 00:08:52,400 Speaker 6: that Facebook is I mean sorry, they think that Twitter 171 00:08:52,480 --> 00:08:56,720 Speaker 6: is quite vulnerable advertising revenue collapsing. And you've got a 172 00:08:56,720 --> 00:08:59,800 Speaker 6: lot of liberals, kind of liberals freaking out about it leaving. 173 00:09:00,120 --> 00:09:04,400 Speaker 6: And you've got they're thinking is that athletes and celebrities, 174 00:09:04,880 --> 00:09:08,560 Speaker 6: which which once made Twitter, you know, the kind of 175 00:09:08,600 --> 00:09:11,120 Speaker 6: place that it was for everybody to be, are themselves 176 00:09:11,160 --> 00:09:13,560 Speaker 6: with me. Because if if the journalists are going somewhere else, 177 00:09:14,400 --> 00:09:17,240 Speaker 6: then the athletes and the celebrities who are there because 178 00:09:17,240 --> 00:09:18,880 Speaker 6: the journalists are there that are going to go somewhere 179 00:09:18,920 --> 00:09:22,560 Speaker 6: else as well. And so what they're doing is they're 180 00:09:22,679 --> 00:09:26,160 Speaker 6: linking it up with Instagram but making it a separate account. 181 00:09:26,160 --> 00:09:28,559 Speaker 6: So the way it would work is that if you're 182 00:09:28,600 --> 00:09:33,000 Speaker 6: on Instagram, you can port your user name over and 183 00:09:33,040 --> 00:09:36,760 Speaker 6: you can alert all of your followers that you're that 184 00:09:36,800 --> 00:09:42,000 Speaker 6: you're over there, and your blocklists, your safety features that 185 00:09:42,120 --> 00:09:46,240 Speaker 6: people appreciate over at Instagram, know the ways those will 186 00:09:46,240 --> 00:09:47,320 Speaker 6: all carry over. 187 00:09:47,480 --> 00:09:50,000 Speaker 5: To the other thing. And so they're really gearing this 188 00:09:50,120 --> 00:09:51,680 Speaker 5: toward I think. 189 00:09:51,559 --> 00:09:54,120 Speaker 6: The kind of people who are interested in a Mastadon 190 00:09:54,240 --> 00:09:56,080 Speaker 6: or a Blue Sky, And in fact, they're saying it 191 00:09:56,120 --> 00:09:58,359 Speaker 6: will be interoperable with Mastadon. 192 00:09:58,520 --> 00:09:59,960 Speaker 3: See that's where I'm confused. 193 00:10:00,080 --> 00:10:03,040 Speaker 2: How would it be interoperable Because Masdenon is a decentralized 194 00:10:03,480 --> 00:10:05,560 Speaker 2: I'm assuming they're building it on top of that arc. 195 00:10:05,679 --> 00:10:09,760 Speaker 6: So this would also be decentralized as well. And so 196 00:10:10,280 --> 00:10:14,040 Speaker 6: they're reaching directly out to a bunch of celebrities and 197 00:10:14,080 --> 00:10:18,040 Speaker 6: athletes trying to convince them to come over, which is 198 00:10:18,080 --> 00:10:20,880 Speaker 6: the opposite of Elon Musk's approach, which is to reach 199 00:10:20,920 --> 00:10:24,920 Speaker 6: out directly to celebrities and athletes and insult them, try 200 00:10:24,960 --> 00:10:25,920 Speaker 6: to try to try. 201 00:10:26,040 --> 00:10:26,240 Speaker 4: Well. 202 00:10:26,480 --> 00:10:29,520 Speaker 2: See that's the fascinating part here, which is in terms 203 00:10:29,600 --> 00:10:32,280 Speaker 2: of how you can actually get this going, you would 204 00:10:32,440 --> 00:10:36,360 Speaker 2: need a actual network of people. Because we talk about 205 00:10:36,360 --> 00:10:38,040 Speaker 2: this all the time. We had Jack Dorsey on the 206 00:10:38,040 --> 00:10:40,600 Speaker 2: show very recently. We asked them about it. And you know, 207 00:10:40,640 --> 00:10:42,880 Speaker 2: the whole point of Twitter is that everybody's on Twitter, right, 208 00:10:43,120 --> 00:10:45,480 Speaker 2: you know, it's the network effect of all of that. 209 00:10:45,520 --> 00:10:49,440 Speaker 2: So when you start an alternative, you going after elite 210 00:10:49,559 --> 00:10:52,600 Speaker 2: users is smart because you know, Twitter is really only 211 00:10:52,679 --> 00:10:54,920 Speaker 2: used by some ten percent of its user base. It's 212 00:10:54,960 --> 00:10:57,760 Speaker 2: more like everybody follows those people and to the extent 213 00:10:57,800 --> 00:11:00,679 Speaker 2: they engage with that they're engaging with like replies, retweets 214 00:11:00,679 --> 00:11:03,160 Speaker 2: of those individual very small select group. 215 00:11:03,400 --> 00:11:04,240 Speaker 3: The problem though, is that. 216 00:11:04,280 --> 00:11:06,560 Speaker 2: You still need the masses of people to make it 217 00:11:06,559 --> 00:11:10,440 Speaker 2: in an effective communication tool. That said, it's not a 218 00:11:10,520 --> 00:11:12,760 Speaker 2: smart it's not a dumb play because you look at 219 00:11:12,760 --> 00:11:16,000 Speaker 2: this company, it's in turmoil. You know, people, whether people 220 00:11:16,000 --> 00:11:18,760 Speaker 2: are engaged or using it, nobody knows based on the data. 221 00:11:19,360 --> 00:11:21,480 Speaker 2: If there was ever a time where you might be 222 00:11:21,480 --> 00:11:23,679 Speaker 2: able to replace it, it could be Now Facebook has 223 00:11:23,720 --> 00:11:26,800 Speaker 2: good relationship with advertisers. They obviously if they've got the 224 00:11:27,080 --> 00:11:29,440 Speaker 2: cash and the money to burn as much as possible 225 00:11:29,480 --> 00:11:31,600 Speaker 2: to try and prop it up for as long as needed. 226 00:11:31,640 --> 00:11:33,079 Speaker 3: So maybe it'll work. I don't know. 227 00:11:33,240 --> 00:11:36,319 Speaker 6: And if it does work, what it would probably wind 228 00:11:36,400 --> 00:11:40,000 Speaker 6: up being is a liberal Twitter, right, and which would 229 00:11:40,280 --> 00:11:43,120 Speaker 6: fit into the way that we're kind of splintering in 230 00:11:43,160 --> 00:11:47,240 Speaker 6: our social media world that it's basically impossible, kind of 231 00:11:47,280 --> 00:11:51,440 Speaker 6: to build these mono platforms anymore where everybody is on board, 232 00:11:51,440 --> 00:11:54,160 Speaker 6: because you already see an over on Blue Sky. As 233 00:11:54,160 --> 00:11:57,280 Speaker 6: you see conservative people start to join right, then you 234 00:11:57,360 --> 00:12:00,320 Speaker 6: then see a reaction of people saying, well, I'm quiting 235 00:12:00,400 --> 00:12:03,360 Speaker 6: if this person's over over here. Like the idea that 236 00:12:03,400 --> 00:12:06,000 Speaker 6: you're everybody can be on the same platform seems very 237 00:12:06,040 --> 00:12:09,080 Speaker 6: It seems quaint at this point, and so I could 238 00:12:09,080 --> 00:12:12,560 Speaker 6: imagine it being uh, you know, it would run from 239 00:12:12,720 --> 00:12:14,520 Speaker 6: the left to the never trumpers. 