1
00:00:00,320 --> 00:00:03,400
Speaker 1: Cable news is ripping us apart, dividing the nation, making

2
00:00:03,480 --> 00:00:05,920
Speaker 1: it impossible to function as a society and to know

3
00:00:05,960 --> 00:00:08,720
Speaker 1: what is true and what is false. The good news

4
00:00:08,800 --> 00:00:10,840
Speaker 1: is that they're failing and they know it. That is

5
00:00:10,840 --> 00:00:14,840
Speaker 1: why we're building something new. Be part of creating a new, better, healthier,

6
00:00:14,880 --> 00:00:17,960
Speaker 1: and more trustworthy mainstream by becoming a Breaking Points Premium

7
00:00:17,960 --> 00:00:21,520
Speaker 1: member today at breakingpoints dot com. Your hard earned money

8
00:00:21,560 --> 00:00:23,400
Speaker 1: is going to help us build for the midterms and

9
00:00:23,440 --> 00:00:27,400
Speaker 1: the upcoming presidential election so we can provide unparalleled coverage

10
00:00:27,400 --> 00:00:28,640
Speaker 1: of what is sure to be one of the most

11
00:00:28,640 --> 00:00:32,320
Speaker 1: pivotal moments in American history. So what are you waiting for?

12
00:00:32,520 --> 00:00:54,000
Speaker 1: Go to Breakingpoints dot com to help us out. Good morning, everybody,

13
00:00:54,040 --> 00:00:57,400
Speaker 1: Happy Tuesday. We have an amazing show for everybody today. Crystal,

14
00:00:57,480 --> 00:00:59,480
Speaker 1: you're at home, you're not feeling so well. Out of

15
00:00:59,560 --> 00:01:02,000
Speaker 1: abundance of caution, We're going to make sure that you're

16
00:01:02,000 --> 00:01:03,520
Speaker 1: all right. Do you want to tell the folks give

17
00:01:03,560 --> 00:01:07,759
Speaker 1: them an update? Yeah. So over the holiday weekend I

18
00:01:07,800 --> 00:01:11,720
Speaker 1: tested positive for the old coronavirus. Finally came for me.

19
00:01:12,080 --> 00:01:15,080
Speaker 1: This is my that's my first beout with it. I mean,

20
00:01:15,520 --> 00:01:19,000
Speaker 1: I'm fine, I feel probably like I'm going to say,

21
00:01:19,080 --> 00:01:23,480
Speaker 1: ninety two percent better, and according to what the doctors

22
00:01:23,520 --> 00:01:25,800
Speaker 1: are saying, you know, I shouldn't be contagious anymore in

23
00:01:25,800 --> 00:01:27,560
Speaker 1: any of that stuff, but I just wanted to be

24
00:01:27,600 --> 00:01:30,720
Speaker 1: super safe and not infect anybody. So doing the show

25
00:01:30,720 --> 00:01:33,479
Speaker 1: remotely today, but I am well on the path to recovery,

26
00:01:34,080 --> 00:01:35,679
Speaker 1: and we do have a great show for you today.

27
00:01:35,760 --> 00:01:40,080
Speaker 1: We've got some new dire warnings about economy actually might

28
00:01:40,160 --> 00:01:42,959
Speaker 1: already be in recession, so we will break all of

29
00:01:43,000 --> 00:01:45,480
Speaker 1: that down for you. We're also going to bring you

30
00:01:45,520 --> 00:01:48,920
Speaker 1: the latest details on that horrific mass shooting in Highland Park,

31
00:01:48,960 --> 00:01:53,840
Speaker 1: Illinois suburb outside of Chicago. They have arrested what they

32
00:01:53,840 --> 00:01:55,720
Speaker 1: describe as a person adventure, so we've got all those

33
00:01:55,760 --> 00:01:58,400
Speaker 1: details for you. We also have some pretty stunning polling

34
00:01:58,480 --> 00:02:01,760
Speaker 1: on how the public feels both about Biden and about Trump,

35
00:02:02,120 --> 00:02:04,280
Speaker 1: the two dudes who are most likely to be the

36
00:02:04,280 --> 00:02:07,320
Speaker 1: major party nominees that basically no one wants them to be,

37
00:02:07,520 --> 00:02:11,440
Speaker 1: So we'll break that down for you. Big developments down

38
00:02:11,440 --> 00:02:14,880
Speaker 1: in Ukraine, how will the public respond? How is the

39
00:02:14,880 --> 00:02:18,280
Speaker 1: administration responding? New questions there about whether we've been fed

40
00:02:18,320 --> 00:02:20,600
Speaker 1: and overly rosy picture of what is going on on

41
00:02:20,639 --> 00:02:23,840
Speaker 1: the ground, and some new questions about Pro Secretary Karine

42
00:02:23,880 --> 00:02:26,799
Speaker 1: Jean Pierre and how she is performing in the job.

43
00:02:26,919 --> 00:02:30,440
Speaker 1: Also a reminder of our big live show in Atlanta.

44
00:02:31,080 --> 00:02:34,320
Speaker 1: There it is Atlanta, September sixteenth. We're coming, folks. We've

45
00:02:34,320 --> 00:02:37,079
Speaker 1: done a phenomenal job of selling tickets so well. They

46
00:02:37,080 --> 00:02:39,320
Speaker 1: tell me that we're blowing expectations out of the water,

47
00:02:39,320 --> 00:02:41,400
Speaker 1: which is exactly what we want. Just as a reminder,

48
00:02:41,400 --> 00:02:43,280
Speaker 1: we are coming not just to Atlanta but all over.

49
00:02:43,360 --> 00:02:45,359
Speaker 1: But we have to show that we can sell tickets

50
00:02:45,480 --> 00:02:48,560
Speaker 1: in Atlanta before we can book venues anywhere else across

51
00:02:48,560 --> 00:02:50,040
Speaker 1: the country. So it's going to be fun. It's a

52
00:02:50,040 --> 00:02:52,480
Speaker 1: big midterm show. We're going to have special guests and

53
00:02:52,560 --> 00:02:54,880
Speaker 1: all that stuff. We're already planning the production. So if

54
00:02:54,919 --> 00:02:56,880
Speaker 1: you can go ahead and buy tickets, means the world

55
00:02:57,040 --> 00:02:59,440
Speaker 1: put to us to the show and just shows the

56
00:02:59,520 --> 00:03:02,799
Speaker 1: industry we are viable. We are as big as we

57
00:03:02,880 --> 00:03:05,440
Speaker 1: think we are, so hopefully we can show that to everyone.

58
00:03:05,520 --> 00:03:08,160
Speaker 1: So let's start then with the economy. Let's go ahead

59
00:03:08,160 --> 00:03:10,240
Speaker 1: and put this up there on the screen. What do

60
00:03:10,240 --> 00:03:12,760
Speaker 1: we got here, which is that the Atlanta Fed and

61
00:03:12,800 --> 00:03:15,960
Speaker 1: This is very interesting. The GDP tracker that they use

62
00:03:16,280 --> 00:03:18,760
Speaker 1: in order to forecast whether the US is in recession

63
00:03:18,840 --> 00:03:21,639
Speaker 1: or not actually shows that the US is likely in

64
00:03:21,760 --> 00:03:24,640
Speaker 1: a recession right now. The GDP gauge says that the

65
00:03:24,639 --> 00:03:27,720
Speaker 1: second quarter is running at a negative two point one percent,

66
00:03:28,000 --> 00:03:30,160
Speaker 1: and if you couple that with the first quarter decline

67
00:03:30,200 --> 00:03:32,600
Speaker 1: at one point six percent, that actually does fit the

68
00:03:32,639 --> 00:03:36,200
Speaker 1: technical definition of a recession. So let's also thlow the

69
00:03:36,240 --> 00:03:38,560
Speaker 1: next one up there on the screen, please, because that's

70
00:03:38,600 --> 00:03:41,400
Speaker 1: really what factored into the decision making, which is that

71
00:03:41,440 --> 00:03:44,240
Speaker 1: the one point six percent decline in the start to

72
00:03:44,280 --> 00:03:47,960
Speaker 1: the year really did show you that it was on

73
00:03:48,120 --> 00:03:51,840
Speaker 1: pace in order to show one point eight percent instead

74
00:03:51,880 --> 00:03:54,720
Speaker 1: of the three point one percent that was estimated in may.

75
00:03:54,760 --> 00:03:56,720
Speaker 1: You couple this all this together and you just see

76
00:03:56,760 --> 00:04:00,200
Speaker 1: the economy is getting slammed. The reason that the meat

77
00:04:00,320 --> 00:04:03,960
Speaker 1: there is the first sign is that food inflation, gas inflation,

78
00:04:04,120 --> 00:04:07,400
Speaker 1: cost of living inflation, rent inflation, and more are just

79
00:04:07,520 --> 00:04:11,520
Speaker 1: smacking consumers at left, right, and center, and all of

80
00:04:11,560 --> 00:04:14,840
Speaker 1: that is impacting the ability of the average consumer crystal

81
00:04:15,000 --> 00:04:17,000
Speaker 1: in order to go out and spend money, which is

82
00:04:17,160 --> 00:04:21,560
Speaker 1: seventy percent of the entire US economy. Yeah, that's exactly right.

83
00:04:21,680 --> 00:04:24,480
Speaker 1: And I mean you already have a majority of Americans

84
00:04:24,520 --> 00:04:27,200
Speaker 1: saying they think we are in a recession or headed

85
00:04:27,240 --> 00:04:29,599
Speaker 1: your recession. Now we are seeing some numbers to back

86
00:04:29,680 --> 00:04:32,400
Speaker 1: that up. You also see economic confidence. Let's put the

87
00:04:32,440 --> 00:04:35,919
Speaker 1: next element up on the screen, the lowest since two

88
00:04:36,000 --> 00:04:40,760
Speaker 1: thousand and nine. It's plunged to minus fifty eight as

89
00:04:40,800 --> 00:04:44,320
Speaker 1: of June, eighty five percent of Americans say the economy

90
00:04:44,520 --> 00:04:47,080
Speaker 1: is getting worse and yet sober. Let's put this next

91
00:04:47,080 --> 00:04:51,400
Speaker 1: piece up. It's a very strange recession because people are

92
00:04:51,400 --> 00:04:54,520
Speaker 1: getting hit hard. You know, their wages are not coming

93
00:04:54,520 --> 00:04:57,479
Speaker 1: anywhere close to keeping up with inflation, so that means

94
00:04:57,480 --> 00:05:01,760
Speaker 1: they're basically getting a pay cut every period. Growth is negative,

95
00:05:02,080 --> 00:05:05,679
Speaker 1: so that is the technical definition of recession. And yet

96
00:05:05,720 --> 00:05:09,800
Speaker 1: the unemployment rate continues to be quite low. So they

97
00:05:09,800 --> 00:05:11,479
Speaker 1: say in this piece for the Wall of Tree Journal,

98
00:05:11,480 --> 00:05:13,000
Speaker 1: if the US is in a recession is a very

99
00:05:13,000 --> 00:05:17,200
Speaker 1: strange one. Analysts sometimes talk about job lists recoveries after

100
00:05:17,279 --> 00:05:19,920
Speaker 1: pass recessions, in which econom account put roads but employers

101
00:05:19,960 --> 00:05:22,760
Speaker 1: kept shutting workers. Well, the first half of twenty twenty

102
00:05:22,800 --> 00:05:26,159
Speaker 1: two was the mirror image a job full downturn. In

103
00:05:26,160 --> 00:05:29,600
Speaker 1: which output felt and companies kept hiring. Whether it will

104
00:05:29,600 --> 00:05:31,920
Speaker 1: spiral into a fuller and deeper recession isn't known, though

105
00:05:31,920 --> 00:05:35,280
Speaker 1: a growing number of economists believe that it will. I mean,

106
00:05:35,320 --> 00:05:38,880
Speaker 1: I think it's very unlikely that you move forward into

107
00:05:38,960 --> 00:05:43,200
Speaker 1: full on recession and don't see the unemployment rate go

108
00:05:43,400 --> 00:05:47,400
Speaker 1: up significantly. But even with the rate where it is,

109
00:05:47,680 --> 00:05:51,400
Speaker 1: there's still such a large amount of pain growing, especially

110
00:05:51,400 --> 00:05:55,040
Speaker 1: for working class people, because their wages just aren't going

111
00:05:55,080 --> 00:05:58,640
Speaker 1: far so out coming out of COVID. You just have

112
00:05:58,800 --> 00:06:04,279
Speaker 1: such a strange confluence of events and circumstances with the

113
00:06:04,320 --> 00:06:07,240
Speaker 1: supply chain shocks now with the war in Ukraine, that

114
00:06:07,320 --> 00:06:10,560
Speaker 1: it is creating economic conditions which are almost unprecedented and

115
00:06:10,760 --> 00:06:13,920
Speaker 1: very hard to predict where this ultimately goes. Yeah, no,

116
00:06:14,000 --> 00:06:15,320
Speaker 1: I think that's the right way, you know, And I

117
00:06:15,360 --> 00:06:18,039
Speaker 1: actually I get annoyed by the technical quibbling by the

118
00:06:18,080 --> 00:06:20,279
Speaker 1: economists on whether we're technically in a recession or not.

