1
00:00:00,520 --> 00:00:02,840
Speaker 1: Thanks for listening to the show, guys, we really appreciate it.

2
00:00:02,840 --> 00:00:04,880
Speaker 1: To help other people find the show, go ahead and

3
00:00:04,960 --> 00:00:07,760
Speaker 1: leave us a five star rating on Apple Podcasts or

4
00:00:07,800 --> 00:00:11,000
Speaker 1: wherever you get your podcasts really helps other people find

5
00:00:11,160 --> 00:00:14,680
Speaker 1: the show as always special. Thank you to Supercast for

6
00:00:14,800 --> 00:00:17,640
Speaker 1: powering our premium membership. If you want to find out more,

7
00:00:17,800 --> 00:00:37,800
Speaker 1: go to Crystalansager dot com. Good morning, everybody, Happy Tuesday.

8
00:00:37,840 --> 00:00:39,680
Speaker 1: We have an amazing show for everybody today. What do

9
00:00:39,680 --> 00:00:41,960
Speaker 1: we have, Crystal? Indeed, we do lots of big stories

10
00:00:42,040 --> 00:00:44,879
Speaker 1: breaking this morning that we want to talk to you about.

11
00:00:45,280 --> 00:00:48,520
Speaker 1: First of all, market taking a bit of a nosedive yesterday,

12
00:00:49,280 --> 00:00:52,599
Speaker 1: and some interesting details there about what's going on with crypto,

13
00:00:52,680 --> 00:00:54,920
Speaker 1: which stocks are sort of leading the decline, and what

14
00:00:54,960 --> 00:00:56,920
Speaker 1: that is ultimately all about. So we're going to leave

15
00:00:56,960 --> 00:00:58,400
Speaker 1: the show with that. But we've also got in the

16
00:00:58,400 --> 00:01:02,760
Speaker 1: show today Biden planning major speech today. They clearly realize

17
00:01:02,840 --> 00:01:05,520
Speaker 1: that just like not talking about inflation is not going

18
00:01:05,560 --> 00:01:07,360
Speaker 1: to work out for them in the midterms, even with

19
00:01:07,440 --> 00:01:10,800
Speaker 1: the impending decision regarding Roe versus Way, Democrats are realizing

20
00:01:10,840 --> 00:01:13,760
Speaker 1: that inflation will be the number one concern on voters minds.

21
00:01:13,760 --> 00:01:15,800
Speaker 1: Going to the polls, so Biden trying to do some

22
00:01:15,840 --> 00:01:18,800
Speaker 1: messaging around that. We will break that down for you.

23
00:01:19,040 --> 00:01:23,520
Speaker 1: Elon Musk making some new, not great comments that he

24
00:01:23,640 --> 00:01:27,399
Speaker 1: needs to clarify, that's not well thought out, comments about

25
00:01:27,400 --> 00:01:30,000
Speaker 1: his plans for Twitter. So we'll talk about that. This

26
00:01:30,040 --> 00:01:34,039
Speaker 1: story has escaped notice actually for months now, but there

27
00:01:34,120 --> 00:01:37,240
Speaker 1: is a massive baby formula shortage. A lot of new

28
00:01:37,240 --> 00:01:39,440
Speaker 1: moms are really struggling. Oh this is I mean, this

29
00:01:39,520 --> 00:01:42,760
Speaker 1: is really scary stuff. If your baby is wholly dependent

30
00:01:42,880 --> 00:01:45,280
Speaker 1: on formula and you can't find it at the store

31
00:01:45,319 --> 00:01:48,360
Speaker 1: at any price. This is a really major problem that

32
00:01:48,440 --> 00:01:50,680
Speaker 1: is starting to bubble up to the political level. So

33
00:01:50,720 --> 00:01:53,160
Speaker 1: I will talk about that, and also some new details

34
00:01:53,200 --> 00:01:56,720
Speaker 1: about the new Press Secretary of Korean John Pierre, who

35
00:01:56,800 --> 00:01:58,680
Speaker 1: is coming in here. What at the end of this

36
00:01:58,720 --> 00:02:01,400
Speaker 1: week show. I think I believe it, sEH yeah, something

37
00:02:01,440 --> 00:02:03,000
Speaker 1: like that. So coming up soon, we're also going to

38
00:02:03,080 --> 00:02:05,640
Speaker 1: check in with those Starbucks workers who have been organizing

39
00:02:05,680 --> 00:02:09,200
Speaker 1: across the country. New developments there from the NLRB is

40
00:02:09,240 --> 00:02:12,160
Speaker 1: filing suit against Starbucks alleging that they have been engaged

41
00:02:12,200 --> 00:02:16,280
Speaker 1: in a pattern of unfair labor practices. So we will

42
00:02:16,280 --> 00:02:18,000
Speaker 1: talk to them about that, but we do want to

43
00:02:18,040 --> 00:02:20,440
Speaker 1: start with this market crash from yesterday. Let's go ahead

44
00:02:20,440 --> 00:02:22,880
Speaker 1: and put the Wall Street Journal tear sheet up on

45
00:02:22,919 --> 00:02:26,120
Speaker 1: the screen. They say stock slide to lowest in twenty

46
00:02:26,160 --> 00:02:30,440
Speaker 1: twenty two as route continues, Technology energy shares lead declines

47
00:02:30,480 --> 00:02:34,320
Speaker 1: as nadstack falls more than four percent. Here's a little

48
00:02:34,320 --> 00:02:36,200
Speaker 1: bit of the details from the story. They say the

49
00:02:36,240 --> 00:02:39,720
Speaker 1: most punishing market sell off in years showed no signs

50
00:02:39,720 --> 00:02:43,440
Speaker 1: of abating. Monday, US stock indexes slid to new loads

51
00:02:43,480 --> 00:02:45,959
Speaker 1: for twenty twenty two. Other assets like oil and bitcoin

52
00:02:46,120 --> 00:02:49,560
Speaker 1: tumbled as well. SMP five hundred fel one hundred and

53
00:02:49,600 --> 00:02:52,240
Speaker 1: thirty two point one points or three point two percent,

54
00:02:52,560 --> 00:02:55,880
Speaker 1: adding to losses after closing out its longest streak of

55
00:02:55,919 --> 00:02:59,639
Speaker 1: weekly decline since twenty eleven. Monday mark the first time

56
00:02:59,639 --> 00:03:02,119
Speaker 1: the Dax closed below the four thousand levels since March

57
00:03:02,160 --> 00:03:06,000
Speaker 1: twenty twenty one. NASDAK tumbled for more than five hundred

58
00:03:06,000 --> 00:03:08,480
Speaker 1: and twenty one points or four point three percent. Dow

59
00:03:08,560 --> 00:03:11,280
Speaker 1: Jones shed more than six hundred and fifty three points

60
00:03:11,400 --> 00:03:14,640
Speaker 1: or two percent. And part of what they point to

61
00:03:14,760 --> 00:03:17,800
Speaker 1: in this article saga is, of course, you guys know

62
00:03:17,840 --> 00:03:20,120
Speaker 1: what the landscape is you continue to have these supply

63
00:03:20,200 --> 00:03:23,239
Speaker 1: chain issues. You have lockdowns in China which are getting

64
00:03:23,320 --> 00:03:27,080
Speaker 1: even more draconian if anything. You obviously have the war

65
00:03:27,240 --> 00:03:30,079
Speaker 1: in Ukraine causing all kinds of issues from food prices

66
00:03:30,120 --> 00:03:35,200
Speaker 1: to gas prices, and you also have the FED engaged

67
00:03:35,240 --> 00:03:38,440
Speaker 1: in significant tightening. Now, last week when we talked to

68
00:03:38,440 --> 00:03:41,160
Speaker 1: you about the Fed moves, so they had already lifted

69
00:03:41,320 --> 00:03:43,840
Speaker 1: interest rates a quarter of a point. Last week they

70
00:03:43,880 --> 00:03:48,280
Speaker 1: lifted it half a point. Okay, and markets were a

71
00:03:48,280 --> 00:03:51,640
Speaker 1: little bit reassured by Fed chair Jerome Palell coming out

72
00:03:51,640 --> 00:03:54,680
Speaker 1: and saying, listen, we're not contemplating going any further, any

73
00:03:54,720 --> 00:03:58,120
Speaker 1: faster than what we're doing right now, also giving a

74
00:03:58,120 --> 00:04:01,080
Speaker 1: look into how they are going to unload the assets

75
00:04:01,080 --> 00:04:03,360
Speaker 1: that they have accumulated off of their balance sheet, which

76
00:04:03,400 --> 00:04:06,040
Speaker 1: also has a tightening effect. So the day after that

77
00:04:06,120 --> 00:04:09,280
Speaker 1: we actually did the show said actually markets responded fine, Yeah,

78
00:04:09,640 --> 00:04:12,320
Speaker 1: actually went a little bit. Yet people were reassured by

79
00:04:12,320 --> 00:04:14,680
Speaker 1: the fact that, Okay, Jerome palaces, they're not going too

80
00:04:14,680 --> 00:04:19,040
Speaker 1: far too fast. However, now you have a new inflation

81
00:04:19,200 --> 00:04:22,320
Speaker 1: report set to come out this week, and there are

82
00:04:22,520 --> 00:04:25,039
Speaker 1: I think there's a lot of nervousness that if that

83
00:04:25,120 --> 00:04:28,159
Speaker 1: inflation report continues to be high. But even though the

84
00:04:28,160 --> 00:04:30,200
Speaker 1: FED says they're not going to go too far, too fast,

85
00:04:30,320 --> 00:04:33,760
Speaker 1: they might reassess that if inflation is not ultimately getting

86
00:04:33,800 --> 00:04:35,799
Speaker 1: under control. So that's what they point to in this article.

87
00:04:35,800 --> 00:04:38,160
Speaker 1: They say later this week, investors will get another read

88
00:04:38,200 --> 00:04:40,600
Speaker 1: on inflation when the Bureau of Labor Statistics releases its

89
00:04:40,640 --> 00:04:44,200
Speaker 1: consumer price index. They're expecting data to show that inflation

90
00:04:44,320 --> 00:04:49,159
Speaker 1: fell a bit from Marches level, but if that comes

91
00:04:49,160 --> 00:04:51,599
Speaker 1: out higher than expected, that is going to be a

92
00:04:51,839 --> 00:04:54,960
Speaker 1: major issue. And they say that the feeling of reassurance

93
00:04:54,960 --> 00:04:57,160
Speaker 1: that came from the Fed's comments last week soon gave

94
00:04:57,200 --> 00:05:00,240
Speaker 1: way to anxieties investors grappled with the reality that the

95
00:05:00,240 --> 00:05:02,960
Speaker 1: FED might be forced to rethink its plans if inflation

96
00:05:03,040 --> 00:05:04,800
Speaker 1: fails to ease up in the coming months. Yeah, and

97
00:05:04,880 --> 00:05:06,720
Speaker 1: let's just really stick with the FED, because I think

98
00:05:06,720 --> 00:05:08,800
Speaker 1: that's a look. If there is a recession, if there

99
00:05:08,880 --> 00:05:12,440
Speaker 1: is a dive, it is almost entirely a FED triggered event.

100
00:05:12,520 --> 00:05:14,520
Speaker 1: Now let's put this up there on the screen, so

101
00:05:14,640 --> 00:05:16,719
Speaker 1: the journal actually does a great job of describing this.

102
00:05:17,000 --> 00:05:19,680
Speaker 1: FED rate hikes are good for banks unless they end

103
00:05:19,680 --> 00:05:22,760
Speaker 1: in a recession. So they're like, yeah, higher rates are

104
00:05:22,880 --> 00:05:26,080
Speaker 1: usually good news for banks, but not this year because

105
00:05:26,360 --> 00:05:29,640
Speaker 1: people are worried that the FED will push until something breaks.

106
00:05:29,640 --> 00:05:32,559
Speaker 1: And what they point to is that JP, Morgan, Golden Sacks,

107
00:05:32,600 --> 00:05:35,880
Speaker 1: Bank of America, Morgan Stanley have all dropped this year

108
00:05:36,160 --> 00:05:39,440
Speaker 1: despite two years of big pandemic gains and despite the

109
00:05:39,480 --> 00:05:42,640
Speaker 1: fact that in almost every case in previous history, bank

110
00:05:42,839 --> 00:05:46,240
Speaker 1: stocks go up whenever higher rates are there because they're

111
00:05:46,279 --> 00:05:49,440
Speaker 1: set to make more on the interest. But investors worry

112
00:05:49,440 --> 00:05:52,039
Speaker 1: that rate increases that are too big, too fast will

113
00:05:52,080 --> 00:05:55,760
Speaker 1: tip the economy into recession. And I think an expectations

114
00:05:55,760 --> 00:05:59,040
Speaker 1: game is very important here. Look the idea that all

115
00:05:59,080 --> 00:06:02,240
Speaker 1: of this is, you know, tucked by fundamentals and everything

116
00:06:02,320 --> 00:06:04,360
Speaker 1: is right under there, and it's like you can, you know,

117
00:06:04,520 --> 00:06:06,640
Speaker 1: go underneath and be like, this is all backed by

118
00:06:06,680 --> 00:06:10,880
Speaker 1: some real stuff almost entirely. Expectations is half, if not

119
00:06:11,040 --> 00:06:13,320
Speaker 1: more so, of the way that investors are feeling about

120
00:06:13,360 --> 00:06:17,119
Speaker 1: the current price of the market. Well, if investors worry

121
00:06:17,160 --> 00:06:19,000
Speaker 1: that race it increases are too big or too fast

122
00:06:19,040 --> 00:06:21,880
Speaker 1: could tip the economy into recession, the sell off itself

123
00:06:21,920 --> 00:06:25,480
Speaker 1: could trigger a recession, which would then trigger more FED activity.

124
00:06:25,560 --> 00:06:29,120
Speaker 1: So there's a self fulfilling prophecy which is ideological and

125
00:06:29,160 --> 00:06:31,479
Speaker 1: which could very much come to pass in this case.

126
00:06:31,520 --> 00:06:34,800
Speaker 1: But really what they say is that the current expectation

127
00:06:35,320 --> 00:06:38,320
Speaker 1: is that the FED is going to push so far,

128
00:06:38,480 --> 00:06:41,120
Speaker 1: so fast on high interest rates that the banks will

129
00:06:41,160 --> 00:06:43,560
Speaker 1: not be able to recoup any of the profits, and

130
00:06:43,600 --> 00:06:47,240
Speaker 1: if anything, all across the entire economy, we're going to

131
00:06:47,279 --> 00:06:49,640
Speaker 1: see a downturn. And the reason that this really worries

132
00:06:49,720 --> 00:06:51,960
Speaker 1: me is, look, we've told you guys this before. You

133
00:06:52,000 --> 00:06:53,840
Speaker 1: may not make money on the way up, but you

134
00:06:53,880 --> 00:06:56,239
Speaker 1: will lose money on the way down. And the reason

135
00:06:56,279 --> 00:06:59,400
Speaker 1: why is that the tightening of capital. I'm already seeing it.

136
00:06:59,440 --> 00:07:01,360
Speaker 1: You know, I have friends who've already been laid off

137
00:07:01,560 --> 00:07:03,800
Speaker 1: as a result of the fact that their companies could

138
00:07:03,839 --> 00:07:06,200
Speaker 1: not raise the amount of money that they were promised.

139
00:07:06,440 --> 00:07:09,640
Speaker 1: And listen, that's in the private markets and venture capital.

140
00:07:09,680 --> 00:07:11,640
Speaker 1: They're probably like the tip of the spear who are

141
00:07:11,640 --> 00:07:14,520
Speaker 1: going to get affected. But they're just the first. You know,

142
00:07:14,560 --> 00:07:17,120
Speaker 1: how many more recessions are how many more layoffs are coming.

143
00:07:17,120 --> 00:07:19,080
Speaker 1: And the reason why I say that is, remember the

144
00:07:19,120 --> 00:07:21,720
Speaker 1: Great Recession of two thousand and eight. Part of the

145
00:07:21,720 --> 00:07:23,760
Speaker 1: reason we had to bail the banks out was because

146
00:07:24,280 --> 00:07:28,680
Speaker 1: many companies corporations which were taking short term loans in

147
00:07:28,760 --> 00:07:30,680
Speaker 1: order to make payroll. So if we didn't bail out

148
00:07:30,680 --> 00:07:32,560
Speaker 1: the banks, these people were not going to make payroll.

149
00:07:32,600 --> 00:07:34,160
Speaker 1: And they're like, we had to fire everybody on Monday.

150
00:07:34,320 --> 00:07:36,760
Speaker 1: So these are the types of decisions which very much

151
00:07:36,800 --> 00:07:39,360
Speaker 1: could come to pass. A lot of people were maybe

152
00:07:39,400 --> 00:07:42,240
Speaker 1: planning expansions on their investor calls. They won't be able

153
00:07:42,240 --> 00:07:44,480
Speaker 1: to finance at much higher interest rates, you know, I

154
00:07:44,480 --> 00:07:46,440
Speaker 1: mean look at the mortgage interest rate and then consider

155
00:07:46,680 --> 00:07:50,080
Speaker 1: the commercial ones. I mean, commercial interest rates are not

156
00:07:50,120 --> 00:07:52,440
Speaker 1: necessarily at the same rates. But you know, I was

157
00:07:52,440 --> 00:07:55,160
Speaker 1: actually just talking to a guy yesterday about this. The

158
00:07:55,320 --> 00:07:59,440
Speaker 1: commercial real estate interest rate game is even more murky

159
00:07:59,480 --> 00:08:01,960
Speaker 1: because they don't have set standards, Crystal. A lot of

160
00:08:01,960 --> 00:08:03,920
Speaker 1: it is that the loans are so big and the

161
00:08:03,920 --> 00:08:05,840
Speaker 1: interest that they make is so much that there's a

162
00:08:05,880 --> 00:08:09,040
Speaker 1: lot of jockeying. And as we've talked here before, a

163
00:08:09,080 --> 00:08:12,440
Speaker 1: lot of these big firms Fortune five hundreds have been

164
00:08:12,440 --> 00:08:14,320
Speaker 1: able to say just trust us, and the banks don't

165
00:08:14,360 --> 00:08:16,720
Speaker 1: really do their due diligence. So in a high interest

166
00:08:16,760 --> 00:08:19,280
Speaker 1: rate environment, if you continue to kick that up. A

167
00:08:19,280 --> 00:08:21,960
Speaker 1: lot of these corporations doing underestimate this will not be

168
00:08:22,040 --> 00:08:24,400
Speaker 1: able to make basic cast expectations that are just going

169
00:08:24,480 --> 00:08:27,320
Speaker 1: to have to fire people on a dime in these

170
00:08:27,400 --> 00:08:31,200
Speaker 1: crazy ups and downs like uncertainty is what causes real

171
00:08:31,240 --> 00:08:33,160
Speaker 1: effects for you. And that's why I think a lot

172
00:08:33,200 --> 00:08:35,679
Speaker 1: of people should pay attention. Yeah, that's exactly right. I mean,

173
00:08:35,720 --> 00:08:38,600
Speaker 1: the whole goal of the FED is to be able

174
00:08:38,679 --> 00:08:42,960
Speaker 1: to engineer a quote unquote soft landing. Right. This is

175
00:08:43,000 --> 00:08:46,720
Speaker 1: no easy feat, especially when the only tools the FED

176
00:08:46,800 --> 00:08:51,160
Speaker 1: has at its disposal is basically to lessen demand from consumers,

177
00:08:51,480 --> 00:08:54,360
Speaker 1: so to cool off the hot housing market in particular.

178
00:08:54,480 --> 00:08:59,440
Speaker 1: And already you've had residential mortgage rates skyrocket, you know,

179
00:09:00,240 --> 00:09:02,600
Speaker 1: going up at some of the highest rates in history,

180
00:09:02,960 --> 00:09:06,920
Speaker 1: and you now have the median mortgage price, the cost

181
00:09:06,920 --> 00:09:09,679
Speaker 1: of mortgage, monthly cost of mortgage has hit a new

182
00:09:09,840 --> 00:09:14,080
Speaker 1: historical high because of how much interest rates matter in

183
00:09:14,160 --> 00:09:17,120
Speaker 1: terms of what that month to month payment ultimately is.

184
00:09:17,720 --> 00:09:20,559
Speaker 1: So you have the FED trying to sort of tamp

185
00:09:20,640 --> 00:09:23,600
Speaker 1: down demand and put the brakes on what consumers are

186
00:09:23,760 --> 00:09:26,160
Speaker 1: able to spend. And at the same time, you all

187
00:09:26,200 --> 00:09:28,720
Speaker 1: have all these global forces that really have nothing to

188
00:09:28,760 --> 00:09:33,160
Speaker 1: do with that. So it's a very treacherous landscape. At

189
00:09:33,160 --> 00:09:35,280
Speaker 1: the same time, I mean, we just got a job's

190
00:09:35,280 --> 00:09:38,880
Speaker 1: report that was actually quite good, you know, So that's

191
00:09:39,200 --> 00:09:43,400
Speaker 1: that's the thing. So you have this very mixed picture where, yes,

192
00:09:43,440 --> 00:09:47,080
Speaker 1: the economy continues to create jobs at a rapid clip,

193
00:09:47,360 --> 00:09:51,840
Speaker 1: Yes unemployment continues to be quite low, but people are

194
00:09:52,160 --> 00:09:55,280
Speaker 1: feeling the pain in terms of what they are paying

195
00:09:55,280 --> 00:09:57,640
Speaker 1: at the grocery store, what they are paying for housing,

196
00:09:57,920 --> 00:09:59,679
Speaker 1: what they are paying for the gap at the gas pump,

197
00:09:59,679 --> 00:10:02,640
Speaker 1: which i is something that you're covering today, Sager, and

198
00:10:02,760 --> 00:10:06,400
Speaker 1: so it is. Listen, it's not an easy thing that

199
00:10:06,720 --> 00:10:08,920
Speaker 1: the FED is trying to pull off here, and clearly

200
00:10:08,960 --> 00:10:12,160
Speaker 1: there is a lot of nervousness in the market about

201
00:10:12,160 --> 00:10:13,800
Speaker 1: what it's what this is all going to look like.

202
00:10:13,840 --> 00:10:15,840
Speaker 1: And listen, the bottom line is this. I mean, the

203
00:10:15,920 --> 00:10:22,199
Speaker 1: Fed's policy during the COVID recession was to inflate asset

204
00:10:22,240 --> 00:10:26,520
Speaker 1: boll And well, that's that's exactly right. I mean this

205
00:10:26,520 --> 00:10:29,200
Speaker 1: this started with the Gray Recession, that was the initial

206
00:10:29,480 --> 00:10:34,400
Speaker 1: foray into zero interest rates and quantitative easing. They went

207
00:10:34,640 --> 00:10:39,160
Speaker 1: even further during the COVID market crash. There was a

208
00:10:39,200 --> 00:10:41,360
Speaker 1: minute where the market was just like in free fall.

209
00:10:41,480 --> 00:10:43,760
Speaker 1: Even treasury bonds, which should be the sort of most

210
00:10:43,800 --> 00:10:47,800
Speaker 1: stable and most liquid of markets, that was even seizing up.

