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

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

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

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

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

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

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

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

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

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

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

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

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

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Speaker 1: interesting stories breaking this morning. First of all, we have

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Speaker 1: primary election results from Tuesday. We also have some new

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Speaker 1: pulling out of that Pennsylvania Center race, which frankly is

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Speaker 1: a little bit different than what I expected, both at

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Speaker 1: the governor level also at the Senate level. As I

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Speaker 1: just mentioned, the Fed has made their move. They are

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Speaker 1: lifting rates by seventy five basis points three quarters of

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Speaker 1: a percent. Markets are responding, and you know, the writing's

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Speaker 1: increasingly increasingly on the wall as to where our economy

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Speaker 1: is heading. So we will break all of that down

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Speaker 1: for you. We also have new admissions from the Biden

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Speaker 1: administration about how things are going in Ukraine and also

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Speaker 1: new plans to send another billion dollars in weapons to Ukraine,

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Speaker 1: so you know, sort of no end in sight. I

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Speaker 1: really genuinely do not know what they expect the endgame

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Speaker 1: to be here, So talk about that as well. Some

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Speaker 1: new data about the way that journalists feel about journalism

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Speaker 1: and the way they feel about themselves the news media

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Speaker 1: how that compares to how the public feels about them

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Speaker 1: which is also pretty interesting to get in. And so

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Speaker 1: a new comment from Simone Sanders about January sixth that

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Speaker 1: I think you are going to find interesting, But saga,

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Speaker 1: we wanted to start with those primary election results. That's right, Listen.

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Speaker 1: We love elections who are breaking points that always tell

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Speaker 1: us so much about the country. Let's put this on

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Speaker 1: the screen. So there were big primary elections, and we're

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Speaker 1: going to get to the South Texas one and do

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Speaker 1: an entire segment on it, but the first and foremost

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Speaker 1: in terms of Trump and his power over the GOP

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Speaker 1: little bit of mixed results. So you guys will remember

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Speaker 1: GOP Representative Nancy Mayce. She had been a critic of

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Speaker 1: Donald Trump, and of January sixth, however, she did survive

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Speaker 1: her primary challenge against Katie Arrington. At the same time,

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Speaker 1: though Representative Tom Rice actually did get primaried to a

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Speaker 1: Trump endorsed challenger. So I think people are trying to

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Speaker 1: juxtapose those two things and say, hmm, how did this

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Speaker 1: all work out? And I think that looking at it

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Speaker 1: in terms of the number of candidates, you can see

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Speaker 1: that in across the board, Crystal, it really is kind

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Speaker 1: of a mixed bag because some of the people that

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Speaker 1: Trump endorsed, Likery McMaster or Tim Scott, they were, you know,

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Speaker 1: middling ish type Trump critics, Joe Wilson, Jeff Duncan, many

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Speaker 1: of the people in South Carolina and elsewhere. But I

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Speaker 1: think that the biggest one to me really stood out

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Speaker 1: as the Tom Rice actually getting primaried and figuring out

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Speaker 1: why this person who voted for impeachment and then other

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Speaker 1: people like Brian Camp and Nancy Mace did not actually

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Speaker 1: or did not fall in their primary challenge and did

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Speaker 1: not get did not get primaried. The reason why really

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Speaker 1: was crystallized in a great tweet. Let's put this on

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Speaker 1: the screen, which is that you can ignore Trump's please

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Speaker 1: to overturn the election like Brian Kemp. You can even

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Speaker 1: criticize his behavior like Nancy Mace, but you cannot appear

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Speaker 1: to be a hostile opponent or appear to be one

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Speaker 1: to Donald Trump. That is why Tom Rice ultimately was

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Speaker 1: bested in the election. And I've been thinking really deeply

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Speaker 1: about that point because we context to our Ron Dessentis

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Speaker 1: DeSantis segment previously on our last show, which was there

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Speaker 1: was a lot of discussion like, oh, maybe Ron de

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Speaker 1: Santis can primary Donald Trump and win in a head

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Speaker 1: to head election. I think both of us, you know,

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Speaker 1: really fell on the other side of that case, even

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Speaker 1: though I do see, you know, there is quite a

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Speaker 1: bit of grassroot support for Ron de Santis and more.

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Speaker 1: But people need to consider the mechanics of an actual

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Speaker 1: primary election. For DeSantis to beat Donald Trump, he would

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Speaker 1: have to go on the offensive against him, and empirically

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Speaker 1: he would have to be oppositional and critical of Trump

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Speaker 1: in order to beat him in a primary, especially if

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Speaker 1: Trump is going to be bashing him constantly. So in

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Speaker 1: a primary election, he can't just rise above the fray

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Speaker 1: or distance himself away. When Trump's name is actually on

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Speaker 1: the ballot and he's trying to make a case away

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Speaker 1: from him, the best he could do is say, look, Donald,

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Speaker 1: you did great, but it's time to move on. And

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Speaker 1: you know that's just not going to work. It's just

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Speaker 1: not going to work, and be like, I love you,

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Speaker 1: you are amazing, but you should pick me instead. How

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Speaker 1: does that work? Yeah, I mean, the honest case for

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Speaker 1: DeSantis that his backers make is basically like he's Trump

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Speaker 1: without the Twitter account. But the reality is a lot

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Speaker 1: of people like the Twitter account. And so I mean,

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Speaker 1: if you are really like, that's not a great case

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Speaker 1: ultimately to make in a Republican primary. Like I support

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Speaker 1: all his policies and I think he was a wonderful president,

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Speaker 1: but I'm going to be nicer to the media on Twitter, Like,

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Speaker 1: I just don't see that as a real selling point,

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Speaker 1: as did these particular races. Why does Nancy may survive

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Speaker 1: and Tom Rice falls? And by the way, Rice got smacked,

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Speaker 1: I mean it was not close. He got like twenty

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Speaker 1: four percent of the vote as an income, that's pretty

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Speaker 1: remarkable here. Part of it, I think, does have to

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Speaker 1: do with the way that they position themselves, in the

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Speaker 1: way that they postured. Part of it also just has

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Speaker 1: to do with the specifics of their districts, though I

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Speaker 1: was looking at this. Nancy Mace's district covers Charleston, where

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Speaker 1: you have a lot more sort of moderate Republicans voting

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Speaker 1: in a primary. Rice's district covers a more rural area

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Speaker 1: of South Carolina, including actually a couple of majority black counties,

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Speaker 1: But in terms of who's voting in a Republican primary

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Speaker 1: in those areas, much more conservative areas ultimately, and that's

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Speaker 1: a trend that we've seen across a number of these primaries,

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Speaker 1: including in Ohio. You know, the more quote unquote moderate

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Speaker 1: we can get into, you know, whether they're real moderates

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Speaker 1: or not, but quote unquote moderate candidates do better in

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Speaker 1: the urban and suburban areas, and the more sort of

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Speaker 1: like over populous, trumpy candidates do well in more rural areas.

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Speaker 1: So I think that trend has considered has continued here

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Speaker 1: as well. You know, the bigger picture here too, is

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Speaker 1: that you have a lot of candidates who are winning primaries,

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Speaker 1: oftentimes in seats that are basically red seats, who are

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Speaker 1: and out in election deniers. I mean, And it matters

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Speaker 1: somewhat at the congressional level. It matters even more at

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Speaker 1: the governor level, and at the secretary of state level

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Speaker 1: and at the attorney general level. And we've seen a

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Speaker 1: number of those get through now that in key swing states,

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Speaker 1: including Pennsylvania. We'll come back to that one in a minute.

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Speaker 1: Where you know, we've tried not to be hair on

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Speaker 1: fire here about like the threat of people actually overturning

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Speaker 1: rightful a rightful political victory. But when you talk about

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Speaker 1: candidates who are died in the wooll elections, stop the

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Speaker 1: steal deniers in those positions at the state level executive level,

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Speaker 1: then you get into actually pretty scary territory. Yeah, let's

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Speaker 1: put that on the screen. Then about the specifics of

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Speaker 1: these secretaries of state. So in total, Republicans have nominated

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Speaker 1: for secretaries of state five people who acknowledge the Biden wins,

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Speaker 1: so California, Georgia, Idaho, Nebraska, and Ohio, but three people

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Speaker 1: who deny Biden's win. Now, tell me are these states important?

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Speaker 1: Michigan Nevada and New Mexico three people whose position is unknown, Arkansas, Iowa,

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Speaker 1: and North Dakota. So Michigan and Nevada. Yeah, those are

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Speaker 1: actually straight up swing states, especially if you look at

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Speaker 1: some of the polling right now out on the Democratic

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Speaker 1: senator and congressional representatives in Nevada are dismal for Democrats. Remember,

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Speaker 1: you Knowuplicans have won there many times in the past.

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Speaker 1: Even in the actual Tea Party wave back in twenty ten,

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Speaker 1: Harry Reid, you know, barely survived some of these primary

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Speaker 1: challenges even when he was in office. So now in

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Speaker 1: a big red wave territory, it's very, very simply you

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Speaker 1: could see somebody like Nevada Secretary of State these positions.

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Speaker 1: You know, people rarely even get jazzed about them. So

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Speaker 1: you could even think then that the enthusiasm gap in

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Speaker 1: terms of not only a generic Republican voter who's just

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Speaker 1: voting GOP straight ticket, but also people who straight up

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Speaker 1: think that the election was stolen coming out in droves

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Speaker 1: in order to make sure these people get elected. And Michigan,

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Speaker 1: i mean their attorney general out there making some interesting

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Speaker 1: comments on the culture war, and then you have Gretchen Whitmer,

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Speaker 1: who is actually now quite unpopular. You have a recipe

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Speaker 1: for a straight up catastrophe for the Democrats in these

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Speaker 1: elections from a actual just election denying perspective. And I

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Speaker 1: just want to reiterate again, which is that under the

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Speaker 1: current Supreme Court they get states get extraordinary deference in

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Speaker 1: how they appoint their electors. You kind of take it

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Speaker 1: for granted, but states basically get to decide how to

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Speaker 1: run almost all their elections, you know, within existing federal law,

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Speaker 1: and especially how they appoint their electors. So if the

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Speaker 1: Secretary of State decides to just reference or appoint, you know,

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Speaker 1: electors that are going to vote in a different way

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Speaker 1: from the vote, that could legitimately trigger a constitutional crisis

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Speaker 1: or at the very least like major legal battles on

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Speaker 1: the state level and at the US Supreme Court which

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Speaker 1: are not at all determined in the favor of the

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Speaker 1: popular vote. So I just want people to really understand,

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Speaker 1: like what the legal infrastructure means and why these secretaries

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Speaker 1: of State positions are so important. You know, we learn

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Speaker 1: it every like twenty five years in politics, like Florida's

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Speaker 1: secretary of State and Bush two thousand. Now we're learning

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Speaker 1: it all over again twenty twenty. Very true. Yeah, I

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Speaker 1: mean it's it's a much better healthier state of democracy

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Speaker 1: when you really aren't hearing much about the Secretary's ultimately

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Speaker 1: supposed to be a boring position. Yeah, I mean it is.

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Speaker 1: It is a why just to give you one situation

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Speaker 1: that is unfolding of election to come. In Arizona, the

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Speaker 1: race for Secretary of State is between a woman named

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Speaker 1: Pam Anderson different Pana Anderson, and Tina Peters, who is

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Speaker 1: the Mesa county clerk. She's currently under indictment related to

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Speaker 1: allegations that she actively tampered with elections equipment after the

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Speaker 1: twenty twenty election. Apparently she's become like a hero on

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Speaker 1: the far right. She walk the red carpet of mar

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Speaker 1: A Lago at the stupid two thousand Mules documentary premier thing.

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Speaker 1: So in Arizona again, kind of an important state here.

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Speaker 1: Those are the type of battles that are playing out

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Speaker 1: right now. And the other piece of this is not

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Speaker 1: in this race specifically, but in some of these districts

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Speaker 1: and in some of these states, like in Pennsylvania, Democrats

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Speaker 1: have been boosting these fringe candidates because they think they'll

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Speaker 1: be easier to beat in the fall. But given what

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Speaker 1: a terrible landscape this is for demic across this year,

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Speaker 1: they truly are playing with fire. And it also really

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Speaker 1: exposes that they don't even really believe the words that

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Speaker 1: they're saying. I mean, they're willing to just like play

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Speaker 1: games with this stuff, like it's not really serious to

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Speaker 1: them when they're trying to tell you that it actually

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Speaker 1: is really serious. So, you know, like I said, I

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Speaker 1: think we've tried to be very even about what the

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Speaker 1: actual risk calculus is. And with the likelihood of these

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Speaker 1: various strategies and you know, insanity that unfolded post twenty twenty,

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Speaker 1: like the likelihood of any of it ultimately working, this

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Speaker 1: is another level. This is another level entirely, and I

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Speaker 1: just want to give people I'm not exaggerating here. The

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Speaker 1: new guy Secretary of State nominee Jim Martin in Nevada says, quote,

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Speaker 1: I would not have certified the twenty twenty election, Yeah,

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Speaker 1: in Nevada, And it really wasn't that close in Nevada.

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Speaker 1: So it was actually close in Georgia, Arizona, Michigan, Pennsylvania,

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Speaker 1: you know, Wisconsin, those places, these things really matter and

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Speaker 1: those Midwestern states are going to be the crux of

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Speaker 1: some major legal backs battles if things are even close,

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Speaker 1: if it's a Biden and a Trump twenty twenty four race,

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Speaker 1: I think it just demonstrates for us that the real

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Speaker 1: threat to a lot of our elections and to really

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Speaker 1: some of civil strife and all of that is going

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Speaker 1: to come on the state level, of which the Republicans

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Speaker 1: are making it clear where they stand, and it is

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Speaker 1: going to be very ugly because I don't think a

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Speaker 1: lot of voters are necessarily going to weigh this whenever

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Speaker 1: it comes election time in twenty twenty, given inflation, and

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Speaker 1: like I've said, given that it is a hypothetical. You know,

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Speaker 1: it could be that the GOP just wins in a

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Speaker 1: massive landslide, so then it doesn't really matter. But if

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Speaker 1: they don't, you know, then this is something that is

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Speaker 1: on the table. And let's say it doesn't matter in

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Speaker 1: twenty twenty four, could matter in twenty twenty six, could

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Speaker 1: matter in twenty twenty eight. A lot of these positions,

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Speaker 1: you know, stay for four years. A lot of incumbents

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Speaker 1: often stay in for a long time. So this is

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Speaker 1: just the direction where things are trending. Okay, let's move

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Speaker 1: on here to the Texas bit. Very interested as always

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Speaker 1: in what's going on in South Texas and the Latino

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Speaker 1: realignment that's happening there and some major indications of just

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Speaker 1: how things much of swinging. Let's put this up there

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Speaker 1: on the screen. So in a special election in the

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Speaker 1: Texas thirty fourth district, Maira Flores, a Republican, has won

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Speaker 1: in a district which is eighty four percent Hispanic. Now

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Speaker 1: I want to do I want to be clear here,

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Speaker 1: which is that this is a bit of a wonky

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Speaker 1: election because Flores will just serve out the remainder of

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Speaker 1: the term, and it's actually getting redistricted, so the seat

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Speaker 1: which he's currently going to be holding is not going

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Speaker 1: to be an even close contested one in twenty twenty

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Speaker 1: two come actual election times. So it's a bit strange.

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Speaker 1: You know, she probably only will serve in Congress for

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Speaker 1: a few months. But I mean, the vote tells us

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Speaker 1: more than almost the candidate, and in that vote, I

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Speaker 1: think that people really need to understand here. This is

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Speaker 1: somebody who won in a district that even voted for

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Speaker 1: Biden by a margin of ten points in twenty twenty

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Speaker 1: and Hillary won by like forty points, not that long ago.

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Speaker 1: So I want to give people a taste of what

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Speaker 1: that type of politics looks like, which a lot of

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Speaker 1: people in Washington don't really know how to get their

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Speaker 1: heads around. Both from an identity politics perspective, I'd also

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Speaker 1: say from the GOP, they don't really know what to

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Speaker 1: do with someone like her. They're elevating her, They're like, wow,

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Speaker 1: this is amazing, but just take a look at her message.

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Speaker 1: It's all about inflation, about the American dream, and really

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Speaker 1: obviously deeply resonated there in the Rio Grande Valley. Let's

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Speaker 1: take a listen. My father taught me in America, if

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Speaker 1: you work hard, anything is possible. I was born in Burgos,

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Speaker 1: sam Olipas in Mexico, but at six we immigrated to

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Speaker 1: the RGV. We grew up modest, working in the cotton

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Speaker 1: fields on his pay for honest work. But Washington liberals

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Speaker 1: are killing the American dream, attacking oil and gas jobs

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Speaker 1: and causing prices to skyrocket. I'm Ira Flores, and I

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Speaker 1: approved this message because I will protect Texas workers and

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Speaker 1: their wallets. And you know, at the end of one

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Speaker 1: of her other act she says, I will take on

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Speaker 1: the compradismo in Washington, which basically loosely translates to like cronyism,

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Speaker 1: at corruption, all of that. But I don't hear an ad.

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Speaker 1: It's a great ad, I don't think people. And by

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Speaker 1: the way, that came out in Spanish as well, actually,

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Speaker 1: so it's a Spanish language ad completely also in Spanish.

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Speaker 1: She's obviously bilingual, but you could see there you have

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Speaker 1: somebody here. She's actually going to be the first congresswoman

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Speaker 1: born in Mexico, which is kind of its wild because

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Speaker 1: she's gonna be a Republican. And I think Sean Trendy

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Speaker 1: really put it, well, let's put this on the screen.

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Speaker 1: When he was looking at the county by county data.

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Speaker 1: If you're looking at some of these counties, which you know,

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Speaker 1: I know some of these Cameron County, DeWitt County, Hidalgo County,

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Speaker 1: Gonzales County, Goliad County, I mean Flora's one Goliad County,

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Speaker 1: but like seventy five percent some of these counties where

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Speaker 1: she was even tying them, have you know, have populations

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Speaker 1: Hispanic like ninety four ninety five percent. Some of these

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Speaker 1: people don't even speak English, and these are just things

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Speaker 1: where America Washington is not grappling with how rapid that

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Speaker 1: realignment is actually happening there. It shows you that the

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Speaker 1: one off in twenty twenty or twenty twenty was not

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Speaker 1: a one off in Trump's margin of victory, and we

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Speaker 1: had tracked the Brownsville mayor elected to GP. I believe

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Speaker 1: she will be the first Republican to represent this district

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Speaker 1: in over one hundred years. So you know, this like

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Speaker 1: post Civil War almost reconstruction type era. This is not

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Speaker 1: something which we're really grappling with. And he points this

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Speaker 1: out as some of the shifts that he saw sean

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Speaker 1: trendy in Appalachia in twenty ten to the Republicans or

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Speaker 1: blue collar areas in twenty sixteen, but he didn't think

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Speaker 1: that he would see this type of data for another

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Speaker 1: twenty years or so. So have it all happen so

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Speaker 1: quickly and accelerate to this point, it's a look Democrats

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Speaker 1: are going to have to grapple with it. It points

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Speaker 1: to the fat crystal which Donald Trump won around thirty

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Speaker 1: ish percent of the Latino vote or Hispanic vote in

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Speaker 1: twenty twenty. Now it's very likely that they could crack

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Speaker 1: forty and you know, among men, you might actually have

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Speaker 1: a fifty to fifty split of the vote, which is

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Speaker 1: just crazy. Yeah, I mean, as you said, there are

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Speaker 1: a lot of weird factors in this election. It's only

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Speaker 1: her term will be through November. They'll be the district

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Speaker 1: is redrawn. It's going to go from right now the

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Speaker 1: seat that she won under current lines Biden wanted by

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Speaker 1: four points. The new district it will have won by

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Speaker 1: about sixteen points. So the expectation is Democrats, maybe we'll

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Speaker 1: be able to pull that out. And at this point

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Speaker 1: there are no guarantees. Republicans spent big in this race

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Speaker 1: because they wanted to be able to show their growing

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Speaker 1: strength in this part of the country and with this demographic.

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Speaker 1: So the Democrat in the race was outspent like twenty

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Speaker 1: to one. But I also think that's a little bit

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Speaker 1: of COVID. Oh it's a cop because ultimately, I mean,

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Speaker 1: this is not an outlier. This is not different from

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Speaker 1: the trends that we're seeing among Latinos. And a lot

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Speaker 1: of this does have to do with the fact that

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Speaker 1: the consultant democratic consultant class here in DC is completely

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Speaker 1: disconnected from working class people projected onto the quote unquote

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Speaker 1: Latino community, which is incredibly diverse and has a very

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Speaker 1: you know, different and wide ranging ideological views, including a

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Speaker 1: lot of cultural conservatism. They projected their own sort of

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Speaker 1: like academic cultural liberalism on this community. They made it

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Speaker 1: very one dimensional, like, oh, the only thing you care

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Speaker 1: about is immigration, and you know over like meanwhile, Republicans

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Speaker 1: were very aggressively and very strategically investing in these places,

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Speaker 1: and this is ultimately what happens now. You know, the

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Speaker 1: flip side of this is all the Republican like great

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Speaker 1: replacement rhetoric. Here you have an immigrant who you managed

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Speaker 1: to appeal to and win in, you know, a community

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Speaker 1: that has a lot of immigrants. So maybe put aside,

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Speaker 1: you're like fear mongering about like, oh, they're replacing us

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Speaker 1: and they're going to change our politics, and it's Democrats

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Speaker 1: plot to take over the country, et cetera, et cetera.

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Speaker 1: But yeah, this is going to be a continuing dynamic

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Speaker 1: and story that is unfolding here for the next couple

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Speaker 1: of years. Now, having done you know, having roots in Appalachia,

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Speaker 1: having lived in Appalachia, having worked in Appalachia, and politics,

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Speaker 1: there is a different here in that you know, the

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Speaker 1: shift to the right in West Virginia that once that happened,

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Speaker 1: it was done, it was over because there was sort

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Speaker 1: of the cultural conservatism is of course extremely strong there

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Speaker 1: and there, but there also is an underpinning of some

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Speaker 1: economic conservatism. Now West Virginia in particular is a fairly

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Speaker 1: sort of like right populous state. Like a lot of

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Speaker 1: economic programs that are more on the left will be

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Speaker 1: popular there, but the cultural issues are incredibly strong and

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Speaker 1: incredibly important to that electorate. I think Latinos continued to

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Speaker 1: be a swing demographic. I think there is definitely a

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Speaker 1: world where, you know, democrats are able to well. I

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Speaker 1: don't really believe that this world will actually happen, but

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Speaker 1: in a theoretical, magical world where democrats are not completely

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Speaker 1: sold out and corrupted by corporate power, I could imagine

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Speaker 1: them making a pitch to this community that does win

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Speaker 1: people back. I don't think that this is like irreversible

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Speaker 1: in the way that once Appalachra was gone, that was it,

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Speaker 1: that ship had sailed. I don't know, so we'll see.

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Speaker 1: I think the only reason why I be very skeptical

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Speaker 1: on that case is that these people are overwhelmingly not

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Speaker 1: college educated, and I have you know, I think that's fine.

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Speaker 1: But my point is is that a lot of this

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Speaker 1: has to do with the same reasoning, because you're pointing

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Speaker 1: to the democratic consultant, you know, LATINX the term and

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Speaker 1: use by democratic politicians, and not even even if the

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Speaker 1: politicians don't use it, the New York Yankees uses it

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Speaker 1: like higher institutions of culture and power. If Democrats continue

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Speaker 1: on the current trajectory of just learning into cultural liberalism

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Speaker 1: and delivering nothing on economics, oh you one hundred percent right.

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Speaker 1: But the reason I think it's a little different is because, like,

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Speaker 1: look at what her messaging is. It's not on cultural

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Speaker 1: issues predominantly, it's mostly on economics. That's true. And so look, Republicans,

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Speaker 1: we both know they have nothing to offer in terms

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Speaker 1: of you know, they're great critics of what the Biden

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Speaker 1: administration is doing and high inflation and you know, headed

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Speaker 1: towards recession. But their solution is basically also, hey, go

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Speaker 1: fed and destroy people's bank accounts. And also, by the way,

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Speaker 1: we want to like raise taxes on the working class

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Speaker 1: and maybe cut social security. So it's a different deal

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Speaker 1: once they're actually in power and they're unable to deliver

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Speaker 1: economically here because I do think what's driving the shift

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Speaker 1: right now is democratic failures on the economy. I have

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Speaker 1: no expectation that Republicans, when they get power this fall,

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Speaker 1: are going to do a better job on the economy. Well,

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Speaker 1: the benefit for them is that Biden will still be president,

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Speaker 1: so they actually could even cripple him and then just

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Speaker 1: continue to claim credit so until they own the economic catastrophe,

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Speaker 1: which takes a couple of years. You know, even into

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Speaker 1: your presidency, economy was not great when Biden took over.

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Speaker 1: It took about a year for Americans to be like, Okay,

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Speaker 1: this is on you. So yeah, I mean, I think

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Speaker 1: it's going to take a while. It's a definitely an

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Speaker 1: uphill battle. I died would not underestimate that, you know,

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Speaker 1: the cultural liberalism because and then one of her other

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Speaker 1: ads about the border for example. I just love these

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Speaker 1: things because it just shows you how BSD it is

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Speaker 1: to monolithically think that all groups act the same. You know,

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Speaker 1: Puerto Ricans in Florida are not the same as Cubans.

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Speaker 1: A lot of Cubans we're voting on the socialism issue.

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Speaker 1: A lot of Puerto Ricans we're voting for Rick Scott

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Speaker 1: because he went to Puerto Rico like twenty times, and

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Speaker 1: he was like, hey, you know aid to Puerto Rico.

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Speaker 1: That's nobody covers that in DC in terms of how

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Speaker 1: exactly it works. Not all people are the same. There's

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Speaker 1: actually a lot of diversity even within a lot of

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Speaker 1: these communities. So my point is that with her, I think, well,

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Speaker 1: first of all, she probably won't be in Congress, you know,

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Speaker 1: longer than a couple of months, So it's more observing

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Speaker 1: the trend, watching exactly how all of this is going.