119
00:06:20,360 --> 00:06:22,599
Speaker 1: It's like, look, shit is too expensive. It's simple. You know,

120
00:06:22,680 --> 00:06:25,880
Speaker 1: everybody feels that cost of living is too expensive. That's

121
00:06:25,880 --> 00:06:28,440
Speaker 1: why consumer sentiment, as we showed, is all the way

122
00:06:28,480 --> 00:06:30,920
Speaker 1: down to February of two thousand and nine, whether we

123
00:06:30,920 --> 00:06:33,360
Speaker 1: were tracked by one point two versus one point eight.

124
00:06:33,560 --> 00:06:35,880
Speaker 1: The basic fact is is that cost of living is

125
00:06:35,920 --> 00:06:38,880
Speaker 1: way too high for one hundred percent of Americans. And

126
00:06:38,920 --> 00:06:41,960
Speaker 1: if you consider that in the context of wages, yeah, okay,

127
00:06:42,000 --> 00:06:44,599
Speaker 1: you know, you could have the unemployment rate at three

128
00:06:44,600 --> 00:06:46,880
Speaker 1: point six as long as wages are only rising by

129
00:06:46,920 --> 00:06:49,200
Speaker 1: two percent and cost of living is going up by

130
00:06:49,400 --> 00:06:52,200
Speaker 1: some measures around ten to fifteen. If you look at

131
00:06:52,240 --> 00:06:54,279
Speaker 1: some of the really tough areas of life we've talked

132
00:06:54,279 --> 00:06:56,880
Speaker 1: about before. You know that car segment we did on

133
00:06:56,920 --> 00:06:58,760
Speaker 1: how the average payment was six to fifty, Well now

134
00:06:58,760 --> 00:07:02,160
Speaker 1: it's over seven hundred actually, so jumped up fifty dollars

135
00:07:02,279 --> 00:07:05,440
Speaker 1: once more in the last month. Supply chain shortage is

136
00:07:05,560 --> 00:07:08,960
Speaker 1: wrecking everything from what people need in their most basics.

137
00:07:09,000 --> 00:07:14,520
Speaker 1: So whether we're technically retracting not retracting unemployment rate, things

138
00:07:14,720 --> 00:07:18,280
Speaker 1: are too expensive. And I think from that perspective, nobody

139
00:07:18,360 --> 00:07:21,400
Speaker 1: can argue that the economy is, what does Biden say,

140
00:07:21,520 --> 00:07:24,160
Speaker 1: the strongest since World War Two? It's like, yeah, well,

141
00:07:24,200 --> 00:07:29,080
Speaker 1: wage growth then was actually pretty high, so you know, yeah, well,

142
00:07:29,120 --> 00:07:31,240
Speaker 1: and I mean one thing I really worry about that

143
00:07:31,280 --> 00:07:33,720
Speaker 1: we talked about before is you know, one of the

144
00:07:34,160 --> 00:07:36,880
Speaker 1: big hopeful things this year, one of the only big

145
00:07:36,920 --> 00:07:39,600
Speaker 1: hopeful things this year has been the energy and the

146
00:07:39,680 --> 00:07:43,600
Speaker 1: labor movement, which really came directly was enabled by the

147
00:07:43,640 --> 00:07:45,960
Speaker 1: fact that number one, you have an NLRB that is

148
00:07:46,000 --> 00:07:47,960
Speaker 1: actually you know, taking the side of not even taking

149
00:07:47,960 --> 00:07:49,960
Speaker 1: the side of the workers, but you know, doing their

150
00:07:50,040 --> 00:07:52,880
Speaker 1: job effectively. But the big reason is that you have

151
00:07:52,960 --> 00:07:56,640
Speaker 1: these labor market conditions where jobs are plentiful, even if

152
00:07:56,680 --> 00:08:00,520
Speaker 1: they are not good jobs. So if you see the

153
00:08:00,640 --> 00:08:03,600
Speaker 1: economy start to turn so that not only are your

154
00:08:03,640 --> 00:08:08,440
Speaker 1: wages getting undercut by inflation, but you also have you know,

155
00:08:08,560 --> 00:08:11,040
Speaker 1: fewer and fewer jobs and people more desperate just to

156
00:08:11,080 --> 00:08:14,480
Speaker 1: hold on to any job that they can possibly get.

157
00:08:14,840 --> 00:08:17,400
Speaker 1: That is going to cut the knees right out of

158
00:08:17,440 --> 00:08:20,040
Speaker 1: the burgeoning labor movement. One of the things that they

159
00:08:20,080 --> 00:08:22,440
Speaker 1: pointed to in that Wall Street Journal piece which was

160
00:08:22,560 --> 00:08:24,800
Speaker 1: very interesting about you know, it's a very weird recession,

161
00:08:25,320 --> 00:08:27,760
Speaker 1: is part of what's going on with the negative negative

162
00:08:27,760 --> 00:08:31,680
Speaker 1: growth is retailers are having a lot of trouble figuring

163
00:08:31,760 --> 00:08:36,520
Speaker 1: out their inventory needs. So you had, you know, this

164
00:08:36,840 --> 00:08:40,719
Speaker 1: supply chain issues, which continue, by the way, but some

165
00:08:40,400 --> 00:08:42,480
Speaker 1: of some of which have gotten worked out a little bit,

166
00:08:42,520 --> 00:08:45,480
Speaker 1: some of which have been exacerbated by the war in Ukraine.

167
00:08:45,600 --> 00:08:49,040
Speaker 1: But they built up a lot of stock to get

168
00:08:49,080 --> 00:08:51,280
Speaker 1: ahead of the fact that, okay, we've got all these disruptions,

169
00:08:51,320 --> 00:08:55,760
Speaker 1: we've got to get enough into a warehouses. And now

170
00:08:55,880 --> 00:08:58,000
Speaker 1: they're caught kind of like holding the bag with too

171
00:08:58,040 --> 00:09:01,360
Speaker 1: much inventory. So rather than building more inventory, they're spending

172
00:09:01,440 --> 00:09:04,560
Speaker 1: their selling that up and you know, trying to trying

173
00:09:04,559 --> 00:09:06,800
Speaker 1: to get that off their shelves. And so that's part

174
00:09:06,800 --> 00:09:11,200
Speaker 1: of what's contributing to this negative growth and why you

175
00:09:11,280 --> 00:09:14,079
Speaker 1: have such a kind of you know, weird situation on

176
00:09:14,240 --> 00:09:16,440
Speaker 1: folding with the economy as we are still trying to

177
00:09:16,440 --> 00:09:20,319
Speaker 1: figure out how to get things back to any semblance

178
00:09:20,440 --> 00:09:24,280
Speaker 1: of smooth operation post COVID and post all the supply

179
00:09:24,400 --> 00:09:26,480
Speaker 1: chocks that have to do with that. And look, it's

180
00:09:26,520 --> 00:09:29,320
Speaker 1: a long term question too of how much how much

181
00:09:29,360 --> 00:09:32,319
Speaker 1: sustainability versus fragility we want to have in the supply chain.

182
00:09:32,400 --> 00:09:35,320
Speaker 1: I hope that moving forward the government puts policies in

183
00:09:35,440 --> 00:09:38,959
Speaker 1: place to encourage more resilience, but you know, don't hold

184
00:09:39,000 --> 00:09:40,520
Speaker 1: your breath on that one. Yeah, I'm not going to

185
00:09:40,559 --> 00:09:43,839
Speaker 1: hold my breath. Unfortunately, I with all the signs that

186
00:09:43,880 --> 00:09:46,920
Speaker 1: we're seeing FED continues to high rates. That's less investment

187
00:09:46,960 --> 00:09:49,720
Speaker 1: that companies can make into their you know, into both

188
00:09:49,880 --> 00:09:53,160
Speaker 1: in capital expenditure, workforce. They're going to have to cut

189
00:09:53,200 --> 00:09:55,959
Speaker 1: costs in order to keep their share price medium at

190
00:09:56,000 --> 00:09:58,280
Speaker 1: least in the long term, or try to deliver back

191
00:09:58,320 --> 00:10:01,280
Speaker 1: dividends and more. At the same time, the supply chain

192
00:10:01,320 --> 00:10:04,800
Speaker 1: issues are nowhere close to getting resolved. Target and all

193
00:10:04,840 --> 00:10:07,600
Speaker 1: of these other retailers that are dealing with inventory, their

194
00:10:07,640 --> 00:10:10,520
Speaker 1: response is not to deal with or rent more warehouse space,

195
00:10:10,559 --> 00:10:12,800
Speaker 1: which is also, by the way, sky high right now.

196
00:10:12,840 --> 00:10:14,880
Speaker 1: Their response is to slash and burn and to try

197
00:10:14,880 --> 00:10:17,400
Speaker 1: and sell as much of it as humanly possible. So

198
00:10:17,760 --> 00:10:20,319
Speaker 1: we're actually learning, in my opinion, some of the worst

199
00:10:20,400 --> 00:10:22,720
Speaker 1: lessons from a lot of the supply chain crisis just

200
00:10:22,720 --> 00:10:25,520
Speaker 1: because of the financialization in the economy, and I think

201
00:10:25,559 --> 00:10:28,680
Speaker 1: all of it just can contribute to everything being more expensive.

202
00:10:28,679 --> 00:10:31,120
Speaker 1: Gas is going to be expensive for the foreseeable future.

203
00:10:31,160 --> 00:10:32,960
Speaker 1: I just don't think that there's a way around it.

204
00:10:33,000 --> 00:10:34,640
Speaker 1: I don't think of food prices or any of that

205
00:10:34,760 --> 00:10:36,679
Speaker 1: is going to come down, not just because of Ukraine,

206
00:10:36,679 --> 00:10:39,000
Speaker 1: but because of so many fertilizer that we've talked about

207
00:10:39,120 --> 00:10:44,119
Speaker 1: LNG shortages, so all of the shortages, nitrogen and inputs

208
00:10:44,320 --> 00:10:47,040
Speaker 1: into the food and gas supply chain the basics of life.

