1 00:00:00,240 --> 00:00:02,320 Speaker 1: Hey, guys, thanks for listening to Breaking Points with Crystal 2 00:00:02,320 --> 00:00:04,240 Speaker 1: and Sager. We're going to be totally upfront with you. 3 00:00:04,360 --> 00:00:07,200 Speaker 1: We took a big risk going independent to make this work. 4 00:00:07,320 --> 00:00:11,880 Speaker 1: We need your support to beat the corporate media CNN, Fox, MSNBC. 5 00:00:12,200 --> 00:00:15,760 Speaker 1: They are ripping this country apart. They are making millions 6 00:00:15,760 --> 00:00:18,360 Speaker 1: of dollars doing it. To help support our mission of 7 00:00:18,440 --> 00:00:20,720 Speaker 1: making all of us hate each other, less hate the 8 00:00:20,720 --> 00:00:24,000 Speaker 1: corrupt ruling class more support the show. Become a Breaking 9 00:00:24,000 --> 00:00:26,560 Speaker 1: Points Premium member today, where you get to watch and 10 00:00:26,680 --> 00:00:29,640 Speaker 1: listen to the entire show ad free and uncut, an 11 00:00:29,640 --> 00:00:32,440 Speaker 1: hour early before everyone else. You get to hear our 12 00:00:32,479 --> 00:00:35,360 Speaker 1: reactions to each other's monologues. You get to participate and 13 00:00:35,360 --> 00:00:37,960 Speaker 1: weekly ask me any things, and you don't need to 14 00:00:38,000 --> 00:00:41,040 Speaker 1: hear our annoying voices pitching you like I am right now, 15 00:00:41,120 --> 00:00:43,320 Speaker 1: So what are you waiting for? Go to Breakingpoints dot 16 00:00:43,320 --> 00:00:46,080 Speaker 1: com become a Premium member today, which is available in 17 00:00:46,120 --> 00:01:05,000 Speaker 1: the show notes. Enjoy the show, guys, Good morning, everybody, 18 00:01:05,040 --> 00:01:07,600 Speaker 1: Happy Thursday. We have an amazing show for everybody today. 19 00:01:07,600 --> 00:01:09,560 Speaker 1: When do we have Crystal? Indeed, we do. First of 20 00:01:09,600 --> 00:01:13,440 Speaker 1: all John Deere workers, ten thousand members of the UAW 21 00:01:13,600 --> 00:01:17,280 Speaker 1: Strong are officially out on strike this morning after a 22 00:01:17,360 --> 00:01:19,840 Speaker 1: strike vote at midnight last night. So that is big 23 00:01:19,880 --> 00:01:22,039 Speaker 1: news this morning. Lots to get to though, a lot 24 00:01:22,040 --> 00:01:25,200 Speaker 1: of big economic news. We're going to walk through all 25 00:01:25,240 --> 00:01:28,679 Speaker 1: of it, everything from the historic number of workers that 26 00:01:28,760 --> 00:01:30,840 Speaker 1: quit their jobs in August. Is that a good thing? 27 00:01:30,920 --> 00:01:34,920 Speaker 1: Is it a bad thing? What's driving that the inflation uptick, 28 00:01:35,920 --> 00:01:39,200 Speaker 1: what is actually driving those price increases, and what does 29 00:01:39,240 --> 00:01:42,960 Speaker 1: it mean for you and your bank account? Is Christmas 30 00:01:43,000 --> 00:01:46,000 Speaker 1: going to be canceled because the Biden administration saying it 31 00:01:46,120 --> 00:01:49,720 Speaker 1: is very possible because of the supply chain disruptions that 32 00:01:50,240 --> 00:01:53,200 Speaker 1: some things that you want to get for Christmas may 33 00:01:53,200 --> 00:01:55,320 Speaker 1: not be available. We'll talk to you about that and 34 00:01:55,360 --> 00:01:58,080 Speaker 1: also what they are doing to try to solve that problem. 35 00:01:58,440 --> 00:02:01,520 Speaker 1: Some new news on the john In Johnson vaccine and 36 00:02:01,720 --> 00:02:05,600 Speaker 1: especially with regards to booster shots, what they are recommending 37 00:02:05,800 --> 00:02:09,280 Speaker 1: FDA kind of like smacking down, throwing some real shade 38 00:02:09,400 --> 00:02:13,120 Speaker 1: john Johnson and Johnson for having some pretty weak data. 39 00:02:13,760 --> 00:02:16,880 Speaker 1: So we'll talk about that. Democrats freaking out because women 40 00:02:16,919 --> 00:02:19,200 Speaker 1: went back to brunch and are not particularly engaged in 41 00:02:19,240 --> 00:02:21,800 Speaker 1: politics anymore, And of course that was a key suburban 42 00:02:21,840 --> 00:02:24,000 Speaker 1: women a key part of the way that they won 43 00:02:24,120 --> 00:02:26,359 Speaker 1: back the White House. We also have a worker on 44 00:02:26,800 --> 00:02:29,960 Speaker 1: Trevor Bidleman. He is with Kellogg's. They are also out 45 00:02:30,000 --> 00:02:32,320 Speaker 1: on strike, and that is where we want to start 46 00:02:32,320 --> 00:02:35,360 Speaker 1: this morning with what exactly is going on in the 47 00:02:35,440 --> 00:02:38,959 Speaker 1: labor market. You had a historic number of workers who 48 00:02:39,040 --> 00:02:43,000 Speaker 1: quit their jobs over this past year, but in particular 49 00:02:43,120 --> 00:02:45,239 Speaker 1: in August. Let's go ahead and throw this Heather Long 50 00:02:45,240 --> 00:02:47,840 Speaker 1: tweet up on the screen. Heather Long in this show today, 51 00:02:47,960 --> 00:02:50,880 Speaker 1: We've been doing a good job working over at the 52 00:02:50,960 --> 00:02:54,560 Speaker 1: Washington Post economics reporter. So she says, over thirty million 53 00:02:54,600 --> 00:02:57,240 Speaker 1: Americans quit their jobs so far this year through August. 54 00:02:57,600 --> 00:03:01,680 Speaker 1: We have never seen anything like. Closest was twenty nineteen 55 00:03:02,000 --> 00:03:05,200 Speaker 1: when twenty eight million quit through August. This is the 56 00:03:05,240 --> 00:03:08,480 Speaker 1: Great resignation plus the Great reassessment of work, something that 57 00:03:08,520 --> 00:03:10,360 Speaker 1: she's been tracking. Leave that up on the screen just 58 00:03:10,400 --> 00:03:12,639 Speaker 1: one more minute for those of you who can see this. 59 00:03:13,160 --> 00:03:18,960 Speaker 1: You see a gigantic drop in quitting during the Great Recession, 60 00:03:19,400 --> 00:03:22,320 Speaker 1: and then you see it taking up, up up as 61 00:03:22,360 --> 00:03:25,920 Speaker 1: the economy slowly sort of starts to churn. Then you 62 00:03:25,960 --> 00:03:30,240 Speaker 1: see another catastrophic plunge of workers quitting their jobs during 63 00:03:30,240 --> 00:03:32,799 Speaker 1: the pandemic because of course, you know, if you had 64 00:03:32,800 --> 00:03:34,800 Speaker 1: a job things were rough then you were trying to 65 00:03:34,800 --> 00:03:36,800 Speaker 1: hold on to it. A lot of people getting laid off, 66 00:03:36,840 --> 00:03:40,600 Speaker 1: a lot of people losing their jobs entirely. Then you 67 00:03:40,680 --> 00:03:44,560 Speaker 1: see a massive spike to the levels that we are 68 00:03:44,800 --> 00:03:49,000 Speaker 1: experiencing now. Heather wrote a piece that was very interesting 69 00:03:49,040 --> 00:03:51,520 Speaker 1: also in the Washington Post. She quotes a couple of 70 00:03:51,560 --> 00:03:55,920 Speaker 1: experts here who say the four main causes of all 71 00:03:55,960 --> 00:03:59,160 Speaker 1: these workers quitting are a backlog of workers who wanted 72 00:03:59,160 --> 00:04:01,960 Speaker 1: to reside before pandemic but ultimately held on a bit 73 00:04:02,000 --> 00:04:03,960 Speaker 1: longer because they were worried about whether they'd be able 74 00:04:04,000 --> 00:04:07,440 Speaker 1: to get something else, burn out, particularly among frontline workers 75 00:04:07,440 --> 00:04:11,360 Speaker 1: in healthcare, food service, and retail, pandemic epiphanies in which 76 00:04:11,400 --> 00:04:14,560 Speaker 1: people experience major shifts in identity and purpose that led 77 00:04:14,560 --> 00:04:16,960 Speaker 1: them to pursue new careers and start their own businesses. 78 00:04:17,400 --> 00:04:19,960 Speaker 1: And in a version of returning to offices after a 79 00:04:20,040 --> 00:04:23,680 Speaker 1: year or more of working remotely. You've got a bit 80 00:04:23,680 --> 00:04:26,000 Speaker 1: of a tight labor market. Workers feel like they have 81 00:04:26,160 --> 00:04:29,040 Speaker 1: a few options available to them. They're sick and tired 82 00:04:29,240 --> 00:04:31,520 Speaker 1: of being put on the front lines with low pay, 83 00:04:31,839 --> 00:04:33,880 Speaker 1: They saw the way that their workers risked their lives 84 00:04:33,960 --> 00:04:36,279 Speaker 1: during the pandemic, and they're doing something about it. Soccer. 85 00:04:36,560 --> 00:04:39,040 Speaker 1: It's stunning, I mean, And there was some speculation around 86 00:04:39,120 --> 00:04:43,039 Speaker 1: vaccine mandates. The only actual place where that might apply 87 00:04:43,120 --> 00:04:46,159 Speaker 1: as in the healthcare worker, but as we discussed here, 88 00:04:46,279 --> 00:04:48,320 Speaker 1: a lot of studies show that it's actually pretty minuscule 89 00:04:48,400 --> 00:04:51,599 Speaker 1: in terms of the terminations or the people who are resigning, 90 00:04:51,640 --> 00:04:54,120 Speaker 1: although maybe they self reported differently and they left their job, 91 00:04:54,200 --> 00:04:57,440 Speaker 1: So it's certainly possible, but don't think you would see it. 92 00:04:57,760 --> 00:04:59,600 Speaker 1: You would see it much more precipitously if that were 93 00:04:59,600 --> 00:05:01,920 Speaker 1: the case. That's right. If you look at the chart 94 00:05:02,000 --> 00:05:04,080 Speaker 1: for those of you who are watching, you can see 95 00:05:04,120 --> 00:05:08,160 Speaker 1: there's a continual, gradual incline. It isn't like, you know, 96 00:05:08,200 --> 00:05:10,560 Speaker 1: it's flat, and that the vaccine mandate comes into place 97 00:05:10,600 --> 00:05:13,200 Speaker 1: and there's a gigantic spike, which is what you would expect. 98 00:05:13,200 --> 00:05:16,760 Speaker 1: And also, you know, it's very politically convenient people who 99 00:05:16,839 --> 00:05:19,280 Speaker 1: didn't care anything about the strikes that were going on, 100 00:05:19,360 --> 00:05:21,400 Speaker 1: about what was going on in the labor market until 101 00:05:21,440 --> 00:05:24,880 Speaker 1: they could tie their political ideology to it save it. Luckily, 102 00:05:25,000 --> 00:05:27,080 Speaker 1: we've been tracking this actually for a long time we 103 00:05:27,120 --> 00:05:29,719 Speaker 1: have and for this month, this is really interesting. So 104 00:05:29,760 --> 00:05:33,120 Speaker 1: let's put this up there. August was the record month 105 00:05:33,480 --> 00:05:36,360 Speaker 1: at which Americans quit their jobs four point three million. 106 00:05:36,680 --> 00:05:39,479 Speaker 1: And specifically, we can look at all of those segments 107 00:05:39,480 --> 00:05:42,800 Speaker 1: which Crystal just talked about. Eight hundred and ninety two 108 00:05:42,920 --> 00:05:46,960 Speaker 1: thousand quits in food and accommodation, seven hundred and twenty 109 00:05:47,000 --> 00:05:49,839 Speaker 1: thousand quits in retail, five hundred and thirty four thousand 110 00:05:49,880 --> 00:05:53,320 Speaker 1: quits in health and social assistance. Now I cannot help 111 00:05:53,600 --> 00:05:57,320 Speaker 1: but notice that all of those involve something dealing with 112 00:05:57,480 --> 00:06:01,239 Speaker 1: other people, right, And it turns out many of these jobs, 113 00:06:01,680 --> 00:06:04,800 Speaker 1: many you know, sectors in particular, where workers have been 114 00:06:04,960 --> 00:06:07,840 Speaker 1: just treated like crap for a long time and been 115 00:06:08,040 --> 00:06:12,680 Speaker 1: wrapped all over by customers. Bosses for low wages are like, hey, 116 00:06:12,680 --> 00:06:14,840 Speaker 1: you know what, screw you. It's interesting, you know, I've 117 00:06:14,839 --> 00:06:16,600 Speaker 1: actually been hearing from some people who are like, hey, 118 00:06:16,640 --> 00:06:20,159 Speaker 1: you know what, I worked these jobs where I was 119 00:06:20,160 --> 00:06:22,400 Speaker 1: getting paid like eleven dollars an hour and they were 120 00:06:22,440 --> 00:06:25,599 Speaker 1: taking such advantage of us. And now because of the 121 00:06:25,640 --> 00:06:27,920 Speaker 1: tight labor market, everybody wants wages. I went out to 122 00:06:27,960 --> 00:06:30,160 Speaker 1: my boss, I said, screw you now, I work forty 123 00:06:30,160 --> 00:06:32,560 Speaker 1: hours a week. I make fifteen dollars an hour. Congratulations 124 00:06:32,560 --> 00:06:35,159 Speaker 1: to you that one person. That is anecdotal, but it 125 00:06:35,200 --> 00:06:37,240 Speaker 1: seems to be happening to a lot of people, and 126 00:06:37,360 --> 00:06:40,279 Speaker 1: actually it's leading to one of the best things that 127 00:06:40,360 --> 00:06:42,680 Speaker 1: I could see in a long time. Yeah, put this 128 00:06:42,720 --> 00:06:44,240 Speaker 1: next one up there on the screen. This is actually 129 00:06:44,240 --> 00:06:47,440 Speaker 1: from Axios, which is that as businesses have to reopen 130 00:06:47,760 --> 00:06:52,320 Speaker 1: with slower service, impatient customers are treating over burdened workers 131 00:06:52,360 --> 00:06:55,440 Speaker 1: like shit. I'm quoting Kenneth Vogel there. It's more than 132 00:06:55,600 --> 00:06:59,160 Speaker 1: just a disturbing side effect with class equations. It's threatening 133 00:06:59,160 --> 00:07:02,760 Speaker 1: the recovery because it is driving workers to quit. So 134 00:07:02,839 --> 00:07:06,920 Speaker 1: what's happening actually is that unruly customers and everybody has 135 00:07:06,960 --> 00:07:09,400 Speaker 1: seen this guy, the guy or the girl. You know, 136 00:07:09,440 --> 00:07:12,800 Speaker 1: there's many of those two Lenny Karen Clenny Karen's who 137 00:07:12,800 --> 00:07:15,760 Speaker 1: are like yelling at the grocery store clerk because they 138 00:07:15,760 --> 00:07:18,600 Speaker 1: got to wear a mask. Lady or sir. It ain't 139 00:07:18,640 --> 00:07:22,360 Speaker 1: on Walmart or whomever, the Walmart worker, you know, it's 140 00:07:22,400 --> 00:07:25,960 Speaker 1: on the state or it's on Walmart corporate, not the 141 00:07:26,320 --> 00:07:29,040 Speaker 1: poor guy or girl who has to enforce the rule. 142 00:07:29,040 --> 00:07:31,440 Speaker 1: I've even seen this at the gym, people taking it 143 00:07:31,480 --> 00:07:35,360 Speaker 1: out on you know, the gym floor guy for no reason. Yeah, 144 00:07:35,440 --> 00:07:37,520 Speaker 1: you think he's the one who had to come up 145 00:07:37,560 --> 00:07:41,640 Speaker 1: with the policy. But the positive development of this is 146 00:07:41,680 --> 00:07:44,960 Speaker 1: that the unruly customers. What did we always know in America? 147 00:07:45,000 --> 00:07:48,200 Speaker 1: The customer was always right, even when somebody was badgering someone. 148 00:07:48,320 --> 00:07:52,200 Speaker 1: That was when labor was much more replaceable. Well, now 149 00:07:52,560 --> 00:07:55,640 Speaker 1: restaurants and other businesses are starting to stand up for 150 00:07:55,680 --> 00:07:58,600 Speaker 1: their employees and saying, look, I can't afford to lose 151 00:07:58,640 --> 00:08:01,200 Speaker 1: this guy, so sir, screw you. You got to get 152 00:08:01,240 --> 00:08:02,880 Speaker 1: out of here. Yeah, and I would say that is 153 00:08:02,880 --> 00:08:04,680 Speaker 1: one of the best things that has happened in a 154 00:08:04,680 --> 00:08:07,680 Speaker 1: long time. We've had so many years of these entitled customers, 155 00:08:07,880 --> 00:08:09,720 Speaker 1: and I've seen it, you know, I'm sure everybody has 156 00:08:09,760 --> 00:08:12,440 Speaker 1: some person who's on a power trip in like Costco 157 00:08:12,640 --> 00:08:15,600 Speaker 1: or whatever, taking it out on some poor person, and 158 00:08:15,600 --> 00:08:17,160 Speaker 1: then the boss comes over and it's like, oh, sir, 159 00:08:17,240 --> 00:08:19,600 Speaker 1: we'll deal with this, and they reprimand that guy maybe 160 00:08:19,600 --> 00:08:23,360 Speaker 1: he even gets fired because or easily replaceable. Well, not 161 00:08:23,440 --> 00:08:27,040 Speaker 1: so much anymore. We're really beginning to see that unruly 162 00:08:27,080 --> 00:08:31,760 Speaker 1: customers businesses were beginning to realize people were resigning from 163 00:08:31,760 --> 00:08:33,040 Speaker 1: their jobs because they're like, I don't want to do 164 00:08:33,040 --> 00:08:34,920 Speaker 1: it anymore. I'm sick of it. And so now they 165 00:08:35,000 --> 00:08:37,520 Speaker 1: have to stand up on behalf of their actual employees. 166 00:08:37,640 --> 00:08:41,800 Speaker 1: That is a sea change, yes, in business and corporate 167 00:08:41,960 --> 00:08:45,319 Speaker 1: thinking in America, and hopefully it will last. I mean ultimately, 168 00:08:45,400 --> 00:08:48,720 Speaker 1: like you said, their way and the cost benefit analysis here, 169 00:08:49,000 --> 00:08:51,360 Speaker 1: they no longer feel like, oh, my workers are just 170 00:08:51,400 --> 00:08:54,840 Speaker 1: sort of disposable. There's another thousand who I could replace 171 00:08:54,880 --> 00:08:57,680 Speaker 1: this person with. So they're actually having to take their side. 172 00:08:57,679 --> 00:09:01,520 Speaker 1: There's a really interesting quote in here an analyst that 173 00:09:01,559 --> 00:09:05,360 Speaker 1: they interviewed from the piece. They said, technology has insulated 174 00:09:05,360 --> 00:09:10,000 Speaker 1: the upper classes from the physical labors that enables their lifestyle. 175 00:09:10,640 --> 00:09:13,120 Speaker 1: And so the minute that there's a little bit of 176 00:09:13,160 --> 00:09:16,360 Speaker 1: a hitch right, the line's a little long. They got 177 00:09:16,360 --> 00:09:18,000 Speaker 1: to wear a mask, and they don't want to wear 178 00:09:18,000 --> 00:09:21,160 Speaker 1: a mask. Whatever it is, they're freaking out and they're 179 00:09:21,160 --> 00:09:24,280 Speaker 1: losing their minds. And I'll tell you, listen, we do 180 00:09:24,400 --> 00:09:26,920 Speaker 1: a lot of we don't really believe in shaming people here. 181 00:09:27,000 --> 00:09:29,040 Speaker 1: It's all about hate each other less and hate the 182 00:09:29,080 --> 00:09:31,560 Speaker 1: elites more. Let me tell you, if I see you 183 00:09:31,880 --> 00:09:35,240 Speaker 1: abusing a service worker, a retail worker, like, I am 184 00:09:35,360 --> 00:09:38,200 Speaker 1: judging the hell out of you because that is a 185 00:09:38,440 --> 00:09:43,400 Speaker 1: loathsome classes disgusting way to behave, treating someone as less 186 00:09:43,400 --> 00:09:45,960 Speaker 1: than human essentially just an object to be there to 187 00:09:46,080 --> 00:09:49,720 Speaker 1: serve you. And the big picture here with all of 188 00:09:49,760 --> 00:09:52,360 Speaker 1: this is that a lot of workers are saying like, 189 00:09:52,800 --> 00:09:54,920 Speaker 1: I don't want to be your servant anymore. I don't 190 00:09:54,960 --> 00:09:58,800 Speaker 1: want to be your low paid service worker, servant, class 191 00:09:58,800 --> 00:10:02,520 Speaker 1: person anymore. And I feel like I have maybe a 192 00:10:02,520 --> 00:10:06,160 Speaker 1: few more options than I did previously. That is an incredibly, 193 00:10:06,280 --> 00:10:09,839 Speaker 1: incredibly positive thing ultimately. And the other piece I think 194 00:10:09,880 --> 00:10:12,960 Speaker 1: that goes right along with this, that you've seen next 195 00:10:12,960 --> 00:10:15,200 Speaker 1: to no coverage of in the mainstream media is the 196 00:10:15,200 --> 00:10:17,960 Speaker 1: fact that you have this massive wave of strikes across 197 00:10:18,000 --> 00:10:21,120 Speaker 1: the country. And as I referenced before, John Deer workers 198 00:10:21,440 --> 00:10:25,240 Speaker 1: just voted they are officially on strike. That is ten 199 00:10:25,320 --> 00:10:28,920 Speaker 1: thousand workers in the industrial heartland. I think Jonah Furman 200 00:10:29,000 --> 00:10:31,959 Speaker 1: said this is the largest strike that we've had in 201 00:10:32,120 --> 00:10:34,880 Speaker 1: two years. Let me check his largest strike in the 202 00:10:34,960 --> 00:10:39,720 Speaker 1: US in two years. Wow. So the backdrop here, you know, 203 00:10:39,800 --> 00:10:42,920 Speaker 1: what they're striking for is in particular and I've heard 204 00:10:43,000 --> 00:10:45,640 Speaker 1: this across a number of the strikes that we've been covering. 