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

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

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

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

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

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

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

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

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

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Speaker 1: What do we have, Krystal. Indeed, we do a lot

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Speaker 1: of big stories to talk to you about today. Of all,

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Speaker 1: there are some big developments with regards to the war

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Speaker 1: in Ukraine. We will bring you all of those updates.

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Speaker 1: Also some moves from the Fed the present putting it

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Speaker 1: on an op ed regarding his polan On inflation. He's

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Speaker 1: also meeting with the FED chair, so we'll talk to

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Speaker 1: you about that. Some new developments just breaking this morning

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Speaker 1: about what Democrats are planning to try to do with

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Speaker 1: regards to guns, and the strange position the White House

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Speaker 1: is taking on all of this. We also have some

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Speaker 1: developments on the lack of movement on the stock band,

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Speaker 1: which seemed to be gaining momentum, some new indications that

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Speaker 1: one Nancy Pelosi might be standing in the way of progress.

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Speaker 1: I know you are all shocked to learn that. We'll

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Speaker 1: talk to you about that. Also bringing a little bit

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Speaker 1: of John Stewart from Memorial Day talking about the long

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Speaker 1: overdue passage of some sort of relief for veterans who've

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Speaker 1: been afflicted with various illnesses, including cancer, including death from

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Speaker 1: exposure to toxic burn pits. We'll tell you about that

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Speaker 1: as well. We've got Jeff Stein back in the house

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Speaker 1: detailing Biden's plans for student debt relief. But we do

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Speaker 1: want to start with the war in Ukraine. Some significant

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Speaker 1: developments here. Let's go ahead and put this first piece

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Speaker 1: up on the screen. So the Guardian reporting that Biden

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Speaker 1: has said no to Ukraine in terms of supplying them

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Speaker 1: with long range rockets that can hit Russia, may go

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Speaker 1: ahead and read you a little bit of this. They

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Speaker 1: say the US will not supply Ukraine with those rockets

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Speaker 1: that can reach into Russia. In an attempt to ease

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Speaker 1: tensions with Moscow over the potential deployment of long range

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Speaker 1: missiles with a range of about one hundred and eighty

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Speaker 1: five miles, the White House has been weighing pleased from Ukraine,

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Speaker 1: which is losing ground in the Battle for don Bas.

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Speaker 1: Of course, that's the eastern separatist region of Ukraine, for

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Speaker 1: multiple launch rocket systems to offset Moscow's increasingly effective use

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Speaker 1: of long range artillery. We are not going to send

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Speaker 1: to Ukraine rocket systems that can strike into Russia, Biden

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Speaker 1: told reporters. However, it is a little bit inmbiguous exactly

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Speaker 1: what he means there, because those US made systems come

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Speaker 1: in many different variants. They say could fire missiles up

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Speaker 1: to one hundred and eighty five miles away. Those definitely

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Speaker 1: seem to be off the table, but there are also

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Speaker 1: other rockets with shorter ranges of twenty to forty miles,

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Speaker 1: so exactly what that means is unclear. Go ahead and

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Speaker 1: put this next tear sheet up on the screen, because

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Speaker 1: the context here is really important. As I just referred to,

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Speaker 1: things are not going well for Ukraine right now. In

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Speaker 1: the eastern part of the country, in Dunbas, Russia has

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Speaker 1: just been shelling the hell out of that whole region,

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Speaker 1: and the Ukrainians are saying that they are completely outgunned.

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Speaker 1: Russia continues to make progress there. They've particularly focused on

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Speaker 1: this city of several Dunyetsk, that is the last major

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Speaker 1: Ukrainian support in that region. They've been working to the

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Speaker 1: Russians have been working to try to encircle that city,

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Speaker 1: which used to have about one hundred thous and civilians,

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Speaker 1: and it most civilians have fled the region at this point,

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Speaker 1: and so Ukraine is saying to the US, we need more,

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Speaker 1: we need more, we need more. Of course, the US

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Speaker 1: has already sent an extraordinary amount of arms and Biden

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Speaker 1: at least drawing the line with regards to these missiles

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Speaker 1: that could clearly reach into Russia out of fear. You

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Speaker 1: know something we've talked a lot about here, that Russia

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Speaker 1: would see that as a direct threat and as a

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Speaker 1: direct escalation and could put us in a direct conflict

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Speaker 1: with it. Yeah. His comments actually came after Medvedev, who

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Speaker 1: was the Russian president you know, during that weird interim

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Speaker 1: period where Poot's out, Medvedev said very clearly, he said,

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Speaker 1: if these weapons are sent over, we will target the

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Speaker 1: center of which they came from. I mean, you can

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Speaker 1: interpret that of which they want. And this is part

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Speaker 1: of the problem too with Russian bellicosity. They're always threatening

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Speaker 1: nuclear war as if it's some sort of a joke

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Speaker 1: and showing their strength. That it's hard for us and

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Speaker 1: probably for the White House too to say, like, well,

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Speaker 1: where is the line here? Exactly clearly enough in Biden's

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Speaker 1: mind that the Ukrainians at least may they use those weapons,

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Speaker 1: perhaps accidentally. This is always the problem with miscalculation. And

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Speaker 1: from what I'm reading here, things are not going well

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Speaker 1: for Ukraine in that battle in the Dunbas and the

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Speaker 1: Dunboss also is a critical region of Ukraine in terms

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Speaker 1: of the export of grain. You know, Zelensky yesterday is

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Speaker 1: accusing Russia of stealing half a million tons of grain

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Speaker 1: from the region so far. Because those Ukrainian ports and

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Speaker 1: others export a huge portion of the world's grain, it's

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Speaker 1: known as the bread basket of Europe. You put it

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Speaker 1: all in context and you can see this is basically

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Speaker 1: where we thought things were going to end up very sadly,

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Speaker 1: which is that this region of Ukraine has been at

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Speaker 1: war since twenty fourteen. The Russian invasion and their ambitions

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Speaker 1: have basically retreated to this eastern separatist part and now

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Speaker 1: a very brutal, long and grinding war will occur in

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Speaker 1: the region in which both sides are experiencing significant losses.

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Speaker 1: I mean, obviously we don't know how many soldiers have

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Speaker 1: been killed on the Russian side. The NPUR reporter here

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Speaker 1: even says, you can see the toll that is being

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Speaker 1: taken on the Ukrainians. Hospital is full of wounded soldiers.

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Speaker 1: Some of the younger soldiers that they're speaking to there

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Speaker 1: said that they had only two weeks of training in

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Speaker 1: World War two style weapons before they were even thrown

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Speaker 1: to the front line. So the Ukrainians also giving it

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Speaker 1: everything that they got. And of course the war brigade

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Speaker 1: here in Washington is outraged over on MSNBC that Biden

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Speaker 1: would not give these missile systems to Ukraine. I mean,

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Speaker 1: first of all, here's the thing. The Brits are actually

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Speaker 1: giving them a very similar type of weapons. So in

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Speaker 1: my mind, yeah, maybe they can step up for once

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Speaker 1: and we'll get to the Germans and how exactly they're

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Speaker 1: stepping up or lack thereof, in terms of their increase

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Speaker 1: in military funding. But second, I mean it's very clear

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Speaker 1: here that the worst thing we would want is to

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Speaker 1: fuel the idea that this is a US Russia conflict,

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Speaker 1: and if Russia is going to look at it that way,

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Speaker 1: and then they the Ukrainians were to use our missile systems,

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Speaker 1: maybe even intentionally, and you know, who can blame them

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Speaker 1: if they were to fire on these long range artillery

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Speaker 1: which at least some indications some of that is being

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Speaker 1: housed in Russia. That's exactly how you get on the

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Speaker 1: spiral of miscupty. Yes, and that's a really important point

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Speaker 1: because Ukrainians have every incentive to draw us directly into

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Speaker 1: this fight. And let's be clear, I mean this is

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Speaker 1: already a proxy war between the US and Russia. The

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Speaker 1: US has been providing not only these weapons systems that

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Speaker 1: we've heard a lot about, but also direct intelligence, which

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Speaker 1: I mean that was a bombshell report that our intelligence

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Speaker 1: helped the Ukrainians target some of these high level Russian

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Speaker 1: military generals and also target that flagship in the Black

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Speaker 1: Sea that was also an incredibly significant loss for the

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Speaker 1: Russian so we have been supporting them. They've all but said,

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Speaker 1: the Biden administration that this is effectively a proxy war.

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Speaker 1: They've also been very clear that they don't actually want

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Speaker 1: the war to end. They want it to go on

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Speaker 1: to try to weaken Putin, to try to weaken Russia.

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Speaker 1: I'll tell you in a minute that is beginning to

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Speaker 1: create some splits within the alliance. Actually the US is

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Speaker 1: posture in the UK's posture versus France and Germany. But

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Speaker 1: your point is really correct because the Ukrainians have every

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Speaker 1: incentive to actually use those long rage weapons to strike

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Speaker 1: within Russia and draw us directly into this conflict. I mean,

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Speaker 1: this is an access ten rational a. Yeah, this is

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Speaker 1: not to slam or just like that is the rational

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Speaker 1: calculus and incentive that they have in this situation. We

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Speaker 1: should understand that and know that we have different interest,

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Speaker 1: and our interest is very much not to get drawn

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Speaker 1: directly into this conflict and to maintain some fig leaf

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Speaker 1: of plausible deniability in terms of our involvement here. So

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Speaker 1: of course, as you say, you know, Biden does one

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Speaker 1: decent thing here and he gets completely smeared and slammed

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Speaker 1: for by the media former Russian ambassador Michael McFall, who's

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Speaker 1: been just like perpetually wrong and terrible on this entire conflict.

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Speaker 1: He put out some tweet criticizing Goes on MSNBC. He says,

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Speaker 1: this is a foolish decision. His plan is, why don't

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Speaker 1: you just get a little agreement with Ukrainians saying they're

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Speaker 1: not going to use these missiles to fire on Russia. Okay, yeah,

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Speaker 1: like that would reassure absolutely anyone. So he's getting hit

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Speaker 1: for not for actually making the right decision in this

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Speaker 1: particular instance. I referred earlier to there's a little bit

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Speaker 1: of a split in alliance in terms of how they

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Speaker 1: are approaching this war at this point. Go ahead and

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Speaker 1: put this next piece up on the screen. So Macron

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Speaker 1: of France and Germany's Olaf Schultz have had a long

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Speaker 1: conversation with Putin and they actually urged him to hold

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Speaker 1: direct negotiations with Selinski. Let me reach you a little

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Speaker 1: bit of this. So they urged him to hold direct

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Speaker 1: serious negotiations. That was the quote, was an eighty minute conversation.

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Speaker 1: The two European leaders insisted on an immediate seas fire

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Speaker 1: and a withdrawal of Russian troops. Macron and Schultz urged

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Speaker 1: Putin to have serious direct negotiations with the Ukrainian president

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Speaker 1: find a diplomatic solution to the conflict. As for Zelenski himself,

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Speaker 1: he said he was not quote eager for talks, but

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Speaker 1: did add that they would likely be necessary to end

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Speaker 1: the conflict. So you are at a place now where

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Speaker 1: it is conceivable you can imagine how both sides might

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Speaker 1: have an incentive to come to the table. Now we're

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Speaker 1: a long way from that actually happening and they're actually

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Speaker 1: being a resolution to this war. But on the Ukrainian side,

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Speaker 1: you know, they're multi months in, they're sustaining losses. In

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Speaker 1: the East. It looks like Russia, you know, in terms

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Speaker 1: of the Eastern region, is starting to gain a little

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Speaker 1: bit of ground. They look like they're on the verge

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Speaker 1: of taking the city several Dadnatsk that I referred to earlier.

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Speaker 1: From Russia's side, I mean, they clearly have suffered massive losses.

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Speaker 1: This has not gone the way that they thought whatsoever.

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Speaker 1: They had to actually lift the age that is eligible

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Speaker 1: to even join their military. They're spinning that to their

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Speaker 1: population as oh, well, we're going to get these seasoned

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Speaker 1: experts in. No, they're desperate for more manpower because of

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Speaker 1: how many have been killed in this war. They've had

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Speaker 1: to admit to their population that these young conscripts have

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Speaker 1: in fact been sent to fight and die, something that

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Speaker 1: they denied at the beginning. So they've taken on major losses.

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Speaker 1: You can imagine a situation where Putin is able to

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Speaker 1: take Severodnetsk and then is able to spin that as

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Speaker 1: a win to his people and maybe potentially come to

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Speaker 1: the negotiating table to end this thing. Like I said,

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Speaker 1: we're a long way from that, but you can see

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Speaker 1: how France and Germany pushing in that direction of let's

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Speaker 1: actually try to get to a piece. Meanwhile, the US

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Speaker 1: is very much on the other side of that and

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Speaker 1: has made it clear and multiple statements their interest in

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Speaker 1: keeping this conflict going. What does that mean? That means

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Speaker 1: more death and destruction of Ukraine and the Ukrainian people. Well,

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Speaker 1: the unfortunately the British are really on that side too.

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Speaker 1: This really is a real split inside of NATO kind

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Speaker 1: of with the Anglosphere and then the rest of continental Europe.

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Speaker 1: Let's put this next one up there on the screen,

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Speaker 1: which is about how the Biden administration has apparently been

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Speaker 1: telling Ukraine. You're like, hey, there's a real danger of

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Speaker 1: escalation if you strike deep inside of Russia. The US

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Speaker 1: and diplomatic officials are leaking that to Reuter's and look,

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Speaker 1: this is exactly why inside that forty four billion dollar package,

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Speaker 1: one of the things I warned about is that buried

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Speaker 1: inside of it was a complete discretion on the part

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Speaker 1: of the president to give whatever weapons system that he

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Speaker 1: wants to the Ukrainians, including and look, he made the

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Speaker 1: right decision this time. He's eighty years old. What if

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Speaker 1: he drops dead tomorrow? Now, Kamala Harris's president, are you

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Speaker 1: do you have confidence in her ability? You know, which

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Speaker 1: is now enshrined in law in order to determine whatever

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Speaker 1: the Ukrainians get on the battlefield and what they point to. Look,

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Speaker 1: the Russians are not dumb, so they're like, Okay, we're

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Speaker 1: fighting in East, so we'll just store our long range

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Speaker 1: systems in Russia and fire it from there. And then

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Speaker 1: if Ukrainians use US arms, then we have a pretext

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Speaker 1: in order to have s. And also, you know, this

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Speaker 1: is a rational decision on everybody's part when it happens.

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Speaker 1: So then we have to consider what does that mean

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Speaker 1: for us? And we're seeing that the more that we

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Speaker 1: give them long range weaponry, including long range howitzers and more,

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Speaker 1: what are we seeing which is that we have to

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Speaker 1: give and get some sort of verbal agreement on their

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Speaker 1: part that they won't do it. I mean, look, even

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Speaker 1: if the President Zelenski agrees to that, how can you

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Speaker 1: ensure that Zelenski's order will go down to the general

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Speaker 1: and then down to the field commander and then down

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Speaker 1: to the individual who has to pull the trigger all

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Speaker 1: away at like the non commissioned officer level. All of

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Speaker 1: that means that you're gonna have to have a tremendous

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Speaker 1: amount of command and control and over that military, which

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Speaker 1: we already know is full of conscripts. And then also

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Speaker 1: that doesn't mean that there couldn't be some rogue person

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Speaker 1: who's in charge. And again totally understandable. You're like, hey,

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Speaker 1: we need to kill the enemy. The enemy is killing us,

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Speaker 1: they're firing from Russia. We should hit them in Russia.

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Speaker 1: But of course that has bigger strategic implications. So just look,

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Speaker 1: it's a high balancing act, and I think we're really

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Speaker 1: entering the kind of Syrian civil war type of this

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Speaker 1: level of this conflict where we are years away, unfortunately,

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Speaker 1: I think, from any sort of actual resolution here, and

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Speaker 1: a absolutely brutal and savage campaign is about to happen

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Speaker 1: over the extended period of time. A lot of people

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Speaker 1: are going to die Ukrainians and Russians as well. And

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Speaker 1: the way that we consider how these weapon systems are

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Speaker 1: being used is going to require a lot of thought

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Speaker 1: so that five years from now things don't come back

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Speaker 1: to bide us in the ass, just like they did

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Speaker 1: in Syria, just like they did in Libya, just like

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Speaker 1: I mean, I can go all the way down the list. Yeah,

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Speaker 1: that's right. There's one other thing that I want to

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Speaker 1: say about this, which is that this is a region

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Speaker 1: that of course has been at war for years now,

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Speaker 1: not quite on the level that they're experiencing now. You

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Speaker 1: see the pictures in the video that is coming out

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Speaker 1: of the Dawn Boss, I mean, these cities are just

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Speaker 1: they're just destroyed. I mean it's just rubble. There's no

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Speaker 1: one left. Everyone that could flee did flee. It's incredibly

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Speaker 1: incredibly sad, and you know, a lot of people in

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Speaker 1: that region. I saw interviews and I saw a little

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Speaker 1: bit of sort of like you know, rough public sentiment polling.

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Speaker 1: The plurality view was basically, we don't even care whether

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Speaker 1: it's Ukraine or Russia. We just want this to be over.

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Speaker 1: And I think it's important to lift up that sentiment

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Speaker 1: because again, listen, I agree with you. Probably where we're

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Speaker 1: headed is a long, brutal stalemate with the continued just

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Speaker 1: utter decimation of this entire region. But if there is

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Speaker 1: any chance to come to the table negotiating a negotiate

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Speaker 1: a piece the direction that France and Germany have now

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Speaker 1: put themselves on the side of, we all ought to

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Speaker 1: be urging for that sort of peaceful resolution, which is

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Speaker 1: in the best interests of the US, in the best

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Speaker 1: interests of the world, and in the best interests of

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Speaker 1: the Ukrainian people as well. Yeah, that's right, Okay, let's

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Speaker 1: go ahead and move on to this European part. So

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Speaker 1: this is very important geostrategically. The European Union, let's put

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Speaker 1: this up there on the screen, has now agreed to

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Speaker 1: phase out Russian oil but is exempting pipeline deliveries. So

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Speaker 1: if you're wondering what that means, it's an interesting question

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Speaker 1: which is that. Yeah, they're going to try and phase

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Speaker 1: out Russian oil over the last two years. However, they

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Speaker 1: are making an exemption for pipeline oil, specifically a concession

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Speaker 1: to Hungary, which has been buying actually Russian oil very

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Speaker 1: very cheaply and has been actually kind of a boon

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Speaker 1: to that country, which itself is kind of throwing a

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Speaker 1: wrench in terms of how the entire EU is looking

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Speaker 1: at this. So what the EU has agreed is that

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Speaker 1: seaborne deliveries of Russian oil within months will be phased out.

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Speaker 1: Pipelines will continue to flow. Now several countries, including Hungary,

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Speaker 1: Germany and others will get extensions or exemptions for this

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Speaker 1: Russian oil. Is it a true embargo, No, that's the answer.

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Speaker 1: I think what's kind of fascinating is that they find

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Speaker 1: themselves just between a rock and a hard place. And

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Speaker 1: we've talked about here. Germany decommissioned all of its nuclear

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Speaker 1: plants or had plans to do so. They dramatically increased

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Speaker 1: their reliance on Nordstream two and on Russian oil and gas.

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Speaker 1: Now you have not only Russian oil. The people need

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Speaker 1: to remember this. It's not just that Russia produces a

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Speaker 1: tremendous amount of oil. They also refine a tremendous amount

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Speaker 1: of petroleum product, and so they were getting a ton

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Speaker 1: of refined product, both in diesel and in terms of

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Speaker 1: gas from Russia. So when you have that, you're getting

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Speaker 1: cut off not only from the product but from the

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Speaker 1: actual infrastructure that deals with all this. And as you

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Speaker 1: phase out, that's exactly why we have such high gas prices,

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Speaker 1: high diesel prices, and all sort of crazy supply stuff

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Speaker 1: which is happening here in America and Latin America, India, China,

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Speaker 1: all over the world. I think what it really does

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Speaker 1: point is that the EU remains in one of posies

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Speaker 1: where yes, they want to do something, they want to

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Speaker 1: take the maximalist position, but they just simply can't for

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Speaker 1: an economic and energy reality. I mean, look, they're going

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Speaker 1: to try and build new LNG terminals so that us

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Speaker 1: LL and G can go over. That does stuff takes

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Speaker 1: a long time, and in the interim you're in this

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Speaker 1: crazy period where the European Union and Germany and others

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Speaker 1: are effectively saying that Russia is a pria estate, you know,

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Speaker 1: not welcome the Community of Nations, and they're doing billions

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Speaker 1: or dollars of trade with them per day in terms

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Speaker 1: of energy, So a colossal really just it's a cluster,

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Speaker 1: I think is the only way to describe it. And

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Speaker 1: I really can't blame the Hungarians. No, I don't be

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Speaker 1: I mean or Bond said that. I'm no fan of his,

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Speaker 1: but a faster phase out would be like dropping a

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Speaker 1: nuclear bomb on the Hungarian economy, And listen, I don't.

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Speaker 1: I mean, that's I'm sure a bit of an overstatement,

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Speaker 1: but I have no doubt that it would be devastating consequences.

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Speaker 1: And so I can't blame them whatsoever for saying like,

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Speaker 1: we're not ready to go all the way with you

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Speaker 1: on this one. Not to mention, I mean a lot

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Speaker 1: of reluctance about the just all out economic warfare that

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Speaker 1: has been declared on Russia, which is unlikely to end

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Speaker 1: even whenever this war does end. I mean, sager, would

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Speaker 1: you have ever thought, even as we recognize like, is

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Speaker 1: it a full embarko? No, there's all these carbon and

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Speaker 1: fiths comes in a pipeline, then that's okay. But would

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Speaker 1: you have ever thought at the beginning of this that

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Speaker 1: they would even go this far? No? I mean, it's

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Speaker 1: so I just always have to remind us back at

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Speaker 1: the beginning when we're like, if they do the swift

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Speaker 1: banking sanctions, that would be crazy, and how far beyond

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Speaker 1: that we have already gone is really truly extraordinary, you know.

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Speaker 1: In terms of how this will impact Russia, they because

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Speaker 1: of rising prices, they have actually continued to earn the

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Speaker 1: same amount of money from fossil fuel sales as they

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Speaker 1: did before the invasion. Even with this partial ban on oil.

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Speaker 1: You know, that'll be phased in over time. With the EU,

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Speaker 1: Moscow can lean more heavily on Asia to buy their

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Speaker 1: oil by their product to help backstop some of the losses.

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Speaker 1: It's still going to be a hit to their economy though,

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Speaker 1: there's no doubt about it. What they said this article

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Speaker 1: is to find buyers with enough appetite to replace the

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Speaker 1: EU market is going to be extremely difficult. And also

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Speaker 1: you can't just like flip a switch. You've got to

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Speaker 1: reef configure the entire energy export system and the tenant infrastructure,

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Speaker 1: which is a major major project in and of itself.

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Speaker 1: So this will bite, there's no doubt about it the

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Speaker 1: Russian economy. But they do have some mechanisms to try

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Speaker 1: to ease just how painful this will be here. Look,

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Speaker 1: if China's going to buy the oil, they're their number

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Speaker 1: one importer of oil in the world. And if you

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Speaker 1: think that the Indians and the Chinese aren't going to

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Speaker 1: take cheaper oil than the global market, then I don't

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Speaker 1: really know what to tell you. They clearly are going

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Speaker 1: to do that, right. And the other problem is to

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Speaker 1: look in terms of defense spending. This gets back to

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Speaker 1: what we were saying earlier. Put this up there on

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Speaker 1: the screen from Politico EU. I mean, this is the

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Speaker 1: stuff that doesn't penetrate our media at all. The German

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Speaker 1: government has now agreed to spend one hundred billion dollars

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Speaker 1: on new defense spending. Oh great, what's the subhead? Say?

