WEBVTT - Anthony Scaramucci on Trump v. Harris 0:00:11.160 --> 0:00:13.640 Hello, and welcome to the votes in Verdeckts podcast hosted 0:00:13.640 --> 0:00:16.239 by the litigation and policy team at Bloomberg Intelligence, the 0:00:16.280 --> 0:00:19.880 investment research platform of Bloomberg LP. Bloomberg Intelligence has five 0:00:19.960 --> 0:00:22.919 hundred analysts and strategists working across the globe and focused 0:00:22.960 --> 0:00:25.840 on all major markets. Our coverage includes over two thousand 0:00:25.840 --> 0:00:28.560 equities and credits and have outlooks on more than ninety industries, 0:00:28.560 --> 0:00:32.320 one hundred market industries, currencies and commodities. This podcast series 0:00:32.360 --> 0:00:35.440 examines the intersection of business policy and law. I'm Nathan Dean, 0:00:35.479 --> 0:00:38.440 an analysts with Bloomberg Intelligence covering financials policy. 0:00:38.720 --> 0:00:41.680 And I'm Elliott Stein. I'm an analyst with Bloomberg Intelligence 0:00:41.720 --> 0:00:43.080 covering and financials litigation. 0:00:43.600 --> 0:00:46.320 So our guest today is Anthony Scaramucci, founder and managing 0:00:46.360 --> 0:00:49.519 partner of Skybridge Capital, a global alternative investment firm, and 0:00:49.560 --> 0:00:52.600 founder and chairman of SALT, a global thought leadership forum 0:00:52.600 --> 0:00:56.600 and capital introduction platform encompassing finance, technology, and public policy. 0:00:56.800 --> 0:00:59.160 He's also no stranger to the podcast business. He's also 0:00:59.200 --> 0:01:01.880 the host of open Book, a podcast interview series with 0:01:01.920 --> 0:01:04.600 some of the brightest minds in business, politics, entertainment, and more, 0:01:04.840 --> 0:01:07.160 and co host of the rest of politics US. I'd 0:01:07.200 --> 0:01:09.600 like to talk more, but Anthony has done a lot 0:01:09.640 --> 0:01:11.760 in his career. So Anthony, welcome very much to the 0:01:11.800 --> 0:01:12.880 Votes and Verdicts podcast. 0:01:13.480 --> 0:01:15.080 It's great to be on with both of you guys. 0:01:15.160 --> 0:01:16.440 Thank you for the opportunity. 0:01:17.319 --> 0:01:20.400 Yeah, thanks so much, Anthony. So the first question we 0:01:20.440 --> 0:01:24.520 always ask our guests is about their history. Nathan just read, 0:01:24.560 --> 0:01:27.679 you know, a short snippet of your bio, but you know, 0:01:27.760 --> 0:01:30.240 we and our listeners would love to know more about 0:01:30.240 --> 0:01:33.360 how your career developed. You know, one thing Nathan didn't 0:01:33.400 --> 0:01:36.200 mention is that you got your BA and economics from Tufts, 0:01:36.640 --> 0:01:39.160 then you got your law degree from Harvard Law School, 0:01:39.200 --> 0:01:42.360 and then then you went straight to Goldman after graduating 0:01:42.640 --> 0:01:45.839 law school. I believe, so what drew you to Wall Street? 0:01:46.360 --> 0:01:50.800 And you know, tell us about how you founded Skybridge, 0:01:50.800 --> 0:01:53.040 and then maybe you can also tell us about your 0:01:53.080 --> 0:01:57.080 law school experience, because I believe your classmates there included 0:01:57.200 --> 0:02:00.040 President Obama and Supreme Court Justice Neil gor. 0:02:01.600 --> 0:02:04.800 So it's interesting because you can tell people the glossed 0:02:04.840 --> 0:02:08.200 over story and I've read some of these billionaire biographies 0:02:08.240 --> 0:02:12.000 where they get everything right and the story sounds fantastic 0:02:12.440 --> 0:02:15.320 and it's nice and glossed over. But I'm just not 0:02:15.400 --> 0:02:16.760 that type of a person. I'm gonna tell you the 0:02:16.760 --> 0:02:19.440 real story, the good, bad, and the ugly, and some 0:02:19.480 --> 0:02:22.480 of it doesn't reflect well on me. But I was 0:02:22.560 --> 0:02:26.720 incredibly superficial because I had no money as a kid. 0:02:27.000 --> 0:02:29.600 My dad was a crane operator. He was a union worker, 0:02:30.200 --> 0:02:34.000 hourly worker. There was a tremendous amount of economic anxiety 