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Speaker 1: I do think it does spell a broader trend for

429
00:22:26,840 --> 00:22:29,240
Speaker 1: at least the next couple of years, specifically in the

430
00:22:29,240 --> 00:22:31,359
Speaker 1: twenty twenty four election that people are going to have

431
00:22:31,400 --> 00:22:35,119
Speaker 1: to watch very very closely for Donald Trump for others,

432
00:22:35,119 --> 00:22:38,600
Speaker 1: because the realignment in Texas has changed really everything, because

433
00:22:38,600 --> 00:22:41,480
Speaker 1: now you have these more rural areas which are Latino

434
00:22:41,600 --> 00:22:44,520
Speaker 1: not voting Democrat anymore. But then Houston, Dallas and these

435
00:22:44,560 --> 00:22:47,560
Speaker 1: other suburbs Austin, you know, all these Californians moving, those

436
00:22:47,560 --> 00:22:49,639
Speaker 1: people are going to vote Democrats. So it's like a

437
00:22:49,640 --> 00:22:52,960
Speaker 1: bifurcation of what the old GOP coalition, the way that

438
00:22:53,040 --> 00:22:55,520
Speaker 1: Rick Perry got elected is not going to be the

439
00:22:55,520 --> 00:22:58,359
Speaker 1: way that Greg Abbott gets reelected today, which is crazy

440
00:22:58,359 --> 00:23:00,320
Speaker 1: for to me personally having a couple of state the

441
00:23:00,320 --> 00:23:02,919
Speaker 1: way W did really well amongst Latinos. It's one of

442
00:23:02,920 --> 00:23:05,320
Speaker 1: those weird bygone area. You got like a forty percent

443
00:23:05,320 --> 00:23:07,200
Speaker 1: of the Latino well he I mean that was their

444
00:23:07,480 --> 00:23:11,000
Speaker 1: strategy then, was to like, you know, expand the coalition

445
00:23:11,080 --> 00:23:13,080
Speaker 1: to include Latinos because you do have a lot of

446
00:23:13,119 --> 00:23:16,200
Speaker 1: cultural conservatism there, and you know, it was somewhat successful,

447
00:23:16,200 --> 00:23:18,320
Speaker 1: and then Romney was kind of a disaster in that

448
00:23:18,400 --> 00:23:21,879
Speaker 1: area shifted things back. So I do think this is

449
00:23:21,920 --> 00:23:24,800
Speaker 1: still a constituency that is very much up for grabs.

450
00:23:24,840 --> 00:23:28,080
Speaker 1: But you can't, like, you can't make them into a monolith.

451
00:23:28,160 --> 00:23:31,359
Speaker 1: You can't you know, just assume that your like academic

452
00:23:31,440 --> 00:23:35,560
Speaker 1: language or your you know, immigration policy is going to

453
00:23:35,560 --> 00:23:37,960
Speaker 1: be the only thing that they're interested in, or even

454
00:23:38,000 --> 00:23:40,720
Speaker 1: assume that they're necessarily like one hundred percent. On was

455
00:23:40,720 --> 00:23:43,520
Speaker 1: going to say, you're interested, like actively pissed off at

456
00:23:43,520 --> 00:23:45,840
Speaker 1: the ENDEA, But so you know, I think this is

457
00:23:45,880 --> 00:23:49,840
Speaker 1: a lesson for everybody not to take voters for granted.

458
00:23:50,080 --> 00:23:52,880
Speaker 1: Guess what, And by the way, you know, wherever you are,

459
00:23:52,920 --> 00:23:54,640
Speaker 1: if you were going to turn people into a monolith.

460
00:23:54,640 --> 00:23:57,359
Speaker 1: It'd be pretty but pretty safe to bet on the

461
00:23:57,359 --> 00:23:59,639
Speaker 1: fact that they care a lot about their pocketbook and

462
00:23:59,680 --> 00:24:01,600
Speaker 1: ultimate whether they're going to be able to put food

463
00:24:01,640 --> 00:24:03,920
Speaker 1: on the table, have a safe have a secure job,

464
00:24:04,040 --> 00:24:07,160
Speaker 1: good wages, all those sorts of things. I remindered actually

465
00:24:07,200 --> 00:24:10,840
Speaker 1: of post Rio Grande Valley shock in twenty twenty, all

466
00:24:10,960 --> 00:24:13,679
Speaker 1: the stories, you know, for all the culture stuff. A

467
00:24:13,680 --> 00:24:15,520
Speaker 1: lot of people down there were like, listen, we drive

468
00:24:15,560 --> 00:24:18,560
Speaker 1: a lot. Gas is cheap while Trump was president. Now

469
00:24:18,560 --> 00:24:21,639
Speaker 1: he didn't have much to do with it, but that's better.

470
00:24:23,040 --> 00:24:25,639
Speaker 1: That's right, stuck with his name on it. This seems

471
00:24:25,680 --> 00:24:30,000
Speaker 1: like I'm good with that. So yeah, you know, the flips.

472
00:24:30,119 --> 00:24:31,960
Speaker 1: Kind of the flip side of this is the type

473
00:24:32,000 --> 00:24:34,199
Speaker 1: of Canada that Democrats could do a lot better with

474
00:24:34,320 --> 00:24:36,160
Speaker 1: and the type of politics that might be a lot

475
00:24:36,200 --> 00:24:38,720
Speaker 1: more successful for them is represented a lot of ways

476
00:24:38,720 --> 00:24:42,040
Speaker 1: by John Fetterman in Pennsylvania, who you know, was mayor

477
00:24:42,280 --> 00:24:46,280
Speaker 1: of a working class former steel town outside of Pittsburgh.

478
00:24:46,400 --> 00:24:49,840
Speaker 1: He's got this great everyman sort of demeanor and affect

479
00:24:49,880 --> 00:24:53,960
Speaker 1: to him, wearing the baseball shorts or basketball shorts along

480
00:24:54,359 --> 00:24:56,679
Speaker 1: around everywhere he goes and not doing it is like

481
00:24:56,720 --> 00:24:59,120
Speaker 1: a thing. But just because that's literally who he is,

482
00:24:59,560 --> 00:25:03,720
Speaker 1: and new polling has him up on his competitor here,

483
00:25:03,720 --> 00:25:05,760
Speaker 1: doctor Oz, pretty significantly. Let's go ahead and put that

484
00:25:05,840 --> 00:25:09,119
Speaker 1: up on the screen. So this Suffolk University, USA Today

485
00:25:09,359 --> 00:25:12,840
Speaker 1: poll of likely mid term Pennsylvania voters, Fetterman is at

486
00:25:12,880 --> 00:25:17,800
Speaker 1: forty six. Oz is down at thirty seven. So, Hollywood,

487
00:25:17,920 --> 00:25:20,719
Speaker 1: not a big selling point in Pennsylvania, at least at

488
00:25:20,720 --> 00:25:22,879
Speaker 1: this point. Now, I would take every poll with a

489
00:25:22,920 --> 00:25:25,359
Speaker 1: million grains of salt, especially because they have tended to

490
00:25:25,480 --> 00:25:31,080
Speaker 1: over state democratics, especially under state Republicans support. But still,

491
00:25:31,119 --> 00:25:33,240
Speaker 1: the fact that you know, Fetterman is up and outside

492
00:25:33,280 --> 00:25:39,120
Speaker 1: of the margin error here is pretty significant. Fetterman one analysis,

493
00:25:39,240 --> 00:25:41,560
Speaker 1: one analyst. I think this Amy Walter, who tweeted this.

494
00:25:42,080 --> 00:25:46,800
Speaker 1: He's consolidated his base. He has much higher favorable unfavorable

495
00:25:46,880 --> 00:25:50,800
Speaker 1: ratings than Oz, so he is in better position there.

496
00:25:50,920 --> 00:25:53,760
Speaker 1: I looked through some of the cross tabs, the places

497
00:25:53,800 --> 00:25:56,200
Speaker 1: where Fetterman is really doing strong, and this is kind

498
00:25:56,200 --> 00:26:00,360
Speaker 1: of funny. So he's winning independence forty four to four.

499
00:26:00,800 --> 00:26:06,160
Speaker 1: He's winning women fifty two to twenty nine. Jeez, Trump's

500
00:26:06,160 --> 00:26:08,560
Speaker 1: calling on Trump's whole thing of like, oh, you'll do

501
00:26:08,600 --> 00:26:11,800
Speaker 1: agree with the women, which I actually thought maybe, you know,

502
00:26:12,240 --> 00:26:16,360
Speaker 1: I genuinely thought that Oz would be a stronger candidate

503
00:26:16,520 --> 00:26:20,240
Speaker 1: than this. And it's very early in the ballgame, but

504
00:26:20,520 --> 00:26:23,159
Speaker 1: you know, this is a district we're given the Republican

505
00:26:23,240 --> 00:26:26,720
Speaker 1: landslide we're about to witness. This should be kind of

506
00:26:26,760 --> 00:26:29,560
Speaker 1: in the bag for Republicans in a way, and looks

507
00:26:29,600 --> 00:26:31,359
Speaker 1: like it's going to be a very tough fight. The

508
00:26:31,359 --> 00:26:33,280
Speaker 1: only reason I think things will trend differently is that

509
00:26:33,320 --> 00:26:36,400
Speaker 1: Oz is coming out of a legitimately bruising primary where

510
00:26:36,440 --> 00:26:40,560
Speaker 1: he was just brutalized by McCormick and by Kathy Barnett.

511
00:26:40,760 --> 00:26:42,879
Speaker 1: If you actually look at some of his negatives, a

512
00:26:42,880 --> 00:26:46,359
Speaker 1: lot of them are coming from Republicans. Federman literally just

513
00:26:46,400 --> 00:26:49,159
Speaker 1: had a stroke. I don't disagreement. Also was hit by

514
00:26:49,160 --> 00:26:51,280
Speaker 1: a bunch of negative ads during his primary, saying he's

515
00:26:51,280 --> 00:26:53,120
Speaker 1: like a socialist in all this, but he was always right.

516
00:26:53,160 --> 00:26:54,560
Speaker 1: It was never even tight right. I mean, it was

517
00:26:54,600 --> 00:26:57,160
Speaker 1: clear from the primary results that a lot of Republicans

518
00:26:57,160 --> 00:26:59,080
Speaker 1: did not want Oz to be the nominee, So there's

519
00:26:59,080 --> 00:27:01,840
Speaker 1: still some bad feelings. Now. My thinking is is that

520
00:27:02,080 --> 00:27:05,080
Speaker 1: as I saw with Donald Trump many times. You can

521
00:27:05,119 --> 00:27:07,840
Speaker 1: have a mega low favorability rating and people will still

522
00:27:07,840 --> 00:27:09,800
Speaker 1: come out in droves in order to vote for you

523
00:27:10,160 --> 00:27:12,719
Speaker 1: if they don't like the other person. So that is

524
00:27:13,400 --> 00:27:15,840
Speaker 1: I'm still gonna bet on Oz, but it's a lot

525
00:27:15,880 --> 00:27:17,640
Speaker 1: closer than it should be, and he has a lot

526
00:27:17,640 --> 00:27:19,680
Speaker 1: of ground in order to make up, if anything, he

527
00:27:19,720 --> 00:27:21,400
Speaker 1: needs to shore up a lot of his Republican base.

528
00:27:21,440 --> 00:27:23,359
Speaker 1: He needs to get Trump to probably come to the

529
00:27:23,359 --> 00:27:26,159
Speaker 1: state and stump around for him and actually go to

530
00:27:26,160 --> 00:27:28,760
Speaker 1: bats so bring up his favorables there. And then if

531
00:27:28,800 --> 00:27:31,560
Speaker 1: Trump can consolidate the Republican support for him, he can

532
00:27:31,640 --> 00:27:34,000
Speaker 1: go out more into the suburbs and try to make

533
00:27:34,040 --> 00:27:35,960
Speaker 1: his case there. So if Trump is able to bring

534
00:27:35,960 --> 00:27:38,000
Speaker 1: out that working class vote, and if you just turn

535
00:27:38,040 --> 00:27:40,159
Speaker 1: it into a referendum on Biden and have nothing to

536
00:27:40,200 --> 00:27:42,480
Speaker 1: do with Fetterman. If I was Oz, I's probably would

537
00:27:42,480 --> 00:27:44,080
Speaker 1: I would do. I wouldn't even talk about John Fetterman.

538
00:27:44,080 --> 00:27:46,040
Speaker 1: I would just be like Biden, Biden, Biden, Biden the

539
00:27:46,119 --> 00:27:49,200
Speaker 1: leader of the party, Kamala talk about that all all

540
00:27:49,280 --> 00:27:53,080
Speaker 1: day long. Yeah, because Betterman is liked. I mean this thing.

541
00:27:53,880 --> 00:27:57,000
Speaker 1: This is from Josh Krashjar this morning. Yeah, Oz's favorability

542
00:27:57,000 --> 00:28:04,080
Speaker 1: with independence seventeen fifty seven minus forty. Biden's favorability is

543
00:28:04,119 --> 00:28:07,040
Speaker 1: better than that. With Independence, He's at thirty five to sixty,

544
00:28:07,119 --> 00:28:09,719
Speaker 1: which is not good, but that's better than Oz. I mean.

545
00:28:09,760 --> 00:28:11,800
Speaker 1: The problem with Oz too is that because he is

546
00:28:11,960 --> 00:28:15,520
Speaker 1: so known, it's not like, you know, oh, we haven't

547
00:28:15,520 --> 00:28:17,560
Speaker 1: introduced him to the public and they just haven't gone

548
00:28:17,600 --> 00:28:20,880
Speaker 1: to know him. There's a there's a distaste there that's

549
00:28:20,880 --> 00:28:22,679
Speaker 1: sort of baked in that he's going to have to

550
00:28:22,760 --> 00:28:27,000
Speaker 1: ultimately overcome. And you know, I mean, yeah, if it's

551
00:28:27,040 --> 00:28:29,800
Speaker 1: a comparison between sort of like the Hollywood dude who

552
00:28:29,960 --> 00:28:32,600
Speaker 1: just moved into the state to run for this office

553
00:28:33,359 --> 00:28:36,639
Speaker 1: versus the everyman who was the mayor of the steel town,

554
00:28:38,000 --> 00:28:40,240
Speaker 1: that's not a great matchup for them ultimately, I mean,

555
00:28:40,320 --> 00:28:43,080
Speaker 1: at least based on this polling and how it looks here.

556
00:28:43,160 --> 00:28:45,400
Speaker 1: So we'll see how it goes. Because the other thing

557
00:28:45,400 --> 00:28:48,000
Speaker 1: that Oz doesn't have going for him that like Trump did,

558
00:28:48,680 --> 00:28:50,800
Speaker 1: is Trump was beloved by the base. Yeah that's true.

559
00:28:50,840 --> 00:28:53,040
Speaker 1: I mean I don't think there's a like a hardcore

560
00:28:53,240 --> 00:28:57,560
Speaker 1: doctor Oz fan base out there, so, you know, I

561
00:28:57,600 --> 00:29:00,960
Speaker 1: think Republicans are very motivated to vote again the Democrats.

562
00:29:01,000 --> 00:29:02,920
Speaker 1: But you got to be able to get some independence

563
00:29:02,960 --> 00:29:05,680
Speaker 1: on board too. And right now there appears to be

564
00:29:05,760 --> 00:29:09,840
Speaker 1: a lot of distaste for Oz with independence of the state, right,

565
00:29:09,880 --> 00:29:13,040
Speaker 1: But it's not all good news for the Democrats there.

566
00:29:13,120 --> 00:29:16,280
Speaker 1: Let's put this up there well elevated. This is incredible too,

567
00:29:16,320 --> 00:29:19,800
Speaker 1: because I would have guessed that this would be more

568
00:29:20,000 --> 00:29:24,040
Speaker 1: like the polling for Oz Fetterman. But here you have

569
00:29:24,360 --> 00:29:27,560
Speaker 1: the governor's race. Jos Shapiro the Democrat at forty four,

570
00:29:27,760 --> 00:29:32,760
Speaker 1: so he is up. But Mastriano, who is a total

571
00:29:33,280 --> 00:29:38,440
Speaker 1: election denying stop the steal lunatic, who is was so

572
00:29:38,560 --> 00:29:40,840
Speaker 1: actually central to this stuff that he's come up in

573
00:29:40,880 --> 00:29:43,520
Speaker 1: the January sixth committee hearings. He was at the Capitol

574
00:29:43,520 --> 00:29:46,400
Speaker 1: on January sixth. He was helping. He was very instrumental

575
00:29:46,400 --> 00:29:49,120
Speaker 1: in helping Trump plot in Pennsylvania how to try to

576
00:29:49,160 --> 00:29:51,880
Speaker 1: overturn the election results. And he would be the one

577
00:29:51,880 --> 00:29:54,520
Speaker 1: appointing the secretary of State. So Shapiro is at forty

578
00:29:54,520 --> 00:29:57,760
Speaker 1: four and Mastriano is only at forty Oh, and guess

579
00:29:57,840 --> 00:30:01,600
Speaker 1: what Democrats props this guy up in the primary because

580
00:30:01,600 --> 00:30:03,520
Speaker 1: they thought it'd be easy to be yeah, and now

581
00:30:03,520 --> 00:30:05,400
Speaker 1: he's like he was inside the margin of era, the

582
00:30:05,400 --> 00:30:07,440
Speaker 1: margin of error, and you have a real shot to

583
00:30:07,480 --> 00:30:10,480
Speaker 1: lose to this lunatic. Congratulations. Now, look, what do you

584
00:30:10,480 --> 00:30:12,880
Speaker 1: have won the primary with non Democratic help? I don't know.

585
00:30:12,920 --> 00:30:16,720
Speaker 1: He did win it pretty easily, But Shapiro spent more

586
00:30:16,760 --> 00:30:19,440
Speaker 1: on a single ad for Mastriano then he spent on

587
00:30:19,560 --> 00:30:23,840
Speaker 1: ads his entire campaign. So Democrats asked for this opponent,

588
00:30:24,320 --> 00:30:26,040
Speaker 1: and now we're in danger of losing to Yeah, it's

589
00:30:26,120 --> 00:30:28,280
Speaker 1: way to god, it's really not good, Crystal. And look,

590
00:30:28,320 --> 00:30:31,360
Speaker 1: I don't know a ton about Josh Shapiro, but you know,

591
00:30:31,440 --> 00:30:34,280
Speaker 1: in terms of his background and more like, it'd be

592
00:30:34,480 --> 00:30:37,560
Speaker 1: very easy to he falls much more in the category

593
00:30:37,680 --> 00:30:42,160
Speaker 1: of the elitist, you know, from the city categorization than

594
00:30:42,280 --> 00:30:44,560
Speaker 1: a John fetterman who just look no matter what you think,

595
00:30:44,640 --> 00:30:46,080
Speaker 1: Like you could say he's a tool of them, but

596
00:30:46,120 --> 00:30:47,920
Speaker 1: he's not a one of them. Yeah, you know, he

597
00:30:47,960 --> 00:30:50,760
Speaker 1: went to Georgetown Law. He's somebody who presents very much

598
00:30:50,800 --> 00:30:54,400
Speaker 1: as like your typical kind of mainline Philly Democrat. That's

599
00:30:54,520 --> 00:30:58,719
Speaker 1: just not really something he worked previously, Like in the Senate,

600
00:30:59,240 --> 00:31:03,520
Speaker 1: he's got typical politician vibes culturally, which he reads as

601
00:31:03,560 --> 00:31:06,760
Speaker 1: like he reads more as like elite liberals. Yeah, I

602
00:31:06,800 --> 00:31:10,120
Speaker 1: mean it's like we're putting his work, put his work

603
00:31:10,160 --> 00:31:13,280
Speaker 1: in all of his position. Side vibes matter a lot,

604
00:31:13,360 --> 00:31:16,560
Speaker 1: and you know Fetterman has better vibes. I think, if anything,

605
00:31:16,680 --> 00:31:19,040
Speaker 1: that's what doctor Oz is going to be running against

606
00:31:19,040 --> 00:31:22,920
Speaker 1: and have the biggest problem in his election. Mastriano is

607
00:31:22,920 --> 00:31:25,080
Speaker 1: not going to have that. I think Mastriano is going

608
00:31:25,160 --> 00:31:29,680
Speaker 1: to be the much more indicator of the actual red wave,

609
00:31:29,840 --> 00:31:33,600
Speaker 1: just given the fact that Pennsylvania right now is five

610
00:31:33,680 --> 00:31:37,400
Speaker 1: dollars and fifty five to five a gallon. It's not

611
00:31:37,600 --> 00:31:42,760
Speaker 1: going anywhere, and we know that given gas, the trajectory

612
00:31:42,800 --> 00:31:46,720
Speaker 1: of it, the continued spike in the price, the basically

613
00:31:46,840 --> 00:31:49,160
Speaker 1: admissioned by the Biden administration, which'll be talking a lot

614
00:31:49,160 --> 00:31:51,840
Speaker 1: of my monologue, that none of it's ever even working

615
00:31:51,880 --> 00:31:54,120
Speaker 1: and there's no end in sight. Yesterday, the White House

616
00:31:54,120 --> 00:31:56,680
Speaker 1: Press Secretary, this happened after we plan the show, came

617
00:31:56,720 --> 00:31:59,240
Speaker 1: out and said that gas companies should be patriots to

618
00:31:59,320 --> 00:32:04,760
Speaker 1: lower Then how good that that is? How that works?

619
00:32:05,040 --> 00:32:07,600
Speaker 1: Strongly worded letter. Oh, I'm sure they're going to really

620
00:32:07,600 --> 00:32:10,840
Speaker 1: take that to her. Great job, guys, congratulations. Yeah, I'm

621
00:32:10,920 --> 00:32:12,760
Speaker 1: so pothetic. All you have to do is run that

622
00:32:12,880 --> 00:32:15,760
Speaker 1: on repeat all day long. I mean, another clip this

623
00:32:15,840 --> 00:32:18,200
Speaker 1: new lady is so terrible where they asked her about

624
00:32:18,200 --> 00:32:20,560
Speaker 1: the baby formula crisis and she flipped through her binder

625
00:32:20,760 --> 00:32:22,520
Speaker 1: and then she goes, I have nothing to say on that.

626
00:32:25,000 --> 00:32:27,360
Speaker 1: You you would never think of the day that the

627
00:32:27,400 --> 00:32:30,280
Speaker 1: Biden team would want Jen Saki back on the podium.

628
00:32:30,320 --> 00:32:33,320
Speaker 1: But that's where we are, hockey were We're not big fans.

629
00:32:33,320 --> 00:32:35,920
Speaker 1: But she knew how to handle herself. She did at least, Yeah,

630
00:32:35,960 --> 00:32:37,479
Speaker 1: she knew. I mean, she just had a lot more

631
00:32:37,520 --> 00:32:40,800
Speaker 1: experience that guy John Kirby's actually can't standing is at

632
00:32:40,840 --> 00:32:43,560
Speaker 1: least because what did she She had been what Hillary's box?

633
00:32:43,880 --> 00:32:46,160
Speaker 1: She was a stage department yes person under Obama, and

634
00:32:46,200 --> 00:32:48,480
Speaker 1: I think she was constructor under Obama as well. She

635
00:32:48,520 --> 00:32:49,920
Speaker 1: just had a lot. She's just been in the game.

636
00:32:50,000 --> 00:32:52,600
Speaker 1: She's done that. She did TV. It's not an easy job,

637
00:32:52,920 --> 00:32:56,360
Speaker 1: like remembering the talking points. It's very different from like

638
00:32:56,440 --> 00:32:58,800
Speaker 1: actually saying what you think. I don't think i'd be

639
00:32:58,800 --> 00:33:02,120
Speaker 1: good at it either. Yeah, That's why I would never

640
00:33:02,280 --> 00:33:04,400
Speaker 1: ever ever want to be in the position of like

641
00:33:04,480 --> 00:33:06,720
Speaker 1: having to lie for a living to the American people.

642
00:33:06,760 --> 00:33:08,720
Speaker 1: The Fetterman polling does remind me of one thing. Yeah,

643
00:33:09,640 --> 00:33:13,320
Speaker 1: Candidate quality almost never matters these days until it does matter.

644
00:33:13,400 --> 00:33:15,760
Speaker 1: And that means that on the margins, you have to

645
00:33:15,760 --> 00:33:18,520
Speaker 1: be a really, really really good candidate top one percent

646
00:33:18,800 --> 00:33:21,120
Speaker 1: type level in order to break through, and those are

647
00:33:21,160 --> 00:33:23,400
Speaker 1: basically unicorns. But when they do come out, it's a

648
00:33:23,400 --> 00:33:27,120
Speaker 1: good thing. Yeah, I mean, this is really a kind

649
00:33:27,120 --> 00:33:29,520
Speaker 1: of a heavyweight matchup. Yeah, and it matters a lot

650
00:33:29,600 --> 00:33:33,200
Speaker 1: more So the higher level you get in politics, the

651
00:33:33,280 --> 00:33:36,440
Speaker 1: more it's likely to matter. That's good. So at a

652
00:33:36,440 --> 00:33:39,480
Speaker 1: statewide level, much more likely to have an impact than

653
00:33:39,520 --> 00:33:41,840
Speaker 1: these congressional races is just whatever they go to the

654
00:33:41,880 --> 00:33:44,160
Speaker 1: country is however the lines are drawn, those sorts of

655
00:33:44,200 --> 00:33:48,040
Speaker 1: things are ultimately what really matters, especially in general election

656
00:33:48,080 --> 00:33:49,960
Speaker 1: the primary. It's a little bit of a different of

657
00:33:50,000 --> 00:33:52,120
Speaker 1: a different dynamic here. But I just have to say

658
00:33:52,160 --> 00:33:55,440
Speaker 1: one other thing about Fetterman, which is that you know,

659
00:33:55,520 --> 00:33:58,680
Speaker 1: in his primaries up against Connor Lamb, who's a total

660
00:33:58,840 --> 00:34:02,000
Speaker 1: like I mean, it's like Laurie He's he's got the

661
00:34:02,760 --> 00:34:05,040
Speaker 1: sort of elite liberal affect. He's the type of guy

662
00:34:05,080 --> 00:34:08,839
Speaker 1: Democrats love to recruit. Yes, And the argument against Fetterman was, oh,

663
00:34:08,880 --> 00:34:12,080
Speaker 1: he's not electable, and it just shows you how little

664
00:34:12,480 --> 00:34:18,279
Speaker 1: the Democratic Party leadership understands about what people actually respond to.

