1 00:00:00,320 --> 00:00:03,400 Speaker 1: Cable news is ripping us apart, dividing the nation, making 2 00:00:03,480 --> 00:00:05,920 Speaker 1: it impossible to function as a society and to know 3 00:00:05,960 --> 00:00:08,720 Speaker 1: what is true and what is false. The good news 4 00:00:08,800 --> 00:00:10,840 Speaker 1: is that they're failing and they know it. That is 5 00:00:10,840 --> 00:00:14,840 Speaker 1: why we're building something new. Be part of creating a new, better, healthier, 6 00:00:14,880 --> 00:00:17,960 Speaker 1: and more trustworthy mainstream by becoming a Breaking Points Premium 7 00:00:17,960 --> 00:00:21,520 Speaker 1: member today at breakingpoints dot com. Your hard earned money 8 00:00:21,560 --> 00:00:23,400 Speaker 1: is going to help us build for the midterms and 9 00:00:23,440 --> 00:00:27,400 Speaker 1: the upcoming presidential election so we can provide unparalleled coverage 10 00:00:27,400 --> 00:00:28,640 Speaker 1: of what is sure to be one of the most 11 00:00:28,640 --> 00:00:32,320 Speaker 1: pivotal moments in American history. So what are you waiting for? 12 00:00:32,520 --> 00:00:53,880 Speaker 1: Go to Breakingpoints dot com to help us out. Good morning, everybody, 13 00:00:53,880 --> 00:00:56,200 Speaker 1: Happy Tuesday. We have an amazing show for everybody today. 14 00:00:56,240 --> 00:00:58,360 Speaker 1: What do we have, prisoul. Indeed, we do a lot 15 00:00:58,480 --> 00:01:01,800 Speaker 1: going on this week, as you know, the January sixth 16 00:01:01,880 --> 00:01:05,320 Speaker 1: hearings continue. There were some interesting nuggets there that there's 17 00:01:05,360 --> 00:01:07,920 Speaker 1: a thing we've actually been covering before about the way 18 00:01:07,959 --> 00:01:11,160 Speaker 1: that Trump raised money and completely fleeced his supporters. So 19 00:01:11,200 --> 00:01:14,080 Speaker 1: we got some more details there will break down for you. Also, 20 00:01:15,000 --> 00:01:19,080 Speaker 1: massive market crash yesterday ended in bear territory, lots of 21 00:01:19,120 --> 00:01:21,880 Speaker 1: speculation about what the Fed is going to do this week. 22 00:01:22,319 --> 00:01:25,920 Speaker 1: Not to mention, I mean crypto falling off a cliff. 23 00:01:26,520 --> 00:01:30,400 Speaker 1: The hashtag black Monday trending on Twitter. So it's hard 24 00:01:30,400 --> 00:01:32,720 Speaker 1: times out here for US folks. Not good, not good 25 00:01:33,160 --> 00:01:36,720 Speaker 1: for those who have invested in any sort of crypto asset. 26 00:01:37,040 --> 00:01:41,119 Speaker 1: We also have some big developments in Ukraine, some new 27 00:01:41,160 --> 00:01:43,760 Speaker 1: indications that this is really pretty study. I mean, you 28 00:01:43,840 --> 00:01:45,800 Speaker 1: all know how much we're sending in terms of millions 29 00:01:45,840 --> 00:01:49,280 Speaker 1: of dollars worth of weapons and aid to the Ukrainians, 30 00:01:49,800 --> 00:01:52,080 Speaker 1: and it turns out we really have no idea what 31 00:01:52,080 --> 00:01:54,240 Speaker 1: they're up to. They're not giving us the full picture 32 00:01:54,360 --> 00:01:56,360 Speaker 1: of how things are going, or what their plans are 33 00:01:56,480 --> 00:01:58,480 Speaker 1: or any of that. Apparently we're not really pressing them 34 00:01:58,480 --> 00:02:01,280 Speaker 1: for that. This all comes as there are new indications 35 00:02:01,280 --> 00:02:04,480 Speaker 1: that they are really struggling with Russia in the eastern 36 00:02:04,480 --> 00:02:06,240 Speaker 1: part of that state, so we'll tell you about that. 37 00:02:06,480 --> 00:02:09,200 Speaker 1: Also a big day for the Amazon labor Union yesterday, 38 00:02:09,280 --> 00:02:11,240 Speaker 1: as Amazon is trying to pull their own little stop 39 00:02:11,240 --> 00:02:15,799 Speaker 1: the steal situation and overturn those rightful election results. We 40 00:02:15,919 --> 00:02:19,959 Speaker 1: also have you knew this was going to happen the 41 00:02:20,000 --> 00:02:25,920 Speaker 1: most cringe possible presidential candidate floated, floated by a supposed 42 00:02:25,960 --> 00:02:30,399 Speaker 1: progressive Liz Cheney for president. Mm hmm. Yeah, so we've 43 00:02:30,440 --> 00:02:32,200 Speaker 1: got that for you as well. Also, very excited to 44 00:02:32,200 --> 00:02:33,840 Speaker 1: talk to James Lee this morning. You guys know, he's 45 00:02:33,840 --> 00:02:36,400 Speaker 1: one of our partners of Breaking Points. He's been doing 46 00:02:36,480 --> 00:02:38,519 Speaker 1: some incredible videos that I know you guys have really 47 00:02:38,520 --> 00:02:40,120 Speaker 1: been enjoying. So we're going to have him as a 48 00:02:40,120 --> 00:02:43,120 Speaker 1: guest in the show to preview his very latest But 49 00:02:43,200 --> 00:02:46,880 Speaker 1: we wanted to start with the markets following off a 50 00:02:46,960 --> 00:02:49,760 Speaker 1: cliff yesterday and what this means going forward. Let's go 51 00:02:49,800 --> 00:02:52,240 Speaker 1: ahead and put that CNBC tear sheet up on the screen. 52 00:02:52,600 --> 00:02:55,200 Speaker 1: The S and P five hundred tumbles nearly four percent 53 00:02:55,360 --> 00:02:58,240 Speaker 1: to a new low for the year, closes in bear 54 00:02:58,360 --> 00:03:01,520 Speaker 1: market territory. Listen, last time we have seen a stock 55 00:03:01,560 --> 00:03:05,119 Speaker 1: market collapse like this, it was right before the COVID crash, when, 56 00:03:05,120 --> 00:03:07,840 Speaker 1: of course, you know, Congress acted and inject a lot 57 00:03:07,880 --> 00:03:11,520 Speaker 1: of money into consumers pockets, but even more overwhelmingly, the 58 00:03:11,520 --> 00:03:15,320 Speaker 1: Fed acted injecting trillions into to backstop the stock and 59 00:03:15,400 --> 00:03:18,400 Speaker 1: the bond markets. Here are the details we have the 60 00:03:18,480 --> 00:03:22,480 Speaker 1: SMP five hundred, falling three point eight eight percent, bringing 61 00:03:22,520 --> 00:03:25,400 Speaker 1: its losses from its January record to more than twenty 62 00:03:25,480 --> 00:03:28,040 Speaker 1: one percent. That, of course, means we are now in 63 00:03:28,080 --> 00:03:31,560 Speaker 1: an official bear market. Some people apparently only count it 64 00:03:31,600 --> 00:03:33,440 Speaker 1: when it ends for the day at the bear market, 65 00:03:33,520 --> 00:03:35,160 Speaker 1: so this is the first time we have been in 66 00:03:35,200 --> 00:03:39,600 Speaker 1: that territory. We have the Dow Jones dropping two point 67 00:03:39,640 --> 00:03:42,960 Speaker 1: seventy nine percent, we have the NASDAC tumbling four point 68 00:03:43,000 --> 00:03:46,560 Speaker 1: six eight percent. At one point during the trading day 69 00:03:46,600 --> 00:03:49,960 Speaker 1: Sagur every single stock in the S and P five 70 00:03:50,080 --> 00:03:55,120 Speaker 1: hundred was down. Only five stocks in the benchmark closed 71 00:03:55,120 --> 00:03:57,760 Speaker 1: the day in the green. So that is what we're 72 00:03:57,800 --> 00:04:00,440 Speaker 1: facing right now. It's really such a disaster. Think about 73 00:04:00,440 --> 00:04:03,360 Speaker 1: people's retirement portfolios or four oh one k's. I mean, 74 00:04:03,400 --> 00:04:05,840 Speaker 1: the most you know thing that people are invested in 75 00:04:05,920 --> 00:04:08,120 Speaker 1: are these index funds, which they always tell you, like, hey, 76 00:04:08,160 --> 00:04:11,320 Speaker 1: s P five hundred returns fourteen percent on average. It's like, well, yeah, 77 00:04:11,360 --> 00:04:13,520 Speaker 1: this is certainly true. You know it what's true for 78 00:04:13,960 --> 00:04:15,680 Speaker 1: a while. But you know a lot of people are 79 00:04:15,680 --> 00:04:18,760 Speaker 1: looking at this and they're just watching their retirement savings 80 00:04:19,120 --> 00:04:22,080 Speaker 1: just fade away. Remember, we have an increasingly aged population 81 00:04:22,240 --> 00:04:23,920 Speaker 1: so this actually could increase the amount of time that 82 00:04:23,960 --> 00:04:26,760 Speaker 1: they even have to continue to work. Or honestly, what's 83 00:04:26,760 --> 00:04:29,440 Speaker 1: even worse is it could force early retirement. People say 84 00:04:29,480 --> 00:04:31,800 Speaker 1: screw it, and they tap into Social Security at this 85 00:04:31,920 --> 00:04:34,719 Speaker 1: you know, two thirds benefit at an early time. It 86 00:04:34,760 --> 00:04:37,679 Speaker 1: has all sorts of screwy effects. Whenever these things start 87 00:04:37,720 --> 00:04:40,880 Speaker 1: to happen. And what is our great president saying about 88 00:04:40,880 --> 00:04:44,200 Speaker 1: this big market crash, this drop, this pain that Americans 89 00:04:44,440 --> 00:04:46,800 Speaker 1: are feeling, Well, he's telling you that none of it's 90 00:04:46,839 --> 00:04:49,880 Speaker 1: actually real. Let's take a listen. The job market is 91 00:04:49,880 --> 00:04:54,039 Speaker 1: the strongest it's been since World War Two, notwithstanding the inflation. 92 00:04:54,720 --> 00:04:57,799 Speaker 1: We added another three hundred and ninety thousand jobs last month, 93 00:04:58,600 --> 00:05:01,720 Speaker 1: eight million, seven one hundred thousand new jobs since I 94 00:05:01,800 --> 00:05:05,479 Speaker 1: took office, an all time record, never that many jobs 95 00:05:05,720 --> 00:05:11,040 Speaker 1: in that period of time. Unemployment rate is near historic lows. 96 00:05:11,520 --> 00:05:14,240 Speaker 1: Millions of Americans are moving up to better jobs and 97 00:05:14,320 --> 00:05:18,640 Speaker 1: better paid since I took office. Families are carrying less 98 00:05:18,720 --> 00:05:22,400 Speaker 1: debt on average in America. They have more savings than 99 00:05:22,440 --> 00:05:25,479 Speaker 1: they've had. And we're doing it all while cutting the 100 00:05:25,480 --> 00:05:31,119 Speaker 1: federal deficit by one point seven trillion dollars this year 101 00:05:31,920 --> 00:05:36,960 Speaker 1: and three hundred and twenty billion last they're still selling that. 102 00:05:37,080 --> 00:05:39,720 Speaker 1: Are you telling me? What are you smoking when you 103 00:05:39,800 --> 00:05:43,200 Speaker 1: think that that is a compelling sell? Yeah, you know what, 104 00:05:43,400 --> 00:05:46,479 Speaker 1: He's right. People are employed. That's great. Here's the problem. 105 00:05:46,520 --> 00:05:49,960 Speaker 1: Their wages went up by two percent inflation. Depending on 106 00:05:50,000 --> 00:05:51,479 Speaker 1: where you look at it and what the people are 107 00:05:51,560 --> 00:05:55,520 Speaker 1: most affected by, well that's like seventeen percent. So your host, 108 00:05:55,560 --> 00:05:58,960 Speaker 1: I mean, you're substantially poorer today than you were two 109 00:05:59,040 --> 00:06:02,440 Speaker 1: years ago. I did some of the envelope math yesterday, Crystal, 110 00:06:02,520 --> 00:06:05,760 Speaker 1: and so get this. The average American nets twenty seven 111 00:06:05,920 --> 00:06:09,479 Speaker 1: hundred dollars per month after taxes, So at five dollars 112 00:06:09,520 --> 00:06:13,239 Speaker 1: a gallon, the average American consumes somewhere around two hundred 113 00:06:13,279 --> 00:06:15,840 Speaker 1: and fifty dollars to three hundred dollars worth of gas 114 00:06:15,880 --> 00:06:18,320 Speaker 1: depending on where you live. As of right now, with 115 00:06:18,400 --> 00:06:21,480 Speaker 1: the current driving standard, that means just ten percent of 116 00:06:21,520 --> 00:06:24,440 Speaker 1: after tax income is going to gas. Ten That used 117 00:06:24,480 --> 00:06:27,400 Speaker 1: to be two to five percent, and obviously that money 118 00:06:27,440 --> 00:06:30,479 Speaker 1: has to come from somewhere. Then you include food and housing, 119 00:06:30,520 --> 00:06:33,600 Speaker 1: both of which have double digit inflation. So you are 120 00:06:33,680 --> 00:06:37,120 Speaker 1: watching the slow erosion of all of the ability for 121 00:06:37,160 --> 00:06:40,200 Speaker 1: people to have consumer spending. I don't know why the 122 00:06:40,279 --> 00:06:43,039 Speaker 1: president cannot speak to that and continues to try and 123 00:06:43,080 --> 00:06:45,560 Speaker 1: gaslight people. This is Obama two point zero. I remember 124 00:06:45,600 --> 00:06:49,279 Speaker 1: it so vividly, you know, twenty eleven. Obama's like, the 125 00:06:49,320 --> 00:06:52,039 Speaker 1: economy's great, We're coming out, we have the you know, 126 00:06:52,040 --> 00:06:55,200 Speaker 1: they had all these fake charts, just like Biden. And meanwhile, 127 00:06:55,320 --> 00:06:58,120 Speaker 1: people lost their homes and they were working two jobs 128 00:06:58,160 --> 00:07:00,880 Speaker 1: and they were under employed. I mean, if anybody who 129 00:07:00,920 --> 00:07:03,800 Speaker 1: other than idiot like Mitt Romney had run against Obama 130 00:07:03,839 --> 00:07:07,160 Speaker 1: and she's like, what was eminently beatable? I read George 131 00:07:07,160 --> 00:07:09,440 Speaker 1: Packer's book is called The Unwinding. It was actually written 132 00:07:09,440 --> 00:07:12,320 Speaker 1: in twenty thirteen, and it was a real precursor to 133 00:07:12,360 --> 00:07:14,920 Speaker 1: all of the problems that we have now. He specifically 134 00:07:14,960 --> 00:07:18,160 Speaker 1: spends time all across the country like in Obama's America 135 00:07:18,320 --> 00:07:20,520 Speaker 1: at the time, and it tells the same story. He's like, man, 136 00:07:20,600 --> 00:07:22,480 Speaker 1: a lot of blue collar people they're just getting they 137 00:07:22,480 --> 00:07:25,200 Speaker 1: have all this credit card debt, housing debt, even they 138 00:07:25,240 --> 00:07:27,280 Speaker 1: lost their homes. They have no ability in order to 139 00:07:27,320 --> 00:07:29,200 Speaker 1: climb out. A lot of them tapped into that social 140 00:07:29,240 --> 00:07:33,840 Speaker 1: security like I'm talking about previously, same exact situation, and 141 00:07:33,880 --> 00:07:36,120 Speaker 1: the president is gaslighting all of us. I mean living 142 00:07:36,160 --> 00:07:38,640 Speaker 1: in parallel reality. Credit card debt has reached an all 143 00:07:38,680 --> 00:07:42,160 Speaker 1: time high. Yeah, that is that is a flashing red 144 00:07:42,320 --> 00:07:45,120 Speaker 1: warning sign. And I mean just look at you. Ask 145 00:07:45,160 --> 00:07:47,160 Speaker 1: people how things are going, they tell you what's not 146 00:07:47,160 --> 00:07:49,600 Speaker 1: going now? Well, country is on the wrong track. My 147 00:07:49,720 --> 00:07:53,080 Speaker 1: economic situation is going backwards. Things feel worse now than 148 00:07:53,120 --> 00:07:57,800 Speaker 1: they did before. People are not stupid, and so Democrats 149 00:07:57,800 --> 00:08:01,160 Speaker 1: have keep going back to this notion of like, oh, 150 00:08:01,200 --> 00:08:03,600 Speaker 1: the media is just not really telling you how great 151 00:08:03,600 --> 00:08:07,280 Speaker 1: the economy. You don't really understand how good the economy 152 00:08:07,320 --> 00:08:10,679 Speaker 1: is and how much we've done for you. Not gonna work, guys, 153 00:08:10,760 --> 00:08:12,960 Speaker 1: and not gonna work. And it just makes you seem 154 00:08:13,160 --> 00:08:16,840 Speaker 1: because you are completely disconnected from the stress and the 155 00:08:16,840 --> 00:08:18,720 Speaker 1: pain that people are feeling right now. And you know, 156 00:08:18,800 --> 00:08:20,680 Speaker 1: with regards to the stock market, of course, you know, 157 00:08:20,720 --> 00:08:23,960 Speaker 1: it's a relatively small slice of America that really benefits 158 00:08:23,960 --> 00:08:26,120 Speaker 1: from the stock market when it goes up. But these 159 00:08:26,120 --> 00:08:28,760 Speaker 1: sorts of things, you know, a bear market doesn't always 160 00:08:28,800 --> 00:08:32,880 Speaker 1: proceed a recession, but it oftentimes does. Like I just said, 161 00:08:32,920 --> 00:08:36,080 Speaker 1: the last two that we had one was before the 162 00:08:36,240 --> 00:08:39,360 Speaker 1: COVID crash, which ended up being brief because of all 163 00:08:39,400 --> 00:08:41,960 Speaker 1: of the trillions of dollars that the Fed and Congress 164 00:08:42,040 --> 00:08:44,480 Speaker 1: injected into the economy. The other was before the housing crash. 165 00:08:44,800 --> 00:08:47,640 Speaker 1: That's the territory that we're looking at right now. And 166 00:08:47,800 --> 00:08:50,760 Speaker 1: on the way down you end up with this sort 167 00:08:50,760 --> 00:08:54,800 Speaker 1: of like mutually reinforcing negative cycle where those people who 168 00:08:54,800 --> 00:08:59,240 Speaker 1: do depend on or have significant retirement savings, they start 169 00:08:59,240 --> 00:09:01,760 Speaker 1: to get nervous, start to pull back. Everybody starts to 170 00:09:01,800 --> 00:09:03,800 Speaker 1: pull back in terms of their spending, They start to 171 00:09:03,840 --> 00:09:06,920 Speaker 1: save more, have a lot less liquidity. You out, on 172 00:09:06,960 --> 00:09:09,280 Speaker 1: top of that, of course, the inflation that is already 173 00:09:09,320 --> 00:09:11,920 Speaker 1: squeezing people and making it so that they have less 174 00:09:11,920 --> 00:09:13,960 Speaker 1: and less and less that they can spend just in 175 00:09:14,000 --> 00:09:18,280 Speaker 1: discretionary spending. You've got a very very dire picture. And 176 00:09:18,840 --> 00:09:21,480 Speaker 1: you know, those signs are being picked up by anyone 177 00:09:21,520 --> 00:09:23,880 Speaker 1: who's really paying attention. The very latest that we have 178 00:09:24,480 --> 00:09:29,840 Speaker 1: this is from JP Morgan Stanley CEO James Gorman, who 179 00:09:29,840 --> 00:09:33,400 Speaker 1: now says there's fifty to fifty odds of a recession ahead. 180 00:09:33,520 --> 00:09:35,720 Speaker 1: We've had other you know, bankers who are looking at 181 00:09:35,720 --> 00:09:37,959 Speaker 1: this and saying that it looks very dire as well. 182 00:09:38,400 --> 00:09:40,240 Speaker 1: You know, you also have as we talked to you 183 00:09:40,280 --> 00:09:45,280 Speaker 1: about yesterday, the FED meeting this week, and previously the 184 00:09:45,360 --> 00:09:47,880 Speaker 1: expectation would be had been all right, we'll have another 185 00:09:48,080 --> 00:09:52,319 Speaker 1: half a point interest rate increase, which is again significant 186 00:09:53,200 --> 00:09:58,439 Speaker 1: but not crazy. Now they're talking about okay, probably the 187 00:09:58,480 --> 00:10:02,760 Speaker 1: baseline is point zer and some are even projecting we 188 00:10:02,840 --> 00:10:06,840 Speaker 1: may have a full one hundred basis point FED hike. 189 00:10:06,920 --> 00:10:09,959 Speaker 1: Go ahead and put this Bloomberg report up on the screen. Well, 190 00:10:10,000 --> 00:10:12,440 Speaker 1: this is the JP Morgan Morning Trading a CPI changed 191 00:10:12,480 --> 00:10:15,080 Speaker 1: to the narrative recession. As inflation accelerates again, go ahead 192 00:10:15,080 --> 00:10:18,160 Speaker 1: and put the next piece up from Bloomberg pockets of 193 00:10:18,200 --> 00:10:21,720 Speaker 1: Wall Street raising the possibility that the Federal Reserve could 194 00:10:21,760 --> 00:10:24,079 Speaker 1: go to extreme lengths on Wednesday in an attempt to 195 00:10:24,120 --> 00:10:28,559 Speaker 1: control the hottest US inflation in four decades. Consensus expectation 196 00:10:28,960 --> 00:10:32,360 Speaker 1: still half a percentage point, but you have two banks 197 00:10:32,400 --> 00:10:35,160 Speaker 1: revising their calls for the potential of seventy five basis 198 00:10:35,160 --> 00:10:37,800 Speaker 1: points as well, and you do have some outliers who 199 00:10:37,800 --> 00:10:39,720 Speaker 1: are saying they may go all the way to one 200 00:10:39,800 --> 00:10:43,240 Speaker 1: hundred basis points. Stephen Englander, global head of G ten 201 00:10:43,360 --> 00:10:46,120 Speaker 1: FX Research at Standard Charter Bank. He says fifty was 202 00:10:46,160 --> 00:10:48,960 Speaker 1: the big round number six months ago. Meanwhile, seventy five 203 00:10:49,040 --> 00:10:51,400 Speaker 1: is a very middling type of hike, so the Fed 204 00:10:51,520 --> 00:10:54,760 Speaker 1: might say, look, if we want to show commitment, let's 205 00:10:54,800 --> 00:10:57,360 Speaker 1: just do one hundred. So when you see the market 206 00:10:57,760 --> 00:11:00,760 Speaker 1: reacting in the way it is this week, this all 207 00:11:00,800 --> 00:11:03,320 Speaker 1: comes on the heels of that dramatic inflation report we 208 00:11:03,400 --> 00:11:06,440 Speaker 1: had last week and their expectations of what the Fed 209 00:11:06,559 --> 00:11:10,120 Speaker 1: is going to do to significantly tighten the economy and 210 00:11:10,320 --> 00:11:13,240 Speaker 1: probably ultimately they're going to trigger a recession. I mean, 211 00:11:13,240 --> 00:11:15,160 Speaker 1: it's just hard to see how they avoid that at 212 00:11:15,200 --> 00:11:17,640 Speaker 1: this point. And the problem with these interest rate increases 213 00:11:17,679 --> 00:11:20,520 Speaker 1: hour as you know, is it takes something like nine 214 00:11:20,520 --> 00:11:23,679 Speaker 1: months to a year to actually see the full effect 215 00:11:23,679 --> 00:11:25,840 Speaker 1: of what they're doing now. So when you see these 216 00:11:25,880 --> 00:11:28,480 Speaker 1: inflation reports coming in, they're acting right now and they're 217 00:11:28,480 --> 00:11:31,760 Speaker 1: making these dramatic moves potentially a full point, well, you 218 00:11:31,800 --> 00:11:34,320 Speaker 1: don't actually feel the impact of that till a year 219 00:11:34,360 --> 00:11:37,360 Speaker 1: from now to see what that actually did to the economy. 