211
00:10:48,080 --> 00:10:51,120
Speaker 1: And they looked at that landscape and not incorrectly said,

212
00:10:51,120 --> 00:10:54,360
Speaker 1: we have to take extraordinary action here, and they did,

213
00:10:54,640 --> 00:10:58,679
Speaker 1: shooting trillions of dollars to backstop both the bond and

214
00:10:58,760 --> 00:11:03,000
Speaker 1: the stock markets. Now that that inflated these you know,

215
00:11:03,160 --> 00:11:07,200
Speaker 1: massive asset bubbles. Before we had basic consumer inflation, you

216
00:11:07,240 --> 00:11:10,080
Speaker 1: had inflation at this very high level in terms of

217
00:11:10,440 --> 00:11:13,559
Speaker 1: stock and bond prices. And now what you were talking

218
00:11:13,600 --> 00:11:17,280
Speaker 1: about about how much the sentiment matters, Like those asset prices,

219
00:11:17,280 --> 00:11:19,880
Speaker 1: we're not really based on reality. As we all know,

220
00:11:19,880 --> 00:11:22,760
Speaker 1: the stock market valuations are kind of fake. So the

221
00:11:22,800 --> 00:11:25,400
Speaker 1: minute that there's this reckoning of like, oh my god,

222
00:11:26,080 --> 00:11:29,080
Speaker 1: this you know, this constant bull market is not going

223
00:11:29,160 --> 00:11:31,839
Speaker 1: to last, then you can have panic. Then you can

224
00:11:31,880 --> 00:11:35,400
Speaker 1: have selling off, and that's when the bubble can ultimately collapse.

225
00:11:35,440 --> 00:11:38,080
Speaker 1: And that's why we're in dangerous train here. That's why

226
00:11:38,080 --> 00:11:40,840
Speaker 1: you continue to see you know, the markets going down

227
00:11:40,880 --> 00:11:42,839
Speaker 1: and down in town. You'll have one day where they

228
00:11:42,840 --> 00:11:44,960
Speaker 1: sort of tick back up, and then you go back

229
00:11:44,960 --> 00:11:47,560
Speaker 1: into this pattern that we've been seeing for weeks and weeks. Now, yeah,

230
00:11:47,600 --> 00:11:49,640
Speaker 1: let's move on because this is actually an even a

231
00:11:49,760 --> 00:11:51,760
Speaker 1: very important part of the story as well. Let's put

232
00:11:51,760 --> 00:11:54,000
Speaker 1: this up there on the screen, which is that Wall

233
00:11:54,040 --> 00:11:57,120
Speaker 1: Street is being dragged down primarily by tech stocks. Now,

234
00:11:57,120 --> 00:11:59,920
Speaker 1: I don't want to overstate this, because all sectors of

235
00:12:00,080 --> 00:12:03,320
Speaker 1: the economy are down, but the reason why tech stocks

236
00:12:03,360 --> 00:12:06,559
Speaker 1: and the decline in them matter the most is because

237
00:12:06,840 --> 00:12:09,800
Speaker 1: they make up such a large portion of the index

238
00:12:09,840 --> 00:12:12,240
Speaker 1: funds like the S and P five hundred and so

239
00:12:12,679 --> 00:12:15,160
Speaker 1: tech companies despite the fact that they saw, you know,

240
00:12:15,280 --> 00:12:18,000
Speaker 1: sales go way up during the pandemic, and you know,

241
00:12:18,040 --> 00:12:20,920
Speaker 1: if you think about indexes like QQQ and others that

242
00:12:21,040 --> 00:12:24,840
Speaker 1: aggregate just tech, they were doing phenomenally well for years

243
00:12:24,880 --> 00:12:27,360
Speaker 1: and years and years. You basically couldn't lose money if

244
00:12:27,360 --> 00:12:30,080
Speaker 1: you weren't investing in the big five tech companies. Well,

245
00:12:30,160 --> 00:12:32,160
Speaker 1: you know, the broader S and P five hundred is

246
00:12:32,200 --> 00:12:34,880
Speaker 1: now down by three point two percent for the new

247
00:12:34,920 --> 00:12:37,600
Speaker 1: low of twenty twenty, and it is primarily dragged down

248
00:12:37,840 --> 00:12:41,320
Speaker 1: by technology. And so the decline in technology and the

249
00:12:41,360 --> 00:12:44,040
Speaker 1: sector there which again I was talking about, there's a

250
00:12:44,080 --> 00:12:47,160
Speaker 1: bleeding effect here from the private market. So you are

251
00:12:47,200 --> 00:12:52,480
Speaker 1: seeing major technology companies like faceboor Meta excuse me Meta,

252
00:12:52,640 --> 00:12:56,600
Speaker 1: Amazon and others who are declining in both their hiring

253
00:12:56,800 --> 00:12:58,840
Speaker 1: in their terms of their price. Let's put this up

254
00:12:58,880 --> 00:13:01,679
Speaker 1: there on the screen about Amazon in particular, which had

255
00:13:01,720 --> 00:13:05,079
Speaker 1: its worst day since two thousand and six earlier Crystal

256
00:13:05,240 --> 00:13:09,200
Speaker 1: where they drop by eleven percent after posting a three

257
00:13:09,240 --> 00:13:12,560
Speaker 1: point eight billion dollar loss in the first quarter. Now, look,

258
00:13:12,559 --> 00:13:14,080
Speaker 1: Amazon is going to be fine, you know, it's their

259
00:13:14,120 --> 00:13:17,120
Speaker 1: stock is completely okay. But I don't think that people

260
00:13:17,160 --> 00:13:21,640
Speaker 1: have really appreciated how much of Amazon and Facebook and

261
00:13:21,679 --> 00:13:25,280
Speaker 1: technology was dragging the S and P five hundred up

262
00:13:25,559 --> 00:13:28,480
Speaker 1: during the pandemic in particular. And so I mean, if

263
00:13:28,520 --> 00:13:31,400
Speaker 1: you think about the set and forget typical middle class

264
00:13:31,400 --> 00:13:34,839
Speaker 1: investor four oh one k person, they're not picking individual stocks.

265
00:13:34,840 --> 00:13:38,440
Speaker 1: They're almost entirely invested in like ETFs or Vanguard or whatever,

266
00:13:38,520 --> 00:13:41,160
Speaker 1: you know, Vanguard one hundred, you know, the total market,

267
00:13:41,360 --> 00:13:43,720
Speaker 1: et cetera. A lot of that because just the sheer

268
00:13:43,720 --> 00:13:46,280
Speaker 1: amount of wealth is tied up in technology means that

269
00:13:46,400 --> 00:13:48,440
Speaker 1: when tech goes up, tech goes down, it's going to

270
00:13:48,480 --> 00:13:51,040
Speaker 1: drop the whole market and it will have a massive

271
00:13:51,080 --> 00:13:54,400
Speaker 1: impact on middle class portfolios. And I think that's the

272
00:13:54,480 --> 00:13:56,199
Speaker 1: you know, the main story that I think we should

273
00:13:56,200 --> 00:13:58,760
Speaker 1: focus on, which is technology was propping up all of

274
00:13:58,760 --> 00:14:00,800
Speaker 1: these indices. It was pop up a lot of people's

275
00:14:00,840 --> 00:14:03,320
Speaker 1: retirement portfolios, whether they knew it or not. And so

276
00:14:03,360 --> 00:14:05,760
Speaker 1: when you look at it and it's down by fifteen percent,

277
00:14:05,880 --> 00:14:08,440
Speaker 1: you know, this is a major part of the reason

278
00:14:08,640 --> 00:14:11,400
Speaker 1: why these stocks were some of the best performers during

279
00:14:11,400 --> 00:14:14,480
Speaker 1: the pandemic, which makes perfect sense. People are stuck at home,

280
00:14:14,760 --> 00:14:18,959
Speaker 1: you know, Zoom like Peloton, things like Zoom, things like Netflix,

281
00:14:19,040 --> 00:14:23,000
Speaker 1: things like Amazon performed extraordinarily well because you couldn't go

282
00:14:23,120 --> 00:14:24,840
Speaker 1: out and do all the normal things that you do,

283
00:14:24,920 --> 00:14:26,840
Speaker 1: and restaurants were closed and gyms were closed and all

284
00:14:26,880 --> 00:14:28,440
Speaker 1: of that. But you could be at home. You can

285
00:14:28,480 --> 00:14:31,280
Speaker 1: watch Netflix, you could do you know, if you're PMC,

286
00:14:31,360 --> 00:14:34,000
Speaker 1: you could order your little Peloton bike and jump on

287
00:14:34,000 --> 00:14:36,560
Speaker 1: on board there. You could certainly order whatever you wanted

288
00:14:36,600 --> 00:14:40,400
Speaker 1: off of Amazon. So those stocks performed extraordinarily well during

289
00:14:40,440 --> 00:14:43,760
Speaker 1: the pandemic. And now we've seen Amazon, I think is

290
00:14:43,760 --> 00:14:45,600
Speaker 1: a really important one to talk a little bit more

291
00:14:45,600 --> 00:14:48,040
Speaker 1: about them in just a second. But you see them

292
00:14:48,720 --> 00:14:52,960
Speaker 1: with you know, losing money, definitely not living up to

293
00:14:53,000 --> 00:14:57,040
Speaker 1: their earnings expectations. You see them announcing a hiring slow down,

294
00:14:57,440 --> 00:15:01,600
Speaker 1: which is extraordinary and also very different from the dynamic

295
00:15:01,640 --> 00:15:05,200
Speaker 1: and the pandemic. For years now, actually the biggest problem

296
00:15:05,240 --> 00:15:09,440
Speaker 1: for Amazon has been that they could not hire enough bodies.

297
00:15:09,720 --> 00:15:12,120
Speaker 1: Because Amazon, as you guys know if you watch this show,

298
00:15:12,120 --> 00:15:14,600
Speaker 1: I mean, they basically treat their workers as disposable. They

299
00:15:14,680 --> 00:15:17,600
Speaker 1: sort of intentionally burn through them on I mean they

300
00:15:17,640 --> 00:15:19,640
Speaker 1: even have a time frame they expect to burn through

301
00:15:19,680 --> 00:15:23,360
Speaker 1: them in three years timeframe. They never elevate them to management.

302
00:15:23,640 --> 00:15:25,760
Speaker 1: And so their biggest issue was they're starting to say, ah,

303
00:15:25,840 --> 00:15:27,880
Speaker 1: we're kind of running out of like a worker so

304
00:15:27,880 --> 00:15:32,880
Speaker 1: that we can even employ in our warehouse fulfillment centers.

305
00:15:33,320 --> 00:15:35,560
Speaker 1: And so now for them to say we actually have

306
00:15:35,880 --> 00:15:37,800
Speaker 1: they actually came out and said the CFO said that

307
00:15:37,840 --> 00:15:41,800
Speaker 1: they have too many workers after hiring so many during

308
00:15:41,840 --> 00:15:44,720
Speaker 1: the COVID nineteen pandemic. Now, I wouldn't expect layoffs again

309
00:15:44,800 --> 00:15:47,160
Speaker 1: because they have such a like churn and burn model.

310
00:15:47,840 --> 00:15:50,080
Speaker 1: If they just let workers, you know, if they just

311
00:15:50,400 --> 00:15:52,960
Speaker 1: organically burn out workers the way they normally do, then

312
00:15:53,000 --> 00:15:55,040
Speaker 1: they'll get down to the levels that they ultimately want,

313
00:15:55,120 --> 00:15:59,280
Speaker 1: but that is a significant difference. Netflix also, oh got

314
00:15:59,400 --> 00:16:01,600
Speaker 1: hammer yah, got hammered in there, what was it for

315
00:16:01,640 --> 00:16:04,920
Speaker 1: the first time, they were losing not subscribers and they're

316
00:16:04,920 --> 00:16:06,600
Speaker 1: starting to play with them. Maybe we've got to go

317
00:16:06,640 --> 00:16:09,800
Speaker 1: to and advertise and driven model. So these are all

318
00:16:09,800 --> 00:16:12,640
Speaker 1: indications that those stocks and those companies that perform so

319
00:16:12,680 --> 00:16:15,280
Speaker 1: well during the pandemic are facing a bit of a reckoning. Now.

320
00:16:15,840 --> 00:16:19,640
Speaker 1: Part of why Amazon is so important, and you guys

321
00:16:19,640 --> 00:16:22,520
Speaker 1: know we talk about Amazon a lot on this show,

322
00:16:23,200 --> 00:16:26,880
Speaker 1: is because they really have their tentacles in almost every

323
00:16:26,960 --> 00:16:29,680
Speaker 1: part of not only the national economy, but also the

324
00:16:29,720 --> 00:16:33,640
Speaker 1: global economy. So they are very much impacted by consumer

325
00:16:33,680 --> 00:16:37,200
Speaker 1: spending trends, They're very much impacted by supply chain issues,

326
00:16:37,560 --> 00:16:40,280
Speaker 1: They're very much impacted. You know, this is also a

327
00:16:40,320 --> 00:16:42,800
Speaker 1: tech stock, and they're very much dependent on their cloud

328
00:16:42,840 --> 00:16:45,800
Speaker 1: computing services, which, by the way, thank you Joe Biden

329
00:16:45,840 --> 00:16:47,840
Speaker 1: for awarding them another government contract in spite of their

330
00:16:47,880 --> 00:16:50,440
Speaker 1: union investing. But that's why when you look at what's

331
00:16:50,480 --> 00:16:53,920
Speaker 1: going on with Amazon, it's kind of a leading indicator

332
00:16:54,520 --> 00:16:58,480
Speaker 1: of where all of these sectors ultimately might go. Because yes,

333
00:16:58,480 --> 00:17:01,440
Speaker 1: it's a tech stock. But they really have their hands

334
00:17:01,600 --> 00:17:05,600
Speaker 1: in so many aspects of both our national and global economy.

335
00:17:05,760 --> 00:17:09,440
Speaker 1: So I think that's why this is so extraordinary, extraordinarily

336
00:17:09,480 --> 00:17:13,280
Speaker 1: significant that they are nowhere near where they were during

337
00:17:13,280 --> 00:17:15,800
Speaker 1: the pandemic. Yeah, the tech stock phenomena is going to

338
00:17:15,840 --> 00:17:18,320
Speaker 1: basically make it so that a lot of the investments.

339
00:17:18,359 --> 00:17:21,160
Speaker 1: Actually just read a story this morning about the diamond

340
00:17:21,160 --> 00:17:24,760
Speaker 1: Hands generation. Shout out to my investors. You know, people

341
00:17:24,760 --> 00:17:27,320
Speaker 1: who are like my age started trading. Guess what, Well,

342
00:17:27,359 --> 00:17:30,120
Speaker 1: the diamond Hands generation has now likely lost more than

343
00:17:30,240 --> 00:17:34,160
Speaker 1: one hundred of their gains during the mean stock era.

344
00:17:34,560 --> 00:17:37,440
Speaker 1: This is a bloom Bloomberg article that just came out. Look,

345
00:17:37,480 --> 00:17:39,160
Speaker 1: you guys knew the risk, and you know, let's let's

346
00:17:39,160 --> 00:17:41,720
Speaker 1: all be honest about what exactly was happening there. Now.

347
00:17:41,760 --> 00:17:45,840
Speaker 1: That being said, that just shows you about how dangerous

348
00:17:45,880 --> 00:17:48,480
Speaker 1: this really can be in the you know, you have

349
00:17:48,520 --> 00:17:50,639
Speaker 1: boom times and then you also have the downtimes, and

350
00:17:50,920 --> 00:17:53,360
Speaker 1: you know, if you actually did abide by diamond hands,

351
00:17:53,400 --> 00:17:55,879
Speaker 1: then you probably lost a lot of money. And the

352
00:17:55,960 --> 00:17:59,480
Speaker 1: reason why that this matters is that when amateur investors

353
00:17:59,480 --> 00:18:02,000
Speaker 1: and stuff like this get burned, and you also have

354
00:18:02,119 --> 00:18:04,760
Speaker 1: people I was talking earlier, a much more traditional four

355
00:18:04,760 --> 00:18:09,880
Speaker 1: to one k investor significantly down. We saw. The biggest

356
00:18:09,880 --> 00:18:12,960
Speaker 1: crisis of confidence of our economy in our lifetime was

357
00:18:12,960 --> 00:18:15,440
Speaker 1: two thousand and eight. I mean, I remember my dad

358
00:18:15,480 --> 00:18:17,199
Speaker 1: and other people who wake up and you look at

359
00:18:17,200 --> 00:18:19,080
Speaker 1: portfolio is down by fifty percent. You're like, this is

360
00:18:19,160 --> 00:18:22,919
Speaker 1: my life saving, this is my this is it. You know,

361
00:18:23,040 --> 00:18:27,679
Speaker 1: college house future. People made all plans and it just

362
00:18:27,720 --> 00:18:31,480
Speaker 1: evaporates overnight, and a lot of people never came back

363
00:18:31,520 --> 00:18:35,080
Speaker 1: from that. And people need to realize that we are

364
00:18:35,200 --> 00:18:37,560
Speaker 1: probably in This is kind of how I end my monologue.

365
00:18:37,920 --> 00:18:39,800
Speaker 1: This is not gonna end anytime soon. This is not

366
00:18:39,880 --> 00:18:42,199
Speaker 1: you know. If anything, the COVID recession was a blip

367
00:18:42,560 --> 00:18:47,360
Speaker 1: in terms of what we're headed forward because the fundamentals

368
00:18:47,359 --> 00:18:51,640
Speaker 1: of our economy are not good and everything is really expensive.

369
00:18:51,800 --> 00:18:54,679
Speaker 1: So a decline in consumer cash that means all across

370
00:18:54,720 --> 00:18:57,480
Speaker 1: the board, plus technology, when you have a dry up

371
00:18:57,520 --> 00:18:59,600
Speaker 1: of high interest rates and you're not gonna have cheap

372
00:18:59,640 --> 00:19:02,160
Speaker 1: capital which can at least finance some of the riskiest

373
00:19:02,160 --> 00:19:04,280
Speaker 1: investments that are happening, so you have a decline in

374
00:19:04,280 --> 00:19:06,679
Speaker 1: the public markets. The journal had a piece on its

375
00:19:06,680 --> 00:19:09,199
Speaker 1: front page yesterday how to make money when stocks are

376
00:19:09,240 --> 00:19:12,360
Speaker 1: down and bonds are not returning. So it's like, yeah, actually,

377
00:19:12,440 --> 00:19:14,480
Speaker 1: how do you make money? And the basic advice is

378
00:19:14,520 --> 00:19:16,400
Speaker 1: like put it into savings account, you know what I mean,

379
00:19:16,640 --> 00:19:19,160
Speaker 1: you know, hope for a point zho five interest rate.

380
00:19:19,720 --> 00:19:22,400
Speaker 1: Actually it probably isn't even that high, but hope for

381
00:19:22,800 --> 00:19:25,600
Speaker 1: a mediocre interest rate in order to keep pace with

382
00:19:26,119 --> 00:19:29,560
Speaker 1: nine percent inflation. About what you're so, no matter what,

383
00:19:29,760 --> 00:19:32,879
Speaker 1: you're hosed, Like you're either down eight think about this,

384
00:19:33,080 --> 00:19:35,359
Speaker 1: You're either down eight and a half percent if you

385
00:19:35,400 --> 00:19:38,280
Speaker 1: put your money in savings relative to inflation, or you're

386
00:19:38,320 --> 00:19:40,840
Speaker 1: down by like twenty percent if your stocks are down

387
00:19:41,080 --> 00:19:43,639
Speaker 1: and you have to keep up with inflation. So, no

388
00:19:43,680 --> 00:19:46,200
Speaker 1: matter what, you know, almost every sector of this economy,

389
00:19:46,200 --> 00:19:49,360
Speaker 1: except for what the top point oh one percent is

390
00:19:49,480 --> 00:19:52,840
Speaker 1: basically hosed right now relative to the last five years,

391
00:19:52,880 --> 00:19:55,480
Speaker 1: which is a really depressing story. It is a depressing story,

392
00:19:55,440 --> 00:19:58,639
Speaker 1: and especially if you think about what happened out of

393
00:19:58,680 --> 00:20:02,880
Speaker 1: the Great Recession, because is the big institutional players. Yeah,

394
00:20:02,880 --> 00:20:05,360
Speaker 1: they took a hit during the Great Recession, but they

395
00:20:05,480 --> 00:20:10,320
Speaker 1: had the capital reserves to be able to buy distressed assets.

396
00:20:10,359 --> 00:20:12,840
Speaker 1: At the time, the FED was pumping a cheap cash,

397
00:20:12,880 --> 00:20:14,960
Speaker 1: that's right, and then they made more money than ever

398
00:20:15,520 --> 00:20:19,760
Speaker 1: off of those you know, distressed assets in particular housing stock.

399
00:20:20,280 --> 00:20:22,800
Speaker 1: So if you have the money in the capital to

400
00:20:22,840 --> 00:20:25,920
Speaker 1: play the long game, yeah, there might be some bargain

401
00:20:26,000 --> 00:20:30,000
Speaker 1: basement deals coming up in the market. But if you

402
00:20:30,119 --> 00:20:33,760
Speaker 1: are a regular person and you've invested your life savings,

403
00:20:33,760 --> 00:20:37,320
Speaker 1: your retirement, whatever it is into the markets, and you

404
00:20:37,359 --> 00:20:40,040
Speaker 1: don't have the bandwidth to hold on for a decade

405
00:20:40,119 --> 00:20:42,840
Speaker 1: until things turn around, yeah, exactly, it's it's going to

406
00:20:42,920 --> 00:20:45,840
Speaker 1: be very, very difficult and very ugly. Absolutely. Okay, let's

407
00:20:45,880 --> 00:20:48,160
Speaker 1: move on to a topic near and dear to my heart,

408
00:20:48,160 --> 00:20:50,040
Speaker 1: and I'm very sad to report this news. Put this

409
00:20:50,119 --> 00:20:53,000
Speaker 1: up there on the screen. Bitcoin now down by almost

410
00:20:53,040 --> 00:20:56,800
Speaker 1: fifty percent of its all time high, and according to this,

411
00:20:57,040 --> 00:21:01,040
Speaker 1: forty percent of bitcoin investors are now underwater. So it's

412
00:21:01,080 --> 00:21:03,600
Speaker 1: fifty five percent off the November peak and forty percent

413
00:21:03,640 --> 00:21:06,560
Speaker 1: of the holdlers are now underwater of their investments. This

414
00:21:06,640 --> 00:21:09,399
Speaker 1: is according to a glass node, so fifteen percent of

415
00:21:09,440 --> 00:21:14,320
Speaker 1: all bitcoin while it's fell into an unrealized loss, plunging

416
00:21:14,359 --> 00:21:17,239
Speaker 1: to the thirty one thousand level. Now, look, I mean

417
00:21:17,280 --> 00:21:19,520
Speaker 1: it definitely tracks with the Nasdaq and with the other

418
00:21:19,600 --> 00:21:22,280
Speaker 1: technology sector. But look, I just think that this is

419
00:21:22,320 --> 00:21:25,400
Speaker 1: important as somebody who is a proponent of bitcoin. I've

420
00:21:25,400 --> 00:21:27,159
Speaker 1: been in a bitcoin for a long time. Let me

421
00:21:27,200 --> 00:21:30,200
Speaker 1: just tell you that being down fifty percent is nothing

422
00:21:30,200 --> 00:21:32,119
Speaker 1: compared to some of my losses in the past have

423
00:21:32,200 --> 00:21:34,520
Speaker 1: been down by up I think ninety percent at one point.

424
00:21:34,600 --> 00:21:36,720
Speaker 1: So look, if you're in long enough, you've seen it

425
00:21:36,760 --> 00:21:39,679
Speaker 1: all and that's where the true diamond hands come from.

426
00:21:39,760 --> 00:21:41,480
Speaker 1: But I do think it is indicative of something I

427
00:21:41,520 --> 00:21:44,080
Speaker 1: was talking about earlier, which is that a lot of

428
00:21:44,080 --> 00:21:46,600
Speaker 1: people who got into investing in the last two years

429
00:21:46,600 --> 00:21:50,000
Speaker 1: on Robinhood and elsewhere you are probably almost you know,

430
00:21:50,040 --> 00:21:52,240
Speaker 1: I mean, the data shows that unless you sold, which

431
00:21:52,280 --> 00:21:54,879
Speaker 1: you know is kind of anti especially because the ethos

432
00:21:54,880 --> 00:21:58,879
Speaker 1: of bitcoin and holding, if you are actually do have

433
00:21:58,920 --> 00:22:02,679
Speaker 1: diamond hands, you almost certainly lost about one hundred percent

434
00:22:03,400 --> 00:22:06,480
Speaker 1: of your gains, depending on the type of investments that

435
00:22:06,520 --> 00:22:10,000
Speaker 1: you're making. And overall, right now, the crypto markets are

436
00:22:10,160 --> 00:22:15,560
Speaker 1: in a complete craziness that is difficult to describe. And

437
00:22:15,640 --> 00:22:19,960
Speaker 1: one of them is this terra USD stable coin, which

438
00:22:20,640 --> 00:22:22,560
Speaker 1: I'm trying to think about the best way to explain

439
00:22:22,600 --> 00:22:24,639
Speaker 1: this to our audience who may not even know about it.

