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Speaker 1: Hey, guys, Saga and Crystal here.

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Speaker 2: Independent media just played a truly massive role in this election,

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Speaker 2: and we are so excited about what that means for

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Speaker 2: the future of the show.

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Speaker 3: This is the only place where you can find honest

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Speaker 3: perspectives from the left and the right that simply does

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Speaker 3: not exist anywhere else.

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Speaker 2: So if that is something that's important to you, please

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Speaker 2: go to Breakingpoints dot com. Become a member today and

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Speaker 2: you'll access to our full shows, unedited, ad free, and

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Speaker 2: all put together for you every morning in your inbox.

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Speaker 3: We need your help to build the future of independent

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Speaker 3: news media and we hope to see you at Breakingpoints

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Speaker 3: dot com.

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Speaker 1: Good morning, everybody, Happy Tuesday. We have an amazing show

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Speaker 1: for everybody today. Do we live for the pound or no?

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Speaker 1: All right, we live people live for the pound. There

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Speaker 1: we go. I still get to say it.

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Speaker 4: We're fermenting a coup today.

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Speaker 3: Yeah, we're frementing a coup here at Breaking Points. Emily

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Speaker 3: is in for Crystal, who will be back tomorrow and

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Speaker 3: on Thursday, so don't worry about that. But Emily, the

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Speaker 3: people have cried out for an Emily and Saga show

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Speaker 3: for a while. According to our records, it has been

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Speaker 3: two years since.

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Speaker 1: The last Embly and Saga show.

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Speaker 4: What a gift to everyone in the audience.

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Speaker 1: Yeah, so the it is. It is a great gift

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Speaker 1: that we do so people.

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Speaker 3: People can't accuse us here of not of not giving

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Speaker 3: in to our audience demands. Right, So the people demanded it,

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Speaker 3: and the people are getting it by plebiscite.

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Speaker 1: So there you go.

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Speaker 5: I think that's last time we did. By the way,

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Speaker 5: there was a brick wall behind us.

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Speaker 1: Yes there was. Yeah, that's right.

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Speaker 3: That was before the new set and everything's. Oh yeah,

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Speaker 3: look you can see how far we come.

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Speaker 4: That's all right.

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Speaker 3: What the hell are we covering today? This is the

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Speaker 3: toughest part of the job setting all this up.

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Speaker 1: Tariffs. All right, tariffs.

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Speaker 3: We're gonna talk about Tariff's the a worst April for

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Speaker 3: the Dow Jones since the Great Depression. Uh, not exactly

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Speaker 3: a great headline there for the administration. We're going to

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Speaker 3: talk about some of the movements in the stock market,

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Speaker 3: big dumpy yesterday of major stock indusses, as well as

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Speaker 3: some major movements by China warning other countries not to

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Speaker 3: team up with the United States. We're going to continue

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Speaker 3: the coverage of Pete Hegseeth saga.

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Speaker 1: There is just insanity going on.

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Speaker 3: Pete Hagsath knifing his own own staff in the back

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Speaker 3: who recently were fired.

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Speaker 1: From the Pentagon.

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Speaker 3: We also have one of those former staffers, Stan Caldwell,

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Speaker 3: speaking out on the Tucker Carlson Show, really giving us

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Speaker 3: some insight into the knife fights that are happening in

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Speaker 3: the administration over war with Iran.

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Speaker 1: We're going to talk about Kirsty Nome.

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Speaker 3: She apparently got her purse stolen despite having been surrounded

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Speaker 3: by Secret Service agents.

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Speaker 1: She had three thousand dollars in cash on her.

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Speaker 3: Just some very weird stuff that's going on, and obviously

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Speaker 3: also an insight into one of the top law enforcement

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Speaker 3: officers in the United States. This is a topic I

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Speaker 3: selected specifically because Emily is here with me. We're going

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Speaker 3: to talk about the Trump administration's efforts to boost birth

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Speaker 3: rates here in the United States, focused specifically on motherhood

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Speaker 3: tax breaks for new moms, medals for mothers that have

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Speaker 3: more than several children. So we're going to break some

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Speaker 3: of that down. We're going to talk about that fight

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Speaker 3: with Harvard between the Trump administration and Harvard, a major

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Speaker 3: escalating legal battle between the two it stems from that

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Speaker 3: quote anti semitism fight, but it's actually become much bigger

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Speaker 3: than that. And then we're very excited to be joined

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Speaker 3: by Fire, the president of Fire, who is going to

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Speaker 3: break down some of the free speech attacks from by.

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Speaker 1: The Trump administration.

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Speaker 3: Fire Emily probably the single best organization that's been consistent

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Speaker 3: and principled on these matters over the years. Really, we

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Speaker 3: always look to them for guidance. They've spoken up on

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Speaker 3: very unpopular issues, popular issues they don't care literally at Also,

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Speaker 3: we're excited to speak with them.

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Speaker 1: And then also, I guess people are also getting their wish.

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Speaker 3: Here in AMA with Emily and I for our premium subscribers,

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Speaker 3: So don't forget. You can support us at Breakingpoints dot com.

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Speaker 3: You can participate in these live amas and more, and

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Speaker 3: also see Emily every Friday on the Emily Show or

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Speaker 3: on the Friday Show.

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Speaker 1: Sorry, I guess we could call it. We should should

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Speaker 1: we call?

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Speaker 4: Yeah?

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Speaker 1: Yeah?

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Speaker 6: I like it.

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Speaker 1: I like it all right, don't forget.

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Speaker 3: If you can't support us right now and all of

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Speaker 3: the new expansions that we're doing here, it's totally fine.

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Speaker 3: Just make sure that you like and subscribe to this

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Speaker 3: video and if you're listening to us on a podcast,

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Speaker 3: just go ahead, give us a five star review and

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Speaker 3: send the episode to a friend. That is the single

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Speaker 3: best thing that you can do for us. You can

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Speaker 3: even pick your favorite episode, Emily. You know what's fascinating

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Speaker 3: in our podcast downloads is that there are hundreds of

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Speaker 3: thousands of people who listen to these like at the end.

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Speaker 1: Of the week, like like they don't listen to them daily.

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Speaker 3: There we have a huge spike and Fridays and Saturdays.

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Speaker 3: I don't get I'll be honest, I don't get it,

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Speaker 3: but I guess it kind of makes sense.

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Speaker 1: It's like cats up on the news.

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Speaker 4: In any particular episode.

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Speaker 3: Like yeah, like a Monday episode will boom on like

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Speaker 3: a Friday.

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Speaker 1: I'm like, I just I don't get it.

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Speaker 3: YouTube is much more like regular, you know, like after

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Speaker 3: forty eight hours or so, like most of the people

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Speaker 3: have watched something, are gonna watch it. There are a

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Speaker 3: few evergreen topics, but yeah, these podcast listeners, man, I've

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Speaker 3: been trying to understand these.

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Speaker 1: People for four years. I'll never get it. But it's okay,

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Speaker 1: that's very interesting. Yeah, we love you anyway.

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Speaker 4: So if you're listening to this.

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Speaker 1: Four days from now.

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Speaker 3: If you're listening to this four or five days from now,

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Speaker 3: go ahead and follow your instructions.

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Speaker 1: All right, let's get to the tariff. So massive sell

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Speaker 1: off in.

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Speaker 3: The stock market yesterday, not one particular thing that seems

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Speaker 3: to have set things off, but just still real signs

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Speaker 3: of danger. Here's CNBC right around the close. Let's take

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Speaker 3: a listen.

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Speaker 4: Look at the markets.

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Speaker 7: Which are very unwelcome on this Monday afternoon. The Dow

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Speaker 7: is down twelve hundred and seventy points right now, so

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Speaker 7: we're at session lows and if we close here, it

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Speaker 7: will be the eleventh thousand point drop in the Dow's history,

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Speaker 7: and it's the fourth this month. Now, the SMP broad market,

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Speaker 7: here's what you need to know, down three percent and

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Speaker 7: down sixteen percent from the fifty two week high. We're

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Speaker 7: about two hundred points above the intry day low of forty.

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Speaker 4: Nine ten on April eighth.

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Speaker 7: Keep these in mind as people look for a retest,

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Speaker 7: and is that an entry point. The Nasdaq is the

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Speaker 7: worst of the major averages, led lower.

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Speaker 4: By Nvidia and Tesla.

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Speaker 7: Tesla down seven percent ahead of its earnings tomorrow, and

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Speaker 7: of course, check the yield on the tenure because unlike

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Speaker 7: many most previous stock sell offs, where you at least

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Speaker 7: get some cushion here, Nope, not getting it today four forty.

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Speaker 7: This time, treasuries are being sold as investors sell stocks

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Speaker 7: as well, Dollars down, yields are higher.

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Speaker 3: Yeah, and actually the yield is spiked even more since then.

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Speaker 3: We're going to get to that in a little bit.

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Speaker 3: But let's go ahead and put this up there on

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Speaker 3: the screen that Dow is currently headed for the worst

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Speaker 3: April since nineteen thirty two as investors are sending no

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Speaker 3: confidence signals. Quote few think the administration's negotiation with trade

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Speaker 3: partners will yield results soon enough to ease the strain.

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Speaker 3: And Emily, that really seems to be a big thing

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Speaker 3: that was donned on the market yesterday and a lot

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Speaker 3: of these investors is the fact that the Japanese talks

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Speaker 3: went so badly and that the Japanese Prime minister and

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Speaker 3: their team left Washington with no deal. And then, honestly,

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Speaker 3: the worst signal was not just them leaving, it was

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Speaker 3: the Japanese Prime minister going to Parliament and declaring, we

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Speaker 3: will not concede to all of the demands of the

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Speaker 3: United States. They are actively counter signaling the Trump administration

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Speaker 3: at home and by the way, too great popularity. Actually,

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Speaker 3: the Japanese people not very happy about the way that

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Speaker 3: they have been treated throughout this process. There's been ongoing

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Speaker 3: to time there with China and with South Korea something.

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Speaker 3: You know, Trump historically has made three countries which absolutely

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Speaker 3: hate each other's guts to at least move in some

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Speaker 3: solid direction as a result of the tariffs. And so

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Speaker 3: I think as this begins to dawn on the investors

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Speaker 3: and on the market, they're seeing that Japan, which was

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Speaker 3: supposed to be the check mark, like that was supposed

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Speaker 3: to be the easiest one to be done, and they're like, holy,

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Speaker 3: we have seventy more of these trade deals that are

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Speaker 3: supposed to happen in ninety days. They're like, this is

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Speaker 3: just not going to happen, Like this is not reality.

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Speaker 3: And then no signal yet from the Trump administration around

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Speaker 3: any sort of cave. The more that starts to set in,

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Speaker 3: I mean, you know, everybody celebrated that stock market bump

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Speaker 3: after the ninety day pause. We are just a few

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Speaker 3: maybe two three percent or something like that away from

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Speaker 3: being right back to where we started even before the

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Speaker 3: ninety day pause where they initially wanted the bonds. Obviously

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Speaker 3: we'll get to in a little bit, but this is

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Speaker 3: this is not a good sign.

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Speaker 5: Yeah, I mean, this is maybe the worst sign because

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Speaker 5: there's a counterfactual here. Trump actually is signing and inking

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Speaker 5: all of these like really good deals, and that sounds

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Speaker 5: a little bit ridiculous. But it's possible, right that he

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Speaker 5: could be coming away from this with actually some significant

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Speaker 5: progress in these negotiations with Japan, with places like Vietnam.

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Speaker 5: It's entirely within the realm of possibility, but it's also

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Speaker 5: the predicate for his entire strategy. The strategy hinges on

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Speaker 5: being able to seal these deals, to seal them quickly,

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Speaker 5: and to get good ones. And again, I think it's,

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Speaker 5: you know, more likely than not. It's always been more

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Speaker 5: likely than not that wouldn't happen, but it was always

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Speaker 5: a possibility.

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Speaker 4: It was always a possibility.

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Speaker 3: What's interesting too, is Charles Gasparino over a Fox Business

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Speaker 3: just said today quote about ten days ago, Scott Besson

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Speaker 3: was telling Wall Street executives that he was making progress

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Speaker 3: cutting trade deals with India, Japan, South Korea, and Australia,

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Speaker 3: some of the largest trading partners quote, then nothing happened

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Speaker 3: in the market's tank. So there's been a combination of

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Speaker 3: a couple of facts. It's not only the lack of

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Speaker 3: trade deals. There's also been Trump's escalating attacks on the

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Speaker 3: Federal Reserve Chairman Jerome Powell. And look, I mean, I

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Speaker 3: don't think Trump is empirically incorrect that we do need

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Speaker 3: a rate cut, but it's really more about the signal

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Speaker 3: that he himself would take like some of unitary executive

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Speaker 3: power over the central Bank, which would mean that there

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Speaker 3: would be an escalating fight and most importantly uncertainty. So

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Speaker 3: it's not the fact that investors don't want a rate cut.

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Speaker 3: They would be absolutely happy to do so, as we've

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Speaker 3: already seen the European Central Bank is cut rates. There's

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Speaker 3: been numerous other countries that have done so as well.

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Speaker 3: The dollar right now, by the way, is a disaster.

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Speaker 3: The dollar is down, to believe, almost every currency except

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Speaker 3: for the Turkish lira all time highs, or not all

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Speaker 3: time highs, but near all time highs, with the euro,

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Speaker 3: the Japanese yen, and a few other currencies which traditionally

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Speaker 3: actually were quite down. This is very difficult because even

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Speaker 3: without tariffs that means that these foreign goods are going

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Speaker 3: to be more expensive for United States investors and importers

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Speaker 3: that are able to afford this. That is not to

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Speaker 3: even mention, you know, the other stuff that's happening right

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Speaker 3: now in the markets. Let's put a two please up

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Speaker 3: on the screen, because this really actually underscores a lot

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Speaker 3: of what I'm talking about here about the dollar weakness.

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Speaker 3: Quote Trump trade offensive threatens America's financial primacy, and the

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Speaker 3: rising volatility in the dollar weakness is raising fears for

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Speaker 3: a financial realignment away from US shores. And so this

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Speaker 3: is the big fear right now, the move away from

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Speaker 3: the United States dollar as a reserve currency. Traditionally, as

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Speaker 3: they were talking about on CNBC, you see bond deals

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Speaker 3: start to go down, which obviously has major pressure in

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Speaker 3: terms of interest rates the Federal reserve, but we don't

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Speaker 3: see that. And so really what we're seeing is both

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Speaker 3: a fleeing from US markets and from the US dollar.

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Speaker 3: And so when you have massive uncertainty on those two things,

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Speaker 3: as well as this massive pressure in the bond markets,

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Speaker 3: you basically have financial uncertainty and pressure at all levels.

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Speaker 1: At the consumer level, at the equities level, at the

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Speaker 1: bond level, and now at a currency level.

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Speaker 3: In fact, I was just reading today that one of

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Speaker 3: the largest foreign exchange of traders, like of currencies, has

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Speaker 3: been margin called and has the heart basically halt like

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Speaker 3: all trading. And so there's you know, I mean, look,

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Speaker 3: I'm not shedding.

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Speaker 1: Tears here for four X traders. It's like oh boo hoo.

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Speaker 3: But it's a signal obviously that the uncertainty and the

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Speaker 3: like basically shocked to the overall dollar is causing fundamental

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Speaker 3: questions to be asked across the world. And I think

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Speaker 3: it always just returns to why. It's like, if that's

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Speaker 3: a result of a war, if it's that's the result

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Speaker 3: of you know, outside pressure, if that's a result of

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Speaker 3: a hyper intentional policy for d dollarization across the world

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Speaker 3: to make US goods more competitive for genuinely good trade deals,

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Speaker 3: a lot of people be fine with it, you know.

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Speaker 3: But the point is that within this vacuum of chaos

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Speaker 3: where there seems to be no policy agenda, everything is

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Speaker 3: basically at the whims of whether Peter Navarro is on

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Speaker 3: the right building in the White House complex or not.