205 00:10:46,360 --> 00:10:49,679 Speaker 1: They've been dealing with this two tier system where people 206 00:10:49,679 --> 00:10:52,320 Speaker 1: who have been there, Okay, they still get the benefits, 207 00:10:52,360 --> 00:10:54,920 Speaker 1: they still get the wage scale, all of those things, 208 00:10:55,440 --> 00:10:58,079 Speaker 1: but the company has imposed on them, Okay, the new 209 00:10:58,080 --> 00:11:00,000 Speaker 1: people that come in, we're going to treat them basically 210 00:11:00,080 --> 00:11:03,440 Speaker 1: like second class citizens. And these workers, many of them 211 00:11:03,600 --> 00:11:05,720 Speaker 1: who have been there for a long time, are saying, no, 212 00:11:05,840 --> 00:11:09,000 Speaker 1: we don't accept that. We don't accept you paying our 213 00:11:09,040 --> 00:11:12,000 Speaker 1: younger brothers and sisters who are newer to the plant. 214 00:11:12,000 --> 00:11:15,560 Speaker 1: We don't accept you paying them less. So a lot 215 00:11:15,600 --> 00:11:19,040 Speaker 1: of what they're fighting for is exactly that. There's also 216 00:11:19,120 --> 00:11:21,400 Speaker 1: been I think part of why you've had this massive 217 00:11:21,440 --> 00:11:23,959 Speaker 1: wave of strikes across the country, and you know, all 218 00:11:24,040 --> 00:11:26,760 Speaker 1: kinds of different industries, whether it's blue collar, white collar, 219 00:11:26,880 --> 00:11:29,800 Speaker 1: or service sector jobs. I think it also has to 220 00:11:29,840 --> 00:11:33,080 Speaker 1: do with the fact that people were so stretched and 221 00:11:33,160 --> 00:11:36,719 Speaker 1: strained during the pandemic and now after the pandemic, being 222 00:11:36,760 --> 00:11:40,080 Speaker 1: forced to work all these overtime hours, being forced to 223 00:11:40,280 --> 00:11:43,120 Speaker 1: you know, work without being able to take breaks, and 224 00:11:43,240 --> 00:11:45,400 Speaker 1: being able to see their family, and all of these 225 00:11:45,520 --> 00:11:48,600 Speaker 1: just basics of life and they're done with it. They 226 00:11:48,600 --> 00:11:52,600 Speaker 1: also saw the way that their corporate bosses profited handsomely 227 00:11:52,880 --> 00:11:56,040 Speaker 1: oh during the pandemic, and the workers are saying, we 228 00:11:56,120 --> 00:11:59,160 Speaker 1: see you're doing really well. Maybe give us some slack, 229 00:11:59,240 --> 00:12:01,600 Speaker 1: maybe cut us in on the deal a little tiny bit. 230 00:12:01,960 --> 00:12:03,920 Speaker 1: And if you're organized in a union, you have the 231 00:12:03,960 --> 00:12:05,800 Speaker 1: power to be able to fight for those things and 232 00:12:05,840 --> 00:12:07,679 Speaker 1: be able to put some pressure on your employer to 233 00:12:07,679 --> 00:12:09,760 Speaker 1: be able to win this. Yeah. No, Look, I think 234 00:12:09,800 --> 00:12:12,520 Speaker 1: it's an incredibly positivelopment. If you're Jomba Juice and you 235 00:12:12,520 --> 00:12:14,199 Speaker 1: know you're trying to pay somebody seven to twenty five 236 00:12:14,200 --> 00:12:16,600 Speaker 1: an hour to deal with annoying people who want like 237 00:12:16,679 --> 00:12:18,760 Speaker 1: nine different additions to a smoothe but don't want to 238 00:12:18,760 --> 00:12:22,000 Speaker 1: pay extra. Earler's kind of screwed. You're probably gonna have 239 00:12:22,040 --> 00:12:23,520 Speaker 1: to pay a little bit more money if you're one 240 00:12:23,559 --> 00:12:25,640 Speaker 1: of the people who was gonna work at Jama Juice, 241 00:12:25,880 --> 00:12:28,520 Speaker 1: but now you have, you know, an array of options. Hey, 242 00:12:28,840 --> 00:12:30,719 Speaker 1: I think that's good. I'm always going to stand up 243 00:12:30,880 --> 00:12:33,360 Speaker 1: for those people. They've just been crapped on for so long. 244 00:12:33,480 --> 00:12:36,800 Speaker 1: The Axios data in particular about businesses having to stand 245 00:12:36,880 --> 00:12:40,520 Speaker 1: up for their employees. Is just such an incredibly positive 246 00:12:40,520 --> 00:12:44,440 Speaker 1: development given how little or how much replaceability we've had 247 00:12:44,720 --> 00:12:47,840 Speaker 1: amongst the labor market for so long, and this is 248 00:12:48,000 --> 00:12:50,120 Speaker 1: just going to continue. The biggest strike at John Deere 249 00:12:50,280 --> 00:12:52,240 Speaker 1: we see that we have a kalog worker on today. 250 00:12:52,559 --> 00:12:54,640 Speaker 1: I predict this will be one of the biggest stories 251 00:12:54,720 --> 00:12:57,559 Speaker 1: of the next twenty years. And you know what's really 252 00:12:57,559 --> 00:13:00,400 Speaker 1: interesting too, is that this is the first time in 253 00:13:00,400 --> 00:13:04,600 Speaker 1: about thirty years that we've seen the real ability for 254 00:13:04,840 --> 00:13:07,920 Speaker 1: labor in order to bargain for a higher wage and 255 00:13:08,080 --> 00:13:11,360 Speaker 1: actually have some real leverage in the market. And see 256 00:13:11,440 --> 00:13:14,000 Speaker 1: how people are freaking out about it. I mean, I 257 00:13:14,040 --> 00:13:16,520 Speaker 1: think that's another part of the story that take it 258 00:13:16,600 --> 00:13:19,280 Speaker 1: or they cannot take the fact that some of these 259 00:13:19,320 --> 00:13:22,360 Speaker 1: people have power. Look, are there some bad actors, these teachers, unions, 260 00:13:22,400 --> 00:13:25,199 Speaker 1: on vaccines or whatever, Yeah, one hundred percent, don't get 261 00:13:25,200 --> 00:13:27,880 Speaker 1: me wrong. But really what it is is that all 262 00:13:28,000 --> 00:13:31,040 Speaker 1: collective action we see this everywhere is beginning to have 263 00:13:31,320 --> 00:13:34,240 Speaker 1: a lot more adverse impacts on employers. That is a 264 00:13:34,320 --> 00:13:37,359 Speaker 1: good thing in my opinion. Whether you think the Southwest 265 00:13:37,360 --> 00:13:40,120 Speaker 1: Airlines strike at something to a vaccine or not, whether 266 00:13:40,200 --> 00:13:43,520 Speaker 1: it's people standing up for their wages. What is forcing 267 00:13:43,520 --> 00:13:47,200 Speaker 1: you to do is businesses having to care what their 268 00:13:47,240 --> 00:13:49,640 Speaker 1: actual employees think. We haven't lived in that country in 269 00:13:49,640 --> 00:13:52,480 Speaker 1: a long time since what nineteen eighty I mean, Amazon 270 00:13:52,720 --> 00:13:56,800 Speaker 1: has taken that customers always right mentality every time to 271 00:13:57,320 --> 00:14:02,240 Speaker 1: the extreme right where their workers are tracked and monitoring. 272 00:14:02,320 --> 00:14:04,920 Speaker 1: Everything is about making sure that the customer gets their 273 00:14:04,920 --> 00:14:07,880 Speaker 1: thing as quick as possible, and doesn't matter if you know, 274 00:14:08,080 --> 00:14:10,680 Speaker 1: delivery drivers don't have a chance to go to the bathroom. 275 00:14:10,800 --> 00:14:13,360 Speaker 1: What matters is that the customer gets their thing ten 276 00:14:13,400 --> 00:14:16,720 Speaker 1: minutes earlier. So to see a change and a shift, 277 00:14:16,760 --> 00:14:19,440 Speaker 1: even a small one in that is remarkable. And look, 278 00:14:19,440 --> 00:14:22,240 Speaker 1: we don't want to overstate things. Game is still rigged 279 00:14:22,280 --> 00:14:24,520 Speaker 1: in favor of the big players and the corporations and 280 00:14:24,560 --> 00:14:28,520 Speaker 1: the bosses, no doubt about it. But for decades now 281 00:14:29,000 --> 00:14:31,800 Speaker 1: the scale has been tilted in favor of them, and 282 00:14:31,920 --> 00:14:34,960 Speaker 1: every year more and more the case. Absolutely so. The 283 00:14:35,040 --> 00:14:39,400 Speaker 1: fact to see things rebalanced even the tiniest bit and 284 00:14:39,440 --> 00:14:42,040 Speaker 1: headed in a better direction where workers have at least 285 00:14:42,080 --> 00:14:46,280 Speaker 1: a modicum of say and power in their workplaces, that 286 00:14:46,360 --> 00:14:51,120 Speaker 1: you see them very courageously by the way, exercising that's 287 00:14:51,240 --> 00:14:54,480 Speaker 1: really encouraging. It's really hardening to see. Absolutely, just like 288 00:14:54,480 --> 00:14:57,920 Speaker 1: that Walmart worker quit on the lute. Ah, that was amazing. 289 00:14:57,960 --> 00:15:02,200 Speaker 1: You guys love that too. Let's get to the potential downside, 290 00:15:02,680 --> 00:15:05,520 Speaker 1: at least the hottest segment that will cover today inflation. 291 00:15:06,320 --> 00:15:08,480 Speaker 1: People like to say, Crystal that you and I were 292 00:15:08,520 --> 00:15:12,320 Speaker 1: very wrong about inflation. So the inflation numbers came out yesterday, 293 00:15:12,400 --> 00:15:14,800 Speaker 1: and let's put that up there on the screen. Where 294 00:15:14,840 --> 00:15:17,440 Speaker 1: are Americans seeing inflation? We saw a five percent jump 295 00:15:17,440 --> 00:15:20,040 Speaker 1: in inflation, is the highest on record over thirteen years. 296 00:15:20,120 --> 00:15:24,120 Speaker 1: Sounds scary. Well, here's where there is inflation. Rental cars 297 00:15:24,160 --> 00:15:26,920 Speaker 1: are up forty three percent over last September. I can 298 00:15:26,960 --> 00:15:30,760 Speaker 1: attest to that for personally, gas forty two percent, used 299 00:15:30,760 --> 00:15:36,800 Speaker 1: cars twenty four percent, bacon nineteen percent, hotels eighteen percent, beef, pork, 300 00:15:36,840 --> 00:15:38,480 Speaker 1: and eggs. This is where things are concerning because it 301 00:15:38,560 --> 00:15:41,720 Speaker 1: hits the grocery store eighteen percent for beef, thirteen percent 302 00:15:41,760 --> 00:15:46,440 Speaker 1: for pork, thirteen percent for eggs, thirteen percent for TVs, kids, shoes, furnitures, 303 00:15:46,680 --> 00:15:48,880 Speaker 1: new cars at nine percent. Yeah, I was wondering that. 304 00:15:48,920 --> 00:15:50,520 Speaker 1: I think it has somebody to do with China, given 305 00:15:50,520 --> 00:15:52,360 Speaker 1: how much of it comes from over there, it's a 306 00:15:52,400 --> 00:15:56,120 Speaker 1: highly replaceable product. Chicken at eight percent, apples at eight, 307 00:15:56,480 --> 00:16:00,000 Speaker 1: restaurant prices at five. That's because of food costs, electricity 308 00:16:00,240 --> 00:16:04,080 Speaker 1: at five, rent at two point nine percent. Obviously rent 309 00:16:04,280 --> 00:16:07,120 Speaker 1: food going to be the most important ones. So this 310 00:16:07,160 --> 00:16:10,200 Speaker 1: has sparked a lot of discussion. Now, Crystal, here's part 311 00:16:10,240 --> 00:16:12,080 Speaker 1: of the question. There was a big question of whether 312 00:16:12,120 --> 00:16:17,840 Speaker 1: there was something called transitory inflation or sustained inflation. Transitory 313 00:16:18,200 --> 00:16:21,680 Speaker 1: would presume, hey, we're living through this really crazy time 314 00:16:21,800 --> 00:16:24,560 Speaker 1: here in America. It's all you know, this pandemic, and 315 00:16:24,600 --> 00:16:27,080 Speaker 1: thing's got shut down. Now they're back. Turns out, when 316 00:16:27,080 --> 00:16:28,800 Speaker 1: you shut down the global supply chain for like an 317 00:16:28,920 --> 00:16:32,120 Speaker 1: entire year, there's some crazy stuff happens in terms of prices. 318 00:16:32,280 --> 00:16:34,720 Speaker 1: That was a transitory school of thought. Now people are 319 00:16:34,760 --> 00:16:39,080 Speaker 1: saying that because that has been lasted now for months longer, 320 00:16:39,120 --> 00:16:41,960 Speaker 1: it's not transitory. Transitory in those people's minds are supposed 321 00:16:41,960 --> 00:16:44,600 Speaker 1: to mean like two months or three months. Well, I'm 322 00:16:44,640 --> 00:16:47,560 Speaker 1: here to piss off everybody and actually say I actually 323 00:16:47,560 --> 00:16:50,200 Speaker 1: think the team transitory one. And I'll tell you why. 324 00:16:50,240 --> 00:16:52,920 Speaker 1: And I already know core CPI, which is the consumer 325 00:16:52,960 --> 00:16:56,080 Speaker 1: Price index, is not the correct way to track inflation, 326 00:16:56,520 --> 00:16:59,040 Speaker 1: but in the way that you're talking about it in 327 00:16:59,080 --> 00:17:03,000 Speaker 1: terms of what is actually impacted by the money supply. Well, 328 00:17:03,200 --> 00:17:06,080 Speaker 1: it looks like team Transitory one. Put this next one 329 00:17:06,160 --> 00:17:08,479 Speaker 1: up there on the screen. This is for the people 330 00:17:08,520 --> 00:17:11,040 Speaker 1: who are just listening. What you're seeing here is a 331 00:17:11,080 --> 00:17:16,359 Speaker 1: wild fluctuation in core CPI that happened between January eighteenth 332 00:17:16,400 --> 00:17:19,359 Speaker 1: and January twentieth, largely because of the pandemic. Well, it 333 00:17:19,400 --> 00:17:21,600 Speaker 1: turns out that our core CPI is actually back to 334 00:17:21,640 --> 00:17:25,320 Speaker 1: two point h nine percent, which is the baseline. However, 335 00:17:25,560 --> 00:17:28,679 Speaker 1: where are we still seeing inflation, Inflation being defined as 336 00:17:28,800 --> 00:17:33,119 Speaker 1: increase in price relative to previous Well, we're seeing, as 337 00:17:33,200 --> 00:17:38,400 Speaker 1: I previously stated, in the rental car market, in hotels, gas, 338 00:17:38,880 --> 00:17:42,920 Speaker 1: use cars, bacon, all of these. I'm sorry to say, everybody, 339 00:17:42,920 --> 00:17:44,800 Speaker 1: for those who are the gold bugs out there who 340 00:17:44,840 --> 00:17:46,840 Speaker 1: want you to believe this is all about spending, not 341 00:17:46,920 --> 00:17:48,280 Speaker 1: a single one of these things has to do with 342 00:17:48,359 --> 00:17:51,120 Speaker 1: increased spending. Rental cars, Yeah, you know why the price 343 00:17:51,160 --> 00:17:54,200 Speaker 1: is up relative to September because nobody was driving last September. 344 00:17:54,320 --> 00:17:56,960 Speaker 1: Why is gas up, Well, it's because OPEK is not 345 00:17:57,000 --> 00:17:59,440 Speaker 1: pumping enough gas and it turns out that when people 346 00:17:59,480 --> 00:18:02,040 Speaker 1: don't drive year and then they start driving again and 347 00:18:02,080 --> 00:18:04,560 Speaker 1: you have to readjust supply well, it takes a little 348 00:18:04,560 --> 00:18:07,680 Speaker 1: while to catch up use cars. Same thing. It's because 349 00:18:07,680 --> 00:18:11,280 Speaker 1: you can't buy a new car because there's no semiconductors. Bacon. Well, 350 00:18:11,320 --> 00:18:14,679 Speaker 1: actually there's new animal welfare regulations out in California. You 351 00:18:14,720 --> 00:18:17,200 Speaker 1: can stand by it or not. It's totally fine whichever 352 00:18:17,240 --> 00:18:20,000 Speaker 1: way you stand. That's actually disrupting our pig market. Also, 353 00:18:20,320 --> 00:18:22,560 Speaker 1: we had to slaughter a ton of pigs back in 354 00:18:22,560 --> 00:18:25,560 Speaker 1: twenty twenty because they couldn't keep up with the meat 355 00:18:25,600 --> 00:18:28,840 Speaker 1: packing plants and the demand was so wei covid a right, 356 00:18:28,880 --> 00:18:31,959 Speaker 1: so we have an artificially restricted supply. Also, the Chinese, 357 00:18:32,000 --> 00:18:33,880 Speaker 1: it turns out, eat a lot of pigs, so they're 358 00:18:33,880 --> 00:18:36,240 Speaker 1: buying our pork as well, which means there's an increase 359 00:18:36,280 --> 00:18:38,639 Speaker 1: in price. I know some people don't want to hear this. 360 00:18:38,800 --> 00:18:40,960 Speaker 1: I don't really know why. I actually think it's a 361 00:18:41,000 --> 00:18:45,720 Speaker 1: fascinating and nuanced conversation around supply chains, what exactly happens 362 00:18:45,760 --> 00:18:50,160 Speaker 1: whenever you shut down an economy and reopen economy. But yeah, 363 00:18:50,280 --> 00:18:53,960 Speaker 1: that's that we have high inflation quote unquote on certain goods, 364 00:18:54,040 --> 00:18:57,399 Speaker 1: especially on food and more, but almost all of it 365 00:18:57,440 --> 00:19:00,679 Speaker 1: can be rooted back to the supply chain. Not diminishing 366 00:19:00,720 --> 00:19:03,880 Speaker 1: this for people's pocketbooks who are at home. If you're 367 00:19:03,880 --> 00:19:05,760 Speaker 1: out there and you're buying groceries, listen, you ever try 368 00:19:05,760 --> 00:19:07,800 Speaker 1: to buy a stake recently, it's like, what the hell 369 00:19:07,880 --> 00:19:10,960 Speaker 1: is going on? However, I would just encourage you to say, 370 00:19:11,320 --> 00:19:13,520 Speaker 1: doesn't have a lot to do with spending, because you 371 00:19:13,680 --> 00:19:15,879 Speaker 1: are falling into the traps that a lot of people 372 00:19:15,920 --> 00:19:19,359 Speaker 1: are who are trying to push against basically the government 373 00:19:19,400 --> 00:19:22,480 Speaker 1: doing anything for anybody, not scare mongering, instead of focusing 374 00:19:22,480 --> 00:19:24,560 Speaker 1: on where the real issue is, which is our globalized 375 00:19:24,720 --> 00:19:27,480 Speaker 1: idiotic supply chain. I feel like a lot of people 376 00:19:27,600 --> 00:19:31,160 Speaker 1: have a weird investment in inflat like you really do. 377 00:19:31,280 --> 00:19:33,000 Speaker 1: I don't get it, and I'm not talking to look 378 00:19:33,040 --> 00:19:36,359 Speaker 1: for individual people who are seeing their grocery bills go up, 379 00:19:36,480 --> 00:19:38,840 Speaker 1: who are struggling to get the gas tank filled up 380 00:19:38,920 --> 00:19:42,080 Speaker 1: like this is not to diminish your concerns and the 381 00:19:42,119 --> 00:19:45,520 Speaker 1: real pain that this causes. And even as wages have 382 00:19:45,800 --> 00:19:49,720 Speaker 1: actually for the you know, significantly increased like a couple 383 00:19:49,720 --> 00:19:55,760 Speaker 1: of percent, pretty crazy stuff. The inflation of things like food, 384 00:19:56,040 --> 00:19:58,879 Speaker 1: things like rent, things like gas that's obviously going to 385 00:19:58,880 --> 00:20:02,600 Speaker 1: significantly