440
00:22:24,680 --> 00:22:27,040
Speaker 1: Let's put this up there on the screen. The basics

441
00:22:27,040 --> 00:22:30,119
Speaker 1: of this is that a stable coin is a online

442
00:22:30,280 --> 00:22:33,680
Speaker 1: cryptocurrency which is pegged to the value of the US dollar.

443
00:22:33,720 --> 00:22:35,439
Speaker 1: And the reason why you should be able to use

444
00:22:35,480 --> 00:22:37,040
Speaker 1: it is you can have the stable coin and it

445
00:22:37,119 --> 00:22:40,080
Speaker 1: allows you to quickly enter and exit different types of

446
00:22:40,080 --> 00:22:43,160
Speaker 1: trades relative to other stable coins. Now, the reason why

447
00:22:43,160 --> 00:22:45,040
Speaker 1: you might even use such a stable coin is that

448
00:22:45,320 --> 00:22:48,280
Speaker 1: because you hold it, a lot of these stable coins

449
00:22:48,280 --> 00:22:51,919
Speaker 1: are paying astronomical interest rates in order for you to

450
00:22:51,960 --> 00:22:55,840
Speaker 1: exchange your capital, your actual US dollars. They're paying you

451
00:22:56,200 --> 00:22:59,040
Speaker 1: very very high in some cases, like double digit interest

452
00:22:59,080 --> 00:23:01,439
Speaker 1: rates as of recently. So that was kind of a cycle,

453
00:23:01,480 --> 00:23:03,520
Speaker 1: and it was a way that was a decentralized currency.

454
00:23:03,680 --> 00:23:07,919
Speaker 1: This one in particular Terra USD, which was algorithmically propped up,

455
00:23:07,960 --> 00:23:13,080
Speaker 1: but Crystal yesterday, for which caused chaos in the crypto markets.

456
00:23:13,119 --> 00:23:16,640
Speaker 1: The third biggest stable coin fell as low as sixty

457
00:23:16,720 --> 00:23:21,600
Speaker 1: nine cents, triggering a massive sell off. Now, I will confess,

458
00:23:22,160 --> 00:23:27,440
Speaker 1: until recently I had some terror USD, and I didn't

459
00:23:27,480 --> 00:23:30,040
Speaker 1: conceive that it was possible that stable coins could go

460
00:23:30,160 --> 00:23:33,080
Speaker 1: unpegged from a dollar, and so obviously I'm not gonna

461
00:23:33,080 --> 00:23:35,359
Speaker 1: buy more, you know, I don't have any right now.

462
00:23:35,600 --> 00:23:39,240
Speaker 1: But part of the reason why is because these were

463
00:23:39,280 --> 00:23:42,520
Speaker 1: seen as ironclad kind of within the crypto markets, and

464
00:23:42,560 --> 00:23:44,879
Speaker 1: there was a big promise of the decentralized protocols and

465
00:23:44,920 --> 00:23:47,240
Speaker 1: could constantly keep it pegged to a dollar, and this

466
00:23:47,280 --> 00:23:49,280
Speaker 1: is the way that we exit from the FED, etc.

467
00:23:49,640 --> 00:23:54,000
Speaker 1: So to have this thing plunge and actually become unpegged

468
00:23:54,160 --> 00:23:57,520
Speaker 1: to the dollar caused a massive sell off, both on

469
00:23:57,720 --> 00:24:00,440
Speaker 1: the anchor protocol, which is what the stable coin is

470
00:24:00,520 --> 00:24:02,240
Speaker 1: kind of propped up as. But it just shows you

471
00:24:02,320 --> 00:24:04,920
Speaker 1: that the public markets are not the only places in disarray,

472
00:24:04,920 --> 00:24:07,280
Speaker 1: and if anything, the private markets are even more in

473
00:24:07,359 --> 00:24:10,400
Speaker 1: disarray with bitcoin and with the stable coin in particular.

474
00:24:10,720 --> 00:24:13,720
Speaker 1: So full disclosure, I sort of hate you right now

475
00:24:13,760 --> 00:24:15,480
Speaker 1: because I spent a lot of time in my life

476
00:24:15,520 --> 00:24:18,159
Speaker 1: yesterday trying to understand all of this crap, and I

477
00:24:18,200 --> 00:24:22,080
Speaker 1: had to bring crystal in the future. It happens, but

478
00:24:23,240 --> 00:24:25,719
Speaker 1: it was. It's so there's two pieces I think that

479
00:24:26,000 --> 00:24:29,520
Speaker 1: are really important here. Number One, one of the major

480
00:24:29,680 --> 00:24:33,080
Speaker 1: arguments in favor of crypto was that it would be

481
00:24:33,119 --> 00:24:36,399
Speaker 1: a hedge against inflation. Yeah, that's true, but that's not

482
00:24:36,520 --> 00:24:39,879
Speaker 1: working out because it's just tracking with the NASDAK so

483
00:24:40,200 --> 00:24:42,879
Speaker 1: it has for quite some time. Yeah, So that's that

484
00:24:43,080 --> 00:24:46,280
Speaker 1: sort of theory of the case has fallen apart. And

485
00:24:46,320 --> 00:24:50,760
Speaker 1: then the theory of the case for stable coins, in particular,

486
00:24:51,040 --> 00:24:55,240
Speaker 1: these ones that are not backed by actual assets but

487
00:24:55,320 --> 00:24:58,160
Speaker 1: are supposed to maintain their pegs through these sort of

488
00:24:58,240 --> 00:25:03,600
Speaker 1: like financial engine wearing algorithms, that has obviously completely fallen apart.

489
00:25:03,960 --> 00:25:10,119
Speaker 1: And this particular stable coin had lost its peg briefly

490
00:25:10,240 --> 00:25:13,080
Speaker 1: before it had gone down to maybe like you know,

491
00:25:13,119 --> 00:25:15,440
Speaker 1: it's supposed to always be at a dollar. It had

492
00:25:15,440 --> 00:25:19,359
Speaker 1: gone down to maybe ninety three cents, but nothing like

493
00:25:20,280 --> 00:25:24,199
Speaker 1: nothing like what happened yesterday, And so, you know, this

494
00:25:24,359 --> 00:25:27,679
Speaker 1: is a kind of an extraordinary moment in terms of

495
00:25:27,800 --> 00:25:29,960
Speaker 1: you know, that's why people are freaking out and panic selling,

496
00:25:29,960 --> 00:25:32,200
Speaker 1: because they're realizing that the promise of this thing, the

497
00:25:32,240 --> 00:25:34,440
Speaker 1: way that it was rigged up to work, is not

498
00:25:34,720 --> 00:25:39,159
Speaker 1: really actually working out. And the whole promise of stable

499
00:25:39,200 --> 00:25:44,040
Speaker 1: coin is because crypto fluctuates so much, it's like, okay, well,

500
00:25:44,080 --> 00:25:46,159
Speaker 1: this is a way that we can have it be

501
00:25:46,200 --> 00:25:50,200
Speaker 1: a more reliable currency. And when you have the algorithmically

502
00:25:50,480 --> 00:25:55,080
Speaker 1: generated PEG rather than actually backing it by some sort

503
00:25:55,160 --> 00:25:57,800
Speaker 1: of hard assets, this is a way to have it decentralized,

504
00:25:57,800 --> 00:25:59,760
Speaker 1: sort of like the libertarian day. It is right, that

505
00:26:00,359 --> 00:26:03,080
Speaker 1: was the problem, the reason, and so the fact that

506
00:26:03,119 --> 00:26:06,560
Speaker 1: it lost its PEG is you know, a significant blow

507
00:26:06,640 --> 00:26:08,480
Speaker 1: to kind of the arguments that have been made about

508
00:26:08,800 --> 00:26:10,880
Speaker 1: this stable coin and stable coins I think in particular,

509
00:26:10,920 --> 00:26:13,240
Speaker 1: there were also some problems with some of the ones

510
00:26:13,280 --> 00:26:17,239
Speaker 1: that were supposed to be backed by US dollars. Well,

511
00:26:17,240 --> 00:26:19,240
Speaker 1: it turns out they weren't really being honest about what

512
00:26:19,320 --> 00:26:21,600
Speaker 1: assets they were holding. There was a whole lawsuit in

513
00:26:21,600 --> 00:26:24,040
Speaker 1: New York with the Attorney General there, Leticia James. They

514
00:26:24,040 --> 00:26:27,919
Speaker 1: came to a settlement anyway. So some of the some

515
00:26:27,960 --> 00:26:31,359
Speaker 1: of the shine is off of both crypto generally and

516
00:26:31,680 --> 00:26:34,639
Speaker 1: off of stable coins in particular. And then just in

517
00:26:34,720 --> 00:26:38,119
Speaker 1: terms of the larger market picture, you know, it makes

518
00:26:38,160 --> 00:26:41,680
Speaker 1: sense that the first part of the crash would be,

519
00:26:41,760 --> 00:26:44,679
Speaker 1: you know, collapse in some of the most speculative investments.

520
00:26:45,240 --> 00:26:48,080
Speaker 1: We covered last week how the NFT market has just

521
00:26:48,200 --> 00:26:54,240
Speaker 1: like completely almost completely collapsed. The number of people active

522
00:26:54,280 --> 00:26:56,520
Speaker 1: in the market and the people holding NFTs. I mean,

523
00:26:56,560 --> 00:26:59,160
Speaker 1: it's just like the bottom has fallen out of that thing.

524
00:26:59,200 --> 00:27:01,040
Speaker 1: And you would put that kind of like the bleeding

525
00:27:01,119 --> 00:27:04,240
Speaker 1: edge of most speculative investments, and then you would talk about,

526
00:27:04,440 --> 00:27:07,440
Speaker 1: you know, crypto alongside of these tech stocks that were

527
00:27:07,520 --> 00:27:10,399
Speaker 1: dramatically inflated during the pandemic. So that's sort of like

528
00:27:10,480 --> 00:27:12,919
Speaker 1: the macro picture of ultimately what's going on here. And

529
00:27:13,320 --> 00:27:15,679
Speaker 1: I think your point about the retail investors just to

530
00:27:15,680 --> 00:27:19,840
Speaker 1: bring this back is really important because they say, you know,

531
00:27:20,240 --> 00:27:22,520
Speaker 1: the headline of that article we just put up about

532
00:27:22,520 --> 00:27:26,080
Speaker 1: cryptos at forty percent of bitcoin investors are now underwater. Well,

533
00:27:26,119 --> 00:27:30,360
Speaker 1: it's even worse for short term holders who just got

534
00:27:30,400 --> 00:27:32,359
Speaker 1: skin in the game in the last six months. I mean,

535
00:27:32,400 --> 00:27:36,440
Speaker 1: those people have been devastated. They also say basically that

536
00:27:36,760 --> 00:27:40,119
Speaker 1: the wallets with balances of more than ten thousand bitcoin,

537
00:27:40,119 --> 00:27:44,560
Speaker 1: they've been particularly significant disruptive force over the last few weeks,

538
00:27:44,560 --> 00:27:46,919
Speaker 1: basically meaning that they are all getting out of the market.

539
00:27:46,960 --> 00:27:49,720
Speaker 1: And meanwhile, the retail investors are still kind of holding

540
00:27:49,720 --> 00:27:52,360
Speaker 1: the bag here. So again they're the ones who are

541
00:27:52,640 --> 00:27:57,040
Speaker 1: likely to get and already have gotten the most screwed.

542
00:27:57,160 --> 00:28:00,480
Speaker 1: So as per usual, it's the little guy who is

543
00:28:00,480 --> 00:28:04,000
Speaker 1: getting hurt the fastest and the hardest here. Well my

544
00:28:04,080 --> 00:28:07,680
Speaker 1: advice just hold fast, all right, if you can get

545
00:28:07,960 --> 00:28:11,119
Speaker 1: if you can all right. So Biden is planning a

546
00:28:11,280 --> 00:28:15,800
Speaker 1: major speech today to try to push back on the

547
00:28:15,840 --> 00:28:19,720
Speaker 1: sort of Republican narrative about inflation and perhaps lay out

548
00:28:19,760 --> 00:28:22,200
Speaker 1: his own plan to deal with inflation. Let's go ahead

549
00:28:22,240 --> 00:28:25,440
Speaker 1: and put up on the screen what the what Axios

550
00:28:25,520 --> 00:28:28,240
Speaker 1: is reporting he's planning on doing. Here, The headline is

551
00:28:28,280 --> 00:28:32,840
Speaker 1: Biden targets GOP on inflation as prices skyrocket. And of course,

552
00:28:32,880 --> 00:28:35,679
Speaker 1: as we reported just moments ago, there is a major

553
00:28:35,960 --> 00:28:39,120
Speaker 1: new inflation report expected to hit this week. So certainly

554
00:28:39,240 --> 00:28:41,520
Speaker 1: you know inflation is on you guys's mind because you're

555
00:28:41,520 --> 00:28:43,720
Speaker 1: feeling it every single day, and there's going to be

556
00:28:43,760 --> 00:28:46,479
Speaker 1: some new data coming out. So that helps to explain

557
00:28:46,520 --> 00:28:50,959
Speaker 1: why he is giving this major address. According to this article,

558
00:28:51,000 --> 00:28:53,360
Speaker 1: they say he's preparing major speech to address of inflation,

559
00:28:53,440 --> 00:28:56,200
Speaker 1: will contrast his plans to lower cost for American families

560
00:28:56,400 --> 00:29:00,920
Speaker 1: with those offered by congressional Republicans. And interestingly, the thing

561
00:29:00,960 --> 00:29:03,400
Speaker 1: that he's going to focus on the most from the

562
00:29:03,440 --> 00:29:06,880
Speaker 1: Republican party is that plan that was put out by

563
00:29:06,960 --> 00:29:11,640
Speaker 1: Senator Rick Scott, which would which calls for racing taxes

564
00:29:11,840 --> 00:29:15,840
Speaker 1: on middle class and working class Americans and also could

565
00:29:15,880 --> 00:29:20,120
Speaker 1: sunset entitlement programs like Medicare and Medicaid. Basically, he calls

566
00:29:20,160 --> 00:29:24,720
Speaker 1: for every five years having to reauthorize, like basically repass

567
00:29:24,800 --> 00:29:28,000
Speaker 1: everything that we've ever done. So, you know, five years

568
00:29:28,000 --> 00:29:30,440
Speaker 1: from now looking at Medicare and Medicaid and having to

569
00:29:30,440 --> 00:29:32,440
Speaker 1: pass those things all over again, do you really think

570
00:29:32,480 --> 00:29:34,160
Speaker 1: that everything would get through a house in the Senate.

571
00:29:34,360 --> 00:29:38,920
Speaker 1: I mean, listen, it's I think it's Senator Scott's plan

572
00:29:39,400 --> 00:29:42,280
Speaker 1: was revealing of what the core of the GOP, what

573
00:29:42,360 --> 00:29:46,239
Speaker 1: they actually still want. That being said, McConnell has very

574
00:29:46,280 --> 00:29:48,880
Speaker 1: strongly pushed back and said, actually, what we really want

575
00:29:48,920 --> 00:29:51,400
Speaker 1: to run on is absolutely nothing. That's going to be

576
00:29:51,400 --> 00:29:53,800
Speaker 1: more difficult for them now that the whole Row versus

577
00:29:53,800 --> 00:29:56,600
Speaker 1: Wade thing is ultimately happening. But I think it's uh,

578
00:29:56,680 --> 00:29:59,360
Speaker 1: you know, I think it's smart from a messaging perspective

579
00:29:59,400 --> 00:30:02,320
Speaker 1: to lean into what Rick Scott, who is in charge

580
00:30:02,400 --> 00:30:05,960
Speaker 1: of like campaigns for the Republicans in the Senate, to

581
00:30:06,080 --> 00:30:08,680
Speaker 1: lean into what he's saying the GOP plan is for

582
00:30:08,760 --> 00:30:11,840
Speaker 1: the economy. My biggest problem with this is that on

583
00:30:11,400 --> 00:30:14,880
Speaker 1: the on the spirit, I one hundred percent believe in

584
00:30:14,920 --> 00:30:17,800
Speaker 1: Biden's plan. There are two ways to fix Actually no,

585
00:30:17,840 --> 00:30:20,120
Speaker 1: there's only one way to fix inflation. The current inflation

586
00:30:20,200 --> 00:30:22,640
Speaker 1: that we have, which is not monetary triggered, It is

587
00:30:22,640 --> 00:30:26,000
Speaker 1: triggered entirely by a massive supply crisis which has been

588
00:30:26,040 --> 00:30:29,040
Speaker 1: coming for the last forty years, based upon discrete choices

589
00:30:29,200 --> 00:30:33,080
Speaker 1: to exit American manufacturing and enter into a highly globalized

590
00:30:33,080 --> 00:30:36,200
Speaker 1: and financialized economy, and by corporate price gouging, and by

591
00:30:36,200 --> 00:30:38,200
Speaker 1: corporate price gouging is well, I think that fits with

592
00:30:38,280 --> 00:30:43,000
Speaker 1: they go together, monopolization, etc. But Okay, now do something

593
00:30:43,000 --> 00:30:45,600
Speaker 1: about it. But you've had over how long has inflation

594
00:30:45,680 --> 00:30:47,880
Speaker 1: been in the news over a year? At this point,

595
00:30:48,240 --> 00:30:50,920
Speaker 1: you're the president, dude, like you know, you're not doing

596
00:30:50,960 --> 00:30:54,200
Speaker 1: anything about it. So Biden is nitrout. I'm reading directly

597
00:30:54,240 --> 00:30:56,680
Speaker 1: from the leaks from his office. Biden is now trying

598
00:30:56,720 --> 00:30:58,960
Speaker 1: to convince the American public he has a plan to

599
00:30:59,040 --> 00:31:02,280
Speaker 1: lower costs, even as his top economic advisor say the

600
00:31:02,280 --> 00:31:05,640
Speaker 1: Federal Reserve has the most powerful tools to drive down inflation.

601
00:31:05,880 --> 00:31:08,040
Speaker 1: So which is it? And all He's trying to take

602
00:31:08,080 --> 00:31:10,520
Speaker 1: credit for is stuff that he's done already. So, for example,

603
00:31:11,200 --> 00:31:13,880
Speaker 1: he's going to say, I trapped, I tapped the Strategic

604
00:31:13,960 --> 00:31:18,120
Speaker 1: Petroleum Reserve. Thank you Joe Biden for lowering gas prices

605
00:31:18,200 --> 00:31:21,880
Speaker 1: for a week by five cents. You know, I'm really

606
00:31:21,920 --> 00:31:24,760
Speaker 1: going to remember that given that the pump is still

607
00:31:24,920 --> 00:31:28,800
Speaker 1: four forty a gallon where I live in Iowa. He's

608
00:31:28,840 --> 00:31:33,080
Speaker 1: going to talk about increase summertime access to fifteen percent.

609
00:31:33,520 --> 00:31:36,600
Speaker 1: This is all bullshit, Like, at the end of the day,

610
00:31:36,800 --> 00:31:40,960
Speaker 1: people are paying eight to nine percent more on basic

611
00:31:41,040 --> 00:31:44,560
Speaker 1: goods than they were the previous year. Have you done

612
00:31:44,880 --> 00:31:47,920
Speaker 1: anything about that in the last year. No, So why

613
00:31:47,960 --> 00:31:50,360
Speaker 1: should I believe you they're going to do anything now?

614
00:31:50,520 --> 00:31:53,720
Speaker 1: So right now, Biden is saying, Oh, it's the private

615
00:31:53,800 --> 00:31:57,160
Speaker 1: corporations who are gouging you. Okay, then do something about it.

616
00:31:57,280 --> 00:31:59,760
Speaker 1: Oh wait, you're not. You called out the meat packers.

617
00:32:00,400 --> 00:32:02,760
Speaker 1: Meat is still meat actually as some of the highest

618
00:32:02,760 --> 00:32:05,480
Speaker 1: inflation in the country. So guess what. They basically said,

619
00:32:05,520 --> 00:32:07,240
Speaker 1: we don't believe that you're going to do anything to us,

620
00:32:07,440 --> 00:32:10,160
Speaker 1: And they're right. Gas the same to Exxon and Shell

621
00:32:10,240 --> 00:32:12,880
Speaker 1: and all these people are posting record profits. They Also,

622
00:32:13,120 --> 00:32:14,760
Speaker 1: as far as I can tell, and I did a

623
00:32:14,760 --> 00:32:17,479
Speaker 1: lot of research on this yesterday, nobody is building more

624
00:32:17,520 --> 00:32:21,640
Speaker 1: refinery capacity. Nobody's building or pumping more oil. Nobody is

625
00:32:21,680 --> 00:32:25,240
Speaker 1: doing new fracking leases, nobody is trying to spin up anything.

626
00:32:25,520 --> 00:32:27,720
Speaker 1: So that's one option. The other option is that the

627
00:32:27,720 --> 00:32:31,800
Speaker 1: Saudi's pumped more. You have undergone no diplomacy in order

628
00:32:31,840 --> 00:32:35,400
Speaker 1: to get Saudi Arabia to pump more oil. Same with Venezuela.

629
00:32:35,520 --> 00:32:38,040
Speaker 1: What happened to that? You know, we sent ron Klain's

630
00:32:38,040 --> 00:32:42,160
Speaker 1: ass down to Caracas. What happened? I just don't hear

631
00:32:42,200 --> 00:32:45,320
Speaker 1: about it anymore. It's like, this is what drives me insane,

632
00:32:45,360 --> 00:32:48,720
Speaker 1: which is that they're actually giving and almost validating a

633
00:32:48,720 --> 00:32:51,520
Speaker 1: Republican attack that this is all monetary driven, because they're

634
00:32:51,520 --> 00:32:54,000
Speaker 1: almost convincing the American people that nothing can be done

635
00:32:54,040 --> 00:32:56,880
Speaker 1: on the supply side with inflation and then lasting. I

636
00:32:56,920 --> 00:32:58,920
Speaker 1: just want to say crystal, which is right now, there

637
00:32:59,000 --> 00:33:02,920
Speaker 1: is a heated debate inside the situation room between Biden's

638
00:33:02,960 --> 00:33:05,880
Speaker 1: neoliberal advisors and others on whether to remove these tariffs

639
00:33:05,920 --> 00:33:09,000
Speaker 1: on China because they want to try and lower prices

640
00:33:09,080 --> 00:33:11,760
Speaker 1: with tariffs. Guess what, guys, we do not have a

641
00:33:11,800 --> 00:33:17,320
Speaker 1: problem with Chinese tariffs massively increasing inflation. We've had Chinese

642
00:33:17,320 --> 00:33:21,080
Speaker 1: tariffs for five years now, so oh, the tariffs just

643
00:33:21,160 --> 00:33:25,480
Speaker 1: miraculously in the last six months increased price. Beijing is

644
00:33:25,520 --> 00:33:28,600
Speaker 1: shut down, Shanghai has been they don't even get food

645
00:33:29,080 --> 00:33:31,560
Speaker 1: for the last forty days. And you're trying to tell

646
00:33:31,560 --> 00:33:34,320
Speaker 1: me that Chinese tariffs are the reason. No, this is

647
00:33:34,360 --> 00:33:37,720
Speaker 1: a problem of discrete choices of forty years. Has nothing

648
00:33:37,760 --> 00:33:39,600
Speaker 1: to do with that. So now they might even go

649
00:33:39,680 --> 00:33:42,960
Speaker 1: light on China. I mean, it's just the incoherence and

650
00:33:43,040 --> 00:33:47,000
Speaker 1: the ineptitude of their policy is shameful. And you know,

651
00:33:47,240 --> 00:33:49,640
Speaker 1: he's not gonna convince anybody. I mean, they don't have

652
00:33:49,840 --> 00:33:52,880
Speaker 1: a messaging problem. They have a reality problem. That's the thing,

653
00:33:53,080 --> 00:33:56,520
Speaker 1: like trying to give a speech and persuade people like

654
00:33:56,640 --> 00:33:59,640
Speaker 1: they're totally right. The Republicans don't have any answers here either.