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Speaker 1: The special fund will be used to revamp the army,

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Speaker 1: but does not commit to spending two percent of GDP

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Speaker 1: on defense every year. And this is what drives me

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Speaker 1: absolutely insane, which is that when you look at what

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Speaker 1: they are saying, their new investment is going to buy

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Speaker 1: one hundred billion worth of us F thirty five's okay, cool,

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Speaker 1: but they refuse to enshrine in their constitution what they

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Speaker 1: had pledged to do. Whenever this entire conflict broke out

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Speaker 1: and actually just meet their NATO obligations for defense spending.

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Speaker 1: And it's just so obvious that the opposition party and

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Speaker 1: even the center right are unable to get this enshrined

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Speaker 1: in legislation. Here's what their spind is. They're like, well,

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Speaker 1: some years will spend over and on your ears will

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Speaker 1: spend under and eventually, yeah, okay, maybe I don't believe you.

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Speaker 1: There's no reason to believe you. In a post Cold War,

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Speaker 1: they have never once able to step up and actually

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Speaker 1: meet their obligations. Remember that chart that I put in

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Speaker 1: my monologue, I think a couple of weeks ago, just

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Speaker 1: about how much we outstrip the rest of Europe. It's insanity.

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Speaker 1: I mean, we are outstripping the European Union by eightfold,

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Speaker 1: the Germans by like sixteenfold, the UK by fifteenfold. In

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Speaker 1: terms of just the amount of money and arms that

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Speaker 1: we have spent over to Ukraine, Germany is not that

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Speaker 1: far away from Russia. They have actually fought wars with

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Speaker 1: each other twice in the latter more than that, actually,

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Speaker 1: in the last couple of one hundred years. They have

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Speaker 1: every incentive in the world to actually pay for their

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Speaker 1: own defense except that we pay for it. That's what

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Speaker 1: just absolutely gets me. And in terms of the sacrifice

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Speaker 1: and all that they're willing to make, no, it's bs now. Listen,

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Speaker 1: if I was German, I wouldn't either. I'd be like,

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Speaker 1: I don't want to cut myself off from all of

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Speaker 1: this energy. But they talk a huge game about the

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Speaker 1: existential threat to Europe and America and NATO is so important,

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Speaker 1: But they don't want to sacrifice. They want cheap oil

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Speaker 1: like everybody else, so they refuse to spend the amount

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Speaker 1: of money that they actually should be spending. This is

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Speaker 1: a very prosperous country. Last time I checked one of

431
00:23:11,720 --> 00:23:15,199
Speaker 1: the juggernauts inside of the European Union, and then you

432
00:23:15,240 --> 00:23:17,879
Speaker 1: know they want their cheap gas and their oil. Because

433
00:23:17,960 --> 00:23:20,280
Speaker 1: I think this is now what's happening. I think people

434
00:23:20,280 --> 00:23:23,119
Speaker 1: are really starting to grapple with crystal that. You know,

435
00:23:23,160 --> 00:23:25,080
Speaker 1: I'm doing a monologue on gas. I know it's a

436
00:23:25,119 --> 00:23:29,119
Speaker 1: meme again, but gas here is four sixty a gallon. Okay,

437
00:23:29,320 --> 00:23:32,040
Speaker 1: over there, it's even higher in terms of whatever the

438
00:23:32,160 --> 00:23:36,680
Speaker 1: leader petrol prices in Europe. They're now recognizing they're gonna

439
00:23:36,680 --> 00:23:38,639
Speaker 1: have to live with this for years and their economies,

440
00:23:38,760 --> 00:23:40,560
Speaker 1: I mean, at the very least aren't going to grow

441
00:23:40,600 --> 00:23:43,280
Speaker 1: and possibly could contract as a result of this. So

442
00:23:43,359 --> 00:23:46,280
Speaker 1: we're now seeing like with the long period of this

443
00:23:46,320 --> 00:23:49,119
Speaker 1: supply crunch and all of the insanity with COVID and

444
00:23:49,160 --> 00:23:51,920
Speaker 1: all that is wreaking on people, and actually a lot

445
00:23:51,920 --> 00:23:54,480
Speaker 1: of these states are in this. It's no surprise in

446
00:23:54,600 --> 00:23:57,679
Speaker 1: long windoway of saying why the German chancellor is one

447
00:23:57,680 --> 00:23:59,800
Speaker 1: of those people is pushing very hard for peace. They

448
00:23:59,800 --> 00:24:01,600
Speaker 1: need this thing to come to an end, but there

449
00:24:01,640 --> 00:24:04,040
Speaker 1: is no current indication that that's happening, and a lot

450
00:24:04,080 --> 00:24:06,120
Speaker 1: of us are going to suffer as a result. Yeah,

451
00:24:06,160 --> 00:24:09,320
Speaker 1: I mean, this is all part of truly a sort

452
00:24:09,359 --> 00:24:13,520
Speaker 1: of global realignment and a new order post Cold War,

453
00:24:13,960 --> 00:24:19,880
Speaker 1: post you know, unipolar world where yeah, the Europeans, I mean,

454
00:24:20,080 --> 00:24:23,640
Speaker 1: Russia has certainly forced the Europeans to do a complete

455
00:24:23,680 --> 00:24:27,800
Speaker 1: rethink of what their security status looks like, what their

456
00:24:27,920 --> 00:24:30,600
Speaker 1: energy situation looks like. You see this with you know,

457
00:24:30,680 --> 00:24:33,800
Speaker 1: Finland and Sweden both wanting to join NATO at this point,

458
00:24:33,920 --> 00:24:36,280
Speaker 1: so they have sort of forced the hand of the

459
00:24:36,320 --> 00:24:38,879
Speaker 1: Europeans at this point. You know, one other thing that

460
00:24:38,920 --> 00:24:41,000
Speaker 1: I wanted to update on is we had talked a

461
00:24:41,080 --> 00:24:44,399
Speaker 1: while back about remember there were some overtures to Venezuela, Yes,

462
00:24:44,520 --> 00:24:47,320
Speaker 1: and you know to try to Okay, well it worked out. Yeah,

463
00:24:47,359 --> 00:24:49,639
Speaker 1: we're taking Rush off the tableway we can get Venezuelan

464
00:24:49,720 --> 00:24:54,240
Speaker 1: oil back in. There was actually some movement on that

465
00:24:54,240 --> 00:24:55,920
Speaker 1: that we kind of missed last week, which is the

466
00:24:55,920 --> 00:25:00,840
Speaker 1: Biden administration announced that they would slightly loosen is crippling

467
00:25:00,880 --> 00:25:06,000
Speaker 1: economic sanctions on Venezuela's government. They're allowing Chevron, which was

468
00:25:06,040 --> 00:25:10,120
Speaker 1: the last major American oil company with significant operations in Venezuela,

469
00:25:10,240 --> 00:25:15,199
Speaker 1: They're allowing them to negotiate again and have dialogue with

470
00:25:15,320 --> 00:25:19,600
Speaker 1: the government. Undercurrent sanction, Chevron was prohibited from doing business

471
00:25:19,600 --> 00:25:21,879
Speaker 1: with the Venezuelan government at all, is only allowed to

472
00:25:21,880 --> 00:25:25,639
Speaker 1: carry on essential maintenance work. They also remove sanctions on

473
00:25:26,200 --> 00:25:28,879
Speaker 1: a former of Venezuelan state oil official and nephew of

474
00:25:28,920 --> 00:25:32,200
Speaker 1: the First Lady. So it seems like all of this

475
00:25:32,280 --> 00:25:35,440
Speaker 1: is done to try to sweepen the pod a little

476
00:25:35,440 --> 00:25:40,120
Speaker 1: bit to potentially eventually get us back to some sort

477
00:25:40,119 --> 00:25:43,720
Speaker 1: of a workable relationship with Venezuela. But it's a small

478
00:25:43,880 --> 00:25:46,240
Speaker 1: change in the posture, and I think we're a long

479
00:25:46,280 --> 00:25:49,359
Speaker 1: way from any real resolution. I absolutely think we should

480
00:25:49,359 --> 00:25:51,600
Speaker 1: do that. Unfortunately, I've said this before, but part of

481
00:25:51,640 --> 00:25:53,960
Speaker 1: the problem with infrastructure is, and I've looked at those,

482
00:25:54,080 --> 00:25:57,080
Speaker 1: is that Venezuela has a specific type it's called extra

483
00:25:57,160 --> 00:26:00,320
Speaker 1: heavy crude or something it's harder to refine. The problem

484
00:26:00,359 --> 00:26:01,960
Speaker 1: is that because we've been cut off from the system

485
00:26:02,000 --> 00:26:04,560
Speaker 1: for so long, it's harder to refine, and it's not

486
00:26:04,560 --> 00:26:07,640
Speaker 1: that easy to just get things they're spinning. Oil. Infrastructure

487
00:26:07,680 --> 00:26:11,439
Speaker 1: has also released severely decayed over the paste their nationalization

488
00:26:11,560 --> 00:26:14,360
Speaker 1: scheme and all that was a disaster really for their infrastructure,

489
00:26:14,359 --> 00:26:17,600
Speaker 1: and so their inability in order to export oil. On

490
00:26:17,680 --> 00:26:20,159
Speaker 1: top of obviously Western sanctions have made it so that

491
00:26:20,320 --> 00:26:23,280
Speaker 1: they anyway they can't plug the gap. There's only one

492
00:26:23,280 --> 00:26:24,719
Speaker 1: country in the world they can do it right now.

493
00:26:24,760 --> 00:26:27,320
Speaker 1: It's called Saudi Arabia. So you know, they just don't

494
00:26:27,320 --> 00:26:28,880
Speaker 1: want to help us out, and yet we still spend

495
00:26:28,920 --> 00:26:31,199
Speaker 1: them one hundred million dollars with weapons every year. So

496
00:26:31,480 --> 00:26:33,800
Speaker 1: somebody can go and riddle me that. Let's go to

497
00:26:33,880 --> 00:26:37,280
Speaker 1: the next part here, which is something that look, it's rumor.

498
00:26:37,560 --> 00:26:40,040
Speaker 1: We want to be very clear here that being said,

499
00:26:40,400 --> 00:26:43,479
Speaker 1: there are now some credible thought to the fact that

500
00:26:43,560 --> 00:26:47,119
Speaker 1: Vladimir Putin could actually be quite ill right now, or

501
00:26:47,160 --> 00:26:49,480
Speaker 1: at the very least in some sort of recovery. So

502
00:26:49,520 --> 00:26:51,919
Speaker 1: let's put this up there on the screen. This is

503
00:26:51,960 --> 00:26:56,280
Speaker 1: from a FSB spy who says that Putin has been

504
00:26:56,320 --> 00:26:59,439
Speaker 1: given three years to live by doctors due to a

505
00:26:59,560 --> 00:27:04,440
Speaker 1: quote rapidly progressing cancer that the strong Man has been ailing,

506
00:27:04,680 --> 00:27:07,520
Speaker 1: that he has been of ill health for some time now.

507
00:27:07,600 --> 00:27:12,200
Speaker 1: The FSB officer said that the Russian presiden's condition had

508
00:27:12,320 --> 00:27:16,240
Speaker 1: a severe form of this progressing cancer, and that this

509
00:27:16,440 --> 00:27:19,240
Speaker 1: kind of illness was something that was part of a

510
00:27:19,280 --> 00:27:21,879
Speaker 1: secret message from a Russian agent to a fugitive and

511
00:27:22,000 --> 00:27:25,840
Speaker 1: former FSB agent Boris Kartchapov. Look, there are types of

512
00:27:25,840 --> 00:27:28,920
Speaker 1: these rumors that are always out there, but there has

513
00:27:28,960 --> 00:27:31,240
Speaker 1: been a lot of speculation here in the last couple

514
00:27:31,280 --> 00:27:34,520
Speaker 1: of years of well, what the hell is wrong with Putin?

515
00:27:34,560 --> 00:27:38,040
Speaker 1: I mean, clearly his mind, he's thinking very differently than

516
00:27:38,040 --> 00:27:41,400
Speaker 1: he did previously. He's taken gambles. These could be He's

517
00:27:41,400 --> 00:27:43,639
Speaker 1: got very puffy cheeks, which people have looked at as

518
00:27:43,680 --> 00:27:46,440
Speaker 1: possibly he's on prednizone or he's on some other sort

519
00:27:46,480 --> 00:27:50,400
Speaker 1: of like hormone or steroid, something else is going on there,

520
00:27:50,440 --> 00:27:52,960
Speaker 1: and I think that combining it actually with a recent

521
00:27:53,000 --> 00:27:55,240
Speaker 1: interview that Oliver Stone. No matter what you think of

522
00:27:55,240 --> 00:27:57,399
Speaker 1: Oliver Stone, he did spend a lot of time with Putin,

523
00:27:57,480 --> 00:28:00,359
Speaker 1: the Putin Diaries and driving around with him in a car.

524
00:28:00,720 --> 00:28:04,760
Speaker 1: Well interviewing. He actually revealed in a recent interview with

525
00:28:04,880 --> 00:28:09,399
Speaker 1: Lex Reeman, again per Oliver Stone, he says that Putin

526
00:28:09,520 --> 00:28:12,879
Speaker 1: actually had cancer and was in treatment for it while

527
00:28:13,000 --> 00:28:14,960
Speaker 1: he was over there a couple of years ago. Let's

528
00:28:14,960 --> 00:28:19,399
Speaker 1: take a listen. Mister Putin has had this cancer and

529
00:28:19,560 --> 00:28:21,800
Speaker 1: he's I think he's licked it, but he's also been

530
00:28:21,840 --> 00:28:25,399
Speaker 1: isolated because of COVID. And some people would argue that

531
00:28:25,400 --> 00:28:29,359
Speaker 1: the isolation from normal activity, which he was. He was

532
00:28:29,440 --> 00:28:31,359
Speaker 1: meeting people face to face, but all of a sudden

533
00:28:31,359 --> 00:28:34,600
Speaker 1: he was meeting people across the table one hundred yards

534
00:28:34,600 --> 00:28:36,840
Speaker 1: away or whatever, ten yards away. It was very hard.

535
00:28:37,320 --> 00:28:40,400
Speaker 1: So here's the thing. What Stone is saying there, very clearly,

536
00:28:40,600 --> 00:28:44,360
Speaker 1: is that Putin has at some time had cancer. He

537
00:28:44,400 --> 00:28:48,240
Speaker 1: doesn't know if he overcame it, and I think, look

538
00:28:48,280 --> 00:28:50,640
Speaker 1: to be clear, Russia denies all of this. Of course,

539
00:28:50,640 --> 00:28:52,800
Speaker 1: they have an incentive to deny it. I don't think

540
00:28:52,840 --> 00:28:55,640
Speaker 1: anybody can look at Putin his behavior, you know, at

541
00:28:55,640 --> 00:28:59,240
Speaker 1: the long tables, very odd behavior too. Yeah, there's been

542
00:28:59,280 --> 00:29:01,800
Speaker 1: some physical tics that have been picked up on camera

543
00:29:01,800 --> 00:29:04,560
Speaker 1: which have been speculated about. Yeah. I mean, if you

544
00:29:04,680 --> 00:29:07,920
Speaker 1: consider this, look like Putin was the strong man. You

545
00:29:07,960 --> 00:29:09,400
Speaker 1: know a lot of Russians didn't even want to get

546
00:29:09,400 --> 00:29:11,920
Speaker 1: the vaccine. So for Putin to be kind of a

547
00:29:11,960 --> 00:29:14,480
Speaker 1: COVID obsessive is very out of character for kind of

548
00:29:14,520 --> 00:29:16,520
Speaker 1: the way that he would want to play it. Everybody

549
00:29:16,560 --> 00:29:18,880
Speaker 1: knows what's happening whenever he's here, and then another guy

550
00:29:18,960 --> 00:29:21,920
Speaker 1: is like twenty feet away from him, or his generals

551
00:29:21,960 --> 00:29:25,040
Speaker 1: and others are seated in a massive room, you know,

552
00:29:25,120 --> 00:29:27,800
Speaker 1: twenty some odd feet away from him. All of his

553
00:29:27,840 --> 00:29:30,720
Speaker 1: speeches he's giving from his office, you know, at his desk,

554
00:29:30,880 --> 00:29:32,840
Speaker 1: not in front of a lot of people, who's not

555
00:29:32,880 --> 00:29:37,400
Speaker 1: around people, clearly inside of a COVID bubble well passed

556
00:29:37,680 --> 00:29:40,840
Speaker 1: where the general population of almost any other country in

557
00:29:40,960 --> 00:29:44,040
Speaker 1: the world is no The idea that he would have

558
00:29:44,120 --> 00:29:47,600
Speaker 1: some sort of immunal compromise disease makes a lot of sense.

559
00:29:47,840 --> 00:29:50,440
Speaker 1: Oliver Stone says he did have cancer at least in

560
00:29:50,440 --> 00:29:53,360
Speaker 1: some form while he was over there and Stone listen.

561
00:29:53,560 --> 00:29:57,080
Speaker 1: People could certainly accuse him of being too pro Russia,

562
00:29:57,200 --> 00:29:58,920
Speaker 1: but I mean that's part of why he's kind of

563
00:29:59,000 --> 00:30:02,040
Speaker 1: credible on this, because he spend he was with them. Yeah,

564
00:30:02,080 --> 00:30:04,880
Speaker 1: you spent time with Putin, and he certainly has not

565
00:30:04,920 --> 00:30:07,320
Speaker 1: been interested in like painting Putin in the worst no,

566
00:30:07,800 --> 00:30:09,600
Speaker 1: put it that way. Yeah. Yeah, So I mean he

567
00:30:09,720 --> 00:30:14,000
Speaker 1: says that Putin, he says, I think he licked it right,

568
00:30:14,080 --> 00:30:17,560
Speaker 1: but he doesn't know. And this was twenty fifteen, seventeen.

569
00:30:17,960 --> 00:30:21,200
Speaker 1: But then you also consider that cancer, you know, especially

570
00:30:21,240 --> 00:30:23,520
Speaker 1: at the age Putin is sixty nine years old, has

571
00:30:23,560 --> 00:30:26,760
Speaker 1: a high you know, they can go in remission, but

572
00:30:26,760 --> 00:30:29,640
Speaker 1: it can come back. Yeah. Often, That's very common amongst

573
00:30:29,840 --> 00:30:33,360
Speaker 1: cancer survivors. So anyway, it would make sense that this

574
00:30:33,560 --> 00:30:36,160
Speaker 1: is certainly the case, and I think it is something

575
00:30:36,200 --> 00:30:38,400
Speaker 1: that we do have to consider in terms of when

576
00:30:38,440 --> 00:30:40,240
Speaker 1: we think about how much of a disaster, you know,

577
00:30:40,280 --> 00:30:43,120
Speaker 1: the invasion really has been true for Russia. But also

578
00:30:43,240 --> 00:30:45,720
Speaker 1: what scares the hell out of me is who comes next?

579
00:30:45,760 --> 00:30:47,760
Speaker 1: I mean, is it Medvedev? I don't know. Well that

580
00:30:47,840 --> 00:30:49,680
Speaker 1: a lot of reports that they thought he was too

581
00:30:49,760 --> 00:30:52,760
Speaker 1: much of a europhile. I think that's a really important point,

582
00:30:52,880 --> 00:30:56,920
Speaker 1: because I'm not big on the like Putin psychoanalysis. It's

583
00:30:56,920 --> 00:31:00,200
Speaker 1: like a whole cottage industry predicting what he's thinking and

584
00:31:00,240 --> 00:31:02,800
Speaker 1: what he's feeling like and all this stuff. I mean,

585
00:31:02,880 --> 00:31:04,719
Speaker 1: Number one, though, you have to think that someone at

586
00:31:04,720 --> 00:31:07,440
Speaker 1: the end of their life, they're playing for their legacy, right,

587
00:31:07,520 --> 00:31:10,120
Speaker 1: wants to leave his lasting marks at Russia up for

588
00:31:10,240 --> 00:31:14,360
Speaker 1: whatever future greatness he you know, imagined might be possible

589
00:31:14,400 --> 00:31:17,040
Speaker 1: for the country. But then number two, that's a real

590
00:31:17,120 --> 00:31:19,440
Speaker 1: question is who would come next? And there, I think

591
00:31:19,600 --> 00:31:22,520
Speaker 1: is a lot of wish casting in the Western media

592
00:31:22,560 --> 00:31:24,920
Speaker 1: that all it might be someone who's like more favorable

593
00:31:25,040 --> 00:31:28,360
Speaker 1: or more you know, sort of yeah, more of a eurofile,

594
00:31:28,560 --> 00:31:31,920
Speaker 1: more favorable towards NATO, more favorable towards our interests. It's

595
00:31:32,080 --> 00:31:35,480
Speaker 1: more likely that you get someone who's even more of

596
00:31:35,600 --> 00:31:39,760
Speaker 1: a hardliner than Putin actually is. So that's not necessarily

597
00:31:39,800 --> 00:31:42,520
Speaker 1: something to ultimately hope for and wish for, right And actually,

598
00:31:42,600 --> 00:31:44,400
Speaker 1: so I forgot to add this part which I have

599
00:31:44,440 --> 00:31:46,720
Speaker 1: in my notes, which is that the head of Ukrainian

600
00:31:46,800 --> 00:31:50,240
Speaker 1: intelligence has actually said this too, Cyril Budenov. He has

601
00:31:50,280 --> 00:31:53,240
Speaker 1: said that I mean again, you know, they have an incentive,

602
00:31:53,320 --> 00:31:56,440
Speaker 1: but they have come out and said they believe that

603
00:31:56,720 --> 00:32:02,080
Speaker 1: he has quote several serious illnesses, one of which is cancer.

604
00:32:02,400 --> 00:32:05,040
Speaker 1: And so the FSB spy and others that are being

605
00:32:05,200 --> 00:32:08,640
Speaker 1: quoted here by the Daily Mail and by the tabloids

606
00:32:08,920 --> 00:32:12,240
Speaker 1: in the UK. It's all kind of an amalgam of

607
00:32:12,440 --> 00:32:15,920
Speaker 1: several people who might know again might know who say

608
00:32:16,120 --> 00:32:19,440
Speaker 1: that Putin does have some form of cancer and possibly

609
00:32:19,800 --> 00:32:22,720
Speaker 1: even terminal and if you do consider then his medical history.