240 00:12:14,640 --> 00:12:16,080 Speaker 3: Yes, it's very possible. 241 00:12:16,160 --> 00:12:18,040 Speaker 2: No, No, I mean I think the use case is there 242 00:12:18,360 --> 00:12:21,200 Speaker 2: for a small number of political users. The question is 243 00:12:21,280 --> 00:12:23,000 Speaker 2: it there for everybody else. Let me give you an example. 244 00:12:23,559 --> 00:12:25,400 Speaker 2: I Well, one of the ways that I relax is 245 00:12:25,400 --> 00:12:28,079 Speaker 2: I like to listen to like business podcasts, like stuff 246 00:12:28,080 --> 00:12:30,280 Speaker 2: that has nothing to do with politics. You know, it's 247 00:12:30,280 --> 00:12:32,720 Speaker 2: been interesting for me and for Crystal, Like we never 248 00:12:32,880 --> 00:12:35,280 Speaker 2: you know, intended to become small business people and suddenly 249 00:12:35,280 --> 00:12:37,840 Speaker 2: we're running a business and it's like it's it's fun 250 00:12:37,880 --> 00:12:40,719 Speaker 2: for me to listen and to engage. For example, I'm 251 00:12:40,720 --> 00:12:42,960 Speaker 2: giving this examples business Twitter, So like I'm looking at 252 00:12:42,960 --> 00:12:45,120 Speaker 2: all these entrepreneurships. Some of these people are really annoying 253 00:12:45,120 --> 00:12:47,440 Speaker 2: and they're faking, you know, their business. But somebody you 254 00:12:47,520 --> 00:12:50,400 Speaker 2: learned some cool stuff there anytime I get into a 255 00:12:50,480 --> 00:12:52,920 Speaker 2: sub watches for example, or I like the watch if 256 00:12:52,960 --> 00:12:56,400 Speaker 2: this is actually an Omega swatch, the Moon swatch, and 257 00:12:56,840 --> 00:12:59,160 Speaker 2: you know, let's start looking. You know, if you engage 258 00:12:59,200 --> 00:13:01,560 Speaker 2: with it a little bit, you'll find these fascinating threats. 259 00:13:01,559 --> 00:13:01,760 Speaker 7: You know. 260 00:13:02,080 --> 00:13:05,280 Speaker 2: That's where I don't know if the user base of 261 00:13:05,840 --> 00:13:08,200 Speaker 2: current Twitter, I think they're fine. 262 00:13:08,280 --> 00:13:09,240 Speaker 3: You know, watch Twitter. 263 00:13:09,360 --> 00:13:12,000 Speaker 5: They don't care about the vigureship, whatever's going Watch. 264 00:13:12,440 --> 00:13:14,760 Speaker 2: I think Watch, We're just gonna stay. There's nothing wrong 265 00:13:14,800 --> 00:13:17,400 Speaker 2: with current Twitter. There's nothing wrong with you know, the 266 00:13:17,440 --> 00:13:18,120 Speaker 2: men's wear guy. 267 00:13:18,160 --> 00:13:20,640 Speaker 3: I love that guy, by the way, Derek Guy on Twitter. 268 00:13:20,640 --> 00:13:21,319 Speaker 3: He's a Here's lib. 269 00:13:21,360 --> 00:13:22,800 Speaker 2: But you gotta give it to him. The man knows 270 00:13:22,800 --> 00:13:25,760 Speaker 2: that address. He's got great taste. His threads you know, 271 00:13:25,800 --> 00:13:28,640 Speaker 2: and stuff are very useful. I don't see like there's 272 00:13:28,679 --> 00:13:32,079 Speaker 2: there's nothing wrong for his with Twitter. For him right now, 273 00:13:32,200 --> 00:13:35,320 Speaker 2: right like, it's actually working well. There are multiple different 274 00:13:35,520 --> 00:13:38,840 Speaker 2: Twitter subcultures that I live in and engage with, of 275 00:13:38,880 --> 00:13:41,480 Speaker 2: which censorship is just not an issue. Like and from 276 00:13:41,480 --> 00:13:44,120 Speaker 2: what I've been told, NBA, Twitter is lit. 277 00:13:44,200 --> 00:13:45,120 Speaker 3: It's so much fun. 278 00:13:46,600 --> 00:13:49,000 Speaker 2: If you ever watch TV, if you're engaged in like 279 00:13:49,080 --> 00:13:53,480 Speaker 2: shows I like to watch trashy reality TV sometime my fiance. 280 00:13:54,080 --> 00:13:56,720 Speaker 2: My fiance tells me that Love Island Twitter is the 281 00:13:56,760 --> 00:13:58,760 Speaker 2: best Twitter, right, So for them, you know, they don't 282 00:13:59,040 --> 00:14:01,280 Speaker 2: they're not having issues, so that you and I could 283 00:14:01,320 --> 00:14:04,000 Speaker 2: talk about here with all of that's the real success. 284 00:14:04,040 --> 00:14:05,560 Speaker 2: You know, you have to be able to get normy 285 00:14:05,559 --> 00:14:07,480 Speaker 2: stuff that has nothing to do with politics over. I 286 00:14:07,600 --> 00:14:09,920 Speaker 2: just question whether that will pour it over to Yeah. 287 00:14:10,120 --> 00:14:13,080 Speaker 2: Actual it's a competitor. It's a real question, and. 288 00:14:14,720 --> 00:14:17,840 Speaker 6: It raises a question of what was it that originally 289 00:14:18,400 --> 00:14:22,000 Speaker 6: brought everybody over to Twitter? And in my kind of 290 00:14:22,200 --> 00:14:24,520 Speaker 6: oral history of it, I would say that it was 291 00:14:24,720 --> 00:14:28,680 Speaker 6: in you know, twenty eight nine ten. Journalists, whether it's 292 00:14:28,680 --> 00:14:33,360 Speaker 6: sports journalists, political journalists, are there. Watch journalists, Ye, there 293 00:14:33,360 --> 00:14:36,800 Speaker 6: are actually watching, Yes, shout out to because because the 294 00:14:36,840 --> 00:14:39,840 Speaker 6: watch journalists were there and the big watchmakers, yeah, are 295 00:14:39,880 --> 00:14:41,600 Speaker 6: going to be there and so and then people are 296 00:14:41,600 --> 00:14:44,760 Speaker 6: going to like watching the kind of engagement back and 297 00:14:44,800 --> 00:14:47,800 Speaker 6: forth between the watchmakers and the watch journalists. 298 00:14:48,160 --> 00:14:49,080 Speaker 5: And same with sports. 299 00:14:49,120 --> 00:14:52,600 Speaker 6: Same of course in politics you don't have the same 300 00:14:53,040 --> 00:14:57,680 Speaker 6: kind of world of journalism that you had in twenty ten'rue. 301 00:14:57,880 --> 00:15:01,440 Speaker 6: And so even if you did get everybody from CNN 302 00:15:01,600 --> 00:15:05,000 Speaker 6: and MSNBC in the New York Times to join this 303 00:15:05,160 --> 00:15:06,080 Speaker 6: new Twitter. 304 00:15:06,480 --> 00:15:08,640 Speaker 5: If they end up calling it threads or whatever. 305 00:15:09,040 --> 00:15:13,440 Speaker 6: That doesn't necessarily mean the same to the public because 306 00:15:13,600 --> 00:15:16,160 Speaker 6: what the old Twitter is. Because all the journalists were there, 307 00:15:16,240 --> 00:15:18,920 Speaker 6: then the politicians were there, and then the politicians realized 308 00:15:18,960 --> 00:15:20,760 Speaker 6: that they had to be authentic if they wanted to 309 00:15:20,760 --> 00:15:21,920 Speaker 6: get any engagement. 