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Speaker 3: That's when everybody is just like, yeah, I'm done, you know,

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Speaker 3: I'm hording cash if you're lucky enough to have some

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Speaker 3: taken out debt, or if you're a company, I'm buying

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Speaker 3: nothing for the next ninety days. And you know the

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Speaker 3: freight drop that's coming from China. It just still has

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Speaker 3: not set in for people because you're not ready for

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Speaker 3: like the price increase at Costco. You're not ready to

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Speaker 3: go there and to see stuff that you normally would

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Speaker 3: that's just not on the shelf. It takes a couple

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Speaker 3: of months to see that happen. I mean, don't forget.

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Speaker 3: The peak of inflation in the COVID era was twenty

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Speaker 3: twenty two. Even though twenty twenty one was marked by

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Speaker 3: all of those increases, it was really after the invasion

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Speaker 3: of Russia where we saw massive shock to the financial system,

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Speaker 3: massive shock to the energy market, and basically a year

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Speaker 3: of unchecked inflation that the government allowed to basically just happen,

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Speaker 3: where all of those things culminated where people were like,

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Speaker 3: I am done with Joe Biden, and you know, I'm

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Speaker 3: really done with the overall US economy, and they really

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Speaker 3: never forgave him for that, and I think that they're

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Speaker 3: really on track.

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Speaker 4: You know, you know this as well, as I do.

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Speaker 5: But a lot of people in the White House right now, specifically,

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Speaker 5: are looking back to nineteen eighty one and they say,

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Speaker 5: Ronald Reagan weathered a temporary recession. The short term pain

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Speaker 5: paid off for him. He was able to muster the

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Speaker 5: he was able to mobilize voters and have a very

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Speaker 5: successful return to the presidency. This is very different from

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Speaker 5: that in a couple of different ways. But just one

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Speaker 5: important way that you alluded to. It's not about price.

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Speaker 5: This is not just about price increases. This is about

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Speaker 5: the availability of goods. This is about scarcity. This is

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Speaker 5: about things changing. This is about the shelves changing, not

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Speaker 5: just the prices going up. And I think to your point,

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Speaker 5: not only has that not stunk in for consumers, I

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Speaker 5: don't think that that has sunk in for the administration.

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Speaker 5: And the uncertainty as leverage was always again, if this

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Speaker 5: deal were to if this entire strategy were to play

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Speaker 5: out successfully, that had to be very temporary. Yeah, because

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Speaker 5: it was good leverage.

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Speaker 3: But let's talk about the nineteen eighty one recession, because

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Speaker 3: that's a very important point. But why did Reagan get

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Speaker 3: forgiven for the nineteen eighty one recession? Because it was

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Speaker 3: a hangover a vulgar monetary policy, and thus people forgave

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Speaker 3: Reagan because they didn't think it was his fault. And also,

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Speaker 3: Reagan was a really good politician at the height of

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Speaker 3: his literally probably at the height of his rhetorical powers

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Speaker 3: in nineteen eighty one, where he's like, oh, you know,

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Speaker 3: the happy optimism, the jelly beans and all that, and

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Speaker 3: he's like, look, you know, He's like, we're going to

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Speaker 3: get through this together. He was an excellent communicator, and

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Speaker 3: he was actually able to use that recession to eventually

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Speaker 3: push a lot of major legislation. Now we can debate

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Speaker 3: the effects in all of that, but that was a

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Speaker 3: hyper competent in my opinion, team, regardless of whether you

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Speaker 3: think that what they did was good or not. But

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Speaker 3: most importantly, they were able to blame Carter and Vulgar

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Speaker 3: for much of what transpired from eighty one and in

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Speaker 3: eighty two. The Trump administration does not have that luxury already.

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Speaker 3: America is like Biden, who They're like, who is that?

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Speaker 1: And what we were talking about?

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Speaker 5: They're also asking the public to significantly renegotiate its relationship

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Speaker 5: with consumer goods.

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Speaker 3: Yes, and not just I would say beyond consumer goods.

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Speaker 3: I would say, they're asking them to renegotiate like the

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Speaker 3: very terms of which they understood their economic life, and

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Speaker 3: like that is again you know, you don't there's America

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Speaker 3: if we look back, like they're really only going to

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Speaker 3: tolerate that in a time of war, like and even

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Speaker 3: then people are gonna get pissed.

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Speaker 4: Which is also where Igan was successful.

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Speaker 1: Yeah, that's true, because it's the cool we had.

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Speaker 3: The Cold War a very good point and I was

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Speaker 3: reading I think there was a during World War Two

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Speaker 3: there was like a national speed limit of like thirty

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Speaker 3: five miles per hour to serve get people.

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Speaker 1: I hated it.

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Speaker 3: But they were able to tolerate it because they're like, Okay,

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Speaker 3: you know, we're in the middle of a war. But

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Speaker 3: basically like the moment that I think the Japanese surrendered,

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Speaker 3: they're like, yeah, we're driving fifty miles an hour now, okay,

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Speaker 3: like the shit's over, Like where's my goods? I need

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Speaker 3: some I need some serious return for four years of

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Speaker 3: lack of food and of driving super slow, even though

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Speaker 3: we didn't even have any highways or anything back in

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Speaker 3: that time.

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Speaker 1: So you know, America's always kind I'm.

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Speaker 4: In that way you're full of fun facts.

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Speaker 1: It's always fun times, you know.

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Speaker 8: Over here.

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Speaker 3: All right, let's go to the next one, shall we.

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Speaker 3: This is about the bond markets. So to resurrect the

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Speaker 3: Joe Wisenthal term, the bond market is the real deep

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Speaker 3: state A three please. And what you're watching there is

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Speaker 3: that the long term bond yields are absolutely blowing out

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Speaker 3: right now. And so look, obviously these things are variable,

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Speaker 3: but as of this morning, we saw a four point

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Speaker 3: nine you know, yield on bonds, which is like on

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Speaker 3: the thirty year bond at four point nine. The Again,

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Speaker 3: let's let's remember why this is important, which is that

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Speaker 3: this means that debt servicing, interest rates and all of

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Speaker 3: that are going to be more expensive for the government.

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Speaker 3: It also means that there is a either sell off

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Speaker 3: or lack of demand for the United States dollar and

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Speaker 3: for our bond. The very credibility of the United States

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Speaker 3: financial system and of the United States, Like I don't

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Speaker 3: even really know how to describe it because it is

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Speaker 3: so consequential. Remember it's the bond market that was took

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Speaker 3: down Liz Trusts as the Prime minister. But it's important

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Speaker 3: just to remember that when you see that happening. It

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Speaker 3: is a direct contradiction of the stated goal of the

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Speaker 3: Trump administration because one of the ways a Secretary Pston

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Speaker 3: was giving people a lot of cope is he was like, yeah,

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Speaker 3: the equities markets they go up, they go down, etc.

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Speaker 3: But the bond market, if we're able to do that,

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Speaker 3: because traditionally that's usually what happens during a downturn, well

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Speaker 3: that will be overall more beneficial to US consumers, to

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Speaker 3: our financial system, for the US Treasury. But instead they've

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Speaker 3: had the exact opposite, which definitely indicates foreign basically fleeing

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Speaker 3: of the dollar and of lack of confidence in overall

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Speaker 3: US markets. So that's what a lot of US are

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Speaker 3: looking at.

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Speaker 4: Again, uncertainty.

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Speaker 5: And I think fluctuations we see yesterday were because of

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Speaker 5: the I mean, I would argue that a lot of

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Speaker 5: it was a reaction to the tripling down of the

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Speaker 5: attacks on Powell, just because it creates certain.

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Speaker 3: Of course, I mean, and that's I was talking with

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Speaker 3: some people yesterday, go why yes, because you know we

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Speaker 3: saw it like a three something percent drop in the

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Speaker 3: S and P five hundred and there was I mean,

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Speaker 3: by the way, that's the funny thing. Somebody said They're like,

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Speaker 3: we're so desensitized that a single three percent drop is like, eh, whatever,

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Speaker 3: I'm like, no, that's actually a lot. They look over

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Speaker 3: the you know, if you look over the traditional time horizon,

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Speaker 3: like this amount of complete like up and down, you know,

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Speaker 3: in a single day without any market react, without like

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Speaker 3: an announcement of bad earnings or a major policy announcement,

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Speaker 3: and everybody's kind of just collectively like, hmm, this doesn't

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Speaker 3: seem to be going that well. That's actually a really

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Speaker 3: bad sign because it means that the slide can just continue.

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Speaker 3: Keep in mind or recording this earlier in the morning,

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Speaker 3: So let me take a look at the futures. Yeah,

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Speaker 3: s and P is up by zero point seven percent. Great,

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Speaker 3: it was like, you know, still down obviously from where

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Speaker 3: we were whenever we began, even on Monday. And actually,

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Speaker 3: you know, Joe Wisenthal again flagged something which I thought

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Speaker 3: was absolutely harrowing for the private markets. Let's go ahead

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Speaker 3: and put a four up there on the screen. He says, quote,

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Speaker 3: Blackstone is now down forty percent from its November highs

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Speaker 3: and is now right back at its post Liberation day lows. Remember,

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Speaker 3: this is probably the best run manager of private assets

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Speaker 3: in the world. So just consider how your run of

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Speaker 3: the mill private equity or VC shop is looking right now.

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Speaker 3: You know why I found that so important is I'll

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Speaker 3: never forget. So the very first person I ever spoke

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Speaker 3: to who told me that there was going to be

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Speaker 3: major economic problems was actually David Sachs, and it was

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Speaker 3: an interview I think I did it with him back

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Speaker 3: in early twenty twenty two, before even the invasion of Ukraine,

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Speaker 3: and I remember him telling me, he goes, you know,

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Speaker 3: VC evaluations are down massively, and because this is the

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Speaker 3: bleeding edge of.

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Speaker 1: The financial system.

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Speaker 3: When we're watching like lack of liquidity and overall just

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Speaker 3: like lack of investment and VC evaluations and all the stuff

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Speaker 3: start to go down, that's usually an indication where the

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Speaker 3: private markets are or where the public markets will head soon.

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Speaker 3: And I would say maybe within three or four months.

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Speaker 3: Everything that he said ended up correct, and I was like, wow,

440
00:20:07,480 --> 00:20:09,840
Speaker 3: So they gave me a lot of respect for some

441
00:20:09,960 --> 00:20:12,800
Speaker 3: of the insight of where these private market entities can

442
00:20:12,880 --> 00:20:15,879
Speaker 3: tell us about not only valuations, but also what future

443
00:20:15,920 --> 00:20:18,680
Speaker 3: behavior will look like. So you know, if you're Blackstone,

444
00:20:18,720 --> 00:20:21,359
Speaker 3: you're down forty percent, you have to start selling stuff

445
00:20:21,400 --> 00:20:23,520
Speaker 3: like soon. You know, you're getting pretty close where if

446
00:20:23,560 --> 00:20:26,200
Speaker 3: you're going to half your value from November, like, you're

447
00:20:26,200 --> 00:20:30,400
Speaker 3: gonna have some serious pressure from your investors. And these people, unfortunately,

448
00:20:30,440 --> 00:20:32,000
Speaker 3: again I don't want it to be this way. They

449
00:20:32,080 --> 00:20:34,520
Speaker 3: control a lot of stuff, and so if they offload,

450
00:20:34,640 --> 00:20:37,320
Speaker 3: you know, single family houses, that could have a major

451
00:20:37,359 --> 00:20:40,080
Speaker 3: impact that they offload, you know, I mean they control

452
00:20:40,240 --> 00:20:44,840
Speaker 3: so many major companies or stakes in companies or this.

453
00:20:44,720 --> 00:20:46,159
Speaker 1: Is the worst possible outcome.

454
00:20:46,440 --> 00:20:50,640
Speaker 3: What do these private equity goons always do whenever there

455
00:20:50,720 --> 00:20:54,600
Speaker 3: is a downturn? They fire people. Yeah, well yeah, that too. Actually, no,

456
00:20:54,640 --> 00:20:57,080
Speaker 3: they're not doing cocaine, can afford it anymore, that's right. No,

457
00:20:57,160 --> 00:21:00,760
Speaker 3: So they're doing what's the legal cocaine now these days,

458
00:21:00,840 --> 00:21:04,399
Speaker 3: I don't know, celsius. They're drinking tons of celsius. But

459
00:21:04,640 --> 00:21:08,160
Speaker 3: the problem that we see for them is when they

460
00:21:08,160 --> 00:21:10,360
Speaker 3: have to offload, and then they come in and they

461
00:21:10,440 --> 00:21:14,400
Speaker 3: just gut these companies. And again you see tiny little

462
00:21:14,440 --> 00:21:18,479
Speaker 3: signs of this Southwest getting rid of seating right, jacking

463
00:21:18,520 --> 00:21:20,960
Speaker 3: up its rates, trying to add first class.

464
00:21:21,240 --> 00:21:23,440
Speaker 1: You see already. You know, the airlines are.

465
00:21:23,320 --> 00:21:26,840
Speaker 3: Always a classic example of recession indicators We're going to

466
00:21:26,880 --> 00:21:31,000
Speaker 3: see many other businesses which Blackstone again unfortunately does control

467
00:21:31,040 --> 00:21:34,400
Speaker 3: along with a lot of KKR, all of these major shops.

468
00:21:34,440 --> 00:21:36,639
Speaker 1: They run massive businesses.

469
00:21:36,359 --> 00:21:39,400
Speaker 3: That employ millions of people across America or they own

470
00:21:39,440 --> 00:21:41,560
Speaker 3: stakes in them, and as investors, they're going to put

471
00:21:41,560 --> 00:21:44,280
Speaker 3: pressure on them to probably reduce headcounts so that they

472
00:21:44,480 --> 00:21:47,040
Speaker 3: increase their overall share price. So I actually thought that

473
00:21:47,240 --> 00:21:49,679
Speaker 3: was one of the more important ones. And also you

474
00:21:49,680 --> 00:21:52,480
Speaker 3: know the indication they're on venture capital and on private

475
00:21:52,480 --> 00:21:55,560
Speaker 3: equity like that. When that stuff starts to dry up again,

476
00:21:55,600 --> 00:21:58,160
Speaker 3: we saw major problems in our markets in twenty twenty

477
00:21:58,200 --> 00:21:59,440
Speaker 3: two and in twenty twenty three.

478
00:22:00,119 --> 00:22:01,640
Speaker 4: Before we move on that underscores.

479
00:22:01,720 --> 00:22:04,280
Speaker 5: I mean, that's why I think again this question of

480
00:22:04,320 --> 00:22:07,200
Speaker 5: certainty and strategy, and you've been making this point all along,

481
00:22:07,320 --> 00:22:09,520
Speaker 5: but like there was to your point about David Sachs

482
00:22:09,520 --> 00:22:13,280
Speaker 5: having these insights literally years ago, there's a pretty optimistic

483
00:22:14,040 --> 00:22:16,520
Speaker 5: I think I was more optimistic than you when Liberation

484
00:22:16,680 --> 00:22:20,280
Speaker 5: Day was being teased and rolled out because this is

485
00:22:20,320 --> 00:22:25,640
Speaker 5: actually based on some very accurate and unpopular I think

486
00:22:26,080 --> 00:22:30,000
Speaker 5: understandings of the United States economy. Sure, and so there

487
00:22:30,119 --> 00:22:33,600
Speaker 5: was a way that with a strategy, with coherence and

488
00:22:33,640 --> 00:22:36,600
Speaker 5: with a sense of purpose and certainty, everyone looks like

489
00:22:36,600 --> 00:22:39,920
Speaker 5: they're walking in step. This would have actually done something

490
00:22:39,920 --> 00:22:41,800
Speaker 5: pretty interesting. There definitely would have always been short.

491
00:22:41,880 --> 00:22:44,600
Speaker 1: Well, let me clarify, I was never not optimistic.

492
00:22:45,320 --> 00:22:45,679
Speaker 6: I was.

493
00:22:46,000 --> 00:22:48,720
Speaker 3: I had a baseline level of optimism until that chart

494
00:22:48,760 --> 00:22:49,080
Speaker 3: came out.

495
00:22:49,160 --> 00:22:49,760
Speaker 1: Yeah, and when I.