610
00:32:22,760 --> 00:32:25,840
Speaker 1: There who has been said by Oliver Stone. These things

611
00:32:25,840 --> 00:32:29,040
Speaker 1: are difficult to go and parse, but you know people

612
00:32:29,040 --> 00:32:31,960
Speaker 1: have done the same with North Korea. Obviously with Kim

613
00:32:32,040 --> 00:32:34,480
Speaker 1: Jong ill there was a lot of discussion around you know,

614
00:32:34,520 --> 00:32:37,000
Speaker 1: the disease that he had. Same with Kim Jong own,

615
00:32:37,040 --> 00:32:39,320
Speaker 1: whether he has gout. You know, he's tremendously obese and

616
00:32:39,360 --> 00:32:41,960
Speaker 1: he's losing weight. I mean, this stuff all matters whenever

617
00:32:42,000 --> 00:32:45,600
Speaker 1: you're the head and the sole person of a nuclear

618
00:32:45,720 --> 00:32:47,760
Speaker 1: armed state. And that's exactly why I think we're spending

619
00:32:47,760 --> 00:32:50,920
Speaker 1: some time on it. Indeed, indeed, all right, we also

620
00:32:50,920 --> 00:32:54,440
Speaker 1: wanted to update you on some major economic news. First

621
00:32:54,440 --> 00:32:56,440
Speaker 1: of all, a little update on just how the American

622
00:32:56,440 --> 00:32:58,120
Speaker 1: people are doing and put this first part up on

623
00:32:58,160 --> 00:32:59,880
Speaker 1: the screen. There was a lot of talk about how

624
00:33:00,200 --> 00:33:02,960
Speaker 1: during the pandemic there's a big savings boom. In part,

625
00:33:03,000 --> 00:33:04,960
Speaker 1: you know, people weren't going out, they were at home,

626
00:33:05,040 --> 00:33:07,720
Speaker 1: so there were fewer things to spend money on. But

627
00:33:07,800 --> 00:33:12,000
Speaker 1: also the pandemic era programs, the relief checks that sort

628
00:33:12,000 --> 00:33:14,959
Speaker 1: of padded a lot of bank accounts. That era is

629
00:33:15,000 --> 00:33:19,040
Speaker 1: officially over. The savings rate fell to four point four

630
00:33:19,040 --> 00:33:22,040
Speaker 1: percent in April. That's actually the lowest level since two

631
00:33:22,080 --> 00:33:27,320
Speaker 1: thousand and eight. So the already the sort of you know,

632
00:33:27,400 --> 00:33:30,600
Speaker 1: FED attempts to slow the economy and the end of

633
00:33:30,680 --> 00:33:35,440
Speaker 1: all of those COVID relief programs that has hit bank accounts,

634
00:33:35,560 --> 00:33:39,600
Speaker 1: savings accounts in particular in a very serious way. This

635
00:33:39,800 --> 00:33:44,880
Speaker 1: comes as we have comments from another Federal Reserve Board

636
00:33:44,920 --> 00:33:48,920
Speaker 1: member that indicate this one in particular really wants to

637
00:33:48,960 --> 00:33:52,720
Speaker 1: take a pretty aggressive approach to tightening the economy. Go

638
00:33:52,760 --> 00:33:54,680
Speaker 1: ahead and put this Wall Street Journal tear sheet up

639
00:33:54,720 --> 00:33:57,360
Speaker 1: on the screen. The headline here is FED official supports

640
00:33:57,440 --> 00:34:03,000
Speaker 1: raising interest rates at fast clip. For several meetings this

641
00:34:03,280 --> 00:34:08,080
Speaker 1: particular board, FED Governor Christopher Waller made these remarks in

642
00:34:08,160 --> 00:34:12,080
Speaker 1: Frankfurt on Monday, he said I support tightening policy by

643
00:34:12,120 --> 00:34:16,000
Speaker 1: fifty basis points for several meetings, and went so far

644
00:34:16,160 --> 00:34:20,440
Speaker 1: as to say that he wanted to keep going until

645
00:34:20,800 --> 00:34:25,319
Speaker 1: the rates were so high they stunted the economy. Now

646
00:34:25,360 --> 00:34:28,120
Speaker 1: you have to kind of dig into the FED jargon here,

647
00:34:28,239 --> 00:34:32,160
Speaker 1: but what he said was, quote, the unemployment rate will increase,

648
00:34:32,600 --> 00:34:35,480
Speaker 1: but only somewhat because labor demand is still strong, just

649
00:34:35,520 --> 00:34:37,719
Speaker 1: not as strong. And because when the labor market is

650
00:34:37,840 --> 00:34:41,760
Speaker 1: very tight as it is now, vacancies generate relatively few hires.

651
00:34:41,760 --> 00:34:44,400
Speaker 1: Thus reducing vacancies from an extremely high level to a

652
00:34:44,480 --> 00:34:47,800
Speaker 1: lower but still strong level has a relatively limited effect

653
00:34:47,840 --> 00:34:50,759
Speaker 1: on hiring and on unemployment. So he's trying to sort

654
00:34:50,800 --> 00:34:54,319
Speaker 1: of justify the fact that he intentionally wants to go

655
00:34:54,440 --> 00:34:57,000
Speaker 1: so far with lifting the rates and at such a

656
00:34:57,080 --> 00:35:01,280
Speaker 1: rapid pace as to actively stunt the economy and raise

657
00:35:01,440 --> 00:35:05,879
Speaker 1: the unemployment rate. That's those are pretty dramatic comments, and

658
00:35:06,080 --> 00:35:09,640
Speaker 1: you know, landed with a pretty heavy blow within the

659
00:35:09,840 --> 00:35:14,399
Speaker 1: entire sort of economic figure community. There's another big development here,

660
00:35:14,400 --> 00:35:17,040
Speaker 1: which is that Biden is actually meeting with FED chair

661
00:35:17,280 --> 00:35:19,759
Speaker 1: Jerome Palell today. Go ahead and put this up on

662
00:35:19,800 --> 00:35:23,400
Speaker 1: the screen. He's going to hold a rare Oval Office

663
00:35:23,480 --> 00:35:27,400
Speaker 1: meeting today on Tuesday, amid the highest inflation in decades,

664
00:35:27,480 --> 00:35:30,000
Speaker 1: which has angered Americans and hurt us standing with voters.

665
00:35:30,239 --> 00:35:31,840
Speaker 1: They say the two will discuss the state of the

666
00:35:31,840 --> 00:35:34,680
Speaker 1: American and global economy. According to a White House statement,

667
00:35:34,719 --> 00:35:37,120
Speaker 1: it is the first meeting between the two since Biden

668
00:35:37,200 --> 00:35:40,239
Speaker 1: in November announced his intention to nominate Powell for a

669
00:35:40,239 --> 00:35:43,840
Speaker 1: second term as a helm of the US Central Bank.

670
00:35:44,680 --> 00:35:47,800
Speaker 1: And the reason this is extraordinary is because, of course,

671
00:35:47,880 --> 00:35:50,160
Speaker 1: I mean, there's a lot of criticism of Trump when

672
00:35:50,200 --> 00:35:53,000
Speaker 1: he was out there like directly telling the FED what

673
00:35:53,040 --> 00:35:56,120
Speaker 1: he wanted them to do. I mean, yeah, I will

674
00:35:56,120 --> 00:35:58,200
Speaker 1: tell you, I mean. And so Biden, and this is

675
00:35:58,280 --> 00:35:59,840
Speaker 1: kind of funny too, put this last piece of this.

676
00:36:00,120 --> 00:36:03,920
Speaker 1: So Biden wrote this op ed about his plan for inflation.

677
00:36:04,280 --> 00:36:06,759
Speaker 1: This is from Kaylen Collins. She says President Biden, who's

678
00:36:06,800 --> 00:36:09,799
Speaker 1: meeting with FED sher Jay Powell tomorrow publishes an op

679
00:36:09,960 --> 00:36:11,840
Speaker 1: ed on inflation where he says he welcomes Tobata on

680
00:36:11,880 --> 00:36:14,440
Speaker 1: his plan and will work with anyone Democrat, Republican or

681
00:36:14,440 --> 00:36:17,840
Speaker 1: independent willing to have an honest, open discussion. He goes

682
00:36:17,920 --> 00:36:19,919
Speaker 1: out of his way in this op ed to say,

683
00:36:19,920 --> 00:36:21,319
Speaker 1: of course, I'm not going to meddle with the FED.

684
00:36:21,400 --> 00:36:23,920
Speaker 1: Trump did that that was bad, but I will tackle

685
00:36:24,000 --> 00:36:27,680
Speaker 1: high prices. And in this op ed he lays out

686
00:36:27,760 --> 00:36:31,400
Speaker 1: Sager his quote unquote plan for dealing with inflation. The

687
00:36:31,440 --> 00:36:35,880
Speaker 1: first one is the FED. Yes, exactly. So he's saying, oh,

688
00:36:35,920 --> 00:36:38,440
Speaker 1: I'm not meddling with the FED, but also, hey, FED,

689
00:36:39,000 --> 00:36:40,719
Speaker 1: like you better act here, and I'm going to have

690
00:36:40,760 --> 00:36:42,440
Speaker 1: you over to the Oval Office to make sure you

691
00:36:42,480 --> 00:36:44,120
Speaker 1: know what I want. The one thing you could say

692
00:36:44,120 --> 00:36:46,799
Speaker 1: about Trump is he did understand how intrinsic low interest

693
00:36:46,880 --> 00:36:48,960
Speaker 1: rates were to the bedrock of the economy that he

694
00:36:49,000 --> 00:36:51,600
Speaker 1: presided over at the time. And you know, I mean, look,

695
00:36:51,680 --> 00:36:54,640
Speaker 1: I think that monetary policy has actually, for too long

696
00:36:54,760 --> 00:36:57,640
Speaker 1: kind of been kicked up to the higher thinkers that

697
00:36:57,760 --> 00:37:01,840
Speaker 1: be over at the Federal Reserve. This is the people's policy.

698
00:37:01,880 --> 00:37:04,640
Speaker 1: This goes back to William Jennings Bryan and the idea

699
00:37:04,640 --> 00:37:07,239
Speaker 1: of being crucified on a cross of gold, which is,

700
00:37:07,280 --> 00:37:10,400
Speaker 1: we had entire uprisings and movements in this country about

701
00:37:10,400 --> 00:37:12,920
Speaker 1: how exactly we were going to both regulate commerce and

702
00:37:12,960 --> 00:37:16,240
Speaker 1: how to conduct trade at the very basic level of currency.

703
00:37:16,320 --> 00:37:18,319
Speaker 1: I think that's okay. I think that's a good thing

704
00:37:18,400 --> 00:37:21,520
Speaker 1: and that people have forgotten their legacy. And the other

705
00:37:21,520 --> 00:37:24,520
Speaker 1: problem I have with this entire bsop ed is if

706
00:37:24,520 --> 00:37:25,920
Speaker 1: you're going to do it, then do it. Do what

707
00:37:25,920 --> 00:37:27,440
Speaker 1: Trump did. Be like, no, you need to keep the

708
00:37:27,440 --> 00:37:29,319
Speaker 1: interest rates low, you need to do this, you need

709
00:37:29,320 --> 00:37:32,279
Speaker 1: to do that. Instead, it's all this mealy mouthed nonsense.

710
00:37:32,360 --> 00:37:34,719
Speaker 1: I mean his second thing that he says in order

711
00:37:34,760 --> 00:37:37,440
Speaker 1: to make things affordable, this is what he says is

712
00:37:37,440 --> 00:37:40,319
Speaker 1: his plan for inflation crystal. He says, blah blah blah,

713
00:37:40,320 --> 00:37:42,399
Speaker 1: blah blah. There's been an entire paragraph, and he goes,

714
00:37:42,640 --> 00:37:46,279
Speaker 1: my plan would reduce the average family's utility bills by

715
00:37:46,360 --> 00:37:50,920
Speaker 1: five hundred dollars and accelerate our transition from energy produced

716
00:37:50,920 --> 00:37:54,920
Speaker 1: by autocrats. Five hundred. That's your selling point. This is

717
00:37:55,080 --> 00:37:57,400
Speaker 1: like when Paul Ryan and them, we're like, you're going

718
00:37:57,440 --> 00:37:59,920
Speaker 1: to save one hundred and twenty dollars from your tax return.

719
00:38:00,239 --> 00:38:03,480
Speaker 1: It's like that's a costco membership. So it's like, this

720
00:38:03,640 --> 00:38:06,960
Speaker 1: is so cringe. I have already put out the data

721
00:38:07,160 --> 00:38:09,840
Speaker 1: already as of right now, Americans are on track to

722
00:38:09,920 --> 00:38:13,160
Speaker 1: spend seventy three percent more on gas than they did

723
00:38:13,239 --> 00:38:16,760
Speaker 1: just last year. That's forty eight hundred versus twenty three hundred,

724
00:38:16,840 --> 00:38:20,160
Speaker 1: So you're five hundred nothing relative to how much that

725
00:38:20,200 --> 00:38:22,840
Speaker 1: actually is same In terms of we're going to reduce

726
00:38:22,840 --> 00:38:26,480
Speaker 1: the cost of goods by fixing broken supply chains, improving infrastructure,

727
00:38:26,560 --> 00:38:29,399
Speaker 1: and cracking down on fees of foreign products. First of all,

728
00:38:29,560 --> 00:38:31,480
Speaker 1: why haven't you done that already? To the full extent

729
00:38:31,520 --> 00:38:34,080
Speaker 1: of your ability through executive action? There has not been

730
00:38:34,160 --> 00:38:37,080
Speaker 1: one executive order on any single one of these except

731
00:38:37,120 --> 00:38:39,520
Speaker 1: one on the meat packing plants about a year ago,

732
00:38:39,640 --> 00:38:42,360
Speaker 1: where they said we're going to look into it. What's happening?

733
00:38:42,680 --> 00:38:45,080
Speaker 1: So waiting on that one and the third one, and look,

734
00:38:45,120 --> 00:38:47,839
Speaker 1: I don't even disagree. He talks about reducing the price

735
00:38:47,880 --> 00:38:51,239
Speaker 1: of prescription drugs so that they can negotiate. Listen, I

736
00:38:51,320 --> 00:38:54,719
Speaker 1: support that one hundred percent. Take a look at a chart.

737
00:38:55,280 --> 00:38:58,680
Speaker 1: Prescription drugs are not even close in terms of what

738
00:38:58,760 --> 00:39:02,359
Speaker 1: the largest drivers have inflaged. Are they too expensive? Absolutely,

739
00:39:02,520 --> 00:39:05,319
Speaker 1: But it's not having any It as not having a

740
00:39:05,400 --> 00:39:09,440
Speaker 1: significant impact relative to how it was previously, than gas,

741
00:39:09,760 --> 00:39:13,560
Speaker 1: energy prices, new cars, rent, so many other things. So

742
00:39:13,960 --> 00:39:17,680
Speaker 1: his inability to even identify the top drivers of inflation,

743
00:39:17,719 --> 00:39:21,240
Speaker 1: which is gas and food, and not really tell anybody

744
00:39:21,320 --> 00:39:23,279
Speaker 1: what exactly is going to do about that makes the

745
00:39:23,320 --> 00:39:27,160
Speaker 1: whole quote unquote plan. Yeah, absolute moot and frankly stupid.

746
00:39:27,239 --> 00:39:30,040
Speaker 1: The only part of this that is actually going to

747
00:39:30,080 --> 00:39:32,319
Speaker 1: happen is the part that has nothing to do with

748
00:39:32,400 --> 00:39:35,200
Speaker 1: a democratic system, which is the fad. That's the only part,

749
00:39:35,239 --> 00:39:38,480
Speaker 1: because the rest of this, whatever you think about it,

750
00:39:38,480 --> 00:39:41,719
Speaker 1: it's all things that were in build back better that

751
00:39:41,760 --> 00:39:43,759
Speaker 1: didn't pass and are not going to pass. I mean,

752
00:39:43,960 --> 00:39:46,239
Speaker 1: I would love for you to do the prescription drug

753
00:39:46,280 --> 00:39:49,440
Speaker 1: price thing. You been's great, You're literally running on that

754
00:39:49,560 --> 00:39:53,239
Speaker 1: for over a decade and it still hasn't happened. So

755
00:39:53,520 --> 00:39:55,400
Speaker 1: do I have any confidence that that's going to be

756
00:39:55,440 --> 00:39:58,600
Speaker 1: any different? Put aside whether it would have which it wouldn't,

757
00:39:58,640 --> 00:40:02,200
Speaker 1: any significant impact on it inflation. So I mean, this

758
00:40:02,280 --> 00:40:05,800
Speaker 1: is this is messaging. This is uh. And he talks

759
00:40:05,840 --> 00:40:11,040
Speaker 1: about what's his face, Scott uh. The Republican plan to

760
00:40:11,280 --> 00:40:13,719
Speaker 1: lift because of Rick Scott, Rick Scott. Yeah, I want

761
00:40:13,800 --> 00:40:17,080
Speaker 1: to say Scott Walker brings mouthing this morning. Anyway, I

762
00:40:17,200 --> 00:40:20,600
Speaker 1: will throw back there. Rick Scott's planned a like lift

763
00:40:20,640 --> 00:40:25,600
Speaker 1: taxes on people and sunset medicare Medicaid every five years.

764
00:40:25,640 --> 00:40:31,280
Speaker 1: So he's realized, like a year too late, that inflation

765
00:40:31,680 --> 00:40:34,680
Speaker 1: is a big issue. Americans are really struggling with it.

766
00:40:34,760 --> 00:40:38,319
Speaker 1: They're very upset about it. It is the number one

767
00:40:38,400 --> 00:40:41,160
Speaker 1: reason why Democrats are set for a massive shillaking in

768
00:40:41,200 --> 00:40:44,680
Speaker 1: the midterms. And so here we are May of twenty

769
00:40:44,719 --> 00:40:48,160
Speaker 1: twenty two, and he's trying to come up with some

770
00:40:48,280 --> 00:40:51,840
Speaker 1: kind of messaging to say, well, you may not be happy,

771
00:40:51,920 --> 00:40:55,080
Speaker 1: but my plan is better than the Republicans ultimately, even

772
00:40:55,120 --> 00:40:58,160
Speaker 1: though we know that you know, none of this outside

773
00:40:58,200 --> 00:41:01,080
Speaker 1: of the FED is actually going to happen. The clean

774
00:41:01,200 --> 00:41:03,359
Speaker 1: energy tax credits one is kind of funny too, because

775
00:41:03,400 --> 00:41:06,319
Speaker 1: the way he wrote this, he says Congress could help

776
00:41:06,400 --> 00:41:10,840
Speaker 1: by passing clean energy tax credits. A dozen CEOs of

777
00:41:10,880 --> 00:41:14,719
Speaker 1: America's largest utility companies told me earlier this year, my

778
00:41:14,840 --> 00:41:18,319
Speaker 1: plan would reduce the average family's annual utility bills by

779
00:41:18,320 --> 00:41:22,520
Speaker 1: five hundred dollars. Keep in mind that those largest utility companies,

780
00:41:22,520 --> 00:41:24,480
Speaker 1: when you're talking about clean energy tax credits, that's a

781
00:41:24,520 --> 00:41:27,520
Speaker 1: giveaway to them. So also like they have a big

782
00:41:27,560 --> 00:41:30,640
Speaker 1: incentive to be like, yes, this would be great, people

783
00:41:30,680 --> 00:41:34,080
Speaker 1: would love it. In any case, none of this is

784
00:41:34,120 --> 00:41:37,759
Speaker 1: particularly is going to happen, none of us particularly serious.

785
00:41:37,880 --> 00:41:41,959
Speaker 1: And he continues to leave off the table the thing

786
00:41:42,080 --> 00:41:45,440
Speaker 1: that he could have the most control over, which you

787
00:41:45,480 --> 00:41:49,080
Speaker 1: alluded to earlier, which is part of them stuff the

788
00:41:49,080 --> 00:41:52,600
Speaker 1: whole problem. Part of the problem is corporate price gouging,

789
00:41:53,000 --> 00:41:56,920
Speaker 1: because you have these consolidated, monopolistic industries where they are

790
00:41:56,960 --> 00:41:59,799
Speaker 1: able to use the specter of inflation to then go

791
00:41:59,800 --> 00:42:03,640
Speaker 1: ahead and boost their prices beyond what those price increases

792
00:42:03,680 --> 00:42:07,319
Speaker 1: would that inflation would demand. That's the part that the

793
00:42:07,320 --> 00:42:11,520
Speaker 1: White House could actually have some impact on through executive

794
00:42:11,560 --> 00:42:14,800
Speaker 1: power and also through the bully pulpit. And there continues

795
00:42:14,840 --> 00:42:18,120
Speaker 1: to be, you know, no willingness basically to call that

796
00:42:18,160 --> 00:42:19,719
Speaker 1: out or try to do anything about it. Yeah, let

797
00:42:19,719 --> 00:42:23,320
Speaker 1: me return, I was just pulling this up. The savings rate. So, yeah,

798
00:42:23,520 --> 00:42:25,879
Speaker 1: the savings rate has now fallen to the lowest level

799
00:42:25,880 --> 00:42:28,800
Speaker 1: since two thousand and eight. And what the Biden people

800
00:42:28,800 --> 00:42:32,120
Speaker 1: try to spin is, yeah, but people still have a

801
00:42:32,160 --> 00:42:35,879
Speaker 1: lot of savings because people's pandemic savings was actually gone

802
00:42:35,960 --> 00:42:38,319
Speaker 1: up to sky high. But what do we already know,

803
00:42:38,719 --> 00:42:41,200
Speaker 1: especially with the decline of four oh one K and more,

804
00:42:41,440 --> 00:42:44,920
Speaker 1: which is that these savings has gone down significantly just

805
00:42:45,000 --> 00:42:47,480
Speaker 1: within the last year. So yeah, you may have saved

806
00:42:47,520 --> 00:42:50,680
Speaker 1: a lot two years ago, but when the saving rate declines,

807
00:42:50,719 --> 00:42:53,239
Speaker 1: that means that your disposable income that you have right

808
00:42:53,280 --> 00:42:56,560
Speaker 1: now is dwindling, and even worse, as inflation gets more

809
00:42:56,560 --> 00:42:58,520
Speaker 1: out of control, you're going to have to continue to

810
00:42:58,560 --> 00:43:01,040
Speaker 1: dip into your savings in order to pay for your

811
00:43:01,040 --> 00:43:04,399
Speaker 1: basic household goods. So that one year away, I think

812
00:43:04,440 --> 00:43:06,520
Speaker 1: all of us can look at a credit card bill

813
00:43:06,719 --> 00:43:08,759
Speaker 1: relative to what it used to be, how many people

814
00:43:08,800 --> 00:43:10,439
Speaker 1: are going to the grocery store and you like buy

815
00:43:10,520 --> 00:43:12,360
Speaker 1: like five things, and you're like, I can literally not

816
00:43:12,400 --> 00:43:14,279
Speaker 1: even believe that this is how expensive this right? Yeah,

817
00:43:14,320 --> 00:43:17,120
Speaker 1: I mean, and that's what's happening every day. It chips away,

818
00:43:17,400 --> 00:43:19,520
Speaker 1: and then people come times to pay your credit card

819
00:43:19,520 --> 00:43:21,520
Speaker 1: bill or time to check your balance and you have

820
00:43:21,520 --> 00:43:23,880
Speaker 1: to move stuff over from your savings account. This is

821
00:43:23,880 --> 00:43:26,400
Speaker 1: what millions of people are having to go through, and

822
00:43:26,440 --> 00:43:29,320
Speaker 1: it's going to chip away constantly. So when the savings

823
00:43:29,400 --> 00:43:32,360
Speaker 1: rate drops like this, it's actually a future indicator that

824
00:43:32,480 --> 00:43:35,239
Speaker 1: past savings are going to go away and we're all

825
00:43:35,280 --> 00:43:38,319
Speaker 1: going to be in a much more difficult and precarious

826
00:43:38,400 --> 00:43:42,640
Speaker 1: financial situation, and unfortunately, given the prevailing economic thinking in

827
00:43:42,760 --> 00:43:45,560
Speaker 1: Washington kind of typified by this guy who's like, let's

828
00:43:45,560 --> 00:43:48,960
Speaker 1: just nuke the entire economy very very high interest rates.

829
00:43:49,000 --> 00:43:51,760
Speaker 1: Apparently that is actually a completely fine thing to hold.

830
00:43:52,000 --> 00:43:56,239
Speaker 1: But look, that is definitely the I would say the

831
00:43:56,239 --> 00:44:01,200
Speaker 1: center thinking amongst people who on the Fed. Now they're

832
00:44:01,200 --> 00:44:03,480
Speaker 1: going to try and balance it public opinion, and you know,

833
00:44:03,719 --> 00:44:06,960
Speaker 1: Jerome Power will say, yes, but we have to target unemployment.

834
00:44:07,040 --> 00:44:10,239
Speaker 1: But the political pressure right now, both from Biden and

835
00:44:10,320 --> 00:44:13,200
Speaker 1: from others, in order to do something, they only have

836
00:44:13,320 --> 00:44:17,239
Speaker 1: one tool, and that's basically slow the entire economy down

837
00:44:17,400 --> 00:44:20,160
Speaker 1: by making money a lot more expensive, which can nuke

838
00:44:20,239 --> 00:44:23,640
Speaker 1: the housing market. It can basically destroy a lot of

839
00:44:23,719 --> 00:44:26,640
Speaker 1: new small business investment. I mean, some of the stories

840
00:44:26,680 --> 00:44:30,520
Speaker 1: that I'm hearing again from private markets are insane. You

841
00:44:30,560 --> 00:44:33,799
Speaker 1: have companies that had billion dollar valuations based upon x

842
00:44:33,800 --> 00:44:36,120
Speaker 1: amount of money that they were willing to raise that

843
00:44:36,200 --> 00:44:38,680
Speaker 1: they've cut it by one third, maybe one fourth, and

844
00:44:38,719 --> 00:44:41,400
Speaker 1: so now their evaluation in the private market is like

845
00:44:41,440 --> 00:44:44,040
Speaker 1: two hundred and fifty million. That stuff has real world

846
00:44:44,040 --> 00:44:47,520
Speaker 1: consequences for whether you can make payroll, whether you know,

847
00:44:47,560 --> 00:44:50,000
Speaker 1: you can take loans based upon that on the banks.