209
00:10:47,280 --> 00:10:50,480
Speaker 1: Unless we see a legitimate New Deal style effort, which

210
00:10:50,520 --> 00:10:53,160
Speaker 1: you and I know is not coming, then well it's

211
00:10:53,200 --> 00:10:56,000
Speaker 1: like things are just going to be expensive basically from

212
00:10:56,000 --> 00:10:59,360
Speaker 1: here on out. And I think that's very unfortunate. Say

213
00:11:00,000 --> 00:11:03,080
Speaker 1: about that, because this was also interesting to me. There

214
00:11:03,160 --> 00:11:06,599
Speaker 1: was another article about how a lot of commodity prices

215
00:11:06,679 --> 00:11:11,480
Speaker 1: are actually coming down wheat, corn oil, and they didn't

216
00:11:11,480 --> 00:11:14,160
Speaker 1: attribute it in this piece. I was reading. It's another

217
00:11:14,200 --> 00:11:17,040
Speaker 1: Wall Street Journal keiece to you know, oh changes in

218
00:11:17,120 --> 00:11:19,640
Speaker 1: supply and demand and oh we now have better supply

219
00:11:19,760 --> 00:11:23,520
Speaker 1: year less demand. There. It was all because Wall Street

220
00:11:23,600 --> 00:11:27,880
Speaker 1: speculators had decided to make different decisions, which I think,

221
00:11:28,080 --> 00:11:30,880
Speaker 1: you know, it's also important to remember that these prices

222
00:11:31,280 --> 00:11:35,480
Speaker 1: don't just reflect the basics of where supply and demand intersect,

223
00:11:35,559 --> 00:11:38,120
Speaker 1: as we're taught in econ one on one. A lot

224
00:11:38,160 --> 00:11:39,880
Speaker 1: of this and you see this very clearly in the

225
00:11:39,880 --> 00:11:42,360
Speaker 1: oil price, in particular the gas price that you're paying

226
00:11:42,360 --> 00:11:45,319
Speaker 1: at the pump versus what the price of veryl of oil.

227
00:11:45,440 --> 00:11:48,600
Speaker 1: Is a lot of this is also driven by Wall

228
00:11:48,640 --> 00:11:52,160
Speaker 1: Street speculators and the best that they're making, irrespective of

229
00:11:52,200 --> 00:11:54,400
Speaker 1: what else is going on in the real economy. So

230
00:11:54,960 --> 00:11:57,600
Speaker 1: there was some hopefulness in that article that because commodity

231
00:11:57,640 --> 00:12:00,439
Speaker 1: prices were coming down, maybe inflation has reached speak, maybe

232
00:12:00,440 --> 00:12:02,400
Speaker 1: it's going to go in the other direction. But I

233
00:12:02,400 --> 00:12:04,079
Speaker 1: think we're a long way from all of these things

234
00:12:04,120 --> 00:12:07,000
Speaker 1: settling out. I think that's right, because even as you're describing,

235
00:12:07,000 --> 00:12:08,960
Speaker 1: you know, fifteen dollars drop. Part of the problem with

236
00:12:09,000 --> 00:12:11,280
Speaker 1: inflation is expectation. So part of the reason the prices

237
00:12:11,280 --> 00:12:13,920
Speaker 1: are staying high is people are like, oh, well, expectations

238
00:12:13,920 --> 00:12:15,600
Speaker 1: are chaos, and so we're going to keep the price

239
00:12:15,679 --> 00:12:18,520
Speaker 1: high just in case going forward. I wish it fluctuated,

240
00:12:18,559 --> 00:12:20,800
Speaker 1: like you said, with pure supply and demand, but that's

241
00:12:20,800 --> 00:12:23,120
Speaker 1: not how things work in the US of A. Right now,

242
00:12:23,280 --> 00:12:27,000
Speaker 1: let's talk about inflation as well. So a shocking comment,

243
00:12:27,080 --> 00:12:30,280
Speaker 1: honestly from the Federal Reserve Chairman Jerome Powell, where he

244
00:12:30,360 --> 00:12:33,200
Speaker 1: was giving a recent speech at a panel in which

245
00:12:33,200 --> 00:12:36,920
Speaker 1: he basically admitted that the FED doesn't know anything about inflation.

246
00:12:37,200 --> 00:12:39,240
Speaker 1: Let's take a listen one way to say it would

247
00:12:39,240 --> 00:12:41,800
Speaker 1: be we I think we now understand better how little

248
00:12:41,840 --> 00:12:47,160
Speaker 1: we understand about it. No, you know, honestly this was

249
00:12:47,280 --> 00:12:51,040
Speaker 1: this was unpredicted. Yeah, so we now understand better how

250
00:12:51,040 --> 00:12:56,040
Speaker 1: little we understand about inflation. Well, okay, guess chairman, very

251
00:12:56,520 --> 00:12:59,000
Speaker 1: good in order to hear from the person who is

252
00:12:59,120 --> 00:13:02,719
Speaker 1: probably single hand most responsible for handling all of our

253
00:13:02,720 --> 00:13:04,880
Speaker 1: fallout from this as a result of our fallout from

254
00:13:04,880 --> 00:13:07,000
Speaker 1: the government, and let's put this up there, which was

255
00:13:07,040 --> 00:13:10,319
Speaker 1: a single other takeaway, which is that you know, we

256
00:13:10,480 --> 00:13:12,880
Speaker 1: are probably just going to have to accept a much

257
00:13:12,960 --> 00:13:17,240
Speaker 1: higher risk of recession to combat inflation. And what sure

258
00:13:17,280 --> 00:13:20,160
Speaker 1: the chairman points to in this discussion on this panel

259
00:13:20,520 --> 00:13:23,120
Speaker 1: is looking back at the legacy of the nineteen eighties.

260
00:13:23,120 --> 00:13:24,760
Speaker 1: You know, he says he doesn't want to be compared

261
00:13:25,000 --> 00:13:27,280
Speaker 1: to Paul Volker, and sure he's not raising rates to

262
00:13:27,360 --> 00:13:30,280
Speaker 1: nineteen percent or anything like that, but you know, five

263
00:13:30,360 --> 00:13:32,880
Speaker 1: to nine percent, all of that looks very much in

264
00:13:32,960 --> 00:13:35,920
Speaker 1: the realm of possibility, and within that realm of possibility,

265
00:13:36,120 --> 00:13:39,160
Speaker 1: Crystal may not be a nineteen eighty one style recession,

266
00:13:39,160 --> 00:13:42,000
Speaker 1: but it could still be a you know, recession in

267
00:13:42,040 --> 00:13:45,760
Speaker 1: which we would have six, seven, eight, nine, percent unemployment,

268
00:13:45,800 --> 00:13:48,120
Speaker 1: and given the supply chain problems that we still have

269
00:13:48,720 --> 00:13:51,120
Speaker 1: in many ways, you know, the nineteen eighties recession and

270
00:13:51,200 --> 00:13:53,679
Speaker 1: more was probably easier to deal with from a sheer

271
00:13:53,720 --> 00:13:57,240
Speaker 1: monetary perspective. Just putting us simply in a recession and

272
00:13:57,280 --> 00:14:01,280
Speaker 1: causing high unemployment and nuken consumer to man would maybe

273
00:14:01,320 --> 00:14:04,080
Speaker 1: deal with what one third of the problem with high

274
00:14:04,080 --> 00:14:06,600
Speaker 1: prices right now. So it's not a victory in my

275
00:14:06,679 --> 00:14:10,000
Speaker 1: opinion to have a thirty percent reduction in the gas

276
00:14:10,040 --> 00:14:12,840
Speaker 1: price or the food price when seventy odd percent could

277
00:14:12,840 --> 00:14:15,600
Speaker 1: come from dealing with the supply side factors. But of

278
00:14:15,640 --> 00:14:18,920
Speaker 1: course the Federal Reserve has no say in any of that.

279
00:14:18,920 --> 00:14:21,800
Speaker 1: That's all up to our policy makers. Yeah, the cure

280
00:14:21,800 --> 00:14:24,120
Speaker 1: of here could be worse than the disease, is basically

281
00:14:24,120 --> 00:14:26,040
Speaker 1: what you're saying. And there's any doubt whether or not

282
00:14:26,080 --> 00:14:29,080
Speaker 1: we're in a recession today. Chairman pal is determined to

283
00:14:29,120 --> 00:14:30,920
Speaker 1: make sure it's very clear to all of us that

284
00:14:30,960 --> 00:14:32,720
Speaker 1: we're actually in a recession in the future. I mean,

285
00:14:32,920 --> 00:14:35,360
Speaker 1: you hear more and more comments like this from him,

286
00:14:35,480 --> 00:14:38,960
Speaker 1: you know, saying we need to get wages down, when obviously,

287
00:14:39,120 --> 00:14:41,520
Speaker 1: you know, wages are already not keeping pace with inflation.

288
00:14:41,680 --> 00:14:44,640
Speaker 1: We know that the Federal Reserve has very limited tools

289
00:14:44,720 --> 00:14:48,680
Speaker 1: ultimately deal with inflation, and those tools do not actually

290
00:14:48,720 --> 00:14:52,640
Speaker 1: target the core most dominant reasons that we have inflation

291
00:14:53,120 --> 00:14:56,400
Speaker 1: at this point. Not only that, but you know something

292
00:14:57,040 --> 00:14:59,920
Speaker 1: that I just sort of learned about recently with some

293
00:15:00,200 --> 00:15:04,320
Speaker 1: writing from UH, from Skanda and from the American Prospect

294
00:15:04,560 --> 00:15:07,920
Speaker 1: is it's not just that the Fed only can target demand.

295
00:15:08,040 --> 00:15:11,720
Speaker 1: It's that actually when they hike interest rates, it means

296
00:15:11,720 --> 00:15:14,680
Speaker 1: you make the supply situation worse as well, which is

297
00:15:14,720 --> 00:15:16,840
Speaker 1: incredibly logical when you think about that. It makes it

298
00:15:16,960 --> 00:15:20,960
Speaker 1: work less likely that companies invest in building out the

299
00:15:21,000 --> 00:15:23,440
Speaker 1: infrastructure and supply chain, you know, working through those supply

300
00:15:23,520 --> 00:15:25,920
Speaker 1: chainages and having the cash available to do that. So

301
00:15:26,400 --> 00:15:30,080
Speaker 1: you're actually having a deally curious effect on one side,

302
00:15:30,080 --> 00:15:34,160
Speaker 1: so very unclear that their actions are going to solve

303
00:15:34,160 --> 00:15:37,000
Speaker 1: the problem they are intended to solve, and there is

304
00:15:37,080 --> 00:15:41,360
Speaker 1: some recognition of that from some dissident voices in Washington.

305
00:15:41,440 --> 00:15:43,840
Speaker 1: Let's put this last part up on the screen here.

306
00:15:44,240 --> 00:15:47,240
Speaker 1: Politico has an articleay say no more whispers respect recession

307
00:15:47,280 --> 00:15:52,200
Speaker 1: talk surges in Washington, and they quote, you know, I mean,

308
00:15:52,280 --> 00:15:54,720
Speaker 1: first of all the piece is just an acknowledgment that

309
00:15:55,120 --> 00:15:58,720
Speaker 1: everybody in Washington, up up to the administration and up

310
00:15:58,760 --> 00:16:01,160
Speaker 1: to Bube you now acknowledge, which this is likely a

311
00:16:01,280 --> 00:16:03,840
Speaker 1: reality that we're headed towards. I think it's very unlikely

312
00:16:03,880 --> 00:16:06,240
Speaker 1: we can avoid it, since by some metrics we're already

313
00:16:06,240 --> 00:16:09,480
Speaker 1: in it. But they do quote a couple of people

314
00:16:09,480 --> 00:16:12,200
Speaker 1: who say, you know, we're going about this the wrong way.

315
00:16:12,560 --> 00:16:15,680
Speaker 1: They have a Josh Bivens, who's the research diructor at

316
00:16:16,040 --> 00:16:19,920
Speaker 1: Economic Policy Institute, Left Cleaning Policy Institute. He says, everyone's

317
00:16:19,920 --> 00:16:23,520
Speaker 1: screaming about inflation, but people would really hate a recession too.