655
00:34:00,080 --> 00:34:03,960
Speaker 1: Their economic program would definitely harm the American people overall.

656
00:34:04,320 --> 00:34:07,520
Speaker 1: But right now, what are people looking at? You guys

657
00:34:07,520 --> 00:34:11,320
Speaker 1: are the one in charge, and my reality every single

658
00:34:11,400 --> 00:34:13,799
Speaker 1: day is getting a little bit harder and a little

659
00:34:13,800 --> 00:34:16,759
Speaker 1: bit harder and a little bit harder. And so you know,

660
00:34:17,000 --> 00:34:19,960
Speaker 1: I mean something else that relates to this is the

661
00:34:20,000 --> 00:34:24,040
Speaker 1: war in Ukraine, which has caused additional supply chain issues,

662
00:34:24,080 --> 00:34:28,719
Speaker 1: additional issues with gas, additional issues with food prices in

663
00:34:28,760 --> 00:34:32,960
Speaker 1: particular and global food prices, and already the Administration has

664
00:34:32,960 --> 00:34:34,920
Speaker 1: made it really clear like they have no interest in

665
00:34:34,920 --> 00:34:39,799
Speaker 1: the war ending. So that's another area where their affirmative

666
00:34:39,800 --> 00:34:43,239
Speaker 1: policy of the administration is just making things worse in

667
00:34:43,320 --> 00:34:46,680
Speaker 1: terms of what consumers, what Americans are dealing with every

668
00:34:46,680 --> 00:34:49,480
Speaker 1: single day here. So you know, there was this debate

669
00:34:49,840 --> 00:34:53,319
Speaker 1: a few months back within the administration about whether or

670
00:34:53,360 --> 00:34:56,480
Speaker 1: not they wanted to call out corporations for price gouging,

671
00:34:56,520 --> 00:34:59,880
Speaker 1: because look, corporate price gouging is not the entire story,

672
00:35:00,120 --> 00:35:03,000
Speaker 1: but we have the numbers and have the proof that

673
00:35:03,120 --> 00:35:05,200
Speaker 1: they looked at this landscape and they said, oh, well,

674
00:35:05,200 --> 00:35:08,399
Speaker 1: this gives us an excuse to charge higher prices, and

675
00:35:08,560 --> 00:35:12,960
Speaker 1: consumers will accept it because they see this overall landscape

676
00:35:12,960 --> 00:35:15,840
Speaker 1: of inflation. You have so many sectors of our economy

677
00:35:15,960 --> 00:35:20,280
Speaker 1: dominated by gigantic monopoly, so they have this pricing power.

678
00:35:20,680 --> 00:35:22,919
Speaker 1: And there was this internal debate within the White House

679
00:35:22,960 --> 00:35:25,120
Speaker 1: about whether they wanted to do anything or say anything

680
00:35:25,160 --> 00:35:28,000
Speaker 1: about that, and ultimately they landed on basically no. I

681
00:35:28,000 --> 00:35:30,120
Speaker 1: mean there were a few little comments about the meat

682
00:35:30,120 --> 00:35:35,239
Speaker 1: packing industry and that was that. So yeah, it's you know,

683
00:35:35,480 --> 00:35:37,799
Speaker 1: it'll be interesting to watch and see what he has

684
00:35:37,840 --> 00:35:42,080
Speaker 1: to say. But the reality is, if the economic landscape

685
00:35:42,239 --> 00:35:44,759
Speaker 1: doesn't change by the time of the midterms and people

686
00:35:44,760 --> 00:35:47,080
Speaker 1: aren't feeling tremendously better than they're feeling now, it's like

687
00:35:47,080 --> 00:35:49,759
Speaker 1: seventy percent of Americans feel like the economy is getting worse.

688
00:35:49,800 --> 00:35:52,799
Speaker 1: If that doesn't turn around, that's going to be the

689
00:35:52,920 --> 00:35:55,200
Speaker 1: number one issue on people's minds. And it really doesn't

690
00:35:55,239 --> 00:35:59,040
Speaker 1: matter what speech Biden ultimately gives, because you guys are

691
00:35:59,040 --> 00:36:03,520
Speaker 1: in power and nobody is going to no one is

692
00:36:03,560 --> 00:36:05,840
Speaker 1: going to take this messaging about the Republicans. They're just

693
00:36:05,840 --> 00:36:07,399
Speaker 1: going to say, we're sick and tired of what's going

694
00:36:07,400 --> 00:36:10,000
Speaker 1: on here and we're going to try something different. There's

695
00:36:10,000 --> 00:36:13,560
Speaker 1: some pulling, right, and there's some pulling. That was just referencing.

696
00:36:13,640 --> 00:36:15,000
Speaker 1: Let's go ahead and put this up on the screen.

697
00:36:15,000 --> 00:36:18,760
Speaker 1: This is from gallob So Americans confidence in the economy

698
00:36:18,800 --> 00:36:22,960
Speaker 1: remains extremely low. Mentions of economic issues as the most

699
00:36:23,000 --> 00:36:25,960
Speaker 1: important problem in the US are at their highest point

700
00:36:26,000 --> 00:36:31,200
Speaker 1: since twenty sixteen. Inflation continues to register as the top

701
00:36:31,320 --> 00:36:35,080
Speaker 1: economic problem, and it was previously at this level of

702
00:36:35,120 --> 00:36:38,720
Speaker 1: concern back in nineteen eighty four. You have actually understated it.

703
00:36:38,880 --> 00:36:42,000
Speaker 1: Seventy six percent of Americans say that the economy is

704
00:36:42,000 --> 00:36:45,320
Speaker 1: getting worse, twenty percent say it's improving, and three percent

705
00:36:45,400 --> 00:36:48,320
Speaker 1: think it is saying staying the same. Roughly four in

706
00:36:48,400 --> 00:36:52,400
Speaker 1: ten Americans name economic issues as the most important problem

707
00:36:52,560 --> 00:36:57,280
Speaker 1: facing the US. So, you know, as we've been talking

708
00:36:57,320 --> 00:36:59,759
Speaker 1: about what's happening with Roe versus Way, do I think

709
00:36:59,800 --> 00:37:03,000
Speaker 1: that that strengthens Democrats' hands a little bit on the margin.

710
00:37:03,040 --> 00:37:06,640
Speaker 1: Mitch McConnell can't just totally run on nothing for this midterm,

711
00:37:06,680 --> 00:37:08,520
Speaker 1: which was what he was planning on doing and which

712
00:37:08,600 --> 00:37:12,279
Speaker 1: was working out extraordinarily. Well. Yeah, but ultimately this is

713
00:37:12,320 --> 00:37:14,160
Speaker 1: going to be the story in the picture that people

714
00:37:14,200 --> 00:37:15,960
Speaker 1: are looking at when they go to the polls. I

715
00:37:15,960 --> 00:37:18,480
Speaker 1: couldn't agree with you more. And you know, Americans are

716
00:37:18,480 --> 00:37:21,960
Speaker 1: not stupid. They gave Joe Biden a chance. He had

717
00:37:22,200 --> 00:37:26,200
Speaker 1: a massive approval rating coming in. They said, yeah, give

718
00:37:26,280 --> 00:37:29,640
Speaker 1: us the vaccine and then let's go move on. And

719
00:37:29,640 --> 00:37:31,920
Speaker 1: then he didn't move on. And then in the meantime,

720
00:37:32,480 --> 00:37:35,160
Speaker 1: by bowing to Fauci, idiocy and a lot of this stuff.

721
00:37:35,200 --> 00:37:38,880
Speaker 1: For a straight year, he did nothing on the global economy.

722
00:37:39,160 --> 00:37:43,000
Speaker 1: And then Russia invaded Ukraine, and now we are willing

723
00:37:43,040 --> 00:37:46,920
Speaker 1: to ship billions of dollars of aid to Ukraine, and

724
00:37:47,000 --> 00:37:52,440
Speaker 1: yet we have no level of commiserate action on lessening

725
00:37:52,680 --> 00:37:56,640
Speaker 1: the price increases for the American people. Americans are good

726
00:37:56,640 --> 00:37:59,239
Speaker 1: people in their hearts. They were willing to suffer for

727
00:37:59,280 --> 00:38:02,000
Speaker 1: one or two months, but there is no indication on

728
00:38:02,040 --> 00:38:05,359
Speaker 1: the horizon right now that any of these shortages will

729
00:38:05,440 --> 00:38:09,000
Speaker 1: stop in the next three years. Guys, I mean, you can't,

730
00:38:09,040 --> 00:38:11,200
Speaker 1: and I say this to my monologue, I'm giving someone away.

731
00:38:11,360 --> 00:38:13,719
Speaker 1: You can't just conjure up diesel like it doesn't It

732
00:38:13,760 --> 00:38:16,920
Speaker 1: doesn't work that way. You can't just conjure up and

733
00:38:17,000 --> 00:38:21,879
Speaker 1: change your supply chain. It is static relatively. You can

734
00:38:21,920 --> 00:38:24,280
Speaker 1: tinker around on the margins, but we need a massive

735
00:38:24,320 --> 00:38:26,759
Speaker 1: program in order to at least assure people we're trying

736
00:38:26,800 --> 00:38:29,000
Speaker 1: to do something about this, but we're not. And you know,

737
00:38:29,400 --> 00:38:31,520
Speaker 1: a lot of people are really going to suffer. I

738
00:38:31,640 --> 00:38:34,320
Speaker 1: just I think he has no credibility on this issue,

739
00:38:34,320 --> 00:38:36,320
Speaker 1: and he's gonna you know, they're gonna get their asses

740
00:38:36,360 --> 00:38:38,520
Speaker 1: kicked in November, and I think they deserve it for

741
00:38:38,600 --> 00:38:42,640
Speaker 1: delivering nothing. And to your point, people are not stupid

742
00:38:42,840 --> 00:38:46,560
Speaker 1: and they are good hearted. And you know, we cover

743
00:38:46,640 --> 00:38:48,479
Speaker 1: the polls of how many people said, listen, I'm willing

744
00:38:48,480 --> 00:38:50,400
Speaker 1: to pay higher prices. Yes, but this is going to

745
00:38:50,440 --> 00:38:52,640
Speaker 1: help Ukraine. Of course, they didn't sign up for the

746
00:38:52,680 --> 00:38:55,600
Speaker 1: policy of like, oh, actually we're at war with Russia,

747
00:38:55,719 --> 00:38:58,319
Speaker 1: which is what you know Democratic Congressman Seth Moulton is

748
00:38:58,400 --> 00:39:02,840
Speaker 1: openly admitting now. But also, you know, there's this idea

749
00:39:02,920 --> 00:39:05,440
Speaker 1: that people just expect Biden to like wave a magic

750
00:39:05,480 --> 00:39:08,080
Speaker 1: wand and fix it. And I don't think that that's fair.

751
00:39:08,280 --> 00:39:10,720
Speaker 1: But they want to see that you have some sort

752
00:39:10,760 --> 00:39:12,680
Speaker 1: of a plan to move us forward and get us

753
00:39:12,680 --> 00:39:14,839
Speaker 1: out of this. They want to see not just that

754
00:39:14,880 --> 00:39:16,960
Speaker 1: you're going to like talk about it, but you're going

755
00:39:17,040 --> 00:39:20,480
Speaker 1: to do something about it. And this has been really

756
00:39:20,560 --> 00:39:26,480
Speaker 1: the central failure of the Obama administration, of the Trump administration,

757
00:39:26,920 --> 00:39:30,560
Speaker 1: of the Biden administration is it is so clear that

758
00:39:30,600 --> 00:39:34,440
Speaker 1: we need some sort of major course correction in America.

759
00:39:34,520 --> 00:39:36,799
Speaker 1: We need a new vision that is going to bring

760
00:39:36,800 --> 00:39:39,319
Speaker 1: the country together, that people can invest in, that they

761
00:39:39,360 --> 00:39:42,600
Speaker 1: feel a sense of national pride around and when you

762
00:39:42,800 --> 00:39:48,400
Speaker 1: have a slew of national crises that are unfolding, that

763
00:39:48,520 --> 00:39:52,680
Speaker 1: is precisely the time when you can galvanize people around

764
00:39:52,840 --> 00:39:57,640
Speaker 1: that type of big picture vision. And so if that

765
00:39:57,719 --> 00:40:00,520
Speaker 1: took some time to play out and to we feel

766
00:40:00,520 --> 00:40:03,279
Speaker 1: the benefits of people will give you the benefit of

767
00:40:03,280 --> 00:40:05,839
Speaker 1: the doubt if they were invested and understood what that

768
00:40:05,920 --> 00:40:08,720
Speaker 1: vision ultimately was. But there has been. I mean, Biden

769
00:40:08,840 --> 00:40:11,439
Speaker 1: is just like, that's just never going to be who

770
00:40:11,520 --> 00:40:16,840
Speaker 1: he is, and all of his political skills are from

771
00:40:17,320 --> 00:40:22,520
Speaker 1: a different era. All they've done this entire administration is,

772
00:40:22,880 --> 00:40:27,320
Speaker 1: except for the very beginning, is essentially react to events

773
00:40:27,760 --> 00:40:31,560
Speaker 1: and be way behind the eight ball. And so yeah, So,

774
00:40:31,600 --> 00:40:33,920
Speaker 1: I mean it is kind of telling that here we

775
00:40:34,000 --> 00:40:39,520
Speaker 1: are over a year into major national issue with inflation

776
00:40:39,680 --> 00:40:42,320
Speaker 1: and you're finally getting around to giving a major address

777
00:40:42,320 --> 00:40:44,160
Speaker 1: about it. That does kind of say it all. Yeah. No,

778
00:40:44,480 --> 00:40:47,920
Speaker 1: I mean, look, it's very very simple. They don't have

779
00:40:47,960 --> 00:40:51,200
Speaker 1: a real plan. They're basically just hoping that ambivalence and

780
00:40:51,239 --> 00:40:53,640
Speaker 1: hatred towards Trump will deliver for them, and it's not

781
00:40:53,719 --> 00:40:58,879
Speaker 1: going to not in the midterms, Let's move on to

782
00:40:58,920 --> 00:41:03,319
Speaker 1: this next Bloge. So I would say generally praiseworthy of

783
00:41:03,360 --> 00:41:05,360
Speaker 1: some of the ways that Elon Musk has said that

784
00:41:05,400 --> 00:41:07,600
Speaker 1: he wants to protect free speech and all of that,

785
00:41:07,680 --> 00:41:12,120
Speaker 1: but his latest foray into the free speech wars actually

786
00:41:12,200 --> 00:41:14,040
Speaker 1: shows us some of the dangers that you can walk

787
00:41:14,080 --> 00:41:16,680
Speaker 1: into if you are not fully informed, or at the

788
00:41:16,760 --> 00:41:21,360
Speaker 1: very least you are not fully aware of the language

789
00:41:21,400 --> 00:41:24,479
Speaker 1: that you're using when talking about content moderation. So let's

790
00:41:24,480 --> 00:41:27,719
Speaker 1: put this up there on the screen. Musk was replying

791
00:41:28,080 --> 00:41:30,799
Speaker 1: to a tweet from Mike Cernovich, who said, here you go,

792
00:41:30,880 --> 00:41:33,359
Speaker 1: Elon Musk, when Twitter employees invariably lie to you about

793
00:41:33,440 --> 00:41:35,960
Speaker 1: enforcement policy, maybe they can explain why a verifoid account

794
00:41:36,120 --> 00:41:38,719
Speaker 1: is allowed to incite terrorism without any care in the

795
00:41:38,719 --> 00:41:41,680
Speaker 1: world about being banned. And so here's what Elon replied.

796
00:41:42,520 --> 00:41:46,040
Speaker 1: Twitter obviously has a strong left wing bias. I mean,

797
00:41:46,080 --> 00:41:48,839
Speaker 1: I think that's probably true. But he responds, all this,

798
00:41:49,200 --> 00:41:54,160
Speaker 1: yesft liberal bias. He replies, though, to this, he says,

799
00:41:54,719 --> 00:41:58,440
Speaker 1: like I said, my preference is to hew close to

800
00:41:58,560 --> 00:42:03,040
Speaker 1: the laws of country in which Twitter operates. If the

801
00:42:03,080 --> 00:42:07,120
Speaker 1: citizens want something banned, then pass a law to do so.

802
00:42:07,520 --> 00:42:12,520
Speaker 1: Otherwise it should be allowed. Now that works in a

803
00:42:12,640 --> 00:42:16,799
Speaker 1: free society, a democratic society like America, And actually then

804
00:42:16,840 --> 00:42:19,920
Speaker 1: it doesn't really work because the First Amendment, you know,

805
00:42:20,080 --> 00:42:23,680
Speaker 1: trumps all of those things. Constitutional right, So we have

806
00:42:23,719 --> 00:42:27,200
Speaker 1: a constitutional right, not an actual democratic right in order

807
00:42:27,239 --> 00:42:29,240
Speaker 1: to have free speech. But maybe more in a common

808
00:42:29,280 --> 00:42:33,160
Speaker 1: law type system like the UK or or elsewhere somewhere

809
00:42:33,160 --> 00:42:36,120
Speaker 1: in the West, this would more apply as long as

810
00:42:36,200 --> 00:42:39,239
Speaker 1: there's a general free idea of the types of things

811
00:42:39,239 --> 00:42:41,200
Speaker 1: that you know Germany, for example, as laws on the

812
00:42:41,200 --> 00:42:44,520
Speaker 1: books like banning scientology given their history whatever, you know,

813
00:42:44,600 --> 00:42:46,479
Speaker 1: we don't have to debate all of that. Right now.

814
00:42:46,719 --> 00:42:50,719
Speaker 1: Here's a problem though, if Elon abides by the standard

815
00:42:50,760 --> 00:42:55,399
Speaker 1: of we will censor content per whatever the governments say

816
00:42:56,040 --> 00:42:59,239
Speaker 1: or the laws on the books are. In authoritarian or

817
00:42:59,320 --> 00:43:04,759
Speaker 1: theocratic countries, that becomes a real problem. So in Saudi Arabia,

818
00:43:04,800 --> 00:43:10,359
Speaker 1: are you going to censor like Shia activists in uh Well,

819
00:43:10,360 --> 00:43:13,520
Speaker 1: obviously Twitter doesn't operate in China, but the Chinese government

820
00:43:13,520 --> 00:43:16,680
Speaker 1: nonetheless put immense amount of pressure on Twitter in order

821
00:43:16,719 --> 00:43:21,160
Speaker 1: to remove Hong Kong freedom protesters or Wiger activists or

822
00:43:21,200 --> 00:43:24,480
Speaker 1: Tibetan activists, and you know, they spend a lot of

823
00:43:24,520 --> 00:43:27,960
Speaker 1: money and time going after such people. What about in

824
00:43:28,000 --> 00:43:30,440
Speaker 1: the Islamic world, are you going to crack down on

825
00:43:30,600 --> 00:43:34,480
Speaker 1: people who are speaking out, you know, on more democratic causes.

826
00:43:36,000 --> 00:43:38,920
Speaker 1: Take the Israeli government's word for which accountl which actually

827
00:43:38,960 --> 00:43:41,760
Speaker 1: that has happened in the past, but specifically with Facebook

828
00:43:41,800 --> 00:43:44,600
Speaker 1: in particular. About that, Okay, so yeah, are you going

829
00:43:44,640 --> 00:43:47,279
Speaker 1: to allow like pro Palestinian stuff? And is I mean

830
00:43:47,400 --> 00:43:50,200
Speaker 1: Israel is a quasi democratic society, right, I mean, so

831
00:43:50,560 --> 00:43:52,839
Speaker 1: now what it's like, Well, the kanesse It passed it,

832
00:43:52,880 --> 00:43:57,560
Speaker 1: and you're like, or Knesset, I know, Israeli's so you know,

833
00:43:57,680 --> 00:44:01,960
Speaker 1: the Knnestid passed it. So now what or in Egypt,

834
00:44:02,200 --> 00:44:06,480
Speaker 1: for example, military dictatorships like our Muslim brotherhood account's going

835
00:44:06,520 --> 00:44:09,400
Speaker 1: to be allowed? Anyway, I can go on forever. The

836
00:44:09,480 --> 00:44:12,560
Speaker 1: point is is that Twitter and its current policy has

837
00:44:12,600 --> 00:44:16,240
Speaker 1: actually had very you know, frankly has not a huge

838
00:44:16,280 --> 00:44:19,000
Speaker 1: to this policy at all. This is way worse than

839
00:44:19,000 --> 00:44:22,320
Speaker 1: the current Twitter has really aired more on the side

840
00:44:22,400 --> 00:44:24,680
Speaker 1: of allowing you know something. Now, look, obviously, you know

841
00:44:24,719 --> 00:44:26,560
Speaker 1: a lot of the causes I mentioned are you know,

842
00:44:26,680 --> 00:44:29,000
Speaker 1: quasi liberal in the first place, and so they're kind

843
00:44:29,000 --> 00:44:32,400
Speaker 1: of sanctioned by you know, elite liberal mindset. So it's

844
00:44:32,440 --> 00:44:34,440
Speaker 1: not like they were getting censored in the first place,

845
00:44:34,640 --> 00:44:37,120
Speaker 1: but you're in a yout of a serious problem. You know.

846
00:44:37,120 --> 00:44:39,600
Speaker 1: Actually Russia is a good example. I think Twitter is

847
00:44:39,640 --> 00:44:42,080
Speaker 1: still operating in Russia, and if I recall back in

848
00:44:42,080 --> 00:44:45,080
Speaker 1: twenty fourteen, Twitter, in the one of the very first

849
00:44:45,080 --> 00:44:49,279
Speaker 1: instances of government issued censorship, began censoring accounts of the

850
00:44:49,320 --> 00:44:52,960
Speaker 1: behest of the Russian government. The Electronic Freedom Foundation actually

851
00:44:52,960 --> 00:44:55,279
Speaker 1: wrote about that back in twenty fourteen, about the end

852
00:44:55,280 --> 00:44:57,520
Speaker 1: of the free speech wing of the Free Speech Party.

853
00:44:57,520 --> 00:44:59,440
Speaker 1: But there's another one. You know, what are you going

854
00:44:59,480 --> 00:45:02,239
Speaker 1: to do on And you know, just yesterday he met

855
00:45:02,280 --> 00:45:04,800
Speaker 1: with the European Union and the head of their whatever

856
00:45:04,840 --> 00:45:08,799
Speaker 1: regulatory agency is over the Internet. And remember they have

857
00:45:08,920 --> 00:45:11,480
Speaker 1: very very different standards than we do over here. So

858
00:45:11,840 --> 00:45:13,319
Speaker 1: you know, it just shows you this is a real

859
00:45:13,840 --> 00:45:16,319
Speaker 1: it's a pickle in terms of how exactly you do

860
00:45:16,400 --> 00:45:18,319
Speaker 1: these things. And there's a reason that a lot of

861
00:45:18,320 --> 00:45:20,439
Speaker 1: companies didn't even buy Twitter in the first place because

862
00:45:20,440 --> 00:45:22,160
Speaker 1: they never wanted to deal with this. Yeah, I mean

863
00:45:22,239 --> 00:45:24,319
Speaker 1: even in Europe, as you're pointing to this is this

864
00:45:24,360 --> 00:45:28,240
Speaker 1: is an issue because you have new laws in the EU.