496
00:22:49,720 --> 00:22:52,320
Speaker 3: Saw that chart, I was like, that's it, but I

497
00:22:52,400 --> 00:22:55,560
Speaker 3: knew I will never forget it. And I was like,

498
00:22:55,720 --> 00:23:00,000
Speaker 3: holy shit, well looking at that, seeing what the fifth

499
00:23:00,240 --> 00:23:03,280
Speaker 3: percent whatever tariff on Vietnam, I was like, yeah, this

500
00:23:03,400 --> 00:23:03,720
Speaker 3: is over.

501
00:23:04,000 --> 00:23:05,400
Speaker 1: And I mean and that's and then.

502
00:23:05,440 --> 00:23:07,359
Speaker 5: Learning about could have recovered from that, right, like they

503
00:23:07,359 --> 00:23:09,080
Speaker 5: could I think they could have. They could have easily

504
00:23:09,119 --> 00:23:11,480
Speaker 5: come out the next day and said we'd talked to

505
00:23:12,400 --> 00:23:15,040
Speaker 5: Vietnam overnight and came but they.

506
00:23:15,160 --> 00:23:17,359
Speaker 3: I think for me, it was that, you know, within

507
00:23:17,480 --> 00:23:19,760
Speaker 3: hours we learned the way that the trade, that the

508
00:23:19,840 --> 00:23:22,320
Speaker 3: actual calculation happened. And then when you learn that that

509
00:23:22,400 --> 00:23:25,840
Speaker 3: level of care went into the stewardship of the global economy,

510
00:23:25,920 --> 00:23:27,359
Speaker 3: that's when I was like, self, you know, it's like

511
00:23:27,400 --> 00:23:29,760
Speaker 3: the biggest cell signal I've ever seen. I was like,

512
00:23:29,880 --> 00:23:33,560
Speaker 3: nothing that these people do really they may stumble into

513
00:23:33,600 --> 00:23:36,520
Speaker 3: something good, but intentionality or planning behind it.

514
00:23:36,600 --> 00:23:37,640
Speaker 1: No, no, no, no, And.

515
00:23:37,600 --> 00:23:39,600
Speaker 3: I think that's really I mean, that's why the market's

516
00:23:39,600 --> 00:23:43,280
Speaker 3: tanked as well, you know, a ten percent uh universal terror. Again,

517
00:23:43,480 --> 00:23:45,240
Speaker 3: I mean, I don't think it's a terrible policy. We

518
00:23:45,240 --> 00:23:47,680
Speaker 3: could we could talk about it all day long. It's

519
00:23:47,720 --> 00:23:50,240
Speaker 3: one of those where if it had happened, there definitely

520
00:23:50,280 --> 00:23:53,280
Speaker 3: would have been obviously a market correction of some kind,

521
00:23:53,320 --> 00:23:55,720
Speaker 3: But I genuinely don't believe it would have been similar

522
00:23:55,800 --> 00:23:58,480
Speaker 3: to today where we have wild swings of up and down.

523
00:23:58,560 --> 00:24:01,800
Speaker 3: And I can tell you this, ten percent is still

524
00:24:01,880 --> 00:24:04,479
Speaker 3: even if you think that that's crazy, that ten percent

525
00:24:04,640 --> 00:24:08,200
Speaker 3: is still much more certain than the bullshit that we're

526
00:24:08,240 --> 00:24:09,040
Speaker 3: dealing with right now.

527
00:24:09,080 --> 00:24:09,439
Speaker 4: Exactly.

528
00:24:09,480 --> 00:24:12,360
Speaker 3: Yeah, And that's the problem, Yes, where they face. We're

529
00:24:12,359 --> 00:24:15,600
Speaker 3: watching this all play out, and I mean, really, the

530
00:24:15,680 --> 00:24:19,080
Speaker 3: signal to me, it's not just about China, which we're

531
00:24:19,080 --> 00:24:21,199
Speaker 3: about to talk about a lot and the level of

532
00:24:21,280 --> 00:24:23,639
Speaker 3: care that they're able to put into the stewardship of

533
00:24:23,720 --> 00:24:26,640
Speaker 3: their economy. It's watching the other countries have to deal

534
00:24:26,680 --> 00:24:29,080
Speaker 3: with this, the US allies, the people that we genuinely

535
00:24:29,119 --> 00:24:32,480
Speaker 3: do need, like the Japanese, the South Koreans, the Vietnamese,

536
00:24:32,520 --> 00:24:36,640
Speaker 3: and to watch She Shehingping get heralded on the streets

537
00:24:36,680 --> 00:24:39,880
Speaker 3: of Vietnam. You know, again a country which is basically

538
00:24:40,160 --> 00:24:42,720
Speaker 3: in a conflict with China over the South China Sea,

539
00:24:42,800 --> 00:24:46,320
Speaker 3: which doesn't necessarily like you know, they have complicated relationships

540
00:24:46,320 --> 00:24:48,679
Speaker 3: with them and complicated relationship with us, but broadly a

541
00:24:48,680 --> 00:24:51,080
Speaker 3: population of people which love the United States even though

542
00:24:51,080 --> 00:24:52,520
Speaker 3: we destroyed their entire country.

543
00:24:52,560 --> 00:24:53,880
Speaker 1: It's kind of amazing actually.

544
00:24:54,119 --> 00:24:57,760
Speaker 3: And then to see them immediately host She and She

545
00:24:58,359 --> 00:25:01,879
Speaker 3: going to Vietnam and then giving us beach about aligning

546
00:25:01,920 --> 00:25:04,720
Speaker 3: which and then watching same in Singapore and many of

547
00:25:04,800 --> 00:25:07,800
Speaker 3: these other countries, which these are very important to the

548
00:25:07,800 --> 00:25:11,159
Speaker 3: future of the globe because fifty percent of global GDP

549
00:25:11,359 --> 00:25:14,520
Speaker 3: will be there just in five years. And they feel

550
00:25:14,840 --> 00:25:17,600
Speaker 3: deeply abandoned. I mean from the jat that all the

551
00:25:17,680 --> 00:25:21,240
Speaker 3: stories coming from the Japanese are insane. They show up

552
00:25:21,240 --> 00:25:23,480
Speaker 3: here in Washington and good faith and they're like, so

553
00:25:24,000 --> 00:25:25,719
Speaker 3: what do you want And they're like, well, what are

554
00:25:25,760 --> 00:25:28,080
Speaker 3: you offering? They're like, but we literally don't know what

555
00:25:28,119 --> 00:25:31,159
Speaker 3: you want. And you know, you know, not just the

556
00:25:31,440 --> 00:25:34,480
Speaker 3: even culturally for them, they're like this is a clown show.

557
00:25:34,760 --> 00:25:38,240
Speaker 3: You know in Japan, you know, in their business culture

558
00:25:38,240 --> 00:25:41,080
Speaker 3: and all that, when we just think about respect and

559
00:25:41,160 --> 00:25:44,399
Speaker 3: certainty and consensus and who to trust, like they have

560
00:25:44,600 --> 00:25:48,720
Speaker 3: very well and clear defined avenues through which decisions are made.

561
00:25:49,000 --> 00:25:52,600
Speaker 1: They along with US, have no idea if they can even.

562
00:25:52,440 --> 00:25:55,919
Speaker 3: Trust Secretary Beston or if they can trust this or

563
00:25:55,920 --> 00:25:58,360
Speaker 3: the US Trade Representative. And then they watch the US

564
00:25:58,440 --> 00:26:01,320
Speaker 3: Trade Representative learn about the nine A pause when he's

565
00:26:01,400 --> 00:26:06,480
Speaker 3: giving a testimony before Congress. So if that guy's sitting

566
00:26:06,520 --> 00:26:08,840
Speaker 3: across from me, I go, you don't know anything.

567
00:26:08,920 --> 00:26:10,360
Speaker 1: I'm not talking to you. I just want to talk

568
00:26:10,359 --> 00:26:12,359
Speaker 1: to Trump. And then Trump makes him.

569
00:26:12,560 --> 00:26:14,920
Speaker 3: Wear a Maga hat that he signs in the oval

570
00:26:15,880 --> 00:26:17,720
Speaker 3: and put it on for a photo opportunities.

571
00:26:17,800 --> 00:26:17,960
Speaker 9: Yeah.

572
00:26:18,040 --> 00:26:20,520
Speaker 3: Yeah, I don't know if I feel for them, I

573
00:26:20,560 --> 00:26:23,480
Speaker 3: really do. And it's not a joke, right, because it's

574
00:26:23,480 --> 00:26:25,440
Speaker 3: the fag future of their economies, the future of our.

575
00:26:25,359 --> 00:26:27,960
Speaker 5: Cost I was gonna say that changes their own political calculations,

576
00:26:27,960 --> 00:26:28,920
Speaker 5: which is already happening.

577
00:26:29,000 --> 00:26:30,040
Speaker 4: Yeah, there's a decent.

578
00:26:29,880 --> 00:26:32,439
Speaker 5: Argument being made by Eric Kaufman, Matt Cottenenny and others

579
00:26:32,480 --> 00:26:35,480
Speaker 5: that what's happening is actually the undermining of global populism

580
00:26:35,520 --> 00:26:38,239
Speaker 5: which Donald Trump has tried to fuel, has actually like

581
00:26:38,400 --> 00:26:42,119
Speaker 5: sought to build up and because people are now responsive

582
00:26:42,359 --> 00:26:44,120
Speaker 5: to their own economic needs at home.

583
00:26:44,280 --> 00:26:46,320
Speaker 4: Of course, Canada is a really good example of this.

584
00:26:46,560 --> 00:26:49,959
Speaker 5: With polyev you have to come out swinging against Trump

585
00:26:50,119 --> 00:26:52,680
Speaker 5: and so it completely changes the incentive structure.

586
00:26:52,760 --> 00:26:53,480
Speaker 1: That's a great point.

587
00:26:53,520 --> 00:26:55,720
Speaker 3: I hadn't thought about that, but it's exactly right where

588
00:26:55,800 --> 00:26:59,080
Speaker 3: you know, you're actually empowering more establishment forces in the

589
00:26:59,119 --> 00:27:03,560
Speaker 3: European u SA, in Japan in I mean, even Javier

590
00:27:03,640 --> 00:27:07,479
Speaker 3: Malay is counter signaling Trump on the teriffs, like you know,

591
00:27:07,520 --> 00:27:10,800
Speaker 3: you've lost the lost right now. I mean, this guy

592
00:27:10,880 --> 00:27:13,679
Speaker 3: is like what probably the most maga that there is

593
00:27:13,680 --> 00:27:14,560
Speaker 3: in Latin America.

594
00:27:14,720 --> 00:27:17,560
Speaker 1: All right, last part here, this is just this is

595
00:27:17,600 --> 00:27:18,040
Speaker 1: too much.

596
00:27:18,440 --> 00:27:20,840
Speaker 3: At the very same time this is all happening for

597
00:27:20,920 --> 00:27:25,399
Speaker 3: US Secretary Beston, for some reason that will remain completely

598
00:27:26,000 --> 00:27:29,200
Speaker 3: unknown to me, decided to put out a lecture on

599
00:27:29,240 --> 00:27:33,600
Speaker 3: his Twitter account of financial literacy and savings for Americans.

600
00:27:33,680 --> 00:27:34,320
Speaker 1: Let's take a list.

601
00:27:34,720 --> 00:27:38,679
Speaker 8: Everyone should care about financial literacy, whether you are a

602
00:27:38,800 --> 00:27:41,720
Speaker 8: student with a summer job or a part time job

603
00:27:42,160 --> 00:27:46,000
Speaker 8: during school, whether you're in college, whether you're starting your

604
00:27:46,040 --> 00:27:49,520
Speaker 8: career or whether you are at the end of your career,

605
00:27:50,119 --> 00:27:56,639
Speaker 8: making good financial choices creates economic security. And look, it's fun.

606
00:27:57,040 --> 00:28:03,200
Speaker 8: You learn about the markets, you learn how to properly

607
00:28:03,240 --> 00:28:08,200
Speaker 8: allocate resources, and there's a big payoff over the long

608
00:28:08,280 --> 00:28:12,359
Speaker 8: term for something you can do early in your career.

609
00:28:12,920 --> 00:28:15,720
Speaker 3: I couldn't believe that, you know, the tone deafness of

610
00:28:15,760 --> 00:28:19,400
Speaker 3: this near billionaire Secretary of the Treasury at a time

611
00:28:19,440 --> 00:28:22,680
Speaker 3: of financial stress trying to tell people about savings and

612
00:28:22,920 --> 00:28:23,840
Speaker 3: financial literacy.

613
00:28:23,840 --> 00:28:25,720
Speaker 1: It's like, why don't we leave that to Dave Ramsey? Okay,

614
00:28:25,840 --> 00:28:27,040
Speaker 1: It's like, maybe.

615
00:28:26,760 --> 00:28:30,120
Speaker 5: Maybe they should have just had Dave.

616
00:28:30,400 --> 00:28:32,840
Speaker 1: Should have just had Dave coming yes and listen. At

617
00:28:32,920 --> 00:28:34,960
Speaker 1: least guys consistently stay in that at all the time.

618
00:28:35,160 --> 00:28:36,040
Speaker 4: Dave Ramsey is the best.

619
00:28:36,280 --> 00:28:37,560
Speaker 1: Yeah, I mean, look, you know, Dave.

620
00:28:37,440 --> 00:28:40,560
Speaker 3: Is the goat as a longtime watchers know, at least

621
00:28:40,600 --> 00:28:44,400
Speaker 3: from my perspective. But I just thought it was unbelievable,

622
00:28:44,560 --> 00:28:47,239
Speaker 3: like to put that out as and it's just this

623
00:28:47,400 --> 00:28:50,760
Speaker 3: lecturing and this hectoring about savings. It's like, listen, he's

624
00:28:50,800 --> 00:28:54,040
Speaker 3: not wrong about the benefit of saving or learning financial

625
00:28:54,040 --> 00:28:56,400
Speaker 3: literacy or any of that. And I totally support it,

626
00:28:56,480 --> 00:28:59,280
Speaker 3: but now is not the time to be putting out

627
00:28:59,280 --> 00:29:02,360
Speaker 3: these types of public messages basically trying to signal like

628
00:29:02,440 --> 00:29:06,960
Speaker 3: everything is for you, like you need to learn public markets. Meanwhile,

629
00:29:06,960 --> 00:29:09,600
Speaker 3: I'm one of the most powerful, you know, individuals in

630
00:29:09,640 --> 00:29:13,320
Speaker 3: all of American finance, and I'm like screwing with the

631
00:29:13,360 --> 00:29:15,880
Speaker 3: bond markets and all the nuking your four oh one

632
00:29:15,960 --> 00:29:17,440
Speaker 3: K or your five twenty nine plan.

633
00:29:17,560 --> 00:29:19,400
Speaker 5: That's a good point, so best says like I can

634
00:29:19,520 --> 00:29:22,360
Speaker 5: nuke your four o K with a single word.

635
00:29:22,680 --> 00:29:22,960
Speaker 1: Yes.

636
00:29:23,120 --> 00:29:27,360
Speaker 5: Meanwhile, you better get your financial literacy in shape, which

637
00:29:27,360 --> 00:29:31,000
Speaker 5: is because like it's not wrong, it's like he is right,

638
00:29:31,040 --> 00:29:34,280
Speaker 5: because our market is so convoluted and ridiculous and built

639
00:29:34,320 --> 00:29:37,720
Speaker 5: on this house of cards. Then yes, you should absolutely

640
00:29:37,800 --> 00:29:41,640
Speaker 5: be very You should basically go full Ted Kaczinski and

641
00:29:41,680 --> 00:29:44,960
Speaker 5: build a cabin in the woods because they can tank.

642
00:29:45,000 --> 00:29:48,000
Speaker 4: Whatever you say for decades with a word.

643
00:29:48,600 --> 00:29:52,320
Speaker 5: But rather than fixing that structure, you should just call

644
00:29:52,360 --> 00:29:53,160
Speaker 5: it gold.