220 00:11:37,760 --> 00:11:40,240 Speaker 1: That's why this is such a blood tool. That's why 221 00:11:40,240 --> 00:11:43,200 Speaker 1: it's so difficult to gauge this appropriately and not go 222 00:11:43,320 --> 00:11:47,160 Speaker 1: too far and trigger a really, really painful recession, and 223 00:11:47,200 --> 00:11:49,160 Speaker 1: that's what we're facing down right now. And the other 224 00:11:49,679 --> 00:11:52,000 Speaker 1: kind of wildcard piece of this too is it's not 225 00:11:52,120 --> 00:11:55,040 Speaker 1: just the interest rate hikes. It's also what they do 226 00:11:55,120 --> 00:11:57,280 Speaker 1: with their balance sheet. As you guys know, because we've 227 00:11:57,280 --> 00:11:59,360 Speaker 1: talked about a number of other times on this show, 228 00:11:59,520 --> 00:12:02,160 Speaker 1: the Fed in order to backstop the stock in the 229 00:12:02,160 --> 00:12:05,120 Speaker 1: bond market they create, they bought a lot of assets. 230 00:12:05,160 --> 00:12:10,520 Speaker 1: They have a huge, unprecedented huge balance sheet. They're allowing 231 00:12:10,520 --> 00:12:13,959 Speaker 1: those assets to roll up at what pace they do that, Well, 232 00:12:14,000 --> 00:12:16,880 Speaker 1: that's like adding on another maybe half a point interesstrate 233 00:12:16,960 --> 00:12:19,680 Speaker 1: hike on top of what they're already doing. And there's 234 00:12:19,800 --> 00:12:22,680 Speaker 1: very little precedent for how the markets actually respond to 235 00:12:22,880 --> 00:12:25,080 Speaker 1: what that actually does to the economy, because this is 236 00:12:25,160 --> 00:12:28,080 Speaker 1: really sort of uncharted territory. Yeah. Absolutely, I think people 237 00:12:28,080 --> 00:12:30,000 Speaker 1: should realize. Remember when we were talking a couple of 238 00:12:30,040 --> 00:12:32,920 Speaker 1: weeks ago about how there was this one FED governor 239 00:12:32,960 --> 00:12:34,960 Speaker 1: who was saying, hey, maybe we should hike it. He 240 00:12:35,160 --> 00:12:37,880 Speaker 1: was only talking about a point seventy five basis point bump, 241 00:12:38,080 --> 00:12:40,560 Speaker 1: and people were like, wow, that would be crazy, it 242 00:12:40,600 --> 00:12:44,120 Speaker 1: would be really nudging the market in a different direction. Well, 243 00:12:44,160 --> 00:12:45,920 Speaker 1: now one hundred is on the table. And now, look, 244 00:12:45,960 --> 00:12:48,960 Speaker 1: I know, basis point sounds mysterious, it's not a basis 245 00:12:49,000 --> 00:12:51,959 Speaker 1: point is basically like it's a percentage. So one hundred 246 00:12:52,000 --> 00:12:55,199 Speaker 1: basis points is one percent, So point seven seventy five 247 00:12:55,200 --> 00:12:58,400 Speaker 1: basis points is point seventy five. So remember, though, just 248 00:12:58,559 --> 00:13:00,360 Speaker 1: what is it? Didn't you tell me this? Just a 249 00:13:00,400 --> 00:13:03,840 Speaker 1: couple of interest increases in the mortgage rate. A loan 250 00:13:04,000 --> 00:13:07,440 Speaker 1: accounts for double the price of your mortgage. So you know, 251 00:13:07,559 --> 00:13:10,920 Speaker 1: this is a very real, very real effect whenever it 252 00:13:10,960 --> 00:13:13,800 Speaker 1: comes to not only your mortgage loan, which is the 253 00:13:13,880 --> 00:13:16,120 Speaker 1: vast majority of loans you know, outside of credit card 254 00:13:16,160 --> 00:13:19,040 Speaker 1: that most Americans will experience, but they also mean car loans. 255 00:13:19,080 --> 00:13:20,200 Speaker 1: I mean, if you take a look at the car 256 00:13:20,280 --> 00:13:23,720 Speaker 1: price right now, the financing rates that people are getting 257 00:13:24,000 --> 00:13:25,960 Speaker 1: used to be two or three percent, not even four 258 00:13:26,040 --> 00:13:27,920 Speaker 1: or five months ago. Now you're looking at like five 259 00:13:28,000 --> 00:13:30,720 Speaker 1: percent if you have great credit, nine to ten percent 260 00:13:30,960 --> 00:13:33,440 Speaker 1: if you don't have it. So consider then what that 261 00:13:33,559 --> 00:13:35,520 Speaker 1: means for you and how much more you're going to 262 00:13:35,520 --> 00:13:38,480 Speaker 1: be paying in a cash basis for all of these 263 00:13:38,520 --> 00:13:41,040 Speaker 1: new assets that you might have to finance on top 264 00:13:41,080 --> 00:13:43,360 Speaker 1: of existing credit card debt, which we already know is 265 00:13:43,360 --> 00:13:46,520 Speaker 1: sky high, and it already has ridiculous interest rates. So 266 00:13:46,600 --> 00:13:49,640 Speaker 1: to have one hundred percent but our hundred basis point 267 00:13:49,800 --> 00:13:54,640 Speaker 1: increase even on the table is insanity because it will 268 00:13:54,720 --> 00:13:58,360 Speaker 1: almost certainly trigger a massive sell off on the Dow 269 00:13:58,559 --> 00:14:00,880 Speaker 1: and on the S and P five hundreundred, and like 270 00:14:00,920 --> 00:14:06,040 Speaker 1: I said, it dramatically decreases the available capitable to these businesses, 271 00:14:06,080 --> 00:14:08,240 Speaker 1: which means they can invest, which means they have to 272 00:14:08,240 --> 00:14:11,440 Speaker 1: cut costs in order to maain profitability and even try 273 00:14:11,440 --> 00:14:13,920 Speaker 1: to keep their stock where it is. So all of 274 00:14:13,960 --> 00:14:16,640 Speaker 1: this means at the end of the day, less power 275 00:14:16,679 --> 00:14:19,640 Speaker 1: for you, both in your wallet and in your ability 276 00:14:19,720 --> 00:14:23,320 Speaker 1: to really have gainful opportunity and employment. You know, this 277 00:14:23,360 --> 00:14:26,760 Speaker 1: stuff bleeds through the economy like a virus. And unfortunately, 278 00:14:27,480 --> 00:14:29,520 Speaker 1: the real issue to me is it's not really going 279 00:14:29,600 --> 00:14:32,440 Speaker 1: to do anything except put us into recession. I was 280 00:14:32,520 --> 00:14:36,160 Speaker 1: just reading this morning the complex market conditions which led 281 00:14:36,200 --> 00:14:39,280 Speaker 1: to cheap gas over basically the last ten years. That's 282 00:14:39,360 --> 00:14:42,000 Speaker 1: never going to happen again. We were all basically being 283 00:14:42,040 --> 00:14:45,080 Speaker 1: subsidized by Wall Street traders who were pouring hundreds of 284 00:14:45,120 --> 00:14:47,600 Speaker 1: billions of dollars into these oil companies, so they could 285 00:14:47,640 --> 00:14:50,440 Speaker 1: drill and drill and drill. Well now they're like they're 286 00:14:50,440 --> 00:14:53,000 Speaker 1: fed up, they're done. They want profit, so there's not 287 00:14:53,160 --> 00:14:54,920 Speaker 1: a lot you can do there. On top of that, 288 00:14:54,960 --> 00:14:57,560 Speaker 1: we have a massive supply crunch given what's happening with 289 00:14:57,640 --> 00:15:00,600 Speaker 1: the Russian oil embargo by the European and so the 290 00:15:00,640 --> 00:15:04,440 Speaker 1: complex market conditions that existed for cheap gas are now gone. 291 00:15:04,560 --> 00:15:07,040 Speaker 1: I was talking with Peter Zihon recently. He said something 292 00:15:07,080 --> 00:15:09,400 Speaker 1: which is really struck with me, which is that the 293 00:15:09,440 --> 00:15:13,800 Speaker 1: globalization of the last nineteen nineties have basically made it 294 00:15:13,840 --> 00:15:16,560 Speaker 1: for the last thirty years. That's why inflation was so 295 00:15:16,680 --> 00:15:20,040 Speaker 1: low because we adjusted to just in time delivery, we 296 00:15:20,080 --> 00:15:23,760 Speaker 1: stopped having inventory. We made out so much more efficient economy, 297 00:15:23,800 --> 00:15:26,880 Speaker 1: but less resilient. So the higher efficiency meant that we 298 00:15:26,960 --> 00:15:30,280 Speaker 1: had low inflation. But all of the supply side factors 299 00:15:30,520 --> 00:15:34,640 Speaker 1: are disappearing overnight on top of an over financialization of 300 00:15:34,680 --> 00:15:37,120 Speaker 1: the economy, and that leads to where we are today. 301 00:15:37,160 --> 00:15:39,760 Speaker 1: So it's a real tragedy. I don't see a way 302 00:15:39,760 --> 00:15:41,360 Speaker 1: out of this for I don't know, five ten years. 303 00:15:41,360 --> 00:15:42,880 Speaker 1: I mean, it takes hundreds of billions dollars to crown. 304 00:15:43,440 --> 00:15:46,920 Speaker 1: Here's the thing, because because we basically live in a 305 00:15:46,920 --> 00:15:49,400 Speaker 1: failed state where the President and Conference are unable or 306 00:15:49,440 --> 00:15:52,680 Speaker 1: unwilling to act, and the FED is left as the 307 00:15:52,680 --> 00:15:55,040 Speaker 1: only thing that we're like, well, you guys, through what 308 00:15:55,160 --> 00:15:58,000 Speaker 1: you can do. That means either way you get screwed. 309 00:15:58,120 --> 00:16:01,960 Speaker 1: I mean, if they hike hike interest rates to curb 310 00:16:02,360 --> 00:16:05,520 Speaker 1: inflation and they spark a recession, you get screwed. If 311 00:16:05,520 --> 00:16:08,080 Speaker 1: they don't do that and inflation continues to run rampant, 312 00:16:08,120 --> 00:16:12,160 Speaker 1: you get screwed. I mean, it's just completely the whole 313 00:16:12,160 --> 00:16:16,080 Speaker 1: thing is, it's a disaster, and the fed's policies up 314 00:16:16,120 --> 00:16:18,360 Speaker 1: to this point have also helped to fuel that inflation. 315 00:16:18,440 --> 00:16:20,800 Speaker 1: I mean, the reason we had all these asset bubbles 316 00:16:21,000 --> 00:16:23,440 Speaker 1: to start with was because of the trillions that the 317 00:16:23,480 --> 00:16:26,080 Speaker 1: FED injected into the economy. They help to fuel this 318 00:16:26,200 --> 00:16:29,400 Speaker 1: massive inequality that we have as well. So, you know, 319 00:16:29,720 --> 00:16:33,239 Speaker 1: since we don't have any other mechanisms at our disposal, 320 00:16:33,480 --> 00:16:36,160 Speaker 1: the only thing the FED can do is make it 321 00:16:36,200 --> 00:16:39,080 Speaker 1: so you have less money to spend, so that to 322 00:16:39,200 --> 00:16:42,040 Speaker 1: curb demand from you. That's the only thing that they 323 00:16:42,080 --> 00:16:45,480 Speaker 1: can really do to deal with the situation. Dealing with 324 00:16:45,480 --> 00:16:48,720 Speaker 1: the supply chain issues, dealing with gasper. They don't have 325 00:16:48,840 --> 00:16:51,200 Speaker 1: in control over any of that. All they can do 326 00:16:51,840 --> 00:16:55,400 Speaker 1: is curb, stomp demand. That's it. And so that's why 327 00:16:55,440 --> 00:16:58,920 Speaker 1: this landscape is so dire and why you know, I mean, 328 00:16:58,960 --> 00:17:01,320 Speaker 1: this is something we've been looking at and predicting and 329 00:17:01,360 --> 00:17:03,600 Speaker 1: worrying about for quite a while, but the moment has 330 00:17:03,640 --> 00:17:05,680 Speaker 1: kind of arrived. It's here. Yeah, it's very you know, 331 00:17:05,800 --> 00:17:08,840 Speaker 1: it just shows you that the supply side stuff that's 332 00:17:08,880 --> 00:17:11,200 Speaker 1: on this is just not going to get dealt with. Instead, 333 00:17:11,320 --> 00:17:14,000 Speaker 1: you know, policymakers are very likely to adopt a fiscal 334 00:17:14,040 --> 00:17:16,480 Speaker 1: crunch at the same time that you have a major crunch. 335 00:17:16,480 --> 00:17:18,960 Speaker 1: So you're basically going to get squeezed from both ends, 336 00:17:18,960 --> 00:17:22,520 Speaker 1: and unfortunately, I think we're headed in for very hard times. 337 00:17:22,600 --> 00:17:24,800 Speaker 1: So let's move on to the crypto part of this. 338 00:17:25,000 --> 00:17:28,439 Speaker 1: Just basically, people are calling it black Monday as to 339 00:17:28,480 --> 00:17:30,880 Speaker 1: what happened yesterday. Let's put this on the screen. Did 340 00:17:30,880 --> 00:17:33,239 Speaker 1: a decent job of just summarizing. This is from the 341 00:17:33,240 --> 00:17:36,919 Speaker 1: Indian press, but bitcoin and ethereum crashing over seventy percent 342 00:17:37,320 --> 00:17:41,840 Speaker 1: from their peaks, with investors loving over two trillion dollars 343 00:17:41,880 --> 00:17:45,000 Speaker 1: in eight months. So the price of bitcoin, you know, 344 00:17:45,080 --> 00:17:49,359 Speaker 1: even right now is trading at a low that we 345 00:17:49,400 --> 00:17:52,800 Speaker 1: haven't seen in a long time. Twenty one thousand dollars. 346 00:17:52,840 --> 00:17:56,119 Speaker 1: I believe that that is the lowest price since twenty 347 00:17:56,200 --> 00:18:00,879 Speaker 1: and twenties, almost two years of gains erased in those markets. 348 00:18:00,920 --> 00:18:04,280 Speaker 1: Ethereum also as well. You know, a bitcoin obviously the 349 00:18:04,320 --> 00:18:08,000 Speaker 1: original kind of cryptocurrency that absolutely took off, but Ethereum 350 00:18:08,119 --> 00:18:09,840 Speaker 1: was one which has been used quite a bit in 351 00:18:09,880 --> 00:18:13,359 Speaker 1: the NFT marketplace and others kind of became a secondary asset. 352 00:18:13,400 --> 00:18:15,959 Speaker 1: It has much more ability in order to have faster 353 00:18:16,160 --> 00:18:20,040 Speaker 1: transactions in these things that obviously also crashed. And if 354 00:18:20,080 --> 00:18:22,760 Speaker 1: you consider that, let's go to the next one, which 355 00:18:22,800 --> 00:18:27,000 Speaker 1: we are seeing chaos in the crypto trading exchanges themselves. 356 00:18:27,080 --> 00:18:31,080 Speaker 1: So Celsius, which is a was Celsius, which was one 357 00:18:31,080 --> 00:18:37,200 Speaker 1: of the largest crypto trading networks, actually banned trading for 358 00:18:37,520 --> 00:18:41,879 Speaker 1: a long time yesterday freezing withdrawals as all of those 359 00:18:41,960 --> 00:18:45,480 Speaker 1: assets began to plunge. Here's what they said, quote due 360 00:18:45,560 --> 00:18:49,320 Speaker 1: to extreme market conditions. Today we are announcing Celsius is 361 00:18:49,359 --> 00:18:53,600 Speaker 1: pausing all withdrawals, swap and transfer between the accounts. Quote. 362 00:18:53,680 --> 00:18:55,840 Speaker 1: We are taking this action to put Celsius in a 363 00:18:55,920 --> 00:18:59,800 Speaker 1: better position to honor overtime. It's withdrawal obligations. So anytime 364 00:18:59,800 --> 00:19:03,119 Speaker 1: they have a bank or a quasi financial institution say 365 00:19:03,359 --> 00:19:05,280 Speaker 1: you can't take out money and you can't do anything 366 00:19:05,280 --> 00:19:07,600 Speaker 1: about it, people are obviously going to panic. And you know, 367 00:19:07,640 --> 00:19:10,119 Speaker 1: Celsius definitely took it on the chain. It reminds me 368 00:19:10,200 --> 00:19:12,440 Speaker 1: also of a filing. I believe it was an SEC 369 00:19:12,560 --> 00:19:15,000 Speaker 1: filing by Coinbase, which put out and they said, look, 370 00:19:15,080 --> 00:19:17,800 Speaker 1: we're not ever gonna We're not in a position right 371 00:19:17,800 --> 00:19:19,719 Speaker 1: now where we have to stop trading or we have 372 00:19:19,800 --> 00:19:23,000 Speaker 1: to do anything, but it is possible that one day, 373 00:19:23,119 --> 00:19:25,879 Speaker 1: should market conditions arise, that you won't be able to 374 00:19:25,880 --> 00:19:28,000 Speaker 1: withdraw your bitcoin. So it's like, wait, a hold lot 375 00:19:28,000 --> 00:19:30,320 Speaker 1: a second. What and that was buried you know in 376 00:19:30,320 --> 00:19:33,480 Speaker 1: one of their SEC filings. This has always been you know, 377 00:19:33,520 --> 00:19:35,639 Speaker 1: the I've always warned people whenever they get into this, 378 00:19:35,680 --> 00:19:37,879 Speaker 1: I'm like, listen, there ain't no FDIIC that's come to 379 00:19:37,880 --> 00:19:40,000 Speaker 1: save you for you know, in terms of what one 380 00:19:40,080 --> 00:19:42,840 Speaker 1: hundred thousand dollars or unless you if you have crypto, 381 00:19:42,920 --> 00:19:46,280 Speaker 1: it is not ensured whatsoever. You're basically putting your you're 382 00:19:46,280 --> 00:19:49,320 Speaker 1: putting your faith in that financial institution. And we've now 383 00:19:49,359 --> 00:19:53,399 Speaker 1: had several instances, not only Celsius, but we'll remember that 384 00:19:53,640 --> 00:19:56,439 Speaker 1: stable coin story that we talked about here Tara USD, 385 00:19:56,840 --> 00:20:00,359 Speaker 1: which basically just stopped floating one to one two the 386 00:20:00,480 --> 00:20:04,520 Speaker 1: US dollar. There's major, major problems that are happening. And 387 00:20:04,640 --> 00:20:06,360 Speaker 1: like I said, you know, let's put the final one 388 00:20:06,680 --> 00:20:08,960 Speaker 1: up there, which is that they're referring to this as 389 00:20:09,119 --> 00:20:13,000 Speaker 1: black Monday. I mean, look, the reason why it's going down. 390 00:20:13,119 --> 00:20:15,359 Speaker 1: I think there's a lot of cope that people are 391 00:20:15,440 --> 00:20:18,200 Speaker 1: talking about. I think the basic fact is is that bitcoin. 392 00:20:18,320 --> 00:20:20,080 Speaker 1: You know, and look, I love bitcoin, but let's be 393 00:20:20,119 --> 00:20:22,800 Speaker 1: honest here bitcoin people, which is that it's basically trading 394 00:20:22,840 --> 00:20:24,439 Speaker 1: as an asset that tracks with the S and P 395 00:20:24,520 --> 00:20:27,600 Speaker 1: five hundred, same with a lot of these places, and 396 00:20:27,760 --> 00:20:30,520 Speaker 1: with the ability and the crunch in cash in particular 397 00:20:30,760 --> 00:20:34,000 Speaker 1: lack of liquidity, people are poiling out of all assets 398 00:20:34,000 --> 00:20:37,879 Speaker 1: and that also includes bitcoin, ethereum and the crypto markets. 399 00:20:37,920 --> 00:20:40,679 Speaker 1: So it's actually an interesting theory that it's seen floated 400 00:20:40,720 --> 00:20:43,280 Speaker 1: by a couple of friends of mine before that loose 401 00:20:43,320 --> 00:20:47,680 Speaker 1: monetary policy actually was juicing the crypto markets, which zero 402 00:20:47,800 --> 00:20:50,320 Speaker 1: doubt about it, zero does seems to be true. Yeah, no, 403 00:20:50,400 --> 00:20:53,920 Speaker 1: there's absolutely zero doubt about that. I mean, ultimately, crypto 404 00:20:54,080 --> 00:20:57,520 Speaker 1: is not used very much at all for as like 405 00:20:57,600 --> 00:21:01,320 Speaker 1: actual money mode of exchange. It's something bet on. I mean, 406 00:21:01,359 --> 00:21:05,879 Speaker 1: it's a highly speculative asset, you know, with nothing really 407 00:21:06,119 --> 00:21:09,960 Speaker 1: hard backing it, and certainly no sort of government institutions 408 00:21:09,960 --> 00:21:14,720 Speaker 1: like the FDI see backstopping your your losses and preventing 409 00:21:14,840 --> 00:21:19,320 Speaker 1: bank runs. I mean, that's the thing with Celsius is 410 00:21:19,359 --> 00:21:22,960 Speaker 1: this is just basically a bank run with no government 411 00:21:23,000 --> 00:21:25,720 Speaker 1: protection around it. So there's all this language and lingo 412 00:21:25,800 --> 00:21:28,640 Speaker 1: around crypto, like this is something totally new and totally different, 413 00:21:29,040 --> 00:21:32,840 Speaker 1: and in some of these instances it's like nothing really new, 414 00:21:33,520 --> 00:21:36,320 Speaker 1: just you as the consumer are less protected, Like that's 415 00:21:36,359 --> 00:21:38,320 Speaker 1: the innovation. I mean, they have a quote here actually 416 00:21:38,320 --> 00:21:41,119 Speaker 1: from someone who's because his name's Corey Clips and he's 417 00:21:41,119 --> 00:21:44,239 Speaker 1: a CEO of a different Swan bitcoin so he's like 418 00:21:44,359 --> 00:21:47,200 Speaker 1: a pro crypto guy. But with regard to Celsia specifically, 419 00:21:47,440 --> 00:21:49,719 Speaker 1: he says, this was yet another bank run. You're not 420 00:21:49,760 --> 00:21:52,399 Speaker 1: reinventing anything here. They were promoting their services as a 421 00:21:52,400 --> 00:21:55,879 Speaker 1: better savings account. In the end, you're just another unsecured lender. 