665
00:34:18,640 --> 00:34:22,719
Speaker 1: And so, yeah, Fetterman has, especially on economics, much more

666
00:34:22,800 --> 00:34:26,280
Speaker 1: left positions than Connor Lamb did. But there is zero

667
00:34:26,480 --> 00:34:29,239
Speaker 1: doubt that he is a million times better candidate to

668
00:34:29,320 --> 00:34:31,719
Speaker 1: actually win in the general election ultimately. I mean, I

669
00:34:31,760 --> 00:34:34,640
Speaker 1: just don't think that there's any doubt about that, because

670
00:34:35,200 --> 00:34:36,920
Speaker 1: it really matters, and I don't think this is a

671
00:34:36,920 --> 00:34:39,040
Speaker 1: slam on the voters that people just get a sense

672
00:34:39,040 --> 00:34:41,120
Speaker 1: from you if you like, oh you get it, like

673
00:34:41,200 --> 00:34:44,080
Speaker 1: you can relate to me, you understand what I'm going through.

674
00:34:44,600 --> 00:34:48,240
Speaker 1: That kind of gut test ultimately matters a lot. So again,

675
00:34:48,520 --> 00:34:52,080
Speaker 1: long way Togo. For this election, polls should be taken

676
00:34:52,160 --> 00:34:55,279
Speaker 1: with a lot of grains assault. But this is a

677
00:34:55,320 --> 00:34:59,560
Speaker 1: different landscape in Pennsylvania in this one race than I expected.

678
00:34:59,560 --> 00:35:02,440
Speaker 1: It apply the k and S Chrystal Soger rule of

679
00:35:02,480 --> 00:35:07,480
Speaker 1: plus seven. It does put us with March. Yeahue true,

680
00:35:07,480 --> 00:35:08,960
Speaker 1: but I definitely I did not think you were going

681
00:35:09,040 --> 00:35:10,520
Speaker 1: to have to apply that. I thought he'd be up

682
00:35:10,800 --> 00:35:14,719
Speaker 1: from the jump Okay, big news coming out of the

683
00:35:14,760 --> 00:35:17,200
Speaker 1: Fed yesterday. Let's go ahead and put this up on

684
00:35:17,239 --> 00:35:19,719
Speaker 1: the screen here. So the Fed approved a seventy five

685
00:35:19,760 --> 00:35:22,560
Speaker 1: basis point increase again, seventy five basis points. That just

686
00:35:22,600 --> 00:35:24,880
Speaker 1: means zero point seventy five of a percent. For some

687
00:35:24,960 --> 00:35:27,400
Speaker 1: reason they like to say it that way. On Wednesday,

688
00:35:27,440 --> 00:35:31,879
Speaker 1: that is the largest rate rise since nineteen ninety four.

689
00:35:32,440 --> 00:35:36,000
Speaker 1: All officials at that meeting projected rates rising to three percent.

690
00:35:36,600 --> 00:35:39,000
Speaker 1: And I do think we should reflect for a moment

691
00:35:39,800 --> 00:35:43,600
Speaker 1: on how much the Fed has moved in terms of

692
00:35:43,800 --> 00:35:46,800
Speaker 1: the lengths they are willing to go to tighten the economy.

693
00:35:46,840 --> 00:35:48,720
Speaker 1: When you say tighten the economy and that means taking

694
00:35:48,760 --> 00:35:50,800
Speaker 1: money out of your bank account, I mean, that's what

695
00:35:50,840 --> 00:35:53,680
Speaker 1: they're trying to do here, and very very likely to

696
00:35:53,719 --> 00:35:57,040
Speaker 1: trigger a recession at this point because what they have

697
00:35:57,120 --> 00:35:59,600
Speaker 1: done so far hasn't worked. I mean, we just got

698
00:35:59,600 --> 00:36:03,640
Speaker 1: this extraordinary inflation report last week that led them to

699
00:36:03,680 --> 00:36:07,279
Speaker 1: move from increasing fifty basis points to seventy five basis points.

700
00:36:07,280 --> 00:36:09,240
Speaker 1: Some analysts were even saying we might get one hundred

701
00:36:09,239 --> 00:36:12,239
Speaker 1: basis points. It looks very likely that we'll be at

702
00:36:12,320 --> 00:36:16,719
Speaker 1: point seventy five for the next meeting as well, and

703
00:36:17,000 --> 00:36:20,160
Speaker 1: that's a very different landscape than we were looking at

704
00:36:20,200 --> 00:36:23,640
Speaker 1: just very recently with the FED. Let's go ahead and

705
00:36:23,640 --> 00:36:26,799
Speaker 1: listen to FED char Jerom Pal gave a little bit

706
00:36:26,800 --> 00:36:29,400
Speaker 1: of a presser afterwards explaining their thinking. Let's take a

707
00:36:29,440 --> 00:36:32,960
Speaker 1: listen to that. I will begin with one overarching message.

708
00:36:34,040 --> 00:36:36,920
Speaker 1: We at the FED understand the hardship that high inflation

709
00:36:37,080 --> 00:36:41,200
Speaker 1: is causing. We're strongly committed to bringing inflation back down,

710
00:36:41,960 --> 00:36:45,879
Speaker 1: and we're moving expeditiously to do so. We have both

711
00:36:45,920 --> 00:36:47,600
Speaker 1: the tools we need and the result that it will

712
00:36:47,640 --> 00:36:51,160
Speaker 1: take to restore price stability on behalf of American families

713
00:36:51,160 --> 00:36:55,200
Speaker 1: and businesses. The economy and the country have been through

714
00:36:55,400 --> 00:36:57,239
Speaker 1: a lot over the past two and a half years

715
00:36:57,239 --> 00:37:01,160
Speaker 1: and have proved resilient. It is that we bring inflation

716
00:37:01,280 --> 00:37:03,480
Speaker 1: down if we were to have a sustained period of

717
00:37:03,520 --> 00:37:07,680
Speaker 1: strong labor market conditions that benefit all. They are also

718
00:37:07,760 --> 00:37:13,680
Speaker 1: projecting unemployment is likely to go up. They're projecting economic

719
00:37:13,719 --> 00:37:16,640
Speaker 1: growth is set to slow. So the specifics here, our

720
00:37:16,680 --> 00:37:19,879
Speaker 1: officials projected one point seven percent GDP growth this year

721
00:37:19,880 --> 00:37:22,439
Speaker 1: and next. That's down from March projections just from March

722
00:37:22,480 --> 00:37:25,160
Speaker 1: of two point eight percent and two point two percent, respectively,

723
00:37:25,640 --> 00:37:28,480
Speaker 1: the unemployment rate projected by all but when official to

724
00:37:28,680 --> 00:37:31,480
Speaker 1: rise over the next two years. And I mean ultimately

725
00:37:31,520 --> 00:37:35,800
Speaker 1: when you are lifting the rates, that's kind that's basically

726
00:37:35,880 --> 00:37:38,319
Speaker 1: their goal. I mean, that's the goal of this, just wich,

727
00:37:38,360 --> 00:37:40,600
Speaker 1: I would be all honest, right, That's the only thing

728
00:37:40,680 --> 00:37:43,480
Speaker 1: that this is going to ultimately lead to is they

729
00:37:43,640 --> 00:37:46,800
Speaker 1: want to make it so you have less money to spend,

730
00:37:46,960 --> 00:37:49,680
Speaker 1: and that's their only tool for ultimately getting inflation under

731
00:37:49,719 --> 00:37:52,279
Speaker 1: chub security. Either way, I saw this elitist take on this,

732
00:37:52,360 --> 00:37:53,960
Speaker 1: So like, just so you know, when the Fed inch

733
00:37:54,040 --> 00:37:56,439
Speaker 1: raises interest rates, they're paying you to save. Oh yeah,

734
00:37:56,480 --> 00:37:59,439
Speaker 1: I'm going to take my point seventy five percent in crew.

735
00:37:59,600 --> 00:38:02,120
Speaker 1: By the way, what are the savings rates interest rates

736
00:38:02,200 --> 00:38:04,680
Speaker 1: right now? Like point five five or something like that?

737
00:38:04,800 --> 00:38:06,839
Speaker 1: Credit card data is pius has ever been in history.

738
00:38:06,920 --> 00:38:08,759
Speaker 1: I'm going to take the interest on that, and then

739
00:38:08,960 --> 00:38:11,040
Speaker 1: I'll spend it on my gas which is up twenty

740
00:38:11,040 --> 00:38:13,520
Speaker 1: five percent, and we'll see with so I've saved twenty

741
00:38:13,560 --> 00:38:17,120
Speaker 1: four point five Thank you, Fed. Congratulations. This has real

742
00:38:17,200 --> 00:38:19,359
Speaker 1: implications for the housing market. Let's put this on the screen.

743
00:38:19,400 --> 00:38:21,960
Speaker 1: We've been tracking this closely the mortgage rate is now

744
00:38:22,080 --> 00:38:25,000
Speaker 1: up to six point three percent, up from five point

745
00:38:25,040 --> 00:38:28,040
Speaker 1: five just a week ago. Remember, as we said that,

746
00:38:28,360 --> 00:38:30,600
Speaker 1: I forget the exact math, but at every increase in

747
00:38:30,640 --> 00:38:33,680
Speaker 1: a single percentage or so means that your mortgage rate

748
00:38:33,760 --> 00:38:37,919
Speaker 1: is or your mortgage actual payment is double the next month.

749
00:38:38,080 --> 00:38:40,520
Speaker 1: So as we continue to see this happen six point

750
00:38:40,600 --> 00:38:43,239
Speaker 1: two eight percent versus the three or so percent which

751
00:38:43,280 --> 00:38:46,200
Speaker 1: was just six months ago, versus the one something percent

752
00:38:46,280 --> 00:38:48,360
Speaker 1: that was a year ago, you aren't going to have

753
00:38:48,560 --> 00:38:51,319
Speaker 1: a total freezing of the housing market. You know, just

754
00:38:51,440 --> 00:38:54,839
Speaker 1: as this morning, the market hasn't opened yet, the Dow

755
00:38:54,960 --> 00:38:57,640
Speaker 1: is down six hundred points on the futures, and for

756
00:38:57,719 --> 00:39:02,200
Speaker 1: the very first time, housing hermits have collapsed in the

757
00:39:02,239 --> 00:39:04,759
Speaker 1: month of May. So that's the latest data that we have.

758
00:39:05,000 --> 00:39:07,480
Speaker 1: But and when I say collapse, I mean I mean

759
00:39:07,640 --> 00:39:10,120
Speaker 1: one of the most precipitous drops we have seen in

760
00:39:10,160 --> 00:39:12,719
Speaker 1: over two and a half years, just looking at that

761
00:39:12,840 --> 00:39:14,960
Speaker 1: data that just broke this morning. So why do you

762
00:39:14,960 --> 00:39:17,080
Speaker 1: think that is? Who's going to build a house when

763
00:39:17,120 --> 00:39:19,360
Speaker 1: the mortgage is at six point three percent. Now you

764
00:39:19,400 --> 00:39:22,200
Speaker 1: could say it's too hot. I completely agree, but there

765
00:39:22,239 --> 00:39:24,560
Speaker 1: needs to be a level of balance, they're going to

766
00:39:24,640 --> 00:39:28,120
Speaker 1: push us into a recession. Recessions mean that people die.

767
00:39:28,200 --> 00:39:30,879
Speaker 1: There's no way to just it's not just people lose

768
00:39:30,920 --> 00:39:34,560
Speaker 1: their jobs. A lot of people kill themselves during depressions

769
00:39:34,640 --> 00:39:37,080
Speaker 1: or recessions. A lot a lot of people do not

770
00:39:37,200 --> 00:39:40,880
Speaker 1: pursue healthcare that they actually need, life changing surgery. A

771
00:39:40,960 --> 00:39:43,520
Speaker 1: lot of people continue to work, which leads to stress,

772
00:39:43,600 --> 00:39:46,719
Speaker 1: which leads to death. I mean the after effects and

773
00:39:46,800 --> 00:39:49,120
Speaker 1: follow on that we saw. I mean, I personally think

774
00:39:49,160 --> 00:39:50,920
Speaker 1: that one of the reasons we even had the opioid

775
00:39:50,960 --> 00:39:53,239
Speaker 1: crisis is because of the Great Recession. There's a decent

776
00:39:53,280 --> 00:39:55,120
Speaker 1: amount of data in order to link those two things. No,

777
00:39:55,239 --> 00:39:57,880
Speaker 1: that's right, Yeah, that is very very true. Now, just

778
00:39:57,880 --> 00:39:59,960
Speaker 1: to give a little bit of math behind what you

779
00:40:00,080 --> 00:40:02,960
Speaker 1: we're saying from that article, they say on a four

780
00:40:03,080 --> 00:40:05,680
Speaker 1: hundred thousand dollars home, which is now crazy to me,

781
00:40:05,840 --> 00:40:08,439
Speaker 1: like actually less than the median house price, four hundred

782
00:40:08,480 --> 00:40:11,640
Speaker 1: thousand dollars with a twenty percent down payment, the monthly

783
00:40:11,680 --> 00:40:14,879
Speaker 1: mortgage payment went from fourteen hundred dollars at the start

784
00:40:14,920 --> 00:40:20,359
Speaker 1: of January to basically two thousand dollars now, so effectively

785
00:40:20,400 --> 00:40:24,000
Speaker 1: a six hundred dollars increase on your mortgage payment over

786
00:40:24,040 --> 00:40:26,680
Speaker 1: the course of just a few months. That doesn't include

787
00:40:26,719 --> 00:40:31,160
Speaker 1: hommer's insurance or property taxes. Megan mccardal made an interesting

788
00:40:31,400 --> 00:40:34,040
Speaker 1: point as well, which is that you know, people are

789
00:40:34,120 --> 00:40:36,400
Speaker 1: going to be very reluctant also to sell their homes

790
00:40:36,400 --> 00:40:38,239
Speaker 1: because they don't want to jump from like, you know,

791
00:40:38,360 --> 00:40:40,560
Speaker 1: let's say a one point seventy five percent mortgage to

792
00:40:40,600 --> 00:40:42,600
Speaker 1: a six percent one go ahead and put this tweet

793
00:40:42,800 --> 00:40:45,200
Speaker 1: up on the screen. She writes, if mortgage rates stay high,

794
00:40:45,400 --> 00:40:47,319
Speaker 1: one thing I expect we'll see is a collapse in

795
00:40:47,360 --> 00:40:49,680
Speaker 1: willingness to sell homes. It would take a lot to

796
00:40:49,719 --> 00:40:51,560
Speaker 1: get me to trade my one point seventy five percent

797
00:40:51,600 --> 00:40:55,720
Speaker 1: mortgage for a six percenter, because yeah, it makes a massive,

798
00:40:56,239 --> 00:41:00,480
Speaker 1: massive difference over the long haul. And you know, I

799
00:41:00,520 --> 00:41:02,920
Speaker 1: feel like we've been beating a dead horse with this,

800
00:41:03,000 --> 00:41:06,320
Speaker 1: but it is so important and so central to people's lives.

801
00:41:06,800 --> 00:41:11,080
Speaker 1: Because you have a president and Congress, and you know,

802
00:41:11,200 --> 00:41:15,480
Speaker 1: two parties that are unable unwilling to act. The FED

803
00:41:15,560 --> 00:41:18,040
Speaker 1: is the only game. And part of how we ended

804
00:41:18,120 --> 00:41:20,359
Speaker 1: up in this situation with high inflation to start with

805
00:41:20,520 --> 00:41:22,399
Speaker 1: was because the FED was the only game. I mean,

806
00:41:22,440 --> 00:41:26,920
Speaker 1: their action during the coronavirus crash, pumping trillions of dollars

807
00:41:27,000 --> 00:41:30,160
Speaker 1: into these markets backstop and inflating all of these bubbles.

808
00:41:30,160 --> 00:41:32,319
Speaker 1: I mean, that was the start of how we ended

809
00:41:32,400 --> 00:41:35,160
Speaker 1: up with inflation across the board. So they are in

810
00:41:35,160 --> 00:41:38,319
Speaker 1: fact partly culpable for where we end up today. And

811
00:41:38,440 --> 00:41:41,240
Speaker 1: certainly they're culpable both from their actions there and also

812
00:41:41,320 --> 00:41:44,560
Speaker 1: during the two thousand and eight recession for massively inflating

813
00:41:44,600 --> 00:41:48,359
Speaker 1: inequality as well. And you know, we've got a lot

814
00:41:48,360 --> 00:41:50,919
Speaker 1: of problems that are causing inflation. I think we should

815
00:41:50,920 --> 00:41:52,600
Speaker 1: all be troubled by the fact too, that what the

816
00:41:52,640 --> 00:41:57,040
Speaker 1: Fed has already done hasn't worked, because there's also no

817
00:41:57,200 --> 00:42:01,480
Speaker 1: guarantee that these increase and rates are going to fully

818
00:42:01,520 --> 00:42:04,319
Speaker 1: address the inflation issues that we even have, because they're

819
00:42:04,360 --> 00:42:06,680
Speaker 1: not not. I mean, look, part of it was demand,

820
00:42:06,800 --> 00:42:08,920
Speaker 1: but honestly, a lot of the demand part has already

821
00:42:08,960 --> 00:42:12,160
Speaker 1: burned off, burn off save credit card debt, sky high,

822
00:42:12,400 --> 00:42:15,520
Speaker 1: savings way down, so a lot of that is already

823
00:42:15,520 --> 00:42:19,319
Speaker 1: burned off. And yet that's the only lever that they're

824
00:42:19,320 --> 00:42:21,319
Speaker 1: willing to pull, and that lever is the one that

825
00:42:21,400 --> 00:42:24,839
Speaker 1: destroys you and your finances Rather than dealing with oh hey,

826
00:42:24,880 --> 00:42:27,160
Speaker 1: it's their supply chain is oh hey, we have a

827
00:42:27,200 --> 00:42:30,359
Speaker 1: war in Ukraine that's causing massive price spikes as well.

828
00:42:30,480 --> 00:42:32,400
Speaker 1: Not to say that's the only thing going on, but

829
00:42:32,719 --> 00:42:34,560
Speaker 1: the FED. The FED has nothing to do with the

830
00:42:34,600 --> 00:42:36,680
Speaker 1: Ukraine war. This FED has nothing to do with supply

831
00:42:36,760 --> 00:42:40,359
Speaker 1: chain issues. Those all continue to go undealt with and unresolved,

832
00:42:40,640 --> 00:42:43,719
Speaker 1: and you are unlikely to get inflation under controlling time soon, right.

833
00:42:43,800 --> 00:42:46,520
Speaker 1: I mean, look, even if you crash demand, Okay, let's

834
00:42:46,520 --> 00:42:49,200
Speaker 1: say we crash demand, we induce a recession. I mean

835
00:42:49,239 --> 00:42:52,719
Speaker 1: people still need to drive. Yes, some extra driving might

836
00:42:52,760 --> 00:42:55,080
Speaker 1: come down, but the gas price is still probably going

837
00:42:55,120 --> 00:42:57,080
Speaker 1: to remain above four dollars a gallon. That's not a

838
00:42:57,160 --> 00:43:00,319
Speaker 1: victory in my opinion. Right. If you look at the

839
00:43:00,320 --> 00:43:03,279
Speaker 1: housing market, the same thing, Okay, you've slowed it down,

840
00:43:03,400 --> 00:43:07,319
Speaker 1: you've basically frozen up the elite housing market. Well number one,

841
00:43:07,520 --> 00:43:09,200
Speaker 1: A lot of people who are very wealthy are still

842
00:43:09,200 --> 00:43:11,719
Speaker 1: going to buy houses permanent capital. They don't care about

843
00:43:11,719 --> 00:43:14,120
Speaker 1: a six percent Morgas rate if they can purnage twenty

844
00:43:14,160 --> 00:43:17,000
Speaker 1: five percent profit. So that only even continues to keep

845
00:43:17,080 --> 00:43:19,759
Speaker 1: you frozen out of the game. Food, I mean, look,

846
00:43:19,800 --> 00:43:22,319
Speaker 1: we've talked here endlessly. I've got a piece in my

847
00:43:22,400 --> 00:43:25,880
Speaker 1: monologue about how natural gas markets in Europe are seizing

848
00:43:26,000 --> 00:43:29,000
Speaker 1: up because the Russians are cutting off natural gas to

849
00:43:29,120 --> 00:43:31,640
Speaker 1: both Germany and to Italy. That is going to drive

850
00:43:31,880 --> 00:43:35,840
Speaker 1: fertilizer prices sky high. We are already watching a massive

851
00:43:35,840 --> 00:43:38,640
Speaker 1: fertilizer crunch here in the US that's going to continue

852
00:43:38,680 --> 00:43:41,920
Speaker 1: to increase the amount of food. China is opening up

853
00:43:41,960 --> 00:43:45,799
Speaker 1: to a big degree transitioning away from COVID zero. Guess

854
00:43:45,840 --> 00:43:48,600
Speaker 1: what that means. The demand for gas is going to

855
00:43:48,719 --> 00:43:52,200
Speaker 1: go up and China currently, it seems all indications President

856
00:43:52,360 --> 00:43:55,760
Speaker 1: Biden is actually going to lift tariffs on US consumer

857
00:43:55,920 --> 00:44:01,000
Speaker 1: or on US goods that actually could conversely, like Chinese

858
00:44:01,040 --> 00:44:04,279
Speaker 1: imports from the United States, which would only continue to

859
00:44:04,400 --> 00:44:07,120
Speaker 1: drive up inflation. Everybody says you could save money. They

860
00:44:07,120 --> 00:44:10,920
Speaker 1: don't consider that the demand of these products could increase

861
00:44:10,920 --> 00:44:14,399
Speaker 1: soybean markets, agricultural markets. It's very likely, actually that lifting

862
00:44:14,480 --> 00:44:17,720
Speaker 1: Chinese tariffs will almost certainly increase the price of food

863
00:44:17,920 --> 00:44:21,000
Speaker 1: here in the United States. So from the supply side problem,

864
00:44:21,280 --> 00:44:25,760
Speaker 1: we have major issues which are not even being addressed.

865
00:44:25,719 --> 00:44:28,319
Speaker 1: The White House Press Secretary asks the gas companies to

866
00:44:28,520 --> 00:44:31,040
Speaker 1: be patriots and to lower the price of gas because

867
00:44:31,120 --> 00:44:35,480
Speaker 1: that's how capital markets work. Congratulations, I just can't even

868
00:44:35,719 --> 00:44:42,520
Speaker 1: like with them. They're so incompetent, foolish, impotent, just the

869
00:44:42,560 --> 00:44:45,719
Speaker 1: picturesque of the worst possible people that you would want. Well,

870
00:44:46,280 --> 00:44:50,080
Speaker 1: I mean, here's here's the reality. Neither of these parties

871
00:44:50,160 --> 00:44:53,880
Speaker 1: under a sort of like Wall Street centric market obsessed

872
00:44:53,920 --> 00:44:56,640
Speaker 1: economic approach to have any answers to this outside of

873
00:44:56,680 --> 00:44:59,600
Speaker 1: the Fed taking a sledgehammer to your bank account and

874
00:44:59,719 --> 00:45:02,279
Speaker 1: so so I think that's really where the handcuffs come in.

875
00:45:02,520 --> 00:45:06,760
Speaker 1: Is Biden's whole sort of economic orthodoxy, always positioning himself

876
00:45:06,760 --> 00:45:08,799
Speaker 1: in the center, this is what my monologue is on,

877
00:45:09,200 --> 00:45:12,480
Speaker 1: and never wanting to stray color outside of the lines

878
00:45:12,800 --> 00:45:15,400
Speaker 1: and get creative here. So yeah, if you're stuck in

879
00:45:15,440 --> 00:45:17,120
Speaker 1: this like, oh, we just got to let the markets

880
00:45:17,160 --> 00:45:21,319
Speaker 1: work themselves out mindset, then you believe other what can

881
00:45:21,400 --> 00:45:23,000
Speaker 1: we do? We can't really do anything. We can do

882
00:45:23,040 --> 00:45:24,759
Speaker 1: these little things around the margin. Maybe we'll deal with

883
00:45:24,760 --> 00:45:27,319
Speaker 1: the tariffs. Maybe we'll take the tariffs off, which I

884
00:45:27,360 --> 00:45:30,720
Speaker 1: don't even if people who are pushing that don't expect

885
00:45:30,760 --> 00:45:33,000
Speaker 1: it to have much of a positive impact. So even

886
00:45:33,000 --> 00:45:35,160
Speaker 1: in the best case scenario, let's say you're wrong about

887
00:45:35,160 --> 00:45:37,759
Speaker 1: it fueling inflation. Even the best case scenario, no one

888
00:45:37,840 --> 00:45:40,040
Speaker 1: is saying this is going to have like a significant impact.