645
00:29:53,600 --> 00:29:55,440
Speaker 3: In the words of Dave, dead is dumb and cash

646
00:29:55,520 --> 00:30:01,120
Speaker 3: is king. All right, let's get over to the Chinese

647
00:30:01,480 --> 00:30:04,840
Speaker 3: segment here. This is actually really interesting and does give

648
00:30:04,880 --> 00:30:08,000
Speaker 3: us some indications about some thinking inside the Chinese, pull

649
00:30:08,080 --> 00:30:10,080
Speaker 3: up bureau, let's put this up there on the screen.

650
00:30:10,160 --> 00:30:11,280
Speaker 1: So there were two.

651
00:30:11,120 --> 00:30:13,720
Speaker 3: Kinds of theories of the way that China would react

652
00:30:13,800 --> 00:30:17,440
Speaker 3: to the Trump trade war. One was after the ninety

653
00:30:17,520 --> 00:30:21,240
Speaker 3: day pause the Chinese, the Trump administration said that China

654
00:30:21,280 --> 00:30:23,720
Speaker 3: has shown itself to be a bad actor. They said

655
00:30:23,760 --> 00:30:25,920
Speaker 3: that their goal is to use the ninety day pause

656
00:30:26,160 --> 00:30:30,480
Speaker 3: to negotiate reciprocal trade agreements with other countries to isolate

657
00:30:30,680 --> 00:30:35,240
Speaker 3: the Chinese, and they specifically instructed the Chinese not to retaliate.

658
00:30:35,400 --> 00:30:37,960
Speaker 1: Instead, what immediately happened.

659
00:30:37,640 --> 00:30:40,040
Speaker 3: The Chinese were like, we'll match you dollar for dollar

660
00:30:40,440 --> 00:30:43,280
Speaker 3: for every tariff. We'll cap it around eighty percent or whatever.

661
00:30:43,320 --> 00:30:45,920
Speaker 3: We're going to stay there, even though that eighty percent

662
00:30:46,040 --> 00:30:49,160
Speaker 3: is basically a se session of trade between our two countries.

663
00:30:49,400 --> 00:30:52,880
Speaker 3: And in the interim, instead of maintaining any trade negotiation,

664
00:30:52,960 --> 00:30:56,240
Speaker 3: there's been no high level talks currently beyond anything routine.

665
00:30:56,320 --> 00:30:59,480
Speaker 3: The Chinese are instead actually going around the world and

666
00:30:59,520 --> 00:31:03,960
Speaker 3: instruction their foreign ministry to tell countries do not team

667
00:31:04,080 --> 00:31:06,720
Speaker 3: up with the United States against us, or you will

668
00:31:06,760 --> 00:31:11,200
Speaker 3: suffer the consequences. So this actually was a statement from

669
00:31:11,240 --> 00:31:14,600
Speaker 3: the Chinese Ministry of Commerce just yesterday quote responding to

670
00:31:14,640 --> 00:31:17,680
Speaker 3: foreign media reports that Trump administration was trying to pressure

671
00:31:17,680 --> 00:31:20,680
Speaker 3: other countries on their trade with China. They said appeasement

672
00:31:20,720 --> 00:31:24,200
Speaker 3: will not bring peace, compromise will not earn respect. Seeking

673
00:31:24,240 --> 00:31:26,600
Speaker 3: so called exemptions by harming the interests of others for

674
00:31:26,640 --> 00:31:29,600
Speaker 3: one's own, selfish and short sighted gains is like negotiating

675
00:31:29,600 --> 00:31:31,320
Speaker 3: with a tiger for its skin. In the end, it

676
00:31:31,360 --> 00:31:34,920
Speaker 3: will only lead to a lose lose situation. China firmly

677
00:31:34,920 --> 00:31:37,680
Speaker 3: opposes any party reaching a deal at the expense of

678
00:31:37,760 --> 00:31:41,240
Speaker 3: China's interests, It's said, adding that China would resolutely take

679
00:31:41,320 --> 00:31:45,840
Speaker 3: countermeasures against any country which decided to do so. So

680
00:31:46,200 --> 00:31:48,760
Speaker 3: what we are basically watching then, is this like Teta

681
00:31:48,880 --> 00:31:52,960
Speaker 3: tet where the Chinese are very willing to exert their

682
00:31:53,000 --> 00:31:56,320
Speaker 3: own economic might, let's say over Japan, South Korea and

683
00:31:56,400 --> 00:31:59,320
Speaker 3: other countries do it in a much more targeted and

684
00:31:59,400 --> 00:32:02,400
Speaker 3: intelligent I mean already watching the way that they have

685
00:32:02,640 --> 00:32:05,640
Speaker 3: worked on the United States, it's honestly amazing, Like you

686
00:32:05,840 --> 00:32:08,920
Speaker 3: just have to respect competence. They're like, okay, where do

687
00:32:08,960 --> 00:32:13,160
Speaker 3: we have the most like the single most leverage consumer electronics,

688
00:32:13,640 --> 00:32:21,000
Speaker 3: so rare earth minerals, semiconductors and on consumer goods broadly.

689
00:32:21,080 --> 00:32:21,920
Speaker 1: So what are we going to do.

690
00:32:22,000 --> 00:32:24,720
Speaker 3: We're going to prop up our consumer manufacturers to make

691
00:32:24,760 --> 00:32:27,560
Speaker 3: sure that they remain whole. We're going to pump money

692
00:32:27,800 --> 00:32:30,719
Speaker 3: into all of our companies that we control. We're going

693
00:32:30,800 --> 00:32:34,640
Speaker 3: to rally the entire population around our flag because it's

694
00:32:34,640 --> 00:32:37,640
Speaker 3: an externally declared trade war. At the very same time,

695
00:32:37,800 --> 00:32:42,160
Speaker 3: we will use maximum pain leverage on any country which

696
00:32:42,200 --> 00:32:46,080
Speaker 3: decides to go behind the back of the Chinese State ministry.

697
00:32:46,360 --> 00:32:49,480
Speaker 3: And we're watching countries that have to choose, So Vietnam,

698
00:32:49,520 --> 00:32:52,640
Speaker 3: for example, Vietnam immediately cave to the Trump administration. They're like,

699
00:32:52,680 --> 00:32:55,080
Speaker 3: find no tariffs, nothing, don't worry about it. We still

700
00:32:55,120 --> 00:32:56,000
Speaker 3: hit them with the tariff.

701
00:32:56,240 --> 00:32:58,080
Speaker 1: What are they supposed to think? What are they supposed

702
00:32:58,080 --> 00:32:58,880
Speaker 1: to do? But nobody knows.

703
00:32:58,960 --> 00:32:59,120
Speaker 10: Well.

704
00:32:59,160 --> 00:33:01,480
Speaker 5: Our strategy is based on this idea that we had

705
00:33:01,560 --> 00:33:04,160
Speaker 5: so much leverage that people would just come to us.

706
00:33:04,200 --> 00:33:08,720
Speaker 5: And we saw that like explicitly expressed by members of

707
00:33:08,960 --> 00:33:12,240
Speaker 5: the Trump administration. They articulated that that was basically their belief.

708
00:33:12,440 --> 00:33:14,640
Speaker 5: People will come to us because we have so much leverage.

709
00:33:14,640 --> 00:33:17,040
Speaker 5: Then like Japan, they can tell us what they're thinking

710
00:33:17,280 --> 00:33:19,280
Speaker 5: and we'll let them know if it's up or down,

711
00:33:19,400 --> 00:33:23,680
Speaker 5: good or bad, like the Gladiator thumb move. But China,

712
00:33:23,800 --> 00:33:26,120
Speaker 5: on the other hand, I think has handled this and

713
00:33:26,280 --> 00:33:30,160
Speaker 5: it pains me to say with cohesion and strategy, and

714
00:33:30,160 --> 00:33:32,680
Speaker 5: that's sort of the mirror image of the same noise

715
00:33:32,800 --> 00:33:36,120
Speaker 5: like rather than them saying, because we have so much leverage,

716
00:33:36,240 --> 00:33:38,360
Speaker 5: we're gonna let the chips fall where they may, which

717
00:33:38,400 --> 00:33:40,720
Speaker 5: is basically our strategy. And again it's true, we do

718
00:33:40,800 --> 00:33:42,880
Speaker 5: have a lot of leverage, and the uncertainty to some

719
00:33:43,000 --> 00:33:45,920
Speaker 5: extent at first at least was I think a sort

720
00:33:45,920 --> 00:33:48,880
Speaker 5: of clever use of the leverage, but trying to approach

721
00:33:48,920 --> 00:33:51,640
Speaker 5: it with the exact opposite strategy, which is, we're going

722
00:33:51,720 --> 00:33:56,760
Speaker 5: to be extremely strategic and extremely cohesive in our approach

723
00:33:56,800 --> 00:33:59,080
Speaker 5: to these different countries. And what they've seen, whether it's

724
00:33:59,080 --> 00:34:02,480
Speaker 5: with Greenland, the you or your point about Asia, it's

725
00:34:02,600 --> 00:34:04,320
Speaker 5: just obviously.

726
00:34:04,440 --> 00:34:07,440
Speaker 3: Working and you know, even watching some of the things

727
00:34:07,440 --> 00:34:09,800
Speaker 3: that they're doing right now. So for example, I previously

728
00:34:09,840 --> 00:34:13,480
Speaker 3: talked about the Joe Wisenthal piece on private equity. Well

729
00:34:13,560 --> 00:34:16,120
Speaker 3: let's go and put a seven pleas up on the screen.

730
00:34:16,239 --> 00:34:19,879
Speaker 3: Don't forget that the Chinese are major investors in US markets. Now,

731
00:34:19,880 --> 00:34:21,400
Speaker 3: do I think that that should have been the case. No,

732
00:34:21,600 --> 00:34:24,560
Speaker 3: but you know it is the case of our debt. Yeah,

733
00:34:24,600 --> 00:34:26,960
Speaker 3: and so quote. China is now pulling back from US

734
00:34:27,000 --> 00:34:30,480
Speaker 3: private equity investments. Industry executives report a change of approach

735
00:34:30,480 --> 00:34:33,200
Speaker 3: as Beijing is bearing the brunt of Trump's tariffs. So

736
00:34:33,360 --> 00:34:36,120
Speaker 3: Chinese state backed funds are quote cutting off all new

737
00:34:36,160 --> 00:34:39,920
Speaker 3: investment in US private equity in the latest salvo against Trump.

738
00:34:40,080 --> 00:34:42,319
Speaker 3: State backed funds have been pulling back from investing in

739
00:34:42,440 --> 00:34:46,319
Speaker 3: US private headquartered private capital firms in recent weeks. The

740
00:34:46,400 --> 00:34:49,680
Speaker 3: moves come for pressure from the Chinese government. Some of

741
00:34:49,719 --> 00:34:52,480
Speaker 3: the Chinese funds are also seeking to be excluded from

742
00:34:52,520 --> 00:34:56,279
Speaker 3: private equity investments in any US based company. Trump has

743
00:34:56,320 --> 00:34:59,479
Speaker 3: imposed tariffs obviously of one hundred and forty five percent

744
00:34:59,480 --> 00:35:02,840
Speaker 3: on Chinese sports. Multiple buy out executives said that Chinese

745
00:35:02,880 --> 00:35:05,520
Speaker 3: investors have changed their approach since the very beginning of

746
00:35:05,560 --> 00:35:08,120
Speaker 3: the trade war, and they will make no new commitments

747
00:35:08,120 --> 00:35:12,080
Speaker 3: to US firms. China's Investment Corporation, which is among the

748
00:35:12,120 --> 00:35:14,960
Speaker 3: state backed firms that is pulling back, said that they

749
00:35:14,960 --> 00:35:16,920
Speaker 3: were ceasing all investment.

750
00:35:17,239 --> 00:35:17,560
Speaker 6: Quote.

751
00:35:17,560 --> 00:35:19,520
Speaker 1: Other Chinese funds have retreated.

752
00:35:19,840 --> 00:35:23,400
Speaker 3: And this is the Chinese Sovereign Wealth Fund, don't forget,

753
00:35:23,560 --> 00:35:28,560
Speaker 3: which has massive shares of Blackstone, of TPG and of

754
00:35:28,600 --> 00:35:33,279
Speaker 3: Carlisle Group, which means that look, this is where the

755
00:35:33,360 --> 00:35:37,080
Speaker 3: difficulty of stating this is that on the one hand, yeah,

756
00:35:37,080 --> 00:35:39,040
Speaker 3: it's good, you know, we don't really want these people

757
00:35:39,360 --> 00:35:41,239
Speaker 3: to be investing in all of our private companies. Why

758
00:35:41,280 --> 00:35:43,840
Speaker 3: should they have so much leverage private equity firms and

759
00:35:43,880 --> 00:35:46,280
Speaker 3: all these Clearly they've been a tool of the Chinese

760
00:35:46,280 --> 00:35:49,160
Speaker 3: ministry and all them for years. But you know, if

761
00:35:49,160 --> 00:35:53,560
Speaker 3: there's no commits serate, like if there's no you know,

762
00:35:54,239 --> 00:35:57,080
Speaker 3: like change from the US in terms of policy to

763
00:35:57,160 --> 00:35:59,839
Speaker 3: make sure that all that capital that no longer come

764
00:35:59,880 --> 00:36:02,080
Speaker 3: in our markets doesn't cause the men's pain, then what

765
00:36:02,120 --> 00:36:04,120
Speaker 3: do you think that the net effect of all of

766
00:36:04,120 --> 00:36:04,799
Speaker 3: this is going to be?

767
00:36:05,000 --> 00:36:05,239
Speaker 4: Right?

768
00:36:05,680 --> 00:36:08,319
Speaker 5: And this is again like what we were talking about

769
00:36:08,360 --> 00:36:10,839
Speaker 5: earlier with the David Sachs observation back.

770
00:36:10,760 --> 00:36:12,440
Speaker 4: In twenty twenty two when you interviewed him.

771
00:36:12,480 --> 00:36:16,719
Speaker 5: I mean, there's this entire strategy is based on, i

772
00:36:16,719 --> 00:36:20,040
Speaker 5: think really accurate and again unpopular understandings of the United

773
00:36:20,080 --> 00:36:24,480
Speaker 5: States economy, the structural flaws in the US economy, and

774
00:36:24,719 --> 00:36:27,200
Speaker 5: part of that is because so much of Wall Street

775
00:36:27,400 --> 00:36:31,640
Speaker 5: was beholden to China and intentionally set themselves up that way,

776
00:36:32,080 --> 00:36:35,080
Speaker 5: and the governments are went along with the American elites

777
00:36:35,400 --> 00:36:38,080
Speaker 5: set the country up on this path. So it was

778
00:36:38,120 --> 00:36:40,840
Speaker 5: always going to be painful to disentangle it. And so

779
00:36:40,880 --> 00:36:42,839
Speaker 5: it's sort of for the average American and damned if

780
00:36:42,840 --> 00:36:44,759
Speaker 5: you do, damned if you don't. Right, they're in this

781
00:36:44,920 --> 00:36:48,040
Speaker 5: they're caught in this catch twenty two where elites set

782
00:36:48,120 --> 00:36:49,880
Speaker 5: up a system where at one point where it was

783
00:36:49,880 --> 00:36:52,280
Speaker 5: going to come to a head with China, and because

784
00:36:52,280 --> 00:36:55,640
Speaker 5: of that, you either have to stay completely entangled with

785
00:36:55,760 --> 00:36:58,759
Speaker 5: China and completely behold into China or disentangle a bit

786
00:36:58,760 --> 00:37:02,040
Speaker 5: from China for the consumer either way, and elites will

787
00:37:02,040 --> 00:37:04,440
Speaker 5: probably still be fine. They'll probably lose a little bit,

788
00:37:04,480 --> 00:37:06,440
Speaker 5: but they'll still be fine, or maybe some of them

789
00:37:06,480 --> 00:37:08,759
Speaker 5: will make lots of money, who knows. But it's such

790
00:37:08,840 --> 00:37:13,000
Speaker 5: a shitty situation for the average consumer. And it's not

791
00:37:13,040 --> 00:37:15,680
Speaker 5: even being now that the distent tangling is happening from

792
00:37:15,680 --> 00:37:18,120
Speaker 5: people who are right that there needed to be a disentangling.