0:02:34.120 --> 0:02:36.880 in our house. I grew up in Port Washington. Some 0:02:36.919 --> 0:02:40.200 of you guys may know the area. It's an affluent area. 0:02:40.280 --> 0:02:43.240 The tip of Port Washington was actually written about in 0:02:43.320 --> 0:02:46.160 The Great Gatsby. It was East Egg There were these 0:02:46.200 --> 0:02:50.360 beautiful baronial estates on the water. But in the town 0:02:50.400 --> 0:02:52.240 of Port Washington there's a lot of middle class people, 0:02:52.240 --> 0:02:55.480 a lot of Italian American immigrants that were landscapers and 0:02:55.560 --> 0:02:59.680 masons and sheet rock installers. And my dad, who grew 0:02:59.760 --> 0:03:02.080 up in a coal mining family. My grandfather was a 0:03:02.080 --> 0:03:06.240 coal miner in Wolkesbury, Pennsylvania. He moved out to Long 0:03:06.280 --> 0:03:09.680 Island to mine sand because it was outdoors. He responded 0:03:09.720 --> 0:03:13.239 to a classified ad. He got there in nineteen fifty three, 0:03:14.160 --> 0:03:16.600 went to the US Army for two years, came back 0:03:16.960 --> 0:03:20.200 and spent forty one years at the same company as 0:03:20.200 --> 0:03:22.320 a crane operator. And by the way, this was at 0:03:22.320 --> 0:03:25.200 a time in America where you got a living wage 0:03:25.280 --> 0:03:27.440 in a union. So he was able to buy a 0:03:27.480 --> 0:03:30.800 sixteen thousand dollars house, which Zillo now says is worth 0:03:30.800 --> 0:03:33.520 seven hundred and eighty thousand, but and the taxes on 0:03:33.560 --> 0:03:36.000 that house are probably eighteen thousand. They're more than the 0:03:36.040 --> 0:03:39.440 purchase price of the house in nineteen sixty two. And 0:03:39.720 --> 0:03:43.280 we lived in a small house in the town of 0:03:43.360 --> 0:03:46.480 Port Washington. And I went to a great public school system. 0:03:46.720 --> 0:03:50.320 But Elliott and Nathan I had tremendous economic anxiety as 0:03:50.360 --> 0:03:52.560 a kid. And so because if my dad got his 0:03:52.600 --> 0:03:55.680 wages cut, we got cut. If there was a boom 0:03:55.720 --> 0:03:57.680 going on, he got time and a half overtime on 0:03:57.720 --> 0:04:01.400 the weekends. It was a happier place seventy two Webster 0:04:01.400 --> 0:04:04.600 Avenue where I grew up. But I can remember my 0:04:04.680 --> 0:04:09.120 dad coming home once wages cut, lots of door slamming, 0:04:09.160 --> 0:04:11.600 glasses breaking in the house. I went out and got 0:04:11.640 --> 0:04:13.720 a paper at I was twelve years old, and I 0:04:13.760 --> 0:04:18.599 was hustling Long Island newsday around the town. I did 0:04:18.720 --> 0:04:21.480 pretty well decent salesman. I got the route up to 0:04:21.520 --> 0:04:24.440 forty five to fifty people. I was making about forty 0:04:24.480 --> 0:04:26.640 five dollars a week, giving twenty five of it to 0:04:26.680 --> 0:04:29.400 my parents, Okay, And then when I quit that route 0:04:29.400 --> 0:04:33.720 to go play baseball, I had to get another job. 0:04:33.760 --> 0:04:35.880 So I went to go work at the local Key Food, 0:04:36.400 --> 0:04:39.680 which was like a stopping shop or a Red Lion 0:04:39.800 --> 0:04:41.920 or wherever you guys are living. And so I was 0:04:42.120 --> 0:04:47.440 stamping cans of you know, green giant peas and dill 0:04:47.520 --> 0:04:49.600 pickles and all kinds of stuff as a kid, because 0:04:49.600 --> 0:04:51.520 we had no money in the house. So why am 0:04:51.560 --> 0:04:54.040 I saying all that's very important? Because all my life 0:04:54.080 --> 0:04:57.000 decisions were based on that have no money, going to 0:04:57.040 --> 0:05:00.279 get some money. My parents wanted me to go to school. 