422 00:21:56,280 --> 00:21:59,520 Speaker 1: So that's the reality, and a lot of that sort 423 00:21:59,560 --> 00:22:03,480 Speaker 1: of like you know, shaky underpinnings is being exposed right 424 00:22:03,520 --> 00:22:06,440 Speaker 1: now as you know, the markets fall, and cryptos sort 425 00:22:06,440 --> 00:22:09,080 Speaker 1: of leads the charge because of course when the markets drop, 426 00:22:09,200 --> 00:22:11,840 Speaker 1: the very first thing to drop, the furthest in the 427 00:22:11,840 --> 00:22:15,560 Speaker 1: fastest are the most speculative assets. That's crypto, that's NFTs. 428 00:22:15,680 --> 00:22:17,919 Speaker 1: I also just want to say one other thing, the 429 00:22:18,000 --> 00:22:21,600 Speaker 1: chief executive of Celsius, this is how disgusting some of 430 00:22:21,640 --> 00:22:25,840 Speaker 1: these people are. The guy's are scum ours before they 431 00:22:25,880 --> 00:22:30,440 Speaker 1: suspended withdrawals, totally screwing over the people who had trusted them. 432 00:22:30,920 --> 00:22:34,200 Speaker 1: He hit out at critics on Twitter, denying users were 433 00:22:34,200 --> 00:22:37,719 Speaker 1: having trouble with drawing funds and accusing them of spreading FUD, 434 00:22:38,000 --> 00:22:42,879 Speaker 1: a popular crypto acronym for fear, uncertainty and doubt. Ours 435 00:22:43,080 --> 00:22:47,800 Speaker 1: before they pulled the plug. That's how scummy and sleazy 436 00:22:48,080 --> 00:22:51,600 Speaker 1: some of these actors ultimately are. How they will directly 437 00:22:51,680 --> 00:22:54,280 Speaker 1: lie to the people who have like trusted them and 438 00:22:54,440 --> 00:22:57,280 Speaker 1: enriched them the most. And that's why all of this, 439 00:22:57,600 --> 00:22:59,639 Speaker 1: you know, it does really upset me because I think 440 00:22:59,640 --> 00:23:02,040 Speaker 1: they're all a lot of people who are who are 441 00:23:02,119 --> 00:23:05,280 Speaker 1: going to be They're going to be beside themselves. I mean, 442 00:23:05,280 --> 00:23:07,960 Speaker 1: who really believed in that, put their life savings into it, 443 00:23:08,040 --> 00:23:10,119 Speaker 1: I mean, really risked it all thinking they were getting 444 00:23:10,119 --> 00:23:12,479 Speaker 1: in on the new big thing. And now that you 445 00:23:12,520 --> 00:23:15,480 Speaker 1: know there's everybody expects a recession. You see the markets 446 00:23:15,520 --> 00:23:18,000 Speaker 1: dropping and the writing is on the wall. But it 447 00:23:18,080 --> 00:23:21,119 Speaker 1: was not that long ago that the sort of conventional 448 00:23:21,200 --> 00:23:24,400 Speaker 1: wisdom was this mania of the stock market only goes up, 449 00:23:24,680 --> 00:23:27,240 Speaker 1: it will only go up, there's no risk you can 450 00:23:27,280 --> 00:23:29,160 Speaker 1: only you know, no matter where you get in, it's 451 00:23:29,160 --> 00:23:30,760 Speaker 1: just going to keep going up and up and up. 452 00:23:30,960 --> 00:23:33,560 Speaker 1: And crypto is this safe hedge against inflation, and all 453 00:23:33,600 --> 00:23:37,320 Speaker 1: of these things total fairy tale. And that's what really 454 00:23:37,359 --> 00:23:39,199 Speaker 1: discussed me the most here is the people who were 455 00:23:39,200 --> 00:23:41,560 Speaker 1: involved in these like pump and dump schemes and just 456 00:23:41,840 --> 00:23:44,960 Speaker 1: really took people for a ride and in many instances 457 00:23:45,040 --> 00:23:48,000 Speaker 1: totally destroyed their lives. NFT one is where I particularly 458 00:23:48,720 --> 00:23:51,639 Speaker 1: because I'm not going to call out anyone in particular, 459 00:23:51,760 --> 00:23:53,960 Speaker 1: but there are a lot of people on YouTube and 460 00:23:54,080 --> 00:23:58,520 Speaker 1: online who have been pushing younger men, mostly in order 461 00:23:58,560 --> 00:24:00,360 Speaker 1: to invest a lot of their life saving or even 462 00:24:00,359 --> 00:24:03,120 Speaker 1: take out loans in some cases in order to invest 463 00:24:03,359 --> 00:24:05,520 Speaker 1: in NFTs. They're like, you're getting in on the next space. 464 00:24:05,600 --> 00:24:07,439 Speaker 1: And look, we all know you know people and all 465 00:24:07,480 --> 00:24:09,600 Speaker 1: those guys. Yeah, they made one hundred million dollars, but 466 00:24:10,000 --> 00:24:12,159 Speaker 1: a lot of these people got really left hold in 467 00:24:12,160 --> 00:24:14,800 Speaker 1: the bag. And considering also that we just had that 468 00:24:14,880 --> 00:24:17,520 Speaker 1: story a couple of weeks ago about the Open Sea 469 00:24:17,640 --> 00:24:21,040 Speaker 1: head of Product getting indicted for insider trading, that was 470 00:24:21,080 --> 00:24:23,119 Speaker 1: a rife amount of fraud. Yes, that was, you know, 471 00:24:23,119 --> 00:24:25,679 Speaker 1: pretty obvious. I think to a lot of people within this, 472 00:24:25,800 --> 00:24:27,480 Speaker 1: I do think that you know, people who are in 473 00:24:27,520 --> 00:24:30,640 Speaker 1: the crypto space and others have a duty in order 474 00:24:30,680 --> 00:24:33,560 Speaker 1: to try and push back against this. And unfortunately, you know, 475 00:24:33,600 --> 00:24:35,760 Speaker 1: I watched I've been kind of in the space is 476 00:24:35,760 --> 00:24:39,640 Speaker 1: twenty seventeen and I watched it. Really it'll all get 477 00:24:39,680 --> 00:24:42,240 Speaker 1: taken over by a lot of scammers. You know, you were, 478 00:24:42,400 --> 00:24:44,280 Speaker 1: oh yeah, absolutely. I mean, if you go back to 479 00:24:44,359 --> 00:24:48,040 Speaker 1: the ethos of kind of the original bitcoiners, it really look, 480 00:24:48,080 --> 00:24:49,640 Speaker 1: I know you may not agree, but it was very 481 00:24:49,720 --> 00:24:52,200 Speaker 1: It was a utopian kind of ideal of like we're 482 00:24:52,240 --> 00:24:55,560 Speaker 1: going to hedge against inflationary yeah, and it was like, look, 483 00:24:55,560 --> 00:24:58,040 Speaker 1: we know the financial crisis. It shook our faith in 484 00:24:58,080 --> 00:25:00,600 Speaker 1: the markets. A federal reserve and quantitative We're going to 485 00:25:00,680 --> 00:25:03,399 Speaker 1: have this asset which will allow free flow of money 486 00:25:03,400 --> 00:25:06,120 Speaker 1: that the government can crack down on in some cases. 487 00:25:06,160 --> 00:25:08,639 Speaker 1: And there was a lot of utopian ideals about like 488 00:25:08,680 --> 00:25:12,600 Speaker 1: bitcoin nation and like reimagining government. And then frankly, I 489 00:25:12,600 --> 00:25:15,320 Speaker 1: think the Winklebi kind of coming in and starting the 490 00:25:15,359 --> 00:25:19,080 Speaker 1: Gemini Trading Exchange trying to start. What they did is 491 00:25:19,080 --> 00:25:20,919 Speaker 1: they tried to normalize it on Wall Street. So what 492 00:25:20,960 --> 00:25:22,840 Speaker 1: they did is they came in, they started the Gemini 493 00:25:23,200 --> 00:25:25,600 Speaker 1: Trading Exchange, and they kind of tried to start like 494 00:25:25,640 --> 00:25:29,080 Speaker 1: a Bitcoin ETF and try to get certified by the 495 00:25:29,080 --> 00:25:32,240 Speaker 1: market and push financial institutions into Bitcoin. And then from 496 00:25:32,320 --> 00:25:35,560 Speaker 1: there you saw the explosion of not just ethereum because 497 00:25:35,560 --> 00:25:37,879 Speaker 1: the ethereum currency'd been around for a while, but building 498 00:25:37,880 --> 00:25:41,600 Speaker 1: stuff on the ethereum platform and from there, and I'm 499 00:25:41,640 --> 00:25:44,080 Speaker 1: sorry for those who I'm getting a bit wonky, something 500 00:25:44,160 --> 00:25:47,639 Speaker 1: called DeFi kind of came on us in decentralized financial 501 00:25:47,680 --> 00:25:51,680 Speaker 1: instruments and currencies. That's where we started seeing the US 502 00:25:51,800 --> 00:25:54,200 Speaker 1: dollars and some of the scummiest kind of behavior. Because 503 00:25:54,240 --> 00:25:56,280 Speaker 1: I would see people who are giving out, you know, 504 00:25:56,320 --> 00:25:58,600 Speaker 1: basically like high interest loans on these things that have 505 00:25:58,720 --> 00:26:01,959 Speaker 1: no Imagine this like it's almost like mortgage backed securities. 506 00:26:01,960 --> 00:26:04,760 Speaker 1: You have a speculative asset like bitcoin or ethereum, and 507 00:26:04,800 --> 00:26:06,960 Speaker 1: then you take out like actual cash loans at a 508 00:26:07,000 --> 00:26:09,960 Speaker 1: twenty percent interest on that. Well, you know, it works 509 00:26:10,000 --> 00:26:13,159 Speaker 1: until it doesn't work right now, right, That's really where 510 00:26:13,440 --> 00:26:15,520 Speaker 1: we're at now. So I've seen in the last five 511 00:26:15,600 --> 00:26:19,480 Speaker 1: years an explosion very much moving away from the kind 512 00:26:19,480 --> 00:26:22,360 Speaker 1: of screw the man ideals in the crypto space. Maybe 513 00:26:22,400 --> 00:26:24,119 Speaker 1: it'll return to that. I don't know. I mean, you know, 514 00:26:24,400 --> 00:26:26,280 Speaker 1: I'd be happy if there'd have to be some like 515 00:26:26,359 --> 00:26:28,879 Speaker 1: dramatic reform because now it's down at twenty twenty one. 516 00:26:29,160 --> 00:26:30,879 Speaker 1: Here's the thing, when you don't have money, a lot 517 00:26:30,920 --> 00:26:32,840 Speaker 1: of stuff just false the wastes. I just saw a 518 00:26:32,840 --> 00:26:36,119 Speaker 1: coinbase they just put out this morning, just came across 519 00:26:36,160 --> 00:26:38,159 Speaker 1: the wire. They're going to cut eighteen percent of their staff. So, 520 00:26:38,240 --> 00:26:40,160 Speaker 1: I mean that company just went public. Yeah, I'm into 521 00:26:40,160 --> 00:26:43,080 Speaker 1: a multi billion dollar valuation. I know that probably your 522 00:26:43,080 --> 00:26:45,200 Speaker 1: impression of me people out there is that I'm just 523 00:26:45,240 --> 00:26:47,280 Speaker 1: a crypto hater and always have been that's not actually 524 00:26:47,359 --> 00:26:49,439 Speaker 1: the case. Like I was open to it, I was 525 00:26:49,480 --> 00:26:52,800 Speaker 1: like kind of crypto agnostic, and I do actually think 526 00:26:52,840 --> 00:26:57,360 Speaker 1: what really what really turned me was the advent of NFTs, 527 00:26:57,480 --> 00:27:00,800 Speaker 1: because then I was like, oh, this is just like 528 00:27:00,920 --> 00:27:02,760 Speaker 1: this is just bullshit. And that was kind of my 529 00:27:02,800 --> 00:27:08,600 Speaker 1: window into seeing how the original promise of crypto, which 530 00:27:08,600 --> 00:27:11,439 Speaker 1: again like the initial you know, manifesto, about what it 531 00:27:11,440 --> 00:27:14,040 Speaker 1: was all going to be about. It wasn't about like 532 00:27:14,119 --> 00:27:15,919 Speaker 1: this is going to be a new casino that we 533 00:27:15,960 --> 00:27:17,919 Speaker 1: can all bet on and get you know, you know, 534 00:27:18,000 --> 00:27:20,240 Speaker 1: and get yours. It was about this is going to 535 00:27:20,240 --> 00:27:22,640 Speaker 1: be an alternative mode of exchange, that this was going 536 00:27:22,680 --> 00:27:25,520 Speaker 1: to be like practical and pragmatic. It was actually going 537 00:27:25,560 --> 00:27:30,399 Speaker 1: to ease transaction. That just has not happened. Instead, it 538 00:27:30,440 --> 00:27:33,160 Speaker 1: has just become a casino, and it has of course 539 00:27:33,200 --> 00:27:37,520 Speaker 1: attracted some of the like scummiest promoters who the only 540 00:27:37,640 --> 00:27:40,480 Speaker 1: they don't care about any sort of like idealistic values 541 00:27:40,520 --> 00:27:43,440 Speaker 1: whatever they say to sort of lure you in. They 542 00:27:43,480 --> 00:27:46,040 Speaker 1: just care about getting theirs, and they care about being 543 00:27:46,160 --> 00:27:49,520 Speaker 1: you know, up higher on the pyramid scheme and fooling 544 00:27:49,880 --> 00:27:55,240 Speaker 1: finding the next greater fool. So it really does it 545 00:27:55,320 --> 00:27:58,040 Speaker 1: really does upset me, because, like you said, it's a 546 00:27:58,040 --> 00:28:00,560 Speaker 1: lot of young men who you know, they're going to 547 00:28:00,600 --> 00:28:02,360 Speaker 1: their whole life is going to be set back if 548 00:28:02,359 --> 00:28:05,639 Speaker 1: they investing significantly in this, if they bet their future 549 00:28:05,680 --> 00:28:07,880 Speaker 1: on this. They thought this was going to be their 550 00:28:07,960 --> 00:28:10,400 Speaker 1: way to be one of the players in the game 551 00:28:10,440 --> 00:28:13,199 Speaker 1: instead of always getting played and always getting screwed, and 552 00:28:13,280 --> 00:28:16,439 Speaker 1: instead they just ended up being another mark. Really, it 553 00:28:16,520 --> 00:28:19,280 Speaker 1: really is sad. Hold fast, gentlemen, that's the lesson I've 554 00:28:19,320 --> 00:28:25,640 Speaker 1: learned over several years. Don't sell it just yet. Let's 555 00:28:25,640 --> 00:28:29,000 Speaker 1: move on to Ukraine. Obviously a lot going on there, Crystal. 556 00:28:29,040 --> 00:28:33,119 Speaker 1: You flagged this particular story. Yeah, so let's go and 557 00:28:33,119 --> 00:28:35,919 Speaker 1: throw this up on the screen. US lacks a clear 558 00:28:35,960 --> 00:28:40,200 Speaker 1: picture of Ukraine's war strategy. Official say. The subhead here 559 00:28:40,280 --> 00:28:44,840 Speaker 1: is intelligence agencies know far more about Russia's military, even 560 00:28:44,880 --> 00:28:47,760 Speaker 1: as the United States ships billions of dollars in weapons 561 00:28:47,840 --> 00:28:51,120 Speaker 1: to the Ukrainians. And this is not just like some 562 00:28:51,280 --> 00:28:55,920 Speaker 1: random analyst's opinion. Avril Haynes, who's the DNI, the Director 563 00:28:55,920 --> 00:28:59,200 Speaker 1: of National Intelligence, testified at a Senate hearing that quote 564 00:28:59,440 --> 00:29:01,680 Speaker 1: it was very hard to tell how much additional aid 565 00:29:01,800 --> 00:29:04,720 Speaker 1: Ukraine could absorb. She went on to say, we have 566 00:29:04,880 --> 00:29:08,400 Speaker 1: in fact more insight probably on the Russian side than 567 00:29:08,440 --> 00:29:10,920 Speaker 1: we do on the Ukrainian side. They go on to 568 00:29:11,040 --> 00:29:13,840 Speaker 1: note in this article that, of course the United States, 569 00:29:13,880 --> 00:29:17,160 Speaker 1: and we've covered this probably more here than almost anywhere else, 570 00:29:17,520 --> 00:29:21,560 Speaker 1: has been providing regular real time intelligence updates to the 571 00:29:21,680 --> 00:29:28,360 Speaker 1: Ukrainian Ukrainians, helping them to target incredibly significant individuals and 572 00:29:28,760 --> 00:29:31,720 Speaker 1: assets like that warship that we talked about, And yet 573 00:29:32,600 --> 00:29:36,920 Speaker 1: in high level conversations US military intelligence officials are not 574 00:29:36,960 --> 00:29:39,880 Speaker 1: getting that reciprocity from the Ukrainians. Of course, since they've 575 00:29:39,920 --> 00:29:43,600 Speaker 1: been quote unquote friend of ours, we didn't develop any 576 00:29:43,640 --> 00:29:46,720 Speaker 1: sort of like intelligence capabilities to spy on them and 577 00:29:46,760 --> 00:29:48,920 Speaker 1: figure out what they're doing. But we do, of course 578 00:29:49,000 --> 00:29:52,880 Speaker 1: have the capability with the Russians. That's why we understand 579 00:29:52,880 --> 00:29:55,080 Speaker 1: more about what the Russians are doing and what their 580 00:29:55,160 --> 00:29:59,640 Speaker 1: losses are. So it really is an extraordinary situation. I mean, 581 00:30:00,160 --> 00:30:02,640 Speaker 1: and the thing that boggles my mind too here, Sager, 582 00:30:03,000 --> 00:30:05,840 Speaker 1: is we have a lot of leverage in this situation. 583 00:30:06,040 --> 00:30:07,840 Speaker 1: So if we just said to them, look, we're not 584 00:30:08,000 --> 00:30:11,960 Speaker 1: sending you anymore until we actually know how you're doing, 585 00:30:12,040 --> 00:30:14,200 Speaker 1: what your plan is what are the tactics, what does 586 00:30:14,240 --> 00:30:18,080 Speaker 1: it look like? Where are these weapons going to? We 587 00:30:18,120 --> 00:30:22,080 Speaker 1: could very easily say that, but apparently we are completely 588 00:30:22,080 --> 00:30:25,680 Speaker 1: comfortable just flying blind here and crossing our fingers and 589 00:30:25,720 --> 00:30:29,360 Speaker 1: basically like trusting the Ukrainians who have every incentive to 590 00:30:29,720 --> 00:30:32,120 Speaker 1: you know, I'm not blaming them or searching for them 591 00:30:32,120 --> 00:30:34,040 Speaker 1: for this. They're in a fight for their survival. They 592 00:30:34,120 --> 00:30:37,120 Speaker 1: have every incentive to lie and manipulate us in whatever 593 00:30:37,160 --> 00:30:40,640 Speaker 1: way is convenient for their war effort. We're just accepting 594 00:30:40,640 --> 00:30:43,920 Speaker 1: that as fine. Look, I mean, it's always so difficult 595 00:30:43,920 --> 00:30:46,560 Speaker 1: to have these conversations out sounding callous. Nobody's saying the 596 00:30:46,600 --> 00:30:49,560 Speaker 1: Ukrainian causesn't just I think that the better actors in 597 00:30:49,560 --> 00:30:52,479 Speaker 1: this situation. But they have their own incentive. They're fighting, 598 00:30:52,520 --> 00:30:55,080 Speaker 1: like you said, for the literal survival of their country. 599 00:30:55,120 --> 00:30:57,960 Speaker 1: And let's also be honest, they would not be even 600 00:30:58,080 --> 00:31:01,240 Speaker 1: around both today and well both in the past and 601 00:31:01,360 --> 00:31:04,680 Speaker 1: today if it weren't for the United States and for 602 00:31:04,800 --> 00:31:07,800 Speaker 1: the West and NATO country. So I think that given 603 00:31:07,880 --> 00:31:10,720 Speaker 1: the fact that we've basically saved them from complete ruin, 604 00:31:11,120 --> 00:31:12,960 Speaker 1: we deserve a hell of a lot of say into 605 00:31:13,000 --> 00:31:16,520 Speaker 1: actually what goes on on the battlefield, and instead it 606 00:31:16,560 --> 00:31:19,000 Speaker 1: seems that the Ukrainians don't really want to tell us anything. 607 00:31:19,040 --> 00:31:21,080 Speaker 1: And I guess, in a way, you shouldn't blame them. 608 00:31:21,120 --> 00:31:24,200 Speaker 1: I don't blame because I blame I blame ourket They're like, oh, yeah, 609 00:31:24,560 --> 00:31:26,560 Speaker 1: keep it coming, They're like, keep the checks rolling in 610 00:31:26,640 --> 00:31:30,360 Speaker 1: all of these tanks. Yeah, but keep like, but don't 611 00:31:30,360 --> 00:31:32,960 Speaker 1: you dare stop it because we need it. And yet 612 00:31:33,040 --> 00:31:36,000 Speaker 1: the current indications that are coming out are actually not great, 613 00:31:36,240 --> 00:31:38,920 Speaker 1: which also raises a question to me, which is, what 614 00:31:38,960 --> 00:31:40,600 Speaker 1: the hell was the point of all this forty four 615 00:31:40,640 --> 00:31:43,360 Speaker 1: billion if it's not even actually making as much of 616 00:31:43,400 --> 00:31:45,760 Speaker 1: a difference as we were originally promised. So let's put 617 00:31:45,760 --> 00:31:48,080 Speaker 1: this up there on the screen. You know, Ukraine is 618 00:31:48,120 --> 00:31:51,760 Speaker 1: now telling specifically both NATO and the West that they 619 00:31:51,840 --> 00:31:55,440 Speaker 1: feared defeat in the East without a surge in military aid. 620 00:31:55,560 --> 00:31:59,960 Speaker 1: And actually, the new information that we're getting is that 621 00:32:00,320 --> 00:32:03,640 Speaker 1: this is, according to the Ukrainian government, is losing between 622 00:32:03,640 --> 00:32:07,640 Speaker 1: one hundred to two hundred soldiers KIA killed in action 623 00:32:08,040 --> 00:32:11,440 Speaker 1: every day, that is, with about five times that number 624 00:32:11,680 --> 00:32:14,680 Speaker 1: that are injured daily. This is not a joke. One 625 00:32:14,760 --> 00:32:18,440 Speaker 1: hundred to two hundred casualty or sorry, five or six 626 00:32:18,520 --> 00:32:22,400 Speaker 1: hundred casualties per day on the battlefield. And when they 627 00:32:22,440 --> 00:32:25,080 Speaker 1: point to the amount of Russian firepower that is being 628 00:32:25,120 --> 00:32:28,479 Speaker 1: brought to bear, it is genuinely stunning. I mean, they 629 00:32:28,520 --> 00:32:32,320 Speaker 1: are talking here about Russia despite the fact that and 630 00:32:32,360 --> 00:32:34,320 Speaker 1: this is what we warned about. Yes, they have lost 631 00:32:34,320 --> 00:32:37,240 Speaker 1: a significant amount of materiel, They've lost a lot of lives, 632 00:32:37,440 --> 00:32:41,320 Speaker 1: they have lost prestige on the world stage. All of that, 633 00:32:41,480 --> 00:32:44,240 Speaker 1: they are still a great power in their own right. 634 00:32:44,360 --> 00:32:47,880 Speaker 1: They have a tremendous amount of military capability. And the 635 00:32:48,000 --> 00:32:53,280 Speaker 1: Ukrainians talk here about being outgunned at a pretty significant level. 636 00:32:53,320 --> 00:32:55,560 Speaker 1: And that also raises the question, It's like, well, what 637 00:32:55,920 --> 00:32:59,640 Speaker 1: where did all this forty billion dollars go? So according 638 00:32:59,680 --> 00:33:02,680 Speaker 1: to this President Biden has released seven hundred million in 639 00:33:02,720 --> 00:33:05,840 Speaker 1: these new weapons deliveries to Ukraine. That's the first slice 640 00:33:05,880 --> 00:33:08,520 Speaker 1: of the forty billion dollar aid package. Well, what are 641 00:33:08,520 --> 00:33:10,960 Speaker 1: we doing with the rest of the thirty nine billion? 