eat in to any wage increases that you may 386 00:20:02,640 --> 00:20:05,959 Speaker 1: be experiencing. We're just trying to follow the numbers of 387 00:20:05,960 --> 00:20:08,680 Speaker 1: what's actually going on. And so you have a group 388 00:20:08,720 --> 00:20:12,680 Speaker 1: of people who are very ideologically invested in inflation being 389 00:20:12,840 --> 00:20:16,919 Speaker 1: high because they want to prove a political point. And 390 00:20:17,000 --> 00:20:18,720 Speaker 1: a lot of these are the same people who have 391 00:20:18,760 --> 00:20:25,520 Speaker 1: been predicting hyperinflation for more than a decade, truly going 392 00:20:25,560 --> 00:20:28,440 Speaker 1: to cause Harpard, right, you're saying in two thousand and nine, Yeah, 393 00:20:28,520 --> 00:20:32,280 Speaker 1: so you know, they finally like see a little uptick 394 00:20:32,480 --> 00:20:35,080 Speaker 1: in one measure of inflation. They're like, yes, we were right, 395 00:20:35,119 --> 00:20:37,560 Speaker 1: and it's like, yeah, you've been wrong for more than 396 00:20:37,600 --> 00:20:40,640 Speaker 1: a decade. Now, where's the like, where's the reckoning over that? 397 00:20:41,040 --> 00:20:44,919 Speaker 1: There's just this it's a very ideological way of looking 398 00:20:44,920 --> 00:20:48,000 Speaker 1: at these things. For those of you who don't know, 399 00:20:48,080 --> 00:20:52,240 Speaker 1: core price inflation is just cost of goods and services, 400 00:20:53,080 --> 00:20:56,800 Speaker 1: the change in those prices minus those from the food 401 00:20:56,840 --> 00:21:00,280 Speaker 1: and energy sectors, which are always the most volatile. So 402 00:21:00,480 --> 00:21:02,240 Speaker 1: the whole idea of it is you sort of strip 403 00:21:02,280 --> 00:21:04,080 Speaker 1: out the ones that go up and down the most 404 00:21:04,359 --> 00:21:08,160 Speaker 1: what's the core price inflation when you take out those 405 00:21:08,200 --> 00:21:11,679 Speaker 1: most volatile things, And that's what that metric ultimately is 406 00:21:11,960 --> 00:21:14,720 Speaker 1: now in terms of your pocketbook, what they're effectively taking 407 00:21:14,800 --> 00:21:17,480 Speaker 1: out are the things that are most relevant, likely to 408 00:21:17,600 --> 00:21:20,520 Speaker 1: you and to what your household bottom line is. So 409 00:21:20,880 --> 00:21:22,680 Speaker 1: I don't want to dismiss the concerns. I don't want 410 00:21:22,680 --> 00:21:24,399 Speaker 1: to say it's nothing. I don't want to say that 411 00:21:24,480 --> 00:21:26,159 Speaker 1: you know, it's irrelevant and it's going to be back 412 00:21:26,200 --> 00:21:28,560 Speaker 1: to normal next month. But I think it's just really 413 00:21:28,600 --> 00:21:31,080 Speaker 1: important to take a look at the numbers and what 414 00:21:31,119 --> 00:21:33,880 Speaker 1: they're saying, and also take a look at the factors 415 00:21:33,880 --> 00:21:37,040 Speaker 1: that are driving one of which we're about to cover, 416 00:21:37,080 --> 00:21:39,680 Speaker 1: which is this massive supply chain disruptions which are making 417 00:21:39,760 --> 00:21:42,919 Speaker 1: it very difficult to actually get goods on the shelves. 418 00:21:43,600 --> 00:21:46,679 Speaker 1: So you have more money chasing more goods than are 419 00:21:46,720 --> 00:21:49,520 Speaker 1: able to be available. Well, yeah, that's going to cause 420 00:21:49,560 --> 00:21:52,680 Speaker 1: a spike in inflation. Hopefully those supply chain disruptions are 421 00:21:52,760 --> 00:21:56,200 Speaker 1: temporary and don't ultimately less. There is one small silver 422 00:21:56,280 --> 00:21:59,040 Speaker 1: lining here that we can throw up on the screen here, 423 00:21:59,080 --> 00:22:03,760 Speaker 1: which is that senior citizens are getting a raised. American 424 00:22:03,800 --> 00:22:06,560 Speaker 1: seniors on Social Security will get a five point nine 425 00:22:06,720 --> 00:22:10,160 Speaker 1: percent increase in their payments. That is the highest increase 426 00:22:10,600 --> 00:22:13,919 Speaker 1: since nineteen eighty two. I saw something like ninety dollars 427 00:22:13,960 --> 00:22:18,280 Speaker 1: a month more that seniors will be receiving. So that's 428 00:22:18,320 --> 00:22:21,120 Speaker 1: not nothing. Of course, you know, you got to balance 429 00:22:21,160 --> 00:22:23,320 Speaker 1: that with the fact that they're probably paying higher prices 430 00:22:23,320 --> 00:22:26,000 Speaker 1: at the pump, paying higher prices in the grocery store. 431 00:22:26,000 --> 00:22:28,960 Speaker 1: But ultimately Social Security will be going up. And then 432 00:22:29,000 --> 00:22:31,880 Speaker 1: this is kind of funny and kind of I mean, 433 00:22:31,880 --> 00:22:34,199 Speaker 1: it's sort of pathetic. Honestly, let's throw this next tair 434 00:22:34,240 --> 00:22:37,080 Speaker 1: shet up on the screen. The Biden administration knows they 435 00:22:37,080 --> 00:22:39,160 Speaker 1: have a big problem with all of this, especially with 436 00:22:39,320 --> 00:22:42,439 Speaker 1: gas prices, which presidents don't really have a lot of 437 00:22:42,440 --> 00:22:45,560 Speaker 1: control over, if any control over, whatsoever. But that doesn't 438 00:22:45,560 --> 00:22:48,720 Speaker 1: mean that it's not politically extremely damaging to them when 439 00:22:49,280 --> 00:22:53,480 Speaker 1: energy prices are high. The White House is asking US 440 00:22:53,560 --> 00:22:57,480 Speaker 1: oil and gas companies to help lower fuel cost According 441 00:22:57,480 --> 00:23:01,479 Speaker 1: to some sources, this is a Reuter's article here. How 442 00:23:01,520 --> 00:23:03,919 Speaker 1: do you think that's going to work, Sorr, I think, yeah, nicely, 443 00:23:03,960 --> 00:23:07,320 Speaker 1: be like, oh sure, we'll cut out on our We'll 444 00:23:07,320 --> 00:23:10,879 Speaker 1: get right on. I think I really am and this 445 00:23:10,960 --> 00:23:13,720 Speaker 1: will segue very well to our next segment. Is that 446 00:23:14,040 --> 00:23:16,239 Speaker 1: I think that this winter is going to be a 447 00:23:16,280 --> 00:23:19,800 Speaker 1: disaster for them. Number one is gas prices and continue 448 00:23:19,800 --> 00:23:23,000 Speaker 1: to stay high. Two is that natural gas prices right 449 00:23:23,040 --> 00:23:27,280 Speaker 1: now are sky high because supply was reduced during COVID. 450 00:23:27,640 --> 00:23:30,800 Speaker 1: Europe and Asia are also reopening, and we have all 451 00:23:30,840 --> 00:23:33,280 Speaker 1: sorts of supply problems whenever it comes to that. So 452 00:23:33,400 --> 00:23:35,320 Speaker 1: guess what. We use a lot of natural gas for 453 00:23:35,760 --> 00:23:39,000 Speaker 1: heating your house, which means your heating bill. I would 454 00:23:39,000 --> 00:23:40,760 Speaker 1: not be surprised if it is two or three times 455 00:23:40,920 --> 00:23:42,520 Speaker 1: what it normally is. And people are going to freak 456 00:23:42,520 --> 00:23:45,080 Speaker 1: out about that, and it's terrible news because what happens 457 00:23:45,440 --> 00:23:47,800 Speaker 1: people get their heat shut off in the cold. It's 458 00:23:47,840 --> 00:23:50,080 Speaker 1: going to have a lot of terrible stories, really, in 459 00:23:50,119 --> 00:23:53,840 Speaker 1: particular elderly in particular. We really need to have their 460 00:23:53,840 --> 00:23:55,919 Speaker 1: heating and gas. So, by the way, if that starts happening, 461 00:23:55,960 --> 00:23:58,159 Speaker 1: please send us those stories so that we can highlight it, 462 00:23:58,240 --> 00:24:00,600 Speaker 1: because that should not be happening, especially if a massive 463 00:24:00,600 --> 00:24:02,680 Speaker 1: supply crunch and all that. And we can get to 464 00:24:02,760 --> 00:24:05,280 Speaker 1: that later. But you're gonna have high gas price, You're 465 00:24:05,280 --> 00:24:09,119 Speaker 1: gonna have high heating price and Christmas not going to 466 00:24:09,200 --> 00:24:11,480 Speaker 1: be able to get your goods. Hey, So remember how 467 00:24:11,480 --> 00:24:14,640 Speaker 1: we told you how awesome premium membership was. Well, here 468 00:24:14,680 --> 00:24:17,080 Speaker 1: we are again to remind you that becoming a premium 469 00:24:17,080 --> 00:24:19,840 Speaker 1: member means you don't have to listen to our constant 470 00:24:19,840 --> 00:24:22,680 Speaker 1: please for you to subscribe. So what are you waiting for? 471 00:24:22,800 --> 00:24:26,000 Speaker 1: Become a premium member today by going to Breakingpoints dot com, 472 00:24:26,040 --> 00:24:28,760 Speaker 1: which you can click on in the show notes. Let's 473 00:24:28,760 --> 00:24:32,840 Speaker 1: get to the next segment here at Christmas and the 474 00:24:33,000 --> 00:24:35,880 Speaker 1: inability there at least from the White House right now 475 00:24:35,880 --> 00:24:38,800 Speaker 1: to guarantee that you're going to be able to get 476 00:24:38,800 --> 00:24:41,240 Speaker 1: your goods on time and for your gifts. Now, look, 477 00:24:41,400 --> 00:24:45,200 Speaker 1: are cheap Chinese goods from China really the embodiment of 478 00:24:45,200 --> 00:24:48,120 Speaker 1: the Christmas spirit? No, but this is America. It's hypercapitalist 479 00:24:48,160 --> 00:24:50,760 Speaker 1: consumer society, and let's be honest, that's what a lot 480 00:24:50,760 --> 00:24:53,760 Speaker 1: of people love. So the White House is recognizing that 481 00:24:53,800 --> 00:24:56,000 Speaker 1: they should probably start freaking out about this. But the 482 00:24:56,080 --> 00:24:58,520 Speaker 1: time was I don't know, maybe like nine months ago, 483 00:24:58,680 --> 00:25:01,960 Speaker 1: not yesterday. The White House yesterday press on whether they 484 00:25:02,000 --> 00:25:04,560 Speaker 1: can guarantee Christmas gifts are going to get there on time. 485 00:25:04,920 --> 00:25:07,399 Speaker 1: Not a great answer, let's take a listen, based on 486 00:25:07,480 --> 00:25:13,560 Speaker 1: everything being announced today. Yeah, and this administration guarantee the 487 00:25:13,640 --> 00:25:16,720 Speaker 1: holiday packages will arrive on time. They are not the 488 00:25:16,760 --> 00:25:21,040 Speaker 1: Postal Service or UPS or FedEx. We cannot guarantee. What 489 00:25:21,080 --> 00:25:24,040 Speaker 1: we can do is use every lever at the federal 490 00:25:24,080 --> 00:25:29,520 Speaker 1: government disposal to reduce delays, to ensure that we are 491 00:25:30,240 --> 00:25:35,720 Speaker 1: addressing bottlenecks and the system, including ports and the need 492 00:25:35,760 --> 00:25:38,159 Speaker 1: for them to be open longer hours so that goods 493 00:25:38,160 --> 00:25:42,080 Speaker 1: can arrive. And we can continue to press not only 494 00:25:42,520 --> 00:25:46,600 Speaker 1: workers and unions, but also companies to take as many 495 00:25:46,600 --> 00:25:50,040 Speaker 1: steps as they can to reduce these delays. So not 496 00:25:50,160 --> 00:25:53,919 Speaker 1: a particularly encouraging answer their Crystal Press. I don't know. 497 00:25:54,040 --> 00:25:57,920 Speaker 1: I really don't know. She's always like a really legitimate question, 498 00:25:58,040 --> 00:26:00,240 Speaker 1: you know, But of the things that she talks about, 499 00:26:00,240 --> 00:26:03,440 Speaker 1: that's probably the single most relevant piece to people's lives. 500 00:26:03,440 --> 00:26:05,080 Speaker 1: But for those of you who are just watching the clips, 501 00:26:05,240 --> 00:26:07,760 Speaker 1: what we previously talked about in the inflation segment was 502 00:26:07,800 --> 00:26:10,600 Speaker 1: that natural gas prices are very high, which means that 503 00:26:10,640 --> 00:26:13,520 Speaker 1: people's heating bills are going to be higher. We've already 504 00:26:13,520 --> 00:26:15,879 Speaker 1: got high gas prices on top of that, you know, 505 00:26:15,960 --> 00:26:18,760 Speaker 1: Christmas gifts not being able to come on time. This 506 00:26:18,800 --> 00:26:22,840 Speaker 1: is a political problem. We recently covered that independence turn 507 00:26:22,920 --> 00:26:25,800 Speaker 1: on Biden. They recently did a focused group with swing 508 00:26:25,920 --> 00:26:29,200 Speaker 1: voters and they found that Biden was not rated higher 509 00:26:29,240 --> 00:26:32,240 Speaker 1: than a C minus amongst all the respondents, and one 510 00:26:32,280 --> 00:26:35,560 Speaker 1: of them, one woman in particular, said, Hey, I wanted 511 00:26:35,600 --> 00:26:38,000 Speaker 1: to buy a new car, and I literally can't. These 512 00:26:38,040 --> 00:26:40,640 Speaker 1: are the types of things that the administration is going 513 00:26:40,680 --> 00:26:43,320 Speaker 1: to get backlash on, regardless of whether you like it 514 00:26:43,440 --> 00:26:45,919 Speaker 1: or not. Marshall n I did a segment earlier this 515 00:26:45,960 --> 00:26:48,280 Speaker 1: week on the part of Los Angeles in particular, where 516 00:26:48,320 --> 00:26:51,280 Speaker 1: you see these like fifty six fifty eight ships waiting 517 00:26:51,520 --> 00:26:55,560 Speaker 1: to be unloaded, stuff sitting on the docks for literally months. Biden, 518 00:26:55,760 --> 00:26:58,560 Speaker 1: I want to give him credit, I think far too late, 519 00:26:59,240 --> 00:27:02,000 Speaker 1: actually did to a deal to try and keep that 520 00:27:02,119 --> 00:27:04,359 Speaker 1: port open, and he had talked a little bit about 521 00:27:04,359 --> 00:27:06,280 Speaker 1: it yesterday. Let's take a listen to what he said. 522 00:27:07,320 --> 00:27:10,520 Speaker 1: Los Angeles and Long Beach are home to the largest 523 00:27:10,600 --> 00:27:14,080 Speaker 1: point ports of America, and together these ports are among 524 00:27:14,119 --> 00:27:17,040 Speaker 1: the largest in the world. And the best way to 525 00:27:17,119 --> 00:27:21,840 Speaker 1: make that point is at forty forty percent of shipping 526 00:27:21,840 --> 00:27:25,399 Speaker 1: containers that we import into this country come through these 527 00:27:25,480 --> 00:27:28,920 Speaker 1: two ports, and today we have some good news. We're 528 00:27:28,960 --> 00:27:31,080 Speaker 1: going to help speed up the delivery of goods all 529 00:27:31,080 --> 00:27:35,320 Speaker 1: across America. After weeks of negotiation and working with my 530 00:27:35,440 --> 00:27:39,640 Speaker 1: team and with the major union retailers and freight movers, 531 00:27:40,080 --> 00:27:42,479 Speaker 1: the Ports of Los Angeles, the Port of Los Angeles 532 00:27:42,520 --> 00:27:46,280 Speaker 1: announced today that it's going to be began operating twenty 533 00:27:46,280 --> 00:27:50,520 Speaker 1: four hours a day, seven days a week. This follows 534 00:27:50,520 --> 00:27:52,879 Speaker 1: the Port of Long Beach commitment to twenty four to 535 00:27:52,960 --> 00:27:56,960 Speaker 1: seven that had announced just weeks ago. Twenty four to 536 00:27:57,040 --> 00:28:00,399 Speaker 1: seven system what most of the leading entries in the 537 00:28:00,440 --> 00:28:04,640 Speaker 1: world already operate on now except US until now. This 538 00:28:04,760 --> 00:28:08,159 Speaker 1: is the first key step for moving our entire freight, 539 00:28:08,320 --> 00:28:13,640 Speaker 1: transportation and logistical supply chain nationwide to a twenty four 540 00:28:13,680 --> 00:28:17,560 Speaker 1: to seven system. Yeah, so look, I mean it's late, 541 00:28:17,880 --> 00:28:20,720 Speaker 1: but I think I think he's doing what he can. 542 00:28:21,280 --> 00:28:23,040 Speaker 1: There are a lot of questions about how much of 543 00:28:23,040 --> 00:28:26,080 Speaker 1: a difference it's ultimately going to make. In this Washington 544 00:28:26,119 --> 00:28:29,879 Speaker 1: Post article they talk about they've got some expertier chief 545 00:28:29,960 --> 00:28:34,000 Speaker 1: executive of the Harbor Trucking Association Association, who says it 546 00:28:34,040 --> 00:28:37,879 Speaker 1: will only make a big difference if terminals abandon requirements 547 00:28:37,920 --> 00:28:40,320 Speaker 1: for truckers to return a specific type of empty shifting 548 00:28:40,360 --> 00:28:43,400 Speaker 1: container before collecting a full one. So there's all these 549 00:28:43,400 --> 00:28:47,000 Speaker 1: complications that make it so that just extending the hours. 550 00:28:47,040 --> 00:28:48,520 Speaker 1: And by the way, I also want to give them credit. 551 00:28:48,520 --> 00:28:50,320 Speaker 1: They work with the teamsters to make sure the workers 552 00:28:50,320 --> 00:28:53,280 Speaker 1: are taken care of and paid extra for working overtime 553 00:28:53,320 --> 00:28:56,640 Speaker 1: and all of those things. But it may not have 554 00:28:56,840 --> 00:28:59,760 Speaker 1: as much of an impact as we would like, especially 555 00:28:59,760 --> 00:29:04,560 Speaker 1: because because the unloading at these ports is not the 556 00:29:04,600 --> 00:29:09,520 Speaker 1: only issue that is rippling through the economy ultimately. I mean, look, politically, 557 00:29:09,760 --> 00:29:13,320 Speaker 1: I think it's a good look for him to seem 558 00:29:13,360 --> 00:29:16,000 Speaker 1: like he's taking charge, but the reality is you're talking 559 00:29:16,000 --> 00:29:17,960 Speaker 1: about those focus groups. One of the things I found 560 00:29:17,960 --> 00:29:20,960 Speaker 1: the most interesting is that it really didn't matter whether 561 00:29:20,960 --> 00:29:24,000 Speaker 1: they were talking to a Democrat or Republican or an independent. 562 00:29:24,360 --> 00:29:28,520 Speaker 1: They all had very similar concerns and very similar experiences 563 00:29:28,600 --> 00:29:31,360 Speaker 1: in this economy where they felt a lot of uncertainty, 564 00:29:31,400 --> 00:29:33,520 Speaker 1: and they did not feel like that cord we're going 565 00:29:33,560 --> 00:29:36,840 Speaker 1: to be back to normal promise that Biden really ran 566 00:29:36,880 --> 00:29:40,360 Speaker 1: on and leaned into has been anywhere close to fulfilled. 567 00:29:40,800 --> 00:29:44,920 Speaker 1: This is perhaps the best sort of like incarnation the 568 00:29:44,960 --> 00:29:48,880 Speaker 1: most obvious manifestation of the way that things are not 569 00:29:48,960 --> 00:29:51,040 Speaker 1: back to normal. I mean, obviously also the fact that 570 00:29:51,080 --> 00:29:52,600 Speaker 1: you still have a pandemic and you still have to 571 00:29:52,600 --> 00:29:54,880 Speaker 1: worry about that, and skulls and maths and all of 572 00:29:54,920 --> 00:29:57,600 Speaker 1: those things, but the fact that you're still having to 573 00:29:57,600 --> 00:29:59,400 Speaker 1: worry about whether you're going to be able to get 574 00:29:59,400 --> 00:30:01,120 Speaker 1: goods for Chris, whether you're going to be able to 575 00:30:01,280 --> 00:30:03,000 Speaker 1: you know, you've been waiting to buy a car, now 576 00:30:03,040 --> 00:30:05,520 Speaker 1: you can't do it, or the price has gone sky high, 577 00:30:05,600 --> 00:30:07,400 Speaker 1: or you're trying to buy a house and those prices 578 00:30:07,400 --> 00:30:09,360 Speaker 1: have gone sky high, or you're going to the grocery 579 00:30:09,360 --> 00:30:12,280 Speaker 1: store and you're seeing shelves that are bare or prices 580 00:30:12,280 --> 00:30:15,480 Speaker 1: that are going up. That all has contributed to some 581 00:30:15,680 --> 00:30:19,160 Speaker 1: you know, catastrophic looking poll numbers for Joe Biden, the Democrat. Yeah, 582 00:30:19,200 --> 00:30:21,000 Speaker 1: and you know, it's interesting. I've been thinking about it. 583 00:30:21,040 --> 00:30:23,160 Speaker 1: If I was Biden, this is what I would focus 584 00:30:23,200 --> 00:30:27,000 Speaker 1: on every day. I mean, I would have high level meetings. 