318
00:16:23,520 --> 00:16:26,760
Speaker 1: The mood could get a lot more sour. You also

319
00:16:26,760 --> 00:16:30,040
Speaker 1: have Cenator Elizabeth Warren, who I think has been good

320
00:16:30,080 --> 00:16:33,800
Speaker 1: at understanding the risks and the type of solutions that

321
00:16:33,840 --> 00:16:36,040
Speaker 1: could actually meet the moment. You know, obviously I have

322
00:16:36,040 --> 00:16:38,200
Speaker 1: my critiques of her in general, but I give credit

323
00:16:38,200 --> 00:16:41,160
Speaker 1: where credit is due. She says, inflation is like an illness,

324
00:16:41,200 --> 00:16:43,400
Speaker 1: and medicine needs to be tailored to the specific problem,

325
00:16:43,400 --> 00:16:45,640
Speaker 1: otherwise you could make things a lot worse. And right

326
00:16:45,680 --> 00:16:48,880
Speaker 1: now the FED has no control over the main driver

327
00:16:49,080 --> 00:16:54,480
Speaker 1: of rising prices. So I think she's exactly correct. You know,

328
00:16:54,560 --> 00:16:58,960
Speaker 1: there's obviously people are suffering because of inflation. But the

329
00:16:59,000 --> 00:17:02,640
Speaker 1: only tool that either Biden or the Republicans are really

330
00:17:02,720 --> 00:17:07,479
Speaker 1: pointing to to get this under control means pain for you.

331
00:17:07,560 --> 00:17:10,640
Speaker 1: No guarantee that it does get inflation under control, and

332
00:17:10,920 --> 00:17:12,520
Speaker 1: you know, corporate profit and we're going to talk about

333
00:17:12,520 --> 00:17:15,160
Speaker 1: this later in the show. Corporate profiteers let off the hook.

334
00:17:15,280 --> 00:17:18,159
Speaker 1: No dealing with the underlying supply chain issues, no dealing

335
00:17:18,200 --> 00:17:21,280
Speaker 1: with you know, our continued role and pushing the war

336
00:17:21,359 --> 00:17:26,600
Speaker 1: in Ukraine. So it's it's a really really ugly landscape

337
00:17:26,680 --> 00:17:30,159
Speaker 1: ahead of working class people. I couldn't agree more. I

338
00:17:30,200 --> 00:17:33,159
Speaker 1: think the thing is about Biden is there is a way,

339
00:17:33,240 --> 00:17:35,320
Speaker 1: I think politically, to get out of this. You know,

340
00:17:35,320 --> 00:17:38,320
Speaker 1: we've talked about it, to acknowledge the pain, but over

341
00:17:38,480 --> 00:17:40,840
Speaker 1: and over again, it's on gas. You know, I'm taking

342
00:17:40,840 --> 00:17:42,840
Speaker 1: my whole monologue on this. As long as it takes,

343
00:17:43,000 --> 00:17:45,399
Speaker 1: is what he says, in order to restore our aims

344
00:17:45,400 --> 00:17:47,440
Speaker 1: in Ukraine? What does that mean? As long as it takes,

345
00:17:47,480 --> 00:17:50,240
Speaker 1: as long as what takes, what are the actual aim

346
00:17:50,359 --> 00:17:53,240
Speaker 1: So people are but what are we doing here? Because

347
00:17:53,280 --> 00:17:54,680
Speaker 1: you know things are not going so well on the

348
00:17:54,720 --> 00:17:57,600
Speaker 1: battlefield right now. Also just acknowledge this is not the

349
00:17:57,640 --> 00:18:00,960
Speaker 1: strongest job market since World War Two. Again, it comes

350
00:18:01,040 --> 00:18:02,920
Speaker 1: back to the point I was making the earlier block,

351
00:18:03,240 --> 00:18:06,720
Speaker 1: which is technicalities and dealing with Well, the economists say

352
00:18:06,720 --> 00:18:09,560
Speaker 1: that we're not technical. Listen, it is plain as day

353
00:18:09,840 --> 00:18:13,800
Speaker 1: people are fed up with higher prices. So talk about

354
00:18:13,800 --> 00:18:16,760
Speaker 1: it and then do something. And the do something part

355
00:18:16,800 --> 00:18:19,000
Speaker 1: is where you know, on July fourth, the guy tweets

356
00:18:19,000 --> 00:18:20,720
Speaker 1: out to the gas companies and ask them to please

357
00:18:20,760 --> 00:18:23,840
Speaker 1: bring down the price like that is not any semblance

358
00:18:24,280 --> 00:18:27,000
Speaker 1: of a plan whatsoever. Even on meat packing, you know,

359
00:18:27,119 --> 00:18:29,520
Speaker 1: over and over again we've talked about all the vertically

360
00:18:29,520 --> 00:18:33,080
Speaker 1: integrated supply problems. We've had people on our show, ranchers

361
00:18:33,080 --> 00:18:35,679
Speaker 1: and others who point to the gouging that takes place

362
00:18:35,920 --> 00:18:38,920
Speaker 1: in the industry. There's no roundtable that's happening at the

363
00:18:38,960 --> 00:18:41,080
Speaker 1: White House, just on a day to day basis. I

364
00:18:41,160 --> 00:18:43,840
Speaker 1: really just question what the hell he's doing. And I

365
00:18:43,920 --> 00:18:45,639
Speaker 1: was particularly embarrassed. I don't know if he saw this,

366
00:18:45,760 --> 00:18:50,160
Speaker 1: but at the NATO summit, Emmanuel Macrone and the NATO

367
00:18:50,240 --> 00:18:54,200
Speaker 1: chair yan Jen Stoltenberg had to beg Biden. They're like Hey,

368
00:18:54,200 --> 00:18:57,239
Speaker 1: you need to start talking about oil supply as in, like,

369
00:18:57,280 --> 00:18:59,639
Speaker 1: you know, the United States is the largest country on Earth,

370
00:18:59,800 --> 00:19:01,720
Speaker 1: or the largest economic power on Earth and in the

371
00:19:01,800 --> 00:19:04,520
Speaker 1: NATO Alliance should probably start trying to deal with some

372
00:19:04,600 --> 00:19:07,560
Speaker 1: of those supply issues. It's like even they are looking

373
00:19:07,560 --> 00:19:10,400
Speaker 1: at us and can't even believe that the administration has

374
00:19:10,440 --> 00:19:13,879
Speaker 1: its approach right now to the global economy. We shouldn't forget. Also,

375
00:19:14,000 --> 00:19:16,719
Speaker 1: you know, the Western powers in Europe are getting hammered

376
00:19:16,760 --> 00:19:20,320
Speaker 1: by frankly even higher inflation in some areas of their life.

377
00:19:20,400 --> 00:19:23,640
Speaker 1: So this is a global phenomenon. As you always point to,

378
00:19:23,760 --> 00:19:27,480
Speaker 1: like what is the most correlative thing to a social

379
00:19:27,600 --> 00:19:30,240
Speaker 1: unrest bread prices, Like all throughout it, all the way

380
00:19:30,280 --> 00:19:33,919
Speaker 1: back until the Roman Empire, we've had bread riots. I mean,

381
00:19:33,960 --> 00:19:38,120
Speaker 1: we are very much walking ourselves into the same situation. Yeah,

382
00:19:38,240 --> 00:19:40,520
Speaker 1: I think that's well said. Okay, let's move on to

383
00:19:40,560 --> 00:19:43,040
Speaker 1: a very very sad story about what happened in Highland

384
00:19:43,080 --> 00:19:47,080
Speaker 1: Park yesterday July fourth. There's a Chicago suburb. There was

385
00:19:47,080 --> 00:19:50,040
Speaker 1: a July fourth parade and there was a mass shooting

386
00:19:50,119 --> 00:19:52,919
Speaker 1: by a particularly deranged individual. I just want to give

387
00:19:52,960 --> 00:19:55,320
Speaker 1: a warning here. We are going to play some video

388
00:19:55,520 --> 00:19:58,200
Speaker 1: about what it was like whenever the shooting broke out.

389
00:19:58,240 --> 00:20:00,560
Speaker 1: So it's sensitive warning if you have kids anything like that,

390
00:20:00,680 --> 00:20:02,400
Speaker 1: make sure they're not in the room for this. Let's

391
00:20:02,400 --> 00:20:03,960
Speaker 1: go ahead and take a listen to what it was

392
00:20:04,080 --> 00:20:06,440
Speaker 1: like on the ground whenever the shooting broke out. We're

393
00:20:06,440 --> 00:20:19,520
Speaker 1: going to play a couple of seconds of this. Yeah,

394
00:20:19,520 --> 00:20:21,399
Speaker 1: I mean, Krizly, you can just see people running. I

395
00:20:21,440 --> 00:20:23,639
Speaker 1: can't even imagine you're with your family. You know, you

396
00:20:23,720 --> 00:20:26,760
Speaker 1: got a stroller, people strewing about, running away in the

397
00:20:26,800 --> 00:20:29,440
Speaker 1: middle of what's supposed to be like a joyous occasion

398
00:20:29,600 --> 00:20:33,639
Speaker 1: day off Birth of the Country. It's just so obviously

399
00:20:33,720 --> 00:20:35,880
Speaker 1: it never gets easy in order to do these things.

400
00:20:35,960 --> 00:20:37,720
Speaker 1: And just for pure details, just put this up there

401
00:20:37,720 --> 00:20:40,560
Speaker 1: on the screen. We got six dead in this mass

402
00:20:40,560 --> 00:20:44,520
Speaker 1: shooting so far, and a number of people who are

403
00:20:44,560 --> 00:20:47,280
Speaker 1: in the hospital up to fifteen at the last count

404
00:20:47,359 --> 00:20:49,800
Speaker 1: that we said. So right now, what the officials say

405
00:20:49,880 --> 00:20:52,679
Speaker 1: is they've recovered a high prowerd rifle from the scene.

406
00:20:53,040 --> 00:20:56,320
Speaker 1: They say the shooting quote appears to be completely random.

407
00:20:56,920 --> 00:21:00,000
Speaker 1: We don't yet know a lot about this alleged shooting

408
00:21:00,280 --> 00:21:03,239
Speaker 1: slash person of interest who's been taken into custody. He

409
00:21:03,280 --> 00:21:06,560
Speaker 1: was taken into custody last night six thirty pm local time.

410
00:21:07,080 --> 00:21:09,560
Speaker 1: There was not a shootout or anything like that. We're

411
00:21:09,560 --> 00:21:11,720
Speaker 1: not going to say his name here today in order

412
00:21:11,760 --> 00:21:15,040
Speaker 1: to deny some of the glory that obviously was being sought.

413
00:21:15,080 --> 00:21:16,719
Speaker 1: But let's go ahead and put this next part up

414
00:21:16,760 --> 00:21:19,280
Speaker 1: on the screen. We're looking in at a grade. I mean,

415
00:21:19,280 --> 00:21:21,960
Speaker 1: this President Biden. He's saying, I'm monitoring the situation closely,

416
00:21:22,320 --> 00:21:25,840
Speaker 1: not going to give up the fight on gun violence. Now, obviously,

417
00:21:25,920 --> 00:21:27,000
Speaker 1: you know, to have that on the birth of the

418
00:21:27,040 --> 00:21:31,040
Speaker 1: country and a national holiday is just completely horrific. So

419
00:21:31,160 --> 00:21:33,399
Speaker 1: the next one up there, which is that from what

420
00:21:33,440 --> 00:21:36,399
Speaker 1: we know about this gentleman so far, he appears to

421
00:21:36,440 --> 00:21:38,720
Speaker 1: be a real freak, and I think that that is

422
00:21:38,720 --> 00:21:44,000
Speaker 1: putting it lightly. Has released several videos over the years

423
00:21:44,440 --> 00:21:48,919
Speaker 1: glorifying mass shootings, including cartoons. He had tattoos, oliver his

424
00:21:49,000 --> 00:21:52,280
Speaker 1: face and his hair was dyed and various colors. Clears

425
00:21:52,320 --> 00:21:55,399
Speaker 1: to have been a complete and a total misfit. And

426
00:21:55,520 --> 00:21:58,800
Speaker 1: really what they're showing here is that for years he's

427
00:21:58,800 --> 00:22:04,840
Speaker 1: been wrapping and reducing videos. He even has millions of plays. Actually,

428
00:22:05,160 --> 00:22:09,720
Speaker 1: Crystal on Spotify had a discord server in which fans

429
00:22:09,760 --> 00:22:13,439
Speaker 1: and others were posting some really deranged content. Apparently. The

430
00:22:13,520 --> 00:22:16,399
Speaker 1: last thing that he even posted in his discord was

431
00:22:16,440 --> 00:22:19,560
Speaker 1: a video of a beheading. So, look, this is somebody

432
00:22:19,600 --> 00:22:23,040
Speaker 1: who clearly glorified violence and exhibited like every you know,

433
00:22:23,160 --> 00:22:24,760
Speaker 1: I mean, I don't know what it takes in order

434
00:22:24,800 --> 00:22:28,680
Speaker 1: to flag somebody. Illinois does have a red flag law apparently,

435
00:22:28,880 --> 00:22:32,199
Speaker 1: and this is a guy who's producing videos where you know,

436
00:22:32,480 --> 00:22:37,000
Speaker 1: he literally is mimicking mass shootings and glorifying violence on

437
00:22:37,040 --> 00:22:40,879
Speaker 1: this So we don't know the exact motivation clearly, and

438
00:22:41,080 --> 00:22:43,919
Speaker 1: I perused his Twitter feed and looked at some of

439
00:22:43,960 --> 00:22:49,000
Speaker 1: his past posts, but an extraordinarily deranged individual responsible now

440
00:22:49,040 --> 00:22:51,560
Speaker 1: for six deaths. Luckily he has been taken into custody

441
00:22:51,560 --> 00:22:54,240
Speaker 1: and there was no shootout or anything with police officers.