889
00:45:40,200 --> 00:45:43,400
Speaker 1: Biden himself, they did this whole let's go to Iowa,

890
00:45:43,480 --> 00:45:46,399
Speaker 1: let's boost ethanol production. Let's make the case that that's

891
00:45:46,440 --> 00:45:49,200
Speaker 1: going to lower gas prices. Biden himself went back to

892
00:45:49,239 --> 00:45:51,520
Speaker 1: the White House and was chewing out ron Klain like

893
00:45:51,560 --> 00:45:53,800
Speaker 1: this is basically bullshit. I don't believe that this is

894
00:45:53,840 --> 00:45:56,799
Speaker 1: going to have any impact whatsoever. So they know that

895
00:45:56,840 --> 00:45:59,359
Speaker 1: the things that they're doing are impotent. The best they

896
00:45:59,360 --> 00:46:01,840
Speaker 1: can do is ten a strongly worded letter to the

897
00:46:01,840 --> 00:46:05,719
Speaker 1: oil and gas company give me a break, and say

898
00:46:05,760 --> 00:46:08,160
Speaker 1: to like the FED, go do you We're not we're

899
00:46:08,160 --> 00:46:10,360
Speaker 1: not going to interfere, but go do your thing and basically,

900
00:46:10,440 --> 00:46:13,080
Speaker 1: you know, crush working class people and trigger a recession. Yeah,

901
00:46:13,120 --> 00:46:16,280
Speaker 1: but that's that's all these parties really have to offer. Listen,

902
00:46:16,360 --> 00:46:19,040
Speaker 1: that ethanol thing especially pisses me off because part of

903
00:46:19,040 --> 00:46:21,320
Speaker 1: the reason that we have lower finding capacity is because

904
00:46:21,360 --> 00:46:23,759
Speaker 1: of conversion over to biofuel. So it's like these these

905
00:46:23,760 --> 00:46:28,759
Speaker 1: people really, at a very basic level, they don't understand

906
00:46:28,920 --> 00:46:31,000
Speaker 1: what is going on. And it's bad for the climate too,

907
00:46:31,040 --> 00:46:34,680
Speaker 1: by the way, it's like incredibly perrect. Yeah, we don't

908
00:46:34,719 --> 00:46:37,440
Speaker 1: like beyond that it doesn't work, and actually in terms

909
00:46:37,480 --> 00:46:39,120
Speaker 1: of emissions and in terms of what it even means

910
00:46:39,160 --> 00:46:41,040
Speaker 1: in order, and it's correct that it's a bullshit, it's

911
00:46:41,040 --> 00:46:43,200
Speaker 1: not even correct. It's a terrible policy, and it has

912
00:46:43,239 --> 00:46:45,680
Speaker 1: been pushed for a long time by big interests, AAG

913
00:46:45,719 --> 00:46:48,239
Speaker 1: interests far more than anything else. Well, it's the fact

914
00:46:48,239 --> 00:46:51,480
Speaker 1: that Iowa comes first in the presidential primaries. I mean,

915
00:46:51,480 --> 00:46:53,880
Speaker 1: that's the that's the whole reason we have that gigantic

916
00:46:53,920 --> 00:46:56,480
Speaker 1: corn subsidies. So yeah, I'm really glad that we have

917
00:46:56,520 --> 00:47:02,160
Speaker 1: it so that we can all pay more for gas. Okay, Yeah,

918
00:47:02,160 --> 00:47:05,360
Speaker 1: we've got some big news from Ukraine. I mean, it's

919
00:47:05,360 --> 00:47:08,120
Speaker 1: increasingly clear that the direction our policy has been pushing

920
00:47:08,239 --> 00:47:11,000
Speaker 1: is it's not where it's it's basically a disaster. Let's

921
00:47:11,000 --> 00:47:12,760
Speaker 1: go out and put this first part up on the screen.

922
00:47:13,080 --> 00:47:17,240
Speaker 1: President Biden now on Wednesday, saying the US will deliver

923
00:47:17,360 --> 00:47:20,560
Speaker 1: another billion dollars worth of military equipment to Ukraine, including

924
00:47:20,560 --> 00:47:23,520
Speaker 1: weapons to defend the country's coast, Additional artillery and war

925
00:47:23,560 --> 00:47:26,760
Speaker 1: ammunition for the rocket systems to defend against Russian aggressian

926
00:47:26,800 --> 00:47:28,560
Speaker 1: in the eastern part of the country. Of course, this

927
00:47:28,640 --> 00:47:31,719
Speaker 1: comes on top of many other billions in weapons that

928
00:47:31,760 --> 00:47:36,160
Speaker 1: have been sent to Ukraine. It also comes after the

929
00:47:36,200 --> 00:47:39,200
Speaker 1: reports that hey, we're sending all these billions of dollars

930
00:47:39,239 --> 00:47:43,359
Speaker 1: in weapons and Ukrainians are not telling us what they're

931
00:47:43,360 --> 00:47:45,919
Speaker 1: doing with the we what their plans are. They are

932
00:47:45,960 --> 00:47:48,680
Speaker 1: not being candid with us or even about how things

933
00:47:48,719 --> 00:47:54,200
Speaker 1: are ultimately going there. So the Biden administration's policy of

934
00:47:54,440 --> 00:47:56,480
Speaker 1: we want to keep this war going. We don't want

935
00:47:56,520 --> 00:47:58,480
Speaker 1: to negotiate it, and we want to keep it going

936
00:47:58,880 --> 00:48:01,360
Speaker 1: because we want to bleed Russia and we want to

937
00:48:01,400 --> 00:48:04,240
Speaker 1: punish Putin and maybe push him out of power. Remember

938
00:48:04,239 --> 00:48:07,759
Speaker 1: Biden saying you cannot remain in power quote unquote. That

939
00:48:07,840 --> 00:48:10,320
Speaker 1: has led us to a situation where it's just like, okay,

940
00:48:10,360 --> 00:48:12,480
Speaker 1: so what are we doing here? Are we just going

941
00:48:12,560 --> 00:48:16,960
Speaker 1: to continue week after week billions and billions more? As

942
00:48:17,040 --> 00:48:19,600
Speaker 1: you know, the situation for Ukraine on the ground is

943
00:48:20,600 --> 00:48:23,000
Speaker 1: based on the reports we're seeing, is starting to worsen. Well,

944
00:48:23,000 --> 00:48:25,480
Speaker 1: it's not good in Ukraine. So I mean, look, I

945
00:48:25,520 --> 00:48:28,000
Speaker 1: feel I really feel for the Ukrainians here, because they're

946
00:48:28,000 --> 00:48:29,640
Speaker 1: in the fight of their lives and they are losing

947
00:48:29,680 --> 00:48:32,520
Speaker 1: some two hundred guys a day. That level of attrition

948
00:48:32,680 --> 00:48:35,480
Speaker 1: is just brutal. And Ukrainians say that they have another

949
00:48:35,520 --> 00:48:38,480
Speaker 1: million guys that they can call up two million in reserve.

950
00:48:38,560 --> 00:48:40,560
Speaker 1: But you got to remember some of the reports I'm reading.

951
00:48:40,560 --> 00:48:42,800
Speaker 1: These guys have like six weeks of basic weapons training

952
00:48:42,840 --> 00:48:45,520
Speaker 1: before they're even sent to the front line. And that's

953
00:48:45,680 --> 00:48:48,799
Speaker 1: just it's a mower, like a lawnmower on both sides really,

954
00:48:48,800 --> 00:48:51,480
Speaker 1: because you have Russian conscripts who are also dying. We

955
00:48:51,480 --> 00:48:54,040
Speaker 1: have tens of thousands of deaths now on both sides

956
00:48:54,320 --> 00:48:56,800
Speaker 1: of this conflict. And I can never say the city

957
00:48:56,840 --> 00:49:01,360
Speaker 1: Saverio Dunyetsk has been completely in circled. A lot the

958
00:49:01,480 --> 00:49:04,719
Speaker 1: Ukrainians there are continued to fight, but it's a brutal

959
00:49:04,800 --> 00:49:08,200
Speaker 1: and a bloody mess. All current indications at the current

960
00:49:08,280 --> 00:49:12,000
Speaker 1: level of weapons assistants show us that Ukraine can probably

961
00:49:12,040 --> 00:49:14,960
Speaker 1: keep this going, you know, with Western Allied weapons, but

962
00:49:15,400 --> 00:49:18,640
Speaker 1: perhaps not for long. The terrain actually lends itself to

963
00:49:19,000 --> 00:49:23,120
Speaker 1: the Russian tactics, and also Russia has moved its logistics

964
00:49:23,120 --> 00:49:28,239
Speaker 1: supply from diesel backed trucks to traditional rail, almost like

965
00:49:28,239 --> 00:49:31,600
Speaker 1: a Soviet era tactic, which apparently has been working pretty well.

966
00:49:31,640 --> 00:49:33,480
Speaker 1: From them, it's you know, also, the weather has changed.

967
00:49:33,520 --> 00:49:36,240
Speaker 1: People forget that it's not as money over there anymore.

968
00:49:36,400 --> 00:49:38,920
Speaker 1: All of this kind of moves in the Russian higher

969
00:49:38,960 --> 00:49:41,319
Speaker 1: power direction. I did just want to say here on

970
00:49:41,400 --> 00:49:45,920
Speaker 1: the European side, we continue to be the people bearing

971
00:49:45,960 --> 00:49:50,759
Speaker 1: the brunt of all the military aid. Germany, France, all

972
00:49:50,840 --> 00:49:54,640
Speaker 1: of the NATO allies are not sending even one tenth

973
00:49:54,880 --> 00:49:58,240
Speaker 1: the amount of weapons assistants that we are, and in fact,

974
00:49:58,600 --> 00:50:01,160
Speaker 1: those countries, once again remember this, the reason that we're

975
00:50:01,160 --> 00:50:03,760
Speaker 1: supposedly doing this is in defense of our NATO allies

976
00:50:03,800 --> 00:50:07,720
Speaker 1: where we don't live, are not even close to showing

977
00:50:07,960 --> 00:50:10,320
Speaker 1: and sharing the burden of the weapons that we're sending

978
00:50:10,320 --> 00:50:13,920
Speaker 1: over there. In fact, they don't want to keep sending weapons.

979
00:50:13,960 --> 00:50:16,000
Speaker 1: We're the ones who are telling them to do so.

980
00:50:16,239 --> 00:50:20,080
Speaker 1: Germany and France are actually pushing for more peace talks

981
00:50:20,400 --> 00:50:22,640
Speaker 1: in the region. So let's go and put this up there.

982
00:50:22,640 --> 00:50:25,600
Speaker 1: Because the diplomatic part of all of this also is

983
00:50:25,680 --> 00:50:29,839
Speaker 1: very important. Chancellor Schultz is actually visiting Kiev with both

984
00:50:29,960 --> 00:50:32,920
Speaker 1: Macrone and Mario Draghi because they want to meet with

985
00:50:33,000 --> 00:50:37,560
Speaker 1: Zelenski before the g seventh summit. Remember too that Russia

986
00:50:37,680 --> 00:50:39,520
Speaker 1: had long you know, kicked out of the Gaight, has

987
00:50:39,600 --> 00:50:44,400
Speaker 1: long problems with that. But both Schultz and Macrone have

988
00:50:44,520 --> 00:50:48,520
Speaker 1: continued to maintain talks with Putin and this is starting

989
00:50:48,560 --> 00:50:51,400
Speaker 1: to see I think a break in the anglosphere and

990
00:50:51,440 --> 00:50:55,279
Speaker 1: the Western Alliance because the anglosphere, the UK and the

991
00:50:55,400 --> 00:50:58,840
Speaker 1: US by far both have the most hawkish positions, and frankly,

992
00:50:58,880 --> 00:51:03,319
Speaker 1: the most hawkish electorate like the UK citizens are much

993
00:51:03,320 --> 00:51:05,600
Speaker 1: more on board with supporting the war. I would just

994
00:51:05,600 --> 00:51:07,719
Speaker 1: say here, I don't know if it's all of our citizens,

995
00:51:07,719 --> 00:51:10,279
Speaker 1: but you know, the most active liberal ones with the

996
00:51:10,360 --> 00:51:12,680
Speaker 1: Ukraine flags and all those in their front yard, those

997
00:51:12,719 --> 00:51:16,319
Speaker 1: people are never going to accept the US pushing any

998
00:51:16,400 --> 00:51:19,520
Speaker 1: sort of peace deal. So this broke this break in

999
00:51:19,560 --> 00:51:23,240
Speaker 1: the alliance. It matters because we are still the ones

1000
00:51:23,560 --> 00:51:26,440
Speaker 1: who are basically saying that we need to continue to

1001
00:51:26,440 --> 00:51:28,799
Speaker 1: ship as many weapons over there as possible. And I'm

1002
00:51:28,800 --> 00:51:30,960
Speaker 1: torn here, I don't know. I mean, at the same time,

1003
00:51:31,120 --> 00:51:33,239
Speaker 1: Ukrainians do we want to fight like they want to

1004
00:51:33,280 --> 00:51:36,480
Speaker 1: continue fighting. I really think as long as we continue

1005
00:51:36,520 --> 00:51:38,440
Speaker 1: to adhere to our red lines on we're not going

1006
00:51:38,480 --> 00:51:41,600
Speaker 1: to provide you with X type of weapons. I'm generally

1007
00:51:41,680 --> 00:51:44,960
Speaker 1: fine with it. The problem though, is that Zelenski and

1008
00:51:45,000 --> 00:51:47,840
Speaker 1: the Ukrainian military are actually asking us for even more

1009
00:51:47,880 --> 00:51:50,560
Speaker 1: offensive weapons. And I think that this is exactly the

1010
00:51:50,640 --> 00:51:53,720
Speaker 1: environment which I have worried a lot about the President

1011
00:51:53,800 --> 00:51:56,760
Speaker 1: having the discretionary authority to give whatever type of weapons

1012
00:51:56,760 --> 00:51:59,400
Speaker 1: systems that he wants, because now is actually probably the

1013
00:51:59,400 --> 00:52:02,960
Speaker 1: best case right for political for political pressure to build

1014
00:52:03,160 --> 00:52:05,759
Speaker 1: to provide the Ukrainians with the most offensive type of

1015
00:52:05,800 --> 00:52:08,680
Speaker 1: weapons when they're actually losing, because in the previous they

1016
00:52:08,719 --> 00:52:11,239
Speaker 1: were winning, but now that they're having to fall back

1017
00:52:11,320 --> 00:52:16,400
Speaker 1: and they're seeing significant military possible military defeat on the battlefield,

1018
00:52:16,520 --> 00:52:19,600
Speaker 1: the pressure in Washington is going to mount the other way,

1019
00:52:19,760 --> 00:52:22,239
Speaker 1: not to say, okay, guys, maybe it's time to go

1020
00:52:22,440 --> 00:52:24,120
Speaker 1: and to have a peace deal. It's actually going to

1021
00:52:24,200 --> 00:52:27,040
Speaker 1: mount the opposite and say, why shouldn't we provide them

1022
00:52:27,160 --> 00:52:29,399
Speaker 1: even more offensive weapons. That's what I'm most worried about.

1023
00:52:29,600 --> 00:52:32,759
Speaker 1: Right Well, here's the thing. I don't object to us

1024
00:52:32,800 --> 00:52:36,239
Speaker 1: helping the Ukrainians defend themselves, truly, I truly don't what

1025
00:52:36,280 --> 00:52:39,399
Speaker 1: I object to is a policy that says, let's keep

1026
00:52:39,400 --> 00:52:43,000
Speaker 1: this war going as long as possible, versus let's use

1027
00:52:43,120 --> 00:52:47,360
Speaker 1: our great influence to push these parties to come to

1028
00:52:47,440 --> 00:52:51,440
Speaker 1: the table and negotiate a settlement, because you know, I actually,

1029
00:52:51,560 --> 00:52:53,680
Speaker 1: I actually don't know what the Ukrainians want, to be

1030
00:52:53,680 --> 00:52:55,959
Speaker 1: perfectly honest with you, I know what our media tells

1031
00:52:56,040 --> 00:52:58,520
Speaker 1: us that they want. But I've also write reports out

1032
00:52:58,520 --> 00:53:02,319
Speaker 1: of especially Eastern Ukraine, of people saying I really don't

1033
00:53:02,360 --> 00:53:04,600
Speaker 1: care whether it's Ukraine or Russia. I just want this

1034
00:53:04,719 --> 00:53:07,279
Speaker 1: ultimately to end. So I do think we should be

1035
00:53:07,360 --> 00:53:10,400
Speaker 1: a little bit humble about thinking we know what the

1036
00:53:10,520 --> 00:53:13,680
Speaker 1: Ukrainians want. That's number one. Number two, They're not the

1037
00:53:13,680 --> 00:53:19,120
Speaker 1: only stakeholders in this conflict, and obviously they have borne

1038
00:53:19,280 --> 00:53:22,080
Speaker 1: the worst of this. I mean, their country is decimated.

1039
00:53:22,120 --> 00:53:25,920
Speaker 1: The losses have been catastrophic. Now they're losing in the East,

1040
00:53:25,960 --> 00:53:28,400
Speaker 1: and there's fears Russia could go and take back some

1041
00:53:28,520 --> 00:53:30,600
Speaker 1: of those cities they had been pushed out before. So

1042
00:53:30,960 --> 00:53:35,640
Speaker 1: this is a horrific landscape for Ukraine as well. But

1043
00:53:35,760 --> 00:53:38,879
Speaker 1: then you look at the impact around the world, first

1044
00:53:38,920 --> 00:53:41,640
Speaker 1: of all our economic warfare, and I think you're talking

1045
00:53:41,640 --> 00:53:44,400
Speaker 1: about this in your miss it's not working. It's been

1046
00:53:44,480 --> 00:53:48,640
Speaker 1: a disaster. It's been a disaster. It did exactly what

1047
00:53:48,680 --> 00:53:52,440
Speaker 1: we predicted it would do, which is to punish ordinary

1048
00:53:52,520 --> 00:53:58,040
Speaker 1: Russian citizens and US and people around the globe. I mean,

1049
00:53:58,360 --> 00:54:02,680
Speaker 1: you already had a global hunger situation that was really

1050
00:54:02,760 --> 00:54:05,640
Speaker 1: quite dire because of a number of crop failures, in

1051
00:54:05,680 --> 00:54:09,120
Speaker 1: part due to the climate crisis. Now you add this

1052
00:54:09,160 --> 00:54:12,680
Speaker 1: war on top of it in this absolutely critical breadbasket

1053
00:54:12,760 --> 00:54:16,000
Speaker 1: region of the world, and you know how fifty million

1054
00:54:16,040 --> 00:54:20,960
Speaker 1: people facing famine. So the Ukrainian situation is one thing

1055
00:54:21,000 --> 00:54:23,759
Speaker 1: to consider and incredibly vital. And yes, I'm interested in

1056
00:54:24,080 --> 00:54:26,160
Speaker 1: what they want and how they want things to go,

1057
00:54:26,280 --> 00:54:29,840
Speaker 1: but it is not at all the only interest to consider.

1058
00:54:30,200 --> 00:54:32,840
Speaker 1: I care about what happens for the people of the

1059
00:54:33,160 --> 00:54:35,239
Speaker 1: globe of the world. I care about what happens for

1060
00:54:35,280 --> 00:54:38,200
Speaker 1: our own citizens. Oh and also, by the way, let's

1061
00:54:38,280 --> 00:54:42,239
Speaker 1: not forget, I also care about avoiding a nuclear war

1062
00:54:42,360 --> 00:54:46,200
Speaker 1: between two nuclear superpowers, which it's easy to forget. That's

1063
00:54:46,239 --> 00:54:48,840
Speaker 1: the threat that hangs over this whole thing. I know

1064
00:54:48,920 --> 00:54:51,520
Speaker 1: it's easy to sort of downplay that threat, especially as

1065
00:54:51,520 --> 00:54:53,239
Speaker 1: we've gotten a few months in now and there haven't

1066
00:54:53,239 --> 00:54:55,719
Speaker 1: been any nuke, So think you guys were overblowing it.

1067
00:54:55,960 --> 00:54:58,680
Speaker 1: But as we always say, if there's even a one

1068
00:54:58,800 --> 00:55:03,080
Speaker 1: percent chance nuclear war, I want nothing to do with

1069
00:55:03,280 --> 00:55:06,600
Speaker 1: risking that one percent. So that's my issue with the

1070
00:55:06,719 --> 00:55:09,759
Speaker 1: US policy. It's not that Ukrainians cause isn't just it's

1071
00:55:09,760 --> 00:55:11,400
Speaker 1: one hundred percent just. It's not that they don't have

1072
00:55:11,400 --> 00:55:13,200
Speaker 1: a right to defend themselves. They one hundred percent of

1073
00:55:13,200 --> 00:55:15,640
Speaker 1: a right to defend themselves. I'm in support of us

1074
00:55:15,800 --> 00:55:19,000
Speaker 1: supporting them in that endeavor. I am completely opposed to

1075
00:55:19,080 --> 00:55:21,680
Speaker 1: the US and UK posture that says, let's bleed the

1076
00:55:21,760 --> 00:55:24,360
Speaker 1: Russians and definitely let's keep the war going. And definitely

1077
00:55:24,520 --> 00:55:26,560
Speaker 1: we don't want to even talk about our contemplate seating

1078
00:55:26,640 --> 00:55:29,200
Speaker 1: any territory here whatsoever. We're not going to use our

1079
00:55:29,280 --> 00:55:32,400
Speaker 1: leverage to bring parties to the negotiating table. And I

1080
00:55:32,520 --> 00:55:36,080
Speaker 1: also continue to be opposed to the economic warfare that

1081
00:55:36,120 --> 00:55:38,879
Speaker 1: we have waged on the ordinary Russian citizen, which has

1082
00:55:38,880 --> 00:55:42,560
Speaker 1: had massive blowback on our own people, people around the globe,

1083
00:55:42,680 --> 00:55:45,400
Speaker 1: and has not hurt Putin at all. Yeah, and let's

1084
00:55:45,480 --> 00:55:48,879
Speaker 1: just emphasize too, I always say this, Look, let's if

1085
00:55:48,920 --> 00:55:52,799
Speaker 1: you truly believe in supporting the Europeans. Listen to what

1086
00:55:52,840 --> 00:55:54,800
Speaker 1: they have to say. So let's throw this on the screen.

1087
00:55:55,239 --> 00:55:59,640
Speaker 1: Macrone says, yeah, I want a Ukrainian victory, but ultimately

1088
00:55:59,760 --> 00:56:03,560
Speaker 1: this will only be settled at the negotiating table. So

1089
00:56:03,719 --> 00:56:09,120
Speaker 1: Germany and France, both countries which have had historic conflicts

1090
00:56:09,120 --> 00:56:13,879
Speaker 1: with Russia tensions with Russia, actually live near Russia. They

1091
00:56:13,960 --> 00:56:16,800
Speaker 1: want in order to push this in a peaceful direction.

1092
00:56:16,880 --> 00:56:19,920
Speaker 1: These are also the two leaders within the European Union.

1093
00:56:19,960 --> 00:56:22,960
Speaker 1: We seem to completely ignore that. I'm also getting very

1094
00:56:22,960 --> 00:56:26,000
Speaker 1: worried about the Chinese and Russian perma alliance here. Let's

1095
00:56:26,000 --> 00:56:28,400
Speaker 1: put this up there on the screen, which is Shishngping

1096
00:56:28,480 --> 00:56:31,920
Speaker 1: actually just called Vladimir Putin where they put out a

1097
00:56:32,000 --> 00:56:35,239
Speaker 1: joint statement where he said he offered to deepen cooperation

1098
00:56:35,440 --> 00:56:38,480
Speaker 1: with his Russian counterpart. Now, look, Chinese weapons have not

1099
00:56:38,640 --> 00:56:41,480
Speaker 1: yet flowed into Russia. But I just want to continue

1100
00:56:41,480 --> 00:56:44,280
Speaker 1: to emphasize we're still in a very very very early

1101
00:56:44,360 --> 00:56:47,359
Speaker 1: part of this conflict. It's only been four months since

1102
00:56:47,400 --> 00:56:50,799
Speaker 1: it broke out. That's why whenever we were triumphalizing and

1103
00:56:50,840 --> 00:56:52,560
Speaker 1: saying I'm not saying this is a bad thing, it

1104
00:56:52,600 --> 00:56:54,840
Speaker 1: was great when the Ukrainians pushed the Russians out of

1105
00:56:54,880 --> 00:56:58,240
Speaker 1: Kiev and they stopped a collapse of the entire country.

1106
00:56:58,480 --> 00:57:01,239
Speaker 1: But the Ukrainians themselves telling you that if they lose

1107
00:57:01,280 --> 00:57:03,880
Speaker 1: the East, they actually could provide the Russians of staging

1108
00:57:03,920 --> 00:57:07,240
Speaker 1: ground in order to relaunch an invasion. That's how war works.

1109
00:57:07,239 --> 00:57:09,680
Speaker 1: You don't just have one battle. It grinds on for

1110
00:57:09,719 --> 00:57:11,720
Speaker 1: a really long time. You have to consider the will

1111
00:57:11,960 --> 00:57:14,799
Speaker 1: of your enemy. We're probably in the best position if

1112
00:57:14,840 --> 00:57:17,520
Speaker 1: the Ukrainians do lose in the East to try to

1113
00:57:17,520 --> 00:57:20,479
Speaker 1: push for peace in that exact time, and if we don't,

1114
00:57:20,520 --> 00:57:23,280
Speaker 1: and current all indications show us that we're not going

1115
00:57:23,320 --> 00:57:26,960
Speaker 1: to if you also consider Zelenski's interest, the moment zelenskis

1116
00:57:26,960 --> 00:57:29,120
Speaker 1: tries to go to the negotiating table, the spigot of

1117
00:57:29,200 --> 00:57:33,480
Speaker 1: weapons here turns off right the realignment of how exactly

1118
00:57:33,480 --> 00:57:36,920
Speaker 1: we're going to approach the conflict stops, and our diplomatic

1119
00:57:36,920 --> 00:57:39,480
Speaker 1: push in a different direction is not really going to

1120
00:57:39,680 --> 00:57:42,880
Speaker 1: provide him with the political stability necessarily that he needs,

1121
00:57:42,880 --> 00:57:46,520
Speaker 1: because the Ukrainian population wants to still continue fighting, especially

1122
00:57:46,560 --> 00:57:48,840
Speaker 1: those who are in the west. So we just have

1123
00:57:48,920 --> 00:57:51,240
Speaker 1: to know we're in a real mess here. Current indications

1124
00:57:51,280 --> 00:57:53,800
Speaker 1: show us that we're in a complete war of attrition.