0:05:01.120 --> 0:05:04.120 I was scheduled to go to Sunny Binghamton, which is 0:05:04.120 --> 0:05:08.040 a state school. There was a gentleman, an Italian American 0:05:09.160 --> 0:05:12.719 from my high school. He was my guidance counselor. He 0:05:12.800 --> 0:05:15.880 came to see my father and my mother and they 0:05:15.960 --> 0:05:20.200 must have smoked forty cigarellos and they drank sixteen pots 0:05:20.200 --> 0:05:23.560 of espresso, and they sat at the kitchen table was 0:05:23.680 --> 0:05:27.040 very small, and he told my parents an Italian, your 0:05:27.120 --> 0:05:28.560 kid is very smart. Don't let him go to the 0:05:28.600 --> 0:05:31.120 state school. It's a good school, but he should go 0:05:31.160 --> 0:05:33.239 to this other school that he got into called Tuffs 0:05:33.800 --> 0:05:35.240 And my father was looking at I thought it was 0:05:35.240 --> 0:05:39.560 spelled toughs. He had no idea, okay, and John Zinetti 0:05:39.680 --> 0:05:44.040 told my dad he'll figure out a way to afford it. 0:05:44.080 --> 0:05:47.239 One was four thousand, the other was twenty four thousand, 0:05:47.839 --> 0:05:51.000 and so my father gave me a check in April 0:05:51.040 --> 0:05:55.039 of nineteen eighty two. It was for ten thousand dollars. 0:05:55.440 --> 0:05:58.000 I said, Dad, what's this phase. Well, I cashed in 0:05:58.120 --> 0:06:01.479 my Union life insurance policy and so this is really 0:06:01.480 --> 0:06:03.240 all I got to help you get through college. Here's 0:06:03.240 --> 0:06:07.560 the money. And guys, that was a big epiphany for 0:06:07.600 --> 0:06:10.960 me because I was a Long Island Italian driving around 0:06:10.960 --> 0:06:14.400 in a Camaro, wearing gold chains, doing push ups in 0:06:14.440 --> 0:06:18.320 the parking lots of the local discos, chasing young girls 0:06:18.360 --> 0:06:22.200 around the island, going to Jones Beach, and it was 0:06:22.320 --> 0:06:24.440 right then and there I looked at that check. I said, 0:06:24.440 --> 0:06:27.480 I cannot disappoint my dad when I go to this school, 0:06:27.520 --> 0:06:30.960 Tufts University. I got to take the thing seriously. And 0:06:31.000 --> 0:06:33.400 so I did, and I graduated summa cum Laudie and 0:06:33.440 --> 0:06:36.640 all that other stuff. But in nineteen eighty five I 0:06:36.680 --> 0:06:40.320 read an article that Time magazine was reporting that the 0:06:40.400 --> 0:06:43.599 law firm of Grasswayne and Moore was paying sixty five 0:06:43.680 --> 0:06:48.039 thousand dollars a year for attorneys first year attorneys. And 0:06:48.120 --> 0:06:49.720 I was like, oh my god, my dad's making like 0:06:49.760 --> 0:06:53.320 thirty two grand. That's double my dad's pay. I'm going 0:06:53.360 --> 0:06:56.279 to be a lawyer, okay. Not I want to be 0:06:56.320 --> 0:06:59.279 a brilliant jurisprudence. Not that there's a calling for me 0:06:59.320 --> 0:07:03.520 to practice law. All money, Okay. I had no money. 0:07:03.720 --> 0:07:06.720 I wanted money, and so I went and I applied 0:07:06.760 --> 0:07:10.160 to law school. I applied to seven schools. I got 0:07:10.160 --> 0:07:13.320 into six. I got rejected from Yale. I went to Harvard, 0:07:13.720 --> 0:07:16.120 and so now I'm at Harvard Law School September nineteen 0:07:16.120 --> 0:07:21.240 eighty six. And I absolutely learned one thing and one 0:07:21.240 --> 0:07:23.880 thing only at law school. Don't be a lawyer. That 0:07:23.920 --> 0:07:26.160 was the first thing I learned, Okay, And so I said, okay, 0:07:26.200 --> 0:07:30.000 I got to find another job, and so I started 0:07:30.040 --> 0:07:34.080 crossing the river to the Harvard Business School. Mike Bloomberg, 0:07:34.080 --> 0:07:37.320 obviously a graduate of Harvard Business School, lots of employment opportunities. 0:07:37.480 --> 0:07:40.400 I started interviewing for jobs in the investment banks. They're 0:07:40.440 --> 0:07:43.760 paying more than the lawyers. Seems like more fun. I 0:07:43.800 --> 0:07:47.880 get a job at Goldman. These are all superficial money 0:07:48.040 --> 0:07:51.080 related decisions. I'd like to tell you that I was 0:07:51.480 --> 0:07:54.240 much more substantial than that, but I was not. But 0:07:54.360 --> 0:07:56.200 let me tell you the learning lesson of all that 0:07:56.680 --> 0:07:59.040 you got to do what you love. You cannot do 0:07:59.240 --> 0:08:01.800 the thing for money, or you can't do the thing 0:08:01.960 --> 0:08:05.680 for what the superficial status of it. So I got 0:08:05.760 --> 0:08:09.240 hired at Goldman Sachs August fourteenth, nineteen eighty nine. I 0:08:09.360 --> 0:08:14.320 was fired from Goldman Sachs on February first, nineteen ninety one. 0:08:15.120 --> 0:08:16.960 You can look up that day. That was a Friday. 