442
00:22:54,240 --> 00:22:56,679
Speaker 1: But yeah, I mean, to have it on July fourth

443
00:22:56,800 --> 00:22:59,680
Speaker 1: is just is really just so terrible. It's so difficult

444
00:22:59,760 --> 00:23:03,080
Speaker 1: even talk about it is. And I mean it's a

445
00:23:03,119 --> 00:23:07,040
Speaker 1: pattern of you just feel like where where's safe? You know,

446
00:23:07,280 --> 00:23:11,000
Speaker 1: the schools aren't safe, the shopping the supermarket's not safe,

447
00:23:11,000 --> 00:23:14,199
Speaker 1: the shopping malls not safe, the streets aren't safe, the

448
00:23:14,320 --> 00:23:20,399
Speaker 1: July fourth parade isn't safe. It's just devastating for the

449
00:23:20,480 --> 00:23:23,560
Speaker 1: families who have been impacted here. And what they described

450
00:23:23,720 --> 00:23:27,879
Speaker 1: is apparently he was on the roof just you know,

451
00:23:28,640 --> 00:23:33,760
Speaker 1: sniper style taking people out absolute you know, a terrorist act,

452
00:23:33,880 --> 00:23:36,800
Speaker 1: really to strike here in the heart of not only

453
00:23:36,880 --> 00:23:40,440
Speaker 1: those people and take precious lives. But I think of

454
00:23:40,800 --> 00:23:44,119
Speaker 1: the country as a whole. To your point about what

455
00:23:44,240 --> 00:23:49,320
Speaker 1: a deranged psychopath obsessed with murder and violence this dude was.

456
00:23:49,840 --> 00:23:53,880
Speaker 1: He released a track on October fifteenth, twenty twenty one

457
00:23:54,400 --> 00:23:57,840
Speaker 1: that seemed to indicate there was some life defining event

458
00:23:58,320 --> 00:24:01,560
Speaker 1: act that was beyond his ability to stop. It includes

459
00:24:01,640 --> 00:24:05,280
Speaker 1: drawings of someone aiming a rifle at another person. It

460
00:24:05,320 --> 00:24:08,080
Speaker 1: also includes an image of a newspaper clipping about Lee

461
00:24:08,160 --> 00:24:11,280
Speaker 1: Harvey Osweald, who, of course you know Accordian official pardif anyway,

462
00:24:11,320 --> 00:24:16,200
Speaker 1: assassinated JFK at a parade, and another image of a

463
00:24:16,280 --> 00:24:19,560
Speaker 1: victim's shop with blood spring from the body. As you said, so,

464
00:24:19,680 --> 00:24:22,520
Speaker 1: he has his own discord and I guess people would

465
00:24:22,560 --> 00:24:26,879
Speaker 1: post a lot of like super nihilistic some political like

466
00:24:26,960 --> 00:24:31,119
Speaker 1: nihilistic political memes there. There was a different board that

467
00:24:31,200 --> 00:24:35,280
Speaker 1: he posted the video of the beheading, and that board

468
00:24:35,320 --> 00:24:39,400
Speaker 1: that he was a frequent poster on was explicitly dedicated

469
00:24:39,760 --> 00:24:44,760
Speaker 1: to violent images of murder, suicide, and death. So this

470
00:24:44,840 --> 00:24:49,080
Speaker 1: is a seems to be a completely deranged person. At

471
00:24:49,160 --> 00:24:51,680
Speaker 1: least to this point, we don't know of any sort

472
00:24:51,720 --> 00:24:58,240
Speaker 1: of political motivation. His family was well known in the town.

473
00:24:58,320 --> 00:25:02,119
Speaker 1: Actually his dad ran for mayor lost in the town.

474
00:25:02,800 --> 00:25:06,800
Speaker 1: And uh, you know, it's just it's just horrific. It's

475
00:25:06,840 --> 00:25:09,280
Speaker 1: just absolutely horrific. There's nothing else you can say. And

476
00:25:09,280 --> 00:25:11,679
Speaker 1: I don't know what you do about someone like this

477
00:25:11,760 --> 00:25:15,600
Speaker 1: who's just clearly obsessed with violence and death. The one

478
00:25:15,720 --> 00:25:18,679
Speaker 1: political point I do want to make is there was

479
00:25:18,720 --> 00:25:23,320
Speaker 1: this instant obsession with figuring out what sort of politically

480
00:25:24,880 --> 00:25:27,800
Speaker 1: I think this murderer might have, and he's like dueling

481
00:25:27,840 --> 00:25:30,560
Speaker 1: debates online over whether he was, you know, what his

482
00:25:30,640 --> 00:25:34,200
Speaker 1: polic Like, Okay, if it comes out this was politically motivated,

483
00:25:34,240 --> 00:25:37,439
Speaker 1: then we can have that discussion. But I hate the

484
00:25:37,480 --> 00:25:39,879
Speaker 1: instinct always to try to score points like, oh, he

485
00:25:39,960 --> 00:25:42,240
Speaker 1: was one of you guys. So this has to do

486
00:25:42,400 --> 00:25:45,040
Speaker 1: with you know, all of this political category being evil

487
00:25:45,119 --> 00:25:46,800
Speaker 1: or no, no, he was actually one of you guys.

488
00:25:46,800 --> 00:25:51,119
Speaker 1: It's just another time where instantly these things happen and

489
00:25:51,200 --> 00:25:54,119
Speaker 1: people want to try to score points for their like

490
00:25:54,200 --> 00:25:56,879
Speaker 1: political partisan team rather than actually getting in the bottom

491
00:25:56,920 --> 00:25:59,000
Speaker 1: of what happened. Yeah, while people are literally still in

492
00:25:59,040 --> 00:26:01,200
Speaker 1: the hospital and there's blood still in the street, I'll

493
00:26:01,240 --> 00:26:03,920
Speaker 1: make one political point. Broke out this morning. We don't

494
00:26:03,960 --> 00:26:05,720
Speaker 1: have a tear sheet for this. But apparently, and this

495
00:26:05,840 --> 00:26:08,480
Speaker 1: is admitted now, this shooter was known to law enforcement.

496
00:26:08,640 --> 00:26:13,440
Speaker 1: So there remains questions, as usual with Buffalo, with many

497
00:26:13,480 --> 00:26:16,160
Speaker 1: of these other people and their interactions with law enforcement

498
00:26:16,400 --> 00:26:18,680
Speaker 1: in the past. Like I said, Illinois does have red

499
00:26:18,680 --> 00:26:21,800
Speaker 1: flag laws that are on the books. The gentleman's father

500
00:26:22,160 --> 00:26:25,479
Speaker 1: apparently had admitted to close associates that his son had

501
00:26:25,560 --> 00:26:29,840
Speaker 1: quote emotional problems, which is on video you can see it.

502
00:26:30,280 --> 00:26:33,879
Speaker 1: So at neighbors and others describe him as riding an

503
00:26:33,920 --> 00:26:37,800
Speaker 1: electric scooter around blaring music, seeking attention. So this is

504
00:26:37,800 --> 00:26:40,520
Speaker 1: a clearly deranged person who's basically making it known to

505
00:26:40,560 --> 00:26:43,320
Speaker 1: the world online and clearly wracked up millions of views

506
00:26:43,800 --> 00:26:45,720
Speaker 1: with this type of content. And now we know that

507
00:26:45,760 --> 00:26:48,760
Speaker 1: he was also quote unquote known to law enforcement by

508
00:26:48,840 --> 00:26:51,680
Speaker 1: their own admission. This is from reporting in the Chicago

509
00:26:51,720 --> 00:26:55,120
Speaker 1: suburbs from their local news outlets. And I think there

510
00:26:55,520 --> 00:26:58,640
Speaker 1: remains to be a lot of investigation as to how

511
00:26:58,680 --> 00:27:02,520
Speaker 1: exactly all of this played out and why previous instances

512
00:27:02,920 --> 00:27:05,920
Speaker 1: didn't maybe he'd been arrested before, you know, why hadn't

513
00:27:05,920 --> 00:27:08,560
Speaker 1: been flagged, Why hadn't they done anything about it in

514
00:27:08,640 --> 00:27:10,119
Speaker 1: the past. So I think all of that is going

515
00:27:10,160 --> 00:27:11,800
Speaker 1: to remain to come to light. And like you said,

516
00:27:11,800 --> 00:27:14,600
Speaker 1: I mean, you know, that type of discussion, it doesn't

517
00:27:14,600 --> 00:27:19,720
Speaker 1: help anybody, unfortunately, So that level of obsession online is

518
00:27:20,000 --> 00:27:22,160
Speaker 1: never there. It's not oh, instead it's like, oh, did

519
00:27:22,160 --> 00:27:24,880
Speaker 1: he tweet Maga or whatever? I mean to buy all accounts.

520
00:27:24,880 --> 00:27:26,800
Speaker 1: He seems to have been a shit poster to the

521
00:27:26,880 --> 00:27:29,720
Speaker 1: highest degree and just a deep nihilist. So I don't

522
00:27:29,800 --> 00:27:33,520
Speaker 1: really think that's aligned with any real political movement outside

523
00:27:33,520 --> 00:27:36,119
Speaker 1: of we have a seat deep sickness, you know, in

524
00:27:36,160 --> 00:27:37,879
Speaker 1: the country. And it also just shows you some of

525
00:27:37,920 --> 00:27:40,960
Speaker 1: the deranged depths on which a lot of people on

526
00:27:41,000 --> 00:27:43,720
Speaker 1: the Internet get up to. So you know, if you're

527
00:27:43,720 --> 00:27:46,120
Speaker 1: out there and you're you know, looking at this type

528
00:27:46,119 --> 00:27:47,719
Speaker 1: of content because you think it's funny, you know, there

529
00:27:47,720 --> 00:27:50,359
Speaker 1: are real consequences to some of these things. And I

530
00:27:50,440 --> 00:27:52,639
Speaker 1: just think it's on everybody to look at that and

531
00:27:52,640 --> 00:27:54,800
Speaker 1: also to you know, remain and report things to law

532
00:27:54,840 --> 00:27:57,760
Speaker 1: enforcement whenever there's such obvious red flags of producing videos

533
00:27:57,800 --> 00:27:59,879
Speaker 1: where your goal, like you said, life defining events and

534
00:28:00,160 --> 00:28:03,840
Speaker 1: glorifying Lee Harvey Oswald and drawing cartoons of people getting killed.