793
00:37:19,800 --> 00:37:21,880
Speaker 5: The normal person is just getting completely screwed.

794
00:37:21,960 --> 00:37:24,719
Speaker 3: Yeah, and you know, even right now, this just came

795
00:37:24,760 --> 00:37:27,600
Speaker 3: across my radar. Maybe actually we can put it in

796
00:37:27,600 --> 00:37:30,000
Speaker 3: in post. I'll just go ahead and read from some

797
00:37:30,120 --> 00:37:32,799
Speaker 3: of it. But Cambodia is you know, I wouldn't say

798
00:37:32,800 --> 00:37:35,160
Speaker 3: it's like a vital us ally, but we actually did

799
00:37:35,239 --> 00:37:39,520
Speaker 3: produce a decent amount of textiles in Cambodia.

800
00:37:39,600 --> 00:37:43,040
Speaker 1: Yes, literally, just now, I mean across the wire.

801
00:37:43,160 --> 00:37:47,960
Speaker 3: Trump's tariffs quote risk pushing Cambodia further into China's embrace

802
00:37:48,320 --> 00:37:51,680
Speaker 3: quote A massive canal highlights Beijing's now deep investment in

803
00:37:51,719 --> 00:37:54,960
Speaker 3: Cambodia just as the US is pulling back, so at

804
00:37:54,960 --> 00:37:57,160
Speaker 3: the same time that Cambodia is getting hit with tariffs.

805
00:37:57,200 --> 00:38:00,840
Speaker 3: And by the way, again, Vietnam and Cambodia the destination

806
00:38:01,000 --> 00:38:04,799
Speaker 3: for many textile manufacturers who were told in twenty eighteen to.

807
00:38:04,800 --> 00:38:05,640
Speaker 1: Get out of China.

808
00:38:05,719 --> 00:38:07,520
Speaker 3: Did the Chinese take advantage of this and use this

809
00:38:07,600 --> 00:38:11,839
Speaker 3: transhipping for control. Yes, let's be very clear, Yes, malfeasan's

810
00:38:12,160 --> 00:38:15,279
Speaker 3: absolutely across the board. But those governments are still a

811
00:38:15,280 --> 00:38:17,640
Speaker 3: lot more friendly to the United States of America than

812
00:38:17,719 --> 00:38:20,200
Speaker 3: the Chinese. And while they are quote controlled or they

813
00:38:20,200 --> 00:38:22,480
Speaker 3: have some investment from China, it's not the same thing

814
00:38:22,480 --> 00:38:25,279
Speaker 3: as literally being controlled by the Chinese directly like they

815
00:38:25,320 --> 00:38:28,279
Speaker 3: were previously. Well at the very same time that we're

816
00:38:28,320 --> 00:38:30,520
Speaker 3: hitting them with tariffs, what are they doing? The Chinese

817
00:38:30,520 --> 00:38:32,680
Speaker 3: are like here, here's one point two billion dollars. Ye, right,

818
00:38:32,719 --> 00:38:34,719
Speaker 3: here's a brand new canal that will go ahead and

819
00:38:34,760 --> 00:38:36,920
Speaker 3: we'll build you basically trying to fill in the space

820
00:38:37,239 --> 00:38:38,400
Speaker 3: from the United States.

821
00:38:38,400 --> 00:38:39,560
Speaker 1: So anyway, just the last thing.

822
00:38:39,640 --> 00:38:41,080
Speaker 4: The OG canal builders.

823
00:38:42,000 --> 00:38:43,800
Speaker 1: Yeah, that's true of the OG canal builders.

824
00:38:44,320 --> 00:38:49,719
Speaker 5: Before we Runzager quick take on JD in India, I

825
00:38:49,760 --> 00:38:50,759
Speaker 5: don't really have a take.

826
00:38:50,880 --> 00:38:53,160
Speaker 3: I mean to be honest, like, look, first of all,

827
00:38:53,160 --> 00:38:56,240
Speaker 3: he's for he's the only he's just the vice president,

828
00:38:56,280 --> 00:38:57,760
Speaker 3: which is like I don't want to be two denigrated

829
00:38:57,800 --> 00:39:01,200
Speaker 3: nor like you know, he doesn't speak for the administration

830
00:39:01,640 --> 00:39:03,640
Speaker 3: in the same way. And there is just mostly like

831
00:39:03,680 --> 00:39:07,960
Speaker 3: platitudes about working with India and the Prime Minister apparently

832
00:39:08,000 --> 00:39:11,439
Speaker 3: they're going to talk about tariffs, but the Indians drive

833
00:39:11,600 --> 00:39:13,640
Speaker 3: and this will not surprise and want a very hard bargain.

834
00:39:13,680 --> 00:39:16,560
Speaker 3: This is one of the most protectionist global economy or

835
00:39:16,680 --> 00:39:19,760
Speaker 3: large economies in the world. It's actually difficult for people

836
00:39:19,800 --> 00:39:21,880
Speaker 3: to understand. They like take protection.

837
00:39:22,000 --> 00:39:24,520
Speaker 1: They invented protectionism, like they take it to a whole

838
00:39:24,800 --> 00:39:25,480
Speaker 1: other level.

839
00:39:25,560 --> 00:39:27,960
Speaker 3: And for them, like they're not going to be reducing

840
00:39:28,000 --> 00:39:31,480
Speaker 3: a lot of non tariff barriers. The Indians are much

841
00:39:31,520 --> 00:39:34,440
Speaker 3: smarter than us in some respects because what they do

842
00:39:34,680 --> 00:39:37,399
Speaker 3: is they'll do things which they know will cost them

843
00:39:37,440 --> 00:39:38,480
Speaker 3: foreign direct investment.

844
00:39:38,760 --> 00:39:39,600
Speaker 1: They just don't care.

845
00:39:39,680 --> 00:39:42,239
Speaker 3: They're like, fine, as long as we control and have

846
00:39:42,320 --> 00:39:45,960
Speaker 3: a total say over our government and our technology.

847
00:39:46,200 --> 00:39:46,759
Speaker 1: We'll just do it.

848
00:39:46,840 --> 00:39:47,000
Speaker 6: Yeah.

849
00:39:47,080 --> 00:39:49,799
Speaker 3: No, but guess what, they have a population which is

850
00:39:49,840 --> 00:39:52,360
Speaker 3: okay with that, and they at least have a financial

851
00:39:52,360 --> 00:39:54,800
Speaker 3: system right now, which, because this is kind of baked

852
00:39:54,840 --> 00:39:57,919
Speaker 3: in from the very beginning, is not going to cause

853
00:39:57,920 --> 00:40:00,360
Speaker 3: as much turmoil. I mean, the TikTok thing is a

854
00:40:00,360 --> 00:40:02,960
Speaker 3: perfect example. They were like, it's not a discussion, it's

855
00:40:03,000 --> 00:40:06,239
Speaker 3: getting banned. Just ban it, and nobody really cared. Then

856
00:40:06,280 --> 00:40:08,960
Speaker 3: they use alternatives now. I think YouTube shorts is big

857
00:40:09,000 --> 00:40:12,440
Speaker 3: in the country. The idea that any Chinese like major

858
00:40:12,680 --> 00:40:15,319
Speaker 3: global and manufacturer something is going to have as much

859
00:40:15,320 --> 00:40:15,920
Speaker 3: of a say.

860
00:40:15,719 --> 00:40:16,400
Speaker 1: Over their affairs.

861
00:40:16,440 --> 00:40:18,520
Speaker 3: They're like, it's it will never happen, right, Well, our

862
00:40:18,560 --> 00:40:20,160
Speaker 3: own industrialists will run it.

863
00:40:20,200 --> 00:40:21,120
Speaker 1: Don't get me wrong.

864
00:40:21,120 --> 00:40:23,440
Speaker 3: There's a lot of corruption and stuff like that behind it,

865
00:40:23,480 --> 00:40:26,160
Speaker 3: but they have a much more autocic model than basically

866
00:40:26,239 --> 00:40:28,680
Speaker 3: any other major economy in the world, and they have

867
00:40:28,760 --> 00:40:31,839
Speaker 3: the population to be able to sustain it. So look, yeah,

868
00:40:31,960 --> 00:40:34,600
Speaker 3: isn't nice. Sure it's great that JD and all that

869
00:40:34,640 --> 00:40:36,359
Speaker 3: is over there. Do I think that Mody is going

870
00:40:36,400 --> 00:40:38,279
Speaker 3: to immediately come out and say, sure, we're going to

871
00:40:38,360 --> 00:40:40,800
Speaker 3: lower all these non terra No, it will never happens.

872
00:40:41,000 --> 00:40:45,960
Speaker 3: That's like foundational to their entire country and to their ethos. Economically,

873
00:40:46,000 --> 00:40:48,920
Speaker 3: they will welcome some foreign investment, but like the Chinese,

874
00:40:49,000 --> 00:40:51,239
Speaker 3: they demand control. Remember this is a country that ban

875
00:40:51,400 --> 00:40:54,279
Speaker 3: bitcoin and crypto because they want control over their own

876
00:40:54,520 --> 00:40:57,000
Speaker 3: financial system. Try doing business in India. It's not so

877
00:40:57,080 --> 00:41:00,160
Speaker 3: easy if you're a US investor, and that's why a

878
00:41:00,160 --> 00:41:02,279
Speaker 3: lot of them don't do it. But like I said,

879
00:41:02,280 --> 00:41:04,879
Speaker 3: the Indians just don't care. They have enough population, they're

880
00:41:04,880 --> 00:41:08,440
Speaker 3: not as supermarket, they're not as wealthy. But broadly, you know,

881
00:41:08,520 --> 00:41:12,480
Speaker 3: they see it as their fate to control and to

882
00:41:12,600 --> 00:41:15,400
Speaker 3: really have a say over the industries in their country.

883
00:41:15,360 --> 00:41:19,160
Speaker 3: I mean, you know, who can't help but respect that.

884
00:41:19,560 --> 00:41:22,640
Speaker 3: So the speech I was looking at it today, Yeah,

885
00:41:22,640 --> 00:41:24,919
Speaker 3: it's good, But I mean, do I think it will

886
00:41:25,040 --> 00:41:28,880
Speaker 3: usher in like a big change in US relations? Like

887
00:41:29,000 --> 00:41:32,719
Speaker 3: not really, that's US and India relations. I don't think so,

888
00:41:32,920 --> 00:41:37,440
Speaker 3: at least right now. At the same time, Emily are

889
00:41:37,480 --> 00:41:40,080
Speaker 3: now going to take a look at Pete Hegseth where again,

890
00:41:40,280 --> 00:41:44,120
Speaker 3: you know, there is a meltdown happening inside of the building.

891
00:41:44,160 --> 00:41:47,520
Speaker 3: We've had a full scale purge of many of hegxat's

892
00:41:47,560 --> 00:41:50,359
Speaker 3: top advisors. There's now some floating out reports that maybe

893
00:41:50,400 --> 00:41:53,200
Speaker 3: the White House is looking to replace some of the

894
00:41:54,080 --> 00:41:56,759
Speaker 3: Pete Hegseth and some of the people around him, which

895
00:41:56,800 --> 00:41:59,480
Speaker 3: would be an extraordinary move. Hegset is trying to save

896
00:41:59,520 --> 00:42:02,240
Speaker 3: his job, basically putting all the blame for the purge

897
00:42:02,520 --> 00:42:04,959
Speaker 3: on the people who were fired themselves, even though many

898
00:42:05,000 --> 00:42:07,280
Speaker 3: of them are literally some of the most loyal people

899
00:42:07,480 --> 00:42:09,680
Speaker 3: who have been around him for years. So he was

900
00:42:09,680 --> 00:42:11,279
Speaker 3: asked about it yesterday at the White House at the

901
00:42:11,280 --> 00:42:16,400
Speaker 3: East Drag role. Let's take a listen Conson Crest.

902
00:42:16,760 --> 00:42:19,359
Speaker 9: You know what a big surprise that a bunch of

903
00:42:20,080 --> 00:42:22,000
Speaker 9: a few leakers get fired and suddenly a bunch of

904
00:42:22,080 --> 00:42:25,120
Speaker 9: hit pieces come out from the same media that pedaled

905
00:42:25,160 --> 00:42:27,440
Speaker 9: the Russia hopes won't get.

906
00:42:27,320 --> 00:42:28,080
Speaker 6: Back their Pulitzers.

907
00:42:28,080 --> 00:42:31,040
Speaker 11: They got Poltzers for a bunch of lies, Pultzers for

908
00:42:31,080 --> 00:42:35,120
Speaker 11: a bunch of lies, and on hoaxes time and time

909
00:42:35,400 --> 00:42:36,160
Speaker 11: and time again.

910
00:42:37,080 --> 00:42:39,120
Speaker 9: And as they pedal those lies, no one ever calls

911
00:42:39,160 --> 00:42:39,480
Speaker 9: them on it.

912
00:42:40,239 --> 00:42:41,960
Speaker 6: See, this is what the media does.

913
00:42:42,400 --> 00:42:47,160
Speaker 9: They take anonymous sources from disgruntled former employees and then.

914
00:42:47,080 --> 00:42:50,279
Speaker 6: They try to slash and burn people and ruin their reputations.

915
00:42:50,400 --> 00:42:53,480
Speaker 9: Not going to work with me because we're changing the

916
00:42:53,480 --> 00:42:56,400
Speaker 9: Defense Department, putting the Pentagon back in the hands of

917
00:42:56,440 --> 00:43:00,200
Speaker 9: war fighters, and anonymous smears from disgruntled former employe he's

918
00:43:00,200 --> 00:43:02,239
Speaker 9: on old news doesn't matter.

919
00:43:02,280 --> 00:43:04,000
Speaker 6: So I'm happy to be here at the Easter egg roll.

920
00:43:04,000 --> 00:43:07,000
Speaker 9: With my dad and my kids because you know, this

921
00:43:07,080 --> 00:43:09,439
Speaker 9: is what we're doing it for these kids right here.

922
00:43:09,880 --> 00:43:12,879
Speaker 9: This is why we're fighting the fake news media. This

923
00:43:12,920 --> 00:43:15,360
Speaker 9: is why we're fighting slash and burn democrats. This is

924
00:43:15,360 --> 00:43:18,400
Speaker 9: why we're fighting posters, posters.

925
00:43:19,040 --> 00:43:22,000
Speaker 11: This group, no, no, no, this group right here full of hoasters,

926
00:43:22,360 --> 00:43:26,160
Speaker 11: the pedal anonymous sources from leakers with access to grind,

927
00:43:26,680 --> 00:43:29,200
Speaker 11: and then you put it all together as.

928
00:43:29,080 --> 00:43:32,560
Speaker 6: If it's some news story and what we know it.

929
00:43:32,640 --> 00:43:34,000
Speaker 6: We know exactly what it is.

930
00:43:34,520 --> 00:43:36,840
Speaker 9: So I'm really proud of what we're doing for the president,

931
00:43:37,280 --> 00:43:40,080
Speaker 9: fighting hard across the board. And I'm gonna go roll

932
00:43:40,120 --> 00:43:42,919
Speaker 9: some Easter eggs with my kids, thank you very much.

933
00:43:45,480 --> 00:43:46,080
Speaker 1: That's rough.

934
00:43:46,360 --> 00:43:51,480
Speaker 4: That needs to be on Broadway. Yeah, performance, I'm gonna

935
00:43:51,480 --> 00:43:52,840
Speaker 4: go roll some Easter egg.

936
00:43:52,920 --> 00:43:54,960
Speaker 1: I don't know. That sounds like an off Broadway performance

937
00:43:54,960 --> 00:43:55,160
Speaker 1: to me.

938
00:43:56,320 --> 00:43:56,520
Speaker 6: Yeah.

939
00:43:56,560 --> 00:43:57,839
Speaker 1: Wow, there's a lot going on there.