848
00:44:50,040 --> 00:44:52,719
Speaker 1: I mean, there's an entire financial house of cards that

849
00:44:52,840 --> 00:44:56,719
Speaker 1: was architected on the back of low interest rates. And

850
00:44:56,840 --> 00:44:58,880
Speaker 1: where things are right now. I mean I look at

851
00:44:58,880 --> 00:45:01,879
Speaker 1: the housing thing and six percent, Well didn't you tell

852
00:45:01,880 --> 00:45:05,160
Speaker 1: me it was like hundreds of thousands of dollars relative

853
00:45:05,200 --> 00:45:07,319
Speaker 1: to the same interest rate for the price of a

854
00:45:07,360 --> 00:45:09,359
Speaker 1: house that you're going to buy. I mean, we could

855
00:45:09,360 --> 00:45:11,320
Speaker 1: be entering the era of you know, the nineties and

856
00:45:11,360 --> 00:45:13,839
Speaker 1: the eighties and the seventies, where you're you're getting nine

857
00:45:13,920 --> 00:45:16,320
Speaker 1: ten percent interest rate the ran buy a house monthly

858
00:45:16,400 --> 00:45:21,200
Speaker 1: mortgage payment for the median you know, home price has

859
00:45:21,239 --> 00:45:24,120
Speaker 1: gone up by fifty percent. Oh my god, I mean so, yeah,

860
00:45:24,160 --> 00:45:29,239
Speaker 1: it's it's already it's already been hugely impactful in terms

861
00:45:29,320 --> 00:45:32,399
Speaker 1: of what people can do. And yeah, so I mean

862
00:45:32,560 --> 00:45:37,160
Speaker 1: you really you literally have a fed governor saying it

863
00:45:37,280 --> 00:45:41,200
Speaker 1: is my goal to make the unemployment rate worse, like

864
00:45:41,280 --> 00:45:46,799
Speaker 1: that is my goal. Yeah, And obviously that has massive consequences.

865
00:45:46,880 --> 00:45:49,400
Speaker 1: And one thing obviously we attracted really closely on this

866
00:45:49,440 --> 00:45:51,960
Speaker 1: show is the labor movement and the energy there and

867
00:45:52,320 --> 00:45:55,000
Speaker 1: how workers feel like they have this power even though

868
00:45:55,040 --> 00:45:57,719
Speaker 1: the economy sucks. But there are there are a lot

869
00:45:57,719 --> 00:45:59,600
Speaker 1: of jobs. The problem isn't a job, The problem is

870
00:45:59,600 --> 00:46:02,799
Speaker 1: getting a good job. And so that has contributed to

871
00:46:02,960 --> 00:46:06,040
Speaker 1: this wave of organizing that has been extraordinary. I mean

872
00:46:06,320 --> 00:46:11,239
Speaker 1: Starbucks across the country, Amazon, Apple, all these you know

873
00:46:11,680 --> 00:46:16,840
Speaker 1: target now unionizing efforts and all of that is also

874
00:46:17,000 --> 00:46:20,000
Speaker 1: very much in danger if you have a high unemployment rate,

875
00:46:20,000 --> 00:46:23,480
Speaker 1: because then people get afraid of God. I can't rock

876
00:46:23,520 --> 00:46:26,160
Speaker 1: the boat in this job because I just need a job,

877
00:46:26,360 --> 00:46:29,919
Speaker 1: any job versus you know what, I can stay here

878
00:46:29,960 --> 00:46:33,000
Speaker 1: and I can actually have the bandwidth to fight for

879
00:46:33,080 --> 00:46:35,880
Speaker 1: a better job. So listen, you guys know there is

880
00:46:35,960 --> 00:46:38,120
Speaker 1: a lot at stake with all of this right now.

881
00:46:38,200 --> 00:46:47,160
Speaker 1: Oh absolutely, the President talking about gun control. It's just

882
00:46:47,440 --> 00:46:50,560
Speaker 1: amazing to me, Crystal that on the one hand, all

883
00:46:50,560 --> 00:46:53,040
Speaker 1: of Washington is talking about universal background checks. You know,

884
00:46:53,280 --> 00:46:56,440
Speaker 1: some stuff that may happen, probably still won't happen, But

885
00:46:56,480 --> 00:46:59,480
Speaker 1: the President and the Vice President are now endorsing outright

886
00:46:59,560 --> 00:47:04,600
Speaker 1: bands of guns, probably the most maximalist position, and especially

887
00:47:04,640 --> 00:47:08,719
Speaker 1: here by President Biden on Memorial Day speaking to reporters

888
00:47:08,719 --> 00:47:13,120
Speaker 1: where he wants to ban quote high caliber nine millimeter handguns.

889
00:47:13,320 --> 00:47:15,279
Speaker 1: Let's take a lessen And then he showed me a

890
00:47:17,320 --> 00:47:21,120
Speaker 1: X ray who said, at twenty two caliber bullets, they're

891
00:47:21,239 --> 00:47:24,200
Speaker 1: live and a lung and we could probably get it out,

892
00:47:24,600 --> 00:47:27,399
Speaker 1: maybe able to go and slave the life. A nine

893
00:47:27,480 --> 00:47:32,080
Speaker 1: millimeter bullet blows along out of the body. So the

894
00:47:32,160 --> 00:47:38,440
Speaker 1: idea is high caliber weapons. There's there is simply no

895
00:47:38,680 --> 00:47:44,560
Speaker 1: rational facive board in terms of about self protection hunting.

896
00:47:45,120 --> 00:47:50,000
Speaker 1: I just remember the passification of the Second Munty was

897
00:47:50,080 --> 00:47:54,320
Speaker 1: never absolute. So first of all, nine millimeter handgun probably

898
00:47:54,400 --> 00:47:57,000
Speaker 1: one of the most common weapons in the entire United States.

899
00:47:57,400 --> 00:47:59,600
Speaker 1: In terms of banning them, that's just not going to

900
00:47:59,680 --> 00:48:04,440
Speaker 1: happen given Supreme Court specifically DC versus Heller, whenever it

901
00:48:04,440 --> 00:48:06,480
Speaker 1: comes to what it looks like whenever you do try

902
00:48:06,719 --> 00:48:08,520
Speaker 1: and ban a handgun. The State of New York or

903
00:48:08,520 --> 00:48:10,920
Speaker 1: City of New York not even trying to appeal some

904
00:48:11,000 --> 00:48:13,120
Speaker 1: of its caselot to the Supreme Court specifically because they

905
00:48:13,160 --> 00:48:16,480
Speaker 1: don't want to enshrine this right under court anyway. So

906
00:48:16,680 --> 00:48:19,680
Speaker 1: that's not going to happen, both politically and under our

907
00:48:19,719 --> 00:48:22,840
Speaker 1: guys of law. But I just think it's weird crystal

908
00:48:22,920 --> 00:48:26,000
Speaker 1: that for all of the talk of we're going to

909
00:48:26,040 --> 00:48:28,759
Speaker 1: do common sense, whatever the hell that means. You have

910
00:48:28,840 --> 00:48:30,960
Speaker 1: the president and the vice president here coming out. For one.

911
00:48:31,040 --> 00:48:33,400
Speaker 1: Number one says we should ban handguns, which is crazy,

912
00:48:33,560 --> 00:48:36,280
Speaker 1: and then the other person says we should ban assault weapons. Okay,

913
00:48:36,320 --> 00:48:38,160
Speaker 1: I mean definitely something we have done in the past.

914
00:48:38,239 --> 00:48:41,200
Speaker 1: Not as crazy. I mean personally very against it. I mean,

915
00:48:41,239 --> 00:48:44,600
Speaker 1: I don't think it validates any of the ability, although

916
00:48:44,600 --> 00:48:46,839
Speaker 1: maybe it doesn't matter at all. That's the other one. Well,

917
00:48:46,920 --> 00:48:50,600
Speaker 1: I mean probably true, because none of it's going to happen.

918
00:48:51,080 --> 00:48:56,839
Speaker 1: But yeah, they've just taken the dumbest possible approach in

919
00:48:56,880 --> 00:49:00,160
Speaker 1: a number because while he's out there saying something that

920
00:49:00,440 --> 00:49:05,280
Speaker 1: listen on all of these background checks, raising the age

921
00:49:05,400 --> 00:49:10,280
Speaker 1: purchase age to twenty one, gun storage law, all these things,

922
00:49:10,360 --> 00:49:13,080
Speaker 1: you know, cracking down on straw purchases, all of these

923
00:49:13,080 --> 00:49:18,200
Speaker 1: things extremely extremely popular. So you go out and put

924
00:49:18,200 --> 00:49:20,560
Speaker 1: out a position that you know the right is going

925
00:49:20,640 --> 00:49:23,520
Speaker 1: to see some freak out about. On the other hand,

926
00:49:24,480 --> 00:49:28,200
Speaker 1: you aren't even doing anything about anything. We'll put this

927
00:49:28,280 --> 00:49:30,279
Speaker 1: next piece up on the screen. So, first of all,

928
00:49:30,320 --> 00:49:32,600
Speaker 1: he still lives in this delusion, he says. Biden says

929
00:49:32,680 --> 00:49:37,120
Speaker 1: McConnell and corn Corn Corny in their rational Republicans, there's

930
00:49:37,160 --> 00:49:40,480
Speaker 1: a recognition on their part that things can't continue like this.

931
00:49:40,520 --> 00:49:44,560
Speaker 1: Everyone's getting more rational about it. Okay. And by the way,

932
00:49:44,880 --> 00:49:47,879
Speaker 1: he has not talked to a single Republican, So he's

933
00:49:47,920 --> 00:49:51,560
Speaker 1: just invented this alternate reality in his mind where oh,

934
00:49:51,680 --> 00:49:53,919
Speaker 1: McConnell is a really good faith actor and he's gonna

935
00:49:53,920 --> 00:49:56,600
Speaker 1: work with you. No, he's not. None of these people

936
00:49:56,600 --> 00:50:00,799
Speaker 1: are going to work with you on anything whatsoever. They

937
00:50:00,880 --> 00:50:03,600
Speaker 1: aren't even willing to go put this next piece on.

938
00:50:03,760 --> 00:50:06,440
Speaker 1: They're not even willing to go on these Sunday shows

939
00:50:06,640 --> 00:50:11,319
Speaker 1: to advocate for a single position. Just kicked it to Congress, said,

940
00:50:11,480 --> 00:50:14,440
Speaker 1: you know, we're leaving it up to Congress to act.

941
00:50:14,960 --> 00:50:19,240
Speaker 1: So on the one hand, you rhetorically signal this unpopular

942
00:50:19,520 --> 00:50:22,080
Speaker 1: maximalist position, which you know, what if that's what you

943
00:50:22,160 --> 00:50:24,680
Speaker 1: really want, like get out there and fight for make

944
00:50:24,719 --> 00:50:27,200
Speaker 1: the case strong, to see what you can do, But

945
00:50:27,320 --> 00:50:30,080
Speaker 1: you're not even going to try to advocate for the

946
00:50:30,160 --> 00:50:34,000
Speaker 1: things that have not just overwahlm majority support, but actually

947
00:50:34,200 --> 00:50:38,759
Speaker 1: majority support even among Republicans. And that's the other frustration

948
00:50:38,880 --> 00:50:42,080
Speaker 1: here is there's some news this morning about what the

949
00:50:42,080 --> 00:50:45,600
Speaker 1: House Democrats have put together a bill that they want

950
00:50:45,600 --> 00:50:47,960
Speaker 1: to pass through quickly, and it will likely get through

951
00:50:47,960 --> 00:50:50,759
Speaker 1: the House. It's got, you know, all of those things

952
00:50:50,760 --> 00:50:53,919
Speaker 1: that pold really well, lifting the purchasing age on semi

953
00:50:54,000 --> 00:50:58,200
Speaker 1: automatic rifles from eighteen to twenty one, banning high capacity magazines,

954
00:50:58,960 --> 00:51:02,480
Speaker 1: grandfathering in exit ones, banning bump stocks again, grandfathering and

955
00:51:02,520 --> 00:51:06,160
Speaker 1: existing ones, requiring ghost guns back to ground checks on

956
00:51:06,239 --> 00:51:11,200
Speaker 1: ghost gun sales, beefing up penalties for gun trafficking and

957
00:51:11,239 --> 00:51:14,680
Speaker 1: straw purchases, something that I actually could really matter. Establishing

958
00:51:14,680 --> 00:51:17,279
Speaker 1: new requirements for storing guns at home, something that is

959
00:51:17,320 --> 00:51:19,840
Speaker 1: so basic I cannot imagine a single person that doesn't

960
00:51:20,120 --> 00:51:22,880
Speaker 1: support it. Every single one of the things I just listed,

961
00:51:23,120 --> 00:51:28,600
Speaker 1: not only majority support in the public, majority support among Republicans.

962
00:51:29,160 --> 00:51:31,680
Speaker 1: And yet number one, Biden's not going to do anything

963
00:51:31,680 --> 00:51:34,239
Speaker 1: to actually try to pass any of these things. Number

964
00:51:34,280 --> 00:51:37,000
Speaker 1: so number two, you know, it is dead on arrival

965
00:51:37,080 --> 00:51:40,760
Speaker 1: in the Senate. There is no interest in actually governing

966
00:51:41,040 --> 00:51:43,200
Speaker 1: or getting rid of the filibuster so that they can

967
00:51:43,480 --> 00:51:46,960
Speaker 1: actually govern. And so you know, I think I guess

968
00:51:47,040 --> 00:51:49,560
Speaker 1: your original point of like doesn't matter at all. No,

969
00:51:49,640 --> 00:51:52,799
Speaker 1: probably not like, probably all that's going to happen is

970
00:51:53,000 --> 00:51:56,440
Speaker 1: Biden's comments are going to make people buy even more guns.

971
00:51:57,080 --> 00:51:59,280
Speaker 1: Nothing is going to pass through the House of the Senate,

972
00:51:59,400 --> 00:52:03,000
Speaker 1: both because you have a completely broken system and because

973
00:52:03,280 --> 00:52:06,840
Speaker 1: the money keeps the Republicans politicians locked into a position

974
00:52:06,920 --> 00:52:09,640
Speaker 1: that is out of step even with their base. And

975
00:52:09,680 --> 00:52:12,440
Speaker 1: so it's hard not to feel pretty like hopeless and

976
00:52:12,520 --> 00:52:17,239
Speaker 1: nihilistic about the entire situation and the complete like the

977
00:52:17,440 --> 00:52:22,000
Speaker 1: repeated desire of Biden to sit back as President of

978
00:52:22,000 --> 00:52:24,160
Speaker 1: the United States and pretend he has no power in

979
00:52:24,160 --> 00:52:27,840
Speaker 1: the situation just blows my mind every single time. You know,

980
00:52:28,040 --> 00:52:31,480
Speaker 1: here's another thing I would speak on behalf of leftist friends,

981
00:52:31,520 --> 00:52:33,359
Speaker 1: which is there has been a lot of criticism by

982
00:52:33,360 --> 00:52:36,879
Speaker 1: the Center for defund the police and all that. I mean,

983
00:52:36,920 --> 00:52:39,799
Speaker 1: this is defund the police level unpopular, you know, so

984
00:52:40,040 --> 00:52:42,799
Speaker 1: I'm Judges pulled the data twenty twenty one. I've talked

985
00:52:42,800 --> 00:52:45,560
Speaker 1: about this before. The support for a ban on handguns

986
00:52:45,560 --> 00:52:48,520
Speaker 1: in the United States is at nineteen percent, the all

987
00:52:48,560 --> 00:52:52,040
Speaker 1: time low in the history of this country. Now, maybe

988
00:52:52,120 --> 00:52:55,759
Speaker 1: there is a temporary spike. Let's consider that it goes

989
00:52:55,840 --> 00:52:59,160
Speaker 1: up to like twenty five. I mean, that's still extra

990
00:52:59,280 --> 00:53:02,799
Speaker 1: three fourths level well unpopular. That's insane. On the other

991
00:53:02,920 --> 00:53:08,400
Speaker 1: side too, keeping you know, the current system in terms

992
00:53:08,480 --> 00:53:11,560
Speaker 1: of like the lack of age limits and the lack

993
00:53:11,600 --> 00:53:14,800
Speaker 1: of background checks is also defund the police level unpopular.

994
00:53:14,800 --> 00:53:19,000
Speaker 1: I mean Republicans eighty it looks like eighty five percent

995
00:53:19,200 --> 00:53:24,160
Speaker 1: support requiring a background check on all gun sales. You know,

996
00:53:24,360 --> 00:53:26,839
Speaker 1: if you look at banning gun sales to people under

997
00:53:26,880 --> 00:53:31,720
Speaker 1: twenty one, again Republicans, seventy five percent of Republicans support

998
00:53:32,080 --> 00:53:35,520
Speaker 1: these things. So, you know, I know there are a

999
00:53:35,560 --> 00:53:38,200
Speaker 1: lot of different feelings about all kinds of different gun

1000
00:53:38,320 --> 00:53:40,640
Speaker 1: legislat and there's this kind of also just instinct that

1001
00:53:40,719 --> 00:53:42,759
Speaker 1: like any attempt to do anything on guns, like they're

1002
00:53:42,760 --> 00:53:45,600
Speaker 1: going to come for our guns completely. And it doesn't

1003
00:53:45,640 --> 00:53:47,399
Speaker 1: help when the president says that you want to take

1004
00:53:47,760 --> 00:53:50,719
Speaker 1: the most common handgun away. But putting all of that aside,

1005
00:53:50,800 --> 00:53:53,560
Speaker 1: I think it is so depressing that on something where

1006
00:53:53,560 --> 00:53:57,960
Speaker 1: you have such overwhelming support among both parties based for

1007
00:53:58,080 --> 00:54:00,799
Speaker 1: something so simple, and there's like not a prayer that

1008
00:54:00,840 --> 00:54:03,440
Speaker 1: it's going to happen. It's extremely depressing. It is an

1009
00:54:03,440 --> 00:54:06,279
Speaker 1: indictment of our entire political system. I get it. I'm

1010
00:54:06,400 --> 00:54:08,440
Speaker 1: just gonna you know, I'm broken record. It's going to

1011
00:54:08,480 --> 00:54:13,800
Speaker 1: come back our neighbors to the north. Not validating anybody's concerns,

1012
00:54:13,920 --> 00:54:17,760
Speaker 1: Justin Trudeau is putting a national freeze on handguns, including

1013
00:54:17,760 --> 00:54:21,200
Speaker 1: a required buyback program. It's not that far away. You

1014
00:54:21,239 --> 00:54:23,560
Speaker 1: just said, you know, it's not going to happen. I mean,

1015
00:54:23,560 --> 00:54:25,680
Speaker 1: it's not gonna happen today. It doesn't mean it's not

1016
00:54:25,680 --> 00:54:28,240
Speaker 1: going to happen a decade from now. That's why universal

1017
00:54:28,280 --> 00:54:30,880
Speaker 1: background checks through side today, We're not anywhere could be

1018
00:54:31,080 --> 00:54:33,560
Speaker 1: so banning handguns. It's not going to happen. I mean,

1019
00:54:33,600 --> 00:54:35,480
Speaker 1: even if you want that to happen, it is not

1020
00:54:35,680 --> 00:54:38,520
Speaker 1: on the table, both from a like Supreme Court point

1021
00:54:38,560 --> 00:54:40,399
Speaker 1: of view and also from a political point of view

1022
00:54:40,400 --> 00:54:44,120
Speaker 1: when you can't even have background checks or safe gun

1023
00:54:44,200 --> 00:54:46,400
Speaker 1: storage in the homes. I hope. So I think all

1024
00:54:46,480 --> 00:54:48,520
Speaker 1: of this is a little paranoid. I hope you're correct,

1025
00:54:49,000 --> 00:54:52,759
Speaker 1: you know, I'm you know, I hope, I hope. I

1026
00:54:52,800 --> 00:54:57,120
Speaker 1: don't know. You said earlier that you know, none of

1027
00:54:57,120 --> 00:55:00,399
Speaker 1: this is good today today. So this is why. Look,

1028
00:55:00,400 --> 00:55:03,440
Speaker 1: I'm just again, I'm trying to represent people who rightfully

1029
00:55:03,560 --> 00:55:06,160
Speaker 1: can understand how when an infrastructure is built that it

1030
00:55:06,280 --> 00:55:08,640
Speaker 1: enables people to have power. I never would have thought

1031
00:55:08,680 --> 00:55:11,200
Speaker 1: that before the pandemic. You know, with all these public

1032
00:55:11,200 --> 00:55:13,840
Speaker 1: health laws, lockdowns, et cetera, that all that would have

1033
00:55:13,840 --> 00:55:16,000
Speaker 1: been used to the extent that it was. So I'm

1034
00:55:16,000 --> 00:55:19,000
Speaker 1: just saying I understand a paranoia, especially in the context

1035
00:55:19,040 --> 00:55:20,960
Speaker 1: with the president and the vice presidents say that they

1036
00:55:21,040 --> 00:55:24,440
Speaker 1: legitimately do want to ban people's guns. Bumbling fools are

1037
00:55:24,480 --> 00:55:27,040
Speaker 1: going to get a goddamn thing accomplied. I do not.

1038
00:55:27,480 --> 00:55:29,160
Speaker 1: Twenty years from now, I think that there may not

1039
00:55:29,239 --> 00:55:30,839
Speaker 1: be a bumbling fool who's in the White I mean,

1040
00:55:30,840 --> 00:55:32,879
Speaker 1: this is the common thing about Tom Cotton. The people

1041
00:55:32,920 --> 00:55:35,080
Speaker 1: are like, oh, he's an actual competent. We have had

1042
00:55:35,280 --> 00:55:40,920
Speaker 1: the most horrifying mass shootings that anyone could pop. I mean,

1043
00:55:41,000 --> 00:55:46,400
Speaker 1: the slaughter of kindergarteners and nothing happened, the slaughter of

1044
00:55:46,600 --> 00:55:51,000
Speaker 1: fourth graders as police officers dozens of them stood by

1045
00:55:51,200 --> 00:55:55,160
Speaker 1: and did nothing, and nothing happens. Like Democrats have a

1046
00:55:55,200 --> 00:55:58,960
Speaker 1: majority in the House and the Senate and the White House,

1047
00:55:59,040 --> 00:56:02,160
Speaker 1: you have public sentiment where I said, and still not

1048
00:56:02,280 --> 00:56:06,000
Speaker 1: even background checks. So the idea that we're anywhere close

1049
00:56:06,600 --> 00:56:09,520
Speaker 1: to banning handguns let alone, I mean assault weapons, let

1050
00:56:09,560 --> 00:56:13,640
Speaker 1: alone handguns. I think it's fanciful. Well, I hope you're right. Okay,

1051
00:56:13,719 --> 00:56:15,399
Speaker 1: let's go ahead and move on to the stock ban.

1052
00:56:15,800 --> 00:56:18,279
Speaker 1: This is something we've been keeping a real eye on,

1053
00:56:18,440 --> 00:56:21,239
Speaker 1: which is that what's happening right now is what it,

1054
00:56:21,360 --> 00:56:23,800
Speaker 1: unfortunately we predicted was going to happen now. The stock

1055
00:56:23,840 --> 00:56:26,880
Speaker 1: ban gained a lot of momentum. At one point it

1056
00:56:27,080 --> 00:56:30,240
Speaker 1: was even possibly going to be included in the President

1057
00:56:30,280 --> 00:56:31,920
Speaker 1: of the United States State of the Union where he

1058
00:56:32,000 --> 00:56:34,800
Speaker 1: was going to endorse a ban on members of Congress

1059
00:56:34,880 --> 00:56:38,600
Speaker 1: trading stocks. It reached a real national level of consciousness.

1060
00:56:38,760 --> 00:56:43,200
Speaker 1: You have apps and tiktoks now about people following congressional

1061
00:56:43,239 --> 00:56:46,359
Speaker 1: stock trades. It has entered popular culture in a way

1062
00:56:46,400 --> 00:56:50,240
Speaker 1: that very very very few things in politics ever do. Well.