535
00:28:03,880 --> 00:28:06,000
Speaker 1: This doesn't take a genius to figure out what's going

536
00:28:06,040 --> 00:28:10,840
Speaker 1: on there. All right, let's go ahead and talk about

537
00:28:10,880 --> 00:28:14,200
Speaker 1: twenty twenty four. Some interesting polling that came out over

538
00:28:14,240 --> 00:28:16,880
Speaker 1: the weekend, probably not to the President's liking. Let's put

539
00:28:16,880 --> 00:28:19,800
Speaker 1: this up there on the screen. Seventy one percent in

540
00:28:19,840 --> 00:28:22,760
Speaker 1: the latest Harvard Harris poll Crystal say that they do

541
00:28:22,880 --> 00:28:26,399
Speaker 1: not want President Biden to run again. I mean, just

542
00:28:26,600 --> 00:28:31,000
Speaker 1: a stunning case for the sitting president of the United States.

543
00:28:31,119 --> 00:28:34,080
Speaker 1: Forty five percent said Biden should not make another bid

544
00:28:34,240 --> 00:28:37,560
Speaker 1: because he is a bad president, and the other third

545
00:28:37,640 --> 00:28:42,400
Speaker 1: said he's too old. One quarter of those people said yeah,

546
00:28:42,440 --> 00:28:45,040
Speaker 1: it's just time for a change. So the vast majority

547
00:28:45,040 --> 00:28:47,880
Speaker 1: are like, yeah, he just sucks, and the other are

548
00:28:48,080 --> 00:28:50,400
Speaker 1: he is too old. I mean, I think it's very

549
00:28:50,400 --> 00:28:53,360
Speaker 1: difficult to come out of that. The Carter analogies just

550
00:28:53,400 --> 00:28:56,200
Speaker 1: continue to pile up because what you take away from

551
00:28:56,200 --> 00:28:58,320
Speaker 1: a seventy one percent not wanting to run you again,

552
00:28:58,560 --> 00:29:01,800
Speaker 1: and then even the lack of enthusias is there is

553
00:29:01,840 --> 00:29:04,720
Speaker 1: no Biden base. There's no group of people like the

554
00:29:04,800 --> 00:29:08,000
Speaker 1: MAGA faithful who not only you know, want you to run,

555
00:29:08,040 --> 00:29:10,760
Speaker 1: but love you. Think you're the greatest president Republican president

556
00:29:10,840 --> 00:29:13,960
Speaker 1: since Ronald Reagan. Everybody's like, yeah, whatever of over Biden. Yeah,

557
00:29:13,960 --> 00:29:17,240
Speaker 1: everybody said he could win, So that's fine. No constituency

558
00:29:17,520 --> 00:29:19,440
Speaker 1: in the Democratic Party. And then the people who hate

559
00:29:19,440 --> 00:29:22,560
Speaker 1: you really hate you. So he really does have Jimmy

560
00:29:22,560 --> 00:29:25,160
Speaker 1: Carter syndrome to the utmost degree. And that's how you

561
00:29:25,200 --> 00:29:27,520
Speaker 1: have almost three quarters of the country who do not

562
00:29:27,680 --> 00:29:30,840
Speaker 1: want you to run for president again. And yet, as

563
00:29:30,880 --> 00:29:34,600
Speaker 1: you know, that is the most likely outcome because of

564
00:29:34,640 --> 00:29:38,120
Speaker 1: his lock on both the Democratic Party, on the machinery,

565
00:29:38,480 --> 00:29:41,600
Speaker 1: on the ability and to stop anybody from running against him,

566
00:29:41,600 --> 00:29:44,880
Speaker 1: as you covered in your monologue about rigging the primary

567
00:29:44,920 --> 00:29:47,240
Speaker 1: system to make sure that he can win. So we

568
00:29:47,320 --> 00:29:51,560
Speaker 1: are really looking and being foisted on another rerun of

569
00:29:51,600 --> 00:29:56,240
Speaker 1: the twenty twenty election when nobody wants that, and yet

570
00:29:56,280 --> 00:29:59,520
Speaker 1: that's almost certainly going to be the outcome. I think

571
00:29:59,560 --> 00:30:02,880
Speaker 1: It's a re sign of societal decline that you have

572
00:30:03,320 --> 00:30:07,160
Speaker 1: two men that overwhelming majorities of the country are like,

573
00:30:07,360 --> 00:30:10,240
Speaker 1: we do not want these guys, We do not want you,

574
00:30:10,480 --> 00:30:13,160
Speaker 1: and it's very likely that's the matchup we end up with.

575
00:30:13,560 --> 00:30:15,320
Speaker 1: I mean, I just don't know if you look at

576
00:30:15,360 --> 00:30:18,120
Speaker 1: this other than this is a tremendous sign of the

577
00:30:18,160 --> 00:30:22,800
Speaker 1: brokenness of our country. Even within the Democratic base, only

578
00:30:22,880 --> 00:30:25,560
Speaker 1: thirty percent of Democrats say they want to vote for

579
00:30:25,920 --> 00:30:30,560
Speaker 1: Biden in Democratic presidential primary. This is the incumbent president.

580
00:30:30,640 --> 00:30:35,920
Speaker 1: I mean, this really is an extraordinary situation. He's almost

581
00:30:36,160 --> 00:30:38,400
Speaker 1: I mean, he is definitely going to run as long

582
00:30:38,440 --> 00:30:40,560
Speaker 1: as he is like alive and well enough to do it.

583
00:30:41,240 --> 00:30:43,920
Speaker 1: The reporting is he's probably going to file maybe in

584
00:30:44,000 --> 00:30:46,520
Speaker 1: the new year. Seemed to indicate he wanted to have

585
00:30:46,560 --> 00:30:49,360
Speaker 1: that holiday discussion with his family, as is his sort

586
00:30:49,360 --> 00:30:52,360
Speaker 1: of tradition, and then probably go ahead and launch the

587
00:30:52,400 --> 00:30:56,680
Speaker 1: re elect And I think he also, it's very clear

588
00:30:56,800 --> 00:31:01,280
Speaker 1: knows that he's quite vulnerable. You have the right candidate

589
00:31:01,320 --> 00:31:04,080
Speaker 1: in a Democratic primary, because that's why he was so

590
00:31:04,440 --> 00:31:08,440
Speaker 1: relieved when Bernie took himself out of contention and said

591
00:31:08,480 --> 00:31:10,200
Speaker 1: I'm not going to run against Joe. He was so

592
00:31:10,360 --> 00:31:13,200
Speaker 1: relieved he invited Bernie over for dinner at the White

593
00:31:13,240 --> 00:31:17,200
Speaker 1: House the very next day. So clearly he's running, but

594
00:31:17,280 --> 00:31:20,920
Speaker 1: he's very nervous about how vulnerable he is ultimately in

595
00:31:21,000 --> 00:31:24,520
Speaker 1: a primary. I mean, that is such an unusual state

596
00:31:24,600 --> 00:31:28,160
Speaker 1: of affairs where you have a majority of the party

597
00:31:28,240 --> 00:31:32,040
Speaker 1: of the president saying we don't want to and you know,

598
00:31:32,760 --> 00:31:35,880
Speaker 1: this guy won because of electability, and if you look

599
00:31:35,920 --> 00:31:38,400
Speaker 1: at the numbers now, you just can't make that same

600
00:31:38,520 --> 00:31:40,560
Speaker 1: case that like, ah, this is the one you want

601
00:31:40,560 --> 00:31:42,680
Speaker 1: to beat Trump. In the Republicans, this is the guy

602
00:31:42,720 --> 00:31:45,880
Speaker 1: you gotta go with. So what's left Because people never

603
00:31:46,000 --> 00:31:48,600
Speaker 1: voted for him because they thought that, you know, they

604
00:31:48,640 --> 00:31:51,160
Speaker 1: loved his policy positions and they thought he'd been, you know,

605
00:31:51,240 --> 00:31:53,280
Speaker 1: a great leader in Washington. They thought, this is the

606
00:31:53,280 --> 00:31:56,920
Speaker 1: guy who's electable. Well he doesn't have that anymore. So Yeah,

607
00:31:56,960 --> 00:32:00,440
Speaker 1: I think he's extremely vulnerable. He's very vulnerable both from

608
00:32:00,440 --> 00:32:02,960
Speaker 1: the economic conditions that we talked about in the earliest show,

609
00:32:03,600 --> 00:32:06,880
Speaker 1: inability really to connect with and just show a level

610
00:32:06,960 --> 00:32:09,520
Speaker 1: of caring or even can do on any of these

611
00:32:09,560 --> 00:32:11,560
Speaker 1: that have now stacked up over years. At this point,

612
00:32:11,600 --> 00:32:13,600
Speaker 1: he has such little faith with the American people, and

613
00:32:13,680 --> 00:32:15,280
Speaker 1: even if he tried to turn it around, I'm not

614
00:32:15,320 --> 00:32:17,920
Speaker 1: sure that it's even possible, just because people are so

615
00:32:18,400 --> 00:32:22,000
Speaker 1: forlorn and foregone in what their conclusion are of Biden.

616
00:32:22,080 --> 00:32:24,440
Speaker 1: And if you do track it, I mean even right now,

617
00:32:24,480 --> 00:32:27,360
Speaker 1: he's lower than where Jimmy Carter was at this time

618
00:32:27,720 --> 00:32:32,040
Speaker 1: in his presidency. He's the least popular president of our lifetime,

619
00:32:32,120 --> 00:32:35,720
Speaker 1: and he does not have any enthusiasm metrics on his side.

620
00:32:36,240 --> 00:32:38,440
Speaker 1: All of the tides turn against him. You see that.

621
00:32:38,520 --> 00:32:40,520
Speaker 1: You know, the economy is probably only going to get

622
00:32:40,520 --> 00:32:43,120
Speaker 1: worse over the next couple of months, over the next

623
00:32:43,360 --> 00:32:45,800
Speaker 1: couple of years. At the same time, you know, whenever

624
00:32:45,800 --> 00:32:48,720
Speaker 1: you have the midterms go against you, it's very how

625
00:32:48,760 --> 00:32:50,680
Speaker 1: are you supposed to pull yourself out? Because now you

626
00:32:50,720 --> 00:32:53,400
Speaker 1: can't pass anything. It's not like the Republicans are going

627
00:32:53,440 --> 00:32:56,200
Speaker 1: to work with you. So all every structural disadvantage that

628
00:32:56,320 --> 00:32:59,880
Speaker 1: kind of does exist can exist for him, and he

629
00:33:00,000 --> 00:33:05,360
Speaker 1: he doesn't seem particularly concerned about turning it around, other

630
00:33:05,480 --> 00:33:07,600
Speaker 1: than as you said, rigging the primary and making sure

631
00:33:07,680 --> 00:33:12,520
Speaker 1: that Bernie or whomever doesn't run against him. And from

632
00:33:12,520 --> 00:33:15,400
Speaker 1: a basic public relations standpoint, I just don't know. I

633
00:33:15,440 --> 00:33:17,719
Speaker 1: really question what he does all day. I really just

634
00:33:17,720 --> 00:33:20,160
Speaker 1: don't know. Because we know we do a lot on

635
00:33:20,200 --> 00:33:23,200
Speaker 1: this show. We're always looking for sound or reaction from

636
00:33:23,200 --> 00:33:27,240
Speaker 1: the president. We very rarely have some. He's extraordinarily inaccessible

637
00:33:27,280 --> 00:33:30,880
Speaker 1: to the press. He is highly choreographed, both either by

638
00:33:30,880 --> 00:33:34,640
Speaker 1: his staff or others, and he's just not there in

639
00:33:34,880 --> 00:33:36,680
Speaker 1: the same way. At least with Trump, you could always

640
00:33:36,680 --> 00:33:39,160
Speaker 1: say this. He always had a reaction or a comment

641
00:33:39,520 --> 00:33:42,560
Speaker 1: on something that was going on in American life. Obviously

642
00:33:42,640 --> 00:33:44,040
Speaker 1: that worked to his detriment, but I also think it

643
00:33:44,080 --> 00:33:46,320
Speaker 1: worked to his benefit in some respects, at least in

644
00:33:46,400 --> 00:33:49,040
Speaker 1: keeping his name out there. He was always attached to something.