1125
00:57:54,040 --> 00:57:56,640
Speaker 1: The European powers want to try and bring this to

1126
00:57:56,960 --> 00:57:59,560
Speaker 1: a end and in some sort of negotiated settlement. By

1127
00:57:59,640 --> 00:58:02,200
Speaker 1: the way, do you think we're suffering? Their prices over

1128
00:58:02,200 --> 00:58:05,680
Speaker 1: there are insane on gas and on food, and they

1129
00:58:05,720 --> 00:58:09,080
Speaker 1: are watching their economies erode. You actually could set the

1130
00:58:09,080 --> 00:58:12,720
Speaker 1: stage for major populis backlash in Germany and France in

1131
00:58:12,840 --> 00:58:15,680
Speaker 1: order to try and sue for a type of peace, which, look,

1132
00:58:15,840 --> 00:58:17,960
Speaker 1: you know you want it now before things get so

1133
00:58:18,080 --> 00:58:21,000
Speaker 1: bad in the West that the West decides we've had

1134
00:58:21,440 --> 00:58:23,840
Speaker 1: enough of this. And I actually really do think that's

1135
00:58:23,840 --> 00:58:27,840
Speaker 1: coming on the Chinese side as well. Reading this, watching

1136
00:58:28,120 --> 00:58:32,080
Speaker 1: a permanent alignment between the two really would be a catastrophe.

1137
00:58:32,120 --> 00:58:35,600
Speaker 1: And I know nobody likes him, but Henry Kissinger actually

1138
00:58:35,640 --> 00:58:37,959
Speaker 1: did say that one of the biggest risks that could

1139
00:58:37,960 --> 00:58:40,400
Speaker 1: come out of this is actually pushing a permanent alignment

1140
00:58:40,560 --> 00:58:42,640
Speaker 1: between the two countries. I read a really interesting column

1141
00:58:42,680 --> 00:58:46,480
Speaker 1: which I wanted to float here called a reverse Kissinger

1142
00:58:46,560 --> 00:58:49,000
Speaker 1: in India, which is that right now? Because the US

1143
00:58:49,040 --> 00:58:52,280
Speaker 1: maintains strong ties with India and India continues to buy

1144
00:58:52,360 --> 00:58:54,960
Speaker 1: Russian oil and actually has very strong ties with Russia.

1145
00:58:55,000 --> 00:58:57,160
Speaker 1: We should really be leaning and trying to have some

1146
00:58:57,280 --> 00:58:59,960
Speaker 1: creative thinking and trying to have a broker role of

1147
00:59:00,080 --> 00:59:03,560
Speaker 1: India or some other semi neutral ish type power began

1148
00:59:03,680 --> 00:59:06,120
Speaker 1: to try and broker a diplomatic solution if the US

1149
00:59:06,120 --> 00:59:08,680
Speaker 1: could work its way around that. This is what creative

1150
00:59:08,720 --> 00:59:11,640
Speaker 1: thinking in the global system looks like, which could actually

1151
00:59:11,800 --> 00:59:15,480
Speaker 1: benefit our image and also bring an end to the

1152
00:59:15,520 --> 00:59:18,960
Speaker 1: global catastrophe of not only what's happening in Ukraine, but

1153
00:59:19,080 --> 00:59:21,160
Speaker 1: all of the follow on effects that so much of

1154
00:59:21,240 --> 00:59:24,400
Speaker 1: us are. And don't forget that. You know, if you

1155
00:59:24,440 --> 00:59:28,000
Speaker 1: want an indicator of revolution, like bread prices are pretty

1156
00:59:28,040 --> 00:59:31,640
Speaker 1: reliable something else the Kissinger pointed to by the way

1157
00:59:32,320 --> 00:59:35,760
Speaker 1: that you know, bread prices definitely linked. You don't have

1158
00:59:35,840 --> 00:59:37,440
Speaker 1: to go back to the French Revolution. You can look

1159
00:59:37,480 --> 00:59:40,760
Speaker 1: at the Arab spring and how much price increases Their

1160
00:59:41,080 --> 00:59:45,880
Speaker 1: fueled a lot of instability and overthrow and revolution and chaos,

1161
00:59:45,920 --> 00:59:49,640
Speaker 1: and so you know, there's there's massive consequences here. I

1162
00:59:49,640 --> 00:59:54,880
Speaker 1: think it's worth underscoring what G said after this phone

1163
00:59:54,920 --> 00:59:59,840
Speaker 1: call between China's g and Russia's Putin, which they had

1164
00:59:59,880 --> 01:00:03,760
Speaker 1: not talked for quite a while since basically like around

1165
01:00:03,840 --> 01:00:05,920
Speaker 1: the time that we know of, since like around the

1166
01:00:05,960 --> 01:00:09,320
Speaker 1: time of the invasion, and now Ji said out the

1167
01:00:09,360 --> 01:00:12,080
Speaker 1: redown of the call. China's willing to promote the steady

1168
01:00:12,120 --> 01:00:16,040
Speaker 1: advancement of practical bilateral cooperation. China's willing to continue maintaining

1169
01:00:16,080 --> 01:00:19,200
Speaker 1: mutual support on major issues and mutual concern involving sovereignty

1170
01:00:19,200 --> 01:00:23,800
Speaker 1: and security and other core interests, building closer bilateral strategic cooperation.

1171
01:00:24,120 --> 01:00:26,560
Speaker 1: So this is China and Russia saying we're all in.

1172
01:00:26,840 --> 01:00:29,720
Speaker 1: You know, any sort of reservations that maybe China had

1173
01:00:29,720 --> 01:00:31,680
Speaker 1: at the beginning, there were some reports they were that

1174
01:00:31,800 --> 01:00:33,880
Speaker 1: kind of caught off guard. They were kind of embarrassed

1175
01:00:33,880 --> 01:00:36,840
Speaker 1: by Russia's immediate like failures in this war. While Russia

1176
01:00:36,840 --> 01:00:39,320
Speaker 1: is starting to turn the tide and China is now saying,

1177
01:00:39,560 --> 01:00:41,960
Speaker 1: don't worry, We're still in with you, we got your back. Yeah.

1178
01:00:41,960 --> 01:00:44,280
Speaker 1: I think that that could be the most significant thing

1179
01:00:44,280 --> 01:00:47,320
Speaker 1: that comes out of this conflict. Okay, let's talk about journalism.

1180
01:00:47,640 --> 01:00:50,480
Speaker 1: Journalism is important, right, Let's put this up there on

1181
01:00:50,480 --> 01:00:52,200
Speaker 1: the screen, or at least a journalists tell us that

1182
01:00:52,240 --> 01:00:55,600
Speaker 1: it is sixty five percent of journalists surveyed in a

1183
01:00:55,640 --> 01:00:59,240
Speaker 1: new Pew Research survey say that news organizations do a

1184
01:00:59,320 --> 01:01:03,800
Speaker 1: quote very or somewhat good job of reporting the news accurately.

1185
01:01:04,120 --> 01:01:07,400
Speaker 1: Do Americans agree? No, it's actually thirty five percent of

1186
01:01:07,440 --> 01:01:10,560
Speaker 1: Americans who say that they do, while forty three percent

1187
01:01:10,840 --> 01:01:14,840
Speaker 1: the majority say that journalists do a bad job of

1188
01:01:14,880 --> 01:01:19,360
Speaker 1: reporting the news accurately. I also just love the serving

1189
01:01:19,440 --> 01:01:22,920
Speaker 1: as watchdog over elected leaders. If you look at the split,

1190
01:01:23,680 --> 01:01:26,720
Speaker 1: a majority of Democrats or sorry, a majority of journal

1191
01:01:27,000 --> 01:01:30,640
Speaker 1: I guess somewhat interchangeable. Journalists say that they do a

1192
01:01:31,200 --> 01:01:33,600
Speaker 1: very or somewhat good job of serving as watchdog over

1193
01:01:33,640 --> 01:01:37,520
Speaker 1: elected leaders. Only twenty nine percent of Americans agree. In fact,

1194
01:01:37,560 --> 01:01:40,920
Speaker 1: forty four percent the majority say that they don't. Same thing.

1195
01:01:40,960 --> 01:01:44,160
Speaker 1: On giving a voice to the underrepresented, forty six percent

1196
01:01:44,160 --> 01:01:46,600
Speaker 1: of journalists say they do a good job, only twenty

1197
01:01:46,680 --> 01:01:50,000
Speaker 1: four percent say that they do. Americans overwhelming the igli

1198
01:01:50,280 --> 01:01:52,760
Speaker 1: agree at forty five percent that they don't do a

1199
01:01:52,760 --> 01:01:55,840
Speaker 1: good job, a very or somewhat bad job of doing so.

1200
01:01:56,240 --> 01:01:59,680
Speaker 1: Same thing on managing or correcting misinformation, Forty three percent

1201
01:01:59,720 --> 01:02:01,960
Speaker 1: of nalists say they do a good job. Twenty five

1202
01:02:02,000 --> 01:02:04,720
Speaker 1: percent of Americans say they do a good job. Fifty

1203
01:02:04,760 --> 01:02:07,160
Speaker 1: one percent say they do a somewhat or a very

1204
01:02:07,160 --> 01:02:10,280
Speaker 1: bad job of doing so. So what is the overwhelming

1205
01:02:10,280 --> 01:02:13,960
Speaker 1: trend that emerges from this? Journalists think very highly of themselves,

1206
01:02:14,160 --> 01:02:17,000
Speaker 1: Americans not so much. They pretty much are reverse on

1207
01:02:17,040 --> 01:02:20,440
Speaker 1: the question of every single issue. Let's put this up

1208
01:02:20,480 --> 01:02:23,040
Speaker 1: there on the screen too. Fifty five percent a journalists

1209
01:02:23,080 --> 01:02:26,920
Speaker 1: say that every side does not always deserve equal coverage,

1210
01:02:27,000 --> 01:02:29,720
Speaker 1: greater than their share who say that journalists should always

1211
01:02:29,760 --> 01:02:33,880
Speaker 1: strive to side give every side equal coverage. So I

1212
01:02:33,960 --> 01:02:36,280
Speaker 1: really think that that is also revealing, which is that

1213
01:02:36,560 --> 01:02:39,800
Speaker 1: journalists say you should always strive to give every side

1214
01:02:39,840 --> 01:02:43,320
Speaker 1: equal coverage, but every side does not always deserve equal coverage.

1215
01:02:43,360 --> 01:02:47,360
Speaker 1: That's according to Americans. I'm somewhat torn on that because

1216
01:02:47,560 --> 01:02:50,640
Speaker 1: I can understand what the American people mean whenever they

1217
01:02:50,640 --> 01:02:52,840
Speaker 1: say every side does not deserve equal coverage, But when

1218
01:02:52,920 --> 01:02:56,200
Speaker 1: it gets put into practice, that's when it because this is, well, okay,

1219
01:02:56,600 --> 01:02:58,880
Speaker 1: that's a complicated one because it's like, what do you

1220
01:02:58,920 --> 01:03:01,360
Speaker 1: mean by that, because like, if you're talking about facts

1221
01:03:01,440 --> 01:03:05,080
Speaker 1: or for the classic example is climate, okay, you should

1222
01:03:05,120 --> 01:03:07,840
Speaker 1: not give equal weight to the three people out there

1223
01:03:07,840 --> 01:03:10,800
Speaker 1: who still deny that the climate crisis is real versus

1224
01:03:10,840 --> 01:03:14,320
Speaker 1: you know, the ninety nine percent of scientists who are

1225
01:03:14,360 --> 01:03:16,160
Speaker 1: on the other side of that. So you shouldn't give

1226
01:03:16,240 --> 01:03:20,160
Speaker 1: equal weight to a side or like election denial, right,

1227
01:03:20,360 --> 01:03:24,120
Speaker 1: you shouldn't give equal side to like Denesh Jesuz's two

1228
01:03:24,160 --> 01:03:28,520
Speaker 1: thousand mules, to the actual facts and reality. So when

1229
01:03:28,520 --> 01:03:30,800
Speaker 1: it comes to a factual issue, and I know that

1230
01:03:30,840 --> 01:03:33,240
Speaker 1: this is fraught because sometimes even the facts are very

1231
01:03:33,320 --> 01:03:35,480
Speaker 1: much in dispute. Well, when there's a clear factual issue, no,

1232
01:03:35,640 --> 01:03:39,480
Speaker 1: I don't think that Denesh Deesuza deserves like equal coverage

1233
01:03:39,880 --> 01:03:43,080
Speaker 1: or an equal hearing to the reality of the election

1234
01:03:43,280 --> 01:03:45,600
Speaker 1: was not stolen. When it comes to things that are

1235
01:03:45,600 --> 01:03:48,720
Speaker 1: a matter of values and opinion, that's a different deal.

1236
01:03:49,240 --> 01:03:51,920
Speaker 1: And I think that's you know, and I also you know,

1237
01:03:52,040 --> 01:03:54,600
Speaker 1: I also don't have an issue with I really actually

1238
01:03:54,600 --> 01:03:56,600
Speaker 1: don't have an issue with partisan coverage. What I have

1239
01:03:56,640 --> 01:03:59,480
Speaker 1: an issue with is when people pretend like they're neutral

1240
01:03:59,520 --> 01:04:02,000
Speaker 1: and their actual artisans and they hide the ball. That's

1241
01:04:02,000 --> 01:04:04,880
Speaker 1: my issue. So that to me, that one is a

1242
01:04:04,920 --> 01:04:08,439
Speaker 1: little more complicated. And you know, the question, it's hard

1243
01:04:08,440 --> 01:04:09,920
Speaker 1: in to poll question to get at some of the

1244
01:04:09,920 --> 01:04:13,280
Speaker 1: complexities of how you think about that news coverage. I

1245
01:04:13,280 --> 01:04:17,080
Speaker 1: actually thought one of the more notable numbers here that

1246
01:04:17,120 --> 01:04:21,320
Speaker 1: you pointed to is the lowest marks given by the

1247
01:04:21,320 --> 01:04:27,120
Speaker 1: public were for giving voice to underrepresented groups of people.

1248
01:04:27,720 --> 01:04:32,640
Speaker 1: And I think that that stem that failure clearly manifested

1249
01:04:33,160 --> 01:04:35,840
Speaker 1: and understood by the American people, and journalists didn't even

1250
01:04:35,840 --> 01:04:39,080
Speaker 1: give themselves great marks on this one either. I mean,

1251
01:04:39,120 --> 01:04:41,440
Speaker 1: this comes directly out of the fact that they hire

1252
01:04:41,520 --> 01:04:45,640
Speaker 1: from this like elite monoclass and so yeah, so if

1253
01:04:45,680 --> 01:04:49,440
Speaker 1: you want to give voice to other people and viewpoints

1254
01:04:49,440 --> 01:04:53,480
Speaker 1: that aren't typically reflected in elite media, hire from different

1255
01:04:53,720 --> 01:04:56,640
Speaker 1: parts of the country, hire from different education backgrounds, high

1256
01:04:56,680 --> 01:04:59,960
Speaker 1: from different class statuses, and you'll have a much better shot,

1257
01:05:00,000 --> 01:05:04,520
Speaker 1: but at having a much broader and more representative view

1258
01:05:04,560 --> 01:05:06,480
Speaker 1: of what actually is going on in the country and

1259
01:05:06,520 --> 01:05:10,640
Speaker 1: how people feel about it. This was also interesting to me.

1260
01:05:10,720 --> 01:05:14,040
Speaker 1: Among the journalists, more say that misinformation is a problem

1261
01:05:14,080 --> 01:05:16,680
Speaker 1: than that press freedom is a problem. So seventy one

1262
01:05:16,720 --> 01:05:19,840
Speaker 1: percent say misinformation is a problem and only fifty seven

1263
01:05:19,920 --> 01:05:21,880
Speaker 1: percent say press freedom is a problem. The other thing

1264
01:05:21,920 --> 01:05:25,120
Speaker 1: that was interesting to me is that many more of

1265
01:05:25,160 --> 01:05:29,080
Speaker 1: the journals said that basically like fake news and misinformation

1266
01:05:29,200 --> 01:05:31,760
Speaker 1: is an issue than US adults. So seventy one percent

1267
01:05:31,800 --> 01:05:35,200
Speaker 1: say misinformation a problem for the journals, only fifty percent

1268
01:05:35,200 --> 01:05:37,000
Speaker 1: of adult It's still a lot of people, but only

1269
01:05:37,920 --> 01:05:41,600
Speaker 1: considerably fewer adults feel like misinformation is the big problem.

1270
01:05:41,600 --> 01:05:44,680
Speaker 1: So you also see a disconnect in terms of even

1271
01:05:44,680 --> 01:05:47,200
Speaker 1: their assessment of what are the problems and the threats

1272
01:05:47,240 --> 01:05:51,560
Speaker 1: to journal to like good journalism. The journalists see that

1273
01:05:51,680 --> 01:05:54,360
Speaker 1: threat very differently than the American people do. Yeah, the

1274
01:05:54,400 --> 01:05:57,120
Speaker 1: Americans are like, you're the fake news, You're the inforation,

1275
01:05:57,600 --> 01:06:00,400
Speaker 1: Like that's the problem. I don't know. I mean, look,

1276
01:06:00,440 --> 01:06:03,560
Speaker 1: this is just data which is just so transparently obvious.

1277
01:06:03,600 --> 01:06:06,400
Speaker 1: If anything, I think it probably overstates the support for

1278
01:06:06,560 --> 01:06:08,440
Speaker 1: a lot of these things. Yeah, you know, yeah, I

1279
01:06:08,480 --> 01:06:11,120
Speaker 1: mean if you really looked at it. Also in partisan breakdown,

1280
01:06:11,520 --> 01:06:14,120
Speaker 1: I think the most telling is whenever you look at

1281
01:06:14,160 --> 01:06:17,800
Speaker 1: it in terms of the number of primary Democrats who

1282
01:06:17,880 --> 01:06:20,920
Speaker 1: trust the news media versus Republicans, because you know, Republicans

1283
01:06:20,960 --> 01:06:23,840
Speaker 1: don't even trust Fox News. But let's just be honest,

1284
01:06:23,960 --> 01:06:27,520
Speaker 1: a lot of older Democrats in this country love and

1285
01:06:27,680 --> 01:06:31,280
Speaker 1: deeply trust the New York Times and MSNBC and CNN,

1286
01:06:31,320 --> 01:06:32,720
Speaker 1: which is part of the problem. You have a deep

1287
01:06:32,760 --> 01:06:36,600
Speaker 1: institutional capture of what exactly they are, the lens in

1288
01:06:36,600 --> 01:06:38,400
Speaker 1: which they're going to coverage, and of no wonder they're

1289
01:06:38,440 --> 01:06:40,520
Speaker 1: not going to have class coverage, and then that bleeds

1290
01:06:40,520 --> 01:06:43,760
Speaker 1: into everything. That's how they use the word LATINX in

1291
01:06:43,840 --> 01:06:47,040
Speaker 1: their coverage, and yet actual latinos are like, hey, we

1292
01:06:47,120 --> 01:06:49,760
Speaker 1: don't say that, and we don't like it. So this

1293
01:06:49,960 --> 01:06:54,280
Speaker 1: bleeds into everything. It has major partisan ramifications, obviously. I mean,

1294
01:06:54,280 --> 01:06:56,000
Speaker 1: this is why I think our show is even successful

1295
01:06:56,120 --> 01:06:58,920
Speaker 1: is because these idiots have been doing the game this

1296
01:06:58,960 --> 01:07:01,040
Speaker 1: way for so long, and I honestly don't think it's

1297
01:07:01,040 --> 01:07:03,400
Speaker 1: going to change. I think it's just so captured by

1298
01:07:03,440 --> 01:07:06,919
Speaker 1: this insanity that it can't reverse. Look at the Washington Post,

1299
01:07:07,080 --> 01:07:11,160
Speaker 1: we covered it for that woman, Felicia Samnez had outwardly,

1300
01:07:11,640 --> 01:07:16,080
Speaker 1: you know, flamed her colleagues, outwardly defied her bosses, and

1301
01:07:16,120 --> 01:07:18,360
Speaker 1: it took a week for her to be fired. Taylor

1302
01:07:18,440 --> 01:07:22,400
Speaker 1: Lorenz is a liar, has materially lied in the pages

1303
01:07:22,440 --> 01:07:25,640
Speaker 1: of their paper, and they don't they even basically admit

1304
01:07:25,680 --> 01:07:29,000
Speaker 1: to it, and she's not fired. So that's where the

1305
01:07:29,000 --> 01:07:32,880
Speaker 1: industry is trending. They have these people completely at hostage,

1306
01:07:32,960 --> 01:07:36,320
Speaker 1: and even the ones who don't agree are held silent

1307
01:07:36,400 --> 01:07:38,760
Speaker 1: because they're too afraid in order to fall under the

1308
01:07:38,760 --> 01:07:41,480
Speaker 1: gun and be harassed publicly on social media. So I

1309
01:07:41,560 --> 01:07:42,920
Speaker 1: just think it's going to get worse, and I have

1310
01:07:42,960 --> 01:07:45,919
Speaker 1: no problem with that. There's something else interesting in this data,

1311
01:07:45,960 --> 01:07:50,640
Speaker 1: which was an age divide how journalists themselves feel about

1312
01:07:50,680 --> 01:07:53,120
Speaker 1: their jobs. So three quarters of journalists sixty five and

1313
01:07:53,240 --> 01:07:56,000
Speaker 1: older feel that their job has a very or somewhat

1314
01:07:56,000 --> 01:08:00,320
Speaker 1: positive impact on their own emotional well being. Only twenty

1315
01:08:00,400 --> 01:08:04,120
Speaker 1: nine percent of journalists under thirty feel the same. So

1316
01:08:04,240 --> 01:08:07,760
Speaker 1: older journalists feel like they feel good about what they're doing.

1317
01:08:07,920 --> 01:08:12,080
Speaker 1: They feel like this job is positive and the atmosphere

1318
01:08:12,120 --> 01:08:15,960
Speaker 1: is generally good. Young journalists do not feel that way

1319
01:08:16,160 --> 01:08:18,960
Speaker 1: at all. And I do think part of that is

1320
01:08:19,080 --> 01:08:23,800
Speaker 1: these like you know, culture war battles that are overwhelmingly

1321
01:08:24,080 --> 01:08:28,719
Speaker 1: coming from younger demographics. And you also have a split

1322
01:08:28,840 --> 01:08:32,360
Speaker 1: on like older journalists are much more worried about press

1323
01:08:32,400 --> 01:08:35,719
Speaker 1: freedom versus the younger journalists which are much more worried

1324
01:08:35,720 --> 01:08:38,439
Speaker 1: about like the misinformation thing. So you do have like

1325
01:08:38,680 --> 01:08:43,320
Speaker 1: a transition happening within news organizations too, about the way

1326
01:08:43,400 --> 01:08:46,200
Speaker 1: that these people are approaching their jobs. Absolutely speaking of that,

1327
01:08:46,840 --> 01:08:50,400
Speaker 1: we have a new clip Simone Sanders new MSNBC Hire.

1328
01:08:50,439 --> 01:08:52,160
Speaker 1: I know nobody's ever heard of her show, but you

1329
01:08:52,200 --> 01:08:54,439
Speaker 1: know that's how it goes over there. She did an

1330
01:08:54,479 --> 01:08:58,120
Speaker 1: interview which I think just really encompasses how these people

1331
01:08:58,280 --> 01:09:01,200
Speaker 1: think about January sixth, talk about January sixth. She might

1332
01:09:01,240 --> 01:09:03,320
Speaker 1: have even been talking about me. I don't actually know

1333
01:09:03,360 --> 01:09:06,639
Speaker 1: if they asked her, but she specifically addresses the idea

1334
01:09:06,680 --> 01:09:09,840
Speaker 1: here about whether one should care about gas prices or

1335
01:09:09,920 --> 01:09:12,760
Speaker 1: January sixth, and why she thinks January sixth is so

1336
01:09:12,840 --> 01:09:15,519
Speaker 1: much more important. Let's take a listen for people that

1337
01:09:15,680 --> 01:09:19,240
Speaker 1: said they didn't watch the first hearings. I got to

1338
01:09:19,320 --> 01:09:21,280
Speaker 1: a very spirited debate with some of my young people friends,

1339
01:09:21,320 --> 01:09:23,679
Speaker 1: and I'm like, do y'all not care? And they're like, oh,

1340
01:09:23,760 --> 01:09:26,840
Speaker 1: but gas. I'm like, mm hmm. The gas won't matter

1341
01:09:27,200 --> 01:09:31,080
Speaker 1: if an insurrection is successful and y'all lived under martial law.

1342
01:09:31,200 --> 01:09:35,840
Speaker 1: So I really think that people have to I think

1343
01:09:35,920 --> 01:09:38,360
Speaker 1: last night was great, but I do think that everyone

1344
01:09:38,479 --> 01:09:40,800
Speaker 1: just needs to take a breather. And if you think

1345
01:09:40,800 --> 01:09:42,840
Speaker 1: that January sixth doesn't matter, if you think this is

1346
01:09:42,880 --> 01:09:46,720
Speaker 1: something that just happened, you know, well over a year

1347
01:09:46,720 --> 01:09:49,000
Speaker 1: and a half ago at this point, and we need

1348
01:09:49,040 --> 01:09:52,040
Speaker 1: to move on. You are sorely mistaken. This is all

1349
01:09:52,080 --> 01:09:54,120
Speaker 1: they got, Crystal. I mean, they just keep going. The

1350
01:09:54,280 --> 01:09:57,519
Speaker 1: gas won't matter if an insurrection is successful. First of all,

1351
01:09:57,560 --> 01:10:00,120
Speaker 1: as we pointed at, if you really care, then why

1352
01:10:00,120 --> 01:10:04,560
Speaker 1: are you funding all of these Republicans who are genuine

1353
01:10:04,920 --> 01:10:09,000
Speaker 1: you know, elections stop the steal believers in Nevada and

1354
01:10:09,040 --> 01:10:11,040
Speaker 1: in Pennsylvania. So if you really do believe that, which

1355
01:10:11,080 --> 01:10:14,240
Speaker 1: is the actual threat, why are you funding them? Number two? Okay,

1356
01:10:14,360 --> 01:10:16,760
Speaker 1: then do something about the gas to get people to care.