642 00:33:11,040 --> 00:33:13,880 Speaker 1: What's happening here? Was it just you know? And again 643 00:33:13,960 --> 00:33:16,960 Speaker 1: I mean, I really have no idea. And the Ukrainians 644 00:33:16,960 --> 00:33:20,400 Speaker 1: are actually begging the European Union to also pass some 645 00:33:20,560 --> 00:33:23,520 Speaker 1: new measures and to deliver new weapons systems. I mean, 646 00:33:23,560 --> 00:33:26,280 Speaker 1: have we not already delivered a bunch of weapon systems? Like, 647 00:33:26,280 --> 00:33:28,320 Speaker 1: are they telling us that we're so incompetent that we 648 00:33:28,360 --> 00:33:31,920 Speaker 1: can't even give them? This is the material that they need. 649 00:33:32,080 --> 00:33:36,520 Speaker 1: This is where it matters for our government to actually 650 00:33:36,680 --> 00:33:39,640 Speaker 1: understand how things are going on the ground. Yeah, because 651 00:33:39,640 --> 00:33:44,520 Speaker 1: that really changes what the smart move is. I mean, 652 00:33:44,760 --> 00:33:48,959 Speaker 1: you know, for a while, when Russia really faltered and 653 00:33:49,000 --> 00:33:52,480 Speaker 1: flailed to start with, and basically I mean this is 654 00:33:52,520 --> 00:33:59,240 Speaker 1: also the military analyst, the defense intelligence analysts, they completely 655 00:33:59,320 --> 00:34:03,680 Speaker 1: overestimated Russia's capabilities, just as they completely overestimated also the 656 00:34:03,720 --> 00:34:06,040 Speaker 1: Afghan government's capabilities. So they don't have a great track 657 00:34:06,080 --> 00:34:10,200 Speaker 1: record here. So Russia dramatically underperforms, then there starts to 658 00:34:10,239 --> 00:34:12,839 Speaker 1: be this heady idea of like, oh, maybe Ukraine can win, 659 00:34:13,239 --> 00:34:15,799 Speaker 1: So let's flood them with everything that maybe will get 660 00:34:15,800 --> 00:34:18,839 Speaker 1: the maximalst outcome. They'll be able to completely win. They'll 661 00:34:18,880 --> 00:34:20,960 Speaker 1: be able to push Russia even out of the territory 662 00:34:21,040 --> 00:34:24,360 Speaker 1: that they had occupied prior to this, to this invasion, 663 00:34:24,400 --> 00:34:28,719 Speaker 1: in this war, well, now that situation has very much 664 00:34:28,719 --> 00:34:31,960 Speaker 1: shifted and the Ukrainians are even being forced to admit 665 00:34:32,320 --> 00:34:35,040 Speaker 1: at least part of the reality that they are suffering 666 00:34:35,360 --> 00:34:39,120 Speaker 1: significant losses in the eastern part of the state. So 667 00:34:39,560 --> 00:34:44,360 Speaker 1: all of these dynamics have a dramatic bearing on whether 668 00:34:44,600 --> 00:34:47,040 Speaker 1: it makes sense for us to continue the flood of 669 00:34:47,040 --> 00:34:50,120 Speaker 1: weapons into the state, whether it makes sense for us 670 00:34:50,160 --> 00:34:52,480 Speaker 1: to you know, this is what I've been pushing for 671 00:34:52,520 --> 00:34:55,200 Speaker 1: the whole time, to really put pressure on for both 672 00:34:55,239 --> 00:34:57,520 Speaker 1: sides to come to the table and try to negotiate 673 00:34:57,520 --> 00:35:00,840 Speaker 1: a settlement which is going to include pain and you know, 674 00:35:00,960 --> 00:35:04,719 Speaker 1: significant concessions on both sides of that equation. But if 675 00:35:04,760 --> 00:35:08,680 Speaker 1: you don't actually really know what's going on in the battlefield, 676 00:35:08,760 --> 00:35:11,440 Speaker 1: what the plan is, how many losses are being suffered, 677 00:35:11,840 --> 00:35:14,800 Speaker 1: what the you know, what kind of equipment they have remaining, 678 00:35:15,360 --> 00:35:18,399 Speaker 1: you can't make that calculus in any sort of an 679 00:35:18,440 --> 00:35:22,520 Speaker 1: intelligent way. I'll also say this, when is enough? What's enough? 680 00:35:22,760 --> 00:35:25,160 Speaker 1: Because if forty billion ain't gonna cut it, how much 681 00:35:25,200 --> 00:35:28,240 Speaker 1: the more do you need? Five hundred billion, six hundred billion? 682 00:35:28,320 --> 00:35:32,000 Speaker 1: I mean, looks the conflict has now Let's put this 683 00:35:32,120 --> 00:35:33,839 Speaker 1: next one on the screen, which is that things are 684 00:35:33,880 --> 00:35:36,400 Speaker 1: not going well for the Ukrainians. The Russian forces have 685 00:35:36,440 --> 00:35:38,480 Speaker 1: apparently cut the last year. I'm not even gonn try 686 00:35:38,480 --> 00:35:42,040 Speaker 1: and say serodnyastic seven year old Dunyask escape route in 687 00:35:42,280 --> 00:35:45,360 Speaker 1: the Dunboss region and the fighting in the Dunboss. The 688 00:35:45,440 --> 00:35:47,839 Speaker 1: Ukrainians are not going to give up anytime soon. So 689 00:35:48,200 --> 00:35:50,680 Speaker 1: the front line is basically where the front line was 690 00:35:50,800 --> 00:35:54,680 Speaker 1: eight years ago, and now you have a long, grinding war. 691 00:35:55,200 --> 00:35:58,720 Speaker 1: Both sides have lost tens of thousands of people, both 692 00:35:58,719 --> 00:36:01,960 Speaker 1: in killed in action and wounded. There's no giving up 693 00:36:02,120 --> 00:36:05,320 Speaker 1: on site. We have basically committed ourselves to giving the 694 00:36:05,400 --> 00:36:08,680 Speaker 1: Ukrainians whatever they want, to accomplish whatever they want. So 695 00:36:08,880 --> 00:36:12,360 Speaker 1: are we just signing up for an annual appropriation of 696 00:36:12,400 --> 00:36:15,680 Speaker 1: forty to fifty billion for you know, for the Ukrainian 697 00:36:15,760 --> 00:36:19,040 Speaker 1: military forever that lasted apparently like a month. Well, this 698 00:36:19,120 --> 00:36:22,319 Speaker 1: is my question. I don't understand. I don't understand like 699 00:36:22,400 --> 00:36:26,000 Speaker 1: what exactly is going on in terms of our government policy. 700 00:36:26,320 --> 00:36:29,040 Speaker 1: Because there was a promise, you know, kind of in 701 00:36:29,080 --> 00:36:30,640 Speaker 1: the beginning, you're like, oh, this is it. You know, 702 00:36:30,719 --> 00:36:33,320 Speaker 1: this is the final push, but you know they're gonna 703 00:36:33,360 --> 00:36:35,840 Speaker 1: need more. They're already the forty billion, they say is 704 00:36:35,880 --> 00:36:38,359 Speaker 1: not enough. They're begging the Europeans and them to send more. 705 00:36:38,400 --> 00:36:41,319 Speaker 1: And look, I think Europeans should be sending the bulk 706 00:36:41,400 --> 00:36:43,360 Speaker 1: of the weapons, and that we should then be sending, 707 00:36:43,400 --> 00:36:47,200 Speaker 1: you know, relative to our own security situation. But the 708 00:36:47,400 --> 00:36:49,279 Speaker 1: real question I think for the US is at a 709 00:36:49,320 --> 00:36:51,160 Speaker 1: certain point, we actually do need to make a choice 710 00:36:51,160 --> 00:36:53,480 Speaker 1: and say, Okay, enough is enough. We've given you as 711 00:36:53,560 --> 00:36:56,080 Speaker 1: much as we possibly can, and yet we there is 712 00:36:56,200 --> 00:36:59,880 Speaker 1: no discussion of that here in Washington whatsoever. And I 713 00:37:00,080 --> 00:37:02,880 Speaker 1: also really do question, given when I talked about in 714 00:37:02,840 --> 00:37:06,080 Speaker 1: an earlier block, which is that all of the structural 715 00:37:06,080 --> 00:37:08,920 Speaker 1: factors that led to cheap gas prices, they're gone. And 716 00:37:08,920 --> 00:37:10,760 Speaker 1: one of the biggest ones that you actually could fix 717 00:37:11,040 --> 00:37:14,640 Speaker 1: is the Russian Russian oil embargo. So the West we 718 00:37:14,760 --> 00:37:19,160 Speaker 1: have an extraordinary financial incentive literally in order to try 719 00:37:19,160 --> 00:37:21,200 Speaker 1: and get this thing to some sort of close and 720 00:37:21,320 --> 00:37:25,480 Speaker 1: negotiate towards a position where we can actually have Russian 721 00:37:25,520 --> 00:37:28,880 Speaker 1: oil re enter the market. But unfortunately, for political reasons, 722 00:37:29,160 --> 00:37:30,919 Speaker 1: I don't think that that is the case. I also 723 00:37:31,000 --> 00:37:32,719 Speaker 1: want to say this, which is that there's been a 724 00:37:32,760 --> 00:37:37,799 Speaker 1: perverse incentive where you know, all these Russian sanctions, you know, 725 00:37:37,960 --> 00:37:40,719 Speaker 1: Russia is actually doing okay right now, they have an 726 00:37:40,719 --> 00:37:44,799 Speaker 1: account surplus of one hundred and ten billion dollars for 727 00:37:44,880 --> 00:37:47,399 Speaker 1: the first four months of this year from thirty two 728 00:37:47,400 --> 00:37:50,000 Speaker 1: billion in the same period last year. Why do you 729 00:37:50,040 --> 00:37:53,640 Speaker 1: think because oil prices are sky high and because the 730 00:37:53,680 --> 00:37:56,720 Speaker 1: West aren't the only players in the game, India, China, 731 00:37:56,760 --> 00:37:58,200 Speaker 1: many other countries. You think they're not going to buy 732 00:37:58,239 --> 00:38:01,760 Speaker 1: discointed Russian oil if they can in an overall hot market, 733 00:38:01,800 --> 00:38:05,360 Speaker 1: they'd be idiots. Not too so. Russia is actually making 734 00:38:05,480 --> 00:38:10,120 Speaker 1: a boatload of money. Their IMF says that their economy 735 00:38:10,360 --> 00:38:12,680 Speaker 1: might shrink by about eight point five percent. Now, listen, 736 00:38:12,760 --> 00:38:15,080 Speaker 1: that is devastating. I don't want to downplay that, but 737 00:38:15,440 --> 00:38:17,920 Speaker 1: Ukraine's is going to shrivel by thirty five percent as 738 00:38:17,960 --> 00:38:20,920 Speaker 1: a result of this war. That's a disaster. It's so 739 00:38:21,000 --> 00:38:26,440 Speaker 1: easy to to ignore. Of course, the most pain is 740 00:38:26,560 --> 00:38:29,200 Speaker 1: in Ukraine, with the people who are being slaughtered, in 741 00:38:29,239 --> 00:38:32,960 Speaker 1: their towns destroyed and their lives upended, no doubt about it. 742 00:38:33,840 --> 00:38:36,160 Speaker 1: Partly because of this war, we now have almost fifty 743 00:38:36,160 --> 00:38:38,640 Speaker 1: million people facing famine around the world. Yeah, that's also true. 744 00:38:38,760 --> 00:38:42,000 Speaker 1: And so I mean, you have not only the oil prices, 745 00:38:42,520 --> 00:38:45,320 Speaker 1: gas prices going up and up and up, food prices 746 00:38:45,400 --> 00:38:47,319 Speaker 1: going up and up and up. I mean, these are 747 00:38:47,840 --> 00:38:53,160 Speaker 1: real consequences for people around the globe, especially the most 748 00:38:53,280 --> 00:38:56,759 Speaker 1: vulnerable people around the globe who were already struggling. It's 749 00:38:56,800 --> 00:39:01,600 Speaker 1: all exacerbated by you know, riseing climate christ, droughts and 750 00:39:02,560 --> 00:39:05,840 Speaker 1: extreme weather events that have also caused crops to fail 751 00:39:05,920 --> 00:39:10,040 Speaker 1: in significant places that are contributing to the catastrophe. So 752 00:39:10,920 --> 00:39:14,240 Speaker 1: these are not costless decisions. I know. Sometimes it feels 753 00:39:14,239 --> 00:39:16,680 Speaker 1: like when Congress strokes a check for forty billion dollars, Oh, 754 00:39:16,680 --> 00:39:19,200 Speaker 1: it's you know, what difference does it really make? But 755 00:39:19,400 --> 00:39:22,600 Speaker 1: it's really not even about that, as the austerity that 756 00:39:22,719 --> 00:39:26,600 Speaker 1: is being imposed around the globe and again in a 757 00:39:26,640 --> 00:39:30,960 Speaker 1: lot of instances, and fifty million instances with absolutely dire 758 00:39:31,040 --> 00:39:35,080 Speaker 1: and devastating consequences. So there's no endgame inside here, I mean, 759 00:39:35,080 --> 00:39:38,640 Speaker 1: to be honest with you, probably the window for negotiations 760 00:39:38,680 --> 00:39:40,880 Speaker 1: where the Ukrainians would have been in the strongest position 761 00:39:41,400 --> 00:39:44,080 Speaker 1: is after they had pushed the Russians back out of 762 00:39:44,120 --> 00:39:45,680 Speaker 1: a number of cities and it seemed like they were 763 00:39:45,719 --> 00:39:47,759 Speaker 1: on the march and it seemed like, oh they maybe 764 00:39:47,760 --> 00:39:49,799 Speaker 1: they have the upper hand, maybe they can actually win 765 00:39:49,840 --> 00:39:52,120 Speaker 1: this war. That was when they were in the strongest 766 00:39:52,160 --> 00:39:55,560 Speaker 1: negotiating position now that they're having to admit to these 767 00:39:55,719 --> 00:39:59,399 Speaker 1: significant losses. You know. They the Wall Street Journal piece 768 00:39:59,400 --> 00:40:02,040 Speaker 1: that we had up before for Ukrainian officials are saying 769 00:40:02,040 --> 00:40:04,360 Speaker 1: that this is and this is keep in mind, this 770 00:40:04,440 --> 00:40:06,759 Speaker 1: is their this is their spin, and this is an 771 00:40:06,800 --> 00:40:09,880 Speaker 1: attempt to get more weapons funding from US and from 772 00:40:09,920 --> 00:40:12,880 Speaker 1: the Europeans. But they say, without a broad and rapid 773 00:40:12,920 --> 00:40:16,960 Speaker 1: increase in military assistance, Ukraine faces a defeat in the 774 00:40:16,960 --> 00:40:19,759 Speaker 1: Eastern don Boss region. But that's not all. They say 775 00:40:19,760 --> 00:40:21,719 Speaker 1: that would pave the way for Russia to pursue its 776 00:40:21,719 --> 00:40:25,480 Speaker 1: offensive to Odessa Kharkiv after regrouping coming months, they say, 777 00:40:25,600 --> 00:40:28,520 Speaker 1: potentially all the way back to the capital Kiev after that. 778 00:40:28,960 --> 00:40:31,160 Speaker 1: So the fact that Ukrainians were able to push them 779 00:40:31,160 --> 00:40:34,240 Speaker 1: out of some of these places, that's not set in stone. 780 00:40:34,680 --> 00:40:39,720 Speaker 1: Those gains can be reversed, especially if Ukraine is outright 781 00:40:39,760 --> 00:40:42,200 Speaker 1: defeated in the Eastern don Boss region, and right now, 782 00:40:42,239 --> 00:40:45,319 Speaker 1: from what we can tell, it is not going well. Yeah, 783 00:40:45,360 --> 00:40:48,480 Speaker 1: it's just all about political pressure on Putin, which is 784 00:40:48,560 --> 00:40:50,759 Speaker 1: right now, he doesn't have a lot of incentive obviously 785 00:40:50,800 --> 00:40:53,239 Speaker 1: in order to especially with the high oil prices right, 786 00:40:53,280 --> 00:40:56,279 Speaker 1: that's not going away anytime. So he's floating in economy. Okay, 787 00:40:56,400 --> 00:40:59,359 Speaker 1: float the economy and bankroll a lot of what's happening here. 788 00:40:59,440 --> 00:41:03,719 Speaker 1: So look, yeah, I mean the fact that we have 789 00:41:03,800 --> 00:41:06,560 Speaker 1: given them so much and this is the end result. Look, 790 00:41:06,680 --> 00:41:09,239 Speaker 1: they obviously are heroic, they'll be able to push back 791 00:41:09,320 --> 00:41:12,640 Speaker 1: and more. But the more and longer this grinds on, 792 00:41:12,840 --> 00:41:14,759 Speaker 1: the worse I think it is going to be for 793 00:41:14,880 --> 00:41:17,560 Speaker 1: the Ukrainians just because that's how it works when you 794 00:41:17,600 --> 00:41:21,120 Speaker 1: fight a superpower, and that is the longer and more 795 00:41:21,200 --> 00:41:23,799 Speaker 1: likely that we get pulled into this thing in the 796 00:41:23,840 --> 00:41:27,160 Speaker 1: long term, because the longer that conflicts run, the more 797 00:41:27,280 --> 00:41:29,960 Speaker 1: likely that things can go wrong. All it takes is 798 00:41:30,040 --> 00:41:32,880 Speaker 1: one new advanced weapons system that the Ukrainian guy barely 799 00:41:32,920 --> 00:41:34,920 Speaker 1: knows how to use, and that is open source that's 800 00:41:34,960 --> 00:41:36,879 Speaker 1: been out there that we have to train these guys 801 00:41:36,880 --> 00:41:38,520 Speaker 1: how to use these weapon because they literally have no 802 00:41:38,600 --> 00:41:42,080 Speaker 1: idea and have never had any training on them. Different platforms, complex, 803 00:41:42,120 --> 00:41:44,680 Speaker 1: highly en I'm not denigrating that. It just is what 804 00:41:44,719 --> 00:41:46,520 Speaker 1: it is. And so look, all it takes is one 805 00:41:46,520 --> 00:41:49,000 Speaker 1: of those to get fired into the wrong place, one commander, 806 00:41:49,200 --> 00:41:51,280 Speaker 1: and that's it. And then now we're in a whole 807 00:41:51,320 --> 00:41:54,759 Speaker 1: other diplomatic snafu. And also remember this is the other 808 00:41:54,880 --> 00:41:57,520 Speaker 1: kind of chauvinistic mindset for a lot of Americans. We're 809 00:41:57,560 --> 00:41:59,600 Speaker 1: not the only player in this game, right There are 810 00:41:59,640 --> 00:42:03,399 Speaker 1: the Lithuanians and the Estonians, and the Romanians, and the 811 00:42:03,400 --> 00:42:06,120 Speaker 1: Brits and the Germans, I mean in France. These are 812 00:42:06,200 --> 00:42:09,759 Speaker 1: all NATO countries. So we also have to trust that 813 00:42:09,960 --> 00:42:12,200 Speaker 1: they are doing the right thing in terms of what 814 00:42:12,200 --> 00:42:14,120 Speaker 1: they're helping the Ukrainians with because of an attack on 815 00:42:14,160 --> 00:42:16,879 Speaker 1: them is also going to eventually bring us into this, 816 00:42:17,000 --> 00:42:19,800 Speaker 1: and we have a massive alliance now Finland and Sweden 817 00:42:19,800 --> 00:42:22,440 Speaker 1: they are apparently going to be in this thing as well. 818 00:42:22,480 --> 00:42:29,520 Speaker 1: So the potential for a massive escalation, which is completely accidental, remains, 819 00:42:29,520 --> 00:42:31,880 Speaker 1: and everybody continues to say, like, oh, well, none of 820 00:42:31,880 --> 00:42:34,759 Speaker 1: that has happened yet. It's been four months. It's been 821 00:42:34,760 --> 00:42:39,120 Speaker 1: one hundred days. The idea that you can evaluate the 822 00:42:39,160 --> 00:42:42,560 Speaker 1: efficacy of your policy after one hundred days is insanity. 823 00:42:42,560 --> 00:42:44,640 Speaker 1: One hundred days after the invasion of Iraq, we would 824 00:42:44,680 --> 00:42:46,600 Speaker 1: have said there was an explosion of freedom in Baghdad, 825 00:42:46,640 --> 00:42:49,399 Speaker 1: and then you know, the invasion. One hundred days after 826 00:42:49,520 --> 00:42:51,759 Speaker 1: knocking Gadafi off. You could have made a case. You're like, hey, 827 00:42:51,840 --> 00:42:54,000 Speaker 1: lebya look at this. You know, people are choosing freedom 828 00:42:54,280 --> 00:42:56,239 Speaker 1: all of this. Call me in five years and we'll 829 00:42:56,280 --> 00:42:59,120 Speaker 1: figure out exactly how this thing all worked out. Yeah, 830 00:42:59,360 --> 00:43:01,560 Speaker 1: very okay. Let's move on to a story which you 831 00:43:01,560 --> 00:43:05,000 Speaker 1: know we talked to. We've talked, we've talked in humorous 832 00:43:05,040 --> 00:43:07,839 Speaker 1: terms about the January sixth Committee. However, I do want 833 00:43:07,840 --> 00:43:09,880 Speaker 1: to give them credit for one area which we have 834 00:43:09,920 --> 00:43:12,960 Speaker 1: covered consistently since the very days that we were on Rising, 835 00:43:12,960 --> 00:43:15,800 Speaker 1: which is that whether you believe the election was stolen 836 00:43:15,920 --> 00:43:20,520 Speaker 1: or not, the idea has been that the administration, the 837 00:43:20,520 --> 00:43:25,719 Speaker 1: Trump administration, and the Trump campaign were raising millions of 838 00:43:25,920 --> 00:43:29,960 Speaker 1: dollars two hundred and fifty million dollars to fight election lawsuits. 839 00:43:29,960 --> 00:43:33,200 Speaker 1: They were begging their campaign donors in order to fund 840 00:43:33,200 --> 00:43:35,320 Speaker 1: them so that they could fight it, and many people, 841 00:43:35,400 --> 00:43:38,560 Speaker 1: rightfully mostly boomers, believed that the election was stolen. Well, 842 00:43:38,600 --> 00:43:41,600 Speaker 1: Trump took their money and he didn't spend any of 843 00:43:41,640 --> 00:43:45,960 Speaker 1: it on actually contesting election results. And now actually they 844 00:43:45,960 --> 00:43:48,319 Speaker 1: have uncovered what some of that money actually went to. 845 00:43:48,360 --> 00:43:50,840 Speaker 1: So let's put this on the screen. Number one is 846 00:43:50,880 --> 00:43:54,960 Speaker 1: a million dollar donation to the Conservative Partnership Institute, specifically 847 00:43:55,040 --> 00:43:58,080 Speaker 1: for a sinecure for Mark Meadows, who was the chief 848 00:43:58,120 --> 00:44:02,560 Speaker 1: of staff. A million dollars to the America First Policy Institute, 849 00:44:02,600 --> 00:44:05,080 Speaker 1: which is where Larry Kudlow and a bunch of other 850 00:44:05,160 --> 00:44:08,040 Speaker 1: people who worked in the administration are now having their 851 00:44:08,160 --> 00:44:11,400 Speaker 1: cushy little jobs. Rick Perry and them are on the board. 852 00:44:11,800 --> 00:44:15,840 Speaker 1: Two hundred thousand dollars to the Trump Hotel and Collection, 853 00:44:16,320 --> 00:44:20,440 Speaker 1: and then five million dollars to a single organizer to 854 00:44:20,600 --> 00:44:26,000 Speaker 1: Event Strategies, Inc. Hmm, that's really interesting. But how they 855 00:44:26,080 --> 00:44:28,759 Speaker 1: lay it out in their presentation. Actually, look, I'm not 856 00:44:28,800 --> 00:44:30,920 Speaker 1: saying this is ever going to change any minds, but 857 00:44:31,600 --> 00:44:34,560 Speaker 1: I think it should be noted of just how much 858 00:44:34,640 --> 00:44:37,120 Speaker 1: of the Trump campaign and so much more was a 859 00:44:37,160 --> 00:44:40,680 Speaker 1: complete grift, not just for Trump himself, but really for 860 00:44:40,880 --> 00:44:43,640 Speaker 1: MAGA Incorporated. So let's take a listen to how they 861 00:44:43,800 --> 00:44:47,439 Speaker 1: lay that out yesterday. But as the Select Committee has demonstrated, 862 00:44:47,800 --> 00:44:50,640 Speaker 1: the Trump campaign knew these claims of voter fraud were false, 863 00:44:50,840 --> 00:44:54,320 Speaker 1: yet they continued to barrage small dollar donors of emails 864 00:44:54,800 --> 00:44:58,040 Speaker 1: encouraging them to donate to something called the Official Election 865 00:44:58,200 --> 00:45:02,720 Speaker 1: Defense Fund. So let committee discovered no such fund existed. 