310 00:15:22,240 --> 00:15:24,640 Speaker 5: And then people were like, oh, wow, we're actually engaging. 311 00:15:24,720 --> 00:15:26,840 Speaker 6: I can yell at a politician and the right and 312 00:15:26,880 --> 00:15:28,880 Speaker 6: they care about and they actually, we'll do something about 313 00:15:28,880 --> 00:15:31,120 Speaker 6: it too. But if the politicians don't believe that the 314 00:15:31,200 --> 00:15:33,720 Speaker 6: journalists have the same power that they used to, then 315 00:15:33,720 --> 00:15:35,240 Speaker 6: they're not going to engage in the same way. 316 00:15:35,280 --> 00:15:37,640 Speaker 5: So I don't know. It depends on what kind of 317 00:15:37,640 --> 00:15:39,960 Speaker 5: world we live in whether or not this can be recreated. 318 00:15:40,000 --> 00:15:42,320 Speaker 5: Maybe it can. Maybe this is a river that has 319 00:15:42,360 --> 00:15:43,880 Speaker 5: just and the water is flown. 320 00:15:43,680 --> 00:15:44,520 Speaker 3: By maybe right. 321 00:15:44,600 --> 00:15:47,400 Speaker 2: Yeah, I'm not so sure a competitor will work, but 322 00:15:47,880 --> 00:15:48,480 Speaker 2: I'm interested. 323 00:15:48,520 --> 00:15:49,800 Speaker 3: I always like looking at new stuff. 324 00:15:49,800 --> 00:15:52,360 Speaker 2: You know, something that I think a lot of people, 325 00:15:52,400 --> 00:15:54,560 Speaker 2: including me, who thought that social media was dead and 326 00:15:54,640 --> 00:15:58,359 Speaker 2: was over, was the rise of TikTok TikTok completely cannibalized Instagram, 327 00:15:58,440 --> 00:16:02,720 Speaker 2: it nuked a lot of short form video competitors, and 328 00:16:02,760 --> 00:16:05,400 Speaker 2: it's the unequivocal winner in the social media war within 329 00:16:05,560 --> 00:16:07,440 Speaker 2: just a couple of years in the United States. So, 330 00:16:07,800 --> 00:16:10,240 Speaker 2: you know, put the Chinese complaints about it aside, of 331 00:16:10,280 --> 00:16:13,360 Speaker 2: which I very much agree with. But as a matter 332 00:16:13,400 --> 00:16:16,680 Speaker 2: of tech, it worked. I mean, it disrupted the industry completely. 333 00:16:16,800 --> 00:16:19,640 Speaker 2: So that is you know, sho, we shouldn't count these 334 00:16:19,640 --> 00:16:21,880 Speaker 2: things out before they happen. I'm a little bit skeptical, 335 00:16:21,880 --> 00:16:24,040 Speaker 2: but again, like I said, you never know. 336 00:16:24,320 --> 00:16:26,160 Speaker 8: Hey, folks, it's Kink Clippin sign with breaking Points, the 337 00:16:26,200 --> 00:16:28,320 Speaker 8: Intercept edition. I want to talk to you today about 338 00:16:28,320 --> 00:16:31,280 Speaker 8: my new story titled Pentagon's Secret Service troll social media 339 00:16:31,320 --> 00:16:33,800 Speaker 8: for mean tweets about generals. Let's get element one up 340 00:16:33,800 --> 00:16:35,320 Speaker 8: on the screen there. So when Chairman of the Joint 341 00:16:35,400 --> 00:16:37,600 Speaker 8: Chiefs of Staff General Mark Milly enters into his scheduled 342 00:16:37,640 --> 00:16:39,960 Speaker 8: retirement later this year, one of the perks he'll enjoy 343 00:16:40,040 --> 00:16:42,640 Speaker 8: will be a personal security detail to protect him from threats, 344 00:16:42,920 --> 00:16:46,120 Speaker 8: including even embarrassment. That's right, your tax dollars will pay 345 00:16:46,120 --> 00:16:48,240 Speaker 8: for this via the Pentagon's equivalent to the Secret Service, 346 00:16:48,520 --> 00:16:51,800 Speaker 8: and that's called the US Army Protective Services Battalion. The 347 00:16:51,840 --> 00:16:54,880 Speaker 8: battalion is tasked with safeguarding top military brass from the 348 00:16:54,920 --> 00:16:56,920 Speaker 8: Chairman of the Joint Chiefs to the Secretary of Defense. 349 00:16:57,320 --> 00:16:59,360 Speaker 8: The unit protects these current as well as former and 350 00:16:59,400 --> 00:17:04,120 Speaker 8: retired high ranking military officers from assassination, kidnapping, injury, or embarrassment. 351 00:17:04,320 --> 00:17:06,560 Speaker 8: And that's a direct quote from Army records that I'd 352 00:17:06,560 --> 00:17:08,480 Speaker 8: like to show you, guys on Element two on the 353 00:17:08,520 --> 00:17:11,520 Speaker 8: screen now. So this reporting is based on a number 354 00:17:11,520 --> 00:17:13,760 Speaker 8: of obscure government documents I obtained in which I'm going 355 00:17:13,800 --> 00:17:15,359 Speaker 8: to show you during this episode. So you don't have 356 00:17:15,400 --> 00:17:17,040 Speaker 8: to take my word for any of this, and I 357 00:17:17,040 --> 00:17:18,800 Speaker 8: don't blame you if you don't, because a lot of 358 00:17:18,800 --> 00:17:21,920 Speaker 8: it is pretty outrageous. To give you some background, the 359 00:17:21,960 --> 00:17:24,399 Speaker 8: battalion has existed under a number of different names going 360 00:17:24,440 --> 00:17:27,040 Speaker 8: back to nineteen seventy one, but more recently it expanded 361 00:17:27,080 --> 00:17:29,080 Speaker 8: its mandate to include, let's get Element three on the 362 00:17:29,080 --> 00:17:32,440 Speaker 8: screen now, monitoring social media for quote direct, indirect and 363 00:17:32,560 --> 00:17:36,240 Speaker 8: veiled threats, as well as identifying quote negative sentiment regarding 364 00:17:36,480 --> 00:17:38,879 Speaker 8: the people that it protects. According to a procurement document, 365 00:17:38,960 --> 00:17:42,359 Speaker 8: dated twenty twenty two. So the country's national security apparatus 366 00:17:42,400 --> 00:17:45,680 Speaker 8: has become pretty obsessed with disinformation and social media, particularly 367 00:17:45,680 --> 00:17:48,800 Speaker 8: after the twenty sixteen election, as I've reported on this 368 00:17:49,200 --> 00:17:52,440 Speaker 8: show before, and as a consequence of that, agencies and 369 00:17:52,520 --> 00:17:55,840 Speaker 8: offices have sprouted like daisies and just proliferated all across 370 00:17:55,880 --> 00:17:57,720 Speaker 8: the federal government to try to respond to. 371 00:17:57,680 --> 00:17:59,000 Speaker 7: This purported threat. 372 00:18:00,320 --> 00:18:01,960 Speaker 3: Protective details of the past. 373 00:18:01,800 --> 00:18:04,640 Speaker 8: Generated a know, a pretty fair amount of controversy, particularly 374 00:18:04,680 --> 00:18:08,400 Speaker 8: the trub administration might recall his Education Secretary of Bessie Devas, 375 00:18:08,720 --> 00:18:10,879 Speaker 8: had an around the clock security detail that racked up 376 00:18:10,920 --> 00:18:13,240 Speaker 8: over twenty four million dollars in costs, led to a 377 00:18:13,320 --> 00:18:16,119 Speaker 8: huge scandal whole news cycle. Sam was the case with 378 00:18:16,119 --> 00:18:18,280 Speaker 8: Scott Pruitt, who ran up over three point five million 379 00:18:18,320 --> 00:18:20,879 Speaker 8: dollars and led to a Inspector General report that said, 380 00:18:20,960 --> 00:18:23,159 Speaker 8: you know, what was the reason for any of this? 381 00:18:23,200 --> 00:18:27,520 Speaker 8: That they weren't very persuaded by the threats that he alleged. 