0:08:17.520 --> 0:08:20.000 The partner took me to his apartment in Jane Street 0:08:20.000 --> 0:08:22.520 in Greenwith Village and said, you know, you really suck 0:08:22.520 --> 0:08:25.800 at this job. You're fired. Here's an eleven thousand dollars 0:08:25.800 --> 0:08:28.280 sevens check. So I've been fired a few times, that 0:08:28.360 --> 0:08:30.560 was the first one, and I walked out of their 0:08:30.680 --> 0:08:32.520 very crestfall and I said, well, I really sucked at 0:08:32.520 --> 0:08:35.080 this job. There were layoffs going on at the time 0:08:35.120 --> 0:08:38.080 they cut forty people. I was one of them and 0:08:39.320 --> 0:08:41.400 learning a lesson for young people listening to your podcasts, 0:08:41.640 --> 0:08:43.840 be nice to the people to fire you, because they're 0:08:43.840 --> 0:08:46.040 having a bad day too. I was nice to the man. 0:08:46.760 --> 0:08:50.120 Turned out there was a job opening at Goldman. I 0:08:50.160 --> 0:08:53.520 got rehired into Goldman, and so I was fired at 0:08:53.559 --> 0:08:57.520 Goldman February first rehired March twenty eighth. Personnel called me 0:08:57.520 --> 0:08:59.160 and said, hey, you know you're gonna be on Nathan 0:08:59.160 --> 0:09:01.800 and Elliott's podcas yes, someday, and you don't want to 0:09:01.880 --> 0:09:04.320 tell people you got fired. Okay, We're going to just 0:09:04.400 --> 0:09:07.800 mark you down as into departmental transfer And I said okay, 0:09:07.800 --> 0:09:09.520 And they said, can we get the eleven thousand dollars 0:09:09.600 --> 0:09:12.760 check back? And I said nfw. I needed the money. 0:09:12.800 --> 0:09:14.720 I had to pay off law school debt, I had 0:09:14.720 --> 0:09:18.400 to buy some suits, so I didn't give them the 0:09:18.400 --> 0:09:21.960 money back. I got hired back, I got fired, rehired, 0:09:22.080 --> 0:09:24.440 kept the seven check. That probably hurt my career at Golman, 0:09:24.480 --> 0:09:26.920 but that was me at the time, stupid and naive. 0:09:27.480 --> 0:09:31.559 And I was now working in the capital markets, migrating 0:09:31.559 --> 0:09:36.880 into private banking, and then in nineteen ninety six. I 0:09:37.040 --> 0:09:39.400 left to start my own business, but I want to 0:09:39.400 --> 0:09:42.359 just set the scene for it. I have no connectivity 0:09:42.400 --> 0:09:45.080 to anybody. I don't know any rich people. I never 0:09:45.120 --> 0:09:48.040 hit a golf ball, never swung a tennis racket. I 0:09:48.120 --> 0:09:50.880 know nobody. But I'm in the rich person's area at 0:09:50.880 --> 0:09:52.679 Goldman Sachs, the High net Worth area. I got to 0:09:52.679 --> 0:09:54.760 meet rich people. So how do I How am I 0:09:54.760 --> 0:09:58.559 going to meet rich people politics? I'm going to meet 0:09:58.640 --> 0:10:03.719 rich people through politics. My father was a card carrying Republican. 0:10:03.800 --> 0:10:06.160 You say, what the hell is that all about. You 0:10:06.200 --> 0:10:08.160 guys are younger than me. But there was a gentleman 0:10:08.160 --> 0:10:11.480 by the name of Joe Margiata in Nassau County, Long Island. 0:10:12.120 --> 0:10:13.959 He was a Republican. He was the chairman of the 0:10:14.000 --> 0:10:16.959 Republican Party, and he controlled all the unions. This was 0:10:17.000 --> 0:10:21.000 an obscure fact because most counties the unions are controlled 0:10:21.000 --> 0:10:24.360 by the Democrats. But when I registered to vote, I said, Pops, 0:10:24.360 --> 0:10:26.959 am I a Republican or a Democrat? No, no, no, You're 0:10:26.960 --> 0:10:29.600 a Republican. You gotta vote Republican. You gotta help me 0:10:29.600 --> 0:10:32.840 with my wages. So I became a Republican, and so 0:10:33.080 --> 0:10:37.160 who's the Republican running for mayor Rudolph Giuliani. Okay, I 0:10:37.160 --> 0:10:39.800 wrote a two hundred and fifty dollars check to Rudolph Giuliani. 