585 00:30:27,240 --> 00:30:29,360 Speaker 1: I would have the King of Saudi Arabia on a 586 00:30:29,400 --> 00:30:31,400 Speaker 1: plane and sitting in the Oval office and be like, 587 00:30:31,400 --> 00:30:33,240 Speaker 1: what's going on here? Why aren't you pumping more gas? 588 00:30:33,360 --> 00:30:35,560 Speaker 1: I mean that's something that you would first have to do. 589 00:30:35,800 --> 00:30:37,680 Speaker 1: The second thing, you have to make it look at 590 00:30:37,760 --> 00:30:40,200 Speaker 1: least like you're trying to do something. This Port of 591 00:30:40,320 --> 00:30:43,520 Speaker 1: La deal it's okay. And like you said, the more 592 00:30:43,520 --> 00:30:45,680 Speaker 1: I read about it, the more I thought, oh, well, 593 00:30:45,840 --> 00:30:49,000 Speaker 1: cranking the port twenty four hours is great. But look 594 00:30:49,200 --> 00:30:51,840 Speaker 1: the people who are actually in charge here, they say 595 00:30:51,920 --> 00:30:54,080 Speaker 1: it only works if the trains, the trucks, and the 596 00:30:54,080 --> 00:30:57,480 Speaker 1: warehouses all do the same. Well, long beach truckers don't 597 00:30:57,480 --> 00:30:59,800 Speaker 1: want to work from three am to seven am, not 598 00:30:59,840 --> 00:31:02,440 Speaker 1: be because they're lazy, but because they have nowhere to 599 00:31:02,480 --> 00:31:05,200 Speaker 1: take the containers at that hour, which means that the 600 00:31:05,240 --> 00:31:07,440 Speaker 1: people that they're delivering to would have to open up 601 00:31:07,560 --> 00:31:10,920 Speaker 1: between three and seven am. So the railroads are at 602 00:31:10,960 --> 00:31:14,840 Speaker 1: twenty four to seven, but they're not necessarily at full capacity. 603 00:31:14,960 --> 00:31:16,920 Speaker 1: The real problem we have is that it's just a 604 00:31:17,000 --> 00:31:20,480 Speaker 1: massive supply crunch. And if Biden were really serious, it 605 00:31:20,520 --> 00:31:22,600 Speaker 1: would be one of these things where it's not just 606 00:31:22,680 --> 00:31:25,760 Speaker 1: some you know deal here, it would have to be like, 607 00:31:26,000 --> 00:31:28,560 Speaker 1: almost every single day, here's what we're doing to get 608 00:31:28,600 --> 00:31:31,320 Speaker 1: the ports out on time. I mean, hell, like we 609 00:31:31,400 --> 00:31:33,800 Speaker 1: have the Navy, the FEMA, like all this so you 610 00:31:33,800 --> 00:31:36,560 Speaker 1: can even Inclaire a natural disaster whatever. We've had this 611 00:31:36,560 --> 00:31:39,440 Speaker 1: happen before with the railroads and more. All I'm saying 612 00:31:39,480 --> 00:31:41,080 Speaker 1: is treat it as the crisis as it is, and 613 00:31:41,120 --> 00:31:43,680 Speaker 1: Americans will give you credit. But if they don't, here's 614 00:31:43,800 --> 00:31:46,560 Speaker 1: how many people hurt that announcement. How many people are 615 00:31:46,600 --> 00:31:48,280 Speaker 1: also how many people are listening to the show and 616 00:31:48,360 --> 00:31:51,560 Speaker 1: making the connection between Oh, the port of la means 617 00:31:51,640 --> 00:31:54,200 Speaker 1: higher prices, which means that my stuff doesn't come on time, 618 00:31:54,400 --> 00:31:57,200 Speaker 1: and also there's a worker shortage, and also you know 619 00:31:57,320 --> 00:32:00,040 Speaker 1: all this other crazy stuff is happening. Look at the 620 00:32:00,160 --> 00:32:02,080 Speaker 1: of the day, really, how it manifests in your life 621 00:32:02,120 --> 00:32:04,160 Speaker 1: is Oh, this thing I ordered is not here, that's it. 622 00:32:04,360 --> 00:32:06,520 Speaker 1: Or I went to the grocery store. I usually pay 623 00:32:06,560 --> 00:32:09,880 Speaker 1: fifty dollars a week. Now it's costing me ninety. What's happening. 624 00:32:10,000 --> 00:32:11,800 Speaker 1: I haven't had a stake in three weeks because it 625 00:32:11,880 --> 00:32:15,000 Speaker 1: costs like one thousand dollars for a decent thing. I'm 626 00:32:15,040 --> 00:32:18,280 Speaker 1: exaggerating obviously. Yeah, and you put all of that together, 627 00:32:18,480 --> 00:32:20,800 Speaker 1: it's a problem for the president. I do think that 628 00:32:21,000 --> 00:32:24,200 Speaker 1: the lack of vigor in trying to the main thing 629 00:32:24,240 --> 00:32:27,080 Speaker 1: that those people faulted him for was were not back 630 00:32:27,080 --> 00:32:30,120 Speaker 1: to normal. Yeah, that's the number one thing. And there 631 00:32:30,200 --> 00:32:34,040 Speaker 1: are actually some reasons behind this that are positive reasons, 632 00:32:34,280 --> 00:32:36,560 Speaker 1: which is, people have money, a little bit of money 633 00:32:36,560 --> 00:32:39,400 Speaker 1: in their account, that's true, so they can buy good things. 634 00:32:39,480 --> 00:32:42,880 Speaker 1: They want to buy things. That's part of why you have, 635 00:32:43,120 --> 00:32:46,720 Speaker 1: you know, huge demand for a wide variety of products. 636 00:32:47,200 --> 00:32:50,760 Speaker 1: And listen the you know, Wall Street and these corporate 637 00:32:50,760 --> 00:32:53,200 Speaker 1: executive they've been freaking out about the worker shortage, but 638 00:32:53,520 --> 00:32:55,440 Speaker 1: we know that that actually, in a lot of ways 639 00:32:55,480 --> 00:32:57,520 Speaker 1: is a good thing because the fact that you have 640 00:32:57,680 --> 00:33:00,360 Speaker 1: people's pockets, the fact that you have a large number 641 00:33:00,400 --> 00:33:02,680 Speaker 1: of openings, the fact that you have workers who are 642 00:33:02,720 --> 00:33:07,080 Speaker 1: being able to be choosier about where they you know, 643 00:33:07,120 --> 00:33:09,360 Speaker 1: where they do their labor and for what price and 644 00:33:09,400 --> 00:33:12,200 Speaker 1: what benefits come with that, those are also good things. 645 00:33:12,760 --> 00:33:16,280 Speaker 1: So there are some good things that are underlying these issues. 646 00:33:16,600 --> 00:33:19,040 Speaker 1: But that doesn't mean that they're not still issues that 647 00:33:19,080 --> 00:33:23,000 Speaker 1: people are feeling and experience experiencing and giving them a 648 00:33:23,080 --> 00:33:27,560 Speaker 1: sense of sort of chaos uncertainty. And we're definitely not 649 00:33:27,720 --> 00:33:30,240 Speaker 1: back to the normal that we thought we were promised 650 00:33:30,240 --> 00:33:32,520 Speaker 1: and that we thought we would actually be back to now. Yeah, 651 00:33:32,600 --> 00:33:35,160 Speaker 1: I mean you put it all together. And that's why 652 00:33:35,200 --> 00:33:37,120 Speaker 1: we put these three segments back to back to back, 653 00:33:37,160 --> 00:33:40,440 Speaker 1: which is that the worker revolt, the higher prices, and 654 00:33:40,520 --> 00:33:43,800 Speaker 1: the supply chain are all interconnected. Yes, they are all 655 00:33:43,920 --> 00:33:49,120 Speaker 1: a result of a dramatic change happening within the US economy. 656 00:33:49,200 --> 00:33:52,480 Speaker 1: It was cliche to say COVID was going to change everything, 657 00:33:52,600 --> 00:33:55,160 Speaker 1: and it did. Like on a lot of people had 658 00:33:55,200 --> 00:33:58,440 Speaker 1: re evaluations in their life, decided to take different jobs. 659 00:33:58,600 --> 00:34:01,320 Speaker 1: Is shut down global supply chain. It made us realize 660 00:34:01,320 --> 00:34:03,560 Speaker 1: how vulnerable we are. If we can take away one thing. 661 00:34:03,640 --> 00:34:05,800 Speaker 1: I just wish it were this, Do we really need 662 00:34:05,880 --> 00:34:08,680 Speaker 1: China to make everything? Not just trying to Vietnam or 663 00:34:08,719 --> 00:34:13,360 Speaker 1: for the Philippines, Japan, South Korea. Right now, Apple have 664 00:34:13,440 --> 00:34:17,520 Speaker 1: the new iPhone shout out to me, Well yeah, well 665 00:34:17,640 --> 00:34:21,160 Speaker 1: guess what Apple has had to restrict by ten million 666 00:34:21,320 --> 00:34:25,000 Speaker 1: orders the number of iPhones that they're making exactly. And 667 00:34:25,080 --> 00:34:28,400 Speaker 1: you know why, Crystal because of semiconductors, and because we 668 00:34:28,480 --> 00:34:31,720 Speaker 1: don't make any semiconductors here in the US. So Apple, 669 00:34:31,760 --> 00:34:34,799 Speaker 1: who already has their plants over in China, well they're ninth. 670 00:34:34,840 --> 00:34:37,799 Speaker 1: You know, Apple, one of the largest supplier purchasers there 671 00:34:37,880 --> 00:34:40,160 Speaker 1: is like, oh, sorry, you're not on the list. I 672 00:34:40,200 --> 00:34:44,719 Speaker 1: even heard that Detroit is trying to design stuff that 673 00:34:44,800 --> 00:34:48,000 Speaker 1: will eventually go into your car, but just not put 674 00:34:48,000 --> 00:34:50,439 Speaker 1: it in there. They'll leave empty slots so that way 675 00:34:50,440 --> 00:34:53,399 Speaker 1: you can buy your new car. And Detroit is like, yeah, yeah, 676 00:34:53,400 --> 00:34:55,480 Speaker 1: when we get the chicks, we'll put it in there. 677 00:34:55,600 --> 00:34:59,919 Speaker 1: That's that's how desperate people are right now. So funny, look, 678 00:35:00,120 --> 00:35:02,040 Speaker 1: if we could take one thing away, let's make some 679 00:35:02,080 --> 00:35:04,799 Speaker 1: stuff here, folks, then we won't have that problem. And 680 00:35:04,880 --> 00:35:08,040 Speaker 1: I'll put one more takeaway and we're going to try 681 00:35:08,080 --> 00:35:11,400 Speaker 1: to get Matt Stoller on next week. Shout out to him. 682 00:35:11,480 --> 00:35:13,960 Speaker 1: In addition to shout out to you, he launched his 683 00:35:14,000 --> 00:35:17,000 Speaker 1: newsletter is now a paid subscription. I already signed up 684 00:35:17,080 --> 00:35:21,319 Speaker 1: a paid subscriber. He's done phenomenal work tracking monopolies and 685 00:35:21,320 --> 00:35:24,840 Speaker 1: how important they are and how many problems they've caused 686 00:35:24,880 --> 00:35:27,279 Speaker 1: in our society around the world. And that's the other 687 00:35:27,320 --> 00:35:29,440 Speaker 1: part of the problem. And I'm sure what he can 688 00:35:29,480 --> 00:35:31,480 Speaker 1: explain to us as well about part of the supply 689 00:35:31,560 --> 00:35:35,239 Speaker 1: jain and disruption is when you have these gigantic monopolies 690 00:35:35,360 --> 00:35:39,279 Speaker 1: in control of huge sectors of your economy, whether it 691 00:35:39,360 --> 00:35:43,320 Speaker 1: is shipping in logistics, or whether it is you know, tech, 692 00:35:43,560 --> 00:35:47,080 Speaker 1: or whether it is agriculture. Every single segment effectively in 693 00:35:47,120 --> 00:35:50,680 Speaker 1: American society is dominated by one or two or a 694 00:35:50,680 --> 00:35:55,280 Speaker 1: few very large players. That also makes you incredibly fragile 695 00:35:55,680 --> 00:35:59,200 Speaker 1: because a problem at one of those things is cascading 696 00:35:59,200 --> 00:36:03,000 Speaker 1: effects throughout the economy. So it makes your society and 697 00:36:03,040 --> 00:36:07,160 Speaker 1: it makes your economy extremely fragile when you have monopolies 698 00:36:07,200 --> 00:36:10,319 Speaker 1: dominating these different sectors. So you have that, you have 699 00:36:10,400 --> 00:36:12,560 Speaker 1: the fact that you know, in favor of a couple 700 00:36:12,600 --> 00:36:15,680 Speaker 1: more pennies on the dollar profit margin, we sent all 701 00:36:15,680 --> 00:36:20,319 Speaker 1: these critical industrial capabilities overseas, mostly to China, but to 702 00:36:20,360 --> 00:36:23,799 Speaker 1: other places as well, and you get you know, I mean, 703 00:36:23,840 --> 00:36:25,520 Speaker 1: the pandemic was I would don't want to call it 704 00:36:25,560 --> 00:36:27,640 Speaker 1: a little hiccup. It was more than a little hiccup. 705 00:36:28,040 --> 00:36:32,319 Speaker 1: But you get one issue and it has ripple, cascading 706 00:36:32,440 --> 00:36:36,120 Speaker 1: effects that are very, very hard to deal with in 707 00:36:36,160 --> 00:36:39,080 Speaker 1: the short term, which is why you know, look again, 708 00:36:39,200 --> 00:36:41,120 Speaker 1: Glad Biden's doing the thing he's doing with the ports. 709 00:36:41,200 --> 00:36:44,640 Speaker 1: Do I think that it's going to have a really significant, noticeable, 710 00:36:44,920 --> 00:36:47,360 Speaker 1: immediate impact. I think we should all be pretty skeptical 711 00:36:47,400 --> 00:36:50,960 Speaker 1: of that. That's right. Make America a tarcic again, that's 712 00:36:50,960 --> 00:36:54,920 Speaker 1: your sat word for the today, speaking of the J 713 00:36:55,320 --> 00:36:58,799 Speaker 1: or speaking of the pandemic. Obviously you can't forget what's 714 00:36:58,800 --> 00:37:03,120 Speaker 1: going on. There, really fishy stuff going on with Johnson 715 00:37:03,160 --> 00:37:06,359 Speaker 1: and Johnson. It's not me saying this, it's actually the FDA. 716 00:37:06,440 --> 00:37:08,120 Speaker 1: So let's go ahead and put this up there on 717 00:37:08,160 --> 00:37:10,680 Speaker 1: the screen. So people who have received a J and 718 00:37:10,760 --> 00:37:14,479 Speaker 1: J vaccine, according to the FDA, may be better off 719 00:37:14,640 --> 00:37:19,160 Speaker 1: with Maderna or a Pfizer booster. So that all comes 720 00:37:19,400 --> 00:37:24,560 Speaker 1: from a downstream questioning by FDA scientists of data submitted 721 00:37:24,600 --> 00:37:27,839 Speaker 1: by Johnson and Johnson. Johnson and Johnson recommending a second 722 00:37:27,880 --> 00:37:30,759 Speaker 1: dose of its vaccine for a booster shot, so they 723 00:37:30,800 --> 00:37:34,319 Speaker 1: went ahead and submitted that to the Food and Drug Administration. 724 00:37:34,680 --> 00:37:38,560 Speaker 1: But then the finding was then done by a new study, 725 00:37:39,360 --> 00:37:43,640 Speaker 1: a federal clinical trial that found mixed reviews by the 726 00:37:43,719 --> 00:37:47,600 Speaker 1: FDA of the exact case made by Johnson and Johnson 727 00:37:47,600 --> 00:37:51,160 Speaker 1: for the authorization of its booster which is a big 728 00:37:51,320 --> 00:37:55,440 Speaker 1: debate given that fifteen million Americans actually got Johnson and 729 00:37:55,520 --> 00:37:58,759 Speaker 1: Johnson for the single dose vaccine. This matters because we 730 00:37:58,800 --> 00:38:00,640 Speaker 1: actually cover a lot of this at the time, was 731 00:38:00,680 --> 00:38:03,320 Speaker 1: that the Johnson and Johnson vaccine as a single dose 732 00:38:03,680 --> 00:38:06,720 Speaker 1: is the one that disproportionately went out to the poorest 733 00:38:06,719 --> 00:38:10,480 Speaker 1: and most vulnerable amongst us homeless people, you know, the 734 00:38:10,840 --> 00:38:13,360 Speaker 1: people who were very difficult to reach in the first place, 735 00:38:13,560 --> 00:38:15,520 Speaker 1: people who might have been in an er and they're like, hey, 736 00:38:15,560 --> 00:38:17,359 Speaker 1: you want a vaccine, and they were able to get 737 00:38:17,360 --> 00:38:21,560 Speaker 1: that one. I think disportunately went to black people as well, again, 738 00:38:21,800 --> 00:38:24,440 Speaker 1: poorer Americans, for the reason being that, you know, the 739 00:38:24,440 --> 00:38:27,360 Speaker 1: single shot easier in order to schedule, you don't have 740 00:38:27,400 --> 00:38:30,360 Speaker 1: to see somebody twice. Also, it actually went to a 741 00:38:30,360 --> 00:38:32,879 Speaker 1: lot of people who didn't want an mRNA vaccine because 742 00:38:32,880 --> 00:38:35,680 Speaker 1: people said, oh I don't want mRNA Johnson and Johnson 743 00:38:36,040 --> 00:38:39,480 Speaker 1: exactly more traditional vaccine. All of that, even though it 744 00:38:39,520 --> 00:38:43,360 Speaker 1: wasn't that as effective as a Maderna and Pfizer in 745 00:38:43,440 --> 00:38:46,840 Speaker 1: terms of your protection against the alpha variant of COVID. Okay, 746 00:38:46,920 --> 00:38:49,239 Speaker 1: you put all of that together, there are fifteen million 747 00:38:49,239 --> 00:38:51,359 Speaker 1: people out there who got that. And you know, given 748 00:38:51,400 --> 00:38:54,920 Speaker 1: that they only had seventy something protection against alpha, what 749 00:38:54,960 --> 00:38:57,120 Speaker 1: do they have against delta? I mean nobody really knows, 750 00:38:57,280 --> 00:39:00,400 Speaker 1: but probably a lot less still though very high protection 751 00:39:00,680 --> 00:39:04,399 Speaker 1: against hospitalization and death, absolutely, which is the most important thing, 752 00:39:04,520 --> 00:39:07,080 Speaker 1: the metrics that we want to stress. So Johnson, Johnson, 753 00:39:07,200 --> 00:39:09,640 Speaker 1: don't be concerned if that is the vaccine that you 754 00:39:09,719 --> 00:39:13,399 Speaker 1: got is still very highly effective against hospitalization and death. 755 00:39:13,680 --> 00:39:15,680 Speaker 1: The interesting thing is you kind of read between the 756 00:39:15,680 --> 00:39:20,200 Speaker 1: lines here of this article. The government was very not 757 00:39:20,280 --> 00:39:23,200 Speaker 1: impressed with Johnson and Johnson and felt like they were 758 00:39:23,280 --> 00:39:26,560 Speaker 1: kind of being snowed on the data that Johnson and 759 00:39:26,640 --> 00:39:29,759 Speaker 1: Johnson had sent them from their trials. They said that 760 00:39:29,800 --> 00:39:31,880 Speaker 1: a key test that was used by the company to 761 00:39:31,920 --> 00:39:34,319 Speaker 1: measure their immune response of a six month boost, known 762 00:39:34,360 --> 00:39:38,640 Speaker 1: as a PSVNA say, was not sensitive enough for the task. 763 00:39:38,960 --> 00:39:42,160 Speaker 1: That's what the government analysis said. The agency also questioned 764 00:39:42,160 --> 00:39:44,520 Speaker 1: whether the increase in immune response was as big as 765 00:39:44,520 --> 00:39:48,080 Speaker 1: the data suggested. I mean, that's very That's code for 766 00:39:49,200 --> 00:39:51,720 Speaker 1: we don't think you're being straight with us. You're trying 767 00:39:51,760 --> 00:39:53,920 Speaker 1: to spin us that your thing works better than it 768 00:39:54,000 --> 00:39:58,239 Speaker 1: actually does, is what these government scientists are saying. The 769 00:39:58,320 --> 00:40:01,080 Speaker 1: FDA stated it's likely the results seen are due to 770 00:40:01,120 --> 00:40:04,080 Speaker 1: the low sensitivity of that type of test they use. 771 00:40:04,520 --> 00:40:07,239 Speaker 1: Regulators also said they didn't have enough time to independently 772 00:40:07,280 --> 00:40:09,920 Speaker 1: review much of the raw data from the company's trials, 773 00:40:10,320 --> 00:40:14,759 Speaker 1: so pretty interesting. The FDA pushing back on Johnson, Johnson saying, look, 774 00:40:14,800 --> 00:40:16,480 Speaker 1: we think you're kind of trying to spin us here. 775 00:40:16,840 --> 00:40:20,200 Speaker 1: We don't see the response that you're telling us that 776 00:40:20,239 --> 00:40:22,440 Speaker 1: this has. We don't even think that you use the 777 00:40:22,560 --> 00:40:25,800 Speaker 1: right sensitivity of this test in order to get the 778 00:40:26,239 --> 00:40:29,359 Speaker 1: right response here. So that's pretty fascinating. The other thing 779 00:40:29,360 --> 00:40:31,680 Speaker 1: I wanted to mention here, and of course fits in 780 00:40:31,760 --> 00:40:38,000 Speaker 1: with a couple big over arching stories that we've been covering. 