1063
00:56:50,440 --> 00:56:54,560
Speaker 1: Congress is doing what it does best, which is just yeah, yeah, sure,

1064
00:56:54,600 --> 00:56:56,680
Speaker 1: I support it, which is what Pelosi said, even though

1065
00:56:56,719 --> 00:56:59,200
Speaker 1: she said it's a free market. We live in a

1066
00:56:59,200 --> 00:57:01,439
Speaker 1: capitalist country. Let's put this up there on the screen

1067
00:57:01,480 --> 00:57:04,640
Speaker 1: from Business Insider, which is that inside the true believers,

1068
00:57:05,000 --> 00:57:07,919
Speaker 1: there is a major frustration that they're trying to run

1069
00:57:07,920 --> 00:57:11,439
Speaker 1: out the clock. Remember Congress resets at every election, which

1070
00:57:11,480 --> 00:57:13,520
Speaker 1: means that you have to restart from scratch if you

1071
00:57:13,560 --> 00:57:16,280
Speaker 1: haven't been able to pass a law. And what the

1072
00:57:16,320 --> 00:57:19,320
Speaker 1: people who are in charge are saying is that Nancy

1073
00:57:19,360 --> 00:57:23,360
Speaker 1: Pelosi and Chuck Schumer are really putting the brakes on

1074
00:57:23,480 --> 00:57:26,600
Speaker 1: any ability for some of these stock bands to actually

1075
00:57:26,600 --> 00:57:28,640
Speaker 1: go through Congress. So one of the people behind this,

1076
00:57:29,000 --> 00:57:33,320
Speaker 1: Alison Abigail Spanberger of Virginia, who is not some you know,

1077
00:57:33,800 --> 00:57:37,280
Speaker 1: like progressive less to be honest with right, she's good,

1078
00:57:37,320 --> 00:57:41,920
Speaker 1: she's like what madam centrist, Yes exactly, I mean like former.

1079
00:57:42,000 --> 00:57:47,080
Speaker 1: I think she's a former ciaol. Anyway, even this lady

1080
00:57:47,240 --> 00:57:51,120
Speaker 1: supports the stock band. Okay, well, she says, and again

1081
00:57:51,280 --> 00:57:56,080
Speaker 1: she is a Democrat, avoids used naming Pelosi, but insists

1082
00:57:56,120 --> 00:57:59,240
Speaker 1: that it is being a stonewalled quote by anyone who

1083
00:57:59,360 --> 00:58:01,960
Speaker 1: has the ability to move it forward. So that's in

1084
00:58:02,000 --> 00:58:04,720
Speaker 1: the House where the speaker and apparently the chair people

1085
00:58:05,040 --> 00:58:07,040
Speaker 1: of the relevant committees are making sure that this thing

1086
00:58:07,040 --> 00:58:08,600
Speaker 1: doesn't even get a hearing, so that way it doesn't

1087
00:58:08,600 --> 00:58:10,040
Speaker 1: get voted on, so that way doesn't make it way

1088
00:58:10,080 --> 00:58:12,120
Speaker 1: to the floor, And therefore even Plosi then has to

1089
00:58:12,120 --> 00:58:14,600
Speaker 1: decide whether something that comes to the floor actually gets

1090
00:58:14,640 --> 00:58:16,919
Speaker 1: voted on. Then, of course, over in the Senate, there's

1091
00:58:16,920 --> 00:58:20,240
Speaker 1: a bunch of Democrats bipartisan groups also who have proposed

1092
00:58:20,400 --> 00:58:23,880
Speaker 1: major stock ban legislation. And yet what they point to

1093
00:58:24,280 --> 00:58:27,720
Speaker 1: is that in the Senate, with especially in the current

1094
00:58:27,720 --> 00:58:31,440
Speaker 1: political environment, we are at a place where the committees

1095
00:58:31,480 --> 00:58:35,320
Speaker 1: themselves have not even begun to hold hearings on these things.

1096
00:58:35,640 --> 00:58:38,240
Speaker 1: And what they're saying is that it is very clear

1097
00:58:38,400 --> 00:58:40,600
Speaker 1: that there is pressure from the top in order to

1098
00:58:40,600 --> 00:58:43,040
Speaker 1: make sure that these things do not not only make

1099
00:58:43,080 --> 00:58:45,360
Speaker 1: it out a committee, but never get voted on. And

1100
00:58:45,400 --> 00:58:47,760
Speaker 1: so I think part of the issue is that there

1101
00:58:47,800 --> 00:58:50,840
Speaker 1: isn't a truly united caucus because on the one hand

1102
00:58:51,520 --> 00:58:54,560
Speaker 1: you have Democrats and Republicans who have co sponsored bills,

1103
00:58:54,720 --> 00:58:56,840
Speaker 1: but on the other you really just have it so

1104
00:58:56,880 --> 00:59:00,680
Speaker 1: that nobody even close to leadership is really pushing this stuff.

1105
00:59:00,720 --> 00:59:02,880
Speaker 1: I mean, well, on the Republican side, right, it's like

1106
00:59:02,960 --> 00:59:05,880
Speaker 1: Josh Holly, Ben sass they had no connection to leadership,

1107
00:59:05,960 --> 00:59:08,720
Speaker 1: chip Roy same thing. I mean, McCarthy hates chip Roy.

1108
00:59:08,760 --> 00:59:11,480
Speaker 1: And then on the Democrat side, you know, it's even

1109
00:59:11,600 --> 00:59:15,520
Speaker 1: Spanberger not beloved apparently, at least on this by Pelosi,

1110
00:59:15,520 --> 00:59:18,200
Speaker 1: and the others is Primila jopoul who also, you know,

1111
00:59:18,280 --> 00:59:21,120
Speaker 1: she may take orders, yeah, is not beloved also by

1112
00:59:21,400 --> 00:59:23,960
Speaker 1: Pelosi a couple things to say about it. So according

1113
00:59:24,000 --> 00:59:26,480
Speaker 1: to this report, it looks like Pelosi is the real

1114
00:59:26,560 --> 00:59:29,520
Speaker 1: problem because Schumer doesn't actually even own any stock. I

1115
00:59:29,520 --> 00:59:32,240
Speaker 1: didn't realize that he's very poor. Actually, yeah, he he

1116
00:59:32,280 --> 00:59:35,200
Speaker 1: and his wife both they you know, took what was

1117
00:59:35,200 --> 00:59:37,040
Speaker 1: the Biden position too, by the way, when he was

1118
00:59:37,040 --> 00:59:38,680
Speaker 1: in the Senate saying listen, I'm not going to trade

1119
00:59:38,680 --> 00:59:41,120
Speaker 1: any stock while I'm here, which is very honorable but

1120
00:59:41,160 --> 00:59:46,040
Speaker 1: should be required of every member obviously. And so you

1121
00:59:46,120 --> 00:59:49,920
Speaker 1: have Pelosi, who obviously has a different view. And what

1122
00:59:49,960 --> 00:59:52,960
Speaker 1: they say is while yeah, she's publicly expressed openness to

1123
00:59:53,000 --> 00:59:56,080
Speaker 1: a band, her quote was, if members want to do that,

1124
00:59:56,200 --> 00:59:59,160
Speaker 1: I'm okay with it. She had initially, as you guys,

1125
00:59:59,160 --> 01:00:01,880
Speaker 1: I'm sure we're call, had a very different take on this,

1126
01:00:02,000 --> 01:00:03,960
Speaker 1: that this was just the free market and why shouldn't

1127
01:00:03,960 --> 01:00:07,720
Speaker 1: people be able to participate it, And obviously her husband's

1128
01:00:07,760 --> 01:00:11,720
Speaker 1: what they describe as frequent high volume stock trades have

1129
01:00:11,800 --> 01:00:14,720
Speaker 1: fed suspicion that she is not actually interested in addressing

1130
01:00:14,760 --> 01:00:18,360
Speaker 1: the issue. And yet we show you how much Primila

1131
01:00:18,440 --> 01:00:23,160
Speaker 1: Giapoul like has just completely bent the knee and shown

1132
01:00:23,240 --> 01:00:26,920
Speaker 1: complete fealty to Pelosi. Is in some way. Span Berger,

1133
01:00:28,120 --> 01:00:31,480
Speaker 1: Abigail Spanberger, who as you said, is like madame Centrist,

1134
01:00:31,600 --> 01:00:35,400
Speaker 1: went further and criticizing Pelosi than Jiapaul does. She says,

1135
01:00:36,040 --> 01:00:38,120
Speaker 1: you take the statements that people make, and you know,

1136
01:00:38,200 --> 01:00:40,800
Speaker 1: you continue to push. She told me she was supportive,

1137
01:00:41,120 --> 01:00:43,560
Speaker 1: so I'm going to take her at her words. Soger.

1138
01:00:44,160 --> 01:00:47,840
Speaker 1: I mean, it's so embarrassing the way that she has

1139
01:00:47,960 --> 01:00:52,320
Speaker 1: just completely sold out any value or principle because she

1140
01:00:52,400 --> 01:00:54,680
Speaker 1: has some fantasy in her mind that she's going to

1141
01:00:54,720 --> 01:00:57,720
Speaker 1: get some kind of a leadership spot within the Democratic

1142
01:00:57,760 --> 01:01:02,200
Speaker 1: Party that's never even gonna happen. It's really it's just

1143
01:01:02,320 --> 01:01:04,880
Speaker 1: embarrassing at this point. That's the only way I can

1144
01:01:04,880 --> 01:01:07,800
Speaker 1: put it. And all of this comes against backdrop of

1145
01:01:08,560 --> 01:01:13,880
Speaker 1: another report that the very limited regulation that we have

1146
01:01:14,160 --> 01:01:16,920
Speaker 1: on stock trading, which is none it's just like a

1147
01:01:16,960 --> 01:01:20,800
Speaker 1: little bit of transparency around it, even that some senators

1148
01:01:20,800 --> 01:01:24,000
Speaker 1: cannot bring themselves to follow the law when it comes

1149
01:01:24,000 --> 01:01:25,840
Speaker 1: to the Stock Act. Let's go and put this report

1150
01:01:26,120 --> 01:01:29,040
Speaker 1: up on the screen. Three and more senators violated the

1151
01:01:29,080 --> 01:01:32,480
Speaker 1: Stock Act. At least two more Democrats and a Republican

1152
01:01:32,520 --> 01:01:34,920
Speaker 1: center failed to report stock transactions last year as a

1153
01:01:34,920 --> 01:01:38,800
Speaker 1: ban on congressional stock training flounders in a Senate working group,

1154
01:01:39,160 --> 01:01:41,480
Speaker 1: And we get a little bit of insight here Soger

1155
01:01:41,600 --> 01:01:45,960
Speaker 1: into possibly why it is quote floundering in that Senate

1156
01:01:46,000 --> 01:01:50,240
Speaker 1: working group. One of the senators who broke the law

1157
01:01:50,400 --> 01:01:54,600
Speaker 1: violating the Stock Act is Cenator Gary Peters, a Democrat

1158
01:01:54,880 --> 01:01:58,280
Speaker 1: who has considerable influence over whether the Senate will move

1159
01:01:58,320 --> 01:02:01,560
Speaker 1: this year to limit stock transaction or ownership by its members,

1160
01:02:01,800 --> 01:02:04,440
Speaker 1: because he is chair of the Homeland Security and Governmental

1161
01:02:04,480 --> 01:02:07,840
Speaker 1: Affairs Committee, where two of those stock trading reform bills

1162
01:02:07,880 --> 01:02:12,120
Speaker 1: have been preferred. Oh and by the way, the Homeland

1163
01:02:12,120 --> 01:02:16,800
Speaker 1: Security Committee chair, Senator Peters reports owning stock in raytheon

1164
01:02:17,640 --> 01:02:21,840
Speaker 1: not to mention numerous assets in the fossil fuel industry.

1165
01:02:22,000 --> 01:02:26,520
Speaker 1: So we'll peak of why it might be floundering in committee.

1166
01:02:26,560 --> 01:02:29,800
Speaker 1: The really wild one to me is Hickenlooper. Here. Actually,

1167
01:02:29,800 --> 01:02:31,400
Speaker 1: when you start to read these details, listen to the

1168
01:02:31,400 --> 01:02:34,919
Speaker 1: stuff that John Hickenlooper is up to. Okay, five transactions

1169
01:02:34,960 --> 01:02:37,600
Speaker 1: his household made in twenty twenty one, two sales of

1170
01:02:37,640 --> 01:02:40,120
Speaker 1: between one hundred k and two hundred and fifty k

1171
01:02:40,200 --> 01:02:44,120
Speaker 1: worth the stock in the Liberty Broadband Corporation by his spouse.

1172
01:02:44,400 --> 01:02:46,360
Speaker 1: A sale of between one hundred k and two hundred

1173
01:02:46,360 --> 01:02:50,200
Speaker 1: and fifty k by his Liberty Broadband in September, so

1174
01:02:50,440 --> 01:02:53,400
Speaker 1: another sale of between two hundred and fifty and five

1175
01:02:53,480 --> 01:02:56,720
Speaker 1: hundred by his wife in November. Why are they so

1176
01:02:56,840 --> 01:02:58,680
Speaker 1: hard up for cash? Why do they own so much

1177
01:02:58,680 --> 01:03:00,800
Speaker 1: stock even in this company in the first place? Do

1178
01:03:00,840 --> 01:03:03,160
Speaker 1: they have any insider knowledge? Now? What are they putting

1179
01:03:03,320 --> 01:03:06,760
Speaker 1: all this money to use? They are purchasing between fifteen

1180
01:03:06,840 --> 01:03:10,960
Speaker 1: and fifty k in a Denver bar and music lounge.

1181
01:03:11,080 --> 01:03:14,760
Speaker 1: Now look, I'm just gonna submit this. Should you really

1182
01:03:14,800 --> 01:03:16,439
Speaker 1: have and this is just as bad as the Trump

1183
01:03:16,520 --> 01:03:19,440
Speaker 1: hotel stuff? Yeah? Why do Why when you are a

1184
01:03:19,480 --> 01:03:22,920
Speaker 1: public official who clearly is extraordinarily wealthy to be selling

1185
01:03:23,120 --> 01:03:25,040
Speaker 1: hundreds of thousands of dollars nearly a million dollars with

1186
01:03:25,120 --> 01:03:27,560
Speaker 1: a stock even in a single year, in just one

1187
01:03:27,600 --> 01:03:30,440
Speaker 1: private stock which is even the full some holdings of

1188
01:03:30,480 --> 01:03:33,240
Speaker 1: your entire net worth? Why are you putting money into

1189
01:03:33,960 --> 01:03:36,680
Speaker 1: a Denver bar in music a place where you live.

1190
01:03:36,760 --> 01:03:39,400
Speaker 1: I mean that means that any proceeds then from that

1191
01:03:39,560 --> 01:03:42,640
Speaker 1: go directly into your own pocket. I mean, who's at

1192
01:03:42,640 --> 01:03:45,760
Speaker 1: this restaurant. It is like the Trump it's a thing,

1193
01:03:45,840 --> 01:03:49,080
Speaker 1: it's a regional, it's a smaller scale, but yeah, this

1194
01:03:49,200 --> 01:03:52,240
Speaker 1: gives you a direct way for people to line your

1195
01:03:52,280 --> 01:03:55,120
Speaker 1: pockets directly. They know that they go to this rest

1196
01:03:55,200 --> 01:03:57,520
Speaker 1: they spend a bunch of money, They know where that's going.

1197
01:03:57,720 --> 01:03:59,240
Speaker 1: They know, you know, if they run up a big

1198
01:03:59,320 --> 01:04:01,480
Speaker 1: enough bill that and here's another one, what if he

1199
01:04:01,600 --> 01:04:04,120
Speaker 1: uses his campaign dollars to have campaign dinners at his

1200
01:04:04,160 --> 01:04:06,520
Speaker 1: own restaurant. So then now are you funneling campaign dollars

1201
01:04:06,560 --> 01:04:08,760
Speaker 1: into your own pocket? I mean, is anybody actually going

1202
01:04:08,800 --> 01:04:10,600
Speaker 1: to go and track that? Yeah, I think we all

1203
01:04:10,800 --> 01:04:12,920
Speaker 1: know the answer. So this is why you should just

1204
01:04:12,960 --> 01:04:14,480
Speaker 1: ban it in the first place. If we want to

1205
01:04:14,480 --> 01:04:16,800
Speaker 1: serve in Congress, the least you can do is not

1206
01:04:16,960 --> 01:04:19,800
Speaker 1: own a share in a Denver far and serve in

1207
01:04:19,920 --> 01:04:23,200
Speaker 1: Congress like you're supposed to be a public servant. You're

1208
01:04:23,240 --> 01:04:24,960
Speaker 1: not supposed to be there to cash in or what

1209
01:04:25,000 --> 01:04:28,479
Speaker 1: a Crunchhall say, better yourself. So, by what she meant,

1210
01:04:28,800 --> 01:04:31,880
Speaker 1: get fabulously wealthy off of the backs of the people

1211
01:04:31,880 --> 01:04:34,440
Speaker 1: that you're supposed to represent. Just don't do that. And

1212
01:04:34,480 --> 01:04:36,480
Speaker 1: if that's what you want to do, find another line

1213
01:04:36,480 --> 01:04:38,680
Speaker 1: of work. Absolutely, Okay, let's go ahead and muve on.

1214
01:04:38,760 --> 01:04:41,600
Speaker 1: This is a very important one. We saved the important story.

1215
01:04:42,000 --> 01:04:44,760
Speaker 1: Yesterday was Memorial Day. John Stewart, somebody who both very

1216
01:04:44,800 --> 01:04:48,040
Speaker 1: much admired for his advocacy both previously on nine to

1217
01:04:48,080 --> 01:04:51,600
Speaker 1: eleven first responders but now on burn pit victims of

1218
01:04:51,640 --> 01:04:54,840
Speaker 1: our veterans of foreign wars, gave a great speech yesterday

1219
01:04:55,120 --> 01:04:57,440
Speaker 1: at a rally. Let's take a listen to what he said.

1220
01:04:57,960 --> 01:05:02,720
Speaker 1: Those that took up arms in defense of this country

1221
01:05:02,760 --> 01:05:10,040
Speaker 1: and its constitution suffered grievous harm in that defense, and

1222
01:05:10,120 --> 01:05:16,160
Speaker 1: when they came home, we put them on trial. You

1223
01:05:16,240 --> 01:05:20,960
Speaker 1: got cancer. Prove it was us? Well? I slept next

1224
01:05:21,000 --> 01:05:23,960
Speaker 1: to a burning field of shit with jet fuel. Yeah,

1225
01:05:24,000 --> 01:05:26,240
Speaker 1: I don't know, But you also, you know you smoke

1226
01:05:26,280 --> 01:05:28,760
Speaker 1: cam a light, So how do we know it was us?

1227
01:05:30,040 --> 01:05:31,480
Speaker 1: You shouldn't have to prove it. You shouldn't have to

1228
01:05:31,520 --> 01:05:35,960
Speaker 1: be a defendant in a court case about your own health.

1229
01:05:36,040 --> 01:05:39,280
Speaker 1: When we met three years ago, we sat in a

1230
01:05:39,360 --> 01:05:43,400
Speaker 1: room when people could still sit in rooms, windows closed

1231
01:05:44,160 --> 01:05:48,880
Speaker 1: on each other's laps, and we just said what would

1232
01:05:48,880 --> 01:05:52,040
Speaker 1: fix this? And we went around the room and everybody said, well,

1233
01:05:52,080 --> 01:05:54,920
Speaker 1: we need presumption for these cancers. We need a process

1234
01:05:54,920 --> 01:05:57,320
Speaker 1: at the VA that doesn't make it so that they're

1235
01:05:57,360 --> 01:06:02,520
Speaker 1: an adversarial insurance company. We need expertise in environmental medicine

1236
01:06:02,560 --> 01:06:05,720
Speaker 1: and toxicology, because toxic wounds aren't treated as wounds. It's

1237
01:06:05,760 --> 01:06:07,440
Speaker 1: not treated like an ID that goes off in your

1238
01:06:07,440 --> 01:06:10,360
Speaker 1: body seven or eight years later, which is what it is.

1239
01:06:11,840 --> 01:06:14,040
Speaker 1: We said, all right, so that'll fix this, and said yeah,

1240
01:06:14,040 --> 01:06:16,400
Speaker 1: but we're not gonna be able to get that. So

1241
01:06:16,440 --> 01:06:19,120
Speaker 1: here's what we were thinking. Maybe we could get priority

1242
01:06:19,200 --> 01:06:23,400
Speaker 1: six for like battle veterans, or maybe we could just

1243
01:06:23,440 --> 01:06:27,320
Speaker 1: get in there with like asthma, because the system had

1244
01:06:27,360 --> 01:06:33,120
Speaker 1: taught the veterans community to negotiate against itself, because the

1245
01:06:33,200 --> 01:06:37,479
Speaker 1: system had shown itself to be so unworthy of their

1246
01:06:37,560 --> 01:06:44,720
Speaker 1: sacrifice that it was nearly impossible to even imagine that

1247
01:06:44,840 --> 01:06:49,200
Speaker 1: the thing that they needed would be provided. Wow, I mean,

1248
01:06:49,400 --> 01:06:51,600
Speaker 1: look the perfect way to put it, and exactly what

1249
01:06:51,640 --> 01:06:55,680
Speaker 1: he's talking about, negotiating against yourselves. Our friends or responsible

1250
01:06:55,680 --> 01:06:57,600
Speaker 1: state craft have a great piece. Let's put this up

1251
01:06:57,640 --> 01:07:00,320
Speaker 1: there on the screen. Never forget how the landmark burn

1252
01:07:00,320 --> 01:07:03,040
Speaker 1: pit measures couldn't come sooner for a lot of these vets.

1253
01:07:03,040 --> 01:07:05,760
Speaker 1: And now fifteen years of fighting for this and for

1254
01:07:05,800 --> 01:07:09,000
Speaker 1: the benefit, for the healthcare benefits for toxic exposure, you know,

1255
01:07:09,120 --> 01:07:11,400
Speaker 1: finally coming to an end at least with the passage

1256
01:07:11,440 --> 01:07:14,760
Speaker 1: of this act and with the endorsement there by President Biden.

1257
01:07:14,800 --> 01:07:17,080
Speaker 1: But why did John Stewart and these guys have to

1258
01:07:17,120 --> 01:07:20,080
Speaker 1: fight for years and years and we saw that. I'll

1259
01:07:20,080 --> 01:07:22,840
Speaker 1: never forget that interview with Denims McDonough where he was

1260
01:07:22,880 --> 01:07:24,800
Speaker 1: being interviewed by Stuart. He's like, I don't care what

1261
01:07:24,840 --> 01:07:26,880
Speaker 1: you think. And he's like, yeah, but I'm speaking on

1262
01:07:26,920 --> 01:07:30,200
Speaker 1: behalf of the vets who you refuse. And he goes, listen,

1263
01:07:30,280 --> 01:07:31,840
Speaker 1: if there was something that I could do, and he goes, no,

1264
01:07:31,920 --> 01:07:33,920
Speaker 1: there is. You can sign this piece of lad you

1265
01:07:33,960 --> 01:07:36,200
Speaker 1: have the decision to me. He goes, I promise you, John,

1266
01:07:36,400 --> 01:07:39,440
Speaker 1: It's not that simple. So apparently it is a little

1267
01:07:39,440 --> 01:07:41,960
Speaker 1: bit more simple than that. But God, I mean the

1268
01:07:42,000 --> 01:07:44,440
Speaker 1: way these guys have been treated, it's it suggests like

1269
01:07:44,480 --> 01:07:46,800
Speaker 1: the nine to eleven thing. It's just shocked. You call

1270
01:07:46,880 --> 01:07:49,000
Speaker 1: him heroes and you treat them like shit whenever they

1271
01:07:49,080 --> 01:07:52,880
Speaker 1: come home. The military knew as early as two thousand

1272
01:07:52,840 --> 01:07:56,520
Speaker 1: and six what these burn pits were doing to people.