382 00:18:27,520 --> 00:18:29,159 Speaker 8: But now that it's the Biden administration, you don't hear 383 00:18:29,200 --> 00:18:32,680 Speaker 8: much about this stuff anymore. But so the procurement document 384 00:18:32,920 --> 00:18:36,680 Speaker 8: that I described before, which I obtained an unredacted copy 385 00:18:36,680 --> 00:18:39,520 Speaker 8: of describes the armi's need to quote mitigate online threats 386 00:18:39,560 --> 00:18:43,200 Speaker 8: as well as identify positive or negative sentiment about top 387 00:18:43,359 --> 00:18:45,919 Speaker 8: defense officials. Let's get element four up on the screen 388 00:18:45,960 --> 00:18:50,320 Speaker 8: now to quote from it. It says that the Battalent 389 00:18:50,400 --> 00:18:52,760 Speaker 8: has a requirement to provide services to the Department of 390 00:18:52,840 --> 00:18:56,000 Speaker 8: Defense officials in order to mitigate online threats direct indirect 391 00:18:56,160 --> 00:18:59,960 Speaker 8: or veiled, as well as identify positive or negative sentiment 392 00:19:00,040 --> 00:19:02,960 Speaker 8: about these senior high risk personnel. Let's get element five 393 00:19:02,960 --> 00:19:05,199 Speaker 8: on the screen now. So here, the document goes on 394 00:19:05,240 --> 00:19:06,919 Speaker 8: to describe the software it would used to do that, 395 00:19:07,400 --> 00:19:11,240 Speaker 8: and that that is a reliable threat mitigation social media 396 00:19:11,280 --> 00:19:14,680 Speaker 8: threat mitigation service, a web based toolkit with advanced capabilities 397 00:19:14,800 --> 00:19:18,199 Speaker 8: to publicly to collect publicly available information, and also to 398 00:19:18,200 --> 00:19:21,400 Speaker 8: provide the military with anonymity. When it goes about doing that, 399 00:19:21,960 --> 00:19:25,800 Speaker 8: I mean, that's a really interesting point. Why do they 400 00:19:25,880 --> 00:19:26,560 Speaker 8: need the anonymity? 401 00:19:26,600 --> 00:19:27,360 Speaker 3: They don't say so. 402 00:19:27,480 --> 00:19:29,280 Speaker 8: Long story short, your texts are paying for the Pentagon 403 00:19:29,320 --> 00:19:31,719 Speaker 8: to monitor social media and things like negative sentiment and 404 00:19:31,800 --> 00:19:34,639 Speaker 8: direct indirect or failed threats. What any of that means 405 00:19:35,040 --> 00:19:36,960 Speaker 8: is your guest as good as mine, Because they don't 406 00:19:37,000 --> 00:19:39,119 Speaker 8: define any of it and When I went to go 407 00:19:39,160 --> 00:19:41,440 Speaker 8: ask them for comment, as I always do, they wouldn't. 408 00:19:41,480 --> 00:19:44,639 Speaker 8: They didn't have an answer for me. But what we 409 00:19:44,680 --> 00:19:49,480 Speaker 8: do know is that they're they're putting money towards trying 410 00:19:49,520 --> 00:19:52,480 Speaker 8: to meet these threats and and and protect these generals 411 00:19:52,520 --> 00:19:55,959 Speaker 8: from whatever or however it is that they define veiled 412 00:19:55,960 --> 00:20:00,280 Speaker 8: and indirect threats and negative sentiment. So make that what 413 00:20:00,359 --> 00:20:02,880 Speaker 8: you will. Once again, I'm Kinklbin sign with Breaking Points 414 00:20:02,880 --> 00:20:05,040 Speaker 8: Center Set Edition. Thanks so much for joining me. Guys. 415 00:20:08,000 --> 00:20:12,040 Speaker 9: Hey, I'm Matt Stoler, author of monopoly focused substack newsletter 416 00:20:12,080 --> 00:20:15,240 Speaker 9: Big and an anti trust policy analyst. Have a great 417 00:20:15,240 --> 00:20:17,479 Speaker 9: segment for you today on this Big Breakdown. It's an 418 00:20:17,480 --> 00:20:21,280 Speaker 9: anti trust analysis of the proposed merger between the PGA 419 00:20:21,440 --> 00:20:24,720 Speaker 9: Tour and the Saudis Live Golf, which was announced about 420 00:20:24,720 --> 00:20:27,560 Speaker 9: two weeks ago. It actually already feels like quite a 421 00:20:27,600 --> 00:20:30,119 Speaker 9: while and the narrative on the deal since it was 422 00:20:30,160 --> 00:20:32,080 Speaker 9: first announced has completely changed, So I'm going to go 423 00:20:32,119 --> 00:20:34,960 Speaker 9: into that as well. Okay, so let me give you 424 00:20:35,000 --> 00:20:39,359 Speaker 9: the TLDR. The deal is already falling apart. Now, first, 425 00:20:39,440 --> 00:20:42,240 Speaker 9: let's start at the beginning. Here's c NBC's David Faber 426 00:20:42,320 --> 00:20:45,159 Speaker 9: going on the details of what happened the day of 427 00:20:45,320 --> 00:20:46,000 Speaker 9: the announcement. 428 00:20:46,320 --> 00:20:49,600 Speaker 10: The PGA Tour and at Saudi back competitor Live Golf, 429 00:20:49,640 --> 00:20:52,440 Speaker 10: along with Europe's DP World Tour, have agreed to merge 430 00:20:52,520 --> 00:20:55,920 Speaker 10: in expectation of creating a global entity for the game 431 00:20:55,960 --> 00:20:59,720 Speaker 10: of golf. The agreement, which is not yet a definitive agreement, 432 00:21:00,119 --> 00:21:02,600 Speaker 10: the hostility between Live and the PGA, along with the 433 00:21:02,640 --> 00:21:06,240 Speaker 10: litigation between the parties, and it calls for the giant 434 00:21:06,359 --> 00:21:10,440 Speaker 10: Saudi Sovereign Wealth Fund PIF, which created Live, to invest 435 00:21:10,800 --> 00:21:14,440 Speaker 10: significant I'm told what will be billions of dollars into 436 00:21:14,520 --> 00:21:15,320 Speaker 10: the new entity. 437 00:21:15,400 --> 00:21:16,160 Speaker 3: That's over time. 438 00:21:16,359 --> 00:21:18,240 Speaker 7: Okay, So it was a big deal. It was a 439 00:21:18,320 --> 00:21:18,679 Speaker 7: huge deal. 440 00:21:18,800 --> 00:21:23,040 Speaker 9: It was announced globe changing, you know, the Saudi's geopolitical 441 00:21:23,320 --> 00:21:26,119 Speaker 9: like changing the world of golf, like Donald Trump was 442 00:21:26,160 --> 00:21:28,560 Speaker 9: involved as sort of a massive, massive thing. 