781 00:40:38,120 --> 00:40:41,640 Speaker 1: Number One, there just isn't proof that normal healthy people, 782 00:40:42,080 --> 00:40:45,799 Speaker 1: younger people, people who are not elderly, people who don't 783 00:40:45,800 --> 00:40:48,319 Speaker 1: have a lot of other comorbidities, there isn't really data 784 00:40:48,400 --> 00:40:50,600 Speaker 1: to say that they need boosters. That's the FDA and 785 00:40:50,640 --> 00:40:54,680 Speaker 1: the CDC YouTube just by the way, Yes, exactly so. 786 00:40:55,400 --> 00:40:59,320 Speaker 1: And there's of course been a political and public health 787 00:40:59,400 --> 00:41:04,160 Speaker 1: fallout where top scientists resigned after the Biden administration seemed 788 00:41:04,160 --> 00:41:07,120 Speaker 1: to be using politics rather than the science to push 789 00:41:07,120 --> 00:41:09,920 Speaker 1: forward with boosters when the data didn't justify it. There 790 00:41:09,960 --> 00:41:12,160 Speaker 1: does seem to be some indication that for people who 791 00:41:12,160 --> 00:41:15,480 Speaker 1: are elderly that they could benefit from a booster. So 792 00:41:15,520 --> 00:41:17,840 Speaker 1: that's why this conversation about Okay, if you got the 793 00:41:17,920 --> 00:41:20,200 Speaker 1: J and J, what should your booster be? Should it 794 00:41:20,239 --> 00:41:22,279 Speaker 1: be J and J again, should it be pfizers, should 795 00:41:22,320 --> 00:41:25,239 Speaker 1: it be majerda. That's why this is super relevant. The 796 00:41:25,320 --> 00:41:27,480 Speaker 1: other thing that I wanted to mention this morning, though, 797 00:41:27,520 --> 00:41:30,200 Speaker 1: which is really great news, is that coronavirus cases are 798 00:41:30,239 --> 00:41:35,040 Speaker 1: significantly down in America, and that's fantastic. And look, you 799 00:41:35,160 --> 00:41:37,759 Speaker 1: never know whether this is ultimately going to last, but 800 00:41:37,960 --> 00:41:42,840 Speaker 1: we now are under one hundred thousand cases, which is great. 801 00:41:43,239 --> 00:41:46,200 Speaker 1: We've had a nationwide the US is averaging ninety one 802 00:41:46,239 --> 00:41:49,320 Speaker 1: thousand new cases per day. That's a nineteen percent drop 803 00:41:49,719 --> 00:41:52,319 Speaker 1: over the past two weeks. Death are declining also, but 804 00:41:52,360 --> 00:41:54,759 Speaker 1: more slowly. Of course, that'll take more time because that's 805 00:41:54,760 --> 00:41:57,560 Speaker 1: a sort of lagging effect. But you know, these are 806 00:41:57,680 --> 00:42:01,600 Speaker 1: encouraging signs that maybe we will be ultimately moving beyond 807 00:42:01,600 --> 00:42:05,680 Speaker 1: this million caveats here. Weather, it's getting colder, people going indoors. 808 00:42:05,719 --> 00:42:08,080 Speaker 1: All of those things are certainly the case, but I 809 00:42:08,120 --> 00:42:11,320 Speaker 1: don't want to fail to tell you the good news 810 00:42:12,040 --> 00:42:15,680 Speaker 1: that we are actually experiencing a pretty significant decline in 811 00:42:15,719 --> 00:42:18,000 Speaker 1: cases right now, which is awesome. My hope would be, 812 00:42:18,239 --> 00:42:21,400 Speaker 1: look at happen in India. I mean India delta ripped 813 00:42:21,400 --> 00:42:24,000 Speaker 1: through the whole country. Look, cases there are dramatically low. 814 00:42:24,120 --> 00:42:26,920 Speaker 1: And the reason why is because they both have a 815 00:42:27,239 --> 00:42:30,160 Speaker 1: ton of natural immunity and they have a decent amount 816 00:42:30,160 --> 00:42:33,840 Speaker 1: of their population who's vaccinated. That is frankly the best 817 00:42:33,840 --> 00:42:37,120 Speaker 1: outcome in my view. So look, have we had now 818 00:42:37,200 --> 00:42:39,560 Speaker 1: a burned through the population. I listen, I do not 819 00:42:39,600 --> 00:42:42,000 Speaker 1: wish COVID on anyone. It happened to me. But now 820 00:42:42,000 --> 00:42:44,920 Speaker 1: I've got vow vaccine and natural immunity, which according to 821 00:42:44,960 --> 00:42:48,040 Speaker 1: like JOHNS. Hopkins, is like the best immunity that you 822 00:42:48,080 --> 00:42:52,280 Speaker 1: can have. If you look at and combine vaccine immunity 823 00:42:52,320 --> 00:42:55,879 Speaker 1: booster immunity with the elderly natural immunity for everybody else 824 00:42:55,920 --> 00:42:57,920 Speaker 1: who got it, you're starting to get to a decent 825 00:42:58,080 --> 00:43:01,960 Speaker 1: level of being able to spread. And if we get 826 00:43:02,000 --> 00:43:04,359 Speaker 1: the cases. But you know, if we start to see 827 00:43:04,360 --> 00:43:07,200 Speaker 1: that precipitous decline, and I hope we will, I do 828 00:43:07,280 --> 00:43:10,400 Speaker 1: think it will sustain through the winter, just because natural 829 00:43:10,440 --> 00:43:14,360 Speaker 1: immunity and vaccine immunity lasts for several months the vaccine community, 830 00:43:14,560 --> 00:43:17,520 Speaker 1: you know, decreases a little bit over time. The natural 831 00:43:17,560 --> 00:43:21,439 Speaker 1: immunity decreases actually much less than the vaccine immunity over time. 832 00:43:21,520 --> 00:43:24,440 Speaker 1: So you keep those two things together and it gives 833 00:43:24,480 --> 00:43:27,000 Speaker 1: you several months of protection and hopefully that's what we 834 00:43:27,040 --> 00:43:28,919 Speaker 1: can use in order to get out of this thing 835 00:43:29,239 --> 00:43:31,280 Speaker 1: in the future. I do wish there was more discussion 836 00:43:31,280 --> 00:43:34,200 Speaker 1: of that, you know, in the public square. Yeah, around 837 00:43:34,239 --> 00:43:36,840 Speaker 1: all of this and the acknowledgment here around the boosters, 838 00:43:36,840 --> 00:43:38,760 Speaker 1: which is, I think this is one of the biggest 839 00:43:38,800 --> 00:43:42,120 Speaker 1: screw ups of the entire Biden administration. The White House 840 00:43:42,160 --> 00:43:46,760 Speaker 1: comes out and as y'all need a booster. FDA scientists resign. 841 00:43:47,200 --> 00:43:51,080 Speaker 1: Then the FDA panel comes out and says, no, actually 842 00:43:51,400 --> 00:43:53,920 Speaker 1: only elderly people do it need a booster. And then 843 00:43:53,960 --> 00:43:57,760 Speaker 1: the CDC goes even farther than that and says, yeah, 844 00:43:57,880 --> 00:44:01,120 Speaker 1: only elderly, not even people who are like healthcare workers 845 00:44:01,400 --> 00:44:05,000 Speaker 1: need a booster. And you know, if anything, I will 846 00:44:05,040 --> 00:44:06,799 Speaker 1: say this too, this gives me a little bit more 847 00:44:06,880 --> 00:44:09,040 Speaker 1: confidence in the FDA process. There was a lot of 848 00:44:09,080 --> 00:44:12,040 Speaker 1: criticism of that, yeah, which is, Look, the FDA people 849 00:44:12,040 --> 00:44:15,040 Speaker 1: there have now resigned over the booster they've spoken out 850 00:44:15,040 --> 00:44:17,640 Speaker 1: against Biden, pushed back against the President, and now they're 851 00:44:17,680 --> 00:44:21,200 Speaker 1: pushing back against Johnson and Johnson same thing. I have, 852 00:44:21,440 --> 00:44:24,440 Speaker 1: you know, Merk's COVID pill, which I'm very optimistic about. 853 00:44:24,719 --> 00:44:26,680 Speaker 1: At the same time, the data is only from Merk, 854 00:44:27,000 --> 00:44:29,480 Speaker 1: like right, only from the company. Yes, we need to 855 00:44:29,560 --> 00:44:34,640 Speaker 1: know some federal, non corporate sponsored exactly, and this is 856 00:44:34,760 --> 00:44:38,239 Speaker 1: exactly why we need real evaluation of these drugs. This 857 00:44:38,280 --> 00:44:41,080 Speaker 1: actually gives me more confidence in the previous MR and 858 00:44:41,160 --> 00:44:43,640 Speaker 1: a process for those of you who may be on 859 00:44:43,680 --> 00:44:45,799 Speaker 1: the fence, which is, look, they're not unwilling to call 860 00:44:45,840 --> 00:44:48,520 Speaker 1: out these companies if they're lying. So there you go. Yeah, no, 861 00:44:48,640 --> 00:44:50,920 Speaker 1: that is encouraging. And the other thing that's you know, 862 00:44:51,000 --> 00:44:54,839 Speaker 1: that's extraordinarily sad at this point is that we've had 863 00:44:55,080 --> 00:44:57,279 Speaker 1: hundreds of thousands of deaths and a lot of the 864 00:44:57,320 --> 00:45:01,600 Speaker 1: most vulnerable people have died. So so you know, you 865 00:45:02,160 --> 00:45:06,000 Speaker 1: have these number of factors that are contributing to potentially 866 00:45:06,040 --> 00:45:08,520 Speaker 1: we are turning a corner. Potentially we are going to 867 00:45:08,560 --> 00:45:12,520 Speaker 1: see these cases numbers continue to decline, and whether it's 868 00:45:12,640 --> 00:45:15,520 Speaker 1: because people got vaccinated or people who didn't get vaccinated 869 00:45:15,600 --> 00:45:18,400 Speaker 1: have natural immunity, now because you have had it, the 870 00:45:18,480 --> 00:45:22,400 Speaker 1: virus burn through so many parts of the country, Potentially 871 00:45:22,440 --> 00:45:25,080 Speaker 1: we could be coming out of this thing, but it's 872 00:45:25,440 --> 00:45:28,200 Speaker 1: too early to say that for sure that much. I 873 00:45:28,239 --> 00:45:32,680 Speaker 1: know another political story that caught my eye here about 874 00:45:33,120 --> 00:45:37,240 Speaker 1: women and the Democratic Party in particular. So the whole 875 00:45:37,280 --> 00:45:40,480 Speaker 1: idea of the Biden campaign was effectively like get the 876 00:45:40,480 --> 00:45:42,840 Speaker 1: orange man out. That was what it was all about, 877 00:45:43,719 --> 00:45:45,680 Speaker 1: and then you can go back to brunch. And it 878 00:45:45,719 --> 00:45:48,120 Speaker 1: looks like for a lot of those suburban women, they 879 00:45:48,120 --> 00:45:50,480 Speaker 1: took that to heart and that is exactly what they 880 00:45:50,480 --> 00:45:52,279 Speaker 1: are doing. Let's throw this tear sheet up on the 881 00:45:52,320 --> 00:45:55,520 Speaker 1: screen from the Washington Post. It's an opinion piece from 882 00:45:55,600 --> 00:45:58,520 Speaker 1: Karen Tumulty. It says more women are turning out tuning 883 00:45:58,560 --> 00:46:02,000 Speaker 1: out politics, a danger sign for Democrats in Virginia and beyond. 884 00:46:02,239 --> 00:46:05,480 Speaker 1: Particularly a problem for Democrats in Virginia because this is 885 00:46:05,480 --> 00:46:09,000 Speaker 1: a very suburban state and the way that Democrats have 886 00:46:09,080 --> 00:46:12,440 Speaker 1: been able to turn Virginia blue was by running up 887 00:46:12,520 --> 00:46:15,920 Speaker 1: numbers in the suburbs, and you, in particular, women have 888 00:46:16,040 --> 00:46:18,719 Speaker 1: been a key part of that. So the lead to 889 00:46:18,760 --> 00:46:21,440 Speaker 1: this says, a raft of evidence suggests that female voters 890 00:46:21,440 --> 00:46:24,399 Speaker 1: whose engagement and activism fueled to gains Democrats made during 891 00:46:24,400 --> 00:46:28,160 Speaker 1: Trump's presidency, are increasingly tuning out politics, and one survey 892 00:46:28,200 --> 00:46:30,760 Speaker 1: conducted in May by the Democratic super pac American Bridge 893 00:46:30,760 --> 00:46:34,520 Speaker 1: twenty first Century, nearly half half of women in key 894 00:46:34,520 --> 00:46:36,520 Speaker 1: swing state said they were paying less attention to what 895 00:46:36,520 --> 00:46:38,600 Speaker 1: happens in Washington than they were when Trump was there. 896 00:46:39,000 --> 00:46:42,000 Speaker 1: That was particularly true among female Biden voters who were 897 00:46:42,000 --> 00:46:44,680 Speaker 1: independents under the age of thirty five, college grads and 898 00:46:44,760 --> 00:46:49,080 Speaker 1: city dwellers. Focus groups in Pennsylvania and Arizona found much 899 00:46:49,120 --> 00:46:52,120 Speaker 1: the same thing. There's a couple key quotes here. This 900 00:46:52,160 --> 00:46:54,320 Speaker 1: is from I think this is from Solinda Lake who's 901 00:46:54,360 --> 00:46:57,799 Speaker 1: a well known Democratic pollster. She said, people are exhausted. 902 00:46:58,200 --> 00:47:01,400 Speaker 1: We have people deliberately saying I'm just taking a break enough. 903 00:47:01,880 --> 00:47:06,560 Speaker 1: And while enactment of that draconian Texas abortion law sort 904 00:47:06,600 --> 00:47:10,920 Speaker 1: of stirred women briefly in Clinda Lakeswards, voters nationwide decided 905 00:47:11,000 --> 00:47:13,640 Speaker 1: Texas is not going to happen to you in you 906 00:47:13,760 --> 00:47:16,960 Speaker 1: name the state. There's another one. This one is really telling. 907 00:47:17,880 --> 00:47:22,279 Speaker 1: Another key problem for Democrats is black women in particular 908 00:47:22,760 --> 00:47:25,440 Speaker 1: are sort of tuning out and very disappointed frankly with 909 00:47:25,480 --> 00:47:28,200 Speaker 1: where the Biden administration is at this point. They were 910 00:47:28,239 --> 00:47:31,880 Speaker 1: the most cynical in these focus groups, and they said, quote, 911 00:47:32,160 --> 00:47:36,440 Speaker 1: it doesn't matter who we elect, it is all the same. Well, 912 00:47:37,800 --> 00:47:40,799 Speaker 1: how much did you hear about suburban women during the 913 00:47:40,800 --> 00:47:44,680 Speaker 1: Trump years? You could not turn on MSNBC without suburban women, 914 00:47:44,800 --> 00:47:50,880 Speaker 1: these courageous suburban women, the Women's March over and over again. Well, 915 00:47:51,680 --> 00:47:54,160 Speaker 1: part of the problem when you gin up a bunch 916 00:47:54,160 --> 00:47:58,399 Speaker 1: of voters based on a single issue who was Donald Trump? Who? Look? 917 00:47:58,520 --> 00:48:01,719 Speaker 1: I mean in odious personality, to be sure, But if 918 00:48:01,760 --> 00:48:05,359 Speaker 1: that is the only thing that you're gonna act on, 919 00:48:05,560 --> 00:48:08,840 Speaker 1: people are gonna go back to brunch. That's exactly what happened. 920 00:48:08,840 --> 00:48:12,080 Speaker 1: Ira Meos Frimpong, great friend of the show, always points 921 00:48:12,120 --> 00:48:14,640 Speaker 1: to that one sign, which was at the Women's March, 922 00:48:14,640 --> 00:48:16,919 Speaker 1: which was like we should be at brunch right now. 923 00:48:17,200 --> 00:48:19,960 Speaker 1: And he's like, well, now you are. Congratulations. I hope 924 00:48:19,960 --> 00:48:21,799 Speaker 1: it's going well, and I hope it tastes good. But 925 00:48:23,000 --> 00:48:26,040 Speaker 1: if you're gonna peg all of your political strategy based 926 00:48:26,120 --> 00:48:29,919 Speaker 1: upon turnout among this group, I'm not denigratting like, look, 927 00:48:30,000 --> 00:48:32,600 Speaker 1: people vote for a variety of reasons. I'm more talking 928 00:48:32,600 --> 00:48:35,680 Speaker 1: about who gets the most attention, who gets the most coverage, 929 00:48:35,880 --> 00:48:40,080 Speaker 1: who gets the most lifted up prioritized by the Democratic Coalition, 930 00:48:40,360 --> 00:48:42,839 Speaker 1: by the media. It was these people, right, It turns 931 00:48:42,880 --> 00:48:47,120 Speaker 1: out they're not politically engaged kind of whatsoever. And now 932 00:48:47,239 --> 00:48:50,279 Speaker 1: Demns could be really screwed. There's actually a lot to 933 00:48:50,320 --> 00:48:53,280 Speaker 1: say about this, because you know, I don't really blame 934 00:48:53,320 --> 00:48:56,479 Speaker 1: these women as much as I blame a party that's 935 00:48:56,560 --> 00:48:59,600 Speaker 1: just like really not about anything. And this is there's 936 00:48:59,600 --> 00:49:02,960 Speaker 1: been this whole debate David Shores talking about this idea 937 00:49:02,960 --> 00:49:06,880 Speaker 1: of popularism, which is just interesting, which is just literally 938 00:49:07,040 --> 00:49:10,799 Speaker 1: like talking about issues that are popular. But you know, 939 00:49:10,840 --> 00:49:14,360 Speaker 1: the rejoinder to that is the issue isn't talking about 940 00:49:14,360 --> 00:49:16,560 Speaker 1: the wrong things. The issue is that you haven't delivered 941 00:49:16,560 --> 00:49:18,600 Speaker 1: on any of these things. Like you've been talking about 942 00:49:18,600 --> 00:49:21,120 Speaker 1: prescription drug prices. David Dyan had a great piece on this. 943 00:49:21,480 --> 00:49:24,000 Speaker 1: You've been talking about prescription drug price reforms. It's two 944 00:49:24,040 --> 00:49:28,839 Speaker 1: thousand and six, yeah, litera passed Medicare and six so, 945 00:49:29,440 --> 00:49:33,120 Speaker 1: and you've had control at various points of the House 946 00:49:33,200 --> 00:49:35,880 Speaker 1: and the Senate and the White House, supermajorities, all this stuff, 947 00:49:36,200 --> 00:49:38,320 Speaker 1: and you can't find an excuse not to do something 948 00:49:38,320 --> 00:49:41,040 Speaker 1: that's supported by eighty percent of the people. I can't 949 00:49:41,040 --> 00:49:43,799 Speaker 1: really blame voters for saying that, like, well, the only 950 00:49:43,840 --> 00:49:46,000 Speaker 1: thing that really mattered to me was getting trumped out, 951 00:49:46,080 --> 00:49:48,759 Speaker 1: because you can't possibly believe these people are actually going 952 00:49:48,840 --> 00:49:51,520 Speaker 1: to do what they say. So, I mean, I think 953 00:49:51,520 --> 00:49:54,840 Speaker 1: about the Virginia race, like Terry mccoff, and this is 954 00:49:54,880 --> 00:49:57,719 Speaker 1: not a top concern of most white suburban women. But 955 00:49:57,800 --> 00:49:59,600 Speaker 1: Terry mccoff has already said now, we're not gonna get 956 00:49:59,640 --> 00:50:01,480 Speaker 1: rid of right to work. I mean, it's not going 957 00:50:01,560 --> 00:50:05,440 Speaker 1: to be significantly different whether it's Terry mccallif or Glenn Youngkins. 