1273
01:07:57,280 --> 01:08:00,280
Speaker 1: Did they then, did they make sure everyone was taking care? No,

1274
01:08:00,960 --> 01:08:06,240
Speaker 1: not even close. It took fifteen years to have some

1275
01:08:07,120 --> 01:08:12,960
Speaker 1: modicum of relief for the grievous injuries that these veterans

1276
01:08:13,000 --> 01:08:17,040
Speaker 1: have suffered. And specifically what this There was a bipartisan

1277
01:08:17,040 --> 01:08:21,479
Speaker 1: agreement in the Senate that will provide sweeping measures to

1278
01:08:21,520 --> 01:08:26,240
Speaker 1: finally give veterans suffering from toxic exposures broad unrestricted access

1279
01:08:26,240 --> 01:08:30,120
Speaker 1: to health care and disability assistance. Specifically, what it does,

1280
01:08:30,400 --> 01:08:33,320
Speaker 1: among other things, is more than doubles the number of

1281
01:08:33,720 --> 01:08:37,479
Speaker 1: presumptions to twenty three. Those are conditions and illnesses the

1282
01:08:37,560 --> 01:08:43,120
Speaker 1: VA recognizes as service connected. Up until this agreement, more

1283
01:08:43,160 --> 01:08:46,400
Speaker 1: than eighty percent of veterans who have tried to get

1284
01:08:46,439 --> 01:08:50,400
Speaker 1: benefits for these illnesses, and we're talking about everything from

1285
01:08:50,520 --> 01:08:54,559
Speaker 1: a rash to terminal cancer, they have been turned away.

1286
01:08:55,520 --> 01:08:57,680
Speaker 1: The other thing I want to say about this is

1287
01:08:57,920 --> 01:09:01,040
Speaker 1: that you know, it took basically two things. It took

1288
01:09:01,200 --> 01:09:08,360
Speaker 1: John Stewart just relentlessly shaming every politician that he possibly could.

1289
01:09:09,720 --> 01:09:12,240
Speaker 1: We talk about never forget on the warial day. He

1290
01:09:12,400 --> 01:09:17,280
Speaker 1: truly embodied that, just you know, going to the hill, rallying,

1291
01:09:17,600 --> 01:09:23,479
Speaker 1: talking with survivors, pushing advocacy, direct all of that using

1292
01:09:23,479 --> 01:09:26,040
Speaker 1: his celebrity in one of the most effective ways I've

1293
01:09:26,080 --> 01:09:29,400
Speaker 1: ever seen, and I think is also like, you know,

1294
01:09:29,560 --> 01:09:32,120
Speaker 1: kind of shames other celebrities to pretend to be activists,

1295
01:09:32,200 --> 01:09:35,320
Speaker 1: but you know it's justly about it's mostly about their

1296
01:09:35,360 --> 01:09:39,720
Speaker 1: own like virtue signal exactly right, that kind of advocacy here,

1297
01:09:39,960 --> 01:09:44,320
Speaker 1: he had an achievable mission. He shamed politicians, he remained

1298
01:09:44,360 --> 01:09:47,160
Speaker 1: laser focused on it, and used his celebrity to actually

1299
01:09:47,160 --> 01:09:50,160
Speaker 1: get it done. The other thing Sager that it took

1300
01:09:50,840 --> 01:09:54,320
Speaker 1: is you know, I actually didn't connect these dots. But

1301
01:09:54,400 --> 01:09:57,360
Speaker 1: in this piece they talk about I mean, Biden's son,

1302
01:09:57,439 --> 01:10:01,920
Speaker 1: Bow was exposed to burn and he died a brain

1303
01:10:02,000 --> 01:10:05,760
Speaker 1: cancer when he was quite young. And so do we

1304
01:10:05,880 --> 01:10:08,280
Speaker 1: know that it was directly connected. No, but I'm sure

1305
01:10:09,280 --> 01:10:13,320
Speaker 1: I'm sure if your President Biden, that connection also remains

1306
01:10:13,360 --> 01:10:15,720
Speaker 1: in your mind. So it took John Stewart and that

1307
01:10:15,920 --> 01:10:20,680
Speaker 1: entire community of veterans just fifteen years of shaming politicians

1308
01:10:20,680 --> 01:10:24,519
Speaker 1: into doing the basics of their moral responsibility to those

1309
01:10:24,520 --> 01:10:28,040
Speaker 1: who served overseas and having a president who actually lost

1310
01:10:28,120 --> 01:10:31,800
Speaker 1: a son potentially to this very thing. To ultimately get

1311
01:10:31,800 --> 01:10:34,200
Speaker 1: this done. It shouldn't take that, you know, not at all.

1312
01:10:37,320 --> 01:10:39,920
Speaker 1: What are you taking a look at? Well, guys, another election,

1313
01:10:40,320 --> 01:10:45,320
Speaker 1: another absolutely stunning rejection of the establishment. I've already broken

1314
01:10:45,360 --> 01:10:48,120
Speaker 1: down the French election and the Australian election. Now we

1315
01:10:48,200 --> 01:10:51,080
Speaker 1: moved to another corner of the globe to Columbia, where

1316
01:10:51,160 --> 01:10:55,519
Speaker 1: voters have just unceremoniously tossed out the traditional political class

1317
01:10:55,600 --> 01:11:00,400
Speaker 1: in dramatic fashion. In fact, Federico Gutierrez, the idea logical

1318
01:11:00,439 --> 01:11:04,040
Speaker 1: successor to their current right wing establishment president and the

1319
01:11:04,080 --> 01:11:06,840
Speaker 1: heir to that whole political project that has been dominant

1320
01:11:06,880 --> 01:11:09,880
Speaker 1: in that country for more than two decades. That guy

1321
01:11:10,000 --> 01:11:13,760
Speaker 1: did not even make it to the runoff. So in

1322
01:11:13,800 --> 01:11:17,360
Speaker 1: the first round of voting in Columbia, a leftist Gustavo Petro,

1323
01:11:17,520 --> 01:11:19,839
Speaker 1: was the top vote getter. That in and of itself

1324
01:11:19,920 --> 01:11:22,360
Speaker 1: would be a really surprising turn of events, given that

1325
01:11:22,360 --> 01:11:25,519
Speaker 1: Columbia has elected exclusively right wing governments for all of

1326
01:11:25,560 --> 01:11:28,840
Speaker 1: its modern history. But the surprises did not end there,

1327
01:11:29,280 --> 01:11:35,120
Speaker 1: because a right wing populist businessman, Ridolfo Hernandez virtually unknown

1328
01:11:35,240 --> 01:11:38,479
Speaker 1: until like a few weeks ago, that guy surged ahead

1329
01:11:38,520 --> 01:11:42,600
Speaker 1: of the political establishment pick to make the runoff alongside

1330
01:11:42,760 --> 01:11:46,320
Speaker 1: the leftists. It's as thorough a rejection of the current

1331
01:11:46,360 --> 01:11:49,640
Speaker 1: government and political project as you could possibly get in

1332
01:11:49,720 --> 01:11:52,679
Speaker 1: a country that continues to struggle with cartel violence fueled

1333
01:11:52,680 --> 01:11:55,000
Speaker 1: by our war on drugs, and which has been the

1334
01:11:55,080 --> 01:11:59,040
Speaker 1: US's most reliable security partner on our various imperial projects

1335
01:11:59,080 --> 01:12:02,240
Speaker 1: on that continent. It also appears to be part of

1336
01:12:02,240 --> 01:12:04,560
Speaker 1: a trend now. The surprising rise of the left in

1337
01:12:04,600 --> 01:12:06,960
Speaker 1: Columbia is part of a broader shift to the left

1338
01:12:07,000 --> 01:12:10,080
Speaker 1: in Central and South America. Progressives and leftists have been

1339
01:12:10,080 --> 01:12:14,320
Speaker 1: winning elections across the region, buoyed by millennials focused on inequality, poverty,

1340
01:12:14,400 --> 01:12:17,880
Speaker 1: social justice, and the climate crisis. So as examples here,

1341
01:12:17,920 --> 01:12:22,639
Speaker 1: Bolivia overwhelmingly elected Louis Arse, the former finance minister under

1342
01:12:22,640 --> 01:12:27,000
Speaker 1: socialist Evo Morales. Peru elected a rural school teacher promising

1343
01:12:27,040 --> 01:12:30,439
Speaker 1: to take on mining interests. Chile elected a former student

1344
01:12:30,520 --> 01:12:34,200
Speaker 1: protest leader on a pleedgure to tackle inequality and environmental degradation.

1345
01:12:34,800 --> 01:12:37,439
Speaker 1: Lula is back in Brazil and commanding a large double

1346
01:12:37,439 --> 01:12:39,640
Speaker 1: digit lead right now in the polls over current right

1347
01:12:39,680 --> 01:12:43,679
Speaker 1: wing president Jaiyir Bolsonaro. In Colombia, the current left surge

1348
01:12:43,760 --> 01:12:47,000
Speaker 1: started with a twenty twenty one mass protest movement sparked

1349
01:12:47,000 --> 01:12:50,040
Speaker 1: by a threatened tax hike and plans to privatize healthcare.

1350
01:12:50,360 --> 01:12:53,360
Speaker 1: It did not help that Columbia suffered with massive COVID

1351
01:12:53,360 --> 01:12:56,960
Speaker 1: outbreaks and also, of course economic fallout during the pandemic.

1352
01:12:57,200 --> 01:13:01,160
Speaker 1: Discontent is boiling over in Colombia. At least twenty four

1353
01:13:01,200 --> 01:13:04,920
Speaker 1: people are dead after eight days of protest and a

1354
01:13:04,960 --> 01:13:09,000
Speaker 1: brutal crackdown in that Latin American nation. Now, the Interior

1355
01:13:09,040 --> 01:13:11,599
Speaker 1: Minister has come out to say that the government does

1356
01:13:11,680 --> 01:13:15,040
Speaker 1: not condone violence and that any police officer violating the

1357
01:13:15,080 --> 01:13:18,479
Speaker 1: law will be held to account. The demonstrations were sparked

1358
01:13:18,560 --> 01:13:22,120
Speaker 1: by a proposed tax hike that president has now canceled,

1359
01:13:22,400 --> 01:13:26,120
Speaker 1: but protesters are not letting up. Colombians are desperate for

1360
01:13:26,160 --> 01:13:30,160
Speaker 1: better lives after COVID made an already dire economic situation

1361
01:13:30,360 --> 01:13:34,760
Speaker 1: even works. This stunning statistic perhaps puts it into perfect perspective.

1362
01:13:35,240 --> 01:13:38,240
Speaker 1: More than forty percent of the population now is living

1363
01:13:38,240 --> 01:13:43,000
Speaker 1: in poverty. So those protests and the violent deadly crackdown

1364
01:13:43,120 --> 01:13:47,240
Speaker 1: on those protesters galvanized the laft who lined up behind Gustavopatro.

1365
01:13:47,360 --> 01:13:50,000
Speaker 1: He's a senator and actually a former low level member

1366
01:13:50,000 --> 01:13:51,920
Speaker 1: of a gorilla movement, something that has very much been

1367
01:13:52,240 --> 01:13:54,920
Speaker 1: used against him by the right. He's promising to reform

1368
01:13:54,960 --> 01:13:58,360
Speaker 1: the country's brutally unequal economic system in favor of a

1369
01:13:58,439 --> 01:14:01,479
Speaker 1: jobs guarantee in universal health care. He also ran on

1370
01:14:01,520 --> 01:14:05,120
Speaker 1: fully implementing a landmark piece deal with the Marxist guerrillas

1371
01:14:05,160 --> 01:14:09,240
Speaker 1: of FARC, including promised poverty alleviation for rural Columbia and

1372
01:14:09,280 --> 01:14:12,160
Speaker 1: it moves that will likely irritate Washington. He has also

1373
01:14:12,240 --> 01:14:15,479
Speaker 1: pledged to revisit Columbia's trade deal with US, and to

1374
01:14:15,560 --> 01:14:18,840
Speaker 1: restore relations with Venezuela, and to change tax in the

1375
01:14:18,840 --> 01:14:21,120
Speaker 1: war on drugs. And if he was up against the

1376
01:14:21,120 --> 01:14:23,960
Speaker 1: successor to the much hated incumbent Petro, was looking pretty

1377
01:14:23,960 --> 01:14:27,840
Speaker 1: good to win this whole thing, but the rapid emergence

1378
01:14:27,920 --> 01:14:31,719
Speaker 1: of Rodolfo Hernandez has thrown that outcome into major doubt.

1379
01:14:32,120 --> 01:14:35,680
Speaker 1: So Hernandez is a millionaire construction magnate former mayor who

1380
01:14:35,720 --> 01:14:39,200
Speaker 1: apparently has a very colorful presence on TikTok. He is

1381
01:14:39,320 --> 01:14:42,240
Speaker 1: routinely described as a right wing populist because he ran

1382
01:14:42,320 --> 01:14:45,439
Speaker 1: aggressively on anti corruption, but his views are kind of

1383
01:14:45,439 --> 01:14:48,439
Speaker 1: all over the place. So he's apparently opposed to that

1384
01:14:48,520 --> 01:14:51,799
Speaker 1: peace deal with FARC. He's opposed to a higher wealth tax.

1385
01:14:51,920 --> 01:14:55,519
Speaker 1: He defends Columbia's notoriously the violent riot police. But he's

1386
01:14:55,560 --> 01:14:59,200
Speaker 1: also pro choice and anti fracking. But he also doesn't

1387
01:14:59,200 --> 01:15:02,400
Speaker 1: really seem to have firm grasp on any particular policy

1388
01:15:02,439 --> 01:15:05,000
Speaker 1: agenda or project. And for all his talk of being

1389
01:15:05,040 --> 01:15:08,960
Speaker 1: against corruption, he himself is under investigation for corruption. So

1390
01:15:09,120 --> 01:15:10,639
Speaker 1: just to give you a taste of his style, here's

1391
01:15:10,640 --> 01:15:13,040
Speaker 1: a little bit of his interaction with The Washington Post.

1392
01:15:13,120 --> 01:15:16,960
Speaker 1: In an interview quote, Hernandez predicted he would win because

1393
01:15:17,000 --> 01:15:19,720
Speaker 1: his ferment base knows he is quote the only one

1394
01:15:19,760 --> 01:15:22,880
Speaker 1: who is capable of removing the thieves from power. He

1395
01:15:22,920 --> 01:15:25,760
Speaker 1: then went on to describe his effect on supporters as

1396
01:15:26,360 --> 01:15:30,600
Speaker 1: messianic and compared to them to the brainwashed hijackers of

1397
01:15:30,640 --> 01:15:33,680
Speaker 1: September eleven, twenty two thousand and one who destroyed the

1398
01:15:33,680 --> 01:15:38,040
Speaker 1: Twin Towers. Asked if likening his supporters to terrorists was problematic,

1399
01:15:38,120 --> 01:15:41,280
Speaker 1: he rejected the premise, saying what I'm comparing is that

1400
01:15:41,400 --> 01:15:44,320
Speaker 1: after you get into that state, you don't change your position.

1401
01:15:44,520 --> 01:15:48,400
Speaker 1: You don't change it. Okay, this dude literally came out

1402
01:15:48,439 --> 01:15:50,519
Speaker 1: of nowhere to search right by the powers that be

1403
01:15:50,720 --> 01:15:53,840
Speaker 1: and land in the rutoff and now he has got

1404
01:15:53,880 --> 01:15:57,120
Speaker 1: a very solid chance of winning the presidency as Gutierra,

1405
01:15:57,160 --> 01:15:59,640
Speaker 1: as the aforementioned right wing establishment pick who lost in

1406
01:15:59,680 --> 01:16:03,200
Speaker 1: the first round, has already thrown his support behind the

1407
01:16:03,240 --> 01:16:07,520
Speaker 1: surging Hernandez. Economic and political elites in Columbia are absolutely

1408
01:16:07,520 --> 01:16:10,320
Speaker 1: panicked by the idea of a leftist actually rise into power,

1409
01:16:10,360 --> 01:16:13,360
Speaker 1: and they will do whatever it takes to stop Petro's rise.

1410
01:16:13,800 --> 01:16:17,559
Speaker 1: But what has happened already is really extraordinary. Voters in

1411
01:16:17,600 --> 01:16:22,120
Speaker 1: a traditionally quite conservative country have just overwhelmingly opted for

1412
01:16:22,240 --> 01:16:26,479
Speaker 1: a change election, a runoff hitting a former leftist gorilla

1413
01:16:26,640 --> 01:16:29,160
Speaker 1: ready to challenge their lock set relationship with the US

1414
01:16:29,520 --> 01:16:33,559
Speaker 1: and reform their economic system versus a Trump like drain

1415
01:16:33,680 --> 01:16:36,720
Speaker 1: the swamp businessman with a bit of a casual relationship

1416
01:16:36,760 --> 01:16:40,120
Speaker 1: towards basic democratic rules and norms, and a trend that

1417
01:16:40,160 --> 01:16:43,280
Speaker 1: is now thoroughly global. It is just one more country

1418
01:16:43,439 --> 01:16:46,839
Speaker 1: thoroughly disgusted with the status quo. And grasping for something

1419
01:16:47,320 --> 01:16:51,760
Speaker 1: anything different. This one is really pretty surprise. And if

1420
01:16:51,760 --> 01:16:54,519
Speaker 1: you want to hear my reaction to Crystal's monologue, become

1421
01:16:54,560 --> 01:17:00,400
Speaker 1: a premium subscriber today at Breakingpoints dot Com. Right, Sager,

1422
01:17:00,400 --> 01:17:02,280
Speaker 1: what are you looking at? Well? Everyone, I know it's

1423
01:17:02,320 --> 01:17:05,439
Speaker 1: basically a meme at this point, another gas monologue from Sager.

1424
01:17:05,560 --> 01:17:08,160
Speaker 1: But look, I'm a man obsessed. Every day I hear

1425
01:17:08,200 --> 01:17:11,479
Speaker 1: from people all over this country getting absolutely destroyed on

1426
01:17:11,560 --> 01:17:13,439
Speaker 1: gas prices, and I don't really see a lot of

1427
01:17:13,479 --> 01:17:16,960
Speaker 1: politicians or the media speaking to their concerns. Yesterday was

1428
01:17:17,000 --> 01:17:20,240
Speaker 1: Memorial Day. It officially kicks off driving season in this country,

1429
01:17:20,400 --> 01:17:22,360
Speaker 1: and it is going to usher in a new era

1430
01:17:22,439 --> 01:17:25,720
Speaker 1: of pain for American households. Sadly, to go along with

1431
01:17:25,760 --> 01:17:28,240
Speaker 1: Memorial Day and the beginning of the major driving season

1432
01:17:28,560 --> 01:17:32,360
Speaker 1: was yet another record gas price across the country. Nationwide

1433
01:17:32,400 --> 01:17:35,000
Speaker 1: average of four dollars and sixty two cents a gallon,

1434
01:17:35,200 --> 01:17:38,439
Speaker 1: with continued price growth. Out West California tops the nation,

1435
01:17:38,760 --> 01:17:41,240
Speaker 1: has an average of six fifteen a gallon. Reports of

1436
01:17:41,280 --> 01:17:44,600
Speaker 1: some outlier stations having gas as expensive as eight in

1437
01:17:44,720 --> 01:17:48,120
Speaker 1: Los Angeles and even Menlo Park in California. So how

1438
01:17:48,160 --> 01:17:52,040
Speaker 1: exactly is the media in popular culture responding to this crisis. Well,

1439
01:17:52,080 --> 01:17:54,479
Speaker 1: I read with great interest a new report from the

1440
01:17:54,479 --> 01:17:57,400
Speaker 1: New York Times wire gas price is so high the

1441
01:17:57,479 --> 01:18:00,519
Speaker 1: time starts with Putin's price hike. But but then when

1442
01:18:00,560 --> 01:18:03,280
Speaker 1: they start to discuss structural issues, what do they go with?

1443
01:18:03,560 --> 01:18:07,280
Speaker 1: Is it refinery capacity, the Jones Act, foreign oil dependency,

1444
01:18:07,520 --> 01:18:10,200
Speaker 1: price gouging, which are the obvious ones? No? No No, no, no.

1445
01:18:10,960 --> 01:18:14,080
Speaker 1: They decide to blame you, blame you, they write, quote

1446
01:18:14,280 --> 01:18:17,519
Speaker 1: Another reason for high gas prices is that, despite them,

1447
01:18:17,920 --> 01:18:21,800
Speaker 1: motorists have not done anything to burn less gasoline. Analysts said,

1448
01:18:21,840 --> 01:18:24,200
Speaker 1: people appear to have a robust appetite for hitting the

1449
01:18:24,240 --> 01:18:26,519
Speaker 1: road as the US recovers from the worst of the

1450
01:18:26,520 --> 01:18:29,840
Speaker 1: COVID nineteen pandemic. They then quote a so called expert

1451
01:18:29,880 --> 01:18:34,320
Speaker 1: who says this quote, fixing the problem means people would

1452
01:18:34,400 --> 01:18:37,240
Speaker 1: have to drive less, Tom Klasa, the global head of

1453
01:18:37,360 --> 01:18:40,960
Speaker 1: Energy Analysis at Oil Price Information Service. But people are saying,

1454
01:18:41,240 --> 01:18:44,160
Speaker 1: I'm sorry, I've been in lockdown. I'm taking my vacation

1455
01:18:44,439 --> 01:18:47,920
Speaker 1: this summer. Yeah, fixing the problem means we have to

1456
01:18:47,960 --> 01:18:51,840
Speaker 1: curtail our lifestyle, according to this expert, not we need

1457
01:18:51,880 --> 01:18:55,360
Speaker 1: to pump more oil, fix oil markets, look at our exports,

1458
01:18:55,520 --> 01:18:58,680
Speaker 1: look at our production. Now the only possible fix is

1459
01:18:58,680 --> 01:19:01,800
Speaker 1: that you average America must suffer. You must live a

1460
01:19:01,880 --> 01:19:04,720
Speaker 1: less prosperous life to fix this problem. This is how

1461
01:19:04,760 --> 01:19:06,800
Speaker 1: little that they think of you. It is a war

1462
01:19:06,880 --> 01:19:09,720
Speaker 1: on normal people, both in its lack of coverage and

1463
01:19:09,800 --> 01:19:12,200
Speaker 1: worse and how it is covered and betrays the elite

1464
01:19:12,200 --> 01:19:16,040
Speaker 1: mindset that they cannot fail only you can fail them.

1465
01:19:16,320 --> 01:19:18,560
Speaker 1: It is a baked in assumption on the part of

1466
01:19:18,600 --> 01:19:20,559
Speaker 1: a lot of the media in their discussion of gas.

1467
01:19:20,680 --> 01:19:23,120
Speaker 1: And I showed you this before. The very first question

1468
01:19:23,240 --> 01:19:25,680
Speaker 1: to Joe Biden at a press conference was not what

1469
01:19:25,720 --> 01:19:28,160
Speaker 1: are you going to do about gas? But why are

1470
01:19:28,200 --> 01:19:35,080
Speaker 1: you not telling Americans to drive less? Question? Show gasoline

1471
01:19:35,080 --> 01:19:38,040
Speaker 1: prices and diesel prices that record highs, yet you have

1472
01:19:38,160 --> 01:19:41,759
Speaker 1: yet to ask Americans to consume less. Your trained guye,

1473
01:19:42,000 --> 01:19:45,280
Speaker 1: have you ever thought your administration asking you Americans to

1474
01:19:45,439 --> 01:19:48,400
Speaker 1: drive less to take public transport? Well, if you ever

1475
01:19:48,520 --> 01:19:50,599
Speaker 1: raised a family like mine, you don't have to tell them.