940
00:43:57,920 --> 00:44:01,319
Speaker 3: So Yeah, first of all, he's talking there as if

941
00:44:01,320 --> 00:44:05,000
Speaker 3: it's a hoax, whether he shared this information in a

942
00:44:05,040 --> 00:44:06,640
Speaker 3: group chat with his wife or not.

943
00:44:06,719 --> 00:44:08,960
Speaker 1: I mean, it's not a hoax. It's just a reality.

944
00:44:09,040 --> 00:44:09,680
Speaker 1: It's a fact.

945
00:44:10,200 --> 00:44:13,279
Speaker 3: It's something also that you previously had said, Oh, I

946
00:44:13,320 --> 00:44:16,000
Speaker 3: never shared any classider information, right, you know long once

947
00:44:16,080 --> 00:44:18,560
Speaker 3: upon a time Signal Gate was actually a story. But

948
00:44:18,960 --> 00:44:22,680
Speaker 3: you know, beyond that, what I find extraordinary about this

949
00:44:23,080 --> 00:44:27,320
Speaker 3: is how he is just guns blazing against again top

950
00:44:27,480 --> 00:44:31,000
Speaker 3: aids to him in the Defense Department who were the

951
00:44:31,320 --> 00:44:34,920
Speaker 3: most loyal to Pete Hegseth, who worked for him probably

952
00:44:34,920 --> 00:44:37,840
Speaker 3: for over a decade now at this point, like actually

953
00:44:38,080 --> 00:44:40,920
Speaker 3: like his actual close friends, and he fires these people

954
00:44:41,040 --> 00:44:44,040
Speaker 3: on a dime. Now people are saying that, Oh, then

955
00:44:44,040 --> 00:44:46,319
Speaker 3: he must have caught them leaking or any of that. Look,

956
00:44:46,360 --> 00:44:49,920
Speaker 3: there is no evidence to support that from the department itself.

957
00:44:50,120 --> 00:44:52,279
Speaker 3: And also, even if you're going to fire somebody based

958
00:44:52,320 --> 00:44:55,160
Speaker 3: on a suspicion, you better have some damn good suspicion

959
00:44:55,239 --> 00:44:58,200
Speaker 3: or they could sue you for wrongful termination. All of

960
00:44:58,239 --> 00:45:02,640
Speaker 3: the indication right now from this of those three never polygraphed,

961
00:45:02,880 --> 00:45:06,960
Speaker 3: never presented with any reason or story for why they

962
00:45:07,000 --> 00:45:11,040
Speaker 3: were fired, unceremoniously marched out of the building. I think

963
00:45:11,080 --> 00:45:14,719
Speaker 3: Hegsath is in some like bunker mentality, Like clearly he

964
00:45:14,800 --> 00:45:17,719
Speaker 3: believes that he's just like massively under attack, taking it

965
00:45:17,800 --> 00:45:19,919
Speaker 3: out on some of the people most loyal to him.

966
00:45:20,040 --> 00:45:22,640
Speaker 3: His own chief of staff, who I guess is leaving

967
00:45:22,680 --> 00:45:25,120
Speaker 3: but is technically still going to keep working for him,

968
00:45:25,160 --> 00:45:27,839
Speaker 3: is a person he'd never even met before before all

969
00:45:27,880 --> 00:45:30,839
Speaker 3: of this, who was like installed, nobody even really knows

970
00:45:30,880 --> 00:45:33,400
Speaker 3: by whom. Apparently he's been causing a lot of drama

971
00:45:33,440 --> 00:45:34,600
Speaker 3: in the office.

972
00:45:34,600 --> 00:45:35,120
Speaker 1: Around all that.

973
00:45:35,239 --> 00:45:37,040
Speaker 3: But my point is just like this is not how

974
00:45:37,239 --> 00:45:38,640
Speaker 3: the Defense Department can be run.

975
00:45:38,680 --> 00:45:40,400
Speaker 1: Like again, we're talking about the tariffs.

976
00:45:40,480 --> 00:45:42,600
Speaker 3: How can the entire world, you know, look to the

977
00:45:42,640 --> 00:45:45,719
Speaker 3: stewardship of the largest military force in the history of

978
00:45:45,719 --> 00:45:48,480
Speaker 3: mankind and be like, yeah, this is exactly the way

979
00:45:48,600 --> 00:45:50,960
Speaker 3: that this is all supposed to be happening right now.

980
00:45:51,000 --> 00:45:52,480
Speaker 1: So I mean, it's just chaos.

981
00:45:52,520 --> 00:45:56,040
Speaker 5: Well, it's against the backdrop of tensions with Iran mounting,

982
00:45:56,400 --> 00:45:59,160
Speaker 5: and so the question then becomes whether that had anything

983
00:45:59,160 --> 00:46:03,279
Speaker 5: to do with high Seth of professional divorce from people

984
00:46:03,280 --> 00:46:06,759
Speaker 5: who have been loyal, who have been around him for years,

985
00:46:07,160 --> 00:46:10,000
Speaker 5: going back to when he was at Concerned Vets, And

986
00:46:10,680 --> 00:46:14,640
Speaker 5: that's I think where the fault line could be significant

987
00:46:14,680 --> 00:46:16,520
Speaker 5: for HeiG Seth. I still don't really I mean, I

988
00:46:16,520 --> 00:46:18,800
Speaker 5: could be proven wrong by Donald Trump at any moment

989
00:46:18,920 --> 00:46:21,640
Speaker 5: of the day, but I still don't really think Hegseth

990
00:46:21,719 --> 00:46:22,600
Speaker 5: is actually going to leave.

991
00:46:22,640 --> 00:46:24,360
Speaker 4: I think, you know, Mike Waltz was able to.

992
00:46:24,400 --> 00:46:27,680
Speaker 5: Keep his job after we heard report after report that

993
00:46:27,760 --> 00:46:30,960
Speaker 5: his departure was imminent and that never happened.

994
00:46:31,000 --> 00:46:33,399
Speaker 4: And he's less important to the administration than Pete.

995
00:46:33,440 --> 00:46:36,120
Speaker 5: Heigseth is, frankly is that had of the Pentagon, even

996
00:46:36,160 --> 00:46:38,320
Speaker 5: though he you know, is acting very heavily in the

997
00:46:38,320 --> 00:46:39,080
Speaker 5: spokesperson role.

998
00:46:39,080 --> 00:46:40,239
Speaker 4: He's the head of the Pentagon.

999
00:46:40,680 --> 00:46:44,440
Speaker 5: So yeah, I mean at the same time, if his

1000
00:46:45,320 --> 00:46:49,520
Speaker 5: relationships with people who, for example, Donald Trump Junior is

1001
00:46:49,560 --> 00:46:52,760
Speaker 5: close with Tucker Carlson. Tucker Carlson just had Dan Caldwell,

1002
00:46:52,760 --> 00:46:54,360
Speaker 5: We're going to talk about this later in the show

1003
00:46:54,600 --> 00:46:58,239
Speaker 5: on his program for basically an emergency podcast to go

1004
00:46:58,280 --> 00:47:00,040
Speaker 5: over what the hell is happening at the Pentagon and

1005
00:47:00,239 --> 00:47:04,080
Speaker 5: asked Dan, did you leak pint blank? And Dan said no,

1006
00:47:04,719 --> 00:47:09,000
Speaker 5: So does that cause tensions? That become a legitimate problem

1007
00:47:09,040 --> 00:47:11,439
Speaker 5: for Pete hag Seth as opposed to like a fake

1008
00:47:11,520 --> 00:47:13,680
Speaker 5: media story. That's why you saw him, I think, leading

1009
00:47:13,840 --> 00:47:15,759
Speaker 5: very heavily into the idea that this was a fake

1010
00:47:15,840 --> 00:47:18,279
Speaker 5: media story when he was talking to reporters at the

1011
00:47:18,320 --> 00:47:21,960
Speaker 5: Easter Egg role yesterday. So that's messaging to Donald Trump, right,

1012
00:47:22,040 --> 00:47:24,799
Speaker 5: that's straight going straight to the president and signaling to him.

1013
00:47:25,040 --> 00:47:27,040
Speaker 4: Pete Hexath knows this. He was on Fox and Friends forever.

1014
00:47:27,080 --> 00:47:29,760
Speaker 5: He knows how to communicate through the TV with Donald Trump,

1015
00:47:30,120 --> 00:47:31,920
Speaker 5: and that's what he was trying to say, mister President,

1016
00:47:31,960 --> 00:47:32,920
Speaker 5: this is fake news, right.

1017
00:47:33,000 --> 00:47:35,279
Speaker 3: And we actually got even more from hag Seth where

1018
00:47:35,280 --> 00:47:38,880
Speaker 3: again he's just going guns blazing against his own staff.

1019
00:47:38,920 --> 00:47:42,400
Speaker 3: People who worked for him were loyal to him, basically

1020
00:47:42,400 --> 00:47:43,440
Speaker 3: calling them liars.

1021
00:47:43,560 --> 00:47:44,520
Speaker 1: Let's take a listen.

1022
00:47:44,680 --> 00:47:45,680
Speaker 6: Over the last few days.

1023
00:47:45,680 --> 00:47:50,359
Speaker 12: You're senior Advisor Dan Caldwell, Darren Selnick, Colin Carroll, who

1024
00:47:50,440 --> 00:47:53,479
Speaker 12: is chief of Staff, Deputy Secretary of Defense. The other one,

1025
00:47:53,800 --> 00:47:56,600
Speaker 12: Darren is now former deputy chief of staff.

1026
00:47:56,640 --> 00:47:58,400
Speaker 6: Will let go? Did you let them go?

1027
00:48:00,280 --> 00:48:03,160
Speaker 9: It was a result of an investigation ongoing at the

1028
00:48:03,200 --> 00:48:07,080
Speaker 9: Pentagon where we identified there was a sufficient evidence potentially again,

1029
00:48:07,560 --> 00:48:10,400
Speaker 9: there's an investigation ongoing that will have to complete itself

1030
00:48:10,440 --> 00:48:11,399
Speaker 9: sufficient evidence to.

1031
00:48:11,320 --> 00:48:13,840
Speaker 6: Believe that they or others near.

1032
00:48:13,640 --> 00:48:15,640
Speaker 9: Them were party to leaking, and then I have a

1033
00:48:15,640 --> 00:48:19,960
Speaker 9: statutory responsibility, Brian, if I believe that's the case, to

1034
00:48:20,080 --> 00:48:23,319
Speaker 9: ultimately ensure they're no longer have access to that and

1035
00:48:23,320 --> 00:48:24,880
Speaker 9: that the investigation commences.

1036
00:48:25,239 --> 00:48:27,320
Speaker 6: There are a lot of ways to communicate in this building.

1037
00:48:27,440 --> 00:48:28,759
Speaker 6: I do it every day. I was just doing it

1038
00:48:28,800 --> 00:48:29,200
Speaker 6: this morning.

1039
00:48:29,480 --> 00:48:32,920
Speaker 9: Official channels by which we communicate classified information.

1040
00:48:33,200 --> 00:48:34,560
Speaker 6: If you want to do it and do it the

1041
00:48:34,640 --> 00:48:35,680
Speaker 6: right way, you should.

1042
00:48:35,719 --> 00:48:38,279
Speaker 9: If we think you are leaking to the press, that's

1043
00:48:38,320 --> 00:48:41,600
Speaker 9: a very real problem. We take that very seriously at

1044
00:48:41,600 --> 00:48:44,279
Speaker 9: the Pentagon. I'm here to do one job, one job

1045
00:48:44,320 --> 00:48:47,040
Speaker 9: for the President and the American people, secure the country.

1046
00:48:47,120 --> 00:48:50,320
Speaker 9: America first, peace through strength. I don't have time for leakers.

1047
00:48:50,719 --> 00:48:53,760
Speaker 9: I don't have time for the hoax press that pedals

1048
00:48:53,800 --> 00:48:56,959
Speaker 9: old stories from disgruntled employees. We should be talking about

1049
00:48:56,960 --> 00:48:59,960
Speaker 9: the decimation of the huthis, how we're pushing back to Chinese,

1050
00:49:00,040 --> 00:49:02,960
Speaker 9: how we have a new defense area of the southern border. Instead,

1051
00:49:03,120 --> 00:49:05,760
Speaker 9: disgruntled former employees are peddling things.

1052
00:49:05,600 --> 00:49:08,360
Speaker 6: To try to save their ass. Did you, And ultimately

1053
00:49:09,520 --> 00:49:10,319
Speaker 6: it's not going to work.

1054
00:49:10,719 --> 00:49:13,200
Speaker 3: I mean again, I mean it's unhinged to be honest,

1055
00:49:13,239 --> 00:49:16,319
Speaker 3: the way that he's reacting to this. But clearly there

1056
00:49:16,360 --> 00:49:18,839
Speaker 3: is some stuff going on inside of the White House.

1057
00:49:18,920 --> 00:49:19,279
Speaker 1: Right now.

1058
00:49:19,320 --> 00:49:21,960
Speaker 3: President Trump is standing behind Pete Heggsath, even though apparently

1059
00:49:22,000 --> 00:49:24,759
Speaker 3: he's not very happy about the latest signal story. Here

1060
00:49:24,800 --> 00:49:27,960
Speaker 3: was Caroline Levitt, the Press secretary, talking about the Secretary.

1061
00:49:28,160 --> 00:49:31,080
Speaker 13: The President stands strongly behind Secretary heg Seth, who is

1062
00:49:31,120 --> 00:49:34,400
Speaker 13: doing a phenomenal job leading the Pentagon. And this is

1063
00:49:34,440 --> 00:49:38,040
Speaker 13: what happens when the entire Pentagon is working against you

1064
00:49:38,120 --> 00:49:41,000
Speaker 13: and working against the monumental change that you are trying

1065
00:49:41,000 --> 00:49:44,520
Speaker 13: to implement. Secretary Hegswifth. Heg Seth was nominated for this

1066
00:49:44,600 --> 00:49:47,240
Speaker 13: position because he is standing up for the war fighter,

1067
00:49:47,320 --> 00:49:49,839
Speaker 13: the men and women in uniform who are putting their

1068
00:49:49,880 --> 00:49:53,600
Speaker 13: lives on the line to protect our country and our homeland.

1069
00:49:53,640 --> 00:49:57,680
Speaker 13: And unfortunately, there have been people at that building who

1070
00:49:57,680 --> 00:50:00,360
Speaker 13: don't like the change the secretary is trying to, so

1071
00:50:00,400 --> 00:50:02,960
Speaker 13: they are leaking and they are lying to the mainstream media.

1072
00:50:03,080 --> 00:50:06,160
Speaker 13: We've seen this game played before. The Secretary is doing

1073
00:50:06,200 --> 00:50:08,920
Speaker 13: a tremendous job, and the President stands strongly behind him.

1074
00:50:09,239 --> 00:50:11,319
Speaker 1: Presidents stands strongly behind him.

1075
00:50:11,360 --> 00:50:13,439
Speaker 3: And yet at the very same time, let's go ahead

1076
00:50:13,440 --> 00:50:16,320
Speaker 3: and put B three please up on the screen. Emily,

1077
00:50:16,320 --> 00:50:18,040
Speaker 3: what do you make of this? So from NPR, they're

1078
00:50:18,120 --> 00:50:20,279
Speaker 3: really the only story to report it so far, so

1079
00:50:20,360 --> 00:50:22,680
Speaker 3: you know, you could take it only so far. The

1080
00:50:22,719 --> 00:50:25,279
Speaker 3: White House is looking to replace Pete Hegseth as the

1081
00:50:25,280 --> 00:50:27,440
Speaker 3: Defense Secretary. They don't have a ton of detail. It

1082
00:50:27,560 --> 00:50:30,239
Speaker 3: just says that it's something the process of looking for

1083
00:50:30,320 --> 00:50:33,160
Speaker 3: a new leader at the Pentagon to replace him if.

1084
00:50:32,920 --> 00:50:33,600
Speaker 1: They need to.