865
00:45:28,840 --> 00:45:31,640
Speaker 1: Just reading this starticle from ABC News where they say,

866
00:45:31,640 --> 00:45:34,399
Speaker 1: if his approach will be just stop moderating Twitter, he's

867
00:45:34,400 --> 00:45:36,480
Speaker 1: going to find himself in legal trouble in the EU.

868
00:45:36,680 --> 00:45:39,520
Speaker 1: Must will soon be confronted with Europe's Digital Services Act,

869
00:45:39,640 --> 00:45:42,080
Speaker 1: which will require big tech companies like Twitter, Google, and

870
00:45:42,120 --> 00:45:44,680
Speaker 1: Facebook parent Meta to police their platforms more strictly or

871
00:45:44,719 --> 00:45:48,520
Speaker 1: face billions and fines. So basically, if you take this

872
00:45:48,600 --> 00:45:52,160
Speaker 1: at face value, effectively, he's saying, all right, I'm just

873
00:45:52,200 --> 00:45:55,160
Speaker 1: gonna abide by what the EU has passed at this point.

874
00:45:55,160 --> 00:45:56,839
Speaker 1: I'm not going to put up a fight, hear at all,

875
00:45:56,960 --> 00:46:02,160
Speaker 1: So listen. I think at best, it shows a lack

876
00:46:02,440 --> 00:46:08,040
Speaker 1: of thoughtfulness, a lack of having really engaged deeply with

877
00:46:08,160 --> 00:46:11,759
Speaker 1: this issue and what it would mean not just here

878
00:46:12,320 --> 00:46:16,719
Speaker 1: but in a global context. At worst, it signals that

879
00:46:16,760 --> 00:46:20,479
Speaker 1: he could actually make Twitter worse from a censorship point

880
00:46:20,480 --> 00:46:24,720
Speaker 1: of view than it ultimately is right now. But between

881
00:46:24,760 --> 00:46:29,439
Speaker 1: that and what we reported yesterday about his plans, number one,

882
00:46:29,520 --> 00:46:32,879
Speaker 1: that he is about making that money, and he's also

883
00:46:33,160 --> 00:46:36,600
Speaker 1: you know, taking money from some unsavory countries like the

884
00:46:36,680 --> 00:46:39,240
Speaker 1: nation of Qatar, which is not known for its commitment

885
00:46:39,280 --> 00:46:42,400
Speaker 1: to free speech. I think it ought to give you

886
00:46:42,560 --> 00:46:46,520
Speaker 1: some pause about whether or not Elon Musk is really

887
00:46:46,560 --> 00:46:49,399
Speaker 1: going to be your free speech savior here on Twitter. Well,

888
00:46:49,400 --> 00:46:51,160
Speaker 1: it can show you even if you have good intent,

889
00:46:51,360 --> 00:46:53,799
Speaker 1: you know, and if you're from the West, you're like, yeah,

890
00:46:53,800 --> 00:46:56,040
Speaker 1: well we'll just abide by the laws of that country.

891
00:46:56,040 --> 00:46:58,200
Speaker 1: And it's like, well, you know, that's a serious issue.

892
00:46:58,239 --> 00:47:00,279
Speaker 1: So you know, Ryan actually replied to this, Ryan and Graham,

893
00:47:00,320 --> 00:47:02,560
Speaker 1: let's put this up there on the screen, and he's like,

894
00:47:02,600 --> 00:47:04,880
Speaker 1: are you signaling the Chinese government will be allowed to

895
00:47:04,920 --> 00:47:07,719
Speaker 1: put Chinese post by, will be allowed to censor post

896
00:47:07,760 --> 00:47:10,960
Speaker 1: taken down by Chinese citizens? Because if so, that's more

897
00:47:11,000 --> 00:47:14,000
Speaker 1: censorship than currently done by Twitter. It just you look,

898
00:47:14,040 --> 00:47:16,400
Speaker 1: it's a very very thorny topic and you actually have

899
00:47:16,440 --> 00:47:19,680
Speaker 1: to be very well considered. And I would, I would

900
00:47:19,760 --> 00:47:24,560
Speaker 1: personally advocate for a policy which hues to the American

901
00:47:24,680 --> 00:47:28,560
Speaker 1: First Amendment globally, and you know, dare the European Union?

902
00:47:28,680 --> 00:47:32,280
Speaker 1: Are they really going to ban Twitter in the EU? Honestly,

903
00:47:32,360 --> 00:47:34,080
Speaker 1: if you're in the EU, you're probably better off, but

904
00:47:34,280 --> 00:47:37,640
Speaker 1: you know, for your own mental health. But I just

905
00:47:37,680 --> 00:47:39,759
Speaker 1: don't believe you, Like I don't believe that they will

906
00:47:39,800 --> 00:47:41,480
Speaker 1: do it. And look if Egypt and all these other

907
00:47:41,480 --> 00:47:44,280
Speaker 1: countries want to boot them off, you know, go ahead.

908
00:47:44,360 --> 00:47:47,279
Speaker 1: Life finds a way. VPNs these days basically make it

909
00:47:47,320 --> 00:47:50,160
Speaker 1: so if you want to, you can basically access anything,

910
00:47:50,200 --> 00:47:52,359
Speaker 1: and we should just set that standard. And that's how

911
00:47:52,400 --> 00:47:54,239
Speaker 1: I think that it should govern itself. But you know,

912
00:47:54,440 --> 00:47:56,120
Speaker 1: it's still gonna be tough. He's got a lot of

913
00:47:56,120 --> 00:47:58,560
Speaker 1: regulatory problems in order to go with Yeah, even has

914
00:47:58,600 --> 00:48:02,919
Speaker 1: comments about like Twitter has clear left wing bias. I mean,

915
00:48:03,640 --> 00:48:08,360
Speaker 1: like you said, liberal bias for sure, but even that

916
00:48:08,520 --> 00:48:12,319
Speaker 1: showed a lack of like thought and nuance about the

917
00:48:12,360 --> 00:48:15,400
Speaker 1: real problems on the platform. So anyway, we'll see how

918
00:48:15,400 --> 00:48:19,120
Speaker 1: this all unfolds. This is a huge story that has

919
00:48:19,160 --> 00:48:23,000
Speaker 1: not gotten nearly the attention that it should, and which

920
00:48:23,000 --> 00:48:25,279
Speaker 1: we are just picking up on because neither of us has.

921
00:48:25,360 --> 00:48:27,319
Speaker 1: I don't have any little babies anymore, so I was

922
00:48:27,360 --> 00:48:29,719
Speaker 1: not aware that this was all going on. There's a

923
00:48:29,880 --> 00:48:33,480
Speaker 1: huge nationwide shortage of baby formula that frankly has been

924
00:48:33,480 --> 00:48:37,680
Speaker 1: going on for months now. It's only getting worse. Government

925
00:48:37,719 --> 00:48:41,840
Speaker 1: has not been responsive at all. Obviously, for many babies,

926
00:48:41,880 --> 00:48:45,799
Speaker 1: formulas their sole source of nutrition. So it's very It's

927
00:48:45,800 --> 00:48:48,680
Speaker 1: not like you can just substitute something else. This is

928
00:48:48,880 --> 00:48:52,120
Speaker 1: what babies need to eat and to be able to survive.

929
00:48:52,239 --> 00:48:54,120
Speaker 1: So this is a major problem. Let's go ahead and

930
00:48:54,120 --> 00:48:56,160
Speaker 1: put this the numbers up on the screen here. This

931
00:48:56,280 --> 00:49:01,239
Speaker 1: is from NBC. They say, effectively that you've got the

932
00:49:01,280 --> 00:49:04,040
Speaker 1: share of baby formula out of stock across the US

933
00:49:04,160 --> 00:49:08,279
Speaker 1: hit forty percent on April twenty fourth. That's according to

934
00:49:09,120 --> 00:49:12,439
Speaker 1: a number crunching group called Data Assembly. That's up from

935
00:49:12,440 --> 00:49:14,960
Speaker 1: twenty nine percent, which already seems pretty high to me

936
00:49:15,160 --> 00:49:18,680
Speaker 1: back in March. They have an expert here who you know,

937
00:49:18,760 --> 00:49:21,040
Speaker 1: is indicating what I was just saying that, unlike other

938
00:49:21,080 --> 00:49:24,600
Speaker 1: food work recalls, shortages in the infant formula supply affects

939
00:49:24,600 --> 00:49:28,680
Speaker 1: a major or even exclusive source of nutrition for babies,

940
00:49:28,719 --> 00:49:32,120
Speaker 1: and inadequate nutrition could have long term health implications for

941
00:49:32,160 --> 00:49:35,279
Speaker 1: those babies. The states that are seeing the worst shortages

942
00:49:35,800 --> 00:49:39,720
Speaker 1: include Texas, Tennessee, Missouri, Iowa, North Dakota, and South Dakota,

943
00:49:39,760 --> 00:49:42,400
Speaker 1: all with out of stock rates of about fifty percent.

944
00:49:42,800 --> 00:49:44,960
Speaker 1: A total of twenty six states and more than half

945
00:49:44,960 --> 00:49:47,320
Speaker 1: the states have out of stock rates that are between

946
00:49:47,360 --> 00:49:50,839
Speaker 1: forty and fifty percent. Now, why is this happening. Now

947
00:49:50,880 --> 00:49:52,880
Speaker 1: we have New York Times with a little bit of reporting.

948
00:49:53,520 --> 00:49:55,920
Speaker 1: Part of what happened here is there was a signific

949
00:49:55,960 --> 00:49:57,399
Speaker 1: ahead and put the stair sheet up on the screen.

950
00:49:57,680 --> 00:50:02,960
Speaker 1: There was a significant recall of baby formula that was

951
00:50:03,120 --> 00:50:07,799
Speaker 1: produced by one of the major producers, Abbit Nutrition. What

952
00:50:07,840 --> 00:50:09,680
Speaker 1: they say in the New York Times, hees parents across

953
00:50:09,719 --> 00:50:12,880
Speaker 1: the country are struggling to keep up with the nationwide shortage.

954
00:50:13,000 --> 00:50:16,160
Speaker 1: It's a problem worsened by a recent recall by Abbot Nutrition,

955
00:50:16,920 --> 00:50:20,600
Speaker 1: manufacturer of baby food. That recall came after at least

956
00:50:20,640 --> 00:50:25,040
Speaker 1: four babies were hospitalized with bacterial infections and two died

957
00:50:25,400 --> 00:50:30,280
Speaker 1: after consuming their products. That's, according to the USFDA, horrifying, horrible,

958
00:50:30,360 --> 00:50:33,920
Speaker 1: horrible situation. Just to give you a sense of how

959
00:50:34,000 --> 00:50:37,680
Speaker 1: central Abbit Nutrition, the company that ultimately had the recall

960
00:50:37,719 --> 00:50:39,840
Speaker 1: and it's contributing to this shortage. Although they're not the

961
00:50:39,960 --> 00:50:43,960
Speaker 1: entire story, they're actually the exclusive supplier for more than

962
00:50:44,040 --> 00:50:48,319
Speaker 1: half of the wick agencies nationwide. So they say this

963
00:50:48,440 --> 00:50:51,040
Speaker 1: is not some isolated issue, and that the shortage is

964
00:50:51,080 --> 00:50:56,240
Speaker 1: particularly acute for infants who require specialty formulas to address allergies,

965
00:50:56,239 --> 00:50:59,440
Speaker 1: gas or intestinal issues, or metabolic disorders. So listen, for

966
00:50:59,680 --> 00:51:01,960
Speaker 1: you know, some babies who don't have those allergies and

967
00:51:01,960 --> 00:51:05,120
Speaker 1: they're not sensitive, they can basically have whatever formula happens

968
00:51:05,120 --> 00:51:07,640
Speaker 1: to be on the shelf. But if you have an

969
00:51:07,640 --> 00:51:10,719
Speaker 1: infant who has a specialized need and you need to

970
00:51:10,719 --> 00:51:15,080
Speaker 1: get a specific type of formula, this is in particular

971
00:51:15,200 --> 00:51:17,040
Speaker 1: a major issue for you. And then the last part

972
00:51:17,080 --> 00:51:20,320
Speaker 1: of the story here is that you have effectively every

973
00:51:20,360 --> 00:51:23,960
Speaker 1: major retail that is putting limits on how much parents

974
00:51:23,960 --> 00:51:28,080
Speaker 1: can buy. Walgreens, Target, but it's also Walmart, Costco. It's

975
00:51:28,120 --> 00:51:31,959
Speaker 1: also cvs are now placing limits on baby formula due

976
00:51:31,960 --> 00:51:35,000
Speaker 1: to supply shortages. And the last thing I'll say about

977
00:51:35,000 --> 00:51:39,320
Speaker 1: the saga is that formula is also already a really

978
00:51:39,360 --> 00:51:45,160
Speaker 1: significant expense for new parents. On average, parents spend between

979
00:51:45,160 --> 00:51:49,080
Speaker 1: twelve hundred and fifteen hundred dollars on infant formula in

980
00:51:49,120 --> 00:51:52,560
Speaker 1: the first year alone. So when you're talking about those

981
00:51:52,680 --> 00:51:56,360
Speaker 1: costs going up, which they have, that also is a

982
00:51:56,600 --> 00:52:01,080
Speaker 1: major financial strain for families and for parents. Yeah, I mean,

983
00:52:01,080 --> 00:52:02,319
Speaker 1: I was telling you I have a friend who's a

984
00:52:02,360 --> 00:52:04,600
Speaker 1: new mom. I mean, this is a really stressful situation

985
00:52:04,840 --> 00:52:07,600
Speaker 1: because they don't know what the supply is coming from,

986
00:52:07,680 --> 00:52:09,520
Speaker 1: and especially you know, some people like to stick to

987
00:52:09,520 --> 00:52:12,319
Speaker 1: a single brand. You don't even have that luxury in

988
00:52:12,360 --> 00:52:14,960
Speaker 1: the current market. And then Amazon has a two month

989
00:52:15,280 --> 00:52:18,360
Speaker 1: backlog for generic baby formula. Wow. And you know, I

990
00:52:18,360 --> 00:52:20,200
Speaker 1: mean the stuff that really scares the hell out of

991
00:52:20,239 --> 00:52:23,920
Speaker 1: me is every major retailer in America is rationing baby

992
00:52:23,960 --> 00:52:26,879
Speaker 1: formula right now. If you were a new parent, I mean,

993
00:52:27,040 --> 00:52:31,440
Speaker 1: that's already a very stressful situation. It's one of those

994
00:52:31,440 --> 00:52:33,120
Speaker 1: things where you really want to plan for the future

995
00:52:33,560 --> 00:52:36,279
Speaker 1: and you're just simply unable to do so. You know,

996
00:52:36,600 --> 00:52:38,839
Speaker 1: imagine just hoping that you're gonna be able to get

997
00:52:38,840 --> 00:52:41,040
Speaker 1: some here. You know, my friend who's a new mom

998
00:52:41,120 --> 00:52:43,800
Speaker 1: eventually to you know, reserve some online at a store

999
00:52:44,080 --> 00:52:46,439
Speaker 1: which was several miles away, and then hope that it's

1000
00:52:46,480 --> 00:52:48,920
Speaker 1: there whenever you drive to go. I mean, you know,

1001
00:52:49,040 --> 00:52:51,520
Speaker 1: you have a little infant child which is relying on

1002
00:52:51,560 --> 00:52:55,080
Speaker 1: this for This isn't like a shortage of meat. Now, look,

1003
00:52:55,120 --> 00:52:57,880
Speaker 1: we all, like most people like meat. You know, you

1004
00:52:57,920 --> 00:53:00,080
Speaker 1: definitely need meat, or you know, at least some of

1005
00:53:00,080 --> 00:53:03,200
Speaker 1: the things that gives you. You can get it elsewhere.

1006
00:53:03,320 --> 00:53:05,719
Speaker 1: You know, if you are careful about it, but this

1007
00:53:05,800 --> 00:53:08,680
Speaker 1: is the exclusive source of nutrition, Like this is the

1008
00:53:08,719 --> 00:53:11,120
Speaker 1: only thing that some of these kids are able to eat.

1009
00:53:11,120 --> 00:53:14,960
Speaker 1: And like you said, the WICK that part of this

1010
00:53:15,000 --> 00:53:17,719
Speaker 1: is also really important because the WIK program is for

1011
00:53:17,800 --> 00:53:22,879
Speaker 1: a lot of moms who are in the lower end

1012
00:53:22,880 --> 00:53:26,040
Speaker 1: of the income spectrum. And also I think single you know,

1013
00:53:26,480 --> 00:53:29,239
Speaker 1: more disportion more likely to be single. So you've got

1014
00:53:29,239 --> 00:53:33,000
Speaker 1: like single moms who are now depending on the WICK

1015
00:53:33,080 --> 00:53:36,120
Speaker 1: program to get their formula. And then you've got over

1016
00:53:36,200 --> 00:53:40,879
Speaker 1: half of WICK states where their exclusive supplier is this

1017
00:53:40,920 --> 00:53:44,399
Speaker 1: one particular brand who now issued a recall and they

1018
00:53:44,400 --> 00:53:47,359
Speaker 1: straight up are not able to get the formula that

1019
00:53:47,400 --> 00:53:50,000
Speaker 1: they were reliant on. So look, I mean, this is

1020
00:53:50,040 --> 00:53:55,160
Speaker 1: a catastrophe. There's a lot of problems obviously that this exposes.

1021
00:53:55,680 --> 00:53:58,160
Speaker 1: It shows you also part of the problems with some

1022
00:53:58,239 --> 00:54:00,200
Speaker 1: of the ways that we some of the ways that

1023
00:54:00,239 --> 00:54:03,000
Speaker 1: we do this. Actually I was reading from a policy level,

1024
00:54:03,040 --> 00:54:07,719
Speaker 1: which is that by exclusively contracting with Abbot Pharmaceutic or

1025
00:54:07,760 --> 00:54:12,120
Speaker 1: Abbot Nutrition, we guarantee a price. But part of the

1026
00:54:12,120 --> 00:54:15,160
Speaker 1: problem with that is actually is that Abbot then doesn't

1027
00:54:15,239 --> 00:54:18,040
Speaker 1: have the flexibility and production because they only plan to

1028
00:54:18,680 --> 00:54:20,720
Speaker 1: produce a certain amount in order to meet that price

1029
00:54:20,800 --> 00:54:24,360
Speaker 1: by wick. So the basic thing is is that the

1030
00:54:24,680 --> 00:54:29,360
Speaker 1: actual infrastructure to spin up baby formula quickly does not exist, period.

1031
00:54:29,600 --> 00:54:32,080
Speaker 1: And now we have a massive shortage. And guess what,

1032
00:54:32,400 --> 00:54:35,120
Speaker 1: there is no at least from what I can tell,

1033
00:54:35,440 --> 00:54:39,719
Speaker 1: current response from policymakers. I know Jensaki was asked about

1034
00:54:39,719 --> 00:54:42,480
Speaker 1: it yesterday, Crystal, but they got nothing to say. I

1035
00:54:42,480 --> 00:54:46,240
Speaker 1: mean at a very basic level. Yeah, she said, ensuring

1036
00:54:46,239 --> 00:54:48,920
Speaker 1: the availability of the availability of these products is a

1037
00:54:48,960 --> 00:54:51,439
Speaker 1: priority for the FDA, and they're working around the clock

1038
00:54:51,520 --> 00:54:54,800
Speaker 1: to address any possible shortage, But she did not outline

1039
00:54:54,840 --> 00:54:57,680
Speaker 1: any steps of bid administration is taking in addition to

1040
00:54:57,680 --> 00:55:00,680
Speaker 1: what the FDA is doing, whatever they're doing, Like with oil,

1041
00:55:00,760 --> 00:55:03,920
Speaker 1: the president can't tap a strategic and famil reserve to

1042
00:55:04,000 --> 00:55:07,560
Speaker 1: offset low natural supplies. She said, I don't believe there's

1043
00:55:07,600 --> 00:55:11,520
Speaker 1: a national stockpile of baby formula. And actually there is

1044
00:55:11,680 --> 00:55:14,839
Speaker 1: one lawmaker who has proposed something, ABBY thinkin Ower, who

1045
00:55:14,960 --> 00:55:18,399
Speaker 1: is a Democrat from Iowa. She called on a White

1046
00:55:18,440 --> 00:55:21,520
Speaker 1: House to invoke the Defense Production Act to force manufacturers

1047
00:55:21,560 --> 00:55:24,319
Speaker 1: to produce additional baby formula. And I think it has

1048
00:55:24,360 --> 00:55:26,200
Speaker 1: come to that. I mean, you can't leave these moms

1049
00:55:26,560 --> 00:55:29,719
Speaker 1: and new parents high and dry like this. I mean,

1050
00:55:29,760 --> 00:55:35,840
Speaker 1: this is absolutely essential, critical supply. It's way more important

1051
00:55:35,880 --> 00:55:39,239
Speaker 1: than any other food source that you can ultimately think of,

1052
00:55:39,360 --> 00:55:42,560
Speaker 1: because this is it. If you have a formula fed baby,

1053
00:55:43,000 --> 00:55:46,520
Speaker 1: this is what they eat. So it really is a

1054
00:55:46,600 --> 00:55:50,240
Speaker 1: kind of a brewing disaster here. And they were counting

1055
00:55:50,280 --> 00:55:55,160
Speaker 1: the New York Times. One mom who was searching online

1056
00:55:55,200 --> 00:55:58,759
Speaker 1: and found like ten cans of whatever brand of formula

1057
00:55:58,960 --> 00:56:02,319
Speaker 1: for forty dollars each is, I don't actually it's a lot.

1058
00:56:02,360 --> 00:56:04,880
Speaker 1: That's a lot. Yeah, I mean formula is expensive, but

1059
00:56:04,920 --> 00:56:06,920
Speaker 1: I think it's more like twenty five dollars a can,

1060
00:56:07,680 --> 00:56:10,279
Speaker 1: But yeah, forty dollars a can is a lot. And

1061
00:56:10,960 --> 00:56:13,000
Speaker 1: she reached out and was like, please, I have to

1062
00:56:13,000 --> 00:56:15,640
Speaker 1: have it. I have I can pay in all cash.

1063
00:56:14,680 --> 00:56:18,600
Speaker 1: And that's for someone who had the means to do that. Now,

1064
00:56:18,680 --> 00:56:21,560
Speaker 1: imagine that your budget is already stretched. Formula and diapers

1065
00:56:21,560 --> 00:56:24,440
Speaker 1: are already one of the top items that ultimately is stolen,

1066
00:56:24,520 --> 00:56:27,560
Speaker 1: both because of desperate parents and because of criminals who

1067
00:56:27,600 --> 00:56:30,560
Speaker 1: know that they can ultimately resell it. So it's a

1068
00:56:30,640 --> 00:56:33,240
Speaker 1: bad situation that needs to get more attended. This reminds

1069
00:56:33,239 --> 00:56:36,480
Speaker 1: me too of the inflexibility of the FDA, you know,

1070
00:56:36,560 --> 00:56:39,279
Speaker 1: at a time when Europeans had rapid tests that we

1071
00:56:39,360 --> 00:56:43,760
Speaker 1: didn't have. Yeah, on availability, Listen, I'm a protectionist at heart,

1072
00:56:43,960 --> 00:56:46,319
Speaker 1: but there's a shit ton of baby formula sitting in

1073
00:56:46,360 --> 00:56:49,759
Speaker 1: Europe right now. We have a ban on European imports.