1476
01:19:51,160 --> 01:19:54,040
Speaker 1: They're doing everything and their power to figure out how

1477
01:19:54,200 --> 01:19:56,280
Speaker 1: not to have to show up with the gas pump. Well,

1478
01:19:56,320 --> 01:19:58,439
Speaker 1: at least a decent answer there for Biden. But they

1479
01:19:58,439 --> 01:20:00,639
Speaker 1: think this way because they live in cities, or they're

1480
01:20:00,720 --> 01:20:03,400
Speaker 1: rich enough to ignore the price. But the hilarious part

1481
01:20:03,439 --> 01:20:05,720
Speaker 1: is that once you actually continue reading the New York

1482
01:20:05,760 --> 01:20:09,839
Speaker 1: Times story, buried very several graphs down is the actual

1483
01:20:09,920 --> 01:20:12,840
Speaker 1: reason for high gas. The Times can't help, but also

1484
01:20:12,920 --> 01:20:15,360
Speaker 1: have to explain what I've talked about here, which is

1485
01:20:15,400 --> 01:20:18,400
Speaker 1: that gas inventory is low because we have no refinery

1486
01:20:18,400 --> 01:20:21,559
Speaker 1: capacity in America because of onerous regulation and because of

1487
01:20:21,600 --> 01:20:24,479
Speaker 1: the globalist solution, which is to let third world countries

1488
01:20:24,520 --> 01:20:27,439
Speaker 1: refine gas and deal with the byproduct and import it

1489
01:20:27,640 --> 01:20:30,439
Speaker 1: rather than have any capacity here. But of course they

1490
01:20:30,479 --> 01:20:33,639
Speaker 1: don't quote anyone about how to fix that problem because

1491
01:20:33,680 --> 01:20:36,759
Speaker 1: it's counter to their narrative. I have watched with genuine

1492
01:20:36,760 --> 01:20:40,880
Speaker 1: alarm as this anti American life sentiment has pervaded on

1493
01:20:40,920 --> 01:20:44,360
Speaker 1: social media and amongst our elite class. It's best tipified here.

1494
01:20:44,400 --> 01:20:46,320
Speaker 1: There was a viral tweet by a city planner and

1495
01:20:46,360 --> 01:20:49,400
Speaker 1: an urbanist. His name is Brent Toderin, who at one

1496
01:20:49,439 --> 01:20:51,479
Speaker 1: point actually serves as a city planner for the City

1497
01:20:51,479 --> 01:20:53,840
Speaker 1: of Vancouver, so he is Canadian, but he is a

1498
01:20:53,880 --> 01:20:57,400
Speaker 1: real following with those who want to import his mindset

1499
01:20:57,560 --> 01:21:00,240
Speaker 1: to America. Let's take a look. He tweets this. It's

1500
01:21:00,280 --> 01:21:02,280
Speaker 1: a photo of a pickup truck with a bicycle in

1501
01:21:02,320 --> 01:21:04,559
Speaker 1: front of it, and it says, quote, one of these

1502
01:21:04,640 --> 01:21:07,320
Speaker 1: is a problem, one of these is a solution. If

1503
01:21:07,360 --> 01:21:09,639
Speaker 1: you don't know which is which, you have no business

1504
01:21:09,640 --> 01:21:13,280
Speaker 1: being involved in decisions regarding society in any way. And

1505
01:21:13,360 --> 01:21:17,080
Speaker 1: again just consider this. The answer for him is for

1506
01:21:17,120 --> 01:21:19,320
Speaker 1: you to get around on a bike. Maybe we should

1507
01:21:19,320 --> 01:21:23,080
Speaker 1: explain we live in America, not Holland not having a truck.

1508
01:21:23,840 --> 01:21:27,080
Speaker 1: Brent does not seem to know many people actually need

1509
01:21:27,160 --> 01:21:31,759
Speaker 1: pickup trucks for work, or many people, poor people especially,

1510
01:21:32,040 --> 01:21:34,800
Speaker 1: often have to drive dozens of miles to work and

1511
01:21:34,880 --> 01:21:37,800
Speaker 1: back every day because cost of living where they live

1512
01:21:38,080 --> 01:21:41,040
Speaker 1: is so high. And let's go past that. Why shouldn't

1513
01:21:41,040 --> 01:21:42,880
Speaker 1: you be able to drive a pickup truck? We are

1514
01:21:42,920 --> 01:21:46,800
Speaker 1: blessed with the absolutely gigantic and a beautiful country. Why

1515
01:21:46,800 --> 01:21:48,800
Speaker 1: shouldn't you be able to drive all over it in

1516
01:21:48,840 --> 01:21:51,720
Speaker 1: a massive car? The answer is you should. That's the

1517
01:21:51,720 --> 01:21:54,439
Speaker 1: promise of America. Why the car, the suv and the

1518
01:21:54,439 --> 01:21:57,240
Speaker 1: truck are intrinsic to our way of life in a

1519
01:21:57,240 --> 01:21:59,800
Speaker 1: way that is not the case anywhere else. There is

1520
01:21:59,840 --> 01:22:02,320
Speaker 1: no no reason for you and our citizens to have

1521
01:22:02,320 --> 01:22:05,880
Speaker 1: to curtail their lifestyle because of the failures of our

1522
01:22:06,000 --> 01:22:09,120
Speaker 1: elites or the media. The solution is for us to

1523
01:22:09,160 --> 01:22:13,760
Speaker 1: have cheap, abundant energy, Yes, fossil fuels for now, but

1524
01:22:13,840 --> 01:22:17,120
Speaker 1: if possible, a fully electric future, in my opinion, powered

1525
01:22:17,120 --> 01:22:20,440
Speaker 1: by nuclear with yes, some solar and wind when appropriate.

1526
01:22:20,680 --> 01:22:25,120
Speaker 1: To achieve that future actually requires hundreds of billions of dollars,

1527
01:22:25,360 --> 01:22:28,320
Speaker 1: but harder it is a change to our ideology. The

1528
01:22:28,360 --> 01:22:32,120
Speaker 1: culture of cancel culture and shaming and nihilism and more pervades.

1529
01:22:32,160 --> 01:22:35,679
Speaker 1: Elite liberalism today is actually anti human. It is one

1530
01:22:35,720 --> 01:22:38,479
Speaker 1: that celebrates tearing things down. Now. I have plenty of

1531
01:22:38,479 --> 01:22:40,960
Speaker 1: disagreements with Ezra Klein, but even he who is a

1532
01:22:41,000 --> 01:22:43,439
Speaker 1: neoliberal to his core and who probably agrees with the

1533
01:22:43,439 --> 01:22:46,639
Speaker 1: pickup truck guy, had this to say. What America needs

1534
01:22:46,720 --> 01:22:50,320
Speaker 1: is a liberalism that builds Cliin declares, and he rightfully

1535
01:22:50,320 --> 01:22:53,360
Speaker 1: points out how much of the current democratic apparatus is

1536
01:22:53,400 --> 01:22:57,560
Speaker 1: populated by lawyers who are obsessed with obscure, process oriented

1537
01:22:57,600 --> 01:23:01,479
Speaker 1: goals with caveats, carve outs, bureaucratic language, and the lack

1538
01:23:01,520 --> 01:23:04,799
Speaker 1: of a simple of ability to articulate an awesome future.

1539
01:23:05,120 --> 01:23:08,240
Speaker 1: It's why, whatever you think about as politics, why the

1540
01:23:08,320 --> 01:23:11,360
Speaker 1: vast majority of Americans like people like an Elon Musk

1541
01:23:11,520 --> 01:23:15,280
Speaker 1: because Tesla and SpaceX are unambiguously cool. They like Bezos

1542
01:23:15,320 --> 01:23:18,559
Speaker 1: for the same reason Amazon works. Now. Look, I'm not

1543
01:23:18,600 --> 01:23:21,000
Speaker 1: a libertarian. I don't think the market can make up

1544
01:23:21,000 --> 01:23:24,000
Speaker 1: in any form the ability to do what our policymakers

1545
01:23:24,040 --> 01:23:26,639
Speaker 1: actually can. But the point is is that our spirit

1546
01:23:26,680 --> 01:23:29,120
Speaker 1: as a country is dying when the people who run

1547
01:23:29,360 --> 01:23:31,760
Speaker 1: media and our elites can only come up with an

1548
01:23:31,800 --> 01:23:35,200
Speaker 1: answer that we should all live worse lifestyles rather than

1549
01:23:35,200 --> 01:23:38,640
Speaker 1: it can continute the undying chain of technological progress that

1550
01:23:38,720 --> 01:23:40,800
Speaker 1: got us to where we are today. I just think

1551
01:23:40,800 --> 01:23:43,720
Speaker 1: it's amazing, Crystal very p Frey time and if you

1552
01:23:43,760 --> 01:23:46,600
Speaker 1: want to hear my reaction to Sager's monologue, become a

1553
01:23:46,600 --> 01:23:52,880
Speaker 1: premium subscriber today at Breakingpoints dot Com. Joining us now

1554
01:23:52,960 --> 01:23:56,200
Speaker 1: is economics reporter for the Washington Post. The aforementioned jeffs

1555
01:23:56,240 --> 01:23:57,880
Speaker 1: done great front of the show. Great to see you, Jeff.

1556
01:23:58,240 --> 01:24:01,680
Speaker 1: You okay, do you have the latest details on what

1557
01:24:01,720 --> 01:24:03,960
Speaker 1: the Biden White House here is planning with regards to

1558
01:24:04,000 --> 01:24:05,600
Speaker 1: student debt relief? Let's go ahead and put this up

1559
01:24:05,680 --> 01:24:09,160
Speaker 1: on the screen. Latest White House plan would forgive ten

1560
01:24:09,240 --> 01:24:13,800
Speaker 1: thousand dollars in student debt per borrower. So just break

1561
01:24:13,840 --> 01:24:16,559
Speaker 1: us this down for us, what are they actually planning

1562
01:24:16,600 --> 01:24:18,720
Speaker 1: on doing and when are they planning on doing it.

1563
01:24:19,920 --> 01:24:22,519
Speaker 1: So I want to be careful here to avoid being

1564
01:24:22,600 --> 01:24:24,920
Speaker 1: too definitive, because like many things in the White House,

1565
01:24:25,200 --> 01:24:28,080
Speaker 1: there will be plan after plan after plan, and then

1566
01:24:28,160 --> 01:24:30,120
Speaker 1: we won't see the fruition of that plan. We can

1567
01:24:30,160 --> 01:24:32,320
Speaker 1: go down the list of dozens of things for which

1568
01:24:32,360 --> 01:24:35,040
Speaker 1: that has happened. But I have reported, as you guys,

1569
01:24:35,080 --> 01:24:37,880
Speaker 1: I demonstrated that the White House currently has a plan

1570
01:24:37,960 --> 01:24:39,680
Speaker 1: that I know that the economists have been working on

1571
01:24:39,680 --> 01:24:42,960
Speaker 1: that that is their current iteration to cancel ten thousand

1572
01:24:43,000 --> 01:24:45,960
Speaker 1: dollars per borrower below and income threshold of around one

1573
01:24:46,040 --> 01:24:49,439
Speaker 1: hundred and fifty thousand dollars for singles and three hundred

1574
01:24:49,439 --> 01:24:52,880
Speaker 1: thousand dollars per couple. There's been an outcry, you know.

1575
01:24:53,000 --> 01:24:56,000
Speaker 1: Senator Schumer and Senator Warren have been calling for up

1576
01:24:56,040 --> 01:24:59,720
Speaker 1: to fifty thousand dollars in cancelation per borrower. The NAACP

1577
01:25:00,080 --> 01:25:03,080
Speaker 1: called the our story that the reported ten k in

1578
01:25:03,120 --> 01:25:06,840
Speaker 1: cancelation throwing a bucket of water on a forest fire.

1579
01:25:06,880 --> 01:25:09,400
Speaker 1: So there's been an immense pushback from our story to

1580
01:25:09,439 --> 01:25:12,200
Speaker 1: this reported amount. On the other hand, people would say,

1581
01:25:12,520 --> 01:25:15,519
Speaker 1: this is three times the amount of the annual child

1582
01:25:15,560 --> 01:25:18,040
Speaker 1: tax credit that did so much to a levier poverty

1583
01:25:19,200 --> 01:25:23,320
Speaker 1: close to half of student barwers, oh, twenty thousand or less,

1584
01:25:23,640 --> 01:25:26,439
Speaker 1: So this would be a very meaningful cut to really

1585
01:25:26,520 --> 01:25:29,320
Speaker 1: a huge population, you know, twenty million people or so.

1586
01:25:30,120 --> 01:25:33,760
Speaker 1: But the key question remains, is Biden going to do this?

1587
01:25:33,840 --> 01:25:37,040
Speaker 1: We think, you know, he has indicated publicly that he

1588
01:25:37,040 --> 01:25:39,640
Speaker 1: wants to do this. We have ample reporting that the

1589
01:25:39,640 --> 01:25:43,280
Speaker 1: White House itself has been preparing this. But I just

1590
01:25:43,280 --> 01:25:46,960
Speaker 1: want to be very clear, so you don't yell at me,

1591
01:25:47,320 --> 01:25:51,800
Speaker 1: right because I'm not in trying that my fault. That

1592
01:25:52,280 --> 01:25:55,160
Speaker 1: it's still possible that Biden changes his mind at last minute.

1593
01:25:55,160 --> 01:25:56,880
Speaker 1: I don't think that's going to happen, but it's it's

1594
01:25:56,920 --> 01:25:59,960
Speaker 1: still theoretically an option. I want to stick with it

1595
01:26:00,120 --> 01:26:03,200
Speaker 1: because this is fascinating to me. Let's talk about some

1596
01:26:03,240 --> 01:26:07,320
Speaker 1: of these past things they didn't materialize. Why, I mean,

1597
01:26:07,320 --> 01:26:09,400
Speaker 1: based on any people that you talk to, like what

1598
01:26:09,560 --> 01:26:11,920
Speaker 1: is going on inside of this building where it seems

1599
01:26:11,920 --> 01:26:15,719
Speaker 1: that the decision making process is extraordinarily haphazard. They always

1600
01:26:15,720 --> 01:26:17,519
Speaker 1: want credit for something that they're gonna do, but then

1601
01:26:17,560 --> 01:26:20,120
Speaker 1: they don't actually end up doing it. So what is

1602
01:26:20,160 --> 01:26:22,720
Speaker 1: it like just describe the process for people here, or like,

1603
01:26:22,760 --> 01:26:25,240
Speaker 1: why does nothing seem to be getting done inside of

1604
01:26:25,240 --> 01:26:27,320
Speaker 1: this White House? Yeah? I know you guys want, like

1605
01:26:27,360 --> 01:26:32,200
Speaker 1: the insider you see to bitch. Sure. I think there

1606
01:26:32,240 --> 01:26:36,920
Speaker 1: seems to be a pattern of a sort of crisis

1607
01:26:37,000 --> 01:26:40,679
Speaker 1: of decision making in this administration. I think the tariffs

1608
01:26:40,720 --> 01:26:44,240
Speaker 1: are a really good example where we've seen basically since

1609
01:26:44,280 --> 01:26:47,400
Speaker 1: the administration began that there was pressure that Democrats were

1610
01:26:47,400 --> 01:26:49,679
Speaker 1: freaking out about the tariffs imposed by Trump on China,

1611
01:26:49,720 --> 01:26:52,280
Speaker 1: that they were essentially attacks on consumers, that they would

1612
01:26:52,320 --> 01:26:55,320
Speaker 1: raise costs for middle class families. And yet most of

1613
01:26:55,360 --> 01:26:59,280
Speaker 1: those tariffs remain in effect, right despite inflation. You know,

1614
01:26:59,320 --> 01:27:01,200
Speaker 1: many economists started close to the White House will say

1615
01:27:01,200 --> 01:27:04,599
Speaker 1: this is the administration's number one lever to deal with inflation.

1616
01:27:04,720 --> 01:27:06,559
Speaker 1: Would you take the tariffs off? I mean, obviously there

1617
01:27:06,560 --> 01:27:09,440
Speaker 1: are people who say you need that to counter China,

1618
01:27:08,880 --> 01:27:13,400
Speaker 1: but it's been months and months of deliberations and decision

1619
01:27:13,439 --> 01:27:15,760
Speaker 1: over this and I think what brought this student debt

1620
01:27:15,880 --> 01:27:18,559
Speaker 1: question to a head right now is that on the

1621
01:27:18,600 --> 01:27:21,160
Speaker 1: most important thing that they have said that they're going

1622
01:27:21,160 --> 01:27:22,840
Speaker 1: to do and haven't done, in my opinion, on the

1623
01:27:22,880 --> 01:27:26,439
Speaker 1: economic front, to build back better act fell apart right

1624
01:27:26,760 --> 01:27:28,439
Speaker 1: in the fall. I think I was on the show

1625
01:27:28,920 --> 01:27:31,040
Speaker 1: saying correctly over and over again that they, oh, they're

1626
01:27:31,040 --> 01:27:33,639
Speaker 1: about to get a deal, you know, jefsh Wooden's a coming.

1627
01:27:33,640 --> 01:27:35,599
Speaker 1: And then I would say, like, my sources are telling

1628
01:27:35,640 --> 01:27:37,519
Speaker 1: me it's coming soon, and then that would turn out

1629
01:27:37,520 --> 01:27:40,680
Speaker 1: to be wrong and wrong and wrong. So when that

1630
01:27:40,720 --> 01:27:43,920
Speaker 1: fell apart, there was this sense that and we can

1631
01:27:44,160 --> 01:27:45,400
Speaker 1: I kind of want to discuss this with you, guys,

1632
01:27:45,439 --> 01:27:48,120
Speaker 1: I'm curious what you think, But there was this sense

1633
01:27:48,200 --> 01:27:52,919
Speaker 1: that we needed deliver something because the the economic promises

1634
01:27:52,960 --> 01:27:58,240
Speaker 1: we've been making, housing, healthcare, climate, prescription drugs, all of

1635
01:27:58,240 --> 01:28:00,799
Speaker 1: that fell apart in the fall. And how hasn't covered

1636
01:28:02,120 --> 01:28:06,519
Speaker 1: So that failure and that failed promise that you're referring to,

1637
01:28:06,520 --> 01:28:09,800
Speaker 1: the failed decision making, and even though Mansion gave them

1638
01:28:09,800 --> 01:28:11,960
Speaker 1: a one point eight trillion dollar offer that they didn't take,

1639
01:28:13,400 --> 01:28:16,240
Speaker 1: that has really made it seem like they need to

1640
01:28:16,240 --> 01:28:18,960
Speaker 1: push this process along well, and it seems too like,

1641
01:28:19,280 --> 01:28:21,720
Speaker 1: you know, we've covered the polls here that show this

1642
01:28:22,240 --> 01:28:25,320
Speaker 1: is pretty extraordinary for a Democratic president. His lowest approval

1643
01:28:25,400 --> 01:28:28,559
Speaker 1: rating is with the youngest demographic, and it was the

1644
01:28:28,600 --> 01:28:31,240
Speaker 1: exact opposite at the beginning of the administration. His highest

1645
01:28:31,240 --> 01:28:34,400
Speaker 1: approval rating was among the youngest demographic. Now that is

1646
01:28:34,400 --> 01:28:38,280
Speaker 1: completely flipped. The older you go on the age spectrum,

1647
01:28:38,520 --> 01:28:42,120
Speaker 1: the higher the approval rating for Joe Biden. So you know,

1648
01:28:42,240 --> 01:28:44,240
Speaker 1: you ask yourself, like, this is something they could have

1649
01:28:44,280 --> 01:28:46,880
Speaker 1: done on day one, why do they wait till now?

1650
01:28:47,000 --> 01:28:49,599
Speaker 1: It seems pretty clear that they're looking at the fact

1651
01:28:49,600 --> 01:28:51,519
Speaker 1: they're probably not going to get any other big thing

1652
01:28:51,600 --> 01:28:54,720
Speaker 1: through Congress, at the fact that their approval rating is

1653
01:28:54,760 --> 01:28:58,479
Speaker 1: a disaster with young voters, and saying, well, at least

1654
01:28:58,479 --> 01:29:01,400
Speaker 1: we could give them something. But in the same respect,

1655
01:29:01,840 --> 01:29:04,160
Speaker 1: it seems like what they're proposing is like tailor made

1656
01:29:04,160 --> 01:29:07,280
Speaker 1: to kind of piss everybody off. You know, it's not universal,

1657
01:29:07,400 --> 01:29:10,120
Speaker 1: it's means tested. It's a lower amount than what you know,

1658
01:29:10,479 --> 01:29:13,560
Speaker 1: Elizabeth Warren and Chuck Schumer, you know that Bold Progressive

1659
01:29:14,000 --> 01:29:17,280
Speaker 1: were pushing for the same respect. You're gonna have people

1660
01:29:17,280 --> 01:29:19,120
Speaker 1: on the writers out this is inflation, Aaron, what are

1661
01:29:19,120 --> 01:29:22,240
Speaker 1: you doing this and giveaway to elite college grads. So

1662
01:29:23,240 --> 01:29:25,360
Speaker 1: and they also seem to have this habit. This was

1663
01:29:25,400 --> 01:29:29,360
Speaker 1: also during Build Back Better, where you'd announce these popular

1664
01:29:29,400 --> 01:29:32,439
Speaker 1: programs or you'd flirt with them publicly, and then you

1665
01:29:32,600 --> 01:29:36,000
Speaker 1: just sort of like, you know, get people's hopes up

1666
01:29:36,000 --> 01:29:38,240
Speaker 1: and then ultimately shoot the thing in the head, so

1667
01:29:38,280 --> 01:29:40,240
Speaker 1: that it would have been better if you never said

1668
01:29:40,240 --> 01:29:42,559
Speaker 1: anything about it to start with. Yeah, I think that's

1669
01:29:42,560 --> 01:29:44,080
Speaker 1: a great point. I really wonder if they had just

1670
01:29:44,120 --> 01:29:46,960
Speaker 1: come out and just done this instead of now we're

1671
01:29:46,960 --> 01:29:50,080
Speaker 1: on building up for over a month, I mean, April

1672
01:29:50,160 --> 01:29:53,400
Speaker 1: twenty eighth, Biden said publicly we will have a decision

1673
01:29:53,439 --> 01:29:55,080
Speaker 1: on this. I think in the next couple of weeks.

1674
01:29:55,080 --> 01:29:59,519
Speaker 1: That's a paraphrase. Yeah, And it's almost June, and so

1675
01:29:59,760 --> 01:30:01,880
Speaker 1: you know, they have had events that have derailed them.

1676
01:30:01,920 --> 01:30:05,439
Speaker 1: But to your point, we've had now months of internal

1677
01:30:05,439 --> 01:30:08,160
Speaker 1: fighting within the Democratic Party about what this should look like,

1678
01:30:08,640 --> 01:30:10,599
Speaker 1: and it has gotten people very upset in a way

1679
01:30:10,600 --> 01:30:11,960
Speaker 1: that I think if they had just come out and

1680
01:30:12,000 --> 01:30:14,639
Speaker 1: said this, you know, said this is the policy, people

1681
01:30:14,680 --> 01:30:17,800
Speaker 1: would have been excited to hear it. And as you said,

1682
01:30:17,920 --> 01:30:19,320
Speaker 1: not built their hopes of it. Now, if they don't

1683
01:30:19,360 --> 01:30:21,160
Speaker 1: do anything at all, I think the reaction is going

1684
01:30:21,240 --> 01:30:24,360
Speaker 1: to be horrendous. I mean, I wrote those same pulling

1685
01:30:24,439 --> 01:30:26,040
Speaker 1: numbers down before coming here because I thought they were

1686
01:30:26,080 --> 01:30:30,080
Speaker 1: so illustrative. The oldest voters have gone between, you know,

1687
01:30:30,120 --> 01:30:34,400
Speaker 1: the oldest generation. They basically remained flat on Biden. The

1688
01:30:34,439 --> 01:30:37,680
Speaker 1: baby boomers are down seven percent on Biden, but Millennials

1689
01:30:37,680 --> 01:30:41,519
Speaker 1: and Gen Z down around twenty percentage points each on Biden.

1690
01:30:41,560 --> 01:30:45,160
Speaker 1: That's catastrophic not just for the mid terms, but for

1691
01:30:45,200 --> 01:30:50,160
Speaker 1: Biden's potential election and also for the Democratic Party long term.