866 00:45:03,000 --> 00:45:06,040 Speaker 1: The claims that the election was stolen were so successful 867 00:45:06,520 --> 00:45:09,080 Speaker 1: President Trump and his allies raised two hundred and fifty 868 00:45:09,120 --> 00:45:12,279 Speaker 1: million dollars nearly one hundred million dollars in the first 869 00:45:12,320 --> 00:45:15,799 Speaker 1: week after the election. Wow, So you know that just 870 00:45:16,040 --> 00:45:20,600 Speaker 1: one hundred million dollars. And I just think that the 871 00:45:20,719 --> 00:45:25,160 Speaker 1: more level headed amongst and around him, I really just 872 00:45:25,200 --> 00:45:27,239 Speaker 1: don't know what they were thinking at that time. Bill 873 00:45:27,280 --> 00:45:30,520 Speaker 1: Barr continues to kind of be a gem on this one. 874 00:45:30,600 --> 00:45:33,799 Speaker 1: It's kind of hilarious because he was asked about some 875 00:45:33,920 --> 00:45:37,399 Speaker 1: of the dominion voting conspiracies and about the new two 876 00:45:37,440 --> 00:45:41,960 Speaker 1: Thousand Mules documentary by Dinesh Jesuza, and his reaction really 877 00:45:42,040 --> 00:45:44,719 Speaker 1: is prices. Let's take a listen to that. My opinion, then, 878 00:45:44,880 --> 00:45:49,600 Speaker 1: in my opinion now is that the election was not 879 00:45:49,680 --> 00:45:54,719 Speaker 1: stolen by fraud. And I haven't seen anything since the 880 00:45:54,800 --> 00:45:58,000 Speaker 1: election that changes my mind on that, including the two 881 00:45:58,000 --> 00:46:05,160 Speaker 1: Thousand Mules movie. When the movie came out, you know, 882 00:46:05,239 --> 00:46:10,600 Speaker 1: I think the photographic evidence in it was completely lack. 883 00:46:10,719 --> 00:46:12,840 Speaker 1: I mean it was there was a little bit of it, 884 00:46:12,960 --> 00:46:17,160 Speaker 1: but it was lacking. You know, it didn't establish widespread, 885 00:46:18,640 --> 00:46:24,920 Speaker 1: uh illegal harvesting. The other thing is people don't understand 886 00:46:25,080 --> 00:46:28,680 Speaker 1: is that it's not clear that even if you can 887 00:46:28,719 --> 00:46:32,400 Speaker 1: show harvesting that that changes the results of the election. 888 00:46:32,920 --> 00:46:35,280 Speaker 1: You're not, of course, are not going to throw out votes. 889 00:46:36,239 --> 00:46:41,520 Speaker 1: So lomhole Bill Barr not terribly improsperous. And the you know, 890 00:46:41,680 --> 00:46:44,640 Speaker 1: camera footage of people like putting ballots in the mailbox, 891 00:46:44,640 --> 00:46:47,560 Speaker 1: something they are legally allowed to do under certain circumstances 892 00:46:47,600 --> 00:46:51,560 Speaker 1: with cell phone data crystals. I mean, this was so silly. 893 00:46:51,560 --> 00:46:53,520 Speaker 1: And he's right about he says they like say it 894 00:46:53,640 --> 00:46:57,480 Speaker 1: very conclusively, like, oh, if you went by these dropboxes 895 00:46:57,560 --> 00:47:00,640 Speaker 1: multiple times, then you must be a mule. It's like, well, 896 00:47:00,920 --> 00:47:03,120 Speaker 1: if you're talking about a city and people are just 897 00:47:03,160 --> 00:47:05,000 Speaker 1: you know, it's an uber driver going about their route 898 00:47:05,040 --> 00:47:06,520 Speaker 1: or going about their day, of course you're going to 899 00:47:06,560 --> 00:47:10,000 Speaker 1: have people who drive by these ballot boxes which were 900 00:47:10,040 --> 00:47:14,000 Speaker 1: put intentionally in like you know, highly trafficked public location. Anyway, 901 00:47:14,000 --> 00:47:17,200 Speaker 1: it's silly, stupid, et cetera, et cetera. But you know, 902 00:47:17,320 --> 00:47:20,000 Speaker 1: the griff part this has always bothered me. I know 903 00:47:20,080 --> 00:47:22,759 Speaker 1: it bothers you too, because you have a lot of 904 00:47:22,800 --> 00:47:25,799 Speaker 1: people who really believe in this man. And obviously at 905 00:47:25,800 --> 00:47:28,840 Speaker 1: this point, I find that hard to really understand. But 906 00:47:29,280 --> 00:47:32,320 Speaker 1: you know, they trust him, and so when he's sending 907 00:47:32,360 --> 00:47:36,279 Speaker 1: these missives sometimes twenty five emails a day, which, by 908 00:47:36,320 --> 00:47:39,799 Speaker 1: the way, whatever candidate you like or don't like unsubscribed 909 00:47:39,840 --> 00:47:42,520 Speaker 1: from all of these campaign email funders. If you want 910 00:47:42,520 --> 00:47:44,680 Speaker 1: to donate to a candidate, do it. You don't need 911 00:47:44,760 --> 00:47:47,399 Speaker 1: them harassing you and haranguing you day in and day 912 00:47:47,400 --> 00:47:50,680 Speaker 1: out and feeding you like total nonsense. Because he's by 913 00:47:50,680 --> 00:47:53,279 Speaker 1: far not the only one who engages in this type 914 00:47:53,280 --> 00:47:56,319 Speaker 1: of scummy behavior. We saw it with him and with 915 00:47:56,440 --> 00:47:58,799 Speaker 1: others like Ted Cruz in the lead up to the 916 00:47:58,840 --> 00:48:01,920 Speaker 1: Georgia Senate election, where they were saying, the Senate majority 917 00:48:02,000 --> 00:48:04,239 Speaker 1: is on the line. We've got to stop the Democrats. 918 00:48:04,280 --> 00:48:07,279 Speaker 1: It's existential. We've got to be all in, donate now, 919 00:48:07,880 --> 00:48:11,160 Speaker 1: and then they weren't even sending the money to the 920 00:48:11,160 --> 00:48:13,160 Speaker 1: candidates that you thought that you were here. They have 921 00:48:13,360 --> 00:48:15,440 Speaker 1: a legal obligation to do so, and that's that's a 922 00:48:15,480 --> 00:48:18,000 Speaker 1: part of it. You know, Zoe Lofgren, who's a Democrat 923 00:48:18,040 --> 00:48:20,400 Speaker 1: who is running this part of the hearing, she was 924 00:48:20,440 --> 00:48:22,600 Speaker 1: on with Jake Tapper and she got asked like, is 925 00:48:22,640 --> 00:48:25,400 Speaker 1: this a crime. They commit a crime. And even she 926 00:48:25,760 --> 00:48:29,080 Speaker 1: wouldn't say that this is She's like, I don't know 927 00:48:29,120 --> 00:48:31,320 Speaker 1: that it's a crime. It's just it's definitely a grift. 928 00:48:31,719 --> 00:48:34,240 Speaker 1: And that's what's so you know, gross about our campaign 929 00:48:34,239 --> 00:48:36,640 Speaker 1: finance laws is that you can literally send out an email, 930 00:48:36,960 --> 00:48:39,880 Speaker 1: which is what the Trump and Trump campaign was doing 931 00:48:40,200 --> 00:48:42,439 Speaker 1: over and over at twenty five times a day, saying 932 00:48:42,560 --> 00:48:45,879 Speaker 1: donate to our Election Integrity Fund, help us file these 933 00:48:45,920 --> 00:48:49,240 Speaker 1: lawsuits and fight this fraud. And then there isn't even 934 00:48:49,280 --> 00:48:51,640 Speaker 1: such a fund, like it does not exist. They have 935 00:48:51,800 --> 00:48:55,440 Speaker 1: no obligation whatsoever to do anything appropriate with your money. 936 00:48:55,640 --> 00:48:57,760 Speaker 1: They can send it to, you know, five million dollars 937 00:48:57,800 --> 00:49:01,440 Speaker 1: to some company led by their brother's friend or whatever. 938 00:49:01,880 --> 00:49:03,799 Speaker 1: And that's what they did. I mean, they're also looking 939 00:49:03,840 --> 00:49:05,120 Speaker 1: at this as the other thing that got a lot 940 00:49:05,160 --> 00:49:08,960 Speaker 1: of attention. Kimberly Guilfoyle at the January sixth rally got 941 00:49:08,960 --> 00:49:12,360 Speaker 1: paid sixty thousand dollars for a two minute speech introducing 942 00:49:12,480 --> 00:49:14,680 Speaker 1: her fiance. Wow, that's great work. You know, it's great 943 00:49:14,719 --> 00:49:16,560 Speaker 1: work if you can get it. Who amongst us never 944 00:49:16,600 --> 00:49:21,239 Speaker 1: been paid the average American wage year for two and 945 00:49:21,280 --> 00:49:23,200 Speaker 1: a half minutes of work in order to give a 946 00:49:23,239 --> 00:49:27,480 Speaker 1: speech and indruce your introduce your own fiance. Interesting this 947 00:49:27,560 --> 00:49:30,240 Speaker 1: is that's Look, it's the part that will always bug 948 00:49:30,320 --> 00:49:33,560 Speaker 1: me the most. The people around him and watching just 949 00:49:33,600 --> 00:49:38,440 Speaker 1: like this coterie of just disgusting grifters making millions of 950 00:49:38,560 --> 00:49:42,640 Speaker 1: dollars off of well meaning people. And look, you know, 951 00:49:42,719 --> 00:49:44,879 Speaker 1: you can hate them if you want, but there are 952 00:49:44,960 --> 00:49:48,000 Speaker 1: citizens too. That doesn't mean that they deserve to get 953 00:49:48,080 --> 00:49:51,719 Speaker 1: ripped off. I remember the Rush Limbaugh There was a 954 00:49:51,760 --> 00:49:53,560 Speaker 1: Rush Limbaugh clip that was going around at the time 955 00:49:53,560 --> 00:49:55,200 Speaker 1: of the election. There was a guy he was literally 956 00:49:55,200 --> 00:49:57,359 Speaker 1: in tears. He was like, I don't understand. How can 957 00:49:57,400 --> 00:49:59,600 Speaker 1: they just steal the election from Trump? They're like, we 958 00:49:59,640 --> 00:50:01,960 Speaker 1: need to do something, and it's like, well, that's how 959 00:50:02,040 --> 00:50:04,759 Speaker 1: January six happened. And again, you know, these people really 960 00:50:04,760 --> 00:50:07,080 Speaker 1: trust him, They really trusted Rush, They really trusted a 961 00:50:07,120 --> 00:50:09,080 Speaker 1: lot of people in conservative media who were very willing 962 00:50:09,080 --> 00:50:10,960 Speaker 1: to go along with this because they didn't want to 963 00:50:11,040 --> 00:50:13,719 Speaker 1: sidestep Trump. And now you have millions of people who 964 00:50:13,719 --> 00:50:16,839 Speaker 1: think that the election was stolen and it was Listen, yes, 965 00:50:16,960 --> 00:50:19,719 Speaker 1: it was pernicious. When Hillary and them were floating Russiagate 966 00:50:19,760 --> 00:50:23,560 Speaker 1: conspiracies in twenty seventeen. It's also pernicious. Now, like you 967 00:50:23,600 --> 00:50:26,200 Speaker 1: don't have to draw a false equivalence and say that's 968 00:50:26,200 --> 00:50:29,839 Speaker 1: completely fine. We have a long standing implications of this 969 00:50:30,040 --> 00:50:32,160 Speaker 1: both in our politics for a long time to come. 970 00:50:32,440 --> 00:50:37,319 Speaker 1: But yeah, good people well meeting people. They believed in 971 00:50:37,360 --> 00:50:39,520 Speaker 1: Trump and they gave him two hundred fifty million dollars 972 00:50:39,560 --> 00:50:41,200 Speaker 1: and he didn't spend any of it actions and these 973 00:50:41,200 --> 00:50:45,040 Speaker 1: were not high level wealthy Yeah, these are like normal people. 974 00:50:45,080 --> 00:50:49,040 Speaker 1: These are you know, regular people kicking in what they 975 00:50:49,080 --> 00:50:52,520 Speaker 1: can because they feel like their democracy is being stolen, 976 00:50:52,560 --> 00:50:55,760 Speaker 1: their vote didn't count in all this nonsense, total bullshit 977 00:50:55,800 --> 00:50:57,600 Speaker 1: that they were being fat. I mean, I think as 978 00:50:57,600 --> 00:51:00,600 Speaker 1: you're watching these January six hearings, if you are watching them, 979 00:51:01,040 --> 00:51:03,359 Speaker 1: have a feeling our audience. It's not really watching them. 980 00:51:03,400 --> 00:51:07,440 Speaker 1: But I'm sure you can't avoid seeing some of you know, 981 00:51:07,480 --> 00:51:09,920 Speaker 1: the coverage and the clips that are floating around. I 982 00:51:09,960 --> 00:51:13,640 Speaker 1: think it's really important to remember the I'm sure you 983 00:51:13,719 --> 00:51:17,080 Speaker 1: had some people who were rioting at the Capitol that 984 00:51:17,160 --> 00:51:19,880 Speaker 1: day who were just like chaos agents who you know, 985 00:51:20,120 --> 00:51:22,560 Speaker 1: they didn't really care whether the claims are true or false. 986 00:51:22,600 --> 00:51:25,200 Speaker 1: They like trouble, they like the action, They see themselves 987 00:51:25,239 --> 00:51:28,520 Speaker 1: as these you know, tough whatever chaos agents. Okay, there's 988 00:51:28,560 --> 00:51:30,680 Speaker 1: some of that. You had a lot of people who 989 00:51:30,760 --> 00:51:34,399 Speaker 1: really actually believed they were doing the correct patriotic thing 990 00:51:34,719 --> 00:51:37,840 Speaker 1: by like backing up Trump and going into the Capitol. 991 00:51:38,360 --> 00:51:42,440 Speaker 1: None of the violence is justified whatsoever, even if you, 992 00:51:42,440 --> 00:51:45,759 Speaker 1: you know, really believed that. But I do think that's important, 993 00:51:46,160 --> 00:51:49,719 Speaker 1: Like that's important. Context is that a lot of these 994 00:51:49,760 --> 00:51:54,279 Speaker 1: people really bought this nonsense. They gave him money, he said, 995 00:51:54,320 --> 00:51:56,520 Speaker 1: show up at the cap show up on January sixth. 996 00:51:56,600 --> 00:51:59,040 Speaker 1: It's gonna be wild. They did it, he said, walk 997 00:51:59,120 --> 00:52:01,720 Speaker 1: to the Capitol. They did it. I mean, they really 998 00:52:02,239 --> 00:52:05,880 Speaker 1: convinced themselves that this was actually the moral and just 999 00:52:06,000 --> 00:52:09,200 Speaker 1: thing to do. And so the deeper question for all 1000 00:52:09,239 --> 00:52:11,800 Speaker 1: of us is how do you get as a country 1001 00:52:11,800 --> 00:52:14,839 Speaker 1: to that place where there are so many people who 1002 00:52:14,880 --> 00:52:18,640 Speaker 1: can be persuaded that it's not just okay, but it's 1003 00:52:18,680 --> 00:52:22,480 Speaker 1: actually like noble and patriotic to storm the capitol in 1004 00:52:22,480 --> 00:52:25,080 Speaker 1: this way. It's deeply sad, safety grand to cure. But 1005 00:52:25,120 --> 00:52:26,440 Speaker 1: they don't care. I mean, at the end of the day, 1006 00:52:26,440 --> 00:52:28,279 Speaker 1: they don't care. They can rightfully point a hunter and 1007 00:52:28,320 --> 00:52:31,960 Speaker 1: be well, look at him too. Yeah, listen, that's the problem. Yeah, yes, 1008 00:52:32,000 --> 00:52:35,279 Speaker 1: all right, okay, there's another'll stop the steel story. We 1009 00:52:35,320 --> 00:52:37,920 Speaker 1: wanted to get to you here, this one involving Amazon 1010 00:52:38,160 --> 00:52:42,160 Speaker 1: and Jeff Bezos and the Amazon Labor Union. So go 1011 00:52:42,160 --> 00:52:44,480 Speaker 1: ahead and put this NPR report up on the screen. 1012 00:52:44,840 --> 00:52:49,560 Speaker 1: Amazon is seeking to overturn that historic Staten Island union victory. 1013 00:52:50,000 --> 00:52:52,760 Speaker 1: They had a hearing, a labor hearing in Phoenix yesterday. 1014 00:52:52,800 --> 00:52:54,920 Speaker 1: The reason it was in Phoenix instead of in the 1015 00:52:54,960 --> 00:52:59,040 Speaker 1: local NLRB office there in New York is because they 1016 00:52:59,120 --> 00:53:03,000 Speaker 1: actually implicate the NLRB and claimed that its regional office 1017 00:53:03,040 --> 00:53:06,359 Speaker 1: in Brooklyn, which oversaw that election, favored the union and 1018 00:53:06,400 --> 00:53:10,440 Speaker 1: facilitated its victory. So they're actually saying not only that, 1019 00:53:10,560 --> 00:53:13,680 Speaker 1: you know, Chris Smalls and his colleagues and organizers and 1020 00:53:13,719 --> 00:53:17,120 Speaker 1: worker organizers there with Amazon Labor Union acted improperly, they're 1021 00:53:17,160 --> 00:53:20,399 Speaker 1: also saying, actually, the government, you know, rigged this thing 1022 00:53:20,560 --> 00:53:23,440 Speaker 1: in the Amazon Labor Union's direction, which is crazy. I mean, 1023 00:53:23,440 --> 00:53:25,759 Speaker 1: if you know anything about the way these union elections work, 1024 00:53:25,800 --> 00:53:30,120 Speaker 1: their deck is tremendously stacked in the other direction. I'll 1025 00:53:30,120 --> 00:53:33,840 Speaker 1: give you the specifics of their allegations. They charged the 1026 00:53:34,000 --> 00:53:37,520 Speaker 1: organizers harassed and threatened employees who weren't supporting the union. 1027 00:53:38,320 --> 00:53:42,040 Speaker 1: They also charge that union organizers handed out weed to 1028 00:53:42,120 --> 00:53:45,440 Speaker 1: workers in return for their support. In fact, this is 1029 00:53:45,480 --> 00:53:47,759 Speaker 1: the NPR the way they phrase it, and in fact, 1030 00:53:47,960 --> 00:53:51,080 Speaker 1: union leaders have spoken openly about providing workers with marijuana, 1031 00:53:51,120 --> 00:53:54,600 Speaker 1: but not as a bribe. They're asking for the NLRB 1032 00:53:54,760 --> 00:53:58,719 Speaker 1: for a complete do over election. And remember that, you know, 1033 00:53:58,800 --> 00:54:04,600 Speaker 1: Amazon has already been caught cheating in such an egregious manner. 1034 00:54:04,680 --> 00:54:08,680 Speaker 1: And this is a truly extraordinary outcome that down in Bessemer, 1035 00:54:08,719 --> 00:54:11,640 Speaker 1: Alabama of an l RB did order a do over 1036 00:54:11,760 --> 00:54:17,280 Speaker 1: election because of Amazon's unfair interference. That doesn't happen very often. 1037 00:54:17,320 --> 00:54:20,320 Speaker 1: It truly is, you know, an extraordinary situation. So they've 1038 00:54:20,360 --> 00:54:23,799 Speaker 1: already proven themselves to be nefarious, bad actors here. And 1039 00:54:24,200 --> 00:54:27,280 Speaker 1: the fact that they are actually saying, like the government 1040 00:54:27,440 --> 00:54:30,600 Speaker 1: rigged this thing for the Amazon labor Union is That's 1041 00:54:30,640 --> 00:54:32,680 Speaker 1: why it puts it in the like hoole, stop the 1042 00:54:32,680 --> 00:54:37,000 Speaker 1: steel conspiracy theory category because they are asserting some pretty 1043 00:54:37,440 --> 00:54:39,919 Speaker 1: baseless and over the top claims here. Ultimately, we'll see 1044 00:54:39,920 --> 00:54:44,080 Speaker 1: how it goes. Here's the next pieces from Jordan Chariton 1045 00:54:44,560 --> 00:54:46,880 Speaker 1: status coup, and he has a reporter there on the 1046 00:54:46,880 --> 00:54:50,080 Speaker 1: ground too. Phoenix cops actually showed up and kicked supporters 1047 00:54:50,080 --> 00:54:53,879 Speaker 1: of Amazon labor workers out of the hearing room, where 1048 00:54:53,880 --> 00:54:57,320 Speaker 1: he says, Amazon's currently trying to return Aliu's historic union victory, 1049 00:54:57,400 --> 00:55:00,719 Speaker 1: so using some pretty you know, hard handed tactics there 1050 00:55:00,719 --> 00:55:03,760 Speaker 1: in terms of the local police force not allowing workers 1051 00:55:03,800 --> 00:55:05,680 Speaker 1: to be in the room. So we'll see ultimately what 1052 00:55:05,719 --> 00:55:09,520 Speaker 1: the outcome is. The analysis I've seen before is that 1053 00:55:10,120 --> 00:55:14,000 Speaker 1: it is unlikely Amazon will ultimately succeed. That it would 1054 00:55:14,120 --> 00:55:15,759 Speaker 1: you know, their claims don't seem to have a lot 1055 00:55:15,760 --> 00:55:18,080 Speaker 1: of merit that it would take a lot to overturn 1056 00:55:18,560 --> 00:55:21,560 Speaker 1: this election, especially since the margin was fairly significant. But 1057 00:55:21,960 --> 00:55:23,840 Speaker 1: you know, you don't want to take anything for granted. 1058 00:55:24,040 --> 00:55:28,480 Speaker 1: And this was clearly a major spark that lit a 1059 00:55:28,520 --> 00:55:30,960 Speaker 1: fire under workers across the country. This along with the 1060 00:55:31,000 --> 00:55:33,919 Speaker 1: Starbucks labor movement, which has seen more than one hundred 1061 00:55:33,960 --> 00:55:38,360 Speaker 1: Starbucks stores unionize, and you now have workers at Apple, 1062 00:55:38,440 --> 00:55:41,280 Speaker 1: workers at Target, I mean store after store after store 1063 00:55:41,320 --> 00:55:44,200 Speaker 1: saying hey, we saw what they did on Staten Island 1064 00:55:44,239 --> 00:55:45,960 Speaker 1: and this is for us. So that's why this matters 1065 00:55:46,040 --> 00:55:48,319 Speaker 1: a lot beyond just you know, and I don't want 1066 00:55:48,320 --> 00:55:50,839 Speaker 1: to say just but just these thousands of workers who 1067 00:55:51,000 --> 00:55:54,440 Speaker 1: are represented here. Yeah, it's actually interesting because this is 1068 00:55:54,480 --> 00:55:56,919 Speaker 1: all part of a bigger crackdown which we've been talking 1069 00:55:56,960 --> 00:55:59,640 Speaker 1: about here, which is that you have actually recently, an 1070 00:55:59,680 --> 00:56:04,960 Speaker 1: Amazon manager calls the sheriff's office in Campell's Bill, Kentucky 1071 00:56:05,360 --> 00:56:08,080 Speaker 1: the afternoon to report that there were people trying to 1072 00:56:08,120 --> 00:56:11,080 Speaker 1: start a union and trespassing on company property. The sheriff 1073 00:56:11,160 --> 00:56:14,440 Speaker 1: ultimately showed up and said, no, they weren't on company property. 