958 00:50:05,440 --> 00:50:08,799 Speaker 1: So is it super motivating for people to go out 959 00:50:08,840 --> 00:50:10,840 Speaker 1: and vote and really, you know, get on board with 960 00:50:10,880 --> 00:50:14,680 Speaker 1: the Democratic train when Trump is no longer on the ballot. No, 961 00:50:14,760 --> 00:50:19,960 Speaker 1: not really, because they've made politics all about cultural culture 962 00:50:19,960 --> 00:50:23,200 Speaker 1: war signaling and just sort of trying to make your 963 00:50:23,320 --> 00:50:28,480 Speaker 1: opponent into an existential threat rather than making promises and 964 00:50:28,520 --> 00:50:31,120 Speaker 1: actually delivering on them in a way that people see 965 00:50:31,120 --> 00:50:34,880 Speaker 1: and feel in their lives. So this is what you get. Ultimately, 966 00:50:34,880 --> 00:50:37,080 Speaker 1: they have given people a reason to be excited about 967 00:50:37,080 --> 00:50:39,360 Speaker 1: them or believe in any of the various promises that 968 00:50:39,360 --> 00:50:41,839 Speaker 1: they've ultimately made. They created the system, and it's one 969 00:50:41,880 --> 00:50:43,560 Speaker 1: of the worst. And actually I would say I would 970 00:50:43,640 --> 00:50:45,400 Speaker 1: pause it even at this point that when you do 971 00:50:45,480 --> 00:50:47,600 Speaker 1: even start to deliver for people, they just don't trust it. 972 00:50:47,640 --> 00:50:49,960 Speaker 1: I mean, I don't know what can happen, because we 973 00:50:50,040 --> 00:50:52,120 Speaker 1: saw that with the child tax credit, right, which is 974 00:50:52,120 --> 00:50:54,399 Speaker 1: that even Republicans who say that they like the child 975 00:50:54,400 --> 00:50:57,680 Speaker 1: tax credit blame don't either don't give Democrats or Joe 976 00:50:57,680 --> 00:50:59,799 Speaker 1: Biden credit for it, or don't want it to be 977 00:50:59,800 --> 00:51:02,600 Speaker 1: per extended, even if they say that it's something that's 978 00:51:02,600 --> 00:51:05,000 Speaker 1: important to their life, or they're not going to consider 979 00:51:05,040 --> 00:51:07,400 Speaker 1: it whenever they vote for Trump, and it's like or 980 00:51:07,480 --> 00:51:10,239 Speaker 1: if they're going to vote over Trump versus Biden, it's 981 00:51:10,280 --> 00:51:13,919 Speaker 1: like you've made people so cynical that they even when 982 00:51:14,000 --> 00:51:16,040 Speaker 1: something is given to you. This is why I don't 983 00:51:16,080 --> 00:51:19,359 Speaker 1: even think policy at this point can penetrate so much 984 00:51:19,360 --> 00:51:21,120 Speaker 1: of the culture war. Use to how much of this 985 00:51:21,160 --> 00:51:24,760 Speaker 1: did you see during Obamacare during like Medicare expansion, Red 986 00:51:24,840 --> 00:51:29,480 Speaker 1: states expanding Medicare, and you would still have, you know, 987 00:51:29,560 --> 00:51:32,440 Speaker 1: a lot of voters who would not identify that with 988 00:51:32,520 --> 00:51:35,359 Speaker 1: the law whatsoever. I'm not calling these people stupid at 989 00:51:35,400 --> 00:51:39,880 Speaker 1: what's at all? I'm just pointing out that culture, whenever 990 00:51:40,080 --> 00:51:43,000 Speaker 1: you make it the only sole determinant in politics, it 991 00:51:43,040 --> 00:51:47,040 Speaker 1: actually nukes everything. It makes it so that delivering is harder. 992 00:51:47,400 --> 00:51:49,120 Speaker 1: It makes it so that even if you do, it's 993 00:51:49,120 --> 00:51:51,480 Speaker 1: going to get culturally coded. And it makes it so 994 00:51:51,600 --> 00:51:54,880 Speaker 1: that what does Glenn Youngkin really have to do if 995 00:51:54,880 --> 00:51:58,120 Speaker 1: he gets elected governor? Ban critical race theory? Okay, great, 996 00:51:58,360 --> 00:52:00,960 Speaker 1: but like that's what are you gonna do next day? Right? 997 00:52:01,040 --> 00:52:03,360 Speaker 1: You know, it's like, you know, it's interesting, and listen, 998 00:52:03,400 --> 00:52:06,759 Speaker 1: I can't stand critical race theory. But you pointed out 999 00:52:06,840 --> 00:52:09,239 Speaker 1: that thing to me about how there was a Fairfax 1000 00:52:09,320 --> 00:52:13,600 Speaker 1: County school board around cutting the budget and nobody showed up, right, 1001 00:52:13,640 --> 00:52:17,279 Speaker 1: and listen, that's gone. Is gonna have an impact on 1002 00:52:17,320 --> 00:52:20,560 Speaker 1: your kids? Is learning America systemically racist? Bad? One hundred 1003 00:52:20,600 --> 00:52:22,719 Speaker 1: percent in my opinion? And I would listen. If I 1004 00:52:22,800 --> 00:52:24,359 Speaker 1: was one of those parents, I would freak out too. 1005 00:52:24,600 --> 00:52:27,000 Speaker 1: But I'd also freak out if I was a lower 1006 00:52:27,040 --> 00:52:30,480 Speaker 1: income student and my kids getting bad services and zoom 1007 00:52:30,600 --> 00:52:32,560 Speaker 1: and the teacher doesn't want to come back to school. 1008 00:52:32,600 --> 00:52:34,319 Speaker 1: Oh and you know one thing that's really bothering me 1009 00:52:34,360 --> 00:52:36,880 Speaker 1: is we kept telling me about this PCR test for children. 1010 00:52:36,920 --> 00:52:38,680 Speaker 1: How are these families supposed to afford one hundred and 1011 00:52:38,680 --> 00:52:41,920 Speaker 1: fifty dollars popular PCR tests per time? That's impossible for 1012 00:52:41,960 --> 00:52:43,920 Speaker 1: most people. Most people don't even have five hundred dollars 1013 00:52:44,120 --> 00:52:46,799 Speaker 1: in savings. You get a couple of those in a classroom, 1014 00:52:46,840 --> 00:52:49,200 Speaker 1: and that's everything. What parent isn't going to do the 1015 00:52:49,239 --> 00:52:51,239 Speaker 1: best for their child? We got to figure that out. 1016 00:52:51,320 --> 00:52:54,040 Speaker 1: I mean, there are all kinds of these things which 1017 00:52:54,120 --> 00:52:57,879 Speaker 1: just make life so impossible. And then you have these 1018 00:52:57,960 --> 00:53:01,320 Speaker 1: idiotic issues which the pop pliticians love, you know, or 1019 00:53:01,480 --> 00:53:03,799 Speaker 1: prop up. Even Terry mccaulliff, What is that guy going 1020 00:53:03,840 --> 00:53:05,840 Speaker 1: to do when he's governor? Has he told you no, 1021 00:53:06,040 --> 00:53:09,200 Speaker 1: his only case is that the other guy likes Trump? Okay, fine, 1022 00:53:09,320 --> 00:53:11,160 Speaker 1: I mean this is the type of politics you deserve 1023 00:53:11,239 --> 00:53:12,799 Speaker 1: then if you're going to prop it up. Yeah, I 1024 00:53:12,800 --> 00:53:16,319 Speaker 1: mean I was at my parents over the weekend. I mean, 1025 00:53:16,360 --> 00:53:18,239 Speaker 1: I live in Virginia too, but I don't really watch TV, 1026 00:53:18,560 --> 00:53:21,160 Speaker 1: but I was hanging out with my mom and all 1027 00:53:21,200 --> 00:53:25,960 Speaker 1: the ads were coming out on the TV. I mean, 1028 00:53:25,960 --> 00:53:30,040 Speaker 1: because yeah, every Tarry mcaulliff one is Glenn Young Kids 1029 00:53:30,080 --> 00:53:32,759 Speaker 1: said Trump is a big reason why I'm running or 1030 00:53:32,760 --> 00:53:34,359 Speaker 1: something like that or what I stay on. I don't 1031 00:53:34,360 --> 00:53:36,560 Speaker 1: remember the exact quote, but anyway, something about Trump and 1032 00:53:36,600 --> 00:53:39,000 Speaker 1: how much he likes Trump, and all the Glenn Youngkin 1033 00:53:39,080 --> 00:53:42,279 Speaker 1: ones are taking that one stupid comment Terry mccauliff made 1034 00:53:42,320 --> 00:53:46,000 Speaker 1: about like I don't want parents telling teachers what to do. Man. Yeah, 1035 00:53:46,040 --> 00:53:48,279 Speaker 1: but that's get people's gin up, right, right, that's I mean. 1036 00:53:48,360 --> 00:53:51,600 Speaker 1: So it's just a battle of what are those two ads? 1037 00:53:51,640 --> 00:53:53,880 Speaker 1: It's a battle over like how can I freak you 1038 00:53:53,920 --> 00:53:56,560 Speaker 1: out the most about my opponent? Not what am I 1039 00:53:56,600 --> 00:53:58,600 Speaker 1: gonna deliver for you? How am I gonna make the 1040 00:53:58,600 --> 00:54:01,520 Speaker 1: state better or any of that. So I can't really 1041 00:54:01,560 --> 00:54:04,480 Speaker 1: blame suburban women or anyone else for being like, man, 1042 00:54:04,520 --> 00:54:06,920 Speaker 1: I don't really care. I will hope for any Virginia 1043 00:54:06,920 --> 00:54:10,239 Speaker 1: candidate who wants to extend highway entry lanes. But that's 1044 00:54:10,239 --> 00:54:13,600 Speaker 1: a very local issue. Those used to be the sorts 1045 00:54:13,600 --> 00:54:17,040 Speaker 1: of things that actually happen. I'm a single issue voter 1046 00:54:17,400 --> 00:54:20,160 Speaker 1: if I lived in Virginia. Wow, you guys must really 1047 00:54:20,200 --> 00:54:21,840 Speaker 1: like listening to our voices. Well, I know this is 1048 00:54:21,880 --> 00:54:24,640 Speaker 1: annoying instead of making you listen to a Viagri commercial. 1049 00:54:24,800 --> 00:54:26,960 Speaker 1: When you're done. Check out the other podcast I do 1050 00:54:27,000 --> 00:54:29,359 Speaker 1: with Marshall Costsof called The Realignment. We talk a lot 1051 00:54:29,440 --> 00:54:33,120 Speaker 1: about the deeper issues that are changing realigning in American society. 1052 00:54:33,239 --> 00:54:35,560 Speaker 1: You always need more Crystal and Soagur in your daily lives. 1053 00:54:35,640 --> 00:54:38,480 Speaker 1: Take care, guys. All right, Sager, what are you looking at? Well? 1054 00:54:38,760 --> 00:54:41,200 Speaker 1: By now? If you're conservative, or if you consume any 1055 00:54:41,280 --> 00:54:44,160 Speaker 1: sort of conservative media, I'm sure you've heard this. Joe 1056 00:54:44,160 --> 00:54:47,879 Speaker 1: Biden wants to spy on your bank account require regulatory 1057 00:54:47,920 --> 00:54:51,400 Speaker 1: reporting of any annual deposits or withdrawals over six hundred dollars. 1058 00:54:51,719 --> 00:54:53,919 Speaker 1: Given that just about every single person in the United 1059 00:54:53,960 --> 00:54:57,040 Speaker 1: States has deposits or withdrawals annually up to about six 1060 00:54:57,120 --> 00:55:00,319 Speaker 1: hundred dollars, it's pretty important policy choice if that's true. 1061 00:55:00,600 --> 00:55:02,280 Speaker 1: So I thought that I would get to the bottom 1062 00:55:02,280 --> 00:55:05,680 Speaker 1: of it. Let's start with the facts. As Democratic lawmakers 1063 00:55:05,680 --> 00:55:09,319 Speaker 1: are cobbling together their version of whatever this Reconciliation bill is, 1064 00:55:09,719 --> 00:55:13,360 Speaker 1: the Treasury Department and the IRS put out a new proposal. 1065 00:55:13,640 --> 00:55:17,719 Speaker 1: It's asking Congress to please include a provision requiring bank 1066 00:55:17,760 --> 00:55:21,000 Speaker 1: accounts with at least six hundred dollars to report annual 1067 00:55:21,120 --> 00:55:25,120 Speaker 1: inflows and outflows to the IRS. Look, I've actually done 1068 00:55:25,160 --> 00:55:27,719 Speaker 1: a lot of segments here, either at rising or on 1069 00:55:27,800 --> 00:55:31,840 Speaker 1: breaking points about unpaid taxes, especially amongst a billionaire class. 1070 00:55:32,040 --> 00:55:34,480 Speaker 1: Chrystal and I have done endless segments about how unpaid 1071 00:55:34,520 --> 00:55:38,279 Speaker 1: taxes of billionaires who legally owe them simply just don't 1072 00:55:38,320 --> 00:55:40,279 Speaker 1: pay them, and the other ways that many of the 1073 00:55:40,280 --> 00:55:43,719 Speaker 1: wealthy dodge what they owe. But the reasoning behind this 1074 00:55:44,000 --> 00:55:48,359 Speaker 1: rule or proposed rules trains credibility. The IRS says, don't 1075 00:55:48,400 --> 00:55:52,239 Speaker 1: be scared, this isn't about targeting. Instead, they say that 1076 00:55:52,280 --> 00:55:55,480 Speaker 1: people are more likely to report their income, including W 1077 00:55:55,680 --> 00:56:00,000 Speaker 1: two income, if they know the IRS can independently all 1078 00:56:00,040 --> 00:56:05,279 Speaker 1: already verify what they have. Well, I guess that may 1079 00:56:05,320 --> 00:56:08,280 Speaker 1: be true. But if the concern here is that wealthy people, 1080 00:56:08,640 --> 00:56:10,640 Speaker 1: why does this make any sense to target at six 1081 00:56:10,760 --> 00:56:16,320 Speaker 1: hundred dollars? Current financial regulations already require banks to report interest, 1082 00:56:16,600 --> 00:56:20,920 Speaker 1: dividend and investment income to the IRS, and if the 1083 00:56:20,960 --> 00:56:24,120 Speaker 1: IRS is concerned enough to do an audit, they can 1084 00:56:24,160 --> 00:56:27,400 Speaker 1: actually get your bank information al wells during that process. 1085 00:56:27,880 --> 00:56:30,239 Speaker 1: For a while, it looks like the House Democrats were 1086 00:56:30,239 --> 00:56:33,840 Speaker 1: going to drop this proposal, but then Speaker Nancy Pelosi 1087 00:56:33,840 --> 00:56:36,960 Speaker 1: got asked yesterday. Here's what she had to say. I'd 1088 00:56:37,120 --> 00:56:39,960 Speaker 1: be lucy. One of the b fours in the Build 1089 00:56:39,960 --> 00:56:44,239 Speaker 1: Back Better bill that's been proposed is IRS cracking down 1090 00:56:44,239 --> 00:56:48,320 Speaker 1: on some undeadcaps. Banks are starting to get calls from customers, 1091 00:56:48,320 --> 00:56:51,719 Speaker 1: and they're reporting these calls. They're concerned about this tracking 1092 00:56:51,840 --> 00:56:54,480 Speaker 1: of pay of the transactions that is greater than six 1093 00:56:54,600 --> 00:56:58,000 Speaker 1: hundred dollars. So Americans are starting to be worried about this. 1094 00:56:58,320 --> 00:57:01,560 Speaker 1: Do you think that this pay four of giving the 1095 00:57:01,600 --> 00:57:05,319 Speaker 1: IRS more money to crack down on unpaid taxes is 1096 00:57:05,680 --> 00:57:08,200 Speaker 1: going to stay in the reconciliation? What do you say 1097 00:57:08,680 --> 00:57:12,000 Speaker 1: to Americans who are concerned about that? Yes, well, I mean, 1098 00:57:12,360 --> 00:57:15,680 Speaker 1: with all due respect, the plural of the anecdote is 1099 00:57:15,719 --> 00:57:19,000 Speaker 1: not data. I've said that before here. Yes, there are 1100 00:57:19,120 --> 00:57:22,160 Speaker 1: concerns that some people have. But if people are breaking 1101 00:57:22,160 --> 00:57:24,880 Speaker 1: the law and not paying their taxes, one way to 1102 00:57:25,000 --> 00:57:28,480 Speaker 1: track them is through the banking measure. I think six hundred, 1103 00:57:28,760 --> 00:57:32,000 Speaker 1: but that's a negotiation that will go on as to 1104 00:57:32,000 --> 00:57:36,120 Speaker 1: what the amount is. But yes, there are two reasons 1105 00:57:36,160 --> 00:57:39,640 Speaker 1: Pelosi said that. Number one, the IRS wants the Democrats 1106 00:57:39,640 --> 00:57:42,160 Speaker 1: to do it, including Joe Biden. They've been holding up 1107 00:57:42,200 --> 00:57:44,400 Speaker 1: the fact that IRS enforcement has actually been off the 1108 00:57:44,480 --> 00:57:47,720 Speaker 1: charts this year, something I fully support. But two, the 1109 00:57:47,840 --> 00:57:50,360 Speaker 1: reason they want to do this is because it would 1110 00:57:50,440 --> 00:57:53,880 Speaker 1: raise an estimated four hundred and sixty billion over the 1111 00:57:53,920 --> 00:57:56,840 Speaker 1: next decade, which is something they need so they can 1112 00:57:56,880 --> 00:57:59,560 Speaker 1: claim all the social spending and the Reconciliation bill is 1113 00:57:59,600 --> 00:58:02,440 Speaker 1: fully paid paid for. Number One, I am not opposed 1114 00:58:02,480 --> 00:58:05,360 Speaker 1: to social spending, and I am not opposed to higher taxes. 1115 00:58:05,680 --> 00:58:07,560 Speaker 1: But I think the way that this whole thing is 1116 00:58:07,640 --> 00:58:11,240 Speaker 1: going is a perfect illustration of who gets screwed and 1117 00:58:11,280 --> 00:58:15,720 Speaker 1: who doesn't because they don't have power during the lobbying process. 1118 00:58:16,240 --> 00:58:18,600 Speaker 1: Ordinary Americans who have six hundred bucks in their bank 1119 00:58:18,640 --> 00:58:22,520 Speaker 1: accounts will have their inflows in outflows reported. The IRS 1120 00:58:22,600 --> 00:58:24,560 Speaker 1: is going to go to bat for that. But guess 1121 00:58:24,600 --> 00:58:27,360 Speaker 1: what some of these Democrats left out of their House 1122 00:58:27,400 --> 00:58:30,480 Speaker 1: bill and which the White House has currently not pressured 1123 00:58:30,520 --> 00:58:33,680 Speaker 1: Congress to put back in. Well, you actually heard it 1124 00:58:33,680 --> 00:58:37,160 Speaker 1: here before on Breaking Points. It's called the carried interest loophole, 1125 00:58:37,400 --> 00:58:40,840 Speaker 1: which is literally a tax break for millionaires and billionaires 1126 00:58:40,880 --> 00:58:43,960 Speaker 1: in venture capital or private equity, which allows them to 1127 00:58:44,000 --> 00:58:48,360 Speaker 1: effectively pay nothing on hundreds of millions of dollars paid annually. 1128 00:58:48,800 --> 00:58:52,680 Speaker 1: Raising the carried interest loophole alone as normal income for 1129 00:58:52,760 --> 00:58:56,080 Speaker 1: the billionaires and billionaires in private equity would raise one 1130 00:58:56,160 --> 00:59:00,160 Speaker 1: hundred and eighty billion dollars. That's half of what this 1131 00:59:00,240 --> 00:59:03,040 Speaker 1: six hundred dollar proposal war. Or let's just take a 1132 00:59:03,080 --> 00:59:06,400 Speaker 1: basic fairness system here. The proposal for the six hundred 1133 00:59:06,400 --> 00:59:09,000 Speaker 1: dollars payment, according to the Treasury Department, would let the 1134 00:59:09,040 --> 00:59:11,560 Speaker 1: IRS look at the inflow in the outflow and compare 1135 00:59:11,600 --> 00:59:15,040 Speaker 1: it to reported income. They say it would be targeted 1136 00:59:15,080 --> 00:59:18,560 Speaker 1: at millionaires. Should you believe them? You know who also 1137 00:59:18,640 --> 00:59:21,439 Speaker 1: often has income that isn't reported and often doesn't match 1138 00:59:21,440 --> 00:59:24,120 Speaker 1: what's in their bank account. People who are poor and 1139 00:59:24,200 --> 00:59:27,240 Speaker 1: work in the service industry or are not WT workers, 1140 00:59:27,400 --> 00:59:30,880 Speaker 1: handyman bartenders, servers, some of the most vulnerable people in 1141 00:59:30,920 --> 00:59:34,600 Speaker 1: our economy. Right now, the IRS is pushing this law. 1142 00:59:34,960 --> 00:59:38,760 Speaker 1: It is three times, yes, three times more likely to 1143 00:59:38,960 --> 00:59:42,160 Speaker 1: audit a person making less than twenty five thousand dollars 1144 00:59:42,160 --> 00:59:44,920 Speaker 1: a year than to audit the income flows of the 1145 00:59:45,040 --> 00:59:48,280 Speaker 1: richest one percent of Americans. So they can claim all 1146 00:59:48,320 --> 00:59:50,960 Speaker 1: they want that this will be a way to target millionaires. 