1085
00:50:34,000 --> 00:50:37,759
Speaker 3: The quote source said that Hegseth used signal messaging app

1086
00:50:37,760 --> 00:50:40,480
Speaker 3: on his personal smartphone. That's apparently what kind of set

1087
00:50:40,520 --> 00:50:42,960
Speaker 3: Trump off. But of course heg Seth and the White

1088
00:50:42,960 --> 00:50:45,680
Speaker 3: House saying that that's completely fake news and that they're

1089
00:50:45,719 --> 00:50:48,720
Speaker 3: not trying to replace him. I'm just not so sure,

1090
00:50:48,760 --> 00:50:53,000
Speaker 3: because when you see a complete collapse of your entire

1091
00:50:53,120 --> 00:50:58,960
Speaker 3: front office, you also find yourself mired in this controversy

1092
00:50:59,000 --> 00:51:01,480
Speaker 3: about not only sharing information. But look, I mean, just

1093
00:51:01,520 --> 00:51:04,040
Speaker 3: look at the way that he is speaking here publicly,

1094
00:51:04,080 --> 00:51:07,360
Speaker 3: like this is not somebody who feels secure, right. He

1095
00:51:07,400 --> 00:51:09,640
Speaker 3: feels as if you have to go on the offense

1096
00:51:09,840 --> 00:51:13,600
Speaker 3: survivability the people around him. Obviously, he doesn't even have

1097
00:51:13,680 --> 00:51:16,040
Speaker 3: any real advisors or any of that point who he

1098
00:51:16,040 --> 00:51:16,920
Speaker 3: could probably trust.

1099
00:51:17,160 --> 00:51:19,200
Speaker 1: He seems to be a man on an island. And

1100
00:51:19,440 --> 00:51:19,799
Speaker 1: good point.

1101
00:51:19,840 --> 00:51:23,240
Speaker 3: It's just it's just a weird thing to watch because

1102
00:51:23,480 --> 00:51:25,880
Speaker 3: not only does this secretary of Defense, but we're watching

1103
00:51:25,920 --> 00:51:29,319
Speaker 3: this at the height of tensions with Iran, and a

1104
00:51:29,320 --> 00:51:29,600
Speaker 3: lot of.

1105
00:51:29,560 --> 00:51:31,520
Speaker 1: These people who are just fired are people.

1106
00:51:31,320 --> 00:51:34,320
Speaker 3: Who I think are being framed and who were trying

1107
00:51:34,600 --> 00:51:38,600
Speaker 3: at least to push the administration and develop options and

1108
00:51:38,640 --> 00:51:42,360
Speaker 3: policy which would not lead to a direct confrontation. And

1109
00:51:42,440 --> 00:51:45,839
Speaker 3: things genuinely seem to be sizzling to a boiling point

1110
00:51:45,840 --> 00:51:49,400
Speaker 3: where the pro Iran war lobby again is more frothing

1111
00:51:49,400 --> 00:51:51,200
Speaker 3: at the mouth than I probably have ever seen them.

1112
00:51:51,480 --> 00:51:54,680
Speaker 3: I talked to yesterday about Mark Levin demanding that Tulsi

1113
00:51:54,760 --> 00:51:59,520
Speaker 3: Gabbard fix US intelligence like that's that's that's crazy shit,

1114
00:51:59,840 --> 00:52:03,160
Speaker 3: Like that's again, that's Iraq level stuff going in, doctoring

1115
00:52:03,200 --> 00:52:05,880
Speaker 3: intelligence reports to back up what you want so that

1116
00:52:05,920 --> 00:52:09,239
Speaker 3: you can bomb them. The purge here is happening. Ryan

1117
00:52:09,280 --> 00:52:11,440
Speaker 3: and I did our story yesterday about it. Israeli Ministry

1118
00:52:11,480 --> 00:52:14,920
Speaker 3: Defense official running the damn Israel and Iran portfolio on

1119
00:52:15,000 --> 00:52:15,719
Speaker 3: the NSC.

1120
00:52:16,160 --> 00:52:19,399
Speaker 1: I mean, it's just crazy. And Mike Waltz gets to stay.

1121
00:52:19,440 --> 00:52:22,040
Speaker 3: The guy wants to push for Iran, so heg seth

1122
00:52:22,280 --> 00:52:24,640
Speaker 3: if he stays or goes. I don't even know what

1123
00:52:24,680 --> 00:52:27,160
Speaker 3: this guy believes. Honestly, at this point when you turn

1124
00:52:27,200 --> 00:52:29,520
Speaker 3: on the people around you, he was one of only

1125
00:52:29,560 --> 00:52:31,800
Speaker 3: three voices to speak up against a strike on Iran.

1126
00:52:32,239 --> 00:52:35,279
Speaker 3: Maybe that's one of three gone right. Turns out pretty

1127
00:52:35,320 --> 00:52:36,080
Speaker 3: well for these Raelies.

1128
00:52:36,120 --> 00:52:38,480
Speaker 5: Well and Dan and Tucker flesh this out in his

1129
00:52:38,520 --> 00:52:41,400
Speaker 5: conversation with him. But Dan is a deep skeptic of

1130
00:52:41,480 --> 00:52:44,400
Speaker 5: the Iron Hawks, and so there actually is probably something

1131
00:52:44,680 --> 00:52:50,120
Speaker 5: legitimate to the I guess there's probably something legitimate to

1132
00:52:50,160 --> 00:52:53,560
Speaker 5: the argument that Pete haig Seth is under enormous pressure

1133
00:52:53,840 --> 00:52:56,080
Speaker 5: and from people who want to go to a war

1134
00:52:56,080 --> 00:52:58,480
Speaker 5: with Iran, who are upset that he brought people like

1135
00:52:58,560 --> 00:53:01,919
Speaker 5: Dan into the group. Go back to Signal Gate. Who

1136
00:53:02,040 --> 00:53:06,800
Speaker 5: did Pete Heigsas say should be the principal communicator brought

1137
00:53:06,840 --> 00:53:09,520
Speaker 5: in or the principle brought into the signal Gate chat

1138
00:53:09,680 --> 00:53:10,920
Speaker 5: he sent to Mike Waltz.

1139
00:53:10,960 --> 00:53:12,320
Speaker 4: That's the signal Gate chat.

1140
00:53:12,120 --> 00:53:14,879
Speaker 5: Was created because Mike Waltz was asking all of these

1141
00:53:14,920 --> 00:53:17,440
Speaker 5: guys who should be the point person for your department?

1142
00:53:18,000 --> 00:53:19,680
Speaker 4: Pete Heggsas said Dan Caldwell.

1143
00:53:19,840 --> 00:53:22,560
Speaker 5: And now Dan is out, So maybe there was some

1144
00:53:22,600 --> 00:53:24,200
Speaker 5: funny business going on. I mean, I think there's a

1145
00:53:24,239 --> 00:53:28,440
Speaker 5: non implausible theory that Pete Hegsath was getting rid of

1146
00:53:28,480 --> 00:53:31,239
Speaker 5: these guys in order to protect them from an investigation

1147
00:53:31,600 --> 00:53:34,719
Speaker 5: that seems to have been blown up by Pete Heggsas's

1148
00:53:34,800 --> 00:53:37,959
Speaker 5: own account of what's happened, and Dan coming out point

1149
00:53:37,960 --> 00:53:40,200
Speaker 5: blank and saying no, I never leaked, and going on

1150
00:53:40,239 --> 00:53:42,680
Speaker 5: Tucker Carlson's show. That doesn't sound like a guy who's

1151
00:53:42,719 --> 00:53:45,440
Speaker 5: being protected by a friend. It looks like someone who

1152
00:53:45,520 --> 00:53:48,200
Speaker 5: is genuinely feels burned by all of this and the

1153
00:53:48,280 --> 00:53:50,879
Speaker 5: other thing. Donald Trump Junior to go back to him.

1154
00:53:51,000 --> 00:53:54,480
Speaker 5: He posted, you remember when John Ulliot got some headlines

1155
00:53:54,520 --> 00:53:58,359
Speaker 5: for being for resigning. Well, Don Junior, remember he said,

1156
00:53:58,360 --> 00:54:00,439
Speaker 5: this guy is not America first, I've been here for years,

1157
00:54:00,480 --> 00:54:02,760
Speaker 5: that he works his ass off to subvert my father's agenda.

1158
00:54:02,840 --> 00:54:05,520
Speaker 5: That ends today he's officially exiled from our movement. Well

1159
00:54:05,520 --> 00:54:07,920
Speaker 5: what does that say. He's not the only one in

1160
00:54:07,960 --> 00:54:11,080
Speaker 5: the Pentagon who is working to subvert, as Donald Trump

1161
00:54:11,120 --> 00:54:13,760
Speaker 5: puts it, my father's agenda quote my father's agenda.

1162
00:54:14,040 --> 00:54:16,399
Speaker 4: There the other guys. He's one example, he's a high

1163
00:54:16,440 --> 00:54:17,280
Speaker 4: profile scalp.

1164
00:54:17,640 --> 00:54:20,280
Speaker 5: There are other guys still in the Pentagon who don't

1165
00:54:20,320 --> 00:54:23,719
Speaker 5: like the Dan Caldwell approach and don't want him to

1166
00:54:23,840 --> 00:54:27,960
Speaker 5: influence Pete hegsa's decision making. And so yes, they were

1167
00:54:28,080 --> 00:54:32,040
Speaker 5: probably doing from the moment the administration started and Hegsas

1168
00:54:32,080 --> 00:54:36,719
Speaker 5: surrounded himself by guys from places like concerned FATS. They

1169
00:54:36,760 --> 00:54:39,320
Speaker 5: have probably been trying to catch those guys doing something

1170
00:54:39,360 --> 00:54:40,920
Speaker 5: wrong or set those guys up.

1171
00:54:41,000 --> 00:54:41,560
Speaker 1: Nobody knows.

1172
00:54:42,080 --> 00:54:44,120
Speaker 4: For weeks they've probably been trying to do that.

1173
00:54:44,200 --> 00:54:47,040
Speaker 5: And so yes, I think it is likely that some

1174
00:54:47,080 --> 00:54:51,760
Speaker 5: of the stems from exactly that. But bad motivations don't

1175
00:54:51,760 --> 00:54:55,680
Speaker 5: mean that people are blameless, that people are pure and

1176
00:54:55,680 --> 00:54:58,880
Speaker 5: haven't done anything wrong, So those are not mutually exclusive.

1177
00:54:59,000 --> 00:55:01,839
Speaker 1: Yeah. Look, is it theoretically possibly are leaking.

1178
00:55:01,920 --> 00:55:03,480
Speaker 3: Yeah, I guess, but I mean, you know, at the

1179
00:55:03,480 --> 00:55:06,040
Speaker 3: same time, like half few people are leakers. Anyway, that

1180
00:55:06,080 --> 00:55:08,480
Speaker 3: huge did sir Pete Hegseth never leaked anything.

1181
00:55:08,280 --> 00:55:10,560
Speaker 5: Right, Well, that Hexeth was, to your point, disloyal to

1182
00:55:10,600 --> 00:55:13,959
Speaker 5: his good friends. I mean, they're the pressure is going

1183
00:55:14,000 --> 00:55:16,000
Speaker 5: to make him do things or could make him do

1184
00:55:16,040 --> 00:55:19,279
Speaker 5: things that are bad. Yeah, whether or not he's inclined

1185
00:55:19,440 --> 00:55:22,480
Speaker 5: to do something actually anti Neocon and smart.

1186
00:55:22,520 --> 00:55:24,000
Speaker 4: When it comes to these mounting.

1187
00:55:23,680 --> 00:55:26,800
Speaker 5: Tensions with Lebron Donald Trump is resisting pressures from the

1188
00:55:26,880 --> 00:55:29,040
Speaker 5: Neocon so far, we'll see how that goes. And his

1189
00:55:29,520 --> 00:55:32,919
Speaker 5: sending Steve Whitcoff to continue these negotiations, and the way

1190
00:55:32,920 --> 00:55:36,480
Speaker 5: that he's approaching it, which is freaking everybody out. I mean,

1191
00:55:36,520 --> 00:55:38,960
Speaker 5: it's freaking the Nikki Halees of the world out beyond,

1192
00:55:39,200 --> 00:55:41,000
Speaker 5: like your point, beyond where.

1193
00:55:40,800 --> 00:55:41,560
Speaker 4: They thought they could go.

1194
00:55:41,680 --> 00:55:43,920
Speaker 3: Let's put B four up there on the screen. So

1195
00:55:44,000 --> 00:55:46,799
Speaker 3: I you know, this is interesting. I rarely see this

1196
00:55:46,840 --> 00:55:50,160
Speaker 3: actually happen, but you have a representative Don Bacon here

1197
00:55:50,400 --> 00:55:53,480
Speaker 3: actually calling for Hegsath to go. He said that he

1198
00:55:53,520 --> 00:55:55,879
Speaker 3: has concerns about him from the get go. Now tell

1199
00:55:55,920 --> 00:55:57,520
Speaker 3: me about Bacon. I don't know much about the guy,

1200
00:55:57,600 --> 00:55:59,120
Speaker 3: but I did. I didn't realize. I mean, this is

1201
00:55:59,120 --> 00:56:02,320
Speaker 3: a hask person, the first sitting GOP lawmaker to suggest

1202
00:56:02,360 --> 00:56:04,680
Speaker 3: that he should even fire Hexath. Clary's got a little

1203
00:56:04,719 --> 00:56:07,160
Speaker 3: bit of an independent streak? Is this in his general

1204
00:56:07,280 --> 00:56:08,440
Speaker 3: m O? What's up with this?

1205
00:56:08,880 --> 00:56:09,120
Speaker 6: Yeah?

1206
00:56:09,200 --> 00:56:12,680
Speaker 5: I mean, so he's had a close he's had close elections.

1207
00:56:12,680 --> 00:56:16,440
Speaker 5: He's been so he he won his last election fifty

1208
00:56:16,760 --> 00:56:20,440
Speaker 5: one percent to forty nine percent in Nebraska. Yeah, so

1209
00:56:20,520 --> 00:56:24,440
Speaker 5: he's like Omaha area and it's basically like one of

1210
00:56:24,480 --> 00:56:26,640
Speaker 5: the it's it's a tough race for him.

1211
00:56:26,680 --> 00:56:27,120
Speaker 4: Yeah.

1212
00:56:27,280 --> 00:56:31,080
Speaker 5: And I'm sure there's also a lot of weapons or no,

1213
00:56:31,120 --> 00:56:33,200
Speaker 5: I shouldn't say weapons manufacturing, but I'm sure there's a

1214
00:56:33,200 --> 00:56:36,800
Speaker 5: lot of Pentagon business. Okay, that matters to dun Bacon

1215
00:56:36,840 --> 00:56:37,440
Speaker 5: in Nebraska.

1216
00:56:37,480 --> 00:56:40,000
Speaker 4: All right, Well, lots of lots of nuclear business.

1217
00:56:40,160 --> 00:56:42,520
Speaker 3: Oh that's right, Oh yeah, stract Com, that's right. Stract

1218
00:56:42,560 --> 00:56:43,919
Speaker 3: COM's Yeah, I always forgot about.

1219
00:56:44,040 --> 00:56:46,960
Speaker 5: So that they're sort of economically tethered to the military

1220
00:56:46,960 --> 00:56:50,719
Speaker 5: industrial complex and in a district that is like a

1221
00:56:50,760 --> 00:56:53,400
Speaker 5: bit more urban and everything affluent.

1222
00:56:54,160 --> 00:56:56,840
Speaker 3: That's that Nebraska would be so reliant on the nuclear

1223
00:56:56,880 --> 00:56:57,680
Speaker 3: weapons destriction.

1224
00:56:57,680 --> 00:57:00,680
Speaker 5: It is true, true nuclear It comes out and talks

1225
00:57:00,680 --> 00:57:02,320
Speaker 5: about how she's obsessed with nuclear weapons.