0:10:39.960 --> 0:10:44.520 Young Republicans for Mayor Giuliani, and he won the election. 0:10:44.559 --> 0:10:47.360 He had lost the election in eighty nine. He won 0:10:47.400 --> 0:10:50.079 the ninety three election. This was like one of the 0:10:50.160 --> 0:10:52.040 luckiest things that ever happened to me because I was 0:10:52.080 --> 0:10:55.000 close to the mayor and his team. I was at Goldman. 0:10:55.640 --> 0:10:56.760 I got a parking pass. 0:10:56.840 --> 0:10:57.080 Guys. 0:10:57.559 --> 0:10:59.240 I want to make the two of you jealous for 0:10:59.240 --> 0:11:02.080 a moment. Okay. I had a parking pass. I could 0:11:02.120 --> 0:11:05.200 park on two wheels, Okay, on top of a fire 0:11:05.320 --> 0:11:07.280 hydrant anywhere in the city of New York. 0:11:07.360 --> 0:11:08.160 Yeah, I mean in New York. 0:11:08.640 --> 0:11:11.480 I didn't I want to park on a radio city 0:11:11.559 --> 0:11:14.760 music hall while the Christmas Show's getting out, No problem, 0:11:15.040 --> 0:11:16.720 you know, you tell me the spot you want to 0:11:16.720 --> 0:11:19.040 park the car in. I was parking it there, okay. 0:11:19.320 --> 0:11:21.720 And I was tight with the mayor and it led 0:11:21.760 --> 0:11:26.000 to a lot of people coming into my wheelhouse that 0:11:26.040 --> 0:11:29.600 I opened up accounts for at Goldman. So my odyssey 0:11:29.720 --> 0:11:33.240 into politics was based on business. Never saw myself as 0:11:33.240 --> 0:11:36.440 a political figure. Never saw myself as a political pundit. 0:11:36.960 --> 0:11:39.080 I just was trying to figure out a way to 0:11:39.160 --> 0:11:42.240 do my job at Goldman. In nineteen ninety six, I 0:11:42.320 --> 0:11:45.280 left and started my own company. And so that is 0:11:45.280 --> 0:11:51.800 the whole backdrop. Two successful companies Republican party fundraisers. Since 0:11:51.880 --> 0:11:55.760 nineteen ninety two. I worked for George W. Bush, I've 0:11:55.800 --> 0:11:59.600 worked for Mitt Romney, Jeb Bush. You pick the garden 0:11:59.679 --> 0:12:03.600 variety a Republican. And I was with Jeb Bush when 0:12:03.640 --> 0:12:08.240 Donald Trump ousted him from the campaign in twenty sixteen. 0:12:08.280 --> 0:12:10.200 And then Trump called me and said, come work for me. 0:12:11.240 --> 0:12:12.640 And then you know, you know, you know what Jeb 0:12:12.640 --> 0:12:14.840 Bush said to me. Guys, you love this. He said, 0:12:14.880 --> 0:12:16.720 you know, if I had won the presidency, you would 0:12:16.720 --> 0:12:18.840 have never even gotten anywhere near the White House, not 0:12:18.920 --> 0:12:21.080 even at a Christmas party. I wouldn't even invited you 0:12:21.080 --> 0:12:24.360 to a Christmas party, but not Donald Trump, Okay. And 0:12:24.440 --> 0:12:28.160 so there I am on the presidential transition team. And 0:12:28.200 --> 0:12:30.920 then of course he asked me to go work for him, 0:12:30.920 --> 0:12:32.880 and then I allowed my ego and my pride to 0:12:32.920 --> 0:12:36.320 get the better of me. My wife hates Trump, probably 0:12:36.320 --> 0:12:38.120 as much as Milania hates him. Telling you it's a 0:12:38.160 --> 0:12:41.480 very high level of hatred, okay, And she told me 0:12:41.520 --> 0:12:45.040 not to do it. But I did it because of greed, 0:12:46.000 --> 0:12:49.240 for status. I did it for pride, and I did 0:12:49.240 --> 0:12:51.959 it for ego reasons. And I think when you make 0:12:52.040 --> 0:12:56.160 decisions like that, whether you're at Bloomberg Intelligence, Skybridge Capital, 0:12:56.760 --> 0:13:00.880 if you're making personal business investment decisions off of your 0:13:00.960 --> 0:13:04.760 pride and your ego, they end up being terrible decisions. 0:13:04.800 --> 0:13:06.880 And that was one of my more terrible decisions. 