1357
01:10:17,479 --> 01:10:21,560
Speaker 1: It's very basic. Americans will care about high minded ideals

1358
01:10:21,800 --> 01:10:24,080
Speaker 1: and are generally good people. I mean, even look at

1359
01:10:24,120 --> 01:10:26,840
Speaker 1: the amount of support that Americans in the outbreak of

1360
01:10:26,840 --> 01:10:28,599
Speaker 1: the Ukraine conflict. They said, yeah, you know, I'll pay

1361
01:10:28,600 --> 01:10:30,040
Speaker 1: a little bit more for gas if it means we

1362
01:10:30,040 --> 01:10:33,800
Speaker 1: could support this. They're very good in their heart to

1363
01:10:33,880 --> 01:10:36,839
Speaker 1: a degree as to when their material well being begins

1364
01:10:36,880 --> 01:10:40,400
Speaker 1: to really suffer, and then you're asking people to ignore

1365
01:10:40,479 --> 01:10:44,760
Speaker 1: that completely in favor of high minded ideals. And that

1366
01:10:44,960 --> 01:10:47,439
Speaker 1: is the major issue that I have with all of this.

1367
01:10:47,560 --> 01:10:49,920
Speaker 1: You know, the other issue too is that the hypocrisy.

1368
01:10:50,000 --> 01:10:51,920
Speaker 1: So I think that the most notable thing that's come

1369
01:10:51,920 --> 01:10:54,519
Speaker 1: out of the January sixth Committee hearing so far is

1370
01:10:54,560 --> 01:10:57,880
Speaker 1: the expose of the Trump grift with the Save America Pact.

1371
01:10:58,320 --> 01:11:00,640
Speaker 1: Guess what doesn't matter and why people don't believe you

1372
01:11:00,680 --> 01:11:02,960
Speaker 1: whenever they hear about that, who are Republicans? Because they

1373
01:11:03,000 --> 01:11:06,519
Speaker 1: can point to Hunter, Nancy Pelosi corruption on their end,

1374
01:11:06,600 --> 01:11:09,080
Speaker 1: and then it just becomes choose your own corrupt player.

1375
01:11:09,280 --> 01:11:12,120
Speaker 1: At least that player is on my side. So you

1376
01:11:12,160 --> 01:11:15,160
Speaker 1: cannot actually get people to care about these things if

1377
01:11:15,200 --> 01:11:16,960
Speaker 1: you are not going to number one address in material

1378
01:11:17,000 --> 01:11:20,200
Speaker 1: consideration and number two not deal with the hypocrisy. It's

1379
01:11:20,200 --> 01:11:21,559
Speaker 1: just one of those things where they want to smack

1380
01:11:21,600 --> 01:11:24,479
Speaker 1: people over the head, just like impeachment. Remember that we're

1381
01:11:24,479 --> 01:11:27,320
Speaker 1: going to win. The American people hear the after the

1382
01:11:27,400 --> 01:11:29,040
Speaker 1: Malor report. Yeah, they're like, oh, we're going to have

1383
01:11:29,080 --> 01:11:32,640
Speaker 1: a full presentation, so Americans understand them. No, they got it,

1384
01:11:33,360 --> 01:11:36,000
Speaker 1: didn't They publish like a Washington Post, like a novel,

1385
01:11:36,479 --> 01:11:39,040
Speaker 1: a graphic novel. I forgot about that. Yeah, this is

1386
01:11:39,080 --> 01:11:44,479
Speaker 1: the thing is if you feel that the stakes of

1387
01:11:44,520 --> 01:11:49,920
Speaker 1: this midterm election are existential, then do some things to win. Yeah,

1388
01:11:49,960 --> 01:11:53,759
Speaker 1: how about that? And I think your point is actually

1389
01:11:53,800 --> 01:11:57,280
Speaker 1: really important, which is, look, this is you know, zoom

1390
01:11:57,280 --> 01:12:00,280
Speaker 1: out for the American context is truths around history. People

1391
01:12:00,320 --> 01:12:03,479
Speaker 1: feel more comfortable and safe in terms of their own

1392
01:12:04,000 --> 01:12:07,120
Speaker 1: life and livelihood, then they will have more space to

1393
01:12:07,439 --> 01:12:10,760
Speaker 1: care about this bigger picture. More you put a more

1394
01:12:10,800 --> 01:12:12,840
Speaker 1: high minded concern I call them more sort of like

1395
01:12:12,920 --> 01:12:16,120
Speaker 1: long term, medium term concerns, you know, then they'll have

1396
01:12:16,200 --> 01:12:18,640
Speaker 1: more space to be able to engage with that in

1397
01:12:18,680 --> 01:12:21,320
Speaker 1: a real way. But when you're just like I got

1398
01:12:21,320 --> 01:12:23,760
Speaker 1: to pay rent, like right now, I have to be

1399
01:12:23,760 --> 01:12:28,080
Speaker 1: able to feed my kids like lunch today, Yeah, you're

1400
01:12:28,080 --> 01:12:30,480
Speaker 1: not going to have a lot of time or mental

1401
01:12:30,600 --> 01:12:34,599
Speaker 1: space and energy to care about these, you know, higher

1402
01:12:34,720 --> 01:12:37,559
Speaker 1: level concerns, which is not that they're not important, but

1403
01:12:37,640 --> 01:12:40,439
Speaker 1: when you're struggling for survival today, you just don't have

1404
01:12:40,520 --> 01:12:44,360
Speaker 1: the luxury to engage with that. So again, it's not

1405
01:12:44,520 --> 01:12:46,880
Speaker 1: that I'm not alarmed by the state of the country.

1406
01:12:46,920 --> 01:12:49,240
Speaker 1: It's that I actually am alarmed, and I think that

1407
01:12:49,320 --> 01:12:52,240
Speaker 1: the way that they're going about addressing it is a disaster,

1408
01:12:52,400 --> 01:12:55,080
Speaker 1: has been a disaster, will be a disaster in November,

1409
01:12:55,520 --> 01:12:57,080
Speaker 1: and the only thing that they know how to do

1410
01:12:57,240 --> 01:12:59,479
Speaker 1: is like lecture the American people that they're not concerned

1411
01:12:59,520 --> 01:13:01,519
Speaker 1: about the right. Yeah, it's like, you're too stupid, you

1412
01:13:01,560 --> 01:13:03,880
Speaker 1: care about the wrong stuff. Don't let people tell you

1413
01:13:03,960 --> 01:13:06,479
Speaker 1: what to care about. You're an individual citizen. You can

1414
01:13:06,479 --> 01:13:09,439
Speaker 1: care about whatever you want. And people tell them every

1415
01:13:09,479 --> 01:13:11,519
Speaker 1: single day, this is what I care about, this is

1416
01:13:11,520 --> 01:13:13,080
Speaker 1: what I care about, this is what I care about.

1417
01:13:13,200 --> 01:13:16,879
Speaker 1: And they say, well, then you're an insurrectionist supporter, or oh,

1418
01:13:16,880 --> 01:13:19,920
Speaker 1: well you're a bad citizen for not being engaged. You know,

1419
01:13:20,280 --> 01:13:22,559
Speaker 1: these people are always trying to tell others how to

1420
01:13:22,600 --> 01:13:25,800
Speaker 1: live their lives. It's just that's not how power works.

1421
01:13:25,840 --> 01:13:28,280
Speaker 1: That's not how it should work in a democracy. And

1422
01:13:28,320 --> 01:13:31,000
Speaker 1: I think it's very telling that this mindset is what

1423
01:13:31,040 --> 01:13:33,920
Speaker 1: prevails amongst all of these media elites. And also it's

1424
01:13:34,000 --> 01:13:36,559
Speaker 1: very telling that it's a failure. You know, for all

1425
01:13:36,600 --> 01:13:39,280
Speaker 1: of the Talk of the jan six, twenty million, fewer

1426
01:13:39,320 --> 01:13:41,640
Speaker 1: than ten million tuned into the next one. Yeah, and

1427
01:13:41,680 --> 01:13:44,639
Speaker 1: then they had to postpone because I love this, they said.

1428
01:13:44,840 --> 01:13:51,280
Speaker 1: Our staff video editors, they're really tired. They're so yeah,

1429
01:13:51,600 --> 01:13:54,800
Speaker 1: it's act, but our staff is really tied. Hire some

1430
01:13:54,840 --> 01:13:57,439
Speaker 1: more staff. Yeah, hire more staff, I mean, or if

1431
01:13:57,439 --> 01:13:59,919
Speaker 1: you care so much, if the staffers thought it was important,

1432
01:14:00,280 --> 01:14:02,760
Speaker 1: guarantee you they would stay up. Our people work harder

1433
01:14:02,800 --> 01:14:05,240
Speaker 1: than them. You had a long time too, Yeah, I

1434
01:14:05,240 --> 01:14:08,880
Speaker 1: know that. Okay, all right, right, we produced a show

1435
01:14:09,120 --> 01:14:12,000
Speaker 1: in forty five minutes. You can ask our people. Well,

1436
01:14:12,040 --> 01:14:15,080
Speaker 1: go back there. That's actually a great segue some little

1437
01:14:15,120 --> 01:14:19,400
Speaker 1: announcements that we're excited about here at Breaking Points. So,

1438
01:14:19,439 --> 01:14:20,800
Speaker 1: first of all, I don't know if you guys saw this,

1439
01:14:20,960 --> 01:14:24,880
Speaker 1: but we actually got some favorable press coverage here Breaking

1440
01:14:24,960 --> 01:14:27,160
Speaker 1: joints a very nice write up in the New Yorker.

1441
01:14:27,240 --> 01:14:29,400
Speaker 1: Go ahead and throw this up on the screen. This

1442
01:14:29,439 --> 01:14:32,120
Speaker 1: is from Cal Newport and he uses as kind of

1443
01:14:32,120 --> 01:14:34,840
Speaker 1: a case study for what he describes as the rise

1444
01:14:34,840 --> 01:14:37,599
Speaker 1: of the Internet's creative middle class. And he's talking about

1445
01:14:37,640 --> 01:14:40,160
Speaker 1: there was this sort of theory of a thousand true fans,

1446
01:14:40,320 --> 01:14:42,800
Speaker 1: right being able. This came from Kevin Kelly being able

1447
01:14:42,800 --> 01:14:45,280
Speaker 1: to you know, support this sort of like middle tier

1448
01:14:45,280 --> 01:14:47,479
Speaker 1: of creators. And so he actually came into the studio

1449
01:14:47,560 --> 01:14:51,599
Speaker 1: and saw our operation. And he does a good job

1450
01:14:51,720 --> 01:14:54,799
Speaker 1: in this piece of capturing the day to day vibe

1451
01:14:54,800 --> 01:14:57,920
Speaker 1: of the show and the overall ethos. So it's always

1452
01:14:57,920 --> 01:15:01,200
Speaker 1: a little nerve wracking when you engage with journalists and

1453
01:15:01,200 --> 01:15:04,200
Speaker 1: engaged with the mainstream press. But this actually came out really,

1454
01:15:04,280 --> 01:15:05,920
Speaker 1: really well, and we were very pleased. When I first

1455
01:15:05,960 --> 01:15:09,080
Speaker 1: saw the email and it said New Yorker Profile Breaking Points,

1456
01:15:09,120 --> 01:15:11,960
Speaker 1: I was like, oh yeah, But then I was like, oh,

1457
01:15:12,000 --> 01:15:15,240
Speaker 1: it's cow. So I know Calport and Newport a little bit.

1458
01:15:15,280 --> 01:15:17,439
Speaker 1: I read his books actually for years. Actually, right before

1459
01:15:17,439 --> 01:15:20,840
Speaker 1: I started Rising with You, I was on vacation and

1460
01:15:20,920 --> 01:15:23,080
Speaker 1: I read Cal Newport's book Deep Work, which is one

1461
01:15:23,080 --> 01:15:25,240
Speaker 1: of the best books I've ever read. He wrote another

1462
01:15:25,240 --> 01:15:28,240
Speaker 1: book called was like the War on Email, or like

1463
01:15:28,320 --> 01:15:31,160
Speaker 1: why we shouldn't be using email? He famously as competit

1464
01:15:31,240 --> 01:15:33,760
Speaker 1: don't know, but I already on board. Actually we had

1465
01:15:33,800 --> 01:15:35,400
Speaker 1: him on the show. I think you were not here

1466
01:15:35,400 --> 01:15:37,880
Speaker 1: for that segment. I think Marshall was in at that time,

1467
01:15:37,920 --> 01:15:40,280
Speaker 1: but we interviewed him. He was here on Breaking Points.

1468
01:15:40,320 --> 01:15:43,599
Speaker 1: He was like vaguely familiar with the concept and uh so, anyway,

1469
01:15:43,680 --> 01:15:46,160
Speaker 1: so he's the one who emailed, and I knew cal

1470
01:15:46,360 --> 01:15:48,200
Speaker 1: was a good guy. I read some of his previous work.

1471
01:15:48,400 --> 01:15:50,559
Speaker 1: I trusted some of his stuff. So we invited him

1472
01:15:50,600 --> 01:15:52,519
Speaker 1: here to the studio and he kind of, you know,

1473
01:15:52,560 --> 01:15:54,960
Speaker 1: profiled us in the context of this, and I think

1474
01:15:55,000 --> 01:15:57,639
Speaker 1: what we're proud of, and me in particular, is that

1475
01:15:57,920 --> 01:15:59,920
Speaker 1: this just does show you a way of an altern

1476
01:16:00,360 --> 01:16:03,920
Speaker 1: funding model which can work, can scale. It's tunny too,

1477
01:16:03,960 --> 01:16:05,800
Speaker 1: because while he was here, he was like, well, you

1478
01:16:05,800 --> 01:16:07,439
Speaker 1: guys gonna expand, and we were really weighing it. We

1479
01:16:07,439 --> 01:16:09,559
Speaker 1: didn't know at the time, but we really did strike

1480
01:16:09,600 --> 01:16:12,960
Speaker 1: gold with our subscriber partnership model, which is we don't

1481
01:16:12,960 --> 01:16:15,679
Speaker 1: know in your content. You do whatever you want, We'll

1482
01:16:15,720 --> 01:16:18,280
Speaker 1: pay you and we support you. Put it on our channel,

1483
01:16:18,520 --> 01:16:20,680
Speaker 1: you promote whatever the hell you like. Oh you have

1484
01:16:20,680 --> 01:16:23,599
Speaker 1: a substack, great, grow it. It's all win win. Yeah,

1485
01:16:23,720 --> 01:16:27,160
Speaker 1: you have a channel like James Lee, subscribe please. I

1486
01:16:27,200 --> 01:16:30,719
Speaker 1: want you to go and watch him, Max Alvarez, Ryan,

1487
01:16:31,040 --> 01:16:33,839
Speaker 1: all of these people, Marshall's interviews like these just enhance

1488
01:16:34,160 --> 01:16:37,080
Speaker 1: the product. Everything kind of grows up together. So really

1489
01:16:37,080 --> 01:16:39,479
Speaker 1: considering and discovering that model even after he was here,

1490
01:16:39,479 --> 01:16:41,600
Speaker 1: which was several months ago, and then watching it in

1491
01:16:41,640 --> 01:16:43,320
Speaker 1: the kind of in the context of this, I think

1492
01:16:43,320 --> 01:16:46,120
Speaker 1: it just does show you the future and look, I'm

1493
01:16:46,160 --> 01:16:48,360
Speaker 1: still really excited and I know I said we're gonna

1494
01:16:48,360 --> 01:16:52,080
Speaker 1: have big announcement, but paperwork got involved. We will have

1495
01:16:52,120 --> 01:16:55,120
Speaker 1: tickets on sale for our road show as soon as

1496
01:16:55,120 --> 01:16:58,200
Speaker 1: the lawyers will allow me to announce it. So there

1497
01:16:58,200 --> 01:17:00,560
Speaker 1: you go. Yeah, there was a moment and Cal was

1498
01:17:00,600 --> 01:17:03,160
Speaker 1: here when he asked his leg so, what's like your

1499
01:17:03,160 --> 01:17:05,840
Speaker 1: exit strategy? And were we both of us are like

1500
01:17:05,880 --> 01:17:08,280
Speaker 1: what well, because he was like, oh, why don't you

1501
01:17:08,320 --> 01:17:10,160
Speaker 1: just build it up and take some cash and then

1502
01:17:10,280 --> 01:17:13,200
Speaker 1: and sell it? And we're like, I don't really not

1503
01:17:13,240 --> 01:17:16,160
Speaker 1: what we were We're not why we're here, not at

1504
01:17:16,200 --> 01:17:17,880
Speaker 1: all why we're here. I hope that comes through to

1505
01:17:17,880 --> 01:17:21,080
Speaker 1: you guys, that really genuinely we love doing the show,

1506
01:17:21,280 --> 01:17:23,800
Speaker 1: We love hearing from you, We love trying to come

1507
01:17:23,880 --> 01:17:26,479
Speaker 1: up with new ways to deliver a better product and

1508
01:17:26,760 --> 01:17:29,120
Speaker 1: you know, a broader product and have on the ground.

1509
01:17:29,560 --> 01:17:33,160
Speaker 1: That's what really motivates us here. And so it was

1510
01:17:33,200 --> 01:17:35,679
Speaker 1: cool to see you know that captured in this piece

1511
01:17:35,760 --> 01:17:37,800
Speaker 1: a little bit. He got it. Yeah, he did. It

1512
01:17:38,280 --> 01:17:39,840
Speaker 1: came through in the piece that he sort of that

1513
01:17:39,880 --> 01:17:41,880
Speaker 1: he sort of got what we were doing here. The

1514
01:17:41,920 --> 01:17:46,360
Speaker 1: other news is later today I'll be flying to La

1515
01:17:46,720 --> 01:17:51,120
Speaker 1: for my return to Bill Maher. I'm excited about Yeah,

1516
01:17:51,160 --> 01:17:55,080
Speaker 1: I mean it's also the weather Well, it is doing

1517
01:17:55,080 --> 01:17:57,280
Speaker 1: that show. This will be my third time on the show,

1518
01:17:58,040 --> 01:18:03,200
Speaker 1: and it is a very different experience. The budget of

1519
01:18:03,240 --> 01:18:07,000
Speaker 1: that show is crazy, Like the level, I don't really

1520
01:18:07,000 --> 01:18:08,800
Speaker 1: get it. The production led They have you on like

1521
01:18:08,840 --> 01:18:10,840
Speaker 1: an actual like Hollywood set, and of course they have

1522
01:18:10,880 --> 01:18:13,360
Speaker 1: the live audience, and the live audience makes it very different,

1523
01:18:13,800 --> 01:18:17,400
Speaker 1: makes the energy a lot different. And I have no

1524
01:18:17,479 --> 01:18:20,400
Speaker 1: idea who watches how many people watch the show my watch,

1525
01:18:21,040 --> 01:18:23,559
Speaker 1: but it definitely has a lot of you know, sort

1526
01:18:23,560 --> 01:18:26,320
Speaker 1: of like it gets a lot of mainstream pickup, and

1527
01:18:26,400 --> 01:18:29,280
Speaker 1: the Twitter clips, to be fair, do go quite viral. Yeah,

1528
01:18:29,320 --> 01:18:31,600
Speaker 1: on YouTube as well. Last time I was on it

1529
01:18:31,640 --> 01:18:36,200
Speaker 1: was during the twenty twenty primary, and Bill had floated like,

1530
01:18:36,280 --> 01:18:38,439
Speaker 1: you know, we just need a generic Democrat and he

1531
01:18:38,680 --> 01:18:42,000
Speaker 1: had this line of like I'm looking hard at Amy Klobashar,

1532
01:18:42,479 --> 01:18:47,839
Speaker 1: and totally unintentionally, I made this very bemused smirk face. Ye. Yeah,

1533
01:18:47,880 --> 01:18:51,200
Speaker 1: And literally the thing that got the most pick up

1534
01:18:51,240 --> 01:18:53,200
Speaker 1: from my appearance, and I think from that entire show,

1535
01:18:53,439 --> 01:18:56,439
Speaker 1: was the face that I made, the Amy Klobashar face.

1536
01:18:56,520 --> 01:18:58,720
Speaker 1: So it should be a fun experience. I'm looking forward

1537
01:18:58,760 --> 01:19:01,000
Speaker 1: to it. It's aust since I've been on a plane.

1538
01:19:01,000 --> 01:19:03,040
Speaker 1: To be honest with you, Oh wow, yeah, I don't

1539
01:19:03,080 --> 01:19:05,479
Speaker 1: even You don't have to wear a mask, so that's fine,

1540
01:19:05,479 --> 01:19:08,400
Speaker 1: I got it. Yeah, it's it's pretty nice. Yeah, recently,

1541
01:19:08,400 --> 01:19:10,479
Speaker 1: I flew to LA recently. Man, I'm looking at the

1542
01:19:10,479 --> 01:19:13,240
Speaker 1: weather right now. You're you're in four. Yeah, it looks

1543
01:19:13,280 --> 01:19:15,559
Speaker 1: really nice. And Kyle's coming with me, so that'll be fun.

1544
01:19:15,600 --> 01:19:17,200
Speaker 1: I think we're going to record some like behind the

1545
01:19:17,200 --> 01:19:19,920
Speaker 1: scenes stuff. Oh cool. Yeah, I love Los Angeles. Shout

1546
01:19:19,920 --> 01:19:21,599
Speaker 1: out to LA. A lot of breakers out there in

1547
01:19:21,720 --> 01:19:24,120
Speaker 1: LA too, That's right. So look, I think you're gonna

1548
01:19:24,120 --> 01:19:26,599
Speaker 1: have a great time. I'm excited to watch it. I

1549
01:19:26,640 --> 01:19:29,400
Speaker 1: hope that we can have a couple of clips that

1550
01:19:29,479 --> 01:19:33,200
Speaker 1: really just expose like MSM elite thinking, because that is

1551
01:19:33,280 --> 01:19:36,479
Speaker 1: always what shines through the most from mar But he

1552
01:19:36,560 --> 01:19:39,560
Speaker 1: does have some boomer resistance tendencies which I would like

1553
01:19:39,560 --> 01:19:42,280
Speaker 1: to see. Impressed. He's all over the map. He's he's Jerry,

1554
01:19:42,360 --> 01:19:45,400
Speaker 1: I listen, Rogan. He's a strange guy. I mean, in

1555
01:19:45,479 --> 01:19:50,080
Speaker 1: the first Bernie's First, he endorsed Bernie no I remember,

1556
01:19:50,160 --> 01:19:51,920
Speaker 1: and then to go into I mean even just that

1557
01:19:52,040 --> 01:19:54,040
Speaker 1: shows the difference than then in twenty twenty you want

1558
01:19:54,040 --> 01:19:57,320
Speaker 1: to you're looking hard at Amy Globishire, like what how

1559
01:19:57,320 --> 01:19:59,040
Speaker 1: did you get from there to there? I think the

1560
01:19:59,080 --> 01:20:01,519
Speaker 1: first exposure I ever had tomar I was like in

1561
01:20:01,640 --> 01:20:05,720
Speaker 1: high school and I watched Religious, which was that documentary

1562
01:20:05,880 --> 01:20:07,840
Speaker 1: that he made. He was at that time very much

1563
01:20:07,880 --> 01:20:12,280
Speaker 1: in like the new atheist YouTube Richard docum space. Yes,

1564
01:20:12,760 --> 01:20:14,880
Speaker 1: very into that. That was my first exposure to him.

1565
01:20:14,920 --> 01:20:17,360
Speaker 1: He was a big inspiration for Kyle starting his challenge

1566
01:20:18,120 --> 01:20:21,120
Speaker 1: secular talk. He was very into that like new atheist stuff,

1567
01:20:21,120 --> 01:20:23,120
Speaker 1: which is kind of like, you know, as I think

1568
01:20:23,160 --> 01:20:26,439
Speaker 1: a lot of people did, kind of evolved beyond not

1569
01:20:26,479 --> 01:20:29,639
Speaker 1: to say that he's like a big like religious believer now,

1570
01:20:29,640 --> 01:20:31,639
Speaker 1: but he's just not as sort of like zealous about

1571
01:20:31,640 --> 01:20:33,920
Speaker 1: that stuff. It is interesting to see the connection. I

1572
01:20:34,280 --> 01:20:36,400
Speaker 1: was very into this stuff too, way back in the day,

1573
01:20:36,479 --> 01:20:38,640
Speaker 1: and I went some of the talks and actually was

1574
01:20:38,680 --> 01:20:40,720
Speaker 1: too Yeah. I mean it kind of was kind of

1575
01:20:40,760 --> 01:20:45,720
Speaker 1: the first versioning of the Internet movement, like an alternative

1576
01:20:45,760 --> 01:20:49,160
Speaker 1: scene that really got people jazzed. And so anyway, I

1577
01:20:49,160 --> 01:20:51,400
Speaker 1: remember him. I remember Sam Harris a lot of real

1578
01:20:51,439 --> 01:20:54,680
Speaker 1: way to have like a cultural descent, because yeah, and

1579
01:20:54,720 --> 01:20:57,920
Speaker 1: this was the height of Bush like Bush the rise

1580
01:20:58,000 --> 01:21:01,360
Speaker 1: of the evangelical right as like age or major political

1581
01:21:01,400 --> 01:21:04,519
Speaker 1: force within the Republican Party and all of that. It's

1582
01:21:04,640 --> 01:21:08,599
Speaker 1: like very overt within the Bush administration. So yeah, anyway,

1583
01:21:09,240 --> 01:21:12,080
Speaker 1: all of that being said, it should be an interesting experience.

1584
01:21:12,160 --> 01:21:14,200
Speaker 1: I probably I'm not supposed to say the topics I

1585
01:21:14,240 --> 01:21:17,160
Speaker 1: already have like a little bit of window into what

1586
01:21:17,400 --> 01:21:19,679
Speaker 1: giveaways are likely to be. I won't give it away,

1587
01:21:19,680 --> 01:21:22,320
Speaker 1: but I will say that it is the topics that

1588
01:21:22,439 --> 01:21:25,360
Speaker 1: we have been told about thus far are ones I'm

1589
01:21:25,400 --> 01:21:27,840
Speaker 1: really excited to dig into some of them. I think

1590
01:21:27,880 --> 01:21:29,799
Speaker 1: I'll agree with Bill on some of them. I definitely

1591
01:21:29,880 --> 01:21:32,559
Speaker 1: won't agree with Bill on. So it should be like

1592
01:21:32,600 --> 01:21:35,360
Speaker 1: a nice kind of kind of dynamited to blow the boomers.