1147 00:59:51,040 --> 00:59:53,360 Speaker 1: And I'm sure that some of the people would in 1148 00:59:53,400 --> 00:59:56,760 Speaker 1: fact be ensnared by it, but it would actually give 1149 00:59:56,800 --> 01:00:00,479 Speaker 1: them a tremendous amount more leverage over those folks making 1150 01:00:00,560 --> 01:00:03,720 Speaker 1: less than twenty five thousand dollars a year, very likely 1151 01:00:03,760 --> 01:00:06,600 Speaker 1: to have irregular income and thus be a target of 1152 01:00:06,640 --> 01:00:09,800 Speaker 1: the agency we already know is going after them at 1153 01:00:09,840 --> 01:00:13,360 Speaker 1: a much more disproportionate rate than the ultra wealthy. Speaking 1154 01:00:13,400 --> 01:00:15,640 Speaker 1: of by the way, the wealthiest one percent of Americans, 1155 01:00:15,800 --> 01:00:18,520 Speaker 1: will they really pay more under the Biden proposal? The 1156 01:00:18,600 --> 01:00:20,720 Speaker 1: answer is that while taxes may go up in one 1157 01:00:20,800 --> 01:00:23,480 Speaker 1: area because of the rich giveaway known as the salt 1158 01:00:23,520 --> 01:00:27,080 Speaker 1: cap deduction, they actually wouldn't pay more at all. Bloomberg's 1159 01:00:27,080 --> 01:00:30,400 Speaker 1: analysis of tax rates in the bill remain static show 1160 01:00:30,440 --> 01:00:33,760 Speaker 1: that the top one percent would effectively pay the exact 1161 01:00:33,800 --> 01:00:37,320 Speaker 1: same under Biden's proposal because of the salt deduction, and 1162 01:00:37,440 --> 01:00:40,720 Speaker 1: actually some people in the highest state in local tax 1163 01:00:40,760 --> 01:00:44,160 Speaker 1: areas would pay even less. Now, what about those very, 1164 01:00:44,280 --> 01:00:47,240 Speaker 1: very very rich Americans, the one percent of the one percent. 1165 01:00:47,560 --> 01:00:50,120 Speaker 1: Don't worry. The current plan actually leaves them alone too. 1166 01:00:50,440 --> 01:00:52,600 Speaker 1: If you are worth a cool one hundred million and 1167 01:00:52,640 --> 01:00:54,760 Speaker 1: you leave your kids assets, they don't have to pay 1168 01:00:54,760 --> 01:00:57,280 Speaker 1: a damn dime on that until they're sold. If you 1169 01:00:57,360 --> 01:00:59,560 Speaker 1: never sell, you never have to pay taxes, and you 1170 01:00:59,600 --> 01:01:02,800 Speaker 1: can just borrow against it to live a very lavish lifestyle. 1171 01:01:03,160 --> 01:01:05,840 Speaker 1: Their current calls and plans do nothing to dent the 1172 01:01:05,880 --> 01:01:08,960 Speaker 1: pockets of these super rich. Now you think their transactions 1173 01:01:09,000 --> 01:01:12,479 Speaker 1: are getting more transparency? No, and where's the IRS calling 1174 01:01:12,520 --> 01:01:15,000 Speaker 1: for that? Are you beginning to see how it all works? 1175 01:01:15,320 --> 01:01:18,000 Speaker 1: Normal Americans who don't have a lobbying firm to make 1176 01:01:18,040 --> 01:01:21,400 Speaker 1: sure that the proposal most likely to show visibility of 1177 01:01:21,560 --> 01:01:24,240 Speaker 1: our data is actually left out of the bill. But 1178 01:01:24,280 --> 01:01:26,640 Speaker 1: if you're a private equity lobbyist, you can make sure 1179 01:01:26,680 --> 01:01:28,880 Speaker 1: the carried interest loophole doesn't show up in there. If 1180 01:01:28,880 --> 01:01:31,360 Speaker 1: you're a millionaire in New York or California, you make 1181 01:01:31,400 --> 01:01:34,080 Speaker 1: it so. A member of Congress literally says he will 1182 01:01:34,120 --> 01:01:36,480 Speaker 1: not vote for a bill unless that tax break is 1183 01:01:36,480 --> 01:01:39,520 Speaker 1: in there. Right now. The IRS could even change a 1184 01:01:39,600 --> 01:01:42,800 Speaker 1: rule on its books requiring private equity giants to pay more, 1185 01:01:43,040 --> 01:01:45,000 Speaker 1: and they won't do so. If they want to raise 1186 01:01:45,000 --> 01:01:48,160 Speaker 1: trillions of dollarsand taxes. I'm all for it, but until 1187 01:01:48,200 --> 01:01:51,200 Speaker 1: the people who are literally at the very very top 1188 01:01:51,320 --> 01:01:54,080 Speaker 1: have to pay more than eight percent a year as 1189 01:01:54,080 --> 01:01:56,960 Speaker 1: it is currently, and until the people who sucked normal 1190 01:01:56,960 --> 01:02:00,439 Speaker 1: Americans drive for profit and ship jobs to China more 1191 01:02:00,440 --> 01:02:03,520 Speaker 1: than the average wage earner, and until an actual tax 1192 01:02:03,560 --> 01:02:06,560 Speaker 1: increase on the rich happens, and until the IRS can 1193 01:02:06,600 --> 01:02:09,440 Speaker 1: prove it won't use its newfound powers to target those 1194 01:02:09,480 --> 01:02:11,800 Speaker 1: of us who are the poorest amongst us. I'm gonna 1195 01:02:11,800 --> 01:02:14,280 Speaker 1: say hell no to all of this, and Crystal, I 1196 01:02:14,280 --> 01:02:17,000 Speaker 1: think that's where a lot of this is getting lost, 1197 01:02:17,000 --> 01:02:19,880 Speaker 1: which is people are like, what you're for against tax enforcement? 1198 01:02:19,960 --> 01:02:22,800 Speaker 1: Of course we're not for it. One more thing, I promise. 1199 01:02:23,160 --> 01:02:25,360 Speaker 1: Just wanted to make sure you knew about my podcast 1200 01:02:25,360 --> 01:02:28,200 Speaker 1: with Kyle Kolinski. It's called Crystal, Kyle and Friends, where 1201 01:02:28,200 --> 01:02:31,000 Speaker 1: we do long form interviews with people like Nom Chomsky, 1202 01:02:31,080 --> 01:02:34,360 Speaker 1: Cornell West, and Glenn Greenwald. You can listen on any 1203 01:02:34,400 --> 01:02:37,800 Speaker 1: podcast platform, or you can subscribe over on substack to 1204 01:02:37,800 --> 01:02:40,160 Speaker 1: get the video a day early. We're gonna stop bugging 1205 01:02:40,200 --> 01:02:43,640 Speaker 1: you now, enjoy Crystal. What are you taking a look at? Well, folks, 1206 01:02:43,720 --> 01:02:45,760 Speaker 1: you will not be surprised to learn that CNN is 1207 01:02:45,880 --> 01:02:49,440 Speaker 1: paid propaganda, but a new report from Adam Johnson and 1208 01:02:49,520 --> 01:02:52,240 Speaker 1: Gabe Levine drives in spells out just how direct the 1209 01:02:52,280 --> 01:02:56,360 Speaker 1: link might be between money and so called reporting. Suffice 1210 01:02:56,360 --> 01:02:57,680 Speaker 1: it to say, you are not going to see any 1211 01:02:57,720 --> 01:02:59,880 Speaker 1: of this reporting anywhere in the mainstream media. But here 1212 01:02:59,960 --> 01:03:03,520 Speaker 1: is that bombshell piece of journalism over on Adams Substack 1213 01:03:03,680 --> 01:03:07,520 Speaker 1: called the column. The headline is CNN won't say if 1214 01:03:07,560 --> 01:03:11,440 Speaker 1: it's running undisclosed pr for a Gulf dictatorship. CNN's Dubai 1215 01:03:11,520 --> 01:03:14,880 Speaker 1: Now section has been publishing as straight news scores of 1216 01:03:15,000 --> 01:03:19,360 Speaker 1: cartoonish puff pieces for the UAE, an absolute dictatorship that 1217 01:03:19,440 --> 01:03:23,200 Speaker 1: imprisons journalists and activists. Now they go through in this 1218 01:03:23,280 --> 01:03:26,360 Speaker 1: post one hundred and six different feel good stories about 1219 01:03:26,400 --> 01:03:30,200 Speaker 1: how tolerant and innovative and just plain spectacular the UAE is. 1220 01:03:30,560 --> 01:03:32,200 Speaker 1: Here's a little bit of a sample so you can 1221 01:03:32,200 --> 01:03:35,120 Speaker 1: get a taste. A video segment gives us a glimpse 1222 01:03:35,160 --> 01:03:39,360 Speaker 1: into doing yoga in Dubai's rainforest with a bunch of 1223 01:03:39,360 --> 01:03:42,560 Speaker 1: mostly western looking women in sports bras rolling out mats 1224 01:03:42,600 --> 01:03:45,720 Speaker 1: inside a fake rainforest dome. So that's one piece they 1225 01:03:45,720 --> 01:03:49,680 Speaker 1: did there. Here's another one that's just straight up tourism. Advertisement. 1226 01:03:50,040 --> 01:03:53,640 Speaker 1: Emirates offer a free hotel stay with your Dubai layover. 1227 01:03:54,040 --> 01:03:57,240 Speaker 1: It's really hard hitting journalism. There a great job, CNN. 1228 01:03:57,680 --> 01:04:00,920 Speaker 1: This is my personal favorite. The UAA has announced its 1229 01:04:00,960 --> 01:04:05,400 Speaker 1: first female astronaut. Nothing like a repressive hutocracy that tolerates 1230 01:04:05,400 --> 01:04:08,640 Speaker 1: so called honor killings, dabbling in a little identity politics, 1231 01:04:09,000 --> 01:04:11,680 Speaker 1: and just in case you were wondering, the piece contains 1232 01:04:11,960 --> 01:04:16,160 Speaker 1: zero language about the UAE's atrocious record on women's rights. 1233 01:04:16,560 --> 01:04:19,360 Speaker 1: In fact, if you read or watch these pieces, you 1234 01:04:19,400 --> 01:04:22,120 Speaker 1: can see exactly who they're ultimately pitched to. The women 1235 01:04:22,160 --> 01:04:24,640 Speaker 1: in them are either actually Western or dressed in Western 1236 01:04:24,640 --> 01:04:26,880 Speaker 1: garb with maybe a little touch of Arab flare. The 1237 01:04:26,960 --> 01:04:32,400 Speaker 1: focus is on progressive concepts, things like sustainability, wellness, tolerance, equality. 1238 01:04:32,880 --> 01:04:36,560 Speaker 1: The messages come, rich white people, spend your tourist dollars 1239 01:04:36,560 --> 01:04:39,400 Speaker 1: and open your businesses here. We're not like those other 1240 01:04:39,560 --> 01:04:42,880 Speaker 1: repressive petro states that you've heard about. We're different. We 1241 01:04:43,080 --> 01:04:46,439 Speaker 1: absolutely won't flog your women or stone your gaze to death. 1242 01:04:46,960 --> 01:04:49,680 Speaker 1: So in their extensive investigation of one hundred and six 1243 01:04:49,680 --> 01:04:53,520 Speaker 1: different UAE puff pieces, Adam and Gabe found precisely one 1244 01:04:54,000 --> 01:04:57,040 Speaker 1: which had any sort of indication that it might be 1245 01:04:57,080 --> 01:05:01,880 Speaker 1: paid content. That one contains a vague and frankly indecipherable 1246 01:05:01,880 --> 01:05:06,280 Speaker 1: disclaimer that says CNN series often carry sponsorship originating from 1247 01:05:06,320 --> 01:05:10,000 Speaker 1: the countries and regions we profile. However, CNN retains full 1248 01:05:10,160 --> 01:05:13,480 Speaker 1: editorial control over all of its reports. Good to know 1249 01:05:13,600 --> 01:05:16,360 Speaker 1: that y'all fully stand behind all of these amazing works 1250 01:05:16,400 --> 01:05:19,760 Speaker 1: of journalism. But that's it. No other indication that this 1251 01:05:19,880 --> 01:05:23,160 Speaker 1: propaganda is in fact directly paid propaganda, which is the 1252 01:05:23,200 --> 01:05:27,040 Speaker 1: only logical conclusion based on the nauseating quality of every 1253 01:05:27,040 --> 01:05:30,480 Speaker 1: single one of these pieces. CNN naturally refused to comment. 1254 01:05:30,520 --> 01:05:33,280 Speaker 1: They are correctly calculating that no mainstream outlets will cover 1255 01:05:33,320 --> 01:05:36,680 Speaker 1: this outrageous breach of ethics. But Jesus Christ, what a 1256 01:05:36,680 --> 01:05:39,840 Speaker 1: bunch of hypocrites over there. It is incredible. The UAE 1257 01:05:40,080 --> 01:05:44,520 Speaker 1: is literally ranked last in the entire world in terms 1258 01:05:44,560 --> 01:05:47,560 Speaker 1: of press freedom, and yet CNN President Jeff Zucker and 1259 01:05:47,560 --> 01:05:50,680 Speaker 1: his stable of anchors routinely run around moralizing about the 1260 01:05:50,720 --> 01:05:53,040 Speaker 1: sanctity of a free press. There seem to be some 1261 01:05:53,160 --> 01:05:56,040 Speaker 1: major carbounds there, though, for let's say, Julian assanj and 1262 01:05:56,080 --> 01:05:59,400 Speaker 1: apparently anyone who's willing to pay CNN enough money. CNN's 1263 01:05:59,440 --> 01:06:03,240 Speaker 1: media reports Stelga has been particularly preachy about good reporting 1264 01:06:03,240 --> 01:06:06,040 Speaker 1: and journalism lately. Just listen to a bit of his 1265 01:06:06,120 --> 01:06:09,120 Speaker 1: comments on the topic, while keeping in mind again that 1266 01:06:09,400 --> 01:06:13,920 Speaker 1: his news outlet is running cover for dictatorship. The jails journalists. 1267 01:06:14,240 --> 01:06:17,440 Speaker 1: What's the nutritional value of the content? Is it produced 1268 01:06:17,440 --> 01:06:21,520 Speaker 1: by reporters or by repeaters? So at the risk of 1269 01:06:21,680 --> 01:06:24,880 Speaker 1: repeating myself a little bit, okay. Repeaters are the talk 1270 01:06:24,960 --> 01:06:27,680 Speaker 1: radio shouters who tell listeners to hate the other side. 1271 01:06:27,880 --> 01:06:30,520 Speaker 1: They're on TV and radio telling the same story every day. 1272 01:06:31,000 --> 01:06:34,120 Speaker 1: Repeaters are outlets like One America News, which replays Donald 1273 01:06:34,120 --> 01:06:36,720 Speaker 1: Trump's lies on a loop and runs random news packages 1274 01:06:36,720 --> 01:06:40,560 Speaker 1: made by other companies. Repeaters are all over Facebook in 1275 01:06:40,680 --> 01:06:44,280 Speaker 1: hyper partisan private groups. The cherry pick stories and confrontational 1276 01:06:44,360 --> 01:06:48,280 Speaker 1: memes and make you really rageful. Repeaters are Twitter trolls 1277 01:06:48,320 --> 01:06:51,800 Speaker 1: who anonymously amplify propaganda and try to wear the rest 1278 01:06:51,840 --> 01:06:55,040 Speaker 1: of us down with their repetition. In the meantime, all 1279 01:06:55,080 --> 01:06:58,960 Speaker 1: of us need to see the difference between reporting and repeating, 1280 01:06:59,000 --> 01:07:06,480 Speaker 1: because reporting adds value and repeating often subtracts value. So, Brian, 1281 01:07:07,080 --> 01:07:09,280 Speaker 1: what would you call, let's say, a news outlet churning 1282 01:07:09,280 --> 01:07:12,040 Speaker 1: out dictator friendly propaganda for a bag of cash. What 1283 01:07:12,200 --> 01:07:16,080 Speaker 1: category does that one fall into? What an absolute joke. 1284 01:07:16,400 --> 01:07:18,560 Speaker 1: And what I can't stop thinking about is all of 1285 01:07:18,600 --> 01:07:21,680 Speaker 1: Sannon's feigned concern for the women and girls of Afghanistan, 1286 01:07:22,000 --> 01:07:24,280 Speaker 1: all conveniently, of course, in the service of keeping us 1287 01:07:24,360 --> 01:07:27,280 Speaker 1: endlessly at war. Now, I'm not saying the UAE is 1288 01:07:27,360 --> 01:07:29,840 Speaker 1: as bad as the Taliban as far as women are concerned, 1289 01:07:30,160 --> 01:07:33,600 Speaker 1: but it's not exactly a feminist dream. Women have been 1290 01:07:33,680 --> 01:07:38,040 Speaker 1: criminally convicted for extramarital affairs as punishment for coming forward 1291 01:07:38,080 --> 01:07:42,240 Speaker 1: with rape allegations. Spousal rape is not recognized. You've got 1292 01:07:42,280 --> 01:07:45,160 Speaker 1: to get permission from a male guardian to do basic things. 1293 01:07:45,600 --> 01:07:49,640 Speaker 1: UAE law includes a gigantic carmount that effectively permits domestic 1294 01:07:49,720 --> 01:07:53,160 Speaker 1: violence in service of disciplining your wife, and a woman 1295 01:07:53,200 --> 01:07:55,680 Speaker 1: can be cast down altogether if she won't have sex 1296 01:07:55,720 --> 01:07:59,240 Speaker 1: with her husband often enough, but by far the worst 1297 01:07:59,240 --> 01:08:02,120 Speaker 1: treatment is a for the domestic workers, who make up 1298 01:08:02,160 --> 01:08:05,120 Speaker 1: around eighty percent of the population and about ninety percent 1299 01:08:05,160 --> 01:08:08,920 Speaker 1: of the workforce. Now, these are typically impoverished migrants, often 1300 01:08:08,960 --> 01:08:11,800 Speaker 1: brought in by traffickers from a lot of South Asian countries, 1301 01:08:11,840 --> 01:08:15,560 Speaker 1: places like Bangladesh and India. These workers are treated as 1302 01:08:15,680 --> 01:08:20,200 Speaker 1: less than human. Physical and sexual violence is common. Low wages, 1303 01:08:20,520 --> 01:08:24,479 Speaker 1: outright wage theft, long hours, terrible conditions are the norm. 1304 01:08:24,720 --> 01:08:28,000 Speaker 1: Their employer often confiscates their passport so they can't leave 1305 01:08:28,080 --> 01:08:31,479 Speaker 1: even if they want to. That is the land of 1306 01:08:31,880 --> 01:08:36,439 Speaker 1: tolerance and progress that CNN is shamelessly selling you on here. Now. 1307 01:08:36,479 --> 01:08:39,599 Speaker 1: It would certainly appear that for the right price, CNN 1308 01:08:39,640 --> 01:08:42,679 Speaker 1: will print whatever you want them to print, record whatever 1309 01:08:42,720 --> 01:08:46,000 Speaker 1: propaganda videos you want them to record. And as Adam 1310 01:08:46,000 --> 01:08:48,759 Speaker 1: and Gay point out, this is not even the first 1311 01:08:48,800 --> 01:08:51,960 Speaker 1: time that CNN has been caught taking cash in exchange 1312 01:08:51,960 --> 01:08:55,759 Speaker 1: for covering up for repressive golf dictatorships. Glenn Greenwald actually 1313 01:08:55,760 --> 01:08:58,280 Speaker 1: exposed how they pulled a hard hitting piece on Bachrain 1314 01:08:58,720 --> 01:09:01,880 Speaker 1: apparently because they're getting too much money from that particular 1315 01:09:01,960 --> 01:09:05,840 Speaker 1: kingdom as well. CNN will whitewash human trafficking. They will 1316 01:09:05,880 --> 01:09:08,880 Speaker 1: ignore in person journalists, they will look the other way 1317 01:09:09,000 --> 01:09:13,360 Speaker 1: as the LGBTQ community is criminalized. But God forbid you 1318 01:09:13,439 --> 01:09:17,160 Speaker 1: say something mean, Jim Acosta, because that would really cross 1319 01:09:17,160 --> 01:09:21,120 Speaker 1: a line. And Sager, it's pretty amazing. Look, a lot 1320 01:09:21,160 --> 01:09:25,120 Speaker 1: of news outlets have these like paid pieces, and they're 1321 01:09:25,120 --> 01:09:28,160 Speaker 1: supposed to. Okay, guys, we've been bringing you lots of 1322 01:09:28,240 --> 01:09:30,759 Speaker 1: news on the different strikes that have been broiling the country. 1323 01:09:30,760 --> 01:09:33,639 Speaker 1: Of course, the most recent one is those ten thousand 1324 01:09:33,960 --> 01:09:37,240 Speaker 1: John Deeer workers who voted to strike last night. But 1325 01:09:37,280 --> 01:09:40,679 Speaker 1: another one we've been tracking closely is workers at Kellogg's. 1326 01:09:40,680 --> 01:09:43,160 Speaker 1: So joining us now to break down what exactly is 1327 01:09:43,200 --> 01:09:45,200 Speaker 1: going on there. We're very lucky to be joined by 1328 01:09:45,200 --> 01:09:49,960 Speaker 1: Trevor Bidelman. He is president of Local three g BCTGM. 1329 01:09:50,040 --> 01:09:51,600 Speaker 1: Great to see Sara, Thanks for joining us. Good to 1330 01:09:51,600 --> 01:09:54,679 Speaker 1: see Trevor. Yeah, thanks for having me. Yeah, of course, 1331 01:09:54,960 --> 01:09:57,760 Speaker 1: so talk to us about what's going on, Where are 1332 01:09:57,760 --> 01:09:59,240 Speaker 1: you in the strike and sort of what are you 1333 01:09:59,240 --> 01:10:03,439 Speaker 1: hoping to push for here? Well, this strike here really 1334 01:10:03,520 --> 01:10:06,080 Speaker 1: is about the future. We are fighting for our future. 