1074
00:56:49,840 --> 00:56:54,640
Speaker 1: Apparently a ton of US parents already illegally import European

1075
00:56:54,680 --> 00:56:57,560
Speaker 1: baby formula. Really. Yeah, it's like goat milk based and

1076
00:56:57,600 --> 00:56:59,640
Speaker 1: they like it. Listen, I don't know anything about it.

1077
00:56:59,640 --> 00:57:03,319
Speaker 1: I was reading a little bit more up saying, just

1078
00:57:03,520 --> 00:57:08,480
Speaker 1: wave the damn whatever tariff protection against this thing. Send

1079
00:57:08,520 --> 00:57:10,960
Speaker 1: to C forty seven over there, and let's get some

1080
00:57:11,040 --> 00:57:14,040
Speaker 1: baby formula here, and let's give it away to anybody

1081
00:57:14,160 --> 00:57:16,480
Speaker 1: who needs it. I mean, these are the basic functions

1082
00:57:16,680 --> 00:57:19,200
Speaker 1: of government. You can't be leaving these new moms in

1083
00:57:19,240 --> 00:57:22,200
Speaker 1: the lurch. It's probably stressful and has hell enough in

1084
00:57:22,320 --> 00:57:24,480
Speaker 1: order to have a new baby in the middle of

1085
00:57:24,520 --> 00:57:27,680
Speaker 1: an economic crisis, especially if you're single, and especially if

1086
00:57:27,720 --> 00:57:30,400
Speaker 1: you're poor. So I would love to see something like

1087
00:57:30,400 --> 00:57:33,280
Speaker 1: that from the Biden administration. But as I learned during COVID,

1088
00:57:33,480 --> 00:57:37,080
Speaker 1: it's not like you know, these bureaucratic you know, rigidity

1089
00:57:37,320 --> 00:57:39,520
Speaker 1: will force them to be like well, reviewing the situation

1090
00:57:39,760 --> 00:57:43,160
Speaker 1: while everybody is just sitting suffering and stressing out at home.

1091
00:57:43,200 --> 00:57:46,280
Speaker 1: I mean, there's literally an entire market over there. It's

1092
00:57:46,400 --> 00:57:48,640
Speaker 1: not that hard to go and get some. And like

1093
00:57:48,680 --> 00:57:51,240
Speaker 1: I said, I didn't even notice, Crystal. There are Facebook

1094
00:57:51,240 --> 00:57:55,920
Speaker 1: groups where parents are illegally importing European baby formula already.

1095
00:57:56,080 --> 00:57:59,080
Speaker 1: So if the Facebook moms, if the Facebook moms can

1096
00:57:59,120 --> 00:58:01,320
Speaker 1: get their hand on this stuff, it doesn't seem that

1097
00:58:01,360 --> 00:58:06,120
Speaker 1: hard for the gout. That's my basic response. All right,

1098
00:58:07,280 --> 00:58:10,400
Speaker 1: let's talk about the new press secretary. Okay, correct my pronunciation,

1099
00:58:10,520 --> 00:58:12,920
Speaker 1: Kareem Jean Pierre? Is that right? All right? Wow, look

1100
00:58:12,920 --> 00:58:17,480
Speaker 1: at me? Okay. So I said yesterday that the press,

1101
00:58:17,560 --> 00:58:23,360
Speaker 1: by focusing exclusively on miss Jean Pierre's sexuality and her race,

1102
00:58:23,760 --> 00:58:26,280
Speaker 1: was covering up the fact that we need to know

1103
00:58:26,320 --> 00:58:28,360
Speaker 1: a little bit more about this woman. What are all

1104
00:58:28,400 --> 00:58:29,920
Speaker 1: of the things that she said in the past, that

1105
00:58:30,040 --> 00:58:31,840
Speaker 1: she lied in the past as she pushed this, and

1106
00:58:31,840 --> 00:58:36,280
Speaker 1: how she pushed that. And the right wing ecosystem has

1107
00:58:36,360 --> 00:58:39,200
Speaker 1: responded to my challenge and has moved in, and I

1108
00:58:39,200 --> 00:58:42,040
Speaker 1: actually want to say something about this. It is incredibly

1109
00:58:42,080 --> 00:58:46,120
Speaker 1: sad to me that ideological partisan media had to fill

1110
00:58:46,120 --> 00:58:49,120
Speaker 1: in the gaps here of the mainstream media, because where

1111
00:58:49,160 --> 00:58:51,840
Speaker 1: I'm about to show you or broth from GOP activists

1112
00:58:51,920 --> 00:58:54,520
Speaker 1: or from Fox News when this should just be the

1113
00:58:54,560 --> 00:58:58,560
Speaker 1: standard period for all press secretaries. And the fact that

1114
00:58:58,600 --> 00:59:02,360
Speaker 1: it's not being dug up by the mainstream media just

1115
00:59:02,400 --> 00:59:06,120
Speaker 1: shows you why I think the entire alternative ecosystem exists

1116
00:59:06,120 --> 00:59:08,080
Speaker 1: in the first place. So let's go ahead and put

1117
00:59:08,080 --> 00:59:10,200
Speaker 1: this up there on the screen. What has miss Jean

1118
00:59:10,240 --> 00:59:14,360
Speaker 1: Pierre said in the past. Oh? Interesting, So back in

1119
00:59:14,400 --> 00:59:18,760
Speaker 1: twenty eighteen she said this quote, reminder, Brian Kemp stole

1120
00:59:18,840 --> 00:59:23,080
Speaker 1: the gubernatorial election from Georgians and Stacy Abrams, oh, doubting

1121
00:59:23,080 --> 00:59:26,000
Speaker 1: the democratic election of Georgia. And then in twenty sixteen,

1122
00:59:26,040 --> 00:59:30,240
Speaker 1: here's what she said about Trump. Stolen emails, stolen drone?

1123
00:59:30,320 --> 00:59:32,400
Speaker 1: Where did the drone come from? I was trying to

1124
00:59:32,400 --> 00:59:35,680
Speaker 1: figure that one out too, stolen drone. Listen, it's been

1125
00:59:35,680 --> 00:59:41,440
Speaker 1: a while, yeah, one day, stolen emails, stolen drone, stolen election.

1126
00:59:41,680 --> 00:59:47,160
Speaker 1: Welcome to the world of hashtag unprecedented Trump. Wow. I

1127
00:59:47,200 --> 00:59:50,480
Speaker 1: mean that is certainly doubting the results of the twenty

1128
00:59:50,520 --> 00:59:54,120
Speaker 1: sixteen election and saying that it was essentially stolen by Russia.

1129
00:59:54,200 --> 00:59:57,480
Speaker 1: And Fox News actually went and compiled ten of the

1130
00:59:57,480 --> 00:59:59,280
Speaker 1: worst things that she said in the past, put us

1131
00:59:59,320 --> 01:00:02,480
Speaker 1: up there on the screen, and look, I mean, when

1132
01:00:02,560 --> 01:00:04,800
Speaker 1: you go through this, you're just looking at somebody who

1133
01:00:04,840 --> 01:00:08,640
Speaker 1: is clearly somebody who has fallen for the derangements of

1134
01:00:08,960 --> 01:00:13,360
Speaker 1: elite liberalism. So what they point to specifically is that

1135
01:00:13,440 --> 01:00:16,320
Speaker 1: this is a person who has This is a person

1136
01:00:16,320 --> 01:00:20,320
Speaker 1: who actually protected Kamala Harris whenever she was moderating a debate.

1137
01:00:20,480 --> 01:00:23,480
Speaker 1: Oh I remember, Yeah, when protected her. That was a

1138
01:00:23,480 --> 01:00:26,400
Speaker 1: good moment. Well, so, okay, physically protecting I think is fine,

1139
01:00:26,520 --> 01:00:28,320
Speaker 1: but I think shielding her from a question of an

1140
01:00:28,360 --> 01:00:31,560
Speaker 1: animal rights actor. But this was it was like rushing this. Yeah,

1141
01:00:31,560 --> 01:00:34,080
Speaker 1: it was. It was a little bit of a weird situation. Yeah,

1142
01:00:34,240 --> 01:00:36,240
Speaker 1: I guess I could probably I was fine. I'll side

1143
01:00:36,240 --> 01:00:37,800
Speaker 1: with you, I guess on that one. But then she

1144
01:00:37,840 --> 01:00:40,880
Speaker 1: said that Trump could start a horrible civil war, She

1145
01:00:41,000 --> 01:00:46,280
Speaker 1: doubted the she doubted the legitimacy of the twenty sixteen election,

1146
01:00:46,720 --> 01:00:51,280
Speaker 1: repeatedly tweeted about Trump with hashtag putin love affair. You

1147
01:00:51,320 --> 01:00:55,160
Speaker 1: know is this somebody claimed the twenty eighteen Georgia gubernatorial

1148
01:00:55,200 --> 01:01:00,320
Speaker 1: election was stolen, repeatedly praised Andrew Cuomo during the pandemic,

1149
01:01:00,680 --> 01:01:03,880
Speaker 1: declared that it's racist to cover the Chinese origin of

1150
01:01:04,080 --> 01:01:07,919
Speaker 1: COVID accused, you know, listen more. What I could point

1151
01:01:07,960 --> 01:01:11,240
Speaker 1: to is the basic fact that this is a died

1152
01:01:11,320 --> 01:01:14,520
Speaker 1: in the wool MSNBC lib Crystal Well, that's I mean.

1153
01:01:14,600 --> 01:01:16,400
Speaker 1: I guess that was my reaction to it. I was like,

1154
01:01:16,760 --> 01:01:21,320
Speaker 1: are you like this is standard ish, it's cringe liberal stuff. Really,

1155
01:01:21,400 --> 01:01:24,600
Speaker 1: none of it's like extraordinary. It's I would expect anyone

1156
01:01:24,600 --> 01:01:27,240
Speaker 1: who was considered for this position to basically have tweeted

1157
01:01:27,680 --> 01:01:30,400
Speaker 1: hashtag putin love affair or whatever. By the way, I

1158
01:01:30,400 --> 01:01:34,040
Speaker 1: looked up the drone thingy, what's happening? Okay, so do

1159
01:01:34,080 --> 01:01:37,320
Speaker 1: you remember this? I only vaguely remember this. Trump accuses

1160
01:01:37,520 --> 01:01:42,720
Speaker 1: China of unprecedented and he spelled it like president act

1161
01:01:42,880 --> 01:01:47,400
Speaker 1: over US Navy drone. He said that China stole US

1162
01:01:47,520 --> 01:01:51,320
Speaker 1: Navy research drone in international waters, rips it out of water,

1163
01:01:51,360 --> 01:01:56,080
Speaker 1: and takes it to China in unprecedented act. That's what

1164
01:01:56,120 --> 01:01:58,520
Speaker 1: it was about. Okay. I barely even remember that one.

1165
01:01:58,560 --> 01:02:01,720
Speaker 1: They said President elect Trump has risked further inflaming US

1166
01:02:01,800 --> 01:02:04,200
Speaker 1: relations with China after you use Twitter on Saturday to

1167
01:02:04,240 --> 01:02:07,320
Speaker 1: accuse China of an unprecedented act in seizing of an

1168
01:02:07,400 --> 01:02:09,600
Speaker 1: unmanned American submarine this week. So that's what that was, Okay,

1169
01:02:09,680 --> 01:02:13,400
Speaker 1: got it? Anyway, I guess again, my reaction these tweets

1170
01:02:13,440 --> 01:02:16,640
Speaker 1: was like typical cringe liberals one hundred percent. Nothing, nothing

1171
01:02:16,760 --> 01:02:19,600
Speaker 1: that was like extraordinarily out of the order or out

1172
01:02:19,640 --> 01:02:21,480
Speaker 1: of bounds. But you also know, you know, if you

1173
01:02:21,600 --> 01:02:24,800
Speaker 1: have a similar situation, you know, from a Republican probably

1174
01:02:24,840 --> 01:02:27,200
Speaker 1: you know, let's say the next Trump administration, and they're like,

1175
01:02:27,240 --> 01:02:30,320
Speaker 1: oh my god, the dangerous coup pushed. And look, I'm

1176
01:02:30,320 --> 01:02:33,400
Speaker 1: not equivocating between saying the two thousand sixteen election was

1177
01:02:33,440 --> 01:02:37,360
Speaker 1: stolen and necessarily the stop the Steal movement given what

1178
01:02:37,520 --> 01:02:40,680
Speaker 1: happened with the with the latter, But I still think

1179
01:02:40,880 --> 01:02:43,000
Speaker 1: some sort of scrutiny on these things and being asked

1180
01:02:43,000 --> 01:02:46,320
Speaker 1: about them is important. And I think, unfortunately that we

1181
01:02:46,440 --> 01:02:48,920
Speaker 1: already know what's going to happen. Peter Doucy is going

1182
01:02:48,960 --> 01:02:52,000
Speaker 1: to be the only guy who will ask you one question,

1183
01:02:52,200 --> 01:02:54,400
Speaker 1: and everybody in the press will sneer. This is a

1184
01:02:54,520 --> 01:02:58,720
Speaker 1: legitimate point of inquiry and looking, at least from my perspective,

1185
01:02:59,320 --> 01:03:03,920
Speaker 1: really dig up and remembering that these people are partisan

1186
01:03:04,000 --> 01:03:07,160
Speaker 1: actors who are paid to lie to you by the

1187
01:03:07,280 --> 01:03:10,640
Speaker 1: US government, should be ever present for all of these

1188
01:03:10,840 --> 01:03:13,520
Speaker 1: press secretaries, and instead it's like, oh, she's a queer

1189
01:03:13,520 --> 01:03:15,919
Speaker 1: black woman. It's like, okay, Like I really don't care

1190
01:03:16,000 --> 01:03:17,760
Speaker 1: if you're going to tell me the same lies that

1191
01:03:17,840 --> 01:03:23,040
Speaker 1: Jenzaki told me. I think for me, there is a

1192
01:03:23,120 --> 01:03:29,520
Speaker 1: macro problem with media giving partisan actors and powerful people,

1193
01:03:29,560 --> 01:03:31,840
Speaker 1: which Karine Jean Pierre has been and is about to

1194
01:03:31,880 --> 01:03:36,680
Speaker 1: be even more so, like a celebrity coverage treatment rather

1195
01:03:36,720 --> 01:03:42,000
Speaker 1: than the sort of like serious, you know, news gathering

1196
01:03:42,040 --> 01:03:44,880
Speaker 1: treatment that they would merit. You know, this is certainly

1197
01:03:44,920 --> 01:03:47,760
Speaker 1: the case with like, you know, Andrew Cuomo back in

1198
01:03:47,800 --> 01:03:51,280
Speaker 1: the day got this treatment. Stacy Abram certainly has has

1199
01:03:51,320 --> 01:03:53,680
Speaker 1: received this treat Kamala Harris has gotten this treatment. And

1200
01:03:54,200 --> 01:03:56,640
Speaker 1: I guess what I would say, You know, that's particularly

1201
01:03:56,680 --> 01:04:01,520
Speaker 1: important when you're talking about elected public official Koreein Jean Pierre.

1202
01:04:01,600 --> 01:04:04,680
Speaker 1: Ultimately she'll be you know, very influential in terms of

1203
01:04:04,880 --> 01:04:08,600
Speaker 1: the messaging strategy and what is actually told to the

1204
01:04:08,640 --> 01:04:11,600
Speaker 1: American people from the podium that matters, but is not

1205
01:04:11,960 --> 01:04:14,240
Speaker 1: as significant as like the people who are actually setting

1206
01:04:14,240 --> 01:04:16,400
Speaker 1: the policy and setting the agenda. But you know, even

1207
01:04:16,440 --> 01:04:19,880
Speaker 1: if what your goal is is to like serve your

1208
01:04:19,920 --> 01:04:23,280
Speaker 1: friends in the Democratic Party, did it ultimately help them

1209
01:04:23,280 --> 01:04:26,200
Speaker 1: that For example, you didn't really scrutinize Kamala Harris until

1210
01:04:26,200 --> 01:04:28,640
Speaker 1: she was in the job, because now you have Democrats

1211
01:04:28,640 --> 01:04:32,000
Speaker 1: in a disastrous situation where she's vice president and it's

1212
01:04:32,080 --> 01:04:34,680
Speaker 1: very clear she's not up to the job, and you know,

1213
01:04:34,800 --> 01:04:38,520
Speaker 1: Joe Biden is not getting any younger or any more sentient,

1214
01:04:38,560 --> 01:04:40,680
Speaker 1: and they've lined her up as like the next you know,

1215
01:04:40,920 --> 01:04:44,120
Speaker 1: the next one to take over the Democratic nomination and

1216
01:04:44,160 --> 01:04:46,520
Speaker 1: potentially the presidency, although I don't think that that's likely

1217
01:04:46,560 --> 01:04:50,080
Speaker 1: to happen. So they didn't really do any favors by

1218
01:04:50,120 --> 01:04:55,920
Speaker 1: this sort of like individualized celebrity treatment rather than a

1219
01:04:56,000 --> 01:04:59,320
Speaker 1: serious inquiry into who is this person, what are their views?

1220
01:04:59,320 --> 01:05:01,120
Speaker 1: How are they likely to approach the job? Yeah, that's

1221
01:05:01,120 --> 01:05:03,000
Speaker 1: what I would say. I mean, here's another example. You know,

1222
01:05:03,080 --> 01:05:06,280
Speaker 1: her wife works as a CNN reporter, and like, look,

1223
01:05:06,800 --> 01:05:09,960
Speaker 1: I'm not saying that that's corrupt, but that bears a

1224
01:05:10,000 --> 01:05:12,320
Speaker 1: little bit of scrutiny. I mean, should we maybe have

1225
01:05:12,360 --> 01:05:15,640
Speaker 1: a statement from CNN saying we assure you your whife

1226
01:05:15,640 --> 01:05:17,760
Speaker 1: will not cover these events. I mean, this is a

1227
01:05:17,760 --> 01:05:21,720
Speaker 1: CNN national political reporter, Like you don't know. Look, you

1228
01:05:21,760 --> 01:05:25,240
Speaker 1: tell me if the Fox, if a Fox correspondent was

1229
01:05:25,320 --> 01:05:27,959
Speaker 1: married to the White House Press secretary under Trump, whether

1230
01:05:28,000 --> 01:05:31,440
Speaker 1: that would not garner some pretty significant media attention. I

1231
01:05:31,480 --> 01:05:33,480
Speaker 1: mean from my I mean, from what I can tell,

1232
01:05:33,520 --> 01:05:35,840
Speaker 1: I don't think I've read a single article about it

1233
01:05:36,000 --> 01:05:38,920
Speaker 1: outside of the right wing press. That just seems very

1234
01:05:38,920 --> 01:05:42,280
Speaker 1: clearly rife for a discussion. I have nothing against them

1235
01:05:42,320 --> 01:05:44,680
Speaker 1: being married, Like, Okay, God blessed both of you, but

1236
01:05:45,280 --> 01:05:47,600
Speaker 1: now you are the paid propagandist of the White House.

1237
01:05:47,760 --> 01:05:49,959
Speaker 1: Your wife works for CNN, Like, do you have any

1238
01:05:50,000 --> 01:05:53,080
Speaker 1: processes in place at CNN in order to make sure

1239
01:05:53,120 --> 01:05:55,280
Speaker 1: that there's no ethical concerns? Like is she gonna take

1240
01:05:55,280 --> 01:05:57,000
Speaker 1: a leave of absent? I'm not saying that's fair, but

1241
01:05:57,080 --> 01:05:58,920
Speaker 1: like you know that these are all things which I

1242
01:05:59,000 --> 01:06:01,040
Speaker 1: have friends who are married to people who are in

1243
01:06:01,040 --> 01:06:03,920
Speaker 1: public office who had to make a choice about putting

1244
01:06:04,000 --> 01:06:05,840
Speaker 1: up a firewall saying okay, I'm not going to cover

1245
01:06:05,880 --> 01:06:08,360
Speaker 1: that issue period or I'm gonna have to take a

1246
01:06:08,440 --> 01:06:10,840
Speaker 1: leave of absence from my job in order to make

1247
01:06:10,840 --> 01:06:15,080
Speaker 1: sure that there's no ethical concern here whatsoever. So I mean, again,

1248
01:06:15,400 --> 01:06:17,920
Speaker 1: a real press corps, which I had probably ask that question,

1249
01:06:18,000 --> 01:06:19,600
Speaker 1: but they're going to look at that as like, oh,

1250
01:06:19,640 --> 01:06:21,760
Speaker 1: that's you know, homophobic or something like that. I mean, look,

1251
01:06:21,880 --> 01:06:24,280
Speaker 1: I would say the same for anybody. It's married to somebody.

1252
01:06:24,880 --> 01:06:28,400
Speaker 1: There's no boundaries between. I mean, it's just like you

1253
01:06:28,480 --> 01:06:31,120
Speaker 1: just see with this instance and with a million other

1254
01:06:31,200 --> 01:06:34,160
Speaker 1: ones that there are really no dividing lines between like

1255
01:06:34,240 --> 01:06:36,880
Speaker 1: the press and the people there used to be you know,

1256
01:06:36,960 --> 01:06:41,200
Speaker 1: holding to account. And so it's just another example of

1257
01:06:41,200 --> 01:06:44,440
Speaker 1: how look, she's coming directly from being like an MSNBC

1258
01:06:44,560 --> 01:06:47,600
Speaker 1: and NBC contributor as well, So she's got lots of

1259
01:06:47,600 --> 01:06:51,680
Speaker 1: friends somebodies there. She's certainly got lots of friends at CNN.

1260
01:06:52,440 --> 01:06:54,240
Speaker 1: When I was Trump in charge, of course, there was

1261
01:06:54,360 --> 01:06:57,000
Speaker 1: total revolving door between Fox News and the White House.

1262
01:06:57,040 --> 01:06:58,960
Speaker 1: Here Sean Hannity like texting him on the day of

1263
01:06:59,000 --> 01:07:02,720
Speaker 1: January sixth and all of crop. So it's just important

1264
01:07:02,760 --> 01:07:05,400
Speaker 1: to keep in mind that this idea that there's this

1265
01:07:05,560 --> 01:07:09,600
Speaker 1: like adversarial relationship is just basically total fiction. Right, that's right,

1266
01:07:12,120 --> 01:07:14,000
Speaker 1: all right, Zager? What are you looking at? Well? I

1267
01:07:14,040 --> 01:07:16,200
Speaker 1: made a comment yesterday. I couldn't really get out of

1268
01:07:16,200 --> 01:07:19,480
Speaker 1: my head when exactly did we all just accept gas

1269
01:07:19,600 --> 01:07:22,720
Speaker 1: is permanently four dollars a gallon or more. In the

1270
01:07:22,760 --> 01:07:24,920
Speaker 1: beginning of the Russian invasion of Ukraine, there was a

1271
01:07:24,920 --> 01:07:27,200
Speaker 1: lot of talk the Biden administration said they're going to

1272
01:07:27,240 --> 01:07:29,600
Speaker 1: tap the strategic petroleum Reserve, They're going to change the

1273
01:07:29,640 --> 01:07:32,200
Speaker 1: way oil is managed on federal land leases, They're going

1274
01:07:32,280 --> 01:07:35,400
Speaker 1: to work with our global partners. So it's been a

1275
01:07:35,400 --> 01:07:38,200
Speaker 1: few months and they were mostly bolstered by the public

1276
01:07:38,320 --> 01:07:40,080
Speaker 1: at the time. They said, hey, it's fine, you know,

1277
01:07:40,120 --> 01:07:43,000
Speaker 1: we'll pay more for gas because Ukraine is defending democracy.

1278
01:07:43,240 --> 01:07:45,760
Speaker 1: Well it's been a few months and the Ukraine War

1279
01:07:45,920 --> 01:07:48,520
Speaker 1: is now going to probably last for years as a

1280
01:07:48,560 --> 01:07:51,320
Speaker 1: mid grade war, And does anyone have a plan for

1281
01:07:51,440 --> 01:07:54,560
Speaker 1: us at all to pay less for gas? The triple

1282
01:07:54,640 --> 01:07:58,040
Speaker 1: A average of national gas price yesterday was four dollars

1283
01:07:58,040 --> 01:08:02,040
Speaker 1: and thirty eight cents a gallon on average. That's nuts.