1593
01:21:35,360 --> 01:21:37,599
Speaker 1: We'll give and take there. There was some actual facts

1594
01:21:37,600 --> 01:21:43,040
Speaker 1: in logic, all right, So I really look at it.

1595
01:21:43,040 --> 01:21:45,759
Speaker 1: It's been more than one hundred days since Russia invaded Ukraine.

1596
01:21:45,800 --> 01:21:48,000
Speaker 1: It's time to start taking stock of our strategy. There

1597
01:21:48,160 --> 01:21:50,439
Speaker 1: is it working or not? When I say our I

1598
01:21:50,479 --> 01:21:53,639
Speaker 1: don't mean mind preferred strategy. I mean Biden's Biden's chief

1599
01:21:53,640 --> 01:21:55,760
Speaker 1: aim when it came to Russia after the invasion of

1600
01:21:55,840 --> 01:21:58,599
Speaker 1: Ukraine was to support the Ukrainian military to the best

1601
01:21:58,640 --> 01:22:01,360
Speaker 1: of our ability and degrade aid the Russian states ability

1602
01:22:01,360 --> 01:22:05,519
Speaker 1: to wage war through unprecedented financial sanctions designed to defang

1603
01:22:05,600 --> 01:22:08,479
Speaker 1: their economy and the war machine. So let's start with

1604
01:22:08,640 --> 01:22:13,440
Speaker 1: that goal articulated again very clearly, punishing Russia's economy, degrading

1605
01:22:13,479 --> 01:22:17,240
Speaker 1: the ability of the Putin machine to wage war against Ukraine.

1606
01:22:17,360 --> 01:22:19,879
Speaker 1: The impetus is what led the United States to pursue

1607
01:22:19,960 --> 01:22:23,479
Speaker 1: those extraordinary sanctions against Russia, pushing them out of the

1608
01:22:23,520 --> 01:22:26,679
Speaker 1: global financial system, cracking down on their ability to conduct commerce,

1609
01:22:26,800 --> 01:22:30,000
Speaker 1: and most crucially, the West organizing an effort to ban

1610
01:22:30,240 --> 01:22:33,120
Speaker 1: Russian oil given the fact that forty five percent of

1611
01:22:33,160 --> 01:22:36,720
Speaker 1: the entire Russian economy is oil. Based upon this, it

1612
01:22:36,800 --> 01:22:40,360
Speaker 1: seemed like an obvious strategy. So how's it going. Well,

1613
01:22:40,400 --> 01:22:42,640
Speaker 1: it turns out that because the West is not the

1614
01:22:42,680 --> 01:22:45,839
Speaker 1: whole world, the opposite of what was intended has happened.

1615
01:22:46,120 --> 01:22:50,440
Speaker 1: Russia just posted an all time record in oil profits

1616
01:22:50,520 --> 01:22:54,599
Speaker 1: since they invaded Ukraine, earning some one hundred billion euros

1617
01:22:54,600 --> 01:22:58,000
Speaker 1: in the last couple months alone. Why well, because of

1618
01:22:58,040 --> 01:23:01,799
Speaker 1: the basic laws of economics. By sanctioning and banning Russian

1619
01:23:01,800 --> 01:23:05,560
Speaker 1: oil in the West, we artificially reduce the supply available

1620
01:23:05,600 --> 01:23:09,080
Speaker 1: to the Western market. This bid up the price of globally,

1621
01:23:09,080 --> 01:23:11,719
Speaker 1: pushing gas prices for the West to all time highs,

1622
01:23:12,040 --> 01:23:14,920
Speaker 1: creating all sorts of screwy problems in our supply chains.

1623
01:23:15,160 --> 01:23:18,400
Speaker 1: At the same time, while the global price of oil skyrocketed,

1624
01:23:18,640 --> 01:23:21,000
Speaker 1: China and India, who do not share the same vision

1625
01:23:21,000 --> 01:23:24,080
Speaker 1: of the Ukraine conflict as the West, are buying Russian

1626
01:23:24,080 --> 01:23:27,719
Speaker 1: oil at an elevated but still discounted rate to the market.

1627
01:23:28,000 --> 01:23:30,799
Speaker 1: So in effect, here is what Western sanctions have done.

1628
01:23:30,920 --> 01:23:34,400
Speaker 1: We pushed prices for our citizens to all time highs.

1629
01:23:34,640 --> 01:23:37,800
Speaker 1: We have created a discount market for Asia, and the

1630
01:23:37,800 --> 01:23:41,040
Speaker 1: Putin war machine has been enriched to a historic degree.

1631
01:23:41,120 --> 01:23:44,840
Speaker 1: In fact, Russia's economy appears to be suffering only on

1632
01:23:44,920 --> 01:23:48,320
Speaker 1: the most basic consumer level, but the promise of financially

1633
01:23:48,439 --> 01:23:51,800
Speaker 1: nuking their ability to wage war is not coming true.

1634
01:23:52,479 --> 01:23:56,799
Speaker 1: Russia currently has a record account surplus in June alone

1635
01:23:57,040 --> 01:24:00,280
Speaker 1: because of skyrocketing oil prices, the highest that they have

1636
01:24:00,320 --> 01:24:04,280
Speaker 1: seen domestically since nineteen ninety four. You combine that with

1637
01:24:04,360 --> 01:24:07,719
Speaker 1: strict capital controls, they have stabilized the price of the ruble,

1638
01:24:07,920 --> 01:24:10,439
Speaker 1: and while they are projected to contract by nearly eight

1639
01:24:10,439 --> 01:24:13,240
Speaker 1: percent this year, that is really not enough to diminish

1640
01:24:13,240 --> 01:24:16,680
Speaker 1: their ability to continue the war. This is particularly infuriating

1641
01:24:16,840 --> 01:24:20,519
Speaker 1: because it was so obvious we on this show were

1642
01:24:20,560 --> 01:24:24,479
Speaker 1: warning at the beginning these sanctions policy were uncharted waters

1643
01:24:24,560 --> 01:24:27,120
Speaker 1: we could dramatically screw up the global economy and the

1644
01:24:27,120 --> 01:24:30,679
Speaker 1: supply chain, and nobody listened, in fact called US Russian

1645
01:24:30,680 --> 01:24:33,680
Speaker 1: stooges for warning about the follow on effects. Guess what,

1646
01:24:34,000 --> 01:24:37,559
Speaker 1: They're starting to realize that in the freaking White House,

1647
01:24:37,800 --> 01:24:41,679
Speaker 1: and the reporting on this is infuriating. Bloomberg News reports

1648
01:24:41,680 --> 01:24:45,560
Speaker 1: that the White House officials now privately admit they underestimated

1649
01:24:45,600 --> 01:24:49,800
Speaker 1: the collateral damage of sanctions on Russia. They underestimated the

1650
01:24:49,880 --> 01:24:52,439
Speaker 1: level of inflation it would cause here at home, and

1651
01:24:52,520 --> 01:24:55,599
Speaker 1: in fact are alarmed at all of the US companies

1652
01:24:55,640 --> 01:24:58,519
Speaker 1: pulling out of Russia, despite the fact that they never

1653
01:24:58,560 --> 01:25:01,680
Speaker 1: asked them to. Furthermore, they acknowledge in the report the

1654
01:25:01,680 --> 01:25:04,799
Speaker 1: effect of the sanctions has devastated the average Russian citizen

1655
01:25:05,000 --> 01:25:07,360
Speaker 1: and has not hurt Putin as much as they wanted to,

1656
01:25:07,680 --> 01:25:11,679
Speaker 1: while raising serious problems for our basic ability to provide

1657
01:25:11,800 --> 01:25:16,160
Speaker 1: our citizens with food and gas. Who could have predicted this?

1658
01:25:16,160 --> 01:25:18,719
Speaker 1: This means they were either too dumb in the beginning

1659
01:25:18,800 --> 01:25:21,679
Speaker 1: to anticipate the effect of that strategy, or they lied

1660
01:25:21,720 --> 01:25:24,519
Speaker 1: to all of us. Honestly, I don't know which is worse.

1661
01:25:24,840 --> 01:25:27,120
Speaker 1: Consider that the pain being caused here at home is

1662
01:25:27,120 --> 01:25:30,200
Speaker 1: a deliberate choice by the Biden administration. We are the

1663
01:25:30,240 --> 01:25:32,960
Speaker 1: ones who encouraged the Europeans and the Germans to ban

1664
01:25:33,120 --> 01:25:36,759
Speaker 1: Russian oil they did not want to. By pursuing that decision,

1665
01:25:36,920 --> 01:25:40,280
Speaker 1: we skyrocketed the price for all of us. The opposite

1666
01:25:40,320 --> 01:25:43,120
Speaker 1: of the intended effect is now happening. We are sanctioning

1667
01:25:43,160 --> 01:25:46,760
Speaker 1: our own citizens. Further proof of the backfire is more

1668
01:25:46,880 --> 01:25:50,080
Speaker 1: recent news by Russia. They abruptly cut off forty percent

1669
01:25:50,160 --> 01:25:52,799
Speaker 1: of the gas flowing to Italy after cutting off sixty

1670
01:25:52,800 --> 01:25:56,479
Speaker 1: percent to Germany. This move alone sent European gas prices

1671
01:25:56,520 --> 01:26:00,920
Speaker 1: spiking by seventeen percent in one day. And you guessed it.

1672
01:26:00,920 --> 01:26:03,280
Speaker 1: It is going to further squeeze markets here at home.

1673
01:26:03,560 --> 01:26:06,040
Speaker 1: If they cannot buy it from Russia, they got to

1674
01:26:06,080 --> 01:26:09,400
Speaker 1: buy it from somewhere else, and that means we are

1675
01:26:09,439 --> 01:26:12,240
Speaker 1: all going to pay to cool our homes this summer

1676
01:26:12,400 --> 01:26:15,720
Speaker 1: and generally see even higher inflation. Now, tell me, does

1677
01:26:15,760 --> 01:26:18,080
Speaker 1: that move by Russia sound like one of someone who

1678
01:26:18,160 --> 01:26:20,960
Speaker 1: is financially desperate. The truth is is that Russia would

1679
01:26:21,040 --> 01:26:23,160
Speaker 1: let that gas flow and they would take the money

1680
01:26:23,240 --> 01:26:25,679
Speaker 1: if they actually needed it. They are in a position

1681
01:26:25,800 --> 01:26:29,000
Speaker 1: right now where they are reaping so much financial reward

1682
01:26:29,040 --> 01:26:31,559
Speaker 1: on the Asian markets from oil and making money hand

1683
01:26:31,600 --> 01:26:34,760
Speaker 1: over fist, they are able to actually weaponize Italian and

1684
01:26:34,800 --> 01:26:38,680
Speaker 1: German reliance on Russian gas to punish the Western economies

1685
01:26:38,840 --> 01:26:42,360
Speaker 1: and target consumer prices for everyone. This is the move

1686
01:26:42,439 --> 01:26:46,560
Speaker 1: of a defiant state not close to capitulation. Perhaps you

1687
01:26:46,600 --> 01:26:49,040
Speaker 1: could say it's all worth it if the war machine

1688
01:26:49,080 --> 01:26:52,360
Speaker 1: was degraded, and while yes, the Russian military has embarrassed

1689
01:26:52,360 --> 01:26:55,400
Speaker 1: itself in Ukraine, it is not vanquished by any means.

1690
01:26:55,600 --> 01:26:58,320
Speaker 1: In fact, right now Ukraine is losing about two hundred

1691
01:26:58,320 --> 01:27:00,599
Speaker 1: men per day on the front line, warning that they

1692
01:27:00,600 --> 01:27:03,879
Speaker 1: face military defeat in the East. Without a surge of weapons.

1693
01:27:04,080 --> 01:27:06,880
Speaker 1: By all measures, it seems very unlikely they will be

1694
01:27:06,880 --> 01:27:10,240
Speaker 1: able to prevail beyond a long and a grinding front line,

1695
01:27:10,320 --> 01:27:13,639
Speaker 1: which will substantially diminish Ukraine's ability to wage war from

1696
01:27:13,680 --> 01:27:17,280
Speaker 1: a BodyCount perspective. So not only are we not accomplishing

1697
01:27:17,280 --> 01:27:20,479
Speaker 1: our strategic objective visa viither Russian economy, but the war

1698
01:27:20,600 --> 01:27:23,519
Speaker 1: machine that we hope to diminish is actually winning on

1699
01:27:23,600 --> 01:27:27,479
Speaker 1: the battlefield right now. I understand it feels nice to

1700
01:27:27,560 --> 01:27:30,120
Speaker 1: say things like I'm willing to pay more for gas

1701
01:27:30,160 --> 01:27:34,439
Speaker 1: to defeat Russia, or we need quote unquote do something.

1702
01:27:34,960 --> 01:27:38,559
Speaker 1: That's not how oil works, it's not how war works,

1703
01:27:38,840 --> 01:27:42,760
Speaker 1: it's not how politics works. By nearly all measures, the

1704
01:27:42,760 --> 01:27:46,240
Speaker 1: Western response to this situation has not worked even close

1705
01:27:46,280 --> 01:27:48,559
Speaker 1: to us promised, and we have been lied to, we

1706
01:27:48,640 --> 01:27:52,320
Speaker 1: have been made poorer, and the goals have not been accomplished.

1707
01:27:52,600 --> 01:27:55,120
Speaker 1: So next time that we confront a situation like this,

1708
01:27:55,640 --> 01:27:59,080
Speaker 1: it's imperative that we act through strategy and not emotion,

1709
01:27:59,479 --> 01:28:02,040
Speaker 1: because while well, they may feel good, it may not

1710
01:28:02,280 --> 01:28:05,760
Speaker 1: actually work. I'm not saying, Crystal, that the Russians are

1711
01:28:05,800 --> 01:28:08,720
Speaker 1: like doing well. And if you want to hear my

1712
01:28:08,880 --> 01:28:12,320
Speaker 1: reaction to Sager's monologue, become a premium subscriber today at

1713
01:28:12,400 --> 01:28:17,360
Speaker 1: Breakingpoints dot Com. Crystal, what are you taking a look at? Well? Guys,

1714
01:28:17,400 --> 01:28:19,439
Speaker 1: there are new reports this week that President Biden is

1715
01:28:19,520 --> 01:28:23,560
Speaker 1: increasingly frustrated with rising prices and his seeming complete impotence

1716
01:28:23,720 --> 01:28:26,519
Speaker 1: to stop their climb. This is from the Washington Post. Apparently,

1717
01:28:26,520 --> 01:28:29,000
Speaker 1: on a recent trip to Iowa to tout ramping up

1718
01:28:29,000 --> 01:28:32,360
Speaker 1: ethanol production in an attempt to ease gas prices, Biden

1719
01:28:32,400 --> 01:28:34,759
Speaker 1: complained he kind of thought the trip and the policy

1720
01:28:34,960 --> 01:28:38,360
Speaker 1: both complete bullshit. According to the report quote, Biden dismissed

1721
01:28:38,400 --> 01:28:41,120
Speaker 1: the policy as ineffective and question the value of the trip.

1722
01:28:41,120 --> 01:28:43,680
Speaker 1: According to two people familiar with the conversations, after he

1723
01:28:43,760 --> 01:28:46,080
Speaker 1: returned to the White House, he hauled his senior staff,

1724
01:28:46,320 --> 01:28:49,320
Speaker 1: including Chief of Staff Ron Klaine, into the Oval office,

1725
01:28:49,479 --> 01:28:52,639
Speaker 1: badgering them with questions about the purpose of the event.

1726
01:28:53,320 --> 01:28:55,840
Speaker 1: Biden's recent op ed on how he planned a curb

1727
01:28:55,880 --> 01:28:59,839
Speaker 1: inflation was equally pathetic, among a grab bag of ideas.

1728
01:28:59,880 --> 01:29:02,639
Speaker 1: His his big play was basically, let's just trust the Fed,

1729
01:29:02,840 --> 01:29:04,439
Speaker 1: and in his zop ed, he makes it clear he

1730
01:29:04,479 --> 01:29:06,920
Speaker 1: wants them to crank up interest rates fast and high.

1731
01:29:07,120 --> 01:29:10,520
Speaker 1: He writes, first, the Federal Reserve has a primary responsibility

1732
01:29:10,560 --> 01:29:13,639
Speaker 1: to control inflation. I agree with their assessment that fighting

1733
01:29:13,640 --> 01:29:16,760
Speaker 1: inflation is our top economic challenge right now. If that

1734
01:29:16,840 --> 01:29:19,000
Speaker 1: wasn't clear enough messaging for the FED board, he then

1735
01:29:19,040 --> 01:29:21,000
Speaker 1: hosted FED shared her own palette the White House to

1736
01:29:21,120 --> 01:29:25,160
Speaker 1: convey his position in person. Now we know what massive

1737
01:29:25,200 --> 01:29:28,080
Speaker 1: FED tightening of the sort that Biden is pushing looks like,

1738
01:29:28,240 --> 01:29:31,920
Speaker 1: and it is a catastrophe for you. It's a recession

1739
01:29:32,120 --> 01:29:35,320
Speaker 1: that chokes wages, destroys jobs, and makes the daily struggle

1740
01:29:35,360 --> 01:29:38,639
Speaker 1: for millions of Americans a living hell. It's not even

1741
01:29:38,720 --> 01:29:42,400
Speaker 1: clear that this will really effectively curb inflation either, since

1742
01:29:42,439 --> 01:29:45,400
Speaker 1: consumer demand is only one piece of the inflation puzzle,

1743
01:29:45,400 --> 01:29:48,519
Speaker 1: and frankly, it's a quickly diminishing piece at that. If

1744
01:29:48,560 --> 01:29:52,240
Speaker 1: the FED chokes demand but doesn't actually curb inflation, we

1745
01:29:52,320 --> 01:29:55,880
Speaker 1: could enter a devastating period of stagflation that would wreak

1746
01:29:55,920 --> 01:29:59,400
Speaker 1: havoc on our already precariously balanced society. Now we could,

1747
01:29:59,400 --> 01:30:02,920
Speaker 1: in theory, rus inflation without crushing working class lives, but

1748
01:30:02,960 --> 01:30:06,200
Speaker 1: that would require dealing with corporate greed, supply chain fragility,

1749
01:30:06,280 --> 01:30:09,840
Speaker 1: fossil fuel dependence, and rampant Wall Street speculation. Those things

1750
01:30:09,840 --> 01:30:12,400
Speaker 1: are hard, though, and there are at odds with Biden's

1751
01:30:12,400 --> 01:30:15,920
Speaker 1: standard Washington ideology. So better just to let the FED

1752
01:30:15,960 --> 01:30:17,960
Speaker 1: take a sledgehammer to your bank account and hope that

1753
01:30:17,960 --> 01:30:21,680
Speaker 1: that does the trick. Now, there's actually a weird and

1754
01:30:21,760 --> 01:30:25,040
Speaker 1: revealing obsession in this Biden op ed with quote not

1755
01:30:25,240 --> 01:30:28,600
Speaker 1: meddling with the FED. Biden repeatedly assures readers that he

1756
01:30:28,640 --> 01:30:31,080
Speaker 1: thinks doing such a thing would be an unacceptable horror,

1757
01:30:31,320 --> 01:30:34,000
Speaker 1: as if the looming threat of a president giving direction

1758
01:30:34,040 --> 01:30:35,880
Speaker 1: to the Fed is what keeps voters up at night,

1759
01:30:35,920 --> 01:30:37,360
Speaker 1: and not you know whether or not they can put

1760
01:30:37,360 --> 01:30:39,719
Speaker 1: free meals on the table the next day. In fact,

1761
01:30:40,080 --> 01:30:43,240
Speaker 1: Biden's obsession with process and following the rules of the

1762
01:30:43,240 --> 01:30:46,280
Speaker 1: current market obsessed economic project for the last forty years

1763
01:30:46,560 --> 01:30:49,320
Speaker 1: are exactly the reason why he's been unable to muster

1764
01:30:49,479 --> 01:30:52,840
Speaker 1: anything approaching an adequate response to the economic moment. Now,

1765
01:30:52,880 --> 01:30:54,960
Speaker 1: there are a million economists hot takes right now that

1766
01:30:55,000 --> 01:30:57,639
Speaker 1: there isn't really much that Biden could do. But that's

1767
01:30:57,760 --> 01:31:00,400
Speaker 1: only the case if you are wholly unwilling, willing to

1768
01:31:00,479 --> 01:31:04,000
Speaker 1: color outside of the lines of the established order. Now,

1769
01:31:04,000 --> 01:31:07,080
Speaker 1: Biden was elected in part because he represented a safe

1770
01:31:07,200 --> 01:31:11,480
Speaker 1: version of standard neoliberalism. In this case, that standard neoliberalism

1771
01:31:11,640 --> 01:31:14,040
Speaker 1: has been a disaster. So here are a few examples

1772
01:31:14,040 --> 01:31:16,000
Speaker 1: of things that he could do if he was willing

1773
01:31:16,000 --> 01:31:18,839
Speaker 1: to color outside of the lines. Congress and Rocana published

1774
01:31:18,840 --> 01:31:21,400
Speaker 1: an op ed recently taking aim at Biden's inaction, which

1775
01:31:21,439 --> 01:31:24,680
Speaker 1: made the case for two big things, one grand experimentation

1776
01:31:24,760 --> 01:31:26,680
Speaker 1: of the type pursued by FDR to deal with the

1777
01:31:26,680 --> 01:31:31,599
Speaker 1: Great Depression, and two direct market intervention. Now, in my opinion,

1778
01:31:31,760 --> 01:31:34,040
Speaker 1: as you likely know, the best policy for dealing with

1779
01:31:34,040 --> 01:31:37,040
Speaker 1: our present gas woes and future gas woes is nationalization.

1780
01:31:37,240 --> 01:31:39,280
Speaker 1: Take the profit mode of out of oil and gas production,

1781
01:31:39,560 --> 01:31:42,200
Speaker 1: put public interests at the center of decision making so

1782
01:31:42,280 --> 01:31:44,479
Speaker 1: that we can ramp up production in the short term

1783
01:31:44,560 --> 01:31:47,200
Speaker 1: and wind down production in the media term medium term.

1784
01:31:47,520 --> 01:31:50,160
Speaker 1: But Rocana he's more of a moderate, and he proposes

1785
01:31:50,200 --> 01:31:54,599
Speaker 1: a few highly worthwhile direct market interventions. Specifically, he wants

1786
01:31:54,600 --> 01:31:57,240
Speaker 1: the federal government to ban exports of oil to increase

1787
01:31:57,280 --> 01:32:00,160
Speaker 1: domestic supply. He wants the Congress to impose a in

1788
01:32:00,200 --> 01:32:02,400
Speaker 1: fall tax on the big oil companies, which are currently

1789
01:32:02,479 --> 01:32:04,479
Speaker 1: flush with cash and just using it to pay off

1790
01:32:04,479 --> 01:32:07,799
Speaker 1: their wealthy investors. And finally, he wants the federal government

1791
01:32:07,800 --> 01:32:11,000
Speaker 1: to become a market player in gas and food staples,

1792
01:32:11,400 --> 01:32:13,360
Speaker 1: buying the dip and selling it to the market as

1793
01:32:13,400 --> 01:32:16,400
Speaker 1: prices rise to help smooth prices and avoid the huge

1794
01:32:16,400 --> 01:32:19,160
Speaker 1: shocks that we have been seeing now. It's keeping Biden

1795
01:32:19,160 --> 01:32:21,639
Speaker 1: from implementing these ideas, which at least have a chance

1796
01:32:22,000 --> 01:32:25,880
Speaker 1: of curbing rising prices without crushing your life. Well, some

1797
01:32:25,960 --> 01:32:29,600
Speaker 1: Republicans somewhere might say it's too socialisty. In fact, just

1798
01:32:29,640 --> 01:32:32,280
Speaker 1: the suggestion of these ideas by Congressman Conna was actually

1799
01:32:32,320 --> 01:32:34,559
Speaker 1: met with Fox News diatribes about how such an idea

1800
01:32:34,600 --> 01:32:36,280
Speaker 1: would basically be the end of the country as we

1801
01:32:36,360 --> 01:32:39,400
Speaker 1: know it. Make no mistake, Republicans, They're getting a lot

1802
01:32:39,400 --> 01:32:41,519
Speaker 1: of mileage out of decrying inflation right now, but they

1803
01:32:41,560 --> 01:32:43,679
Speaker 1: have no plans to actually fix it outside of also

1804
01:32:43,720 --> 01:32:47,040
Speaker 1: destroying your life now. In addition to these ideas, Kana

1805
01:32:47,160 --> 01:32:49,439
Speaker 1: and a few other Democrats are also taking a look

1806
01:32:49,680 --> 01:32:53,000
Speaker 1: at whether a loophole allowing rampant Wall Street speculation in

1807
01:32:53,000 --> 01:32:56,639
Speaker 1: the oil markets is also exacerbating inflation at the gas pump.