1692
01:30:50,400 --> 01:30:54,800
Speaker 1: So yeah, I think I'm curious if, in particular about

1693
01:30:54,840 --> 01:30:57,960
Speaker 1: Sager's take on whether you think this is sort of

1694
01:30:58,120 --> 01:31:00,799
Speaker 1: deepening the impression that you were just talking about Democratic

1695
01:31:01,040 --> 01:31:06,639
Speaker 1: Party solidified as the party of elites and the college educated,

1696
01:31:06,640 --> 01:31:10,000
Speaker 1: because it seems simultaneously true that the caricature of the

1697
01:31:10,000 --> 01:31:13,400
Speaker 1: student debtor as like a liberal arts major at a

1698
01:31:13,439 --> 01:31:15,120
Speaker 1: fancy college who just didn't want to get a real

1699
01:31:15,200 --> 01:31:17,880
Speaker 1: job like that. That is a part of this, but

1700
01:31:18,000 --> 01:31:20,360
Speaker 1: probably a pretty small part, like most of the student

1701
01:31:20,360 --> 01:31:22,080
Speaker 1: debt is held by people who went to public or

1702
01:31:22,120 --> 01:31:24,760
Speaker 1: oh definitely forfits college people who didn't finish college. Those

1703
01:31:24,880 --> 01:31:27,960
Speaker 1: are people who gets I mean, I think the way

1704
01:31:27,960 --> 01:31:29,840
Speaker 1: we talk about it is that in the absence of

1705
01:31:29,880 --> 01:31:31,839
Speaker 1: everything else is going to be very difficult to combat

1706
01:31:31,840 --> 01:31:34,320
Speaker 1: that attack, right, which is that in the absence of

1707
01:31:34,479 --> 01:31:37,040
Speaker 1: help for everybody and for a lot of people, then

1708
01:31:37,120 --> 01:31:39,639
Speaker 1: you do have a selective bailout. I'm not saying I'm

1709
01:31:39,680 --> 01:31:42,000
Speaker 1: even against it, but given the fact that it doesn't

1710
01:31:42,040 --> 01:31:46,439
Speaker 1: change university incentive system and you know, a lot without

1711
01:31:46,520 --> 01:31:49,439
Speaker 1: fixing the underlying flaws and bailing it out, you are

1712
01:31:49,479 --> 01:31:53,240
Speaker 1: effectively bailing out mostly upper middle class people in this country. Now,

1713
01:31:53,880 --> 01:31:55,719
Speaker 1: like you're pointing about, like the fact that it comes

1714
01:31:55,720 --> 01:31:58,400
Speaker 1: in this broader context, Yeah, it's a much bigger context

1715
01:31:58,640 --> 01:32:01,479
Speaker 1: because if this was part of a package that was

1716
01:32:02,000 --> 01:32:05,800
Speaker 1: head on addressing child poverty and public housing and lack

1717
01:32:05,840 --> 01:32:08,760
Speaker 1: of red card access in red states, I think you

1718
01:32:08,800 --> 01:32:11,280
Speaker 1: could say that this is going to mostly benefit middle

1719
01:32:11,479 --> 01:32:14,040
Speaker 1: and many lower middle class people who desperately need to

1720
01:32:14,080 --> 01:32:15,600
Speaker 1: help tens of millions of people who are struggling with

1721
01:32:15,600 --> 01:32:18,040
Speaker 1: their student loans. But in a context where all of

1722
01:32:18,040 --> 01:32:21,120
Speaker 1: those things are not happening, this is the only group

1723
01:32:21,120 --> 01:32:24,360
Speaker 1: of people that are getting targeted relief. It looks completely different,

1724
01:32:24,360 --> 01:32:26,400
Speaker 1: and I think doesn't mean they shouldn't do it, but

1725
01:32:27,240 --> 01:32:28,760
Speaker 1: it does raise the question of what are they going

1726
01:32:28,800 --> 01:32:30,840
Speaker 1: to do for people who didn't go to college and

1727
01:32:30,880 --> 01:32:34,320
Speaker 1: are struggling with the highest price increases in four decades. Yeah, yeah,

1728
01:32:34,360 --> 01:32:36,479
Speaker 1: I think I always. I think all of that is

1729
01:32:36,640 --> 01:32:38,439
Speaker 1: fair and I would like to see them do more

1730
01:32:38,520 --> 01:32:40,800
Speaker 1: for everyone. That doesn't mean that I don't think they

1731
01:32:40,840 --> 01:32:42,680
Speaker 1: should help the group of people that they have like

1732
01:32:42,760 --> 01:32:44,880
Speaker 1: a ready tool to be able to help. And the

1733
01:32:44,920 --> 01:32:48,400
Speaker 1: reality is that, you know, young Americans in particular, really

1734
01:32:48,439 --> 01:32:50,559
Speaker 1: sold a bill of goods on college. Even the college

1735
01:32:50,560 --> 01:32:54,120
Speaker 1: wage prebium now is diminishing. The people who, as you

1736
01:32:54,120 --> 01:32:55,920
Speaker 1: point out, got the most crude are people who went

1737
01:32:55,960 --> 01:32:59,360
Speaker 1: to like these you know, scammy for profit colleges or

1738
01:32:59,640 --> 01:33:03,280
Speaker 1: weren't unable to finish college because of you know, whatever reason,

1739
01:33:03,320 --> 01:33:06,320
Speaker 1: whether it's an economic reason or another reason. But there

1740
01:33:06,400 --> 01:33:08,679
Speaker 1: was this promise of like, Okay, if you go to college,

1741
01:33:08,680 --> 01:33:11,280
Speaker 1: you're going to be good, and not only the prices

1742
01:33:11,400 --> 01:33:15,240
Speaker 1: skyrocket and you're saddled with this debt for your entire life,

1743
01:33:15,240 --> 01:33:17,080
Speaker 1: most of which is you know, much of the student

1744
01:33:17,120 --> 01:33:19,960
Speaker 1: loan debt is never going to be ultimately repaid, but

1745
01:33:20,040 --> 01:33:22,439
Speaker 1: then the promise of this sort of like stable middle

1746
01:33:22,439 --> 01:33:26,479
Speaker 1: class life also doesn't come true. So, you know, I

1747
01:33:26,520 --> 01:33:29,760
Speaker 1: think for younger Americans, that's why this has been such

1748
01:33:29,960 --> 01:33:33,639
Speaker 1: a pivotal issue, is not just because of the debt burden,

1749
01:33:34,000 --> 01:33:36,880
Speaker 1: but also because of the sort of lie that they

1750
01:33:36,920 --> 01:33:40,639
Speaker 1: were sold in terms of the trajectory of their life.

1751
01:33:40,680 --> 01:33:43,080
Speaker 1: But you know, Jeff, go ahead if you I saw

1752
01:33:43,200 --> 01:33:46,640
Speaker 1: a really interesting statistic that I thought kind of captures

1753
01:33:46,720 --> 01:33:48,800
Speaker 1: some of what you're saying, which is, you would think

1754
01:33:48,840 --> 01:33:52,559
Speaker 1: that this issue would be divided sort of on you know,

1755
01:33:52,720 --> 01:33:56,000
Speaker 1: educational lines with the polling, and it is to some extent,

1756
01:33:56,080 --> 01:33:57,559
Speaker 1: but a lot of the numbers of the White House

1757
01:33:57,600 --> 01:33:59,920
Speaker 1: I know has looked at, have looked at, actually show

1758
01:34:00,080 --> 01:34:03,080
Speaker 1: is that this is just almost purely generation that even

1759
01:34:03,120 --> 01:34:05,960
Speaker 1: people who didn't go to college have no student debt

1760
01:34:06,640 --> 01:34:10,120
Speaker 1: in our in our age cohort overwhelmingly support this even

1761
01:34:10,120 --> 01:34:13,080
Speaker 1: if it doesn't materially benefit them, because they see exactly

1762
01:34:13,160 --> 01:34:15,800
Speaker 1: what you're talking about, that this was a bill of

1763
01:34:15,840 --> 01:34:17,640
Speaker 1: goods that people were sold that turned out to be

1764
01:34:18,120 --> 01:34:21,599
Speaker 1: completely phony, and that the student you know, default rates

1765
01:34:21,640 --> 01:34:23,760
Speaker 1: for you know, especially for black borrows, people of color

1766
01:34:23,840 --> 01:34:28,400
Speaker 1: are astronomical and so when when you look at this

1767
01:34:28,800 --> 01:34:32,720
Speaker 1: broader questions, is there a systemic injustice being done at

1768
01:34:32,720 --> 01:34:35,559
Speaker 1: the core of our education system. I think people would

1769
01:34:35,560 --> 01:34:38,760
Speaker 1: would rightfully say that that there's something there's something there,

1770
01:34:38,800 --> 01:34:42,000
Speaker 1: And I just find that fascinating that young people, even

1771
01:34:42,040 --> 01:34:44,160
Speaker 1: if they don't they aren't personally affected by this, have

1772
01:34:44,280 --> 01:34:46,240
Speaker 1: sort of the sense of solidarity because they know someone

1773
01:34:46,280 --> 01:34:48,240
Speaker 1: who is. And for older people, even if they may

1774
01:34:48,280 --> 01:34:50,040
Speaker 1: have a little bit of student debt, they don't see

1775
01:34:50,040 --> 01:34:52,840
Speaker 1: it as this society wide crisis in the same way. Well,

1776
01:34:52,840 --> 01:34:54,479
Speaker 1: because they just never had to experience it. You know,

1777
01:34:54,520 --> 01:34:57,120
Speaker 1: this is where I'm most Whenever I hear them talk

1778
01:34:57,120 --> 01:34:58,880
Speaker 1: about how much they paid, I'm like, yeah, well it

1779
01:34:58,880 --> 01:35:01,519
Speaker 1: doesn't work there anymore. Yeah, I my college debt with

1780
01:35:01,600 --> 01:35:03,400
Speaker 1: like three shifts in the caffet. It's like, Okay, well

1781
01:35:03,680 --> 01:35:05,200
Speaker 1: I think that's awesome and I think that should be

1782
01:35:05,240 --> 01:35:07,439
Speaker 1: available to everybody, but it's not. So let's just all

1783
01:35:07,479 --> 01:35:09,640
Speaker 1: be honest. Yeah. I mean, my dad grew up in

1784
01:35:10,200 --> 01:35:13,320
Speaker 1: uh like the Great Depression in West Virginia that he

1785
01:35:13,439 --> 01:35:17,719
Speaker 1: lived in a one room trailer that his dad built,

1786
01:35:18,160 --> 01:35:20,960
Speaker 1: and he was able to go to you know, a

1787
01:35:21,000 --> 01:35:24,280
Speaker 1: solid public university at West Virginia University and like pay

1788
01:35:24,360 --> 01:35:27,760
Speaker 1: for it himself and ultimately become a pH d physicist

1789
01:35:27,760 --> 01:35:29,880
Speaker 1: and work for the government and like do good things

1790
01:35:29,880 --> 01:35:33,400
Speaker 1: with his life. Yeah, that's just it's gone. I mean,

1791
01:35:33,439 --> 01:35:35,640
Speaker 1: that's just you know, and listen, let's acknowledge like the

1792
01:35:35,640 --> 01:35:37,640
Speaker 1: privilege of being a white man at that time and

1793
01:35:37,680 --> 01:35:41,160
Speaker 1: all of those things. But that path is gone, and

1794
01:35:41,520 --> 01:35:44,759
Speaker 1: so this is like would be a tiny step towards

1795
01:35:44,760 --> 01:35:49,479
Speaker 1: at least acknowledging that people have gotten completely screwed. But Jeff,

1796
01:35:49,560 --> 01:35:52,280
Speaker 1: I am curious, like some of the things a white

1797
01:35:52,280 --> 01:35:53,800
Speaker 1: house does are just the way they approach it. It It

1798
01:35:53,920 --> 01:35:57,200
Speaker 1: really is perplexing to me. What do you think leads

1799
01:35:57,280 --> 01:35:59,720
Speaker 1: to them, you know, doing the stance where they sort

1800
01:35:59,720 --> 01:36:02,439
Speaker 1: of le something, we might do something, maybe not, And

1801
01:36:03,000 --> 01:36:06,200
Speaker 1: it's very morphous, and then people end up disappointed, and

1802
01:36:06,560 --> 01:36:10,360
Speaker 1: there seems to be a lot of their actions are

1803
01:36:10,360 --> 01:36:15,200
Speaker 1: more reactive to events rather than asserting like an affirmative

1804
01:36:15,280 --> 01:36:17,120
Speaker 1: vision going out and fighting for it. Even on I

1805
01:36:17,160 --> 01:36:20,200
Speaker 1: know this night You're Lane, but on the gun debate,

1806
01:36:20,520 --> 01:36:22,879
Speaker 1: you know, Biden puts out makes these kind of maximus

1807
01:36:22,960 --> 01:36:25,160
Speaker 1: comments about maybe we should get rid of handguns. But

1808
01:36:25,200 --> 01:36:28,360
Speaker 1: then in terms of actually even wading into the congressional debate,

1809
01:36:28,400 --> 01:36:30,880
Speaker 1: he hasn't even talked to a single Republican. They won't

1810
01:36:30,880 --> 01:36:33,520
Speaker 1: put a representative on the Sunday shows to even advocate

1811
01:36:33,600 --> 01:36:36,759
Speaker 1: for things like universal background checks, which are overwhelmingly popular.

1812
01:36:38,120 --> 01:36:41,160
Speaker 1: Is the what's the vibe there? What's the political thinking? Like?

1813
01:36:41,240 --> 01:36:44,880
Speaker 1: How is this all? How is this happening? I think

1814
01:36:45,320 --> 01:36:47,160
Speaker 1: if I were to take a step at, like a

1815
01:36:47,320 --> 01:36:51,679
Speaker 1: non personality based answer to that question, because I think

1816
01:36:51,680 --> 01:36:56,400
Speaker 1: there must be sort of idiosyncratic character traits that explain

1817
01:36:56,600 --> 01:37:00,559
Speaker 1: what you're referring to. But I think the broader thing

1818
01:37:00,600 --> 01:37:03,519
Speaker 1: that's happening is that, like there are tectonic shifts in

1819
01:37:03,560 --> 01:37:08,320
Speaker 1: the Democratic Party that Biden, you know, maybe this is

1820
01:37:08,320 --> 01:37:09,720
Speaker 1: part of the reason that he won the primary, but

1821
01:37:09,760 --> 01:37:14,040
Speaker 1: that he is is the on a different page than

1822
01:37:15,040 --> 01:37:18,479
Speaker 1: a lot of prominent members in the party, including members

1823
01:37:18,479 --> 01:37:20,800
Speaker 1: of the White House that are staff the White House

1824
01:37:20,840 --> 01:37:26,080
Speaker 1: at very high levels. So I think there are people

1825
01:37:26,120 --> 01:37:30,000
Speaker 1: who are advocating forcefully for things like student debt cancelation

1826
01:37:30,080 --> 01:37:33,320
Speaker 1: that Biden has for decades been skeptical of, right he

1827
01:37:33,479 --> 01:37:37,240
Speaker 1: has He's been public that he is uneasy with this idea,

1828
01:37:37,760 --> 01:37:42,680
Speaker 1: But the demands of leading legislative coalition bring you to

1829
01:37:42,720 --> 01:37:46,320
Speaker 1: places that you may not necessarily support, you know, And

1830
01:37:46,360 --> 01:37:50,719
Speaker 1: I think that's maybe at the bottom of what seems

1831
01:37:50,760 --> 01:37:54,200
Speaker 1: like a fractured approach a lot of the time for

1832
01:37:54,240 --> 01:37:56,360
Speaker 1: the White House. I would also say that Republicans like

1833
01:37:56,400 --> 01:37:57,960
Speaker 1: to say that, you know, it's Ron Klain and the

1834
01:37:57,960 --> 01:37:59,720
Speaker 1: White House Chief of Staff, that he is the core,

1835
01:38:00,280 --> 01:38:03,160
Speaker 1: and that you know, he's the one that's leading Biden

1836
01:38:04,240 --> 01:38:08,200
Speaker 1: to sort of flail. And I think people, you know,

1837
01:38:08,280 --> 01:38:10,880
Speaker 1: discount to what extent Biden himself is like actually really

1838
01:38:10,880 --> 01:38:12,960
Speaker 1: involved from all of these steaments and like in the

1839
01:38:13,040 --> 01:38:15,920
Speaker 1: room and well was hands on have a story hopefully

1840
01:38:15,960 --> 01:38:18,080
Speaker 1: coming later this week on this question, but how did

1841
01:38:18,120 --> 01:38:20,800
Speaker 1: build back better fall apart? But I think Biden himself,

1842
01:38:22,040 --> 01:38:24,680
Speaker 1: you know, is more involved than people think in a

1843
01:38:24,680 --> 01:38:26,439
Speaker 1: lot of these questions. Yeah. I used to drive me

1844
01:38:26,479 --> 01:38:28,880
Speaker 1: crazy under Trump too. You know, people would do this, look, oh, Jared,

1845
01:38:28,920 --> 01:38:31,200
Speaker 1: I'm like, yeah, Jared, but also you know, Trump is

1846
01:38:31,200 --> 01:38:33,080
Speaker 1: the president, Like you know, it's just like the same

1847
01:38:33,120 --> 01:38:36,400
Speaker 1: thing here, like, oh, ron Klain and Susan Rice and

1848
01:38:36,400 --> 01:38:38,759
Speaker 1: all these people. I'm like, yeah, But Biden is the president,

1849
01:38:39,120 --> 01:38:42,479
Speaker 1: he actually has a significant say in what's happening here

1850
01:38:42,479 --> 01:38:44,479
Speaker 1: and how exactly things go about. I mean to the

1851
01:38:44,479 --> 01:38:47,040
Speaker 1: extent that there's dithering and there's chaos. I mean, look,

1852
01:38:47,080 --> 01:38:49,160
Speaker 1: that is a direct indictment of him as a manager.

1853
01:38:49,160 --> 01:38:51,200
Speaker 1: I don't think you could get around it. It's also

1854
01:38:51,400 --> 01:38:56,000
Speaker 1: consistent with reports of how he ran his Senate office

1855
01:38:56,080 --> 01:38:59,040
Speaker 1: and also how he ran his Vice presidential office, a

1856
01:38:59,040 --> 01:39:01,200
Speaker 1: little bit of which I had sort of direct brief

1857
01:39:01,200 --> 01:39:05,400
Speaker 1: insight into, which is that he is both a micromanager

1858
01:39:05,439 --> 01:39:08,240
Speaker 1: and incapable of making decisions. I realized, you wrid for Biden.

1859
01:39:08,280 --> 01:39:11,559
Speaker 1: That's incredible. So I didn't directly work for Biden, but

1860
01:39:11,640 --> 01:39:14,360
Speaker 1: I was involved in the early discussions of him running

1861
01:39:14,560 --> 01:39:19,160
Speaker 1: in twenty sixteen, and so I got to see a

1862
01:39:19,200 --> 01:39:22,880
Speaker 1: little bit of the dysfunction up close and personal. And yeah,

1863
01:39:22,880 --> 01:39:26,320
Speaker 1: I mean that was effectively The problem is he wants

1864
01:39:26,320 --> 01:39:30,160
Speaker 1: to be involved in every decision down to the minute detail,

1865
01:39:30,400 --> 01:39:34,160
Speaker 1: but he is incapable of, like actually making decision, and

1866
01:39:34,200 --> 01:39:36,040
Speaker 1: so you end up with a group of people who

1867
01:39:36,120 --> 01:39:38,120
Speaker 1: are just completely handstrung. I mean, that's the worst of

1868
01:39:38,120 --> 01:39:40,240
Speaker 1: all worlds in terms of a manager. You can either

1869
01:39:40,280 --> 01:39:42,760
Speaker 1: be a great delegator and you put great people around

1870
01:39:42,800 --> 01:39:45,519
Speaker 1: and you trust their decision making or you're super hands on,

1871
01:39:45,760 --> 01:39:48,320
Speaker 1: but you're on it and you're capable of making decisions,

1872
01:39:48,800 --> 01:39:51,839
Speaker 1: and so you know, it was always sort of interesting

1873
01:39:51,880 --> 01:39:54,320
Speaker 1: to me during the campaign. There was this idea of like, oh,

1874
01:39:54,360 --> 01:39:56,160
Speaker 1: the adults are going to be back in charge. It's

1875
01:39:56,160 --> 01:39:58,920
Speaker 1: going to be competent, and I's like, have you actually

1876
01:39:59,240 --> 01:40:03,719
Speaker 1: observed how Biden has run any of his political offices before,

1877
01:40:04,040 --> 01:40:06,479
Speaker 1: Because there are a lot of positive traits you might

1878
01:40:06,560 --> 01:40:09,680
Speaker 1: use to describe how he's been in Washington, and you know,

1879
01:40:09,760 --> 01:40:13,280
Speaker 1: the sort of like genuine warmth and affection that people

1880
01:40:13,360 --> 01:40:17,600
Speaker 1: have towards him personally, but like manager ow competence was

1881
01:40:17,680 --> 01:40:20,920
Speaker 1: not a key Biden trait ever in his forty years

1882
01:40:20,920 --> 01:40:23,120
Speaker 1: in Washington. And that was the key selling point of

1883
01:40:23,120 --> 01:40:26,680
Speaker 1: the campaign, Right, you put aside your passion, your ideological

1884
01:40:26,680 --> 01:40:29,360
Speaker 1: commitments a little bit, and you go with someone who's trusted,

1885
01:40:29,479 --> 01:40:32,000
Speaker 1: who will maybe share some of your your goals and

1886
01:40:32,040 --> 01:40:34,439
Speaker 1: work with you to knock them. But his pitch to

1887
01:40:34,479 --> 01:40:36,960
Speaker 1: young orters in particular, was I know how to do

1888
01:40:37,000 --> 01:40:40,400
Speaker 1: this right. Well, we're all finding that out. It does not.

1889
01:40:40,880 --> 01:40:43,280
Speaker 1: It turns out Jeff. We always appreciate your insight, your

1890
01:40:43,280 --> 01:40:46,240
Speaker 1: reporting excellent. Everybody go follow Jeff on Twitter. Read his

1891
01:40:46,280 --> 01:40:50,240
Speaker 1: stuff over but are you just Jef? I mean j

1892
01:40:51,120 --> 01:40:53,479
Speaker 1: that's right on Twitter, guys, go give him a follow.

1893
01:40:53,520 --> 01:40:56,559
Speaker 1: We always lean on his reporting for our economic analysis.

1894
01:40:56,680 --> 01:41:00,000
Speaker 1: We lean on significantly, and thank you all so much

1895
01:41:00,120 --> 01:41:02,360
Speaker 1: for your support. Looking over at this camera, we really

1896
01:41:02,400 --> 01:41:05,400
Speaker 1: appreciate it. One year anniversary is tomorrow. Can't even believe it.

1897
01:41:05,720 --> 01:41:07,599
Speaker 1: We're going to have a special highlight reel of all

1898
01:41:07,640 --> 01:41:09,479
Speaker 1: the cool stories that we've covered. We're going to be

1899
01:41:09,479 --> 01:41:12,760
Speaker 1: back here obviously on Thursday. Premium subscribers, you guys got

1900
01:41:12,800 --> 01:41:15,120
Speaker 1: that special state of the Breaking Points. Make sure you

1901
01:41:15,120 --> 01:41:17,400
Speaker 1: guys check that out. It's just about how we're spending

1902
01:41:17,560 --> 01:41:19,840
Speaker 1: your hard earned money or to build a brand new

1903
01:41:19,960 --> 01:41:22,280
Speaker 1: network over here. And also thank you to all the

1904
01:41:22,280 --> 01:41:25,360
Speaker 1: premium subscribers who continue to come in every day. You

1905
01:41:25,360 --> 01:41:26,840
Speaker 1: guys are really helping us out. If you want to

1906
01:41:26,840 --> 01:41:28,920
Speaker 1: help us on this mission, link is in description and

1907
01:41:28,920 --> 01:41:30,840
Speaker 1: we will see you all on Thursday. Love you guys,

1908
01:41:30,880 --> 01:41:31,599
Speaker 1: See you Thursday,