1284
01:08:02,240 --> 01:08:05,000
Speaker 1: The cheapest gas in the country is in Georgia, where

1285
01:08:05,040 --> 01:08:08,320
Speaker 1: it still costs three eighty a gallon, and in California

1286
01:08:08,480 --> 01:08:11,880
Speaker 1: the average is five to eighty. That's crazy for contexts.

1287
01:08:11,920 --> 01:08:14,880
Speaker 1: That means it costs almost fifty dollars to fill up

1288
01:08:14,920 --> 01:08:18,080
Speaker 1: a basic car like a Corolla or a Honda Civic.

1289
01:08:18,400 --> 01:08:21,920
Speaker 1: This is a massive tax on working class Americans, and

1290
01:08:21,960 --> 01:08:25,920
Speaker 1: specifically working class Western Americans who have to drive a

1291
01:08:26,000 --> 01:08:28,559
Speaker 1: lot more than their East Coast brethren. Now it is

1292
01:08:28,600 --> 01:08:31,760
Speaker 1: in an inelastic product that they literally need to live

1293
01:08:31,800 --> 01:08:35,000
Speaker 1: their daily lives, and they are being drained for it.

1294
01:08:35,040 --> 01:08:38,240
Speaker 1: Is anyone in Washington thinking about these people? You know?

1295
01:08:38,320 --> 01:08:41,040
Speaker 1: I checked. There has not been a national conversation on

1296
01:08:41,160 --> 01:08:43,400
Speaker 1: gas in more than a month. It's like the Biden

1297
01:08:43,439 --> 01:08:46,519
Speaker 1: administration and Congress are like, yeah, that's just how it goes,

1298
01:08:46,600 --> 01:08:49,800
Speaker 1: I guess. I mean, meanwhile, today they had time to

1299
01:08:49,880 --> 01:08:53,439
Speaker 1: ship forty billion dollars more to Ukrainean military aid. So

1300
01:08:53,479 --> 01:08:56,360
Speaker 1: they're capable of doing something, just apparently not for our

1301
01:08:56,400 --> 01:08:59,840
Speaker 1: citizens and cool. I mean, honestly, though, gas maybe the

1302
01:09:00,000 --> 01:09:03,720
Speaker 1: east of our worries. Per my investigation yesterday, gas is

1303
01:09:03,760 --> 01:09:07,160
Speaker 1: at least mostly a consumer worry. It is generally flatlined

1304
01:09:07,160 --> 01:09:10,080
Speaker 1: around four to fifty or sour a gallon for now. Diesel, though,

1305
01:09:10,240 --> 01:09:13,599
Speaker 1: is a whole other story. In fact, just yesterday diesel

1306
01:09:13,680 --> 01:09:16,479
Speaker 1: hit the all time high price record at more than

1307
01:09:16,560 --> 01:09:19,519
Speaker 1: five point fifty on average a gallon, with reports of

1308
01:09:19,720 --> 01:09:23,280
Speaker 1: crazy highs in both California and on the East Coast.

1309
01:09:23,600 --> 01:09:27,240
Speaker 1: This is actually worse for nearly everything because you purchase

1310
01:09:27,280 --> 01:09:29,880
Speaker 1: stuff from the grocery store and the hardware store that

1311
01:09:29,960 --> 01:09:32,360
Speaker 1: has to be trucked there. Diesel is what is mostly

1312
01:09:32,479 --> 01:09:35,240
Speaker 1: used by our transportation fleet of trucks in the US,

1313
01:09:35,400 --> 01:09:37,920
Speaker 1: So we already have a shortage of truckers and a

1314
01:09:37,960 --> 01:09:40,880
Speaker 1: backlog at the ports, and now we have crazy high

1315
01:09:40,920 --> 01:09:43,639
Speaker 1: diesel prices on top of that all kinds of crazy

1316
01:09:43,720 --> 01:09:47,200
Speaker 1: high inputs also into the food supply chain. Diesel price

1317
01:09:47,240 --> 01:09:50,640
Speaker 1: increase directly translates into even more of an increase that

1318
01:09:50,720 --> 01:09:53,120
Speaker 1: you're paying at the grocery store, which is of course

1319
01:09:53,479 --> 01:09:56,559
Speaker 1: already a record price. The shortage of diesel is the

1320
01:09:56,600 --> 01:09:59,200
Speaker 1: story of globalization, and the same way that the consumer

1321
01:09:59,240 --> 01:10:03,479
Speaker 1: gas market is. Right now, inventories of middle distillates, of

1322
01:10:03,520 --> 01:10:06,720
Speaker 1: which diesel is a part of, has the lowest inventory

1323
01:10:06,840 --> 01:10:11,040
Speaker 1: on record on the East Coast since nineteen ninety six.

1324
01:10:11,479 --> 01:10:15,200
Speaker 1: In fact, jet fuel and diesel are currently trading at

1325
01:10:15,240 --> 01:10:18,960
Speaker 1: two hundred dollars a barrel in New York Harbor because

1326
01:10:19,000 --> 01:10:22,320
Speaker 1: of the supply chain crunch, which is directly impacted by

1327
01:10:22,320 --> 01:10:25,880
Speaker 1: the European decision to try and stop importing and using

1328
01:10:26,120 --> 01:10:30,040
Speaker 1: Russian petroleum products. So that means that the chase for

1329
01:10:30,120 --> 01:10:34,960
Speaker 1: diesel right now is heating up and the supply is shrinking. Now.

1330
01:10:34,960 --> 01:10:36,920
Speaker 1: Of course, we would not have to worry about this

1331
01:10:37,200 --> 01:10:39,360
Speaker 1: if we could, you know, just refine our own diesel,

1332
01:10:39,600 --> 01:10:43,439
Speaker 1: except you already know. We have dramatically reduced our refining

1333
01:10:43,479 --> 01:10:45,880
Speaker 1: capacity in this nation over the last thirty years, and

1334
01:10:45,920 --> 01:10:48,400
Speaker 1: it is made worse by our lack of foresight in

1335
01:10:48,400 --> 01:10:51,960
Speaker 1: investing in R and D and upkeep of our existing infrastructure.

1336
01:10:52,160 --> 01:10:55,400
Speaker 1: Philadelphia Energy Solutions, which was the largest refinery on the

1337
01:10:55,400 --> 01:10:58,280
Speaker 1: East Coast where the diesel shortage is the most acute,

1338
01:10:58,520 --> 01:11:01,639
Speaker 1: burned to the ground in July twenty nineteen, still hasn't

1339
01:11:01,680 --> 01:11:04,840
Speaker 1: been rebuilt. We have less refining capacity at a time

1340
01:11:05,040 --> 01:11:08,000
Speaker 1: when we need it more than ever, and a lot

1341
01:11:08,080 --> 01:11:11,439
Speaker 1: more worse, we are now competing with the Europeans for

1342
01:11:11,479 --> 01:11:14,000
Speaker 1: the same supply of diesel which is now cut off

1343
01:11:14,080 --> 01:11:18,320
Speaker 1: from Russia. That means higher grocery prices, higher airplane fares

1344
01:11:18,360 --> 01:11:20,600
Speaker 1: with a rise in jet fuel, and overall just a

1345
01:11:20,680 --> 01:11:23,519
Speaker 1: ton more expenses that will not go away anytime soon.

1346
01:11:23,920 --> 01:11:25,840
Speaker 1: That's a crux of really what I want to hammer

1347
01:11:25,880 --> 01:11:28,640
Speaker 1: home today, which is I want everyone watching this to

1348
01:11:28,680 --> 01:11:30,600
Speaker 1: really prepare yourself in a way that I think the

1349
01:11:30,640 --> 01:11:34,559
Speaker 1: administration is not. They're not preparing people, nor is the media.

1350
01:11:34,680 --> 01:11:37,240
Speaker 1: This is not going to end anytime soon. You cannot

1351
01:11:37,280 --> 01:11:40,679
Speaker 1: conjure diesel out of thin air, nor gas nor jet fuel.

1352
01:11:40,960 --> 01:11:43,840
Speaker 1: Russia is not going to stop invading Ukraine anytime soon.

1353
01:11:44,120 --> 01:11:46,479
Speaker 1: The simple truth is the decisions we've made over the

1354
01:11:46,560 --> 01:11:49,439
Speaker 1: last forty years to reduce our domestic refining capacity, to

1355
01:11:49,920 --> 01:11:53,200
Speaker 1: not make anything in America anymore, and to allow the

1356
01:11:53,240 --> 01:11:56,559
Speaker 1: critical commodities that we rely on to be priced entirely

1357
01:11:56,640 --> 01:12:00,160
Speaker 1: by the global market have made us incredibly vulnerable, and

1358
01:12:00,200 --> 01:12:03,280
Speaker 1: we are going to pray this price for years to come.

1359
01:12:04,120 --> 01:12:08,160
Speaker 1: Bank of America itself currently estimates food inflation will be

1360
01:12:08,200 --> 01:12:10,760
Speaker 1: approximately nine percent by the end of twenty twenty two,

1361
01:12:11,040 --> 01:12:14,360
Speaker 1: with inputs going up even higher. Fertilizer it's expected to

1362
01:12:14,439 --> 01:12:17,479
Speaker 1: rise by fifty percent. And get this, even before diesel,

1363
01:12:17,760 --> 01:12:19,840
Speaker 1: we saw a twenty five percent increase year over year

1364
01:12:19,840 --> 01:12:22,320
Speaker 1: from March, just in the price of freight, so that's

1365
01:12:22,360 --> 01:12:24,920
Speaker 1: going to increase more. The final sign of a failed

1366
01:12:24,960 --> 01:12:27,599
Speaker 1: state are blackouts and the inability to provide the most

1367
01:12:27,600 --> 01:12:30,519
Speaker 1: basic level of electricity. And that's where things look they

1368
01:12:30,560 --> 01:12:34,400
Speaker 1: may end up. Right now California, Texas, Indiana, all separate

1369
01:12:34,439 --> 01:12:37,360
Speaker 1: power grids are sounding the alarm that they simply lack

1370
01:12:37,439 --> 01:12:39,600
Speaker 1: the capacity in order to meet the likely surge of

1371
01:12:39,640 --> 01:12:42,599
Speaker 1: demand if there is extreme heat over the summer, leading

1372
01:12:42,640 --> 01:12:44,680
Speaker 1: to both a massive spike and energy prices for all

1373
01:12:44,720 --> 01:12:47,479
Speaker 1: of us and possible blackouts in the middle of the summer.

1374
01:12:47,800 --> 01:12:50,240
Speaker 1: That energy will not only be expensive because of demand

1375
01:12:50,400 --> 01:12:53,120
Speaker 1: but sky high and surge times, but also because natural

1376
01:12:53,120 --> 01:12:55,840
Speaker 1: gas is price globally. So as far as solutions, there

1377
01:12:55,840 --> 01:12:57,880
Speaker 1: are many that we've debated on the show, but my

1378
01:12:58,000 --> 01:13:00,799
Speaker 1: really main goal in this monologue is just way up, everybody,

1379
01:13:00,840 --> 01:13:03,880
Speaker 1: because I want to validate the feeling that you may

1380
01:13:03,960 --> 01:13:06,840
Speaker 1: probably cannot shake. We are really not at the end

1381
01:13:06,840 --> 01:13:09,839
Speaker 1: of this story. It is really the beginning and fixing.

1382
01:13:09,880 --> 01:13:13,719
Speaker 1: It is going to take nearly as long, if not longer,

1383
01:13:13,920 --> 01:13:16,479
Speaker 1: to undo the mess that our leaders have made here.

1384
01:13:16,720 --> 01:13:19,120
Speaker 1: That's I just couldn't get over it. You know, I

1385
01:13:19,200 --> 01:13:22,080
Speaker 1: was like, why diesels? And if you want to hear

1386
01:13:22,320 --> 01:13:25,840
Speaker 1: my reaction to Sagres's monologue, become a premium subscriber today

1387
01:13:25,920 --> 01:13:31,000
Speaker 1: at Breakingpoints dot com. Christill, what are you taking a

1388
01:13:31,080 --> 01:13:33,280
Speaker 1: look at? Well, guys. Nancy Pelosi's out with a new

1389
01:13:33,360 --> 01:13:36,160
Speaker 1: letter responding to the draft leak of the scota's decision

1390
01:13:36,280 --> 01:13:38,800
Speaker 1: that will overturn Roe versus Wade, and in it, she writes,

1391
01:13:38,800 --> 01:13:41,800
Speaker 1: in part, it is urgent and essential that we remain

1392
01:13:41,840 --> 01:13:44,320
Speaker 1: disciplined and focused and sharing with the American people the

1393
01:13:44,400 --> 01:13:47,839
Speaker 1: dangers of the Republican agenda. While Republicans want to punish

1394
01:13:47,880 --> 01:13:51,920
Speaker 1: and control women for exercising their constitutional rights, Democrats believe

1395
01:13:51,960 --> 01:13:54,120
Speaker 1: that a woman's health decisions are her own, and we

1396
01:13:54,200 --> 01:13:58,040
Speaker 1: will fight relentlessly to enshrine Roe Versus Wade as the

1397
01:13:58,120 --> 01:14:01,520
Speaker 1: law of the land. At this point, so democrats assurances

1398
01:14:01,520 --> 01:14:05,880
Speaker 1: on Roe are so hollow that even fellow corporate Democrats

1399
01:14:05,920 --> 01:14:10,080
Speaker 1: are blasting them for their inaction. Witness California Governor Gavin

1400
01:14:10,160 --> 01:14:14,639
Speaker 1: Newsom calling out federal elected Democrats and last week Tonight

1401
01:14:14,680 --> 01:14:18,920
Speaker 1: host John Oliver doing the same. Over decades, Democrats have

1402
01:14:18,920 --> 01:14:21,120
Speaker 1: failed to act to codify ROW when they had power,

1403
01:14:21,160 --> 01:14:24,800
Speaker 1: and even now Pelosi and Cliburne are down campaigning for

1404
01:14:24,840 --> 01:14:28,839
Speaker 1: an anti choice lawmaker over a pro choice one in Texas.

1405
01:14:29,520 --> 01:14:32,160
Speaker 1: But the truth is, guys, if I could choose just

1406
01:14:32,320 --> 01:14:35,120
Speaker 1: one issue that I would want Democrats to actually fight for,

1407
01:14:35,280 --> 01:14:38,360
Speaker 1: or one litmus test issue, even for the party codifying

1408
01:14:38,439 --> 01:14:40,840
Speaker 1: row is not anywhere close to the top of the list.

1409
01:14:41,000 --> 01:14:43,080
Speaker 1: I want to be honest about that, and I say

1410
01:14:43,080 --> 01:14:45,679
Speaker 1: that as someone who is and has always been pro choice,

1411
01:14:45,680 --> 01:14:49,559
Speaker 1: because the fierce debate over abortion rights it ultimately masks

1412
01:14:49,600 --> 01:14:52,280
Speaker 1: an incredible hollowness and a deep wall of lies from

1413
01:14:52,280 --> 01:14:55,559
Speaker 1: elites on both sides of this debate. The real values

1414
01:14:55,600 --> 01:14:58,559
Speaker 1: that are supposedly at stake in this fight will never

1415
01:14:58,600 --> 01:15:01,960
Speaker 1: be won, even with apps nationwide victory by one side

1416
01:15:02,000 --> 01:15:04,000
Speaker 1: or by the other side. So what do I mean

1417
01:15:04,040 --> 01:15:06,040
Speaker 1: by that? Let me lay this down. Well, think about

1418
01:15:06,040 --> 01:15:08,759
Speaker 1: what abortion rights are meant to represent. On the liberal

1419
01:15:08,760 --> 01:15:11,160
Speaker 1: side of the debate. It's supposed to be about freedom,

1420
01:15:11,320 --> 01:15:15,120
Speaker 1: about choice, about autonomy. And there is no doubt whatsoever

1421
01:15:15,280 --> 01:15:17,599
Speaker 1: that the ability to choose when and how you become

1422
01:15:17,640 --> 01:15:20,880
Speaker 1: a mother is an essential component of freedom. But there's

1423
01:15:20,880 --> 01:15:23,799
Speaker 1: no reason to believe that abortion rights alone would provide

1424
01:15:23,800 --> 01:15:27,160
Speaker 1: women with true autonomy of choice when it comes to motherhood.

1425
01:15:27,640 --> 01:15:30,400
Speaker 1: After all, we know that seventy five percent of women

1426
01:15:30,400 --> 01:15:33,759
Speaker 1: seeking abortions are low income, and we know that financial

1427
01:15:33,800 --> 01:15:36,920
Speaker 1: hardship is the number one reason that women seek abortions.

1428
01:15:37,439 --> 01:15:40,360
Speaker 1: Many women in this situation aren't so much exercising their

1429
01:15:40,439 --> 01:15:43,479
Speaker 1: right to choose as they are responding in desperation to

1430
01:15:43,520 --> 01:15:46,559
Speaker 1: their way that their lives have already been constrained by

1431
01:15:46,560 --> 01:15:50,680
Speaker 1: a rigged and exploitative economic system. For many, it's not

1432
01:15:50,720 --> 01:15:52,960
Speaker 1: that they don't want to be a parent, it's that,

1433
01:15:53,120 --> 01:15:56,200
Speaker 1: given the way their financial precarity and total lack of

1434
01:15:56,240 --> 01:16:00,320
Speaker 1: support has constrained their lives, they can't fathom how would

1435
01:16:00,320 --> 01:16:02,840
Speaker 1: pull it off. And it makes sense, actually that most

1436
01:16:02,880 --> 01:16:06,280
Speaker 1: of these women seeking abortions are already mothers, Because mothers

1437
01:16:06,320 --> 01:16:08,439
Speaker 1: would know the full cost of raising a child. Mothers

1438
01:16:08,439 --> 01:16:10,439
Speaker 1: would also have to weigh not just what bringing that

1439
01:16:10,520 --> 01:16:12,680
Speaker 1: child into the world means for them, but how it

1440
01:16:12,720 --> 01:16:15,280
Speaker 1: will constrain the life choices for the children that they're

1441
01:16:15,320 --> 01:16:18,640
Speaker 1: already raising. Elites built an economic system with wages that

1442
01:16:18,680 --> 01:16:21,799
Speaker 1: are completely stagnant, where middle class jobs are shipped overseas,

1443
01:16:21,800 --> 01:16:24,400
Speaker 1: where the costs and burdens of parenting are placed almost

1444
01:16:24,520 --> 01:16:27,840
Speaker 1: exclusively on the individual. Rather than stand up to the

1445
01:16:27,880 --> 01:16:30,880
Speaker 1: oligarchs who profit off of this system, rather than secure

1446
01:16:30,920 --> 01:16:33,880
Speaker 1: actually meaningful freedom and meaningful choice for women that would

1447
01:16:33,920 --> 01:16:37,360
Speaker 1: allow them to affirmatively select motherhood, it's kind of easier

1448
01:16:37,400 --> 01:16:39,960
Speaker 1: just to give them this out, to keep motherhood as

1449
01:16:40,000 --> 01:16:42,200
Speaker 1: a luxury good for the well off, and give the

1450
01:16:42,240 --> 01:16:45,320
Speaker 1: poor the right to abortion. The only thing worse than

1451
01:16:45,320 --> 01:16:47,840
Speaker 1: this would be to keep the rigged economic system and

1452
01:16:48,040 --> 01:16:51,080
Speaker 1: add on top of that forced birth and force motherhood

1453
01:16:51,120 --> 01:16:54,839
Speaker 1: as well, which brings me to the conservative obfiscation on abortion.

1454
01:16:54,920 --> 01:16:58,040
Speaker 1: And here it's important to understand that this momentous religious

1455
01:16:58,080 --> 01:17:00,960
Speaker 1: right victory was secured through the power of an unholy

1456
01:17:01,000 --> 01:17:05,360
Speaker 1: alliance with big business. Christian conservatives allied with elite libertarians

1457
01:17:05,400 --> 01:17:07,839
Speaker 1: to vet and promote judges to the Federal Bention ultimately

1458
01:17:07,920 --> 01:17:10,960
Speaker 1: to the Supreme Court. Whilst Gota's confirmation hearings were being

1459
01:17:10,960 --> 01:17:13,440
Speaker 1: fought on the grounds of gay marriage and abortion. Oftentimes,

1460
01:17:13,680 --> 01:17:16,639
Speaker 1: the Federalist society was also guaranteeing that their judges would

1461
01:17:16,680 --> 01:17:20,200
Speaker 1: reliably expand corporate power. Such was the bargain made with

1462
01:17:20,280 --> 01:17:24,040
Speaker 1: Republican politicians as well. Mitch McConnell's perhaps the most sold

1463
01:17:24,040 --> 01:17:27,320
Speaker 1: out corporate politician who has ever lived, but family values

1464
01:17:27,360 --> 01:17:29,880
Speaker 1: conservatives have re elected him and kept him in control

1465
01:17:29,880 --> 01:17:32,559
Speaker 1: of the Caucus because he was a reliable partner on

1466
01:17:32,760 --> 01:17:36,160
Speaker 1: ending row. All. This means that just as the liberal

1467
01:17:36,200 --> 01:17:40,800
Speaker 1: definition of freedom is extremely circumscribed, the conservative definition of

1468
01:17:40,840 --> 01:17:44,600
Speaker 1: family values is equally hollow. Forcing motherhood and family on

1469
01:17:44,640 --> 01:17:46,880
Speaker 1: women who don't have the resources or support to really

1470
01:17:46,880 --> 01:17:50,679
Speaker 1: fulfill the role. That is a bastardized form of family values, indeed,

1471
01:17:51,040 --> 01:17:54,040
Speaker 1: but a holistic approach to family values, one with wages

1472
01:17:54,120 --> 01:17:56,440
Speaker 1: high enough that buried women who want to be homemakers

1473
01:17:56,439 --> 01:17:59,280
Speaker 1: can do so. While the oligarchs that the religious right

1474
01:17:59,320 --> 01:18:01,880
Speaker 1: have partnered with have taken that off the table. The

1475
01:18:01,920 --> 01:18:04,479
Speaker 1: communities that support families and help ease the burdens of

1476
01:18:04,520 --> 01:18:07,840
Speaker 1: caregiving those have been decimated by those same forces. The

1477
01:18:07,920 --> 01:18:10,080
Speaker 1: right is not wrong to feel that the family unit

1478
01:18:10,200 --> 01:18:12,080
Speaker 1: is under assault, but it has nothing to do with

1479
01:18:12,120 --> 01:18:14,559
Speaker 1: gay people and abortion, and everything to do with corporate

1480
01:18:14,560 --> 01:18:17,599
Speaker 1: trade deals and union busting. As for the rhetoric about

1481
01:18:17,640 --> 01:18:19,680
Speaker 1: being pro life, I actually find it kind of dishonest.

1482
01:18:19,880 --> 01:18:22,840
Speaker 1: After all, some of the fiercest opponents to COVID lockdown

1483
01:18:22,920 --> 01:18:26,080
Speaker 1: measures were religious adherents, Orthodox Jews in New York Evangelical

1484
01:18:26,160 --> 01:18:29,559
Speaker 1: Christians in the South. They argued, in essence, that life

1485
01:18:29,680 --> 01:18:32,040
Speaker 1: is a whole lot more than a beating heart. The

1486
01:18:32,160 --> 01:18:34,200
Speaker 1: quality of that life, the ability to live it in

1487
01:18:34,200 --> 01:18:36,800
Speaker 1: accordance with values, traditions, and customs that were central to

1488
01:18:36,880 --> 01:18:40,479
Speaker 1: making that life meaningful. Those are also a vital part

1489
01:18:40,640 --> 01:18:44,160
Speaker 1: of being pro life. Needless to say, force child bearing

1490
01:18:44,240 --> 01:18:46,400
Speaker 1: is unlikely to result in that kind of life quality,

1491
01:18:46,439 --> 01:18:49,200
Speaker 1: either for the mother or for the child. Both the

1492
01:18:49,240 --> 01:18:52,559
Speaker 1: conservative and liberal abortion politics really only work for wealthy women.