1808
01:32:56,960 --> 01:32:59,559
Speaker 1: Jonathan Larson over at TYT has been chasing this one down,

1809
01:32:59,600 --> 01:33:02,479
Speaker 1: so no doubt part of the price rise and gas

1810
01:33:02,600 --> 01:33:05,160
Speaker 1: is due to do with basic supply and demand issues,

1811
01:33:05,520 --> 01:33:08,840
Speaker 1: But some analysts are now questioning whether that is really

1812
01:33:08,880 --> 01:33:13,040
Speaker 1: the entirety of the story. So oil production is actually

1813
01:33:13,240 --> 01:33:16,800
Speaker 1: up year over year. US domestic production is significantly up

1814
01:33:16,880 --> 01:33:19,040
Speaker 1: and expected to break records in the coming year, so

1815
01:33:19,080 --> 01:33:22,720
Speaker 1: we don't have this huge problem of oil scarcity. Demand

1816
01:33:22,960 --> 01:33:25,120
Speaker 1: is more or less back to pre pandemic levels, although

1817
01:33:25,200 --> 01:33:27,559
Speaker 1: no cadre of work from home warriors and continued global

1818
01:33:27,600 --> 01:33:30,160
Speaker 1: COVID outbreaks have kept oil consumption from getting all the

1819
01:33:30,200 --> 01:33:32,680
Speaker 1: way back to where it was pre pandemic. So it's

1820
01:33:32,720 --> 01:33:35,240
Speaker 1: also not like we have this crazy, unheard of level

1821
01:33:35,240 --> 01:33:38,639
Speaker 1: of demand driving up prices. Look, there are other factors

1822
01:33:38,680 --> 01:33:41,679
Speaker 1: as well, Putin's price hike I suppose, and lingering supply

1823
01:33:41,760 --> 01:33:43,720
Speaker 1: chain issues, but it sure seems like we have an

1824
01:33:43,720 --> 01:33:47,440
Speaker 1: oil market that has become unglued from the basic fundamentals

1825
01:33:47,439 --> 01:33:50,760
Speaker 1: of supply and demand. And when that happens, you can

1826
01:33:50,840 --> 01:33:54,639
Speaker 1: almost always look to Wall Street gambling and fakery. In fact,

1827
01:33:55,000 --> 01:33:58,280
Speaker 1: there is a loophole allowing a particularly reckless form of

1828
01:33:58,320 --> 01:34:02,160
Speaker 1: speculating using fake international swaps that experts have recognized in

1829
01:34:02,200 --> 01:34:05,280
Speaker 1: the past as fueling price spikes at the pump. One

1830
01:34:05,320 --> 01:34:08,280
Speaker 1: expert who has been completely dead on with this stuff

1831
01:34:08,280 --> 01:34:11,880
Speaker 1: in the past thinks that just closing that one loophole,

1832
01:34:12,200 --> 01:34:16,000
Speaker 1: or even potentially just threatening to close the loophole, could

1833
01:34:16,080 --> 01:34:18,880
Speaker 1: drop gas prices as much as twenty five percent, though

1834
01:34:18,880 --> 01:34:21,479
Speaker 1: it is really hard to know precisely now That action

1835
01:34:21,600 --> 01:34:25,200
Speaker 1: obviously could be taken just by Joe Biden alone. So

1836
01:34:25,240 --> 01:34:27,920
Speaker 1: why isn't he at least trying it? Well? Because Wall

1837
01:34:27,960 --> 01:34:30,680
Speaker 1: Street goruls would inevitably how about the injustice of it all?

1838
01:34:30,720 --> 01:34:32,960
Speaker 1: On the horrors of regulating market So, as of today,

1839
01:34:33,320 --> 01:34:36,000
Speaker 1: the ability of speculators to gamble with your bank account

1840
01:34:36,280 --> 01:34:39,640
Speaker 1: that continues unchecked. For those who want to read the specifics,

1841
01:34:39,680 --> 01:34:41,760
Speaker 1: I will link to Jonathan's article in the description is

1842
01:34:41,760 --> 01:34:44,759
Speaker 1: a little complex, but is worth digging into here. Now, finally,

1843
01:34:45,080 --> 01:34:48,879
Speaker 1: let's talk about Putin's price hike. Russia's war on Ukraine

1844
01:34:49,040 --> 01:34:51,320
Speaker 1: is not the sole cause of inflation, of course, but

1845
01:34:51,439 --> 01:34:54,439
Speaker 1: it is decidedly a factor at this point. And while

1846
01:34:54,479 --> 01:34:58,240
Speaker 1: we cannot directly control Vladimir Putin's actions, we do control

1847
01:34:58,360 --> 01:35:01,479
Speaker 1: our response. We did we have to wage financial warfare

1848
01:35:01,520 --> 01:35:03,880
Speaker 1: on Russia. We did not have to ban Russian oil.

1849
01:35:04,040 --> 01:35:06,080
Speaker 1: We did not have to adopt a policy of keeping

1850
01:35:06,080 --> 01:35:09,920
Speaker 1: the war going rather than prushing for a negotiation, but

1851
01:35:10,080 --> 01:35:14,400
Speaker 1: rejecting the economic warfare sanctions regime would also mean rejecting

1852
01:35:14,439 --> 01:35:18,040
Speaker 1: that standard neoliberal mindset that blindly punishes ordinary citizens for

1853
01:35:18,080 --> 01:35:21,080
Speaker 1: the wrongdoing of their leaders. And pushing for peace would

1854
01:35:21,120 --> 01:35:24,760
Speaker 1: mean rejecting another dominant ideology, that of the neocons and

1855
01:35:24,800 --> 01:35:27,160
Speaker 1: the war profiteers, who are getting fat and happy with

1856
01:35:27,280 --> 01:35:30,000
Speaker 1: every new billion dollar check we stroke to the military

1857
01:35:30,080 --> 01:35:34,719
Speaker 1: industrial complex. Instead, we have adopted a standard Washington policy

1858
01:35:34,800 --> 01:35:39,799
Speaker 1: with predictably disastrous results for really everyone concerned. Biden's political

1859
01:35:39,840 --> 01:35:43,360
Speaker 1: and ideological positioning at the center of Washington orthodoxy that

1860
01:35:43,520 --> 01:35:46,600
Speaker 1: was supposed to be what made him electable, but it

1861
01:35:46,680 --> 01:35:50,240
Speaker 1: is exactly his thorough commitment to that Wall Street centric

1862
01:35:50,280 --> 01:35:53,479
Speaker 1: ideology which has resulted in an economic disaster for the

1863
01:35:53,560 --> 01:35:57,799
Speaker 1: nation and a political disaster for the Democratic Party. People

1864
01:35:57,920 --> 01:36:00,400
Speaker 1: really don't care how you get there or whether some

1865
01:36:00,439 --> 01:36:03,280
Speaker 1: idiot says your idea is socialists. They care that they

1866
01:36:03,280 --> 01:36:05,320
Speaker 1: can buy gas to get to work, make rent, and

1867
01:36:05,360 --> 01:36:07,960
Speaker 1: put meals on the table. Doing what it takes to

1868
01:36:08,120 --> 01:36:11,479
Speaker 1: make that happen is not radical. It is exactly at

1869
01:36:11,560 --> 01:36:15,320
Speaker 1: the center of what the American people deserve and sober

1870
01:36:15,520 --> 01:36:17,560
Speaker 1: you know, just this morning we're learning and if you

1871
01:36:17,600 --> 01:36:20,320
Speaker 1: want to hear my reaction to Crystal's monologue, become a

1872
01:36:20,400 --> 01:36:26,479
Speaker 1: premium subscriber today at Breakingpoints dot com. Joining us now

1873
01:36:26,520 --> 01:36:28,839
Speaker 1: is Ron Ivy is a visiting researcher at the Harvard

1874
01:36:28,880 --> 01:36:31,760
Speaker 1: Human Flourishing Program. We're joking it's got of a sinister name,

1875
01:36:31,760 --> 01:36:34,160
Speaker 1: but we promise he's a good guy. Ron, thanks so

1876
01:36:34,200 --> 01:36:37,360
Speaker 1: much for joining us. We really appreciate it. Thank you

1877
01:36:37,400 --> 01:36:40,240
Speaker 1: all for having me absolutely So the reason we wanted

1878
01:36:40,240 --> 01:36:42,160
Speaker 1: to talk to you is I've been really fascinated in

1879
01:36:42,200 --> 01:36:45,600
Speaker 1: the last several months, even years about ESG, and so

1880
01:36:46,080 --> 01:36:48,840
Speaker 1: we've seen a bit of a turn against ESG when

1881
01:36:48,880 --> 01:36:51,960
Speaker 1: we're talking about oil and gas markets, the Dow Jones,

1882
01:36:52,040 --> 01:36:54,160
Speaker 1: d S and P five hundred. Let's put this up

1883
01:36:54,160 --> 01:36:57,160
Speaker 1: there on the screen, which is actually the SEC is

1884
01:36:57,200 --> 01:37:01,719
Speaker 1: now even investigating Goldman Sachs over ESG funds. But please

1885
01:37:01,880 --> 01:37:05,000
Speaker 1: just start at a most basic level. What is ESG

1886
01:37:05,320 --> 01:37:09,439
Speaker 1: and then why should we care about it? So? ESG

1887
01:37:09,560 --> 01:37:12,479
Speaker 1: stands for Environmental, Social and governance and it's a way

1888
01:37:12,520 --> 01:37:14,920
Speaker 1: to frame a certain type of investment or a certain

1889
01:37:14,960 --> 01:37:17,880
Speaker 1: type of investment fund. And it started as a way

1890
01:37:17,920 --> 01:37:24,599
Speaker 1: to understand how investments are how corporate activities affect society, environment,

1891
01:37:24,600 --> 01:37:28,000
Speaker 1: et cetera. And it was an effort to really design

1892
01:37:28,560 --> 01:37:34,000
Speaker 1: products that would improve performance on environmental and social levels

1893
01:37:34,360 --> 01:37:38,040
Speaker 1: and really answered demand that was out there for investments

1894
01:37:38,040 --> 01:37:40,559
Speaker 1: that we're addressing some of these causes that you know

1895
01:37:41,160 --> 01:37:46,559
Speaker 1: are previously not addressed in previous investment structures and the

1896
01:37:46,600 --> 01:37:51,600
Speaker 1: basic investment structure. You're thinking about profit growth, you know,

1897
01:37:51,640 --> 01:37:54,519
Speaker 1: these typical metrics, but there was an effort to try

1898
01:37:54,560 --> 01:37:58,800
Speaker 1: to understand what's the impact of the corporation on the

1899
01:37:58,960 --> 01:38:01,000
Speaker 1: society and the environment. And this is an effort to

1900
01:38:01,000 --> 01:38:03,360
Speaker 1: do that. It's grown in these recent years. It's grown

1901
01:38:03,840 --> 01:38:08,000
Speaker 1: up to now one third of every investment or investment fund.

1902
01:38:08,360 --> 01:38:11,080
Speaker 1: It's projected to get to fifty three trillion dollars over

1903
01:38:11,120 --> 01:38:14,240
Speaker 1: the next three years. It's exploding, and part of that's

1904
01:38:14,280 --> 01:38:16,839
Speaker 1: because of the demand for investment, but it's also because

1905
01:38:17,600 --> 01:38:22,559
Speaker 1: there is an advantage for fund managers to pitch something

1906
01:38:22,640 --> 01:38:25,479
Speaker 1: like this because the adds to their revenues in terms

1907
01:38:25,520 --> 01:38:29,120
Speaker 1: of management fees, and it also allows them to market

1908
01:38:29,160 --> 01:38:32,160
Speaker 1: to new investors, to younger investors. So we're seeing a

1909
01:38:32,200 --> 01:38:35,000
Speaker 1: real explosion in the last few years. Can you explain

1910
01:38:35,280 --> 01:38:40,839
Speaker 1: that piece. Why do ESG investments lead to these larger

1911
01:38:40,960 --> 01:38:47,160
Speaker 1: management fees, Well, because there's more in depth management in

1912
01:38:47,280 --> 01:38:51,200
Speaker 1: terms of the accounting of supposedly they account of an impact.

1913
01:38:51,200 --> 01:38:53,640
Speaker 1: But that's been part of the problem that there is

1914
01:38:53,880 --> 01:38:56,439
Speaker 1: a question about whether the metrics to use or the

1915
01:38:56,479 --> 01:39:01,599
Speaker 1: measurement approaches used are actually actually dealing with impact. So

1916
01:39:01,640 --> 01:39:04,519
Speaker 1: that the justification is, hey, we have we're not just

1917
01:39:04,600 --> 01:39:06,800
Speaker 1: dealing with typical investments. We have to look at an

1918
01:39:06,800 --> 01:39:12,719
Speaker 1: additional criteria for our investment portfolio, which would require additional investment.

1919
01:39:12,800 --> 01:39:15,320
Speaker 1: But the reality is what we're seeing, it's not necessarily

1920
01:39:15,360 --> 01:39:18,640
Speaker 1: always the case. So you caught my eye when you

1921
01:39:18,680 --> 01:39:20,960
Speaker 1: wrote this piece in American Affairs. Put this up there

1922
01:39:20,960 --> 01:39:23,280
Speaker 1: on the screen, encourage everybody to go read it, which

1923
01:39:23,320 --> 01:39:25,880
Speaker 1: we'll have a link in there. Society inc. You know

1924
01:39:26,040 --> 01:39:28,679
Speaker 1: something that I have been really interested in here Ron

1925
01:39:29,080 --> 01:39:32,160
Speaker 1: is the role in which ESG is actually having counter

1926
01:39:32,720 --> 01:39:35,800
Speaker 1: intuitive impacts on our broader society. I think the peak

1927
01:39:35,840 --> 01:39:42,360
Speaker 1: example is Chevron increasing its ESG score or reliability by

1928
01:39:42,400 --> 01:39:44,920
Speaker 1: selling off a mine. And actually, if the mind becomes

1929
01:39:45,000 --> 01:39:47,920
Speaker 1: much more dirty and the environment gets much worse, the

1930
01:39:47,960 --> 01:39:50,600
Speaker 1: same amount of oil is produced and you actually have

1931
01:39:50,640 --> 01:39:53,040
Speaker 1: counterintuiti effects, but they get to get ranked as a

1932
01:39:53,040 --> 01:39:55,680
Speaker 1: green company in the index and get to continue to

1933
01:39:55,720 --> 01:39:59,040
Speaker 1: have some social cachet So tell us about what you're

1934
01:39:59,040 --> 01:40:02,720
Speaker 1: seeing in your research about ESGRAN. So we're basically three

1935
01:40:02,760 --> 01:40:05,360
Speaker 1: things are happening over the last two years. One is

1936
01:40:05,400 --> 01:40:09,240
Speaker 1: there's basically a revelation in the analysis of the funds

1937
01:40:09,240 --> 01:40:12,760
Speaker 1: themselves in a group of academics and journalists over the

1938
01:40:12,840 --> 01:40:15,280
Speaker 1: last year have been looking at what's actually happening in

1939
01:40:15,360 --> 01:40:18,439
Speaker 1: terms of performance and how performance is measured. Floyd Berg

1940
01:40:18,479 --> 01:40:22,160
Speaker 1: and MIT analyzed the criteria that are being used across

1941
01:40:22,160 --> 01:40:26,680
Speaker 1: these various credit agencies that are evaluating environmental and social performance,

1942
01:40:26,680 --> 01:40:30,759
Speaker 1: and what he found was that in some agencies are

1943
01:40:30,479 --> 01:40:34,519
Speaker 1: their evaluations are a company can basically perform at a

1944
01:40:34,640 --> 01:40:36,759
Speaker 1: very high level and then another agency that are performed

1945
01:40:36,760 --> 01:40:41,840
Speaker 1: at a low level. So these distinctions or discrepancies between

1946
01:40:41,840 --> 01:40:44,160
Speaker 1: performance don't give you a lot of confidence that the

1947
01:40:44,439 --> 01:40:49,000
Speaker 1: criteria are actually helpful in evaluating investments. That's led to

1948
01:40:49,360 --> 01:40:53,479
Speaker 1: a retreat in terms of investors. We've seen a big

1949
01:40:53,560 --> 01:40:56,200
Speaker 1: drop over the last six months. In the first quarter,

1950
01:40:56,240 --> 01:40:59,559
Speaker 1: there was a thirty six percent drop in investors that

1951
01:40:59,680 --> 01:41:02,880
Speaker 1: are in these ESG funds. And then third is leading

1952
01:41:02,880 --> 01:41:06,240
Speaker 1: to a reckoning with regulators. So you see, both in

1953
01:41:06,240 --> 01:41:09,120
Speaker 1: the United States and Europe, regulators are starting to ask

1954
01:41:09,240 --> 01:41:12,800
Speaker 1: more questions about what these funds are actually doing, critiquing

1955
01:41:12,920 --> 01:41:17,759
Speaker 1: greenwashing and social washing. And the EU we see the

1956
01:41:18,880 --> 01:41:22,960
Speaker 1: you know, the delivery and development of a new taxonomy

1957
01:41:23,040 --> 01:41:28,799
Speaker 1: of ESG fund nomenclature basically to explain what the terms

1958
01:41:28,840 --> 01:41:33,280
Speaker 1: mean and give more credibility to those ESG terms. Second

1959
01:41:33,280 --> 01:41:36,280
Speaker 1: thing we've seen is actually crackdowns on companies like Deutsche

1960
01:41:36,320 --> 01:41:40,040
Speaker 1: Bank and their subsidiary DFW. See the same thing on

1961
01:41:40,080 --> 01:41:43,200
Speaker 1: the other side. On the United States, we have crackdowns

1962
01:41:43,240 --> 01:41:47,080
Speaker 1: coming in on gold Goldman Sachs potentially and other entities.

1963
01:41:47,160 --> 01:41:51,479
Speaker 1: And then the SEC just releasing new regulations relates to

1964
01:41:51,600 --> 01:41:55,080
Speaker 1: naming funds, but also as it relates to the disclosure

1965
01:41:55,120 --> 01:42:01,479
Speaker 1: requirements on climate change emissions and other types of impact shift.

1966
01:42:01,520 --> 01:42:04,840
Speaker 1: Basically where regulators were hands off and now they've moved

1967
01:42:04,840 --> 01:42:09,400
Speaker 1: into a much more hands on, heavy handed approach to

1968
01:42:09,479 --> 01:42:12,839
Speaker 1: the evaluations. So tell me if I understand this correctly.

1969
01:42:12,840 --> 01:42:16,679
Speaker 1: So basically, you have people who are sort of well meaning,

1970
01:42:16,960 --> 01:42:19,040
Speaker 1: they want their money to be invested in things they

1971
01:42:19,080 --> 01:42:22,680
Speaker 1: can feel good about. Wall Street says, no problem, pay

1972
01:42:22,760 --> 01:42:24,759
Speaker 1: us a little extra money. We can make that happen

1973
01:42:24,840 --> 01:42:27,800
Speaker 1: for you. Companies say, hey, tell me how I can

1974
01:42:27,840 --> 01:42:31,439
Speaker 1: sort of like navigate the system to trick people into thinking,

1975
01:42:31,760 --> 01:42:35,960
Speaker 1: if you know, total like classic greenwashing situation for the companies.

1976
01:42:36,400 --> 01:42:39,840
Speaker 1: And so it's really those ordinary, those those investors at

1977
01:42:39,840 --> 01:42:41,680
Speaker 1: the beginning who are kind of getting duped by the

1978
01:42:41,720 --> 01:42:43,639
Speaker 1: system who think that they're putting their money into good

1979
01:42:43,680 --> 01:42:46,880
Speaker 1: things and having social impact, but really not. Is there

1980
01:42:46,960 --> 01:42:49,760
Speaker 1: a better way to run the system. So you're talking

1981
01:42:49,800 --> 01:42:53,760
Speaker 1: about regulators sort of cracking down from what I read, effectively,

1982
01:42:53,800 --> 01:42:56,040
Speaker 1: the only way that the SEC can go after companies

1983
01:42:56,280 --> 01:42:59,800
Speaker 1: is if they represented something to their investors that ended

1984
01:42:59,800 --> 01:43:03,040
Speaker 1: it up being just completely false, because it's not like

1985
01:43:03,080 --> 01:43:07,880
Speaker 1: there's some overarching sort of like ESG regulatory scheme wherea

1986
01:43:08,280 --> 01:43:10,080
Speaker 1: regulators can really come in and say, no, you're not

1987
01:43:10,200 --> 01:43:14,920
Speaker 1: meeting the legally set standards that would match up with

1988
01:43:15,120 --> 01:43:17,360
Speaker 1: you know, what investors would ultimately expect. So, is there

1989
01:43:17,400 --> 01:43:19,640
Speaker 1: a way to do this that doesn't just result in

1990
01:43:19,680 --> 01:43:24,640
Speaker 1: bullshitting and greenwashing? Ultimately? Yeah, I think you fundamentally have

1991
01:43:24,720 --> 01:43:27,920
Speaker 1: to go back and look at how corporations are structured

1992
01:43:28,640 --> 01:43:31,960
Speaker 1: and how our political economy is structured, and just be realistic.

1993
01:43:32,000 --> 01:43:34,160
Speaker 1: I mean the way that we're set up, as you

1994
01:43:34,240 --> 01:43:37,240
Speaker 1: all well know, the last forty years, we've moved into

1995
01:43:37,280 --> 01:43:41,639
Speaker 1: this shareholder maximization approach started by Freedman in the late

1996
01:43:41,680 --> 01:43:45,720
Speaker 1: seventies early eighties, to where corporations their sole goal is

1997
01:43:45,720 --> 01:43:50,479
Speaker 1: to maximize shareholder returns. That's set in the culture of companies,

1998
01:43:50,479 --> 01:43:53,240
Speaker 1: that's set in the structures of organizations, that's set in

1999
01:43:53,520 --> 01:43:56,240
Speaker 1: the law actually, so it's very difficult for corporations to

2000
01:43:56,600 --> 01:43:59,720
Speaker 1: think outside of that box. And then the second thing,

2001
01:44:00,040 --> 01:44:03,200
Speaker 1: as you've all reported well, our economy is very concentrated

2002
01:44:03,720 --> 01:44:07,799
Speaker 1: because of the lacks anti trust law and the growing

2003
01:44:07,960 --> 01:44:13,519
Speaker 1: concentration of corporations. Coupled with that mindset of shareholder tour

2004
01:44:13,600 --> 01:44:17,320
Speaker 1: return maximization. If you try to do ESG metrics, then

2005
01:44:17,360 --> 01:44:20,240
Speaker 1: you have some you know, changing in naming and nomenclature.

2006
01:44:20,960 --> 01:44:24,160
Speaker 1: It's really fundamentally not going to change things. Your point

2007
01:44:24,200 --> 01:44:28,839
Speaker 1: to still have corporations have that fundamental motivation to maximize

2008
01:44:28,880 --> 01:44:32,840
Speaker 1: shaholder returns. And if there's a conflict with social impact

2009
01:44:32,960 --> 01:44:36,040
Speaker 1: or environmental impact, we know what they're going to choose,

2010
01:44:36,520 --> 01:44:39,519
Speaker 1: So how do you solve that? Well, on one thing

2011
01:44:39,520 --> 01:44:43,000
Speaker 1: we could do is from the United States government perspective,

2012
01:44:43,040 --> 01:44:49,080
Speaker 1: we could again to measure and evaluate performance separate from

2013
01:44:49,120 --> 01:44:52,280
Speaker 1: the companies, create a separate entity that created some kind

2014
01:44:52,320 --> 01:44:56,240
Speaker 1: of corporate accountability organization that could use all of the

2015
01:44:56,320 --> 01:44:58,080
Speaker 1: various tools that are out there in terms of data

2016
01:44:58,360 --> 01:45:04,120
Speaker 1: and analytics and artificial intelligence to understand the corporate performance

2017
01:45:04,120 --> 01:45:07,280
Speaker 1: and how they're impacting the core things that impact our

2018
01:45:07,320 --> 01:45:11,479
Speaker 1: life air, water, uh, you know the other things like

2019
01:45:11,520 --> 01:45:14,599
Speaker 1: social trust, et cetera. Uh you know, how do how

2020
01:45:14,600 --> 01:45:18,599
Speaker 1: do we know that they're they're performing well? Unless we

2021
01:45:18,640 --> 01:45:20,840
Speaker 1: measure from our perspective, It's never going to work if

2022
01:45:20,840 --> 01:45:22,840
Speaker 1: that comes from the corporate perspective because they're just not

2023
01:45:23,240 --> 01:45:26,960
Speaker 1: designed to to operate that way. I think that's really

2024
01:45:27,000 --> 01:45:29,280
Speaker 1: well said. Let's end on that note. Everybody I check

2025
01:45:29,600 --> 01:45:31,080
Speaker 1: go in ahead and check out Ron's work when I

2026
01:45:31,120 --> 01:45:33,160
Speaker 1: have linked there in the description. And we appreciate you

2027
01:45:33,200 --> 01:45:34,880
Speaker 1: joining us. Man, Thank you great to have your on.

2028
01:45:36,000 --> 01:45:39,599
Speaker 1: Thank you absolutely sure, Thank you guys so much for watching.

2029
01:45:39,720 --> 01:45:42,840
Speaker 1: Really appreciate it. As I alluded to earlier, for legal

2030
01:45:42,880 --> 01:45:46,280
Speaker 1: reasons and bureaucratic reasons. The announcement on our road tour

2031
01:45:46,320 --> 01:45:49,599
Speaker 1: and the tickets will come next week. I'm hammering as

2032
01:45:49,600 --> 01:45:52,080
Speaker 1: hard as I possibly can, so bear with us. We're sorry,

2033
01:45:52,680 --> 01:45:55,639
Speaker 1: but stay tuned. It will be coming along with another

2034
01:45:55,640 --> 01:45:58,720
Speaker 1: announcement specifically for all of our premium subscribers, so we're

2035
01:45:58,760 --> 01:46:01,320
Speaker 1: going to announce those two in pair. In the meantime,

2036
01:46:01,320 --> 01:46:03,400
Speaker 1: we've got a ton of people coming in the studio

2037
01:46:03,439 --> 01:46:06,160
Speaker 1: and record some great content for all of you, partner content,

2038
01:46:06,240 --> 01:46:09,160
Speaker 1: So thank you for supporting us in that way. Premium subscribers.

2039
01:46:09,160 --> 01:46:11,200
Speaker 1: For those who want to support link is down there

2040
01:46:11,320 --> 01:46:13,439
Speaker 1: description and we'll see you all next week. Love you guys,

2041
01:46:13,479 --> 01:48:16,559
Speaker 1: See you next week. Shot Stump Stump, Shot Stop it

2042
01:48:02,680 --> 01:48:02,840
Speaker 1: wou