0:13:07.240 --> 0:13:08.760 Well, you know, one of the questions that we want 0:13:08.760 --> 0:13:11.880 to ask you about is your love of politics and 0:13:11.920 --> 0:13:14.640 specifically what we're seeing with the US elections right now. 0:13:14.640 --> 0:13:19.160 I mean, I follow you on Twitter, sorry X, and 0:13:19.880 --> 0:13:22.480 you know, on that platform you've been an outspoken critic 0:13:22.480 --> 0:13:25.240 of the Trump campaign during this election cycle. In fact, 0:13:25.480 --> 0:13:28.000 I think just yesterday we're recording this on August thirtieth, 0:13:28.000 --> 0:13:30.120 but yesterday you said, do you think he's going to lose? 0:13:30.800 --> 0:13:31.560 You know, to lose? 0:13:32.240 --> 0:13:34.839 What I guess my question is is that, like, if 0:13:34.880 --> 0:13:36.840 he were to win, just under the scenario, if he 0:13:36.880 --> 0:13:39.600 were to win from a market perspective, what are your 0:13:39.679 --> 0:13:40.600 largest concerns? 0:13:41.240 --> 0:13:43.800 Well, first of all, if he were to win, you 0:13:43.880 --> 0:13:45.840 have to tell me where the Congress is, you know. 0:13:45.880 --> 0:13:49.559 So let's say he wins and he takes the Senate 0:13:49.600 --> 0:13:51.920 with him. Okay, and he's now got the house on 0:13:51.960 --> 0:13:54.920 the Senate. Then I'm very worried about the markets because 0:13:54.960 --> 0:13:56.840 there's a lot of things that these guys want to do. 0:13:57.520 --> 0:14:01.760 And he's disavowing Project twenty twenty. But he set it up, 0:14:01.840 --> 0:14:04.160 and so we can pretend now that he because he's 0:14:04.160 --> 0:14:07.360 a great liar. He's a very effective liar. He can 0:14:07.440 --> 0:14:10.640 lie to your face. He can say two contradictory things 0:14:10.920 --> 0:14:13.040 at the same time. No one calls him out on it, 0:14:13.320 --> 0:14:15.079 and for some reason he gets away with it. He's 0:14:15.120 --> 0:14:20.120 against crypto, now he's for Crypto. He put eighty five 0:14:20.200 --> 0:14:24.200 people into Project twenty twenty five. Jd. Vance wrote the 0:14:24.240 --> 0:14:27.440 forward to Project twenty twenty five, the nine hundred and 0:14:27.480 --> 0:14:30.400 two page document. But it doesn't pull well. There's a 0:14:30.520 --> 0:14:34.840 lot of disastrous handmade's tale like activity and Project through 0:14:34.840 --> 0:14:37.200 twenty five. So now he disavows it. And this is 0:14:37.240 --> 0:14:40.640 the classic thing. When Trump is disavowing you, he barely 0:14:40.720 --> 0:14:43.360 knows you. That's what he says. Okay, so you could 0:14:43.400 --> 0:14:45.960 work with him, You two guys could be in his 0:14:46.120 --> 0:14:49.160 foursome playing golf with him for forty years. The two 0:14:49.200 --> 0:14:50.960 of you dropped dead of a heart attack at the 0:14:51.000 --> 0:14:53.520 halfway house. Who was like, who the hell was Nathan 0:14:53.560 --> 0:14:54.200 and Elliott? 0:14:54.280 --> 0:14:54.440 Who? 0:14:54.720 --> 0:14:56.360 There are two other guys here I can play golf with. 0:14:57.000 --> 0:15:00.560 He drops people like their objects in his fe vision. 0:15:00.640 --> 0:15:03.600 So now Project twenty twenty five has gone by the wayside, 0:15:03.640 --> 0:15:06.200 It really hasn't. And so this would be very bad 0:15:06.240 --> 0:15:09.440 for the markets. He wants very high tariffs. He wants 0:15:09.480 --> 0:15:13.080 more control over the FED. He wants to work on 0:15:13.160 --> 0:15:17.640 strategies using this new immunity case to empower the executive 0:15:17.680 --> 0:15:21.440 branch of the government. Okay, and all of these things 0:15:21.560 --> 0:15:25.680 are very bad for the markets. And remember everything is connected. 