1493
01:18:52,600 --> 01:18:54,439
Speaker 1: If you're well off, then your freedom is more or

1494
01:18:54,520 --> 01:18:57,600
Speaker 1: less intact, and restrictive abortion laws might be one of

1495
01:18:57,640 --> 01:19:01,080
Speaker 1: the only real or hypothetical constraints on your freedom. If

1496
01:19:01,120 --> 01:19:04,200
Speaker 1: you're well off and value the traditional conservative version of family,

1497
01:19:04,240 --> 01:19:06,280
Speaker 1: then you've already chosen motherhood and it's no threat to

1498
01:19:06,360 --> 01:19:08,759
Speaker 1: you in your life to restrict the choices of other women.

1499
01:19:09,400 --> 01:19:12,320
Speaker 1: And also, you might notice that some of the policy

1500
01:19:12,360 --> 01:19:15,840
Speaker 1: choices which would actually provide meaningful freedom and meaningful choice

1501
01:19:15,840 --> 01:19:18,400
Speaker 1: in the liberal conception and meaningful life and family values

1502
01:19:18,400 --> 01:19:21,960
Speaker 1: in the conservative conception, they're actually the same abortion. On

1503
01:19:22,000 --> 01:19:24,160
Speaker 1: the other hands, was the country almost completely down the

1504
01:19:24,200 --> 01:19:27,400
Speaker 1: middle fifty to fifty. That makes abortion a perfect culture

1505
01:19:27,400 --> 01:19:30,679
Speaker 1: war issue. While we fight proxy wars over freedom, choice

1506
01:19:30,680 --> 01:19:33,920
Speaker 1: and family values that won't actually secure freedom, choice or

1507
01:19:33,960 --> 01:19:38,800
Speaker 1: family values oligarchs. Oligarchs keep control over the material politics

1508
01:19:38,800 --> 01:19:42,360
Speaker 1: that could actually achieve our goals. Issues where there's broad agreement,

1509
01:19:42,439 --> 01:19:45,320
Speaker 1: places like health care, affordable housing, and family sustaining wages,

1510
01:19:45,640 --> 01:19:48,559
Speaker 1: those are kept off the table. Now, none of this

1511
01:19:48,680 --> 01:19:50,960
Speaker 1: is to downplay the impact that the end of row

1512
01:19:51,040 --> 01:19:53,160
Speaker 1: will have on plenty of women. There is simply no

1513
01:19:53,280 --> 01:19:55,479
Speaker 1: doubt that some women will die as a result, that

1514
01:19:55,560 --> 01:19:58,200
Speaker 1: poor and working class women will lose yet another measure

1515
01:19:58,240 --> 01:20:00,439
Speaker 1: of autonomy. But if you want to under shan why

1516
01:20:00,439 --> 01:20:02,479
Speaker 1: these debates are so fierce, why they are made so

1517
01:20:02,600 --> 01:20:06,040
Speaker 1: central to public discourse, it's because narrow issues like abortion

1518
01:20:06,360 --> 01:20:09,200
Speaker 1: are the only thing left after the oligarchs have eaten

1519
01:20:09,439 --> 01:20:11,800
Speaker 1: all the rest of the debates. It's a shoety for

1520
01:20:11,880 --> 01:20:13,840
Speaker 1: us to kick around feel like we have a democracy

1521
01:20:13,840 --> 01:20:18,040
Speaker 1: and that we're fighting for fundamental, critical essential values like freedom,

1522
01:20:18,160 --> 01:20:20,720
Speaker 1: like family, like choice, when the real rules of the

1523
01:20:20,720 --> 01:20:23,320
Speaker 1: game have already been set and Zata I sort of

1524
01:20:23,320 --> 01:20:27,600
Speaker 1: felt like I needed to lay out why abortion politics

1525
01:20:27,720 --> 01:20:30,559
Speaker 1: and if you want to hear my reaction to Crystal's monologue,

1526
01:20:30,560 --> 01:20:36,840
Speaker 1: become a premium subscriber today at breakingpoints dot com. All right, guys,

1527
01:20:36,840 --> 01:20:39,960
Speaker 1: the NLARB has been making some big moves with regards

1528
01:20:40,000 --> 01:20:42,599
Speaker 1: to Starbucks and their union busting. Let's go ahead and

1529
01:20:42,600 --> 01:20:44,680
Speaker 1: throw the more perfect union tear sheet up on the

1530
01:20:44,720 --> 01:20:48,719
Speaker 1: screen here. The NLARB has filed a national lawsuit against

1531
01:20:48,760 --> 01:20:52,840
Speaker 1: Starbucks over anti worker rules. They are saying here that

1532
01:20:52,880 --> 01:20:56,759
Speaker 1: federal officials charge the company is systematically violating labor rights

1533
01:20:56,800 --> 01:20:59,920
Speaker 1: with its employee rule book. Joining us now for an up.

1534
01:21:00,240 --> 01:21:02,439
Speaker 1: We have two Starbucks workers who have been at the

1535
01:21:02,479 --> 01:21:06,200
Speaker 1: forefront of the organizing drive there in Buffalo. We have

1536
01:21:06,320 --> 01:21:08,640
Speaker 1: Gianna Reeves. She's born and raised in Buffalo, works as

1537
01:21:08,680 --> 01:21:11,080
Speaker 1: a shift supervisor at Starbucks and has been part of

1538
01:21:11,120 --> 01:21:13,920
Speaker 1: the organizing efforts in Buffalo and across the country now

1539
01:21:13,960 --> 01:21:16,640
Speaker 1: since August of last year. We also have our j

1540
01:21:16,880 --> 01:21:20,160
Speaker 1: read RJ's, an organizer at Starbucks in Buffalo. They've been

1541
01:21:20,200 --> 01:21:22,320
Speaker 1: with the company since last August, been part of the

1542
01:21:22,800 --> 01:21:26,799
Speaker 1: bargaining committee for their store in contract negotiations, and also

1543
01:21:26,960 --> 01:21:29,639
Speaker 1: helped you draft the joint May Day Call to Action

1544
01:21:29,760 --> 01:21:33,920
Speaker 1: released with Amazon Labor Union, calling for nationwide demonstrations against

1545
01:21:34,000 --> 01:21:36,600
Speaker 1: union busting. Our Jay and Jianna. Great to have you,

1546
01:21:36,600 --> 01:21:41,040
Speaker 1: both of you, guys. Good to see you, Thank you,

1547
01:21:40,760 --> 01:21:44,240
Speaker 1: thank be on. Yeah, our pleasure. Giana, let's start with you.

1548
01:21:44,320 --> 01:21:46,439
Speaker 1: Just give us an update on, you know, how the

1549
01:21:46,520 --> 01:21:49,439
Speaker 1: organizing effort is going across the country. How many stores

1550
01:21:49,479 --> 01:21:52,120
Speaker 1: are we talking about that have voted yes for the union,

1551
01:21:52,360 --> 01:21:54,800
Speaker 1: How many workers are we talking about, what elections are

1552
01:21:54,840 --> 01:21:56,360
Speaker 1: coming out? Just give us a kind of lay of

1553
01:21:56,360 --> 01:22:01,280
Speaker 1: the land. Yeah, I mean, there's honestly, it's so much

1554
01:22:01,320 --> 01:22:03,840
Speaker 1: going on now when you look at everything on a

1555
01:22:03,920 --> 01:22:09,400
Speaker 1: national scale that it's almost overwhelming, but in a really

1556
01:22:09,800 --> 01:22:12,920
Speaker 1: hopeful way. I believe the last time I checked, when

1557
01:22:12,920 --> 01:22:17,120
Speaker 1: we were going by multiples of ten, it was around

1558
01:22:17,240 --> 01:22:21,080
Speaker 1: fifty to sixty Starbucks locations have unionized now and voted

1559
01:22:21,120 --> 01:22:23,960
Speaker 1: yes across the country. And I believe today I know

1560
01:22:24,120 --> 01:22:28,040
Speaker 1: of Illinois is planning on voting today and another location.

1561
01:22:28,400 --> 01:22:31,120
Speaker 1: It's honestly sometimes hard to keep up with everything because

1562
01:22:31,120 --> 01:22:34,519
Speaker 1: the momentum just keeps going and going and going. It's

1563
01:22:34,560 --> 01:22:38,000
Speaker 1: fantastic to see and so RJ. Tell us a little

1564
01:22:38,000 --> 01:22:42,439
Speaker 1: bit about your reaction here to Starbucks CEO Howard Schultz

1565
01:22:42,479 --> 01:22:46,800
Speaker 1: announcing wage increases for non unionized workers, Like, in what

1566
01:22:47,000 --> 01:22:51,280
Speaker 1: context of union busting and warfare is the company waging

1567
01:22:51,320 --> 01:22:59,519
Speaker 1: against you? Yeah? So I don't see the increases as

1568
01:22:59,560 --> 01:23:01,960
Speaker 1: anything than a union busting tactic, and I know a

1569
01:23:01,960 --> 01:23:05,640
Speaker 1: lot of other people see it the same way. You know,

1570
01:23:05,680 --> 01:23:09,000
Speaker 1: the company has been slammed for extending these benefits to

1571
01:23:09,520 --> 01:23:11,720
Speaker 1: only the stores that are not unionizing and not to

1572
01:23:11,760 --> 01:23:15,840
Speaker 1: the stores that are unionizing. The argument that they're using

1573
01:23:15,960 --> 01:23:18,360
Speaker 1: is that, well, now that you guys want a union,

1574
01:23:19,080 --> 01:23:21,760
Speaker 1: we can't change your terms of employment or change your

1575
01:23:21,760 --> 01:23:24,200
Speaker 1: benefits or anything because we're forced to bargain about it.

1576
01:23:24,320 --> 01:23:27,439
Speaker 1: So you know, but that that kind of makes it

1577
01:23:27,479 --> 01:23:31,160
Speaker 1: sound like, well that we offer it to you, but

1578
01:23:31,200 --> 01:23:33,240
Speaker 1: the union would turn it down, so we can't give

1579
01:23:33,240 --> 01:23:35,080
Speaker 1: it to you. But the offer hasn't even been put

1580
01:23:35,120 --> 01:23:37,920
Speaker 1: on the table for us. You know, we're we're in

1581
01:23:37,960 --> 01:23:41,760
Speaker 1: our bargaining session right now at my store, and you know,

1582
01:23:41,840 --> 01:23:44,200
Speaker 1: I would like to have the same offers that the

1583
01:23:44,240 --> 01:23:46,519
Speaker 1: other stores are getting if it's things that benefit us.

1584
01:23:48,520 --> 01:23:51,160
Speaker 1: You know, obviously we would still have to can you

1585
01:23:51,200 --> 01:23:55,360
Speaker 1: actually talk a little bit about what that negotiation looks

1586
01:23:55,439 --> 01:23:58,120
Speaker 1: like and how it's going, because this is something that's

1587
01:23:58,160 --> 01:24:00,800
Speaker 1: really important that we've tried to highlight for our our audience,

1588
01:24:00,840 --> 01:24:03,760
Speaker 1: both with you all and also with Amazon, is that

1589
01:24:04,080 --> 01:24:06,920
Speaker 1: even after you win the union, the fight is not

1590
01:24:07,000 --> 01:24:10,240
Speaker 1: over because then you have to fight em bargain for

1591
01:24:10,320 --> 01:24:14,559
Speaker 1: a contract. Oftentimes companies drag their feet. They're supposed to

1592
01:24:14,600 --> 01:24:16,920
Speaker 1: negotiate in good faith, but they find all kinds of

1593
01:24:16,920 --> 01:24:19,760
Speaker 1: ways to basically get around that, such that a year

1594
01:24:19,960 --> 01:24:26,040
Speaker 1: after organizing units vote to go union, a majority still

1595
01:24:26,080 --> 01:24:28,360
Speaker 1: do not have a contract in place. Two years down

1596
01:24:28,360 --> 01:24:30,840
Speaker 1: the road, thirty seven percent still do not have a

1597
01:24:30,880 --> 01:24:33,320
Speaker 1: contract in place. So how are those negotiations going at

1598
01:24:33,320 --> 01:24:36,599
Speaker 1: your store? Yeah, there's a lot of feet dragging going on.

1599
01:24:36,840 --> 01:24:39,400
Speaker 1: That's kind of the name of the game. That seems

1600
01:24:39,439 --> 01:24:41,959
Speaker 1: like is to just waste as much time as possible

1601
01:24:42,200 --> 01:24:45,200
Speaker 1: from the companies, and is what it seems like to me.

1602
01:24:45,880 --> 01:24:48,799
Speaker 1: You know, So you know a lot of like getting

1603
01:24:48,800 --> 01:24:53,439
Speaker 1: on meetings late, leaving meetings early, taking as much time

1604
01:24:53,479 --> 01:24:59,000
Speaker 1: as possible in caucuses, and you know, not giving us

1605
01:24:59,040 --> 01:25:02,000
Speaker 1: stuff to discuss when we you know, stuff that would

1606
01:25:02,000 --> 01:25:07,000
Speaker 1: save time. The new thing is trying to basically make

1607
01:25:07,040 --> 01:25:09,719
Speaker 1: it so that we have to meet in person rather

1608
01:25:09,760 --> 01:25:12,080
Speaker 1: than on zoom. The company says that it would be

1609
01:25:12,120 --> 01:25:14,519
Speaker 1: more productive. I don't really see how that's the case.

1610
01:25:15,000 --> 01:25:16,640
Speaker 1: You know, we're on a zoom call right now, and

1611
01:25:16,680 --> 01:25:19,200
Speaker 1: we're able to do this interview from across the country

1612
01:25:19,280 --> 01:25:21,160
Speaker 1: or wherever we are, so it's a lot easier than

1613
01:25:21,160 --> 01:25:23,760
Speaker 1: having to fly out there. But it's because we have

1614
01:25:24,080 --> 01:25:28,519
Speaker 1: chosen to have people on our organizing committee who are

1615
01:25:28,720 --> 01:25:31,719
Speaker 1: not in Buffalo, such as some of the fired Memphis

1616
01:25:31,760 --> 01:25:35,559
Speaker 1: seven workers who are staying in solidarity with us, and

1617
01:25:35,600 --> 01:25:39,080
Speaker 1: we stand in solidarity with them. So I view it

1618
01:25:39,120 --> 01:25:41,960
Speaker 1: as just a way to drag the process out, make

1619
01:25:42,000 --> 01:25:44,040
Speaker 1: it take longer, and make it a lot harder for

1620
01:25:45,600 --> 01:25:49,440
Speaker 1: workers outside of Buffalo to actually be on our committee,

1621
01:25:49,800 --> 01:25:52,920
Speaker 1: and as a way to silence the workers that they

1622
01:25:53,120 --> 01:25:56,519
Speaker 1: try to fire for organizing. Gianna talk to us about

1623
01:25:56,520 --> 01:26:01,280
Speaker 1: what the NLRB's actions have meant, because there were two

1624
01:26:01,960 --> 01:26:04,080
Speaker 1: big things that I followed at least last week. You

1625
01:26:04,200 --> 01:26:07,080
Speaker 1: had the national lawsuit that I referenced, which went after

1626
01:26:07,400 --> 01:26:11,520
Speaker 1: said effectively just what's laid on their employee handbook is illegal.

1627
01:26:11,840 --> 01:26:15,400
Speaker 1: And then you also had the regional director of the

1628
01:26:15,520 --> 01:26:19,120
Speaker 1: NLRB in Buffalo, where both of you are locating located,

1629
01:26:19,160 --> 01:26:22,599
Speaker 1: issuing a complaint Friday, accusing Starbucks of twenty nine unfair

1630
01:26:22,680 --> 01:26:26,640
Speaker 1: labor practice charges, including over two hundred violations of the NLRA,

1631
01:26:27,200 --> 01:26:30,120
Speaker 1: that they say stems from claims made by Starbucks workers

1632
01:26:30,240 --> 01:26:33,120
Speaker 1: united against the company in Buffalo, where the union organizing

1633
01:26:33,120 --> 01:26:36,479
Speaker 1: effort begin in August. So what do you make of

1634
01:26:36,520 --> 01:26:40,040
Speaker 1: those moves by the NLRB. I think that it's a

1635
01:26:40,080 --> 01:26:43,919
Speaker 1: great start, honestly to everything that's been going on. Buffalo

1636
01:26:44,000 --> 01:26:46,799
Speaker 1: workers especially have just been kind of holding their breadth

1637
01:26:47,400 --> 01:26:51,120
Speaker 1: hoping that the NRB would push for something like this

1638
01:26:52,080 --> 01:26:54,400
Speaker 1: and then to have it also go national as well

1639
01:26:54,479 --> 01:26:58,760
Speaker 1: as fantastic. But these kinds of charges and these kinds

1640
01:26:58,800 --> 01:27:02,040
Speaker 1: of actions need public action behind them as well. We

1641
01:27:02,120 --> 01:27:05,320
Speaker 1: need to see more elected officials also speaking out about

1642
01:27:05,320 --> 01:27:09,040
Speaker 1: this and saying, wow, look at this MLRB region, go like,

1643
01:27:09,280 --> 01:27:12,120
Speaker 1: we need to do this everywhere. We need our workers'

1644
01:27:12,200 --> 01:27:16,760
Speaker 1: rights protected. And I think there's a synergistic kind of thing.

1645
01:27:17,160 --> 01:27:19,280
Speaker 1: Both need to go together hand in hand to really

1646
01:27:19,320 --> 01:27:25,200
Speaker 1: provide workers protection and to make worker change possible. And Gianna,

1647
01:27:25,320 --> 01:27:28,479
Speaker 1: you know when this first started in Buffalo. Could you

1648
01:27:28,560 --> 01:27:31,120
Speaker 1: have ever imagined the way that it would spread like

1649
01:27:31,200 --> 01:27:35,439
Speaker 1: wildfire nationwide? And what do you think it says about?

1650
01:27:35,479 --> 01:27:37,960
Speaker 1: Like what have the keys? What made that happen? And

1651
01:27:38,000 --> 01:27:39,640
Speaker 1: what does it say about sort of the state of

1652
01:27:39,720 --> 01:27:42,639
Speaker 1: labor movement and how workers are feeling about their jobs

1653
01:27:42,640 --> 01:27:47,040
Speaker 1: at Starbucks? Oh my god, I could not. You could

1654
01:27:47,280 --> 01:27:50,479
Speaker 1: not pay me enough money to believe that this would

1655
01:27:50,479 --> 01:27:52,559
Speaker 1: have blown up the way it did. I had no

1656
01:27:52,680 --> 01:27:57,000
Speaker 1: experience with orizing before this. I was just a twenty

1657
01:27:57,080 --> 01:28:01,480
Speaker 1: something wanting better from my workplace, hoping to make a difference.

1658
01:28:01,640 --> 01:28:04,920
Speaker 1: And then to see everyone across the country, all of

1659
01:28:04,920 --> 01:28:07,320
Speaker 1: these baristas, and then to see and look even further

1660
01:28:07,400 --> 01:28:10,960
Speaker 1: to Amazon, to Apple, and they're going, hey, we want

1661
01:28:11,040 --> 01:28:16,160
Speaker 1: better too, We deserve better, and everyone's standing together as

1662
01:28:16,200 --> 01:28:19,040
Speaker 1: a collective to fight for that is really it's what's

1663
01:28:19,080 --> 01:28:23,280
Speaker 1: pushing us forward. We all have each other and that's

1664
01:28:23,280 --> 01:28:27,040
Speaker 1: a power that cannot be understated, because no matter what corporation,

1665
01:28:27,200 --> 01:28:31,160
Speaker 1: what company you are, you can't take that away from us. Right. Well,

1666
01:28:31,200 --> 01:28:34,280
Speaker 1: it has been very exciting to watch. Please keep us

1667
01:28:34,360 --> 01:28:37,800
Speaker 1: updated with everything that is going on, and I'm great

1668
01:28:37,840 --> 01:28:39,719
Speaker 1: to talk to both of you guys today. Great talking

1669
01:28:39,760 --> 01:28:41,960
Speaker 1: to you. We support you guys one hundred percent. Thank you,

1670
01:28:42,560 --> 01:28:44,640
Speaker 1: Thank you guys so much for watching. We really appreciate it.

1671
01:28:44,960 --> 01:28:47,280
Speaker 1: You know, look, it's really interesting Christl We're coming up

1672
01:28:47,320 --> 01:28:50,200
Speaker 1: on that one year anniversary. I know, the economy and

1673
01:28:50,240 --> 01:28:52,120
Speaker 1: all the downturn and all that, and it can feel

1674
01:28:52,160 --> 01:28:54,360
Speaker 1: really tumultuous, but we just want you to know how

1675
01:28:54,439 --> 01:28:57,040
Speaker 1: much we appreciate you having our back. I mean the

1676
01:28:57,040 --> 01:28:59,080
Speaker 1: amount of innovation and stuff that we've been able to

1677
01:28:59,120 --> 01:29:01,720
Speaker 1: do here as a show, the amount of new partnerships

1678
01:29:01,920 --> 01:29:04,479
Speaker 1: that we have coming. We've got some more content coming. Actually,

1679
01:29:04,479 --> 01:29:07,120
Speaker 1: I think this weekend will set a single new record

1680
01:29:07,520 --> 01:29:11,439
Speaker 1: for non Crystal and Saga partnership content, which is great

1681
01:29:11,479 --> 01:29:14,599
Speaker 1: because that's what building out something really means. We have,

1682
01:29:14,680 --> 01:29:16,400
Speaker 1: you know, Jordan Chardan, we had him on the ground.

1683
01:29:16,400 --> 01:29:18,960
Speaker 1: It was invaluable in order to have that experience. I

1684
01:29:19,040 --> 01:29:20,880
Speaker 1: just want to emphasize, you know, we really do need

1685
01:29:20,880 --> 01:29:23,439
Speaker 1: your support in order to pay our bills. We have

1686
01:29:23,520 --> 01:29:26,479
Speaker 1: expanded editing and production costs and obviously all of these

1687
01:29:26,520 --> 01:29:29,320
Speaker 1: partnerships as well, and you know it's pretty expensive. So

1688
01:29:29,439 --> 01:29:31,559
Speaker 1: if you support us, we could support them, we could

1689
01:29:31,600 --> 01:29:35,760
Speaker 1: continue to build out this this ecosystem, and we've got

1690
01:29:35,760 --> 01:29:38,200
Speaker 1: expansion plans which you're going to be hearing about very

1691
01:29:38,240 --> 01:29:40,160
Speaker 1: time soon. And I just got a very exciting piece

1692
01:29:40,200 --> 01:29:43,120
Speaker 1: of news this morning, which I know our premium subs

1693
01:29:43,160 --> 01:29:45,200
Speaker 1: are going to love in particular. So make sure you

1694
01:29:45,240 --> 01:29:47,400
Speaker 1: go ahead and sign up, and we will see you

1695
01:29:47,439 --> 01:29:49,200
Speaker 1: all on Thursday. Even I don't know what that is.

1696
01:29:49,720 --> 01:29:51,960
Speaker 1: I forgot to tell you about it, all right, we'll

1697
01:29:51,960 --> 01:29:53,680
Speaker 1: tell you out. I want to pay attention to the

1698
01:29:53,680 --> 01:29:55,400
Speaker 1: newsletter as well. All right, love you guys, have a

1699
01:29:55,400 --> 01:30:15,960
Speaker 1: great day. To see you here Thursday. Se