443 00:21:28,680 --> 00:21:30,600 Speaker 7: But here is the gist of the term. 444 00:21:30,720 --> 00:21:32,800 Speaker 9: So this was according to the Athletic as best as 445 00:21:32,800 --> 00:21:33,520 Speaker 9: they could tell. 446 00:21:33,680 --> 00:21:33,960 Speaker 7: Okay. 447 00:21:34,000 --> 00:21:36,040 Speaker 9: So the tour is receiving upwards of two to three 448 00:21:36,040 --> 00:21:39,000 Speaker 9: billion dollars plus all the litigation between the two parties, 449 00:21:39,000 --> 00:21:40,879 Speaker 9: and there's a lot of it, and it's very bitter. 450 00:21:41,200 --> 00:21:44,639 Speaker 9: Is going away now the background to this deal, as 451 00:21:44,680 --> 00:21:47,640 Speaker 9: far as we can tell, and there here's important context 452 00:21:47,680 --> 00:21:50,800 Speaker 9: is that the PGA Tour has been the ruler of 453 00:21:50,880 --> 00:21:55,360 Speaker 9: pro golf for many decades. In nineteen ninety four, for example, 454 00:21:55,359 --> 00:21:59,720 Speaker 9: the Federal Trade Commission actually investigated the PGA Tour for monopolization. 455 00:22:00,520 --> 00:22:03,880 Speaker 9: But Congress back then was, as one would expect, a 456 00:22:03,920 --> 00:22:07,639 Speaker 9: fan of old rich golfers, and Congress actually threatened to 457 00:22:07,720 --> 00:22:10,520 Speaker 9: cut the budget of the anti trust enforcers by twenty 458 00:22:10,520 --> 00:22:13,960 Speaker 9: percent if they went ahead with a case. So the 459 00:22:14,040 --> 00:22:17,679 Speaker 9: FTC said, okay, we'll drop the complaint. The vote was 460 00:22:17,720 --> 00:22:21,480 Speaker 9: four to zero, and until twenty twenty one, that's pretty 461 00:22:21,560 --> 00:22:25,160 Speaker 9: much how things in the world of pro golf remained. Then, 462 00:22:25,200 --> 00:22:29,720 Speaker 9: the Saudi government, through its public investment funder PIFF, decided 463 00:22:29,760 --> 00:22:32,760 Speaker 9: to finance a competitor to the PGA Tour. 464 00:22:33,840 --> 00:22:35,600 Speaker 7: It's called Live Golf. Now. 465 00:22:35,640 --> 00:22:38,960 Speaker 9: Live Golf started learning top players and putting on rival events, 466 00:22:39,000 --> 00:22:41,480 Speaker 9: and it created competition in the space. 467 00:22:41,920 --> 00:22:42,720 Speaker 7: Wasn't profitable. 468 00:22:42,760 --> 00:22:45,000 Speaker 9: It was a sort of a geopolitical push, but it 469 00:22:45,080 --> 00:22:47,560 Speaker 9: did create real competition for the first. 470 00:22:47,280 --> 00:22:48,480 Speaker 7: Time in many decades. 471 00:22:48,960 --> 00:22:52,040 Speaker 9: Now, part of this is that the two entities have 472 00:22:52,200 --> 00:22:55,000 Speaker 9: been in a bitter antitrust suit over the nature of 473 00:22:55,040 --> 00:22:57,560 Speaker 9: this competition, and it's been going on for about a year. 474 00:22:57,880 --> 00:23:00,920 Speaker 9: There are allegations of anti competitive behavior on the part 475 00:23:00,960 --> 00:23:04,879 Speaker 9: of the PGA Tour, and the PGA Tour itself is 476 00:23:05,000 --> 00:23:06,840 Speaker 9: under investigation by the government. 477 00:23:07,280 --> 00:23:10,240 Speaker 7: Yet again. Now the story gets weirder. 478 00:23:10,880 --> 00:23:14,520 Speaker 9: As I noted, Donald Trump is involved with his properties 479 00:23:14,560 --> 00:23:18,840 Speaker 9: hosting live golf events put on by his Saudi allies. 480 00:23:19,480 --> 00:23:23,080 Speaker 9: He really wants in on professional golf money and PGA 481 00:23:23,240 --> 00:23:28,120 Speaker 9: Tour prestige. Now, if you read the antitrust complaint filed 482 00:23:28,119 --> 00:23:31,439 Speaker 9: against the PGA Tour last year, it seems pretty clear 483 00:23:31,800 --> 00:23:35,879 Speaker 9: that the PGA Tour has been a problematic ruler of 484 00:23:35,960 --> 00:23:40,280 Speaker 9: pro golf going back decades, but especially now when they 485 00:23:40,320 --> 00:23:43,920 Speaker 9: actually face arrival. So quote, members of the tour receive 486 00:23:43,960 --> 00:23:47,400 Speaker 9: a substantially lower percentage of the tour's revenues than professional 487 00:23:47,480 --> 00:23:50,760 Speaker 9: athletes in other major sports end quote. That's what the 488 00:23:50,800 --> 00:23:54,960 Speaker 9: players argued when Live began challenging the PGA Tour. It 489 00:23:55,160 --> 00:23:58,520 Speaker 9: quote threatened lifetime bands on players who play in even 490 00:23:58,560 --> 00:24:02,359 Speaker 9: a single live golf event and threaten sponsors, vendors, and 491 00:24:02,440 --> 00:24:06,040 Speaker 9: agents to coerce players to abandon opportunities to play in 492 00:24:06,119 --> 00:24:07,160 Speaker 9: live golf events. 493 00:24:07,640 --> 00:24:08,200 Speaker 7: End quote. 494 00:24:08,359 --> 00:24:15,200 Speaker 9: Now this bitterness, but also the general competition is consistent 495 00:24:15,320 --> 00:24:19,159 Speaker 9: with pretty much all sports leagues. Rivalry and sports leagues 496 00:24:19,480 --> 00:24:24,240 Speaker 9: tends to push up compensation for players, and consolidation tends 497 00:24:24,240 --> 00:24:28,000 Speaker 9: to do the opposites what you'd expect with monopoly. When 498 00:24:28,040 --> 00:24:31,760 Speaker 9: you are selling sports services as an athlete to one entity, 499 00:24:32,520 --> 00:24:34,680 Speaker 9: you're a price taker. When you have a choice of two, 500 00:24:35,320 --> 00:24:38,560 Speaker 9: they have to bid for your services. Okay, So to 501 00:24:38,640 --> 00:24:41,880 Speaker 9: ward off the new competition, the strategy of the PGA 502 00:24:42,000 --> 00:24:45,119 Speaker 9: Tour they want to maintain their monopoly, was to denigrate 503 00:24:45,160 --> 00:24:49,520 Speaker 9: live golf as funded by murderous thugs. And because of 504 00:24:49,560 --> 00:24:53,600 Speaker 9: the Saudi government's bad track record here on human rights, 505 00:24:53,600 --> 00:24:57,080 Speaker 9: I mean, they're murderous thugs, a lot of players refuse 506 00:24:57,160 --> 00:25:00,280 Speaker 9: to play in the new league. So this merger docked 507 00:25:00,359 --> 00:25:04,000 Speaker 9: everyone who believed the PGA Tour's human rights rhetoric. 508 00:25:05,480 --> 00:25:06,720 Speaker 7: Those who believed it. Of course. 