0:15:25.720 --> 0:15:27.560 It's just like your body. Your foot is connected to 0:15:27.600 --> 0:15:33.080 the top of your skullp our alliances internationally are connected 0:15:33.120 --> 0:15:35.520 into the US economy. You want to pull us out 0:15:35.520 --> 0:15:38.640 of NATO, You want to disavow NATO. You want to 0:15:38.680 --> 0:15:42.480 praise dictators and autocrats when remember, guys, we have five 0:15:42.560 --> 0:15:47.040 point seven billion people living under some level of authoritarianism 0:15:47.160 --> 0:15:49.960 or autocracy. This is supposed to be the United States, 0:15:49.960 --> 0:15:53.960 a beacon of freedom and a beacon of liberty. Our 0:15:54.320 --> 0:15:57.040 parents and our grandparents came here for a reason, for 0:15:57.160 --> 0:16:00.880 this aspirational society that we all live in. And mister 0:16:00.880 --> 0:16:05.160 Trump doesn't like that. He praises autosocrats. He told John Bolton, 0:16:05.560 --> 0:16:10.000 General Kelly Jim Mattis h R McMaster, I'm pulling out 0:16:10.000 --> 0:16:13.000 of NATO if I can win a second term. This 0:16:13.120 --> 0:16:16.760 NATO thing is obsolete. It's ridiculous. You will have to 0:16:16.800 --> 0:16:19.760 explain to me because you're Bloomberg intelligence. The love affair 0:16:19.800 --> 0:16:22.240 with Vladimir Putin. I don't understand it. 0:16:22.440 --> 0:16:22.640 H R. 0:16:22.720 --> 0:16:25.760 McMaster just wrote a three inner page book. Doesn't understand it. 0:16:26.640 --> 0:16:28.720 Some people say that he's tied to them in some 0:16:28.800 --> 0:16:32.720 way through money laundering and his condominiums. I have no idea. 0:16:33.240 --> 0:16:36.280 I'm not suggesting that. I'm just saying there is something 0:16:36.320 --> 0:16:40.040 about his love affair with Vladimir Putin where Putin is 0:16:40.040 --> 0:16:42.840 invading sovereign nations and he's praising him as a genius. 0:16:43.440 --> 0:16:47.480 Putin is disavowing the security contract that he knows the 0:16:47.520 --> 0:16:50.840 West has with the Ukraine. In nineteen ninety four, the 0:16:50.960 --> 0:16:55.400 sixth largest nuclear arsenal was the Ukrainians. Bill Clinton said, 0:16:55.440 --> 0:16:57.520 give us the nukes and we're going to give you 0:16:57.560 --> 0:17:02.560 security guarantees. Trump liquidated them those security guarantees twenty seventeen 0:17:02.600 --> 0:17:04.879 to twenty twenty one and opened the path, opened a 0:17:04.960 --> 0:17:09.320 portal for Putin to invade the country. And you could say, 0:17:09.400 --> 0:17:11.520 you know, Repubcina said, oh no, that happened before he 0:17:11.560 --> 0:17:15.880 took Crimea. Yes, he did take Crimea. And Obama they 0:17:15.920 --> 0:17:18.960 made a decision to let him have Crimea because they said, okay, 0:17:19.040 --> 0:17:21.800 give him the access to the sea that he wants, 0:17:21.840 --> 0:17:25.120 the warm water port. But that's where it's got to stop. 0:17:25.640 --> 0:17:29.520 But Trump created the pathway for the current war. So 0:17:29.600 --> 0:17:33.919 this guy's a disaster. And I was with him. I 0:17:34.000 --> 0:17:39.000 was a garden variety Republican, moderate Republican. He won the nomination, 0:17:39.080 --> 0:17:41.320 I said, okay, I'm going to do the loyal garden 0:17:41.400 --> 0:17:44.199 variety thing. I'm going to go work for him. And 0:17:44.960 --> 0:17:48.399 I made a serious of mistakes. I equivocated, and I 0:17:48.520 --> 0:17:51.320 moved my principles like Trump asked me to do. Yes, 0:17:51.440 --> 0:17:54.800 everybody to move the goalposts. You got to move your goalposts, 0:17:54.840 --> 0:17:57.280 move them again, move them again. I'm going to say 0:17:57.320 --> 0:18:01.000 that Mexican's are rapists and this and criminal. You got 0:18:01.040 --> 0:18:03.160 to accept it. I'm going to make fun of disabled 0:18:03.160 --> 0:18:06.800 people at rallies. You got to accept it. I'm going 0:18:06.880 --> 0:18:11.080 to say misogynous things. I find that completely reprehensible, and 0:18:11.119 --> 0:18:16.480 I find it completely unacceptable from a American presidential candidate. 0:18:16.760 --> 0:18:19.359 And I equivocated on all that stuff in twenty sixteen, 0:18:19.400 --> 0:18:21.480 and that's my fault. I have to own it. But 0:18:21.520 --> 0:18:24.119 he will be a disaster for the markets. He'll be 0:18:24.160 --> 0:18:29.359 a disaster for our alliances, and he will do reckless 0:18:29.400 --> 0:18:33.399 things in an organized way because he won't have Mattison, 0:18:33.520 --> 0:18:37.560 Kelly and mc master working for him. He's got a 0:18:37.600 --> 0:18:41.040 group of whack jobs from the Heritage Foundation that are 0:18:41.080 --> 0:18:42.720 going to pile into that administration. 