1226
00:57:02,400 --> 00:57:04,320
Speaker 3: Yes, yeah, that's because what is it. That's where the

1227
00:57:04,360 --> 00:57:06,880
Speaker 3: mountain is with the bunker and everything. I think Bush

1228
00:57:06,920 --> 00:57:08,840
Speaker 3: went there on nine to eleven. All right, anyway, this

1229
00:57:08,880 --> 00:57:14,239
Speaker 3: is that whole separate podcast. Let's get over to Dan

1230
00:57:14,320 --> 00:57:18,880
Speaker 3: caldwell appearance on Tucker Carlson. Dan Caldwell, as we said,

1231
00:57:18,960 --> 00:57:21,760
Speaker 3: was one of the individuals who was fired from the

1232
00:57:21,800 --> 00:57:24,920
Speaker 3: Trump administration. Pete Heggsath, his former boss, basically calling him

1233
00:57:24,920 --> 00:57:27,560
Speaker 3: a leaker, even though Dan literally worked for Pete heg

1234
00:57:27,560 --> 00:57:29,720
Speaker 3: Sath and was one of the biggest supporters of his

1235
00:57:30,040 --> 00:57:33,000
Speaker 3: secretary of becoming the Secretary of Defense. Well, here's what

1236
00:57:33,080 --> 00:57:35,680
Speaker 3: Caldwell had to say, as point blank, did you ever

1237
00:57:35,760 --> 00:57:39,479
Speaker 3: leak any classified information like what is being alleged from

1238
00:57:39,600 --> 00:57:42,640
Speaker 3: the secretary and what is behind your firing?

1239
00:57:42,720 --> 00:57:43,600
Speaker 1: So let's take a listen.

1240
00:57:43,920 --> 00:57:49,040
Speaker 14: It seems like the fastest way to derail the whole project.

1241
00:57:50,360 --> 00:57:53,480
Speaker 14: The Trump administration in the United States of America is

1242
00:57:53,840 --> 00:57:58,120
Speaker 14: a war with Iran. And that's why I've just been

1243
00:57:58,160 --> 00:58:01,240
Speaker 14: watching it as carefully as i can, because I feel like, again,

1244
00:58:01,280 --> 00:58:03,160
Speaker 14: if you hated Donald Trump and you hated what the

1245
00:58:03,200 --> 00:58:08,120
Speaker 14: administration is doing on immigration, trade, anti woke US whatever,

1246
00:58:09,040 --> 00:58:11,720
Speaker 14: and you wanted to stop it, the first thing you

1247
00:58:11,760 --> 00:58:15,920
Speaker 14: would do is apply pressure to have the US military

1248
00:58:16,560 --> 00:58:19,000
Speaker 14: engage in a war with a run I mean that,

1249
00:58:19,000 --> 00:58:21,120
Speaker 14: that's my perspective on it, anyway.

1250
00:58:20,960 --> 00:58:23,960
Speaker 10: I think that, and also continuing to do what we've

1251
00:58:24,000 --> 00:58:26,400
Speaker 10: been doing previously in brush.

1252
00:58:26,200 --> 00:58:28,520
Speaker 14: You youth, Oh for sure, for sure, though it I

1253
00:58:28,560 --> 00:58:29,920
Speaker 14: don't know why. Well, I'm going to ask you all

1254
00:58:29,920 --> 00:58:32,560
Speaker 14: about this, but it feels like wi cough is is

1255
00:58:32,600 --> 00:58:33,720
Speaker 14: helping a lot there.

1256
00:58:34,120 --> 00:58:37,560
Speaker 10: God he's I mean, I've already said he's a godsend.

1257
00:58:37,120 --> 00:58:39,480
Speaker 14: God blessed Steve wo Cough. I couldn't agree more. People

1258
00:58:39,560 --> 00:58:41,800
Speaker 14: knew that you weren't fully on board with the regime

1259
00:58:41,880 --> 00:58:43,280
Speaker 14: change program. Is that fair to say?

1260
00:58:43,400 --> 00:58:43,600
Speaker 6: Yeah?

1261
00:58:43,600 --> 00:58:46,080
Speaker 10: I was very open about it. I was very on

1262
00:58:46,120 --> 00:58:49,680
Speaker 10: the record about it, and most of the time when

1263
00:58:49,720 --> 00:58:52,960
Speaker 10: I was saying that we shouldn't do this. It was

1264
00:58:53,080 --> 00:58:57,160
Speaker 10: actually in support of, you know, the president's stated preferences,

1265
00:58:57,200 --> 00:59:00,320
Speaker 10: Like the president clearly doesn't want this. In the first term,

1266
00:59:00,440 --> 00:59:02,520
Speaker 10: there were people in his administration that wanted it, he

1267
00:59:02,560 --> 00:59:05,600
Speaker 10: didn't clearly, he clearly didn't want it, and so it

1268
00:59:05,680 --> 00:59:09,040
Speaker 10: was supporting people who didn't want the war. And so

1269
00:59:10,000 --> 00:59:10,760
Speaker 10: I was essential what.

1270
00:59:10,800 --> 00:59:13,720
Speaker 14: Donald Trump had said, has said, and now his actions

1271
00:59:13,720 --> 00:59:17,120
Speaker 14: make perfectly clear he would strongly prefer diplomatic solution.

1272
00:59:17,520 --> 00:59:17,840
Speaker 1: Correct.

1273
00:59:18,080 --> 00:59:19,800
Speaker 10: I don't want to speak for the president, but it's

1274
00:59:19,840 --> 00:59:22,000
Speaker 10: fairly obvious that that's what he wants.

1275
00:59:22,040 --> 00:59:24,320
Speaker 14: Well, he said it. I mean, he said it again

1276
00:59:24,360 --> 00:59:25,720
Speaker 14: and he ran on it.

1277
00:59:26,200 --> 00:59:29,160
Speaker 3: So look you can see that Caldwell was talking about

1278
00:59:29,160 --> 00:59:32,160
Speaker 3: Steve Wickcoff. He's talking about war with Iran, about the

1279
00:59:32,200 --> 00:59:35,640
Speaker 3: preference for Trump for a diplomatic solution. But look, we

1280
00:59:35,680 --> 00:59:37,480
Speaker 3: can all do the math. Who's the person who got

1281
00:59:37,520 --> 00:59:39,600
Speaker 3: fired here? You know, who's the person who's on the

1282
00:59:39,640 --> 00:59:42,080
Speaker 3: app Is it policy? I have no idea, to be honest.

1283
00:59:42,120 --> 00:59:44,880
Speaker 3: You know, basically, there's so much chaos that anybody can

1284
00:59:44,960 --> 00:59:47,800
Speaker 3: read so much of what we like, anybody can read

1285
00:59:47,880 --> 00:59:50,680
Speaker 3: any intention into what's happening. But it just seems as

1286
00:59:50,680 --> 00:59:53,920
Speaker 3: if the collapse of the Pentagon Front Office, whether it

1287
00:59:54,000 --> 00:59:57,560
Speaker 3: is policy motivated or not, is one where Mike Waltz

1288
00:59:57,560 --> 00:59:59,880
Speaker 3: gets to keep his job. The neocons in the NS

1289
01:00:00,040 --> 01:00:02,760
Speaker 3: you get to keep their job. Steve Wikoff is basically

1290
01:00:02,920 --> 01:00:05,440
Speaker 3: safe for now. You have no idea if he'll make

1291
01:00:05,480 --> 01:00:08,640
Speaker 3: it or not anytime, you know, in the future, because

1292
01:00:08,800 --> 01:00:10,400
Speaker 3: you know, like with the Goaza thing, he could be

1293
01:00:10,440 --> 01:00:12,440
Speaker 3: sidelined or it could be sent to Moscow with Putin,

1294
01:00:12,680 --> 01:00:15,240
Speaker 3: you know, tomorrow. We have no idea what the progress

1295
01:00:15,240 --> 01:00:17,720
Speaker 3: of those talks is going to look like. And the

1296
01:00:17,880 --> 01:00:21,200
Speaker 3: forces within the White House and the Administration who want

1297
01:00:21,640 --> 01:00:25,280
Speaker 3: more war with Iran are now counter signaling to protect Pete.

1298
01:00:25,280 --> 01:00:27,880
Speaker 3: Heggsth for example, Tom Cotton and others are some of

1299
01:00:27,880 --> 01:00:29,480
Speaker 3: his biggest defenders right now.

1300
01:00:29,560 --> 01:00:31,840
Speaker 1: So that's not a good sign, not a good sign

1301
01:00:31,840 --> 01:00:32,040
Speaker 1: to me.

1302
01:00:32,440 --> 01:00:34,200
Speaker 5: But again, both of these things can be true that

1303
01:00:34,240 --> 01:00:40,000
Speaker 5: this was driven fueled by ideological differences, sharp idiological differences,

1304
01:00:40,120 --> 01:00:43,560
Speaker 5: and you have Neo CON's foreign policy blob coming hard

1305
01:00:43,600 --> 01:00:46,760
Speaker 5: after people like Dan and then that pressure could have

1306
01:00:46,800 --> 01:00:51,800
Speaker 5: forced Hegsath to do something that probably was like in

1307
01:00:51,840 --> 01:00:54,200
Speaker 5: response to it and not good. So I feel like

1308
01:00:54,240 --> 01:00:56,160
Speaker 5: both of that I don't know. I think you're right,

1309
01:00:56,200 --> 01:00:58,640
Speaker 5: like we genuinely don't know what's happening behind closed doors

1310
01:00:58,640 --> 01:01:01,000
Speaker 5: at the Pentagon right now. It sounds like Dan actually

1311
01:01:01,000 --> 01:01:04,200
Speaker 5: did not do anything wrong because I think, you know,

1312
01:01:04,240 --> 01:01:07,800
Speaker 5: you wouldn't go out aggressively in media and answer these questions.

1313
01:01:07,880 --> 01:01:10,040
Speaker 4: Point Blake, talk to Tucker if that were the case.

1314
01:01:10,680 --> 01:01:13,680
Speaker 5: And I think, you know, maybe Pete Hegseth fired these

1315
01:01:13,720 --> 01:01:17,720
Speaker 5: guys to protect himself. Yes, that's these things don't have

1316
01:01:17,720 --> 01:01:18,720
Speaker 5: to be mutually exclusive.

1317
01:01:18,800 --> 01:01:21,520
Speaker 1: Yeah, yeah, look, it's certainly possible. I just don't know.

1318
01:01:21,600 --> 01:01:23,840
Speaker 3: I do know, of course, though, that with the absence

1319
01:01:23,920 --> 01:01:26,160
Speaker 3: of people like this that you know power, you know,

1320
01:01:26,240 --> 01:01:29,040
Speaker 3: it fills a vacuum, and so we're nowhere that's going

1321
01:01:29,120 --> 01:01:31,920
Speaker 3: to happen. He was also pressed specifically on leaking.

1322
01:01:32,040 --> 01:01:32,960
Speaker 1: Let's take a listen to that.

1323
01:01:33,320 --> 01:01:35,720
Speaker 14: So I just want to be totally direct with you.

1324
01:01:35,800 --> 01:01:39,240
Speaker 14: Did you leak classified information against the wishes of your

1325
01:01:39,280 --> 01:01:40,400
Speaker 14: superiors to media?

1326
01:01:40,480 --> 01:01:41,880
Speaker 10: Well, let's absolutely not.

1327
01:01:42,480 --> 01:01:46,400
Speaker 14: Did you photograph classified material and then text pictures of

1328
01:01:46,440 --> 01:01:48,320
Speaker 14: that material to an NBC News reporter?

1329
01:01:48,840 --> 01:01:52,240
Speaker 10: Absolutely not? And I have not spoken to an NBC

1330
01:01:52,400 --> 01:01:54,080
Speaker 10: reporter while at the Pentagon.

1331
01:01:55,360 --> 01:01:58,760
Speaker 14: Are you do you know what you've been accused of?

1332
01:01:59,440 --> 01:02:03,280
Speaker 10: No, I I don't sitting here right now, myself and

1333
01:02:03,400 --> 01:02:06,560
Speaker 10: Darren Selnick and Colin Carroll, the other two individuals that

1334
01:02:06,640 --> 01:02:09,560
Speaker 10: were escorted out of the Pentagon, initially placed on leave

1335
01:02:09,600 --> 01:02:12,680
Speaker 10: and then fired on Friday, we have not been told

1336
01:02:12,800 --> 01:02:17,560
Speaker 10: as of this recording. One is there what we were

1337
01:02:17,680 --> 01:02:22,959
Speaker 10: being investigated for? Two? Is there still an investigation? In Three?

1338
01:02:23,440 --> 01:02:25,840
Speaker 10: Was there even a real investigation? Because there's a lot

1339
01:02:25,840 --> 01:02:29,600
Speaker 10: of evidence that there there is not a real investigation.

1340
01:02:30,120 --> 01:02:33,160
Speaker 3: So you could see specifically didn't leak classified information and

1341
01:02:33,200 --> 01:02:34,600
Speaker 3: that was that. People were like, oh, well he didn't

1342
01:02:34,600 --> 01:02:36,440
Speaker 3: say he didn't leak at all. It's like, well, PETEXS

1343
01:02:36,560 --> 01:02:38,479
Speaker 3: just said you lead classified information. He said he didn't.

1344
01:02:38,760 --> 01:02:39,160
Speaker 1: I don't know.

1345
01:02:39,320 --> 01:02:43,480
Speaker 3: You know, maybe, but no polygraph tasks Mark san Sierramoski

1346
01:02:43,520 --> 01:02:45,240
Speaker 3: out of the building. Doesn't know if it's investigations, I

1347
01:02:45,240 --> 01:02:47,000
Speaker 3: don't even know if it's an investigation. Has been cleared

1348
01:02:47,040 --> 01:02:50,360
Speaker 3: of investigation, no result of investigation, you still just get

1349
01:02:50,360 --> 01:02:52,600
Speaker 3: walked out. I mean he was talking about how up

1350
01:02:52,680 --> 01:02:54,960
Speaker 3: until the minute before he was told to leave the building,

1351
01:02:54,960 --> 01:02:57,520
Speaker 3: that he had access to classified information, which is not

1352
01:02:57,800 --> 01:03:01,600
Speaker 3: the way that this all usually goes down, and let's

1353
01:03:01,640 --> 01:03:04,120
Speaker 3: take it outside of Caldwell, those other two. I've gotten

1354
01:03:04,160 --> 01:03:07,080
Speaker 3: to know some people who know them, and they're saying

1355
01:03:07,240 --> 01:03:10,040
Speaker 3: it's preposterous that like Darren Miller.

1356
01:03:09,800 --> 01:03:11,320
Speaker 1: In particular would be leaky.

1357
01:03:11,320 --> 01:03:12,600
Speaker 3: He's like, he didn't even want to work at the

1358
01:03:12,920 --> 01:03:15,680
Speaker 3: cell Selnick sorry, apparently he didn't even be wanting to

1359
01:03:15,720 --> 01:03:18,320
Speaker 3: work at the Patagon did so out of loyalty to

1360
01:03:18,320 --> 01:03:20,920
Speaker 3: Pete heggsat and now getting frog marks out of the building.

1361
01:03:21,160 --> 01:03:22,680
Speaker 1: So again you can take that.

1362
01:03:22,680 --> 01:03:26,280
Speaker 3: For what you will, but clearly, the chaos inside of

1363
01:03:26,360 --> 01:03:28,600
Speaker 3: all of this, it's going to have a long standing effect,

1364
01:03:28,640 --> 01:03:29,200
Speaker 3: that's all I know.

1365
01:03:29,440 --> 01:03:32,480
Speaker 5: Yeah, and we're gonna, i mean, whatever anybody thinks they

1366
01:03:32,520 --> 01:03:35,480
Speaker 5: know right now, we will probably find out that either

1367
01:03:35,520 --> 01:03:37,720
Speaker 5: it's much more nuanced or that it totally wasn't true

1368
01:03:38,040 --> 01:03:40,320
Speaker 5: because there's so much going on behind closed stores. But

1369
01:03:40,360 --> 01:03:42,760
Speaker 5: it does sound very clearly, at the very least, it

1370
01:03:42,840 --> 01:03:45,480
Speaker 5: sounds like these guys got burned by a friend, not

1371
01:03:45,520 --> 01:03:47,280
Speaker 5: just colleague, but a friend.

1372
01:03:47,720 --> 01:03:54,720
Speaker 1: That's exactly right,