1074 00:56:14,520 --> 00:56:16,440 Speaker 1: But what they're pointing to is that that is the 1075 00:56:16,480 --> 00:56:19,759 Speaker 1: type of anti union activity the company's been at and 1076 00:56:19,880 --> 00:56:23,000 Speaker 1: ramped up actually since the success of that election. I 1077 00:56:23,000 --> 00:56:25,200 Speaker 1: think you did see that in the second Staten Island 1078 00:56:25,239 --> 00:56:27,480 Speaker 1: election that you know, they he kind of snuck in 1079 00:56:27,560 --> 00:56:29,919 Speaker 1: under the radar on that first one, and they're like, Okay, 1080 00:56:29,960 --> 00:56:31,880 Speaker 1: we're never going to let this happen again. So not 1081 00:56:31,920 --> 00:56:33,360 Speaker 1: only are they going to try and bankrupt them in 1082 00:56:33,440 --> 00:56:35,640 Speaker 1: legal fees by suing the hell out of it and 1083 00:56:35,680 --> 00:56:39,080 Speaker 1: making them contest this election on the they're basically just 1084 00:56:39,120 --> 00:56:42,960 Speaker 1: going to war and firing union activists and others at 1085 00:56:42,960 --> 00:56:45,880 Speaker 1: every other warehouse across the country. Trying to nip it 1086 00:56:46,200 --> 00:56:49,160 Speaker 1: in the bud, which actually is probably the bigger that's 1087 00:56:49,160 --> 00:56:52,440 Speaker 1: probably the biggest legacy right so far of what's actually 1088 00:56:52,520 --> 00:56:54,799 Speaker 1: happened in Amazon fight. And there are a lot of 1089 00:56:54,840 --> 00:56:59,319 Speaker 1: other Amazon shops that want to unionize, so that's something 1090 00:56:59,360 --> 00:57:02,560 Speaker 1: to keep an eye on. With the Starbucks store, obviously, 1091 00:57:02,600 --> 00:57:05,440 Speaker 1: I mean this is very obvious, but Starbucks have like, 1092 00:57:05,520 --> 00:57:08,480 Speaker 1: you know, ten workers, twenty workers as much smaller shop. 1093 00:57:08,880 --> 00:57:13,000 Speaker 1: So to organize one of these gigantic Amazon warehouses, it 1094 00:57:13,040 --> 00:57:17,440 Speaker 1: really is you know, an exceptional, extraordinary feet So you know, 1095 00:57:17,600 --> 00:57:20,080 Speaker 1: there's there's a lot of promise there, and now the 1096 00:57:20,160 --> 00:57:23,720 Speaker 1: question is whether they can translate this one victory into 1097 00:57:23,800 --> 00:57:27,200 Speaker 1: a nationwide movement. And obviously Amazon wants to roll back 1098 00:57:27,240 --> 00:57:29,880 Speaker 1: even this gain. And part of the problem for Amazon 1099 00:57:29,880 --> 00:57:31,880 Speaker 1: and New York is they really need this warehouse, so 1100 00:57:31,920 --> 00:57:35,040 Speaker 1: they can't really employ, at least not easily, the tactic 1101 00:57:35,080 --> 00:57:38,960 Speaker 1: of let's just close this one and try again somewhere else. No, 1102 00:57:39,000 --> 00:57:41,360 Speaker 1: they don't, they don't have that luxury. But they have 1103 00:57:41,480 --> 00:57:45,760 Speaker 1: been engaging in, you know, some additional illegal union busting tactics. 1104 00:57:45,800 --> 00:57:47,880 Speaker 1: So I don't know if we played it here, but 1105 00:57:48,400 --> 00:57:51,720 Speaker 1: there was a worker named Pat who he'd been like 1106 00:57:51,760 --> 00:57:54,880 Speaker 1: a Trump supporter. He's like, you know, typical sort of 1107 00:57:54,960 --> 00:57:58,480 Speaker 1: New York Italian type of vibes. And he was a 1108 00:57:58,760 --> 00:58:01,800 Speaker 1: really significant part of their organizing team. And he said 1109 00:58:01,800 --> 00:58:05,040 Speaker 1: he flipped hundreds of workers from nody Yes in the 1110 00:58:05,080 --> 00:58:07,240 Speaker 1: final stretch of the campaign and said this publicly. Well, 1111 00:58:07,280 --> 00:58:09,160 Speaker 1: that made him a target for Amazon and they just 1112 00:58:09,200 --> 00:58:12,600 Speaker 1: fired him. Wow, So this is you know, this is war. 1113 00:58:12,720 --> 00:58:15,040 Speaker 1: As far as Amazon's concerned, the last thing they want 1114 00:58:15,080 --> 00:58:17,840 Speaker 1: to see is the kind of snowball wildfire effect that 1115 00:58:17,880 --> 00:58:21,320 Speaker 1: we have seen at Starbucks. And make no doubt about it. 1116 00:58:21,360 --> 00:58:24,360 Speaker 1: Workers across the country will be watching to see how 1117 00:58:24,400 --> 00:58:27,480 Speaker 1: this all plays out and see if you can actually 1118 00:58:27,720 --> 00:58:31,480 Speaker 1: win and sustain these these games. So we will keep 1119 00:58:31,480 --> 00:58:33,160 Speaker 1: an eye on it as well. Yeah. Absolutely, you know 1120 00:58:33,200 --> 00:58:36,040 Speaker 1: it's interesting too. Stephen Greenhouse wrote an article in The 1121 00:58:36,120 --> 00:58:40,320 Speaker 1: Guardian about why Starbucks Unions Drive is moving more ahead 1122 00:58:40,360 --> 00:58:42,360 Speaker 1: than Amazon and I hadn't even considered this, but it 1123 00:58:42,440 --> 00:58:45,560 Speaker 1: totally makes sense, which is Starbucks shops are like twenty 1124 00:58:45,600 --> 00:58:47,960 Speaker 1: five people, thirty people, so it's actually not hard, whereas 1125 00:58:47,960 --> 00:58:52,760 Speaker 1: an Amazon warehouse is like seven thousand. Yeah, you know, everybody, Yeah, 1126 00:58:52,800 --> 00:58:55,200 Speaker 1: it's a lot of your friends. You're like, hey, let's 1127 00:58:55,240 --> 00:58:56,840 Speaker 1: do this, and they're like okay, and then it's done. 1128 00:58:56,880 --> 00:58:59,960 Speaker 1: It's less of a I don't want to downplay, they've complied, 1129 00:59:00,080 --> 00:59:02,320 Speaker 1: which is also exceptional. Well, it's just harder to convince 1130 00:59:02,320 --> 00:59:04,520 Speaker 1: people to have an election. It's easier to administer. There's 1131 00:59:04,520 --> 00:59:06,480 Speaker 1: only twenty eight workers. That's how you can have hundreds 1132 00:59:06,480 --> 00:59:09,200 Speaker 1: of stores versus different warehouse. Anyway, I hadn't even considered 1133 00:59:09,240 --> 00:59:11,120 Speaker 1: those cheer logistics of it, and I was like, wow, 1134 00:59:11,240 --> 00:59:13,360 Speaker 1: that completely makes sense as to why it would be 1135 00:59:13,360 --> 00:59:15,240 Speaker 1: a lot more difficult. Well, and it was for a 1136 00:59:15,280 --> 00:59:20,000 Speaker 1: long time the conventional wisdom that that dynamic was actually 1137 00:59:20,000 --> 00:59:22,680 Speaker 1: what made it so difficult to organize food and service 1138 00:59:22,720 --> 00:59:25,800 Speaker 1: workers because it's like you got to go store by stores, 1139 00:59:25,840 --> 00:59:28,160 Speaker 1: Jess Christ it's going to take forever to be able 1140 00:59:28,160 --> 00:59:30,720 Speaker 1: to unionize in all these places, and that continues to 1141 00:59:30,760 --> 00:59:32,920 Speaker 1: be true. I mean, I don't know the current numbers, 1142 00:59:32,960 --> 00:59:37,200 Speaker 1: but I think just with that one Amazon warehouse, Amazon 1143 00:59:37,280 --> 00:59:40,800 Speaker 1: labor union probably represents more workers than across the entire 1144 00:59:40,800 --> 00:59:44,480 Speaker 1: one hundred plus Starbucks stores that have now unionized at 1145 00:59:44,480 --> 00:59:47,640 Speaker 1: this point. So there are pluses and minuses, but certainly 1146 00:59:47,960 --> 00:59:51,760 Speaker 1: right now. Just having that, knowing all the workers, knowing 1147 00:59:51,760 --> 00:59:53,480 Speaker 1: how to get in touch with them, how to talk 1148 00:59:53,520 --> 00:59:56,760 Speaker 1: to them, what sort of propaganda they're being fed, how 1149 00:59:56,800 --> 01:00:00,800 Speaker 1: to combat that weather they're receptive from the beginning, that 1150 01:00:00,840 --> 01:00:03,240 Speaker 1: has made a big difference for the Starbucks workers and 1151 01:00:03,320 --> 01:00:07,320 Speaker 1: has obviously proved extraordinarily successful. Oh yeah, absolutely. Okay, guys, 1152 01:00:07,760 --> 01:00:10,160 Speaker 1: this is just two I don't even know what to 1153 01:00:10,200 --> 01:00:12,400 Speaker 1: say about this. You know, it was someone was going 1154 01:00:12,440 --> 01:00:15,880 Speaker 1: to write it. It was like a law of nature 1155 01:00:16,000 --> 01:00:19,600 Speaker 1: that this was going to happen. Robert Reich writing that 1156 01:00:19,640 --> 01:00:23,160 Speaker 1: we should have Liz Cheney for president. Go ahead and 1157 01:00:23,160 --> 01:00:26,120 Speaker 1: put this up on the screen, he says, Liz Cheney 1158 01:00:26,200 --> 01:00:28,640 Speaker 1: for president, question mark, And this is okay. This is 1159 01:00:28,640 --> 01:00:31,800 Speaker 1: a guy who like considers himself a progressive, Like, why 1160 01:00:32,240 --> 01:00:36,120 Speaker 1: what are you talking about? Clinton? You know, I positions 1161 01:00:36,200 --> 01:00:39,800 Speaker 1: himself on economics and on cultural issues on the left 1162 01:00:40,080 --> 01:00:44,880 Speaker 1: side of the political spectrum. What so, here's what he says. 1163 01:00:45,240 --> 01:00:48,720 Speaker 1: Let me make his case. Cheney is a firm conservative. 1164 01:00:48,760 --> 01:00:51,080 Speaker 1: I've opposed many of her positions, but we are at 1165 01:00:51,120 --> 01:00:53,520 Speaker 1: an inflection point in this nation over a set of 1166 01:00:53,520 --> 01:00:57,400 Speaker 1: principles that transcend any particular positions or policies. If we 1167 01:00:57,440 --> 01:00:59,520 Speaker 1: cannot agree on the sanctity of the constitution of the 1168 01:00:59,600 --> 01:01:01,960 Speaker 1: rule of law, we are no longer capable of self government. 1169 01:01:02,200 --> 01:01:04,959 Speaker 1: The real battle in twenty twenty four will not be 1170 01:01:04,960 --> 01:01:08,760 Speaker 1: between Democrats and Republicans. It will be between forces supporting 1171 01:01:08,800 --> 01:01:12,560 Speaker 1: democracy in America and those supporting authoritarianism. Trump is the 1172 01:01:12,560 --> 01:01:16,840 Speaker 1: de facto leader of the forces supporting authoritarianism. Liz Cheney 1173 01:01:16,880 --> 01:01:19,720 Speaker 1: has been that become the de facto leader of the 1174 01:01:19,760 --> 01:01:25,120 Speaker 1: forces supporting democraty oh yeah, just well, I mean, look, 1175 01:01:25,560 --> 01:01:28,680 Speaker 1: I actually hope they run her because it would be 1176 01:01:28,840 --> 01:01:33,440 Speaker 1: a great referendum on Cheney style politics. God, people, this 1177 01:01:33,560 --> 01:01:36,360 Speaker 1: is I hate the uni dimensional nature in which we 1178 01:01:36,440 --> 01:01:39,480 Speaker 1: talk about politicians. And you know, Mitt Romney is like 1179 01:01:39,520 --> 01:01:41,720 Speaker 1: a freaking hero right now because apparently, you know, because 1180 01:01:41,720 --> 01:01:44,959 Speaker 1: he impeached Donald, voted to impeach Trump. George W. Bush. 1181 01:01:44,960 --> 01:01:47,000 Speaker 1: You know, I'm reading this book. I finally got around 1182 01:01:47,040 --> 01:01:50,120 Speaker 1: to it that this will not pass. The recent book 1183 01:01:50,160 --> 01:01:53,080 Speaker 1: about the the January sixth and the first year of 1184 01:01:53,080 --> 01:01:58,160 Speaker 1: the Biden presidency, and they talk there specifically about how 1185 01:01:58,360 --> 01:02:02,240 Speaker 1: Cheney and Romney and George W. Bush were all allied 1186 01:02:02,320 --> 01:02:06,600 Speaker 1: with Nancy Pelosi in order to speak out about Donald Trump. 1187 01:02:06,920 --> 01:02:09,560 Speaker 1: And I was just like, you know, Nancy Pelosi became 1188 01:02:09,640 --> 01:02:12,840 Speaker 1: the Speaker of the House and a national figure in 1189 01:02:12,840 --> 01:02:16,040 Speaker 1: two thousand and six for speaking out against George W. 1190 01:02:16,120 --> 01:02:19,320 Speaker 1: Bush and the Iraq War, something that was good. And 1191 01:02:19,640 --> 01:02:23,040 Speaker 1: yet because Bush is willing to call out, you know, 1192 01:02:23,280 --> 01:02:28,360 Speaker 1: authoritarianism here in America whenever it was supposedly Trump, He's 1193 01:02:28,400 --> 01:02:31,880 Speaker 1: been rehabilitated in the eyes of the Democrats, who rightfully, 1194 01:02:32,320 --> 01:02:35,479 Speaker 1: you know, rebuked him in office in two thousand and six, 1195 01:02:35,720 --> 01:02:37,560 Speaker 1: and he had one of the lowest approval ratings of 1196 01:02:37,600 --> 01:02:40,000 Speaker 1: all time. He ruined his country, ruined Iraq and much 1197 01:02:40,040 --> 01:02:42,320 Speaker 1: of the globe and the US global standing as well. 1198 01:02:42,360 --> 01:02:44,720 Speaker 1: But all of that appears to be fine. I also 1199 01:02:44,760 --> 01:02:46,880 Speaker 1: remember Liz Cheney when I remember when she was on 1200 01:02:46,920 --> 01:02:49,600 Speaker 1: the House floor and Dick Cheney was there to support 1201 01:02:49,640 --> 01:02:53,160 Speaker 1: her on the Republican side, and all these Democrats, including Pelosi, 1202 01:02:53,240 --> 01:02:54,960 Speaker 1: lined up to shake his hand. I'm like, what are 1203 01:02:55,000 --> 01:02:59,440 Speaker 1: you doing? This is there is no more no family 1204 01:02:59,480 --> 01:03:01,920 Speaker 1: has done as much damage other than the Bush family, 1205 01:03:02,160 --> 01:03:05,600 Speaker 1: to the standing of the United States, of our global standing, 1206 01:03:05,920 --> 01:03:09,520 Speaker 1: of our internal politics, more than these two families. I 1207 01:03:09,560 --> 01:03:13,040 Speaker 1: mean they should be pariahs for all time. Having a 1208 01:03:13,080 --> 01:03:16,760 Speaker 1: decent position on Trump being bad in jan six, it 1209 01:03:16,800 --> 01:03:20,760 Speaker 1: does not absolve much much worse crimes that were committed. 1210 01:03:20,880 --> 01:03:24,560 Speaker 1: I mean, okay, there's several things I want to say 1211 01:03:24,560 --> 01:03:28,680 Speaker 1: about this. First of all, the idea that anyone who 1212 01:03:29,000 --> 01:03:32,040 Speaker 1: backed and continues to believe in the sanctity of the 1213 01:03:32,040 --> 01:03:34,800 Speaker 1: Iraq War and its attendant torture and war crimes and 1214 01:03:34,840 --> 01:03:38,600 Speaker 1: whatever not a real friend of democracy. Just throw that 1215 01:03:38,640 --> 01:03:42,200 Speaker 1: one out there, number one. Number two, It is the 1216 01:03:42,240 --> 01:03:45,920 Speaker 1: lowest bar of old time to be like, wait, you 1217 01:03:46,000 --> 01:03:49,200 Speaker 1: don't support the violent overthrow of our government, you should 1218 01:03:49,200 --> 01:03:52,480 Speaker 1: be president. Oh my god, that's amazing, Like that is 1219 01:03:53,080 --> 01:03:56,280 Speaker 1: I aspire to a little bit better from us. But 1220 01:03:56,360 --> 01:04:00,200 Speaker 1: the real core of the problem with this whole formula, 1221 01:04:00,520 --> 01:04:03,479 Speaker 1: and the reason this is useful, is because this does 1222 01:04:03,640 --> 01:04:08,080 Speaker 1: reflect this sort of liberal worldview and ideology that is 1223 01:04:08,080 --> 01:04:12,760 Speaker 1: completely mainstream right now. Of this is the democracy versus authoritarianism. 1224 01:04:13,240 --> 01:04:17,000 Speaker 1: Is it completely ignores how we ended up in a 1225 01:04:17,080 --> 01:04:20,920 Speaker 1: place where you could have people susceptible to Donald Trump's 1226 01:04:20,960 --> 01:04:23,960 Speaker 1: lies and nonsense and election conspiracies. In all of that. 1227 01:04:24,360 --> 01:04:27,920 Speaker 1: To start with, here's the spoiler alert. If we have 1228 01:04:28,080 --> 01:04:31,440 Speaker 1: the policies of Liz Cheney, We're going to get more 1229 01:04:31,680 --> 01:04:35,800 Speaker 1: erosion of democracy, not less. Whether or not she you know, 1230 01:04:36,360 --> 01:04:38,880 Speaker 1: says she supports the Constitution, and whether or not she 1231 01:04:38,960 --> 01:04:41,520 Speaker 1: felt bad about you know, didn't like January six or 1232 01:04:41,560 --> 01:04:44,600 Speaker 1: any of that. You are leading us down the path 1233 01:04:44,760 --> 01:04:49,560 Speaker 1: of more precarity, more instability, more political violence, more chaos 1234 01:04:49,720 --> 01:04:52,800 Speaker 1: if you continue with the direction, with the policies that 1235 01:04:52,840 --> 01:04:56,000 Speaker 1: Liz Cheney would want to implement. Those are the policies, 1236 01:04:56,040 --> 01:04:58,120 Speaker 1: by and large that we have had over the past 1237 01:04:58,160 --> 01:05:02,480 Speaker 1: forty years that led us to this point. Doing the 1238 01:05:02,520 --> 01:05:04,520 Speaker 1: same thing again and thinking you're going to get a 1239 01:05:04,520 --> 01:05:07,280 Speaker 1: different result is the height of insanity. Instead, you will 1240 01:05:07,320 --> 01:05:10,600 Speaker 1: get more January sixth, not less. That's the real problem 1241 01:05:10,600 --> 01:05:13,200 Speaker 1: with this whole formulation. Yeah, you know, Liz Cheney thinks 1242 01:05:13,200 --> 01:05:15,760 Speaker 1: that we should have been in Afghanistan forever. She opposed 1243 01:05:15,800 --> 01:05:18,200 Speaker 1: the Trump peace deal and all that. Liz Cheney also 1244 01:05:18,240 --> 01:05:20,680 Speaker 1: set at one point that our national debt is the 1245 01:05:20,720 --> 01:05:24,440 Speaker 1: biggest national security threat that we face as a country. 1246 01:05:24,440 --> 01:05:26,920 Speaker 1: This is somebody who is a died in the wool 1247 01:05:27,360 --> 01:05:32,320 Speaker 1: Dick Cheney type conservative, which we all once recognized with him, 1248 01:05:32,320 --> 01:05:34,160 Speaker 1: not just ghost through. I mean, she has been a 1249 01:05:34,440 --> 01:05:37,160 Speaker 1: you know, she has been a harbinger of his politics 1250 01:05:37,240 --> 01:05:39,320 Speaker 1: and has been a big believer in it for a 1251 01:05:39,360 --> 01:05:41,840 Speaker 1: long time. Not to mention she's actually very socially conservative. 1252 01:05:41,880 --> 01:05:44,280 Speaker 1: We all remember how she treated her sister, you know, 1253 01:05:44,360 --> 01:05:46,640 Speaker 1: during the campaign trail. It's like, how does all this 1254 01:05:46,640 --> 01:05:49,400 Speaker 1: stuff just get white white? I guess I was literally 1255 01:05:49,480 --> 01:05:51,680 Speaker 1: child when all this is happening. I still remember the 1256 01:05:51,800 --> 01:05:55,040 Speaker 1: Cheney you know, just like the controversy around Jane and 1257 01:05:55,080 --> 01:05:58,600 Speaker 1: how the national conversation even happened around him. But everything 1258 01:05:58,680 --> 01:06:01,000 Speaker 1: is forgiven as long as you opposed Trump. And I 1259 01:06:01,000 --> 01:06:04,080 Speaker 1: think that's what you know, drives me insane about both 1260 01:06:04,160 --> 01:06:06,320 Speaker 1: right and left politics, which is that you can be 1261 01:06:06,360 --> 01:06:09,440 Speaker 1: a right winger and be maga if you just support Trump, 1262 01:06:09,480 --> 01:06:12,200 Speaker 1: like at least Stephonic right right at least Dephonic is 1263 01:06:12,400 --> 01:06:14,880 Speaker 1: you know, by most accounts of these so called social 1264 01:06:14,880 --> 01:06:18,240 Speaker 1: conservative wars, she's a huge lib. But Trump says, oh, 1265 01:06:18,320 --> 01:06:21,560 Speaker 1: she's going to be the next GOP nominee. You know 1266 01:06:21,600 --> 01:06:24,320 Speaker 1: why because he only cares that she fought for him 1267 01:06:24,440 --> 01:06:27,680 Speaker 1: during the impeachment and during Ukraine Gate, and is like 1268 01:06:27,720 --> 01:06:30,120 Speaker 1: flirting would stop the steal and Apparently on the left, 1269 01:06:30,160 --> 01:06:31,840 Speaker 1: all it takes to be a Democrat is oh, I 1270 01:06:31,880 --> 01:06:35,479 Speaker 1: hate Trump. There should be much higher standards for all 1271 01:06:35,520 --> 01:06:37,720 Speaker 1: of us as to what it actually means to be 1272 01:06:37,760 --> 01:06:39,960 Speaker 1: a part. This is why I refuse to affiliate with 1273 01:06:40,000 --> 01:06:42,040 Speaker 1: any broader political move because I'm like, I don't want 1274 01:06:42,040 --> 01:06:43,880 Speaker 1: to be a part of your bullshit. I'm just into 1275 01:06:43,880 --> 01:06:46,200 Speaker 1: whatever I want to do. And that's how most people, 1276 01:06:46,280 --> 01:06:48,560 Speaker 1: That's how most people are. It's just, you know, it 1277 01:06:48,600 --> 01:06:52,680 Speaker 1: really fundamentally misunderstands the problem. Yeah, the one six is 1278 01:06:53,040 --> 01:06:56,000 Speaker 1: a symptom of the problem. It is not actually the problem. 1279 01:06:56,160 --> 01:06:59,240 Speaker 1: And Liz Cheney is going to give us a lot 1280 01:06:59,320 --> 01:07:02,440 Speaker 1: more in the pushing us more in that direction. This 1281 01:07:02,480 --> 01:07:05,840 Speaker 1: doesn't deny the agency of the wrongdoers on that day, 1282 01:07:06,040 --> 01:07:08,520 Speaker 1: or say they shouldn't be held personally acout any of that, 1283 01:07:09,200 --> 01:07:13,240 Speaker 1: but it fundamentally misunderstands the problem that we are facing 1284 01:07:13,280 --> 01:07:16,240 Speaker 1: in this country, which started, you know, a long time ago, 1285 01:07:16,360 --> 01:07:19,600 Speaker 1: decades ago, has been perpetrated by both parties. If we 1286 01:07:19,640 --> 01:07:21,640 Speaker 1: don't have a dramatic shift, yeah, we are going to 1287 01:07:21,640 --> 01:07:25,240 Speaker 1: continue tohead in this direction. Liz Cheney would just accelerate 1288 01:07:25,280 --> 01:07:28,400 Speaker 1: that trend, not ameliorated and don't look. This is a 1289 01:07:28,440 --> 01:07:32,280 Speaker 1: real brainworm seeping through you know, elite liberalism. Put this 1290 01:07:32,360 --> 01:07:35,280 Speaker 1: on the screen. Don't forget this one. Biden Cheney twenty 1291 01:07:35,320 --> 01:07:39,560 Speaker 1: twenty four from Thomas Friedman. And you know Liz Cheney 1292 01:07:39,600 --> 01:07:42,280 Speaker 1: even right now, she knows where her money and where 1293 01:07:42,320 --> 01:07:43,880 Speaker 1: her hide is going to get saved. Throw this up 1294 01:07:43,880 --> 01:07:47,360 Speaker 1: there from Politico. She's turning to Democrats to try and 1295 01:07:47,480 --> 01:07:49,840 Speaker 1: raise money and in order to try and win her 1296 01:07:49,920 --> 01:07:53,400 Speaker 1: primary battle in Wyoming, where she is being where she 1297 01:07:53,680 --> 01:07:56,920 Speaker 1: I think is probably going to get thrown out of office. 