645
00:33:49,080 --> 00:33:51,320
Speaker 1: With Biden, it just seems that the events have completely

646
00:33:51,360 --> 00:33:54,600
Speaker 1: overtaken his ability to deal with them. I think that's

647
00:33:54,680 --> 00:33:57,520
Speaker 1: the right way to say it. He just seems like

648
00:33:57,680 --> 00:34:02,560
Speaker 1: he's reacting and slowly to the things that are happening,

649
00:34:02,720 --> 00:34:06,920
Speaker 1: rather than being you know, forward looking and prepared. The

650
00:34:07,240 --> 00:34:10,120
Speaker 1: response to Roe is the perfect example of that. You

651
00:34:10,200 --> 00:34:11,960
Speaker 1: had a heads up this was coming, You had I

652
00:34:11,960 --> 00:34:14,200
Speaker 1: think it was seven weeks to be able to prepare

653
00:34:14,239 --> 00:34:17,280
Speaker 1: a response. You still had nothing to say. Caught completely

654
00:34:17,280 --> 00:34:20,080
Speaker 1: flat footed on the very day Row is overturn, you're

655
00:34:20,120 --> 00:34:22,560
Speaker 1: cutting some deal with Mitch McConnell to put some you know,

656
00:34:22,640 --> 00:34:26,719
Speaker 1: anti abortion judge in in Kentucky. It's like, what are

657
00:34:26,920 --> 00:34:29,160
Speaker 1: literally what are you doing? You know, I think we're

658
00:34:29,160 --> 00:34:32,680
Speaker 1: going to face a very unusual landscape, which is so

659
00:34:32,719 --> 00:34:34,879
Speaker 1: you got seventy one percent say we don't want Joe,

660
00:34:35,320 --> 00:34:38,240
Speaker 1: You got sixty one percent saying we don't want President Trump.

661
00:34:38,640 --> 00:34:41,520
Speaker 1: I do think if you had, you know, third party

662
00:34:41,600 --> 00:34:43,799
Speaker 1: candidate who was it all serious and able to get

663
00:34:43,800 --> 00:34:45,920
Speaker 1: balid axes. I don't think they're going to win, but

664
00:34:46,000 --> 00:34:48,680
Speaker 1: I think you could have ross Row level numbers of

665
00:34:49,200 --> 00:34:51,719
Speaker 1: you know, support and interest because people are just so

666
00:34:51,840 --> 00:34:54,879
Speaker 1: disgusted with these two options. Absolutely, So let's let's move

667
00:34:54,880 --> 00:34:57,200
Speaker 1: on to that part actually around Trump because as we

668
00:34:57,239 --> 00:34:59,240
Speaker 1: wanted to make sure we also mentioned in the poll

669
00:34:59,280 --> 00:35:01,520
Speaker 1: also says six one percent don't want Trump run again.

670
00:35:01,560 --> 00:35:04,120
Speaker 1: So you have two thirds of the country who doesn't

671
00:35:04,120 --> 00:35:06,920
Speaker 1: want that, and now people are beginning to take notice

672
00:35:07,040 --> 00:35:11,520
Speaker 1: on the possibility again slight possibility, but still existing, that

673
00:35:11,600 --> 00:35:14,399
Speaker 1: Trump may not be the nominee. It's you know, black

674
00:35:14,400 --> 00:35:16,920
Speaker 1: Swan events could happen. Maybe you know, we've seen some

675
00:35:17,400 --> 00:35:20,680
Speaker 1: outlier polls and others that say Ron DeSantis could beat

676
00:35:20,680 --> 00:35:23,520
Speaker 1: Donald Trump in the New Hampshire primary, and others. In

677
00:35:23,560 --> 00:35:28,080
Speaker 1: an interesting indication right now, Governor Gavin Newsom of California

678
00:35:28,480 --> 00:35:33,160
Speaker 1: going specifically after Governor Ron DeSantis, trying to court Californians

679
00:35:33,160 --> 00:35:36,919
Speaker 1: who moved to Florida during the pandemic and elevating both

680
00:35:37,040 --> 00:35:40,279
Speaker 1: himself as a potential twenty twenty four nominee and his

681
00:35:40,360 --> 00:35:43,960
Speaker 1: potential opponent, Ron DeSantis. Let's take a listen to his

682
00:35:44,000 --> 00:35:47,279
Speaker 1: new ad, It's independent state, So let's talk about what's

683
00:35:47,280 --> 00:35:50,440
Speaker 1: going on in America. Freedom. It's under attack in your

684
00:35:50,480 --> 00:35:54,280
Speaker 1: state the Republican leaders. They're banning books, making it harder

685
00:35:54,320 --> 00:35:59,040
Speaker 1: to vote, restricting speech in classrooms, even criminalizing women and doctors.

686
00:35:59,360 --> 00:36:01,319
Speaker 1: I urge all all of you living in Florida to

687
00:36:01,440 --> 00:36:04,239
Speaker 1: join the fight or join us in California. But we

688
00:36:04,320 --> 00:36:07,560
Speaker 1: still believe in freedom, freedom of speech, freedom to choose,

689
00:36:07,719 --> 00:36:10,960
Speaker 1: freedom from hate, and the freedom to love. Don't let

690
00:36:11,000 --> 00:36:13,840
Speaker 1: them take your freedom. Paid for by Newsom for California

691
00:36:13,880 --> 00:36:16,520
Speaker 1: Governor twenty twenty two. I mean interesting, use some funds there,

692
00:36:16,560 --> 00:36:17,759
Speaker 1: christ Soll what do you make of this? I mean,

693
00:36:17,800 --> 00:36:19,200
Speaker 1: I don't think Gavin Newsom is going to be a

694
00:36:19,239 --> 00:36:22,719
Speaker 1: twenty twenty four nominee regardless, even if it did come

695
00:36:23,040 --> 00:36:25,160
Speaker 1: to a primary. But you know, he is a governor

696
00:36:25,200 --> 00:36:28,120
Speaker 1: of the country's most populous state. He did survive the

697
00:36:28,200 --> 00:36:31,399
Speaker 1: recall election. I find the idea of him attacking Ron

698
00:36:31,440 --> 00:36:34,919
Speaker 1: DeSantis with his campaign money much more interesting, even more

699
00:36:34,920 --> 00:36:38,239
Speaker 1: so than his idea of him being the Democratic nominee,

700
00:36:38,239 --> 00:36:41,160
Speaker 1: because clearly they think that DeSantis has enough of a

701
00:36:41,239 --> 00:36:44,479
Speaker 1: national profile that he himself could be the twenty twenty

702
00:36:44,480 --> 00:36:48,719
Speaker 1: four Republican nominee for president. Yeah, I think Newsom. Listen,

703
00:36:48,800 --> 00:36:52,040
Speaker 1: Gavin Newsom thinks very highly of Gavin Newsom, and he

704
00:36:52,120 --> 00:36:56,200
Speaker 1: certainly imagines himself as a future presidential contender and sees

705
00:36:56,239 --> 00:36:57,840
Speaker 1: this as a great way to sort of make some

706
00:36:57,960 --> 00:37:01,200
Speaker 1: national waves. He doesn't face his is challenged in terms

707
00:37:01,200 --> 00:37:04,160
Speaker 1: of his reelect for California governor. Now that he's survived

708
00:37:04,280 --> 00:37:07,799
Speaker 1: the recall and survived it quite easily ultimately in the end,

709
00:37:08,200 --> 00:37:10,160
Speaker 1: so he's got money to burn, and this is a

710
00:37:10,160 --> 00:37:11,960
Speaker 1: great way for him to kind of make a national

711
00:37:12,000 --> 00:37:16,320
Speaker 1: splash and get his name into the buzzy discussions about

712
00:37:16,360 --> 00:37:19,320
Speaker 1: who might be the successor to Joe Biden. Ultimately, I

713
00:37:19,360 --> 00:37:21,600
Speaker 1: think the messaging in that is quite good too, because

714
00:37:21,800 --> 00:37:25,160
Speaker 1: Republicans have really claimed this language around like freedom and

715
00:37:25,200 --> 00:37:27,360
Speaker 1: freedom of speech, et cetera. And he points to some

716
00:37:27,480 --> 00:37:30,360
Speaker 1: of the areas where DeSantis has been a hypocrite in

717
00:37:30,480 --> 00:37:33,319
Speaker 1: terms of his language about free speech versus some of

718
00:37:33,360 --> 00:37:36,680
Speaker 1: his legislative actions, which is quite you know, constraining on

719
00:37:36,719 --> 00:37:40,000
Speaker 1: people's ability to protest, and you know, certainly you know,

720
00:37:40,160 --> 00:37:42,439
Speaker 1: lots of discussions about what's being done in schools there.

721
00:37:42,719 --> 00:37:44,520
Speaker 1: So I think it's kind of a savvy move. I

722
00:37:44,520 --> 00:37:49,000
Speaker 1: think the idea that he's anything different or unique Gavin

723
00:37:49,040 --> 00:37:51,960
Speaker 1: Newsom in terms of the Democratic Party is sort of silly.

724
00:37:52,080 --> 00:37:56,440
Speaker 1: I mean, this guy is a totally standard issue establishment Democrat.

725
00:37:56,719 --> 00:37:59,160
Speaker 1: There's no way that he would be the one to

726
00:37:59,239 --> 00:38:02,040
Speaker 1: challenge Biden twenty twenty four. I just don't see it.

727
00:38:02,080 --> 00:38:04,600
Speaker 1: He is way too much of a party loyalist ultimately,

728
00:38:05,840 --> 00:38:08,120
Speaker 1: but it does show you that, you know, clearly he

729
00:38:08,360 --> 00:38:11,919
Speaker 1: and DeSantis recognize that there is desire for something other

730
00:38:11,960 --> 00:38:14,400
Speaker 1: than the leaders of these parties, and they're trying to

731
00:38:14,440 --> 00:38:17,960
Speaker 1: line up to be the alternative. Yeah, and sadly Trump

732
00:38:18,000 --> 00:38:20,960
Speaker 1: also recognizes that and he's thinking about the best ways

733
00:38:20,960 --> 00:38:23,520
Speaker 1: that he can Toncapp DeSantis. Let's put this up there

734
00:38:23,880 --> 00:38:26,760
Speaker 1: on the screen. So Trump apparently has been going around

735
00:38:26,800 --> 00:38:29,919
Speaker 1: telling people that he wants to announce as soon as

736
00:38:29,960 --> 00:38:33,520
Speaker 1: possible for a twenty twenty four run, the reason being

737
00:38:33,560 --> 00:38:36,160
Speaker 1: that he wants to freeze out all these other Republicans

738
00:38:36,200 --> 00:38:39,839
Speaker 1: which are very clearly also thinking about running against him.

739
00:38:39,840 --> 00:38:43,040
Speaker 1: So I've been reading reporting from all over Mike Pompeo

740
00:38:43,200 --> 00:38:46,600
Speaker 1: thinking that he can somehow win the Iowa Coxes against Trump.

741
00:38:46,680 --> 00:38:49,279
Speaker 1: I really don't know where that comes from. I mean

742
00:38:50,040 --> 00:38:54,080
Speaker 1: Ron DeSantis thinking and not asking Trump for his endorsement

743
00:38:54,400 --> 00:38:57,880
Speaker 1: for twenty twenty two whenever he's up again as governor.

744
00:38:58,520 --> 00:39:01,680
Speaker 1: You have other Republicans, Tom Cotton, who's apparently been meeting

745
00:39:01,680 --> 00:39:05,600
Speaker 1: with donors thinking about different ways he could run against Trump.