509 00:25:06,960 --> 00:25:09,800 Speaker 9: Now on a broader level, the public discussions were initially 510 00:25:09,840 --> 00:25:13,119 Speaker 9: quite frantic about the rise of Saudi influence. Here's a 511 00:25:13,160 --> 00:25:15,440 Speaker 9: headline in the New York Times the day of the deal. 512 00:25:16,880 --> 00:25:20,840 Speaker 9: Oh my god, the Saudis are so influential now they 513 00:25:21,280 --> 00:25:25,120 Speaker 9: weren't influential before. I saw Tom Friedman and Andrew Ross 514 00:25:25,119 --> 00:25:27,800 Speaker 9: Sorkin on CNBC the morning of the announcement wondering whether 515 00:25:27,800 --> 00:25:29,680 Speaker 9: the Saudis could do the same thing to the NBA 516 00:25:29,800 --> 00:25:33,200 Speaker 9: or other sports leagues as part of this giant geopolitical 517 00:25:33,240 --> 00:25:38,040 Speaker 9: play to control athletics, as if athletics is not already 518 00:25:38,040 --> 00:25:41,840 Speaker 9: dominated by huge sums of money and corporate power. But 519 00:25:41,960 --> 00:25:46,720 Speaker 9: let's ask a different question. Is this deal legal? Is 520 00:25:46,760 --> 00:25:51,000 Speaker 9: it actually going to happen? After all, we have anti 521 00:25:51,040 --> 00:25:54,560 Speaker 9: trust laws that prohibit illegal mergers. There is a lot 522 00:25:54,600 --> 00:25:56,960 Speaker 9: of gray area and anti trust law. You know, some 523 00:25:57,119 --> 00:25:59,639 Speaker 9: mergers it's like it's not totally clear that it's going 524 00:25:59,680 --> 00:26:02,040 Speaker 9: to reduce competition, so it's not clear that the Clayton 525 00:26:02,080 --> 00:26:04,560 Speaker 9: Act applies. That's what a lot of cases are about. 526 00:26:04,600 --> 00:26:08,359 Speaker 9: But here's the thing. When two companies, the only two companies, 527 00:26:08,720 --> 00:26:11,680 Speaker 9: want to merge to a monopoly and they announce it 528 00:26:11,920 --> 00:26:16,600 Speaker 9: as such, that's just a violation of black letter law. 529 00:26:17,160 --> 00:26:19,800 Speaker 9: And did that happen here? Well, for that, I'll go 530 00:26:19,840 --> 00:26:22,760 Speaker 9: to the head of the PGA tour j Monaghan, who 531 00:26:22,800 --> 00:26:26,160 Speaker 9: said that this merger is good for his organization because 532 00:26:26,160 --> 00:26:29,480 Speaker 9: it allows them to quote take the competitor off. 533 00:26:29,280 --> 00:26:31,240 Speaker 7: The board end quote. 534 00:26:31,840 --> 00:26:35,399 Speaker 9: Okay, when a corporate leader publicly says the point of 535 00:26:35,480 --> 00:26:39,280 Speaker 9: a merger is to monopolize a market and eliminate a competitor, 536 00:26:40,119 --> 00:26:42,760 Speaker 9: I mean that's pretty crazy, and I can only imagine 537 00:26:42,880 --> 00:26:47,000 Speaker 9: what's in the private correspondence that usually lawyers go through 538 00:26:47,000 --> 00:26:49,400 Speaker 9: when putting together an anti trust case. 539 00:26:49,880 --> 00:26:52,600 Speaker 7: Now it's not just me saying this. 540 00:26:53,200 --> 00:26:55,400 Speaker 9: All of the anti trust nerds that I'm friends with 541 00:26:55,440 --> 00:26:58,159 Speaker 9: or that I know were in total disbelief at the 542 00:26:58,200 --> 00:27:02,000 Speaker 9: audacity of these deal makers. So scholar Herb Hobbin Camp, 543 00:27:02,119 --> 00:27:06,000 Speaker 9: who's generally monopoly friendly and very well respected in the 544 00:27:06,000 --> 00:27:09,399 Speaker 9: antitrust bar said that this merger would be problematic in 545 00:27:09,400 --> 00:27:12,440 Speaker 9: at least three markets, so live attendance, TV, broadcast rights 546 00:27:12,440 --> 00:27:15,560 Speaker 9: and advertising and call for compensation. Now, given that Live 547 00:27:15,600 --> 00:27:18,199 Speaker 9: Golf and the PGA Tour have been bidding aggressively for 548 00:27:18,240 --> 00:27:20,840 Speaker 9: the services of golfers, it seems pretty obvious that this 549 00:27:20,920 --> 00:27:23,760 Speaker 9: deal will monopolize at least one of those markets. So 550 00:27:23,800 --> 00:27:27,919 Speaker 9: that's how we antitrust works. It's about markets, specific markets. 551 00:27:27,920 --> 00:27:31,359 Speaker 9: So Herb hobbin Camp puts out three markets, but others 552 00:27:31,440 --> 00:27:33,800 Speaker 9: can do it differently. Everybody agrees that there's just a 553 00:27:33,800 --> 00:27:37,000 Speaker 9: monopoly going on here. So now it is unusual for 554 00:27:37,119 --> 00:27:39,040 Speaker 9: a corporate leader to announce he's doing a deal to 555 00:27:39,080 --> 00:27:42,720 Speaker 9: remove a competitor. As Bloomberg reporter Leah Nylan reported, one 556 00:27:42,760 --> 00:27:45,800 Speaker 9: reason he might be doing that is because quote, no 557 00:27:46,000 --> 00:27:50,360 Speaker 9: antitrust lawyers were involved in the PGA Tour live discussions. 558 00:27:51,000 --> 00:27:52,359 Speaker 7: That's crazy. 559 00:27:52,680 --> 00:27:56,520 Speaker 9: Every merger of any size involves at least calling an 560 00:27:56,520 --> 00:27:58,840 Speaker 9: anti trust lawyer and saying, hey, what do you think? 561 00:27:59,160 --> 00:28:00,080 Speaker 7: But not this one. 562 00:28:00,119 --> 00:28:02,600 Speaker 9: And so this choice to just not even talk to 563 00:28:02,640 --> 00:28:05,800 Speaker 9: an anti trust lawyer when they actually have anti trust 564 00:28:05,880 --> 00:28:08,960 Speaker 9: lawyers on retainers suing each other, it just doesn't make 565 00:28:08,960 --> 00:28:09,520 Speaker 9: any sense. 566 00:28:10,560 --> 00:28:12,119 Speaker 7: Both the PGA Tour and Live Golf. 567 00:28:12,400 --> 00:28:14,879 Speaker 9: You know, they've got a big fight, and they didn't 568 00:28:14,960 --> 00:28:17,439 Speaker 9: ask one of their anti trust lawyers to attend a 569 00:28:17,480 --> 00:28:19,919 Speaker 9: meeting where they sought to merge to a monopoly. They 570 00:28:19,920 --> 00:28:22,359 Speaker 9: also have deal maker lawyers, and it's well, they're not 571 00:28:22,400 --> 00:28:25,439 Speaker 9: specialists in an anti trust like they know that, you know, 572 00:28:25,880 --> 00:28:29,720 Speaker 9: two to one merger is illegal, So like what is 573 00:28:29,760 --> 00:28:33,120 Speaker 9: going on here? And then there's the announcement itself, which 574 00:28:33,160 --> 00:28:35,840 Speaker 9: is pretty vague. Apparently after saying it's a merger. The 575 00:28:35,880 --> 00:28:38,360 Speaker 9: PGA Tour is now saying it's not a merger, it's 576 00:28:38,360 --> 00:28:40,640 Speaker 9: an alliance, or it's a joint company in which they 577 00:28:40,680 --> 00:28:42,840 Speaker 9: will put all assets, or maybe it's a framework. 578 00:28:43,000 --> 00:28:43,520 Speaker 7: Who knows. 579 00:28:44,000 --> 00:28:46,120 Speaker 9: One very clear point for the PGA Tour is that 580 00:28:46,160 --> 00:28:49,800 Speaker 9: whatever this deal is, it is intended to remove a competitor, 581 00:28:49,840 --> 00:28:53,200 Speaker 9: and legally that is what matters. So as a result, 582 00:28:53,320 --> 00:28:56,240 Speaker 9: most anti trust lawyers who have commented on this deal publicly, 583 00:28:56,280 --> 00:28:58,720 Speaker 9: from the far right to the far left, have scoffed 584 00:28:58,800 --> 00:29:01,440 Speaker 9: at the very notion that this deal as announced is legal. 