1298 01:07:56,920 --> 01:08:00,200 Speaker 1: She's going to lose. Is it an open primary in Wyoming? Well, 1299 01:08:00,200 --> 01:08:02,240 Speaker 1: the deal that Democrats can vote in it, so I believe. 1300 01:08:02,280 --> 01:08:04,760 Speaker 1: So she needs Democrats and Independence to change their party 1301 01:08:04,800 --> 01:08:08,520 Speaker 1: registration so it's not open primary. But she's asking Wyoming 1302 01:08:09,160 --> 01:08:11,680 Speaker 1: Democrats I didn't even know their word, Democrats in Wyoming 1303 01:08:11,680 --> 01:08:14,520 Speaker 1: to come out and to do that and to change 1304 01:08:14,520 --> 01:08:16,160 Speaker 1: their party registration to try and save her. And the 1305 01:08:16,240 --> 01:08:19,160 Speaker 1: overwhelming amount of money is also coming from them. And 1306 01:08:19,200 --> 01:08:21,599 Speaker 1: the Wyoming GOP has already come out and censored her. 1307 01:08:21,680 --> 01:08:24,600 Speaker 1: So tisn't a serious problem. This is very likely the 1308 01:08:24,640 --> 01:08:27,439 Speaker 1: twilight of her career. But don't forget, you know, because 1309 01:08:27,439 --> 01:08:29,160 Speaker 1: she was mean to Trump. And if she goes out 1310 01:08:29,200 --> 01:08:31,760 Speaker 1: the right way, we all know that she'll be sitting 1311 01:08:31,800 --> 01:08:34,200 Speaker 1: on the board of Raytheon or one of these corporations 1312 01:08:34,200 --> 01:08:36,599 Speaker 1: the moment that she comes out of office. So it's 1313 01:08:36,680 --> 01:08:38,760 Speaker 1: not like she won't be well taken care of once 1314 01:08:38,800 --> 01:08:40,960 Speaker 1: she's yeah, and she's you know, she's got like the 1315 01:08:41,040 --> 01:08:44,440 Speaker 1: liberal stamp of approval now, so she's you know, acceptable 1316 01:08:44,479 --> 01:08:47,120 Speaker 1: with mainstream polite society. I don't want to take away 1317 01:08:47,160 --> 01:08:50,400 Speaker 1: like I think she of all everybody who's been a 1318 01:08:50,439 --> 01:08:52,400 Speaker 1: presenter in the January sixth hearings, I think she's been 1319 01:08:52,439 --> 01:08:54,879 Speaker 1: the most effective. I do think it like she knew 1320 01:08:55,200 --> 01:08:57,400 Speaker 1: that coming on against Trump in this very public way, 1321 01:08:57,439 --> 01:09:00,160 Speaker 1: and she has gone, you know, to the mat or 1322 01:09:01,120 --> 01:09:03,519 Speaker 1: in this direction. She knew this was going to potentially 1323 01:09:03,880 --> 01:09:05,600 Speaker 1: cost her career, and she did it anyway. And I 1324 01:09:05,600 --> 01:09:08,080 Speaker 1: do want to give her credit for that, But that 1325 01:09:08,160 --> 01:09:12,640 Speaker 1: does not erase the entirety of everything else she believes. 1326 01:09:12,720 --> 01:09:14,560 Speaker 1: And so again I think we need to aspire it 1327 01:09:14,640 --> 01:09:16,400 Speaker 1: a little bit better than that if you actually do 1328 01:09:16,479 --> 01:09:21,400 Speaker 1: care about her democracy, Chryssel, what are you taking a 1329 01:09:21,439 --> 01:09:24,880 Speaker 1: look at? Well, guys, this is really pretty stunning. As 1330 01:09:24,880 --> 01:09:27,479 Speaker 1: Democrats lead hearings into the events of January sixth, making 1331 01:09:27,520 --> 01:09:30,240 Speaker 1: their priority for the public and the midterms, this culminating 1332 01:09:30,280 --> 01:09:33,360 Speaker 1: stop this deal assault on democracy. They are at the 1333 01:09:33,400 --> 01:09:38,679 Speaker 1: same time directly making it more likely that election denying 1334 01:09:38,760 --> 01:09:41,040 Speaker 1: radicals end up in positions of power for the next 1335 01:09:41,040 --> 01:09:43,320 Speaker 1: go round. What do I mean, We'll just take a 1336 01:09:43,360 --> 01:09:48,360 Speaker 1: look at this. How conservative is Ron Hanks. Hanks was 1337 01:09:48,439 --> 01:09:51,080 Speaker 1: rated one of the most conservative members in the state House. 1338 01:09:51,960 --> 01:09:56,120 Speaker 1: He says Joe Biden's election was a fraud. Hanks wants 1339 01:09:56,160 --> 01:09:59,519 Speaker 1: to ban all abortions, and he wants to build Trump's 1340 01:09:59,520 --> 01:10:03,439 Speaker 1: border wars. Hanks even sponsored a bill that would allow 1341 01:10:03,520 --> 01:10:09,760 Speaker 1: concealed carry with no pervits Ron Hanks too conservative for Colorado. 1342 01:10:10,280 --> 01:10:15,400 Speaker 1: The Democratic Colorado is responsible for the content of this advertising. Okay, 1343 01:10:15,520 --> 01:10:19,479 Speaker 1: so that's an ad seemingly attacking Republican Senate candidate Ron 1344 01:10:19,520 --> 01:10:22,040 Speaker 1: Hanks as he tries to win the Republican nomination so 1345 01:10:22,080 --> 01:10:25,400 Speaker 1: he's in his primary. Except it's not actually an attack 1346 01:10:25,479 --> 01:10:28,080 Speaker 1: ad at all. No one actually trying to take down 1347 01:10:28,120 --> 01:10:31,240 Speaker 1: a Republican in a GOP primary would argue the candidate 1348 01:10:31,280 --> 01:10:35,120 Speaker 1: was quote too conservative. Such attacks would only serve to 1349 01:10:35,400 --> 01:10:39,519 Speaker 1: bolster that candidate among a conservative base, and in fact, 1350 01:10:39,560 --> 01:10:42,000 Speaker 1: that is exactly the point here. These ads were placed 1351 01:10:42,000 --> 01:10:44,200 Speaker 1: by a Democratic Party group looking to boost the more 1352 01:10:44,280 --> 01:10:47,960 Speaker 1: radical candidate they aforementioned Ron Hanks, over a more moderate 1353 01:10:48,000 --> 01:10:51,040 Speaker 1: businessman in the primary. The theory is that if they 1354 01:10:51,080 --> 01:10:53,559 Speaker 1: get the more radical candidate to win the primary, that 1355 01:10:53,640 --> 01:10:56,439 Speaker 1: candidate will be more beatable in the fall. Of course, 1356 01:10:56,439 --> 01:10:59,800 Speaker 1: there's an obvious, massive downside to this strategy if mister 1357 01:11:00,000 --> 01:11:02,479 Speaker 1: crazy Pants gets through the primary. Given what a challenging 1358 01:11:02,560 --> 01:11:05,280 Speaker 1: year it is for Democrats, there is no guarantee that 1359 01:11:05,360 --> 01:11:07,439 Speaker 1: mister crazy pants does not end up as your next 1360 01:11:07,479 --> 01:11:11,559 Speaker 1: senator from Colorado. Democrats also thought it'd be wonderful Trump 1361 01:11:11,600 --> 01:11:14,599 Speaker 1: won the twenty sixteen GUP nomination because he'd be so 1362 01:11:14,680 --> 01:11:17,400 Speaker 1: easy to beat. That one work out for you in 1363 01:11:17,400 --> 01:11:20,120 Speaker 1: this particular candidate, he really is truly in that job. 1364 01:11:20,200 --> 01:11:22,400 Speaker 1: He is one hundred percent in on stop the Steal. 1365 01:11:22,400 --> 01:11:24,920 Speaker 1: He even admitted to joining the rioting mom that breached 1366 01:11:24,920 --> 01:11:29,439 Speaker 1: police barricades on January sixth ron Hanks's opening ad literally 1367 01:11:29,560 --> 01:11:33,200 Speaker 1: shows him blowing up a dominion voting machine as Americans 1368 01:11:33,240 --> 01:11:37,000 Speaker 1: come to realize Biden's and confidence a growing majority believe 1369 01:11:37,040 --> 01:11:40,400 Speaker 1: he was not fairly elected. Evidence of fraud in multiple 1370 01:11:40,479 --> 01:11:44,760 Speaker 1: states support their conclusion. I know because I attended recounts 1371 01:11:44,760 --> 01:11:48,680 Speaker 1: and audits in multiple states. As our next senator, I 1372 01:11:48,680 --> 01:11:51,840 Speaker 1: will fight for our conservative values and I'll start by 1373 01:11:51,880 --> 01:11:55,360 Speaker 1: targeting our broken election system. I'm Ron Hanks, and I'm 1374 01:11:55,439 --> 01:11:58,640 Speaker 1: running for the United States Senate. I'm Ron Hanks, and 1375 01:11:58,680 --> 01:12:07,760 Speaker 1: I approve this message. So while Democrats preing about the 1376 01:12:07,800 --> 01:12:11,519 Speaker 1: threat to democracy, they are actively backing a dude who 1377 01:12:11,560 --> 01:12:14,360 Speaker 1: is outright telling you he is the threat to democracy. 1378 01:12:14,560 --> 01:12:16,479 Speaker 1: And he is far from the only one or even 1379 01:12:16,520 --> 01:12:19,880 Speaker 1: the most significant Democrats ran ads to help genuine crazy 1380 01:12:19,920 --> 01:12:23,080 Speaker 1: person Doug Mastriano win the primary for governor of Pennsylvania. 1381 01:12:23,160 --> 01:12:26,719 Speaker 1: In fact, Democratic nominee Joshapiro spent more on a single 1382 01:12:26,800 --> 01:12:29,720 Speaker 1: ad for Mastriano than Mostrano spent on ads in his 1383 01:12:29,880 --> 01:12:33,200 Speaker 1: entire campaign. And if you're worried about a few looney senators, 1384 01:12:33,439 --> 01:12:36,120 Speaker 1: you should really be concerned about a full on stop 1385 01:12:36,120 --> 01:12:39,439 Speaker 1: this deal governor in a key swing state who would 1386 01:12:39,479 --> 01:12:42,360 Speaker 1: actually be in a position to trigger a full on 1387 01:12:42,439 --> 01:12:46,040 Speaker 1: constitutional crisis. There are no guarantees whatsoever the Democrats will 1388 01:12:46,040 --> 01:12:49,080 Speaker 1: win statewide in Pennsylvania this year. Regardless of how insane 1389 01:12:49,080 --> 01:12:52,400 Speaker 1: the Republican nominee is, Mastrano was so involved in stop 1390 01:12:52,439 --> 01:12:54,120 Speaker 1: this deal that he has literally come up in the 1391 01:12:54,200 --> 01:12:57,599 Speaker 1: January sixth Committee's testimony. He was central to pushing election 1392 01:12:57,720 --> 01:13:01,439 Speaker 1: conspiracies in Pennsylvania and like he was also at the 1393 01:13:01,479 --> 01:13:04,720 Speaker 1: Capitol on January sixth. What in the world are Democrats 1394 01:13:04,720 --> 01:13:08,320 Speaker 1: doing promoting someone like this? In fact, the Democratic Governor's 1395 01:13:08,360 --> 01:13:11,240 Speaker 1: Association is playing heavily in a number of key Republican 1396 01:13:11,280 --> 01:13:16,000 Speaker 1: primaries across the country Illinois, Colorado, and Nevada along with Pennsylvania. 1397 01:13:16,080 --> 01:13:19,240 Speaker 1: So far, Democrats have spent more than twenty million dollars 1398 01:13:19,280 --> 01:13:23,280 Speaker 1: propping up extreme candidates, many of whom are active election deniers. 1399 01:13:23,640 --> 01:13:26,520 Speaker 1: In each case, they are bolstering candidates who are considered 1400 01:13:26,760 --> 01:13:29,200 Speaker 1: too fringe to win in the general. But are you 1401 01:13:29,320 --> 01:13:31,840 Speaker 1: absolutely sure you want to bet on that? It's just 1402 01:13:32,000 --> 01:13:35,320 Speaker 1: one more instance of Democratic words and actions being completely 1403 01:13:35,360 --> 01:13:37,400 Speaker 1: at odds, like how they claim to be horrified by 1404 01:13:37,439 --> 01:13:40,000 Speaker 1: gun violence and by the imminent destruction of Roe versus Wade, 1405 01:13:40,320 --> 01:13:42,280 Speaker 1: but then they dragged an anti choice and are a 1406 01:13:42,400 --> 01:13:45,440 Speaker 1: backed incumbent over the finish line. He's also under investigation 1407 01:13:45,479 --> 01:13:48,760 Speaker 1: by the FBI, so great stand for integrity there as well. 1408 01:13:48,880 --> 01:13:51,479 Speaker 1: I guess since Deems have decided not to do anything 1409 01:13:51,600 --> 01:13:53,920 Speaker 1: that'll actually make a material difference for people, and since 1410 01:13:53,960 --> 01:13:56,160 Speaker 1: they have no illusions that the January sixth Commission is 1411 01:13:56,200 --> 01:13:58,599 Speaker 1: going to actually change a single vote, this is all 1412 01:13:58,640 --> 01:14:01,040 Speaker 1: they've got left. I guess it makes a sort of 1413 01:14:01,040 --> 01:14:02,800 Speaker 1: sixth sense. If your goal is just to be a 1414 01:14:02,800 --> 01:14:05,759 Speaker 1: little bit better than the Republicans, making the Republicans worse 1415 01:14:06,120 --> 01:14:08,560 Speaker 1: means that you've moved the bar even lower, and you 1416 01:14:08,600 --> 01:14:10,760 Speaker 1: have a lower bar to clear an ugly race to 1417 01:14:10,800 --> 01:14:13,439 Speaker 1: the bottom that has no end in sight. And Sager, 1418 01:14:13,920 --> 01:14:16,680 Speaker 1: since I wrote this, I've seen even more report and 1419 01:14:16,720 --> 01:14:19,439 Speaker 1: if you want to hear my reaction to Crystal's monologue, 1420 01:14:19,439 --> 01:14:25,400 Speaker 1: become a premium subscriber today at Breakingpoints dot Com. All right, saga, 1421 01:14:25,400 --> 01:14:27,280 Speaker 1: are you looking at it? While Washington was focused on 1422 01:14:27,360 --> 01:14:30,360 Speaker 1: January sixth, once again, another scandal has actually been floating 1423 01:14:30,439 --> 01:14:33,240 Speaker 1: under the surface, one which the press seemingly has no 1424 01:14:33,280 --> 01:14:35,479 Speaker 1: real interest in, and one which is of actually great 1425 01:14:35,479 --> 01:14:39,320 Speaker 1: concern to millions of Americans. The Disinformation Governance Board, which 1426 01:14:39,320 --> 01:14:42,080 Speaker 1: at one point was headed by Nina Jankwitz, you'll remember 1427 01:14:42,120 --> 01:14:44,880 Speaker 1: her as the cringe theater kid TikToker in charge of 1428 01:14:44,920 --> 01:14:47,799 Speaker 1: the Biden Ministry of Truth, whose work was quote unquote 1429 01:14:47,840 --> 01:14:50,880 Speaker 1: put on pause after a lot of public outcry. Now 1430 01:14:50,920 --> 01:14:53,320 Speaker 1: we thought that that matter was settled, but new documents 1431 01:14:53,400 --> 01:14:56,519 Speaker 1: leaked by a whistleblower actually reveal the gas lighting the 1432 01:14:56,520 --> 01:14:59,519 Speaker 1: administration was doing at the time about how the board 1433 01:14:59,560 --> 01:15:02,960 Speaker 1: would not be censoring domestic political matters and would focus 1434 01:15:02,960 --> 01:15:06,559 Speaker 1: on foreign disinformation. Those are now revealed as outright lies. 1435 01:15:06,840 --> 01:15:10,080 Speaker 1: New documents show us that the Disinformation Government's board actually 1436 01:15:10,120 --> 01:15:12,960 Speaker 1: sought a meeting with Twitter on April twenty eighth to 1437 01:15:13,080 --> 01:15:16,360 Speaker 1: ask them to quote become involved in the project. The 1438 01:15:16,439 --> 01:15:20,240 Speaker 1: meeting was planned between the board and one Yoel Roth. Now, 1439 01:15:20,360 --> 01:15:23,320 Speaker 1: Roth is the executive at Twitter who, along with the 1440 01:15:23,320 --> 01:15:26,120 Speaker 1: Twitter Trust and Safety team, who made the call to 1441 01:15:26,200 --> 01:15:29,880 Speaker 1: censor the Hunter Biden laptop story in October of twenty twenty. 1442 01:15:30,280 --> 01:15:32,160 Speaker 1: Just to give you an idea of who we're talking 1443 01:15:32,160 --> 01:15:34,920 Speaker 1: about here, so do be clear, at no point did 1444 01:15:34,960 --> 01:15:37,360 Speaker 1: the Department of Homeland Security or the White House or 1445 01:15:37,479 --> 01:15:41,080 Speaker 1: Nina Jankowitz herself ever admit these plans to the public. 1446 01:15:41,400 --> 01:15:44,640 Speaker 1: It was a secret solicitation campaign. By the government with 1447 01:15:44,800 --> 01:15:48,840 Speaker 1: actual offers to provide government data to Twitter to spur 1448 01:15:49,000 --> 01:15:53,800 Speaker 1: an enforcement regime against information the government deems bad. Furthermore, 1449 01:15:53,840 --> 01:15:56,800 Speaker 1: the whistleblower documents show us that the government sought to 1450 01:15:56,840 --> 01:16:01,439 Speaker 1: censor information and label it as disinformation whenever quote clear 1451 01:16:01,560 --> 01:16:06,280 Speaker 1: and objective facts were clear. Hmm, But, as they point to, 1452 01:16:06,600 --> 01:16:10,240 Speaker 1: there is no government provided definition of that phrase. Consider 1453 01:16:10,400 --> 01:16:14,559 Speaker 1: how dystopian and orwellian it is to see an actual 1454 01:16:14,600 --> 01:16:17,800 Speaker 1: effort by the government to provide data to Twitter to 1455 01:16:17,840 --> 01:16:20,439 Speaker 1: get them to censor anything that they choose which is 1456 01:16:20,479 --> 01:16:23,479 Speaker 1: not clear and objective fact. This is a scandal within 1457 01:16:23,520 --> 01:16:26,880 Speaker 1: the Biden administration that has been almost completely ignored by 1458 01:16:26,880 --> 01:16:29,960 Speaker 1: the mainstream media. Recall last year, at the height of 1459 01:16:29,960 --> 01:16:33,560 Speaker 1: the campaign for vaccination, the US government was labeling disinformation 1460 01:16:33,640 --> 01:16:36,160 Speaker 1: and providing it to Facebook in an effort to get 1461 01:16:36,200 --> 01:16:39,880 Speaker 1: the company to censor anything that it's so requested. That 1462 01:16:39,960 --> 01:16:43,960 Speaker 1: included the famous call by Jensaki for anyone who was 1463 01:16:44,000 --> 01:16:47,040 Speaker 1: banned from Facebook to also be banned from any other 1464 01:16:47,120 --> 01:16:50,760 Speaker 1: social media platform, a direct instruction by the White House 1465 01:16:50,800 --> 01:16:53,280 Speaker 1: that the big tom to big tech companies do as 1466 01:16:53,320 --> 01:16:56,360 Speaker 1: they say. The fusion of the national security state with 1467 01:16:56,520 --> 01:16:59,240 Speaker 1: big tech that's been happening for some time, and look 1468 01:16:59,280 --> 01:17:02,479 Speaker 1: in some instances, is I'm sure it's warranted. Isis foreign 1469 01:17:02,600 --> 01:17:06,439 Speaker 1: terrorist recruitment? You know, enforcement against child porn. But these 1470 01:17:06,439 --> 01:17:10,200 Speaker 1: secret campaigns in overreach actually show you exactly why it's 1471 01:17:10,200 --> 01:17:13,439 Speaker 1: so worrisome to have major tech enforcement regimes working with 1472 01:17:13,479 --> 01:17:16,240 Speaker 1: the government in the first place, and the current mainstream 1473 01:17:16,240 --> 01:17:19,240 Speaker 1: media blackout on all this is especially obvious. It's why 1474 01:17:19,240 --> 01:17:21,519 Speaker 1: I want to double down on something I discussed yesterday 1475 01:17:21,720 --> 01:17:24,960 Speaker 1: to what end are these January sixth hearings really informing us? 1476 01:17:25,000 --> 01:17:27,920 Speaker 1: And what is their true purpose? Washington is a light 1477 01:17:28,160 --> 01:17:31,680 Speaker 1: with every detail litigating an event from months ago, the 1478 01:17:31,720 --> 01:17:35,000 Speaker 1: details of which were all obvious from the beginning. Democrats 1479 01:17:35,000 --> 01:17:37,719 Speaker 1: in the media tell us it's all about accountability. Okay, 1480 01:17:37,880 --> 01:17:41,280 Speaker 1: what about accountability? Tell us they already tried to impeach 1481 01:17:41,320 --> 01:17:44,880 Speaker 1: Trump through our constitutional system. They failed. Shouldn't that be 1482 01:17:44,920 --> 01:17:47,160 Speaker 1: the end of it? The Yahoos who were there are 1483 01:17:47,200 --> 01:17:50,360 Speaker 1: being prosecuted by the Department of Justice. What else do 1484 01:17:50,439 --> 01:17:53,360 Speaker 1: these people want to me? It is obvious and has 1485 01:17:53,400 --> 01:17:55,600 Speaker 1: been from the day one. This is about laying the 1486 01:17:55,600 --> 01:17:58,720 Speaker 1: groundwork for a surveillance regime against half the country. It's 1487 01:17:58,720 --> 01:18:02,240 Speaker 1: about normalizing the idea of the Disinformation Governance Board to 1488 01:18:02,280 --> 01:18:04,680 Speaker 1: work with the tech companies to censor ideas under the 1489 01:18:04,680 --> 01:18:08,200 Speaker 1: guise of so called protecting our democracy. And look, I'm 1490 01:18:08,200 --> 01:18:10,559 Speaker 1: not standing up for stop the steal people. I think 1491 01:18:10,560 --> 01:18:13,320 Speaker 1: that if you believe the election was stolen in twenty twenty, 1492 01:18:13,520 --> 01:18:16,400 Speaker 1: you are a Grade A moron And that is about 1493 01:18:16,439 --> 01:18:18,960 Speaker 1: as polite as I can say it while remaining family friendly. 1494 01:18:19,280 --> 01:18:20,920 Speaker 1: But that doesn't mean, at the end of the day 1495 01:18:21,040 --> 01:18:24,800 Speaker 1: that you want the federal government under different administration determining 1496 01:18:24,960 --> 01:18:27,360 Speaker 1: what is true and what is not when it comes 1497 01:18:27,360 --> 01:18:30,599 Speaker 1: to those claims. Let the court system and the media 1498 01:18:30,800 --> 01:18:34,240 Speaker 1: decide from there. If the people still believe it, well 1499 01:18:34,439 --> 01:18:37,080 Speaker 1: that's on them. Freedom means that you have the right 1500 01:18:37,120 --> 01:18:40,720 Speaker 1: to believe dumb stuff too. Just ask vegans. It's a joke. 1501 01:18:40,800 --> 01:18:43,400 Speaker 1: People don't come after me. But my point stands and 1502 01:18:43,479 --> 01:18:45,880 Speaker 1: it remains the only real way that we get out 1503 01:18:45,960 --> 01:18:48,200 Speaker 1: in the current system that we're in. I will end 1504 01:18:48,280 --> 01:18:50,920 Speaker 1: by focusing on just how destructive the media is in this. 1505 01:18:51,400 --> 01:18:53,599 Speaker 1: At one point it was the job of the press 1506 01:18:53,640 --> 01:18:56,680 Speaker 1: to investigate claims by the government and to always be 1507 01:18:56,800 --> 01:19:00,599 Speaker 1: skeptical of them. Instead we're living in an age where 1508 01:19:00,640 --> 01:19:05,120 Speaker 1: every TV network is hopping over itself to broadcast effectively 1509 01:19:05,320 --> 01:19:09,080 Speaker 1: prepared propaganda by Liz Cheney and then the Democrats who 1510 01:19:09,120 --> 01:19:12,720 Speaker 1: are running the January sixth Committee. Since when is open advertising? 