1335 01:10:06,120 --> 01:10:09,400 Speaker 1: Our future is and for sale. The company has been 1336 01:10:09,439 --> 01:10:14,360 Speaker 1: insisting upon pushing tour to this two tier benefited system 1337 01:10:14,800 --> 01:10:17,400 Speaker 1: and taking away the path of some of our current 1338 01:10:17,439 --> 01:10:20,519 Speaker 1: employees to have the premium healthcare that we have and 1339 01:10:20,560 --> 01:10:23,160 Speaker 1: also the pensions that we have that they already have 1340 01:10:23,320 --> 01:10:26,040 Speaker 1: coming to them. They want to take that away and 1341 01:10:26,080 --> 01:10:30,040 Speaker 1: also take that away for future workers. And you know, 1342 01:10:30,280 --> 01:10:33,920 Speaker 1: the really the climate of what's been going on last 1343 01:10:33,920 --> 01:10:36,320 Speaker 1: twenty thirty years has been to do that. It's been 1344 01:10:36,360 --> 01:10:39,519 Speaker 1: too so to you know, and let the future go. 1345 01:10:40,080 --> 01:10:43,000 Speaker 1: And we are standing firm on this to kind of 1346 01:10:43,000 --> 01:10:46,439 Speaker 1: reverse this trend and stop this cycle. Yeah, can you 1347 01:10:46,479 --> 01:10:48,640 Speaker 1: explain that two tiered system a little bit more? As 1348 01:10:48,680 --> 01:10:51,120 Speaker 1: I understand it, What the company wants to do is 1349 01:10:51,200 --> 01:10:55,000 Speaker 1: hire people as quote unquote transitional workers to deny them 1350 01:10:55,360 --> 01:10:58,559 Speaker 1: all the benefits that you guys had previously agreed on, 1351 01:10:58,680 --> 01:11:03,240 Speaker 1: and then even worse is move some legacy workers into 1352 01:11:03,280 --> 01:11:06,840 Speaker 1: the transitional period and deny benefits. Is am I understanding 1353 01:11:06,880 --> 01:11:12,080 Speaker 1: that correctly? Not quite entirely a legacy We really hate 1354 01:11:12,080 --> 01:11:14,680 Speaker 1: that term. They kind of came up with that, but 1355 01:11:14,760 --> 01:11:18,479 Speaker 1: it wouldn't actually move any legacy into that transitional However, 1356 01:11:18,560 --> 01:11:21,040 Speaker 1: we do have thirty percent of our workforce that is 1357 01:11:21,080 --> 01:11:24,320 Speaker 1: in this transitional that is supposed to transition into this 1358 01:11:24,479 --> 01:11:29,320 Speaker 1: quote unquote legacy. So what you have is the bulk 1359 01:11:29,400 --> 01:11:35,880 Speaker 1: of us legacy employees are actually turning down things to 1360 01:11:36,080 --> 01:11:41,280 Speaker 1: fight for the future. Again, we have one hundred zero healthcare. Yes, 1361 01:11:41,479 --> 01:11:44,200 Speaker 1: that's that's very rare. However, if we let that go, 1362 01:11:44,560 --> 01:11:46,559 Speaker 1: not only will it be rare, it will be non existent. 1363 01:11:47,280 --> 01:11:50,280 Speaker 1: So really, when we talk about the fight that we're having, 1364 01:11:50,320 --> 01:11:53,920 Speaker 1: this isn't just about you know, future workers in these facilities. 1365 01:11:54,560 --> 01:11:57,559 Speaker 1: This is really about a broader movement about standing up 1366 01:11:57,600 --> 01:12:01,000 Speaker 1: and fighting for middle class America and making sure these 1367 01:12:01,040 --> 01:12:04,840 Speaker 1: things are attainable for everyone. So yeah, again, I don't 1368 01:12:04,880 --> 01:12:08,360 Speaker 1: want to get it construed that they are moving legacy 1369 01:12:08,360 --> 01:12:12,400 Speaker 1: to transitional. However, they are removing Transitional's path and also 1370 01:12:12,479 --> 01:12:15,920 Speaker 1: any future workers path to have what we have, and 1371 01:12:15,960 --> 01:12:19,400 Speaker 1: it's just it's not acceptable. I think it's a really 1372 01:12:19,439 --> 01:12:22,040 Speaker 1: important point that you're making too, that some of you 1373 01:12:22,120 --> 01:12:24,160 Speaker 1: are fighting not so much for yourselves, but for your 1374 01:12:24,200 --> 01:12:27,080 Speaker 1: brothers and sisters, not just at your union either, but 1375 01:12:27,160 --> 01:12:30,680 Speaker 1: across the country because we've seen these two tier systems 1376 01:12:30,920 --> 01:12:32,639 Speaker 1: put in place in a lot of places. I believe 1377 01:12:32,640 --> 01:12:34,559 Speaker 1: it's one of the issues that the John Dear workers 1378 01:12:34,600 --> 01:12:37,519 Speaker 1: are striking over as well. When did they start to 1379 01:12:37,560 --> 01:12:39,920 Speaker 1: come into place and what is the sort of impact 1380 01:12:40,280 --> 01:12:42,280 Speaker 1: on them in terms of the labor market, in terms 1381 01:12:42,320 --> 01:12:46,160 Speaker 1: of what workers can look forward to and for benefits 1382 01:12:46,200 --> 01:12:49,880 Speaker 1: and wages. Well, again, if you look at this from 1383 01:12:49,880 --> 01:12:52,680 Speaker 1: a Kellogg standpoint, anyway, this goes all the way back 1384 01:12:52,680 --> 01:12:55,080 Speaker 1: to the late nineties when they first started shipping jobs 1385 01:12:55,080 --> 01:12:58,240 Speaker 1: in Mexico. They came in with what was a casual 1386 01:12:58,280 --> 01:13:01,720 Speaker 1: workforce in our facility. They were supposed to be a 1387 01:13:01,800 --> 01:13:06,160 Speaker 1: lower waged employee without benefits. However, they were supposed to 1388 01:13:06,240 --> 01:13:08,880 Speaker 1: work anywhere from two to three days a week. They 1389 01:13:08,880 --> 01:13:11,680 Speaker 1: were supposed to be for relief a little bit from 1390 01:13:11,680 --> 01:13:15,479 Speaker 1: the extended schedules. Eventually, the company got to where they 1391 01:13:15,520 --> 01:13:18,559 Speaker 1: were exploiting that so bad that in twenty fourteen, we 1392 01:13:18,640 --> 01:13:22,880 Speaker 1: probably had seventy five casual workers that were working over 1393 01:13:22,960 --> 01:13:26,960 Speaker 1: three thousand hours a year and denied being a full 1394 01:13:27,080 --> 01:13:29,760 Speaker 1: time employee. That was kind of how they pulled the 1395 01:13:29,840 --> 01:13:33,080 Speaker 1: rugout underneath of us, and that was kind of how 1396 01:13:33,080 --> 01:13:35,719 Speaker 1: the transitional piece came into be. Was we were trying 1397 01:13:35,760 --> 01:13:39,559 Speaker 1: to keep that from happening. The lockout, the illegal lockout 1398 01:13:39,640 --> 01:13:42,280 Speaker 1: Memphis from twenty thirteen, that was where the company was 1399 01:13:42,280 --> 01:13:45,680 Speaker 1: trying to completely lift all the caps on casuals whatsoever 1400 01:13:46,120 --> 01:13:50,920 Speaker 1: and make casuals the entire future workforce, so a lower wage, 1401 01:13:51,439 --> 01:13:54,400 Speaker 1: no benefit. So that's what they took a ten month 1402 01:13:54,439 --> 01:13:58,160 Speaker 1: lockout for fighting for all of us who at the 1403 01:13:58,200 --> 01:14:02,920 Speaker 1: time couldn't really help them. You know, so again, this union, 1404 01:14:03,000 --> 01:14:06,200 Speaker 1: these locals, we've been fighting this for a tremendous amount 1405 01:14:06,240 --> 01:14:08,960 Speaker 1: of time, and now we finally are in a position 1406 01:14:09,000 --> 01:14:11,080 Speaker 1: where all four of us can fight them at once 1407 01:14:11,720 --> 01:14:15,280 Speaker 1: and stand up to stop this trend. I do believe 1408 01:14:15,360 --> 01:14:18,680 Speaker 1: that it's been going on for fifteen twenty years, kind 1409 01:14:18,720 --> 01:14:21,640 Speaker 1: of across the board. I do believe it's what leads to, 1410 01:14:22,040 --> 01:14:24,240 Speaker 1: you know, both parents in a house having to work 1411 01:14:24,280 --> 01:14:27,560 Speaker 1: sixty hours a week just to make ends meet. And 1412 01:14:27,640 --> 01:14:29,439 Speaker 1: at some point in time we have to reverse this 1413 01:14:29,479 --> 01:14:31,880 Speaker 1: otherwise middle class America as we know it's going to 1414 01:14:31,920 --> 01:14:35,280 Speaker 1: be gone. I do have burn myself, ranging from the 1415 01:14:35,320 --> 01:14:39,200 Speaker 1: ages of fifteen down to five, and I think about 1416 01:14:39,200 --> 01:14:43,879 Speaker 1: it every day about what kind of atmosphere and country 1417 01:14:43,920 --> 01:14:45,800 Speaker 1: that my children are going to get to grow up in. 1418 01:14:46,280 --> 01:14:48,519 Speaker 1: And if I don't play a role stand up to 1419 01:14:48,560 --> 01:14:50,559 Speaker 1: stop this, I don't know who else is going to. 1420 01:14:51,240 --> 01:14:53,240 Speaker 1: Like I try to say, if it's not us, who 1421 01:14:53,600 --> 01:14:56,559 Speaker 1: and if it's not now when that's a great point, 1422 01:14:56,640 --> 01:14:59,439 Speaker 1: you know, and Trevor is from what I understand, what 1423 01:14:59,560 --> 01:15:02,120 Speaker 1: lengths of company gone to to try and break your strike? 1424 01:15:02,160 --> 01:15:05,479 Speaker 1: I mean, what type of pressure are they putting on you? Guys. Well, 1425 01:15:05,560 --> 01:15:10,560 Speaker 1: they keep trying to make this narrative that there's the employees, 1426 01:15:11,160 --> 01:15:14,240 Speaker 1: there's the company, and then there's the union, like the 1427 01:15:14,360 --> 01:15:17,559 Speaker 1: union is some kind of abstract thought that we are 1428 01:15:17,600 --> 01:15:21,040 Speaker 1: forcing these Kellogg employees to do things that they don't 1429 01:15:21,080 --> 01:15:24,840 Speaker 1: want to do, which is absolutely not the truth. The 1430 01:15:24,880 --> 01:15:30,479 Speaker 1: company speaks about the membership never quoting on this offer. Well, 1431 01:15:30,520 --> 01:15:33,960 Speaker 1: first off, the offer was illegal. However, the company spent 1432 01:15:34,479 --> 01:15:37,760 Speaker 1: a good seventy two hours explaining that offer to our 1433 01:15:37,960 --> 01:15:41,120 Speaker 1: entire membership, anybody that would listen, send them stuff in 1434 01:15:41,160 --> 01:15:44,200 Speaker 1: the mail at home, direct bargaining with them, stopping them 1435 01:15:44,200 --> 01:15:47,960 Speaker 1: in the hallway, direct bartnering with them. So really, our 1436 01:15:48,000 --> 01:15:52,080 Speaker 1: strike permission vote was a referendum on what they were offering, 1437 01:15:52,680 --> 01:15:57,880 Speaker 1: and it was overwhelmingly rejected, over ninety percent willing to 1438 01:15:57,920 --> 01:16:01,920 Speaker 1: go on strike over what was there. They're also bringing 1439 01:16:01,960 --> 01:16:06,519 Speaker 1: in third party workers, which I know it's already been 1440 01:16:06,560 --> 01:16:09,120 Speaker 1: explained a little bit. Are concerned there is not so 1441 01:16:09,200 --> 01:16:11,880 Speaker 1: much that they can run the facilities because, bottom line, 1442 01:16:11,880 --> 01:16:14,519 Speaker 1: were the best of what we do. We're not concerned 1443 01:16:14,560 --> 01:16:17,439 Speaker 1: that they can replicate that. We are concerned from a 1444 01:16:17,479 --> 01:16:20,360 Speaker 1: food safety standpoint. This is the group that they brought 1445 01:16:20,400 --> 01:16:23,400 Speaker 1: in during the lockout, and you know, they stole everything 1446 01:16:23,400 --> 01:16:26,479 Speaker 1: that wasn't bolded down. You know, they had people in 1447 01:16:26,520 --> 01:16:29,960 Speaker 1: there taking lunches from supervisors to where supervisors had to 1448 01:16:30,000 --> 01:16:34,439 Speaker 1: lock themselves inside doors. Even as far as a gentleman 1449 01:16:34,600 --> 01:16:38,040 Speaker 1: urinating in the in the product while they were making it. 1450 01:16:38,640 --> 01:16:42,840 Speaker 1: That general Yeah, that gentleman actually has a three year 1451 01:16:42,920 --> 01:16:45,640 Speaker 1: sentence for what he did. The companies aware of that, 1452 01:16:46,040 --> 01:16:48,920 Speaker 1: and they're still bringing the same group. So you know, 1453 01:16:48,960 --> 01:16:52,599 Speaker 1: we really what they're doing. I can say, you know, 1454 01:16:52,720 --> 01:16:56,080 Speaker 1: the Compani's got more money than since I can assure 1455 01:16:56,080 --> 01:16:59,639 Speaker 1: you they will lose more money doing what they're doing 1456 01:17:00,040 --> 01:17:02,439 Speaker 1: and what they would if they just you know, gave 1457 01:17:02,520 --> 01:17:04,720 Speaker 1: us what we were asking for. Can you talk a 1458 01:17:04,760 --> 01:17:08,759 Speaker 1: little bit more about that piece. How is Kellogg's doing financially? Well? 1459 01:17:09,240 --> 01:17:11,519 Speaker 1: I do know that right now that their stock prices 1460 01:17:11,600 --> 01:17:14,160 Speaker 1: is taking a big hit. I do know that they're 1461 01:17:14,160 --> 01:17:17,240 Speaker 1: going to start and bring fees from Walmart, uh the 1462 01:17:17,240 --> 01:17:20,760 Speaker 1: shelf space that they're not getting to. I can say though, 1463 01:17:20,800 --> 01:17:22,519 Speaker 1: you know, they come to the table and they tell 1464 01:17:22,600 --> 01:17:25,040 Speaker 1: us that they made you know, just under five hundred 1465 01:17:25,080 --> 01:17:28,160 Speaker 1: million dollars in profit and cereal and they also try 1466 01:17:28,240 --> 01:17:33,439 Speaker 1: to tell us how that's not sustainable. So again, this 1467 01:17:33,520 --> 01:17:36,160 Speaker 1: kind of goes back to the elite. You know, you 1468 01:17:36,240 --> 01:17:38,240 Speaker 1: got people that have enough money to part a boat 1469 01:17:38,280 --> 01:17:43,200 Speaker 1: inside of a boat, and there's too much money being 1470 01:17:43,280 --> 01:17:46,439 Speaker 1: generated by all these corporations for them to tell the 1471 01:17:46,479 --> 01:17:50,280 Speaker 1: workers that are actually making these products that create this 1472 01:17:50,479 --> 01:17:53,040 Speaker 1: profit for them that we just have to keep taking 1473 01:17:53,160 --> 01:17:58,479 Speaker 1: less to get. We're done with that downhill slide. Good Trevor. 1474 01:17:58,479 --> 01:18:01,120 Speaker 1: What ken folks who are and watching, what can they 1475 01:18:01,120 --> 01:18:05,040 Speaker 1: do to support y'all If you're anywhere near a picket line, 1476 01:18:05,080 --> 01:18:07,320 Speaker 1: come on out and support us. A lot of people 1477 01:18:07,360 --> 01:18:11,200 Speaker 1: are really enjoying the community support and all the outside 1478 01:18:11,320 --> 01:18:13,640 Speaker 1: entities that are coming and letting us know that we 1479 01:18:13,680 --> 01:18:16,800 Speaker 1: are fighting the right fight. Also, there are some goop 1480 01:18:16,880 --> 01:18:20,080 Speaker 1: on met pages that are posted as well, and right 1481 01:18:20,120 --> 01:18:24,920 Speaker 1: now we can just avoid buying any serial from the 1482 01:18:24,960 --> 01:18:29,200 Speaker 1: Kellogg Company. That would be greatly appreciated. Well, there you go. 1483 01:18:29,360 --> 01:18:31,360 Speaker 1: You guys heard it here first. I'm sure a lot 1484 01:18:31,400 --> 01:18:33,559 Speaker 1: of people are going to listen to that. Trevor, thank 1485 01:18:33,560 --> 01:18:36,280 Speaker 1: you so much for joining us. Really appreciate it. We're 1486 01:18:36,320 --> 01:18:38,800 Speaker 1: both really staying with you guys one hundred percent. Thanks Trevor. 1487 01:18:38,840 --> 01:18:43,720 Speaker 1: Great to have you. Thanks again, absolutely, sir, Thank you 1488 01:18:43,720 --> 01:18:46,320 Speaker 1: guys so much for watching. We really appreciate it. You know, 1489 01:18:46,479 --> 01:18:49,000 Speaker 1: i''ve been transparent now this for a couple of months, 1490 01:18:49,040 --> 01:18:50,800 Speaker 1: just because this is how we have to be. But 1491 01:18:51,280 --> 01:18:54,000 Speaker 1: you know, we are watching a precipitous decline in our 1492 01:18:54,040 --> 01:19:00,080 Speaker 1: YouTube revenue, specifically because of demonetization, copyright or whatever. And 1493 01:19:00,120 --> 01:19:02,599 Speaker 1: I've really thought about it, Crystal, it doesn't make any 1494 01:19:02,680 --> 01:19:05,400 Speaker 1: sense to have a system for us to be able 1495 01:19:05,479 --> 01:19:08,000 Speaker 1: to present the best show possible well having to be 1496 01:19:08,080 --> 01:19:11,479 Speaker 1: mindful of all of these different constraints and thinking about that. 1497 01:19:11,640 --> 01:19:13,720 Speaker 1: The only way around it is if you guys can 1498 01:19:13,760 --> 01:19:16,800 Speaker 1: support us becoming a premium member and more. It makes 1499 01:19:16,840 --> 01:19:19,360 Speaker 1: it so. Once again I see a forty percent drop, 1500 01:19:19,360 --> 01:19:20,880 Speaker 1: I'm like, all right, well, you know it is what 1501 01:19:20,960 --> 01:19:23,920 Speaker 1: it is. We can pay our bills, it's not an issue. 1502 01:19:23,960 --> 01:19:26,400 Speaker 1: That's what leads to all of these crazy workarounds. If 1503 01:19:26,439 --> 01:19:28,839 Speaker 1: people have to try and do in order to talk 1504 01:19:29,040 --> 01:19:32,439 Speaker 1: and just give people the best possible show that they can. 1505 01:19:32,600 --> 01:19:34,800 Speaker 1: The cable companies don't have to worry about any of 1506 01:19:34,800 --> 01:19:37,200 Speaker 1: this stuff, but apparently we do. And that's okay. We 1507 01:19:37,280 --> 01:19:39,519 Speaker 1: have our business set up that way, but it only 1508 01:19:39,560 --> 01:19:41,720 Speaker 1: works if you guys can support us, So link is 1509 01:19:41,760 --> 01:19:43,800 Speaker 1: down there. You get all kinds of benefits, but really, 1510 01:19:43,800 --> 01:19:45,320 Speaker 1: what is it about is making sure that we don't 1511 01:19:45,320 --> 01:19:47,200 Speaker 1: have to worry. So thank you very much. Yeah, we 1512 01:19:47,280 --> 01:19:49,160 Speaker 1: love you guys. You've made it so that we don't 1513 01:19:49,160 --> 01:19:52,559 Speaker 1: have to worry about it whatsoever. And just a couple 1514 01:19:52,520 --> 01:19:54,840 Speaker 1: of programming notes, So we have that new segment with 1515 01:19:54,960 --> 01:19:57,880 Speaker 1: daily Poster that'll be posting tomorrow. We'll have more great 1516 01:19:57,920 --> 01:20:00,200 Speaker 1: content for you guys over the weekend and we we'll 1517 01:20:00,200 --> 01:20:03,200 Speaker 1: see you back here on Monday for a full show. 1518 01:20:03,360 --> 01:20:04,960 Speaker 1: Check out over the weekend. Two we've been doing these 1519 01:20:04,960 --> 01:20:06,240 Speaker 1: I don't know if you guys have seen. We've been 1520 01:20:06,280 --> 01:20:08,519 Speaker 1: doing these mini shows mini shows on your podcasts, all 1521 01:20:08,520 --> 01:20:12,000 Speaker 1: of our extra content together in one show with the 1522 01:20:12,080 --> 01:20:15,719 Speaker 1: daily Poster segment as well, and those are being posted 1523 01:20:15,840 --> 01:20:19,400 Speaker 1: on the podcast apps as well, so look for that too. 1524 01:20:19,479 --> 01:20:21,800 Speaker 1: People seem to be enjoying them. Love you guys. We'll 1525 01:20:21,800 --> 01:20:23,320 Speaker 1: see you back here for a full show on Monday, 1526 01:20:23,360 --> 01:20:40,360 Speaker 1: see you Monday. Thanks for listening to the show, guys, 1527 01:20:40,360 --> 01:20:42,920 Speaker 1: We really appreciate it. To help other people find the show, 1528 01:20:43,000 --> 01:20:44,960 Speaker 1: go ahead and leave us a five star rating on 1529 01:20:45,000 --> 01:20:48,479 Speaker 1: Apple Podcasts or wherever you get your podcasts really helps 1530 01:20:48,520 --> 01:20:51,800 Speaker 1: other people find the show as always special. Thank you 1531 01:20:51,880 --> 01:20:55,439 Speaker 1: to Supercast for powering our premium membership. If you want 1532 01:20:55,439 --> 01:20:58,479 Speaker 1: to find out more, go to Crystalansager dot com