585 00:29:01,720 --> 00:29:03,280 Speaker 9: So I'm going to put a couple of tweets on 586 00:29:03,280 --> 00:29:06,360 Speaker 9: the board. Here's the former White House Competition chief Tim 587 00:29:06,400 --> 00:29:09,760 Speaker 9: Wu He's a Columbia law professor's focus on anti trust. 588 00:29:10,080 --> 00:29:11,480 Speaker 7: He tweeted the deal won't survive. 589 00:29:12,040 --> 00:29:14,800 Speaker 9: Libertarian anti trust lawyer Josh Wright, who's at George Mason, 590 00:29:14,840 --> 00:29:19,000 Speaker 9: he mocked the combination and indeed it is a joke. Indeed, 591 00:29:19,080 --> 00:29:21,880 Speaker 9: it's so stupid that the PGA Tour and the Saudis 592 00:29:21,920 --> 00:29:26,040 Speaker 9: have managed to turn Congress somehow against rich white golfers. 593 00:29:26,160 --> 00:29:27,680 Speaker 7: That is on accomplishment. 594 00:29:27,960 --> 00:29:31,440 Speaker 9: So Senator Richard Blumenthal, for instance, has demanded that the 595 00:29:31,480 --> 00:29:34,000 Speaker 9: Anti Trust Division look into the merger. The Anti Trust 596 00:29:34,040 --> 00:29:36,640 Speaker 9: Division is looking into the merger, and now the deal 597 00:29:36,720 --> 00:29:38,800 Speaker 9: is probably going to face a challenge from enforces. 598 00:29:38,800 --> 00:29:40,240 Speaker 7: It's like almost impossible not to. 599 00:29:40,320 --> 00:29:43,520 Speaker 9: It's just it's just disrespectful to just merge to monopoly, 600 00:29:43,560 --> 00:29:46,360 Speaker 9: like doing a cocaine deal, giant cocaine deal in front 601 00:29:46,400 --> 00:29:48,920 Speaker 9: of a police station. There's also going to be a 602 00:29:48,920 --> 00:29:49,880 Speaker 9: congressional hearing. 603 00:29:51,000 --> 00:29:53,200 Speaker 7: Now. A different lawyer pointed out that. 604 00:29:53,080 --> 00:29:55,400 Speaker 9: It's it actually gets worse because it's not just the 605 00:29:55,440 --> 00:29:58,880 Speaker 9: Department of Justice with jurisdiction, but Great Britain and the 606 00:29:58,920 --> 00:30:02,600 Speaker 9: European enforcers also have jurisdiction because you know, it's a 607 00:30:02,640 --> 00:30:06,800 Speaker 9: global compinsation, it's a global monopoly. So now you can 608 00:30:06,800 --> 00:30:08,960 Speaker 9: get around anti trust if they just pass a law 609 00:30:09,040 --> 00:30:13,440 Speaker 9: saying that anti trust doesn't apply in this particular case. 610 00:30:13,440 --> 00:30:14,120 Speaker 7: And that has happened. 611 00:30:14,160 --> 00:30:16,640 Speaker 9: So in nineteen sixty six, when the AFL and the 612 00:30:16,760 --> 00:30:20,320 Speaker 9: NFL wanted to merge football leagues, Congress actually had to 613 00:30:20,360 --> 00:30:24,600 Speaker 9: grant an exemption to anti trust law. A side note, 614 00:30:24,760 --> 00:30:28,440 Speaker 9: the politician who did that was from Louisiana and he said, 615 00:30:28,480 --> 00:30:32,280 Speaker 9: if I'm going to grant this exemption, you have to 616 00:30:32,320 --> 00:30:35,040 Speaker 9: start a football team in New Orleans, and that's why 617 00:30:35,080 --> 00:30:36,760 Speaker 9: we have the New Orleans Saints. So you can thank 618 00:30:36,840 --> 00:30:39,160 Speaker 9: anti trust for the New Orleans Saints. At any rate, 619 00:30:39,680 --> 00:30:43,840 Speaker 9: The point here is that unless America, the American government, 620 00:30:43,880 --> 00:30:46,120 Speaker 9: the European Union, and the British government all grant an 621 00:30:46,120 --> 00:30:50,280 Speaker 9: anti trust exemption, as Congress did for football in sixty six, 622 00:30:50,520 --> 00:30:53,480 Speaker 9: the deal seems kind of crazy. So okay, to put 623 00:30:53,520 --> 00:30:56,080 Speaker 9: it nicely, the legal situation in dice is dicey, and 624 00:30:56,080 --> 00:30:58,560 Speaker 9: that's starting to have impacts on the discussions of whether 625 00:30:58,600 --> 00:31:01,080 Speaker 9: the deal will actually go through. So large Wall Street 626 00:31:01,080 --> 00:31:04,280 Speaker 9: players are now possibly involved on the side of the 627 00:31:04,320 --> 00:31:09,360 Speaker 9: actual golfers. So the legal situation is, to be nice, dicey, 628 00:31:09,880 --> 00:31:11,920 Speaker 9: and that's starting to have impacts on the discussions of 629 00:31:11,920 --> 00:31:15,760 Speaker 9: whether the deal will actually go through. Large Wall Street 630 00:31:15,800 --> 00:31:19,120 Speaker 9: players are now possibly involved on the side of the golfers. 631 00:31:19,200 --> 00:31:21,440 Speaker 9: Let's take a listen to CNBC talking about this. 632 00:31:22,040 --> 00:31:26,200 Speaker 10: I'm also told that Patrick kent Lay, one of the 633 00:31:26,200 --> 00:31:31,600 Speaker 10: players who's also a player director whose sponsor includes Goldman Sachs, 634 00:31:32,080 --> 00:31:34,400 Speaker 10: is probably getting some good advice from the likes of 635 00:31:34,440 --> 00:31:37,240 Speaker 10: Goldman Sacks. Here and has been an important voice here 636 00:31:37,280 --> 00:31:39,760 Speaker 10: in terms of what are we going to get as 637 00:31:39,760 --> 00:31:42,280 Speaker 10: players here for stepping up and saying yes to all 638 00:31:42,280 --> 00:31:46,840 Speaker 10: of this, given that we were willing to accept a 639 00:31:46,880 --> 00:31:49,120 Speaker 10: lot less to stay at the PGA, so to speak, 640 00:31:49,120 --> 00:31:50,080 Speaker 10: than go to live golf. 641 00:31:50,360 --> 00:31:52,200 Speaker 9: In light of how a lot of the players, like 642 00:31:52,320 --> 00:31:57,680 Speaker 9: top player Roy McElroy, are responding to player compensation in 643 00:31:58,080 --> 00:32:01,400 Speaker 9: this deal, it's hard to see how it's gonna go 644 00:32:01,520 --> 00:32:04,000 Speaker 9: smoothie for all sides without a lot more money being 645 00:32:04,040 --> 00:32:07,320 Speaker 9: put into the actual arrangements. So let's take a listen 646 00:32:07,360 --> 00:32:08,040 Speaker 9: to what he said. 647 00:32:08,360 --> 00:32:11,160 Speaker 6: Should the golfers who maybe stayed loyal and turned down 648 00:32:11,200 --> 00:32:13,000 Speaker 6: live should they be made whole financially? 649 00:32:15,240 --> 00:32:19,160 Speaker 5: I mean, the simple answer is yes. The complex answer 650 00:32:19,200 --> 00:32:19,400 Speaker 5: is hard. 651 00:32:19,400 --> 00:32:20,000 Speaker 3: Does that happen? 