1511 01:19:12,800 --> 01:19:16,160 Speaker 1: Like that's supposedly okay in journalistic ethics. And look, if 1512 01:19:16,200 --> 01:19:18,080 Speaker 1: you aired it and then you discuss it in a 1513 01:19:18,120 --> 01:19:21,360 Speaker 1: critical way, that's fine. But that's not what's happening. It's 1514 01:19:21,360 --> 01:19:24,920 Speaker 1: effectively because the media effectively agrees with the current censorship 1515 01:19:24,920 --> 01:19:28,639 Speaker 1: regime because it protects their power of monopoly over deciding 1516 01:19:28,680 --> 01:19:31,320 Speaker 1: what is true and what is not. That's how we're 1517 01:19:31,360 --> 01:19:34,800 Speaker 1: slowly seeing the fusion of government and corporate media and 1518 01:19:34,880 --> 01:19:38,680 Speaker 1: the tech companies. Each has an individual incentive to collaborate 1519 01:19:38,760 --> 01:19:40,880 Speaker 1: with the other. The only people who lose in that 1520 01:19:40,960 --> 01:19:44,760 Speaker 1: situation are independent loutlots like us, but also all of you. 1521 01:19:45,120 --> 01:19:47,160 Speaker 1: So don't let stories like this one just get buried 1522 01:19:47,240 --> 01:19:49,639 Speaker 1: under the rug. Yes, the people actually rose up and 1523 01:19:49,680 --> 01:19:52,080 Speaker 1: cried out to kill this ministry of truth, but that 1524 01:19:52,120 --> 01:19:55,160 Speaker 1: doesn't mean that it can't happen again in some other form, 1525 01:19:55,200 --> 01:19:58,120 Speaker 1: some less blatant one. Remember the original reporting on this 1526 01:19:58,360 --> 01:20:00,920 Speaker 1: said that the subject of the the Subjects said that 1527 01:20:00,960 --> 01:20:04,439 Speaker 1: the Disinformation Governments Board had only been paused, so they're 1528 01:20:04,479 --> 01:20:06,760 Speaker 1: just waiting to bring this thing back as soon as 1529 01:20:06,800 --> 01:20:09,519 Speaker 1: they can when people get bored or they resume focusing 1530 01:20:09,600 --> 01:20:12,120 Speaker 1: on other distractions. But it's part of a larger and 1531 01:20:12,160 --> 01:20:14,960 Speaker 1: a more pernicious agenda that we need to continue to 1532 01:20:15,000 --> 01:20:18,280 Speaker 1: be very weary of as we enter even darker times. 1533 01:20:18,280 --> 01:20:20,519 Speaker 1: And I just think the blackout on this is nuts. 1534 01:20:20,960 --> 01:20:23,880 Speaker 1: And if you want to hear my reaction to Cyber's monologue, 1535 01:20:23,920 --> 01:20:29,719 Speaker 1: become a premium subscriber today at Breakingpoints dot com. Joining 1536 01:20:29,800 --> 01:20:31,560 Speaker 1: us now is our great partner of fifty one to 1537 01:20:31,640 --> 01:20:34,360 Speaker 1: forty nine, James Lee. James, it's great to see you man, 1538 01:20:34,400 --> 01:20:37,880 Speaker 1: Thanks for coming back on the show. Great to be here. 1539 01:20:37,920 --> 01:20:40,760 Speaker 1: Thanks absolutely so. James, You've been doing some excellent work 1540 01:20:40,800 --> 01:20:43,800 Speaker 1: for us. Long explainers. Everybody go and subscribe both the 1541 01:20:43,880 --> 01:20:46,920 Speaker 1: James channel and always check out the twice monthly videos 1542 01:20:46,960 --> 01:20:48,559 Speaker 1: that he's been doing for us. You have a new 1543 01:20:48,600 --> 01:20:51,599 Speaker 1: one coming on oil and we have a tear sheet here. 1544 01:20:51,640 --> 01:20:54,200 Speaker 1: Let's put it up there on the screen just about 1545 01:20:54,240 --> 01:20:57,000 Speaker 1: big oil, how it's spending on investors, not output, how 1546 01:20:57,000 --> 01:20:59,720 Speaker 1: it's expanding the crude Crunch. Just tell us about kind 1547 01:20:59,720 --> 01:21:03,080 Speaker 1: of what you've discovered in your new video and given 1548 01:21:03,120 --> 01:21:06,360 Speaker 1: your MBA experience in long time breakdowns for us on 1549 01:21:06,439 --> 01:21:08,400 Speaker 1: business strategy and more, what does that tell us about 1550 01:21:08,400 --> 01:21:11,599 Speaker 1: the deeper rot in the American economy. Yeah, I think 1551 01:21:11,600 --> 01:21:14,320 Speaker 1: that's a good question. So when we think about the 1552 01:21:14,640 --> 01:21:16,840 Speaker 1: oil situation that we're in right now, I think the 1553 01:21:16,920 --> 01:21:20,519 Speaker 1: media doesn't do a great job going into the underlying 1554 01:21:20,600 --> 01:21:22,400 Speaker 1: rod to your point, I think they focus on the 1555 01:21:22,439 --> 01:21:25,200 Speaker 1: pretty easy targets, which is like Biden. You can always 1556 01:21:25,240 --> 01:21:28,040 Speaker 1: blame Biden, you can always blame Putin. But you know, 1557 01:21:28,080 --> 01:21:29,280 Speaker 1: taking a look at some of these I don't know 1558 01:21:29,280 --> 01:21:30,600 Speaker 1: if the tear sheet is up there or not, but 1559 01:21:30,720 --> 01:21:32,800 Speaker 1: taking a look at some of the recent earnings that 1560 01:21:32,840 --> 01:21:36,280 Speaker 1: have come out, we have oil companies earning probably I 1561 01:21:36,280 --> 01:21:39,679 Speaker 1: think it was like their second highest cash flow ever. 1562 01:21:40,360 --> 01:21:43,719 Speaker 1: But if we look at how they're spending their money, 1563 01:21:44,720 --> 01:21:48,839 Speaker 1: their expenditures have actually gone down in the last decade, 1564 01:21:49,400 --> 01:21:53,280 Speaker 1: So you know, they're flushed with cash. They're not really 1565 01:21:53,560 --> 01:21:57,040 Speaker 1: spending it on new investments or oil production, so what 1566 01:21:57,080 --> 01:22:01,000 Speaker 1: are they doing with it? They're actually spending it on 1567 01:22:01,400 --> 01:22:06,120 Speaker 1: either stock buybacks or dividends to enricher shareholders basically, So 1568 01:22:06,560 --> 01:22:10,360 Speaker 1: if you look at the capex compared to stock buybacks 1569 01:22:10,400 --> 01:22:13,080 Speaker 1: and dividends, the ratio is actually flop. So now they're 1570 01:22:13,080 --> 01:22:16,719 Speaker 1: actually spending more on just returning cash to investors instead 1571 01:22:16,960 --> 01:22:22,040 Speaker 1: of spending it on new new production. So how does 1572 01:22:22,080 --> 01:22:25,400 Speaker 1: that make business sense? Because it seems like if you're 1573 01:22:25,439 --> 01:22:27,680 Speaker 1: in the business of oil production, and of course I've 1574 01:22:27,680 --> 01:22:30,160 Speaker 1: got all kinds of issues with you know, fossil fuel 1575 01:22:30,240 --> 01:22:32,439 Speaker 1: and the climate crisis and all of that, but you know, 1576 01:22:32,520 --> 01:22:34,720 Speaker 1: right now we're in this crunch. If you're in the 1577 01:22:34,720 --> 01:22:38,400 Speaker 1: business of drilling oil and selling it into the markets, 1578 01:22:38,479 --> 01:22:40,840 Speaker 1: how does it make sense to have lots of cash 1579 01:22:40,840 --> 01:22:45,679 Speaker 1: and then not do that. Yeah, so that's that's another 1580 01:22:45,680 --> 01:22:48,840 Speaker 1: good question. Why are they doing that? So I think 1581 01:22:49,240 --> 01:22:52,479 Speaker 1: when we look at investments, typically, when we think about 1582 01:22:52,560 --> 01:22:55,639 Speaker 1: capital allocation for business, they're going to look at two things. One, 1583 01:22:55,720 --> 01:22:57,439 Speaker 1: they're going to look at what's going to be my 1584 01:22:57,520 --> 01:23:00,439 Speaker 1: rate of return for this and you know, how much 1585 01:23:00,520 --> 01:23:02,559 Speaker 1: investment do I have to put in? And they compare 1586 01:23:02,600 --> 01:23:05,200 Speaker 1: the two and if you're going to make more money 1587 01:23:05,479 --> 01:23:07,679 Speaker 1: than usually what you would want to do is invest. 1588 01:23:08,080 --> 01:23:09,920 Speaker 1: But right now, I think with oil, I think you 1589 01:23:09,920 --> 01:23:13,080 Speaker 1: can think about oil as somewhat of a mature industry. 1590 01:23:13,280 --> 01:23:17,519 Speaker 1: So you know, investors are just demanding more return for 1591 01:23:17,960 --> 01:23:21,719 Speaker 1: their money. So instead of investing that, they're more likely 1592 01:23:21,840 --> 01:23:25,000 Speaker 1: just to like return it to their shareholders because it's 1593 01:23:25,040 --> 01:23:28,840 Speaker 1: exactly what they want. These you know, managers are basically 1594 01:23:28,880 --> 01:23:31,320 Speaker 1: incentivized to do that. And I think right now too, 1595 01:23:31,320 --> 01:23:32,720 Speaker 1: if you look at oil, guess to your point on 1596 01:23:33,680 --> 01:23:35,680 Speaker 1: you know, the fossil fuels and things like that, I 1597 01:23:35,720 --> 01:23:38,519 Speaker 1: think we are in somewhat of a transitionary period. I 1598 01:23:38,560 --> 01:23:41,800 Speaker 1: think greener energy is hopefully on its way. So right 1599 01:23:41,800 --> 01:23:44,439 Speaker 1: now they're kind of stuck on what to do with 1600 01:23:44,840 --> 01:23:49,200 Speaker 1: their cash because they don't necessarily want to invest fully 1601 01:23:49,240 --> 01:23:51,080 Speaker 1: into green energy. I think they're doing some of that, 1602 01:23:51,360 --> 01:23:54,960 Speaker 1: but not fully because obviously the risk on that is 1603 01:23:55,280 --> 01:23:58,799 Speaker 1: high as well. And so right now the investors is like, yeah, 1604 01:23:58,840 --> 01:24:01,600 Speaker 1: just give us our money back and we'll decide what 1605 01:24:01,680 --> 01:24:04,200 Speaker 1: to do with it, which I think is I think 1606 01:24:04,200 --> 01:24:05,840 Speaker 1: it makes you know, if you think about it from 1607 01:24:05,880 --> 01:24:09,120 Speaker 1: a business perspective, you know, the the managers and you 1608 01:24:09,120 --> 01:24:13,439 Speaker 1: think about executives, they're basically there to make sure that 1609 01:24:13,680 --> 01:24:17,479 Speaker 1: their earnings and their valuations are as high as possible, 1610 01:24:17,520 --> 01:24:22,160 Speaker 1: and they're they're really doing that effectively quite well through 1611 01:24:22,160 --> 01:24:25,400 Speaker 1: financial engineering. So that's they've basically done their job, but 1612 01:24:25,439 --> 01:24:28,679 Speaker 1: there's very little consideration of kind of the the effect 1613 01:24:28,920 --> 01:24:34,080 Speaker 1: that that has on the rest of the population. Yeah. Absolutely. 1614 01:24:34,120 --> 01:24:35,400 Speaker 1: You want to know something funny, A friend of mine 1615 01:24:35,400 --> 01:24:37,000 Speaker 1: who works in the industry is telling me that a 1616 01:24:37,000 --> 01:24:39,920 Speaker 1: lot of oil managers are retiring because their stock has 1617 01:24:40,000 --> 01:24:43,680 Speaker 1: never been at a higher level for their for their portfolio. 1618 01:24:44,080 --> 01:24:45,519 Speaker 1: So they're like, I'm getting the hell out of here, 1619 01:24:45,560 --> 01:24:48,080 Speaker 1: I'm cashing out my options, I'm good to go. And 1620 01:24:48,280 --> 01:24:51,320 Speaker 1: uh so, actually it's screwing the companies over even more 1621 01:24:51,360 --> 01:24:54,160 Speaker 1: because their top talent is leaving and there it's all 1622 01:24:54,200 --> 01:24:57,360 Speaker 1: because of stock. So actually that's kind of something. You know, 1623 01:24:57,439 --> 01:24:59,960 Speaker 1: you have a business background, you reference CAPEX first of all, 1624 01:25:00,080 --> 01:25:02,719 Speaker 1: can you explain that a little bit to our audience 1625 01:25:02,720 --> 01:25:06,120 Speaker 1: who aren't as financially minded. But what does all of 1626 01:25:06,160 --> 01:25:09,320 Speaker 1: this financial engineering and more? It doesn't just tell us 1627 01:25:09,320 --> 01:25:12,519 Speaker 1: about oil. This is how every company in the Fortune 1628 01:25:12,560 --> 01:25:15,880 Speaker 1: five hundred works today. So what are the perverse incentives 1629 01:25:15,920 --> 01:25:19,439 Speaker 1: that it then leads them to do? Yeah, so, in 1630 01:25:19,520 --> 01:25:23,080 Speaker 1: terms of CAPEX, we basically that stands for capital expenditure, 1631 01:25:23,439 --> 01:25:25,120 Speaker 1: and it's just you can think about it easily as 1632 01:25:25,120 --> 01:25:28,280 Speaker 1: the investment you have to put in to make something 1633 01:25:28,400 --> 01:25:30,880 Speaker 1: like CAPEX would be like making a new factory, a 1634 01:25:30,920 --> 01:25:33,960 Speaker 1: new oil rig, and so just necessary investments that you 1635 01:25:34,000 --> 01:25:37,280 Speaker 1: have to make to grow the business and businesses not 1636 01:25:37,400 --> 01:25:40,400 Speaker 1: just in oil but basically in every single sector has 1637 01:25:40,439 --> 01:25:43,880 Speaker 1: been disincentivized to spend money on CAPEX because Wall Street 1638 01:25:44,000 --> 01:25:48,320 Speaker 1: is really focused on this idea of asset light companies. 1639 01:25:48,360 --> 01:25:51,320 Speaker 1: They like asset light companies because there's not a lot 1640 01:25:51,320 --> 01:25:54,200 Speaker 1: of overhead. So you can think about that as like 1641 01:25:54,240 --> 01:25:58,280 Speaker 1: pharmaceutical companies instead of making their own drugs in house 1642 01:25:58,320 --> 01:26:01,600 Speaker 1: at their own manufacturing facility, rather just outsource that to 1643 01:26:01,640 --> 01:26:03,840 Speaker 1: a third party either you know, it could be in 1644 01:26:03,840 --> 01:26:06,200 Speaker 1: the US, but it could also be overseas. That's happening 1645 01:26:06,840 --> 01:26:11,880 Speaker 1: all over that industry. There's other industries like Intel microchip manufacturer, 1646 01:26:11,880 --> 01:26:16,519 Speaker 1: they're actually outsourcing, you know, some of their semiconductor production 1647 01:26:16,760 --> 01:26:21,120 Speaker 1: overseas to the Taiwan Semiconductor Company. Which is all great 1648 01:26:21,120 --> 01:26:24,360 Speaker 1: and well right now, but you're basically giving a lot 1649 01:26:24,479 --> 01:26:29,200 Speaker 1: of power. You're basically empowering your suppliers to maybe one 1650 01:26:29,280 --> 01:26:33,280 Speaker 1: day take over what you're currently doing. So, I mean 1651 01:26:33,320 --> 01:26:34,960 Speaker 1: you have the case of Boeing. I'm sure some of 1652 01:26:35,000 --> 01:26:38,719 Speaker 1: you have seen the documentary on Netflix where they're basically 1653 01:26:38,760 --> 01:26:42,040 Speaker 1: building planes without designing much of it nor producing much 1654 01:26:42,080 --> 01:26:45,840 Speaker 1: of it, and that that leads a lot of that 1655 01:26:45,960 --> 01:26:49,520 Speaker 1: leads them to be exposed to a lot of problems 1656 01:26:49,560 --> 01:26:51,639 Speaker 1: down the road to basically, you know, you can think 1657 01:26:51,640 --> 01:26:54,959 Speaker 1: about America as there's these brands that are big and powerful, 1658 01:26:54,960 --> 01:26:58,120 Speaker 1: but they don't really have any underlying assets to back 1659 01:26:58,120 --> 01:27:00,559 Speaker 1: that up. And I think that's kind of a dangerous 1660 01:27:00,640 --> 01:27:03,560 Speaker 1: road to go down, especially for society. Although you know, 1661 01:27:03,640 --> 01:27:06,600 Speaker 1: business doesn't have necessarily a moral obligation to society, and 1662 01:27:06,640 --> 01:27:09,800 Speaker 1: that's that's where I think the perverse incentives come into play. 1663 01:27:10,280 --> 01:27:13,280 Speaker 1: And how do you how do you change that incentive 1664 01:27:13,280 --> 01:27:17,519 Speaker 1: structure or can you? I mean I think you can. 1665 01:27:17,600 --> 01:27:19,519 Speaker 1: I think it's it's obviously very difficult. I think we 1666 01:27:19,640 --> 01:27:26,000 Speaker 1: have to uh dis untangled. You get to untangle, you know, 1667 01:27:26,120 --> 01:27:28,280 Speaker 1: business from politics. I think you know, if you if 1668 01:27:28,320 --> 01:27:31,439 Speaker 1: you look at the current Biden administration, they have a 1669 01:27:31,479 --> 01:27:36,800 Speaker 1: lot of their their cabinet coming from this the consultancy firm. 1670 01:27:36,800 --> 01:27:38,439 Speaker 1: I think WES exec is what it's called and I 1671 01:27:39,040 --> 01:27:41,280 Speaker 1: read their their mission and model. I think it literally 1672 01:27:41,320 --> 01:27:44,880 Speaker 1: says bringing the boardroom to the situation room, which is 1673 01:27:44,920 --> 01:27:49,479 Speaker 1: they're outwardly declaring that they want to bind together the 1674 01:27:49,560 --> 01:27:52,040 Speaker 1: public and private sector. And that's kind of to me. 1675 01:27:52,160 --> 01:27:55,519 Speaker 1: That's that's that's really the the crux of the problem 1676 01:27:55,600 --> 01:27:58,559 Speaker 1: is is we have basically, if you think about business 1677 01:27:59,160 --> 01:28:01,840 Speaker 1: as you know, players in a game, you think about 1678 01:28:01,880 --> 01:28:05,360 Speaker 1: government maybe as the refs. We have the players who 1679 01:28:05,520 --> 01:28:07,400 Speaker 1: you know, obviously want to win this game, but they're 1680 01:28:07,439 --> 01:28:10,880 Speaker 1: also tied up with the refs. They're changing the rules 1681 01:28:10,880 --> 01:28:12,880 Speaker 1: as they play, the refs aren't really able to control 1682 01:28:12,920 --> 01:28:15,360 Speaker 1: the game. So you think about that, that's that's kind 1683 01:28:15,400 --> 01:28:17,840 Speaker 1: of the world that we live in right now. So 1684 01:28:17,880 --> 01:28:22,400 Speaker 1: then we have to have sort of independent, independent government 1685 01:28:23,200 --> 01:28:26,800 Speaker 1: actors that are separate from the business players. So you 1686 01:28:26,840 --> 01:28:28,720 Speaker 1: think about a lot of times the government, you know, 1687 01:28:28,760 --> 01:28:31,639 Speaker 1: the members of Congress, they're also the shareholders of these companies, 1688 01:28:31,920 --> 01:28:35,479 Speaker 1: businesses and shareholders. Everybody is a shareholder. So then it 1689 01:28:35,600 --> 01:28:38,719 Speaker 1: really makes it so that one small group of people 1690 01:28:38,840 --> 01:28:42,639 Speaker 1: are living quite well where the rest of us who aren't, 1691 01:28:42,760 --> 01:28:47,840 Speaker 1: as you know, privileged to have these connections and tied 1692 01:28:47,880 --> 01:28:51,160 Speaker 1: into the kind of the financialized world are suffering because 1693 01:28:51,160 --> 01:28:54,759 Speaker 1: of that. Yeah, I think that's what it all comes back. Yeah, 1694 01:28:54,840 --> 01:28:57,439 Speaker 1: the video drops this weekend, guys. I can't wait to 1695 01:28:57,800 --> 01:29:00,760 Speaker 1: check it out. Even doing phenomenal work. Go subscribe to 1696 01:29:00,840 --> 01:29:03,439 Speaker 1: James's channel fifty one forty nine. Check out in his 1697 01:29:03,520 --> 01:29:05,800 Speaker 1: video this weekend. And great to see you, my friend. 1698 01:29:05,800 --> 01:29:08,320 Speaker 1: Thank you so much. Thanks for joining us. Man, Hey, 1699 01:29:08,360 --> 01:29:11,680 Speaker 1: thanks thanks for having me. Appreciate it pleasure. Thank you 1700 01:29:11,720 --> 01:29:13,760 Speaker 1: guys so much for watching. We really appreciate it. We 1701 01:29:13,880 --> 01:29:16,120 Speaker 1: got an announcement coming on Thursday about the live tour. 1702 01:29:16,120 --> 01:29:18,080 Speaker 1: I keep saying it, but it actually is coming, I promise. 1703 01:29:18,400 --> 01:29:20,519 Speaker 1: And look, if you go helping us out on the 1704 01:29:20,560 --> 01:29:22,800 Speaker 1: premium subscription. I know times are tough for some people 1705 01:29:22,800 --> 01:29:24,880 Speaker 1: out there, but if you can help us, it means 1706 01:29:24,920 --> 01:29:27,679 Speaker 1: the world. It enables us to know partner with people 1707 01:29:27,720 --> 01:29:30,759 Speaker 1: like James, support his work. Jordan Sheridan on the ground 1708 01:29:30,800 --> 01:29:33,720 Speaker 1: for that Amazon vote right now in Phoenix. We have 1709 01:29:33,760 --> 01:29:36,040 Speaker 1: a reporter there. We're going to have some of the footage, 1710 01:29:36,040 --> 01:29:39,200 Speaker 1: you know, having a footprint across the country cost money. 1711 01:29:39,320 --> 01:29:42,200 Speaker 1: We're looking into bringing somebody else on the team as well. 1712 01:29:42,240 --> 01:29:44,840 Speaker 1: So these are all reasons why we rely on you 1713 01:29:44,920 --> 01:29:47,360 Speaker 1: so much for your support and we think about you 1714 01:29:47,400 --> 01:29:49,400 Speaker 1: every day. I know the times are tough for some 1715 01:29:49,439 --> 01:29:52,080 Speaker 1: of you, and you know, obviously regardless of the premium 1716 01:29:52,080 --> 01:29:54,280 Speaker 1: thing all of that, Like, I hope everybody else is 1717 01:29:54,280 --> 01:29:57,160 Speaker 1: hanging in there. Yeah, indeed, we love you guys. We'll 1718 01:29:57,160 --> 01:30:07,880 Speaker 1: see you back here on Thursday.