0:18:43.720 --> 0:18:45.760 So you know, the question I have is is that 0:18:46.640 --> 0:18:48.480 you travel the globe and you talk to other Wall 0:18:48.480 --> 0:18:51.840 Street investors, c suite executives, and so forth. What do 0:18:51.880 --> 0:18:54.159 you say to them when they say that there you know, 0:18:54.200 --> 0:18:56.840 are there opportunities that could come under a Trump presidency? 0:18:57.119 --> 0:18:59.159 For example, he has said he wants to get the 0:18:59.160 --> 0:19:01.879 tax rate down to two fifteen percent from twenty one 0:19:01.920 --> 0:19:04.880 percent the corporate tax rate, You know, are there any 0:19:04.880 --> 0:19:07.160 opportunities from the market perspective if he were to win. 0:19:08.400 --> 0:19:11.040 I want to be balanced. Ok there are several. Okay, 0:19:11.080 --> 0:19:14.160 so let's talk about what they are. For whatever reason. 0:19:14.280 --> 0:19:17.120 Even though Democrats have historically done better with the economy 0:19:17.160 --> 0:19:19.800 over the last twenty five years and the stock market, 0:19:20.560 --> 0:19:23.199 Republicans are perceived to be more pro business and Donald 0:19:23.200 --> 0:19:27.800 Trump is pulling higher than Vice President Harris on the economy. 0:19:27.840 --> 0:19:30.560 So number one, when there's an era of good feeling 0:19:30.640 --> 0:19:34.479 or there's good optics, Okay, the market would probably rally 0:19:34.520 --> 0:19:38.560 in the beginning of the Trump administration or on a victory. Well, 0:19:38.600 --> 0:19:40.919 I'm assuming we're going to talk about crypto in a second. 0:19:41.240 --> 0:19:44.200 He's pivoted effectively on crypto. I will praise him for that. 0:19:44.920 --> 0:19:46.800 That'll be good for the crypto markets. It'll be good 0:19:46.800 --> 0:19:50.399 for that industry. He'll make some regulatory changes which I 0:19:50.400 --> 0:19:55.040 think will be better for people in business. But off 0:19:55.119 --> 0:19:59.159 setting that is fed dependence. Off setting that as a 0:19:59.200 --> 0:20:02.240 breach in our lineciences. Off setting that as an increase 0:20:02.280 --> 0:20:04.720 in tariffs, which you guys know are paid by the 0:20:04.720 --> 0:20:07.960 American people. They're not paid by the foreign entities. And 0:20:08.000 --> 0:20:11.160 these foreign entities sometimes offa scate in terms of how 0:20:11.160 --> 0:20:15.920 they manufacture things get around the tariffs. So yes, there 0:20:15.960 --> 0:20:21.280 are some positive things, but if he's threatening the three 0:20:21.520 --> 0:20:27.000 branches of government and he's pushing the unitary executive power angle, 0:20:27.119 --> 0:20:29.720 which he is pushing, and he's going to liquidate the 0:20:29.760 --> 0:20:32.880 two other branches are weaken them, that's very, very bad 0:20:32.880 --> 0:20:35.119 for the capital markets, and it's very bad for the 0:20:35.200 --> 0:20:38.560 US society because when you study the United States, why 0:20:38.560 --> 0:20:42.040 do we have dollar supremacy, Why do we have unbelievable 0:20:42.040 --> 0:20:45.119 capital markets, Why do we have an influx of international 0:20:45.160 --> 0:20:48.439 capital heading to our shores. There are many reasons, but 0:20:48.480 --> 0:20:50.000 one of the main reasons are we have this great 0:20:50.040 --> 0:20:54.280 decentralized government. There's no autocrat at the top of this government, 0:20:54.720 --> 0:20:57.480 a result of which everything is checked and balanced at 0:20:57.480 --> 0:21:01.560 the governmental level. And there's a very predictable judicial process 0:21:02.000 --> 0:21:04.160 in the United States where people feel that they own 0:21:04.240 --> 0:21:07.720 the property that they actually have purchased. And so we 0:21:08.040 --> 0:21:10.480 have our property rights date back to British common law. 0:21:10.840 --> 0:21:14.160