652 00:32:21,160 --> 00:32:24,240 Speaker 9: Let's just be real here. There's no actual reason to 653 00:32:24,360 --> 00:32:27,040 Speaker 9: allow the merger. It doesn't have to happen. Unlike team 654 00:32:27,080 --> 00:32:30,160 Speaker 9: sports such as football or baseball, golf is actually a 655 00:32:30,160 --> 00:32:33,040 Speaker 9: sportive individuals, and it doesn't actually require leagues. 656 00:32:33,240 --> 00:32:34,200 Speaker 7: It's more like boxing. 657 00:32:34,280 --> 00:32:37,920 Speaker 9: You can have boxing matches without having boxing leagues. You 658 00:32:37,920 --> 00:32:41,320 Speaker 9: can have lots of different types of tournaments. You don't 659 00:32:41,440 --> 00:32:43,640 Speaker 9: need just one league for golf. In fact, that's what 660 00:32:43,680 --> 00:32:46,400 Speaker 9: a bunch of the anti trust complaints and investigations have 661 00:32:46,440 --> 00:32:50,680 Speaker 9: been about from the nineties to today. Now, obviously the 662 00:32:50,720 --> 00:32:54,520 Speaker 9: PGA Tour and Saudi leaders understand at some level these 663 00:32:54,600 --> 00:32:57,680 Speaker 9: legal and operational realities. The people who run the PIF 664 00:32:57,680 --> 00:33:03,240 Speaker 9: are sophisticated. Sow's the PGA Tour. So what's really going on? Well, honestly, 665 00:33:03,320 --> 00:33:06,880 Speaker 9: I don't quite know. One possibility is that the Saudi government, 666 00:33:06,920 --> 00:33:09,480 Speaker 9: which funded live golf through its sovereign Wealth Fund, is 667 00:33:09,520 --> 00:33:13,240 Speaker 9: trying to avoid embarrassment. In February, a court ruled that 668 00:33:13,240 --> 00:33:15,560 Speaker 9: the Saudis had to make their emails public in their 669 00:33:15,600 --> 00:33:19,120 Speaker 9: antitrust suit with the PGA Tour. They claimed, Oh, we're 670 00:33:19,120 --> 00:33:21,080 Speaker 9: a government, we don't have to do that. We're not 671 00:33:21,120 --> 00:33:24,720 Speaker 9: like a regular company. Governments do have what's called sovereign immunity. 672 00:33:24,880 --> 00:33:27,080 Speaker 9: But a judge said, look, you have sovereign immunity when 673 00:33:27,080 --> 00:33:29,480 Speaker 9: it's government business. But you guys are running a golf league. 674 00:33:29,520 --> 00:33:31,680 Speaker 9: That's like you're more like a corporation. So yeah, you 675 00:33:31,720 --> 00:33:34,560 Speaker 9: have to tell us what's going on. You have to 676 00:33:34,560 --> 00:33:37,680 Speaker 9: give us your emails, and the Saudis don't want that. 677 00:33:37,840 --> 00:33:39,640 Speaker 9: Neither's the PGA Tour, but they knew it was going 678 00:33:39,720 --> 00:33:42,840 Speaker 9: to happen that the Saudis didn't. So one thing that's 679 00:33:42,840 --> 00:33:45,520 Speaker 9: going on here is that their ending all litigation between 680 00:33:45,840 --> 00:33:50,080 Speaker 9: Live Golf and the PGA Tour, and the Saudi emails 681 00:33:50,120 --> 00:33:52,680 Speaker 9: will remain private. It's true that there could be a 682 00:33:52,720 --> 00:33:55,440 Speaker 9: merger challenge and so bad emails could come out even 683 00:33:55,480 --> 00:33:58,080 Speaker 9: if they try to bring this merger to a completion. 684 00:33:58,560 --> 00:34:01,440 Speaker 9: But a more likely path is that the Anti Trust 685 00:34:01,440 --> 00:34:04,280 Speaker 9: Division at the Department of Justice investigates the deal, the 686 00:34:04,360 --> 00:34:08,360 Speaker 9: Saudis drop their merger attempt before the trial, and Live. 687 00:34:08,160 --> 00:34:09,560 Speaker 7: Golf shuts down. 688 00:34:10,160 --> 00:34:12,560 Speaker 9: There could be some sort of Saudi investment in the 689 00:34:12,560 --> 00:34:16,520 Speaker 9: PGA Tour later. Meanwhile, everyone gets the headlines now, which 690 00:34:16,520 --> 00:34:19,359 Speaker 9: obscures the reality that the Saudis don't want emails made 691 00:34:19,360 --> 00:34:21,920 Speaker 9: public and they can blame the Anti Trust Division for 692 00:34:21,960 --> 00:34:23,960 Speaker 9: the collapse of Live Golf, even though what's really going 693 00:34:24,000 --> 00:34:27,000 Speaker 9: on is Live Golf was never profitable in the first place. Iterrate, 694 00:34:27,080 --> 00:34:29,000 Speaker 9: something weird is going on here, and if the deal 695 00:34:29,040 --> 00:34:31,919 Speaker 9: goes through, which I don't think it will, it's likely 696 00:34:31,960 --> 00:34:34,759 Speaker 9: because of high level political decision from the Bidy administration, 697 00:34:34,840 --> 00:34:37,319 Speaker 9: the EU and the British government to move it through 698 00:34:37,400 --> 00:34:38,720 Speaker 9: as a favor to the Saudis. 699 00:34:38,960 --> 00:34:41,440 Speaker 7: I don't think that's going to happen. It's easier just let. 700 00:34:41,320 --> 00:34:43,760 Speaker 9: Live Golf die and then have the Sadis make a separate, 701 00:34:43,840 --> 00:34:46,799 Speaker 9: unrelated investment in a few years, or really not even 702 00:34:46,880 --> 00:34:47,160 Speaker 9: do that. 703 00:34:47,480 --> 00:34:48,759 Speaker 7: There are a lot of other possibilities. 704 00:34:48,760 --> 00:34:50,520 Speaker 9: Maybe they'll find a way to do some sort of 705 00:34:50,920 --> 00:34:53,480 Speaker 9: investment or change the terms to make the deal palatable, 706 00:34:53,560 --> 00:34:55,560 Speaker 9: though honestly I can't see how they do that and 707 00:34:55,560 --> 00:34:58,200 Speaker 9: make it legal. But when you're dealing with Saudi Arabia, 708 00:34:58,680 --> 00:35:02,280 Speaker 9: Donald Trump Global, you can get to things like money laundering, 709 00:35:02,440 --> 00:35:06,080 Speaker 9: arms dealing, espionage, weird diplomacy, and all sorts of other 710 00:35:06,280 --> 00:35:07,680 Speaker 9: conspiratorial stuff. 711 00:35:07,800 --> 00:35:09,239 Speaker 7: And I don't like speculating on that. 712 00:35:09,200 --> 00:35:11,640 Speaker 9: Because it's like seeing ripples on an ocean and trying 713 00:35:11,640 --> 00:35:14,279 Speaker 9: to guess what's happening beneath. But one thing I can 714 00:35:14,440 --> 00:35:17,640 Speaker 9: say is that this deal in its current form doesn't 715 00:35:17,640 --> 00:35:21,080 Speaker 9: make any sense, and that's starting to become clear. Thanks 716 00:35:21,080 --> 00:35:23,560 Speaker 9: for watching this big breakdown on the Breaking Points channel. 717 00:35:23,719 --> 00:35:25,839 Speaker 9: If you'd like to know more about big business and 718 00:35:25,880 --> 00:35:28,200 Speaker 9: how our economy really works, you can sign up in 719 00:35:28,200 --> 00:35:31,760 Speaker 9: the in the description below for my market power focused newsletter. 720 00:35:32,000 --> 00:35:33,960 Speaker 7: Big thanks and have a good one.