746
00:39:05,680 --> 00:39:09,120
Speaker 1: Nikki Haley wants to run apparently, So you've got Ted

747
00:39:09,200 --> 00:39:11,040
Speaker 1: Cruz and others of course are waiting in the wings.

748
00:39:11,160 --> 00:39:13,960
Speaker 1: Always wanted to be presidents. Say, if you consider all

749
00:39:14,000 --> 00:39:16,719
Speaker 1: of those things, Trump, the most logical thing he could

750
00:39:16,760 --> 00:39:18,759
Speaker 1: do is just claim ground before any of them. He

751
00:39:18,800 --> 00:39:20,279
Speaker 1: has all the money in the world, you know, in

752
00:39:20,320 --> 00:39:23,560
Speaker 1: his Save America pack and elsewhere in his campaign funds.

753
00:39:23,560 --> 00:39:26,480
Speaker 1: He's the biggest, most recognized Republican in the country. Obviously,

754
00:39:26,480 --> 00:39:30,720
Speaker 1: he's the former president. He could easily launch a bid again,

755
00:39:30,800 --> 00:39:34,160
Speaker 1: and then everybody who would launch after him seems reactive.

756
00:39:34,239 --> 00:39:36,799
Speaker 1: So in the DeSantis world, I think actually the more

757
00:39:36,840 --> 00:39:40,400
Speaker 1: that Gavin Newsom, others and even the media frankly elevate

758
00:39:40,480 --> 00:39:42,480
Speaker 1: Ron DeSantis, the more it's just going to light a

759
00:39:42,520 --> 00:39:45,400
Speaker 1: fire under Trump in order to announce even sooner, maybe

760
00:39:45,400 --> 00:39:48,160
Speaker 1: even before the midterms. It's possible, although he might wait

761
00:39:48,239 --> 00:39:51,239
Speaker 1: until right afterwards. And I think it's a smart move

762
00:39:51,280 --> 00:39:53,240
Speaker 1: on his part. I mean, I do think it puts

763
00:39:53,480 --> 00:39:56,360
Speaker 1: it makes it very difficult for DeSantis because the minute

764
00:39:56,360 --> 00:39:58,720
Speaker 1: that he's in the race, then everybody's in the position

765
00:39:58,840 --> 00:40:00,880
Speaker 1: of our right, which syar you want? Are you with

766
00:40:00,960 --> 00:40:06,000
Speaker 1: me again? And you know, I actually think Biden is

767
00:40:06,040 --> 00:40:10,480
Speaker 1: more vulnerable in a primary than Trump is because Biden

768
00:40:10,600 --> 00:40:14,080
Speaker 1: does not have that enthusiastic base of support and Trump does.

769
00:40:14,640 --> 00:40:18,400
Speaker 1: And so you know, as much as there is a

770
00:40:18,480 --> 00:40:21,359
Speaker 1: contingent that would like to move past Trump, they don't

771
00:40:21,400 --> 00:40:23,600
Speaker 1: have a great argument they can make for it because

772
00:40:23,600 --> 00:40:26,680
Speaker 1: they're too afraid to take him on directly, and you know,

773
00:40:27,880 --> 00:40:32,080
Speaker 1: history proves that they probably wouldn't go well if they did.

774
00:40:32,719 --> 00:40:35,239
Speaker 1: So they don't have a great argument to make as

775
00:40:35,280 --> 00:40:38,280
Speaker 1: a critique of him, other than like that they whisper

776
00:40:38,360 --> 00:40:41,040
Speaker 1: to each other when they think he's not listening. And

777
00:40:41,160 --> 00:40:44,600
Speaker 1: he's got that enthusiastic basis support and all that money

778
00:40:44,600 --> 00:40:47,120
Speaker 1: and all the media attention he could possibly want. So

779
00:40:47,440 --> 00:40:49,640
Speaker 1: I think it will be very difficult to unsee him

780
00:40:49,640 --> 00:40:52,359
Speaker 1: as the Republican umy. You never know, right, you never

781
00:40:52,440 --> 00:40:54,040
Speaker 1: know what's going to happen, You never know when he's

782
00:40:54,040 --> 00:40:57,560
Speaker 1: gonna over. You just never know. But I really think

783
00:40:57,600 --> 00:41:00,520
Speaker 1: that Biden is in an actually more preparing this place,

784
00:41:00,520 --> 00:41:03,680
Speaker 1: which is a remarkable situation, given that he is the incumbent,

785
00:41:04,120 --> 00:41:09,000
Speaker 1: sitting president. In that hole where you had six what

786
00:41:09,120 --> 00:41:11,879
Speaker 1: was sixty one percent who said they don't want Trump

787
00:41:11,920 --> 00:41:14,439
Speaker 1: to run again. So the reasons that they cided, you said,

788
00:41:14,440 --> 00:41:17,360
Speaker 1: with bidenancy's a bad president, he's too old. Basically, With Trump,

789
00:41:17,680 --> 00:41:20,560
Speaker 1: thirty six percent say he's erratic, thirty three percent a'll

790
00:41:20,560 --> 00:41:23,640
Speaker 1: divide the country, thirty percent say he's responsible for January

791
00:41:23,719 --> 00:41:25,520
Speaker 1: six So those are kind of look, I mean, it's

792
00:41:25,600 --> 00:41:28,000
Speaker 1: no surprise that those are his weaknesses that people just

793
00:41:28,280 --> 00:41:33,879
Speaker 1: associate with him with complete chaos and division and insanity.

794
00:41:34,160 --> 00:41:37,080
Speaker 1: But in terms of the Republican primary, I think he's

795
00:41:37,080 --> 00:41:40,560
Speaker 1: in a much better position than Biden is. Well, what

796
00:41:40,640 --> 00:41:44,080
Speaker 1: a country. Okay, let's talk about Ukraine. Ukraine. There's been

797
00:41:44,120 --> 00:41:47,120
Speaker 1: a lot happening on the battlefield there, so let's go

798
00:41:47,120 --> 00:41:49,240
Speaker 1: ahead and put this up there with the on the screen,

799
00:41:49,719 --> 00:41:54,120
Speaker 1: actually Ukraine losing its final eastern stronghold in the Lahansk regions.

800
00:41:54,160 --> 00:41:56,839
Speaker 1: We hadn't been talking as much about Lahansk here on

801
00:41:56,880 --> 00:41:59,080
Speaker 1: the show, but part of the reason why it matters

802
00:41:59,120 --> 00:42:01,120
Speaker 1: is that that, of course is one of the breakaway

803
00:42:01,440 --> 00:42:04,680
Speaker 1: republics that began this entire thing. Will remember that Putin

804
00:42:05,040 --> 00:42:08,319
Speaker 1: recognized the Lahansk and the Donetsk, you know, so called

805
00:42:08,360 --> 00:42:11,680
Speaker 1: people's republics, and that was part of the pretext for

806
00:42:11,760 --> 00:42:15,239
Speaker 1: the Russian invasion of Ukraine, regional restoring and keeping the

807
00:42:15,280 --> 00:42:18,520
Speaker 1: so called territorial integrity of these breakaway regions which have

808
00:42:18,600 --> 00:42:20,880
Speaker 1: kind of been in civil war in Ukraine now for

809
00:42:20,920 --> 00:42:24,520
Speaker 1: almost eight or nine years. Well, now you have Ukrainian

810
00:42:24,520 --> 00:42:28,120
Speaker 1: troops actually withdrawing from the most major city in that

811
00:42:28,239 --> 00:42:31,560
Speaker 1: last place where they had an urban holdout and that

812
00:42:31,600 --> 00:42:36,560
Speaker 1: just faces another battlefield withdrawal by the Ukrainian military in

813
00:42:36,600 --> 00:42:38,920
Speaker 1: the eastern part of the country, which really has been

814
00:42:38,920 --> 00:42:41,200
Speaker 1: the flashpoint on this for a long time, and it

815
00:42:41,239 --> 00:42:44,440
Speaker 1: represents both a victory in terms of not regis Russia

816
00:42:44,440 --> 00:42:47,920
Speaker 1: in the battlefield, but an affirmation of their new tactics.

817
00:42:47,920 --> 00:42:50,200
Speaker 1: And by new I really mean old. They have reverted

818
00:42:50,239 --> 00:42:53,080
Speaker 1: to their old supply chain using railway cars. They are

819
00:42:53,080 --> 00:42:57,040
Speaker 1: just bombarding the hell out of these cities with artillery, indiscriminately,

820
00:42:57,160 --> 00:43:00,359
Speaker 1: killing whomever they want and whatever they need, leveling and

821
00:43:00,440 --> 00:43:03,560
Speaker 1: willing to wage total warfare against the Ukrainians. And the

822
00:43:03,680 --> 00:43:07,759
Speaker 1: Ukrainian military is largely conscripts, not as experienced. A lot

823
00:43:07,760 --> 00:43:09,840
Speaker 1: of their experience guys have either been killed or wounded

824
00:43:09,880 --> 00:43:12,400
Speaker 1: at this point. They have a tremendous rate of attrition

825
00:43:12,640 --> 00:43:15,000
Speaker 1: that is happening there on the ground. They yes, they

826
00:43:15,000 --> 00:43:17,319
Speaker 1: have some conscripts that they can call up, but we're

827
00:43:17,320 --> 00:43:20,400
Speaker 1: talking about only six seven weeks or so of basic training.

828
00:43:20,400 --> 00:43:22,719
Speaker 1: To the extent they have advanced weaponry, they barely know

829
00:43:22,760 --> 00:43:24,440
Speaker 1: how to use it. A lot of it. They have

830
00:43:24,520 --> 00:43:27,040
Speaker 1: to be trained by the US and by NATO allies,

831
00:43:27,040 --> 00:43:29,799
Speaker 1: so that hasn't been employed on the battlefield, and just

832
00:43:30,280 --> 00:43:33,080
Speaker 1: slowly we are watching what happens when you have a

833
00:43:33,200 --> 00:43:37,600
Speaker 1: lesser power meet a great power in warfare. Yes, Russians

834
00:43:37,600 --> 00:43:41,000
Speaker 1: embarrassed themselves in the initial movements on Kiev and in

835
00:43:41,040 --> 00:43:44,680
Speaker 1: their initial battlefield tactics, but they are still a great

836
00:43:44,680 --> 00:43:49,440
Speaker 1: power military with a ton of Soviet power leftover military equipment,

837
00:43:49,480 --> 00:43:52,319
Speaker 1: and they have tens of millions of conscripts that they

838
00:43:52,360 --> 00:43:54,919
Speaker 1: can draw upon if they need to, so their new

839
00:43:54,920 --> 00:43:57,680
Speaker 1: strategy is working. And also they have the industrial base

840
00:43:57,920 --> 00:44:01,040
Speaker 1: in order to keep up the artillery bombardment against Ukraine,

841
00:44:01,040 --> 00:44:03,239
Speaker 1: which Ukraine of course does not have, given the fact

842
00:44:03,239 --> 00:44:06,239
Speaker 1: that their economy is contracting and they've already lost a

843
00:44:06,280 --> 00:44:09,200
Speaker 1: significant pull a part of their territory. At the same time,

844
00:44:09,320 --> 00:44:12,120
Speaker 1: polling for the president and for the administration, the US

845
00:44:12,200 --> 00:44:15,480
Speaker 1: handling of this is not even close to where the

846
00:44:15,480 --> 00:44:18,680
Speaker 1: Biden administration started out from. So the Concerned Veterans of

847
00:44:18,719 --> 00:44:21,719
Speaker 1: America commissioned a very interesting poll split us up there

848
00:44:21,760 --> 00:44:25,759
Speaker 1: on the screen. Americans remain very weary of more intervention

849
00:44:26,280 --> 00:44:30,640
Speaker 1: in Ukraine. But the most interesting part to me was

850
00:44:30,680 --> 00:44:34,920
Speaker 1: that forty four percent currently have an unfavorable opinion of

851
00:44:34,960 --> 00:44:38,560
Speaker 1: Biden's handling of the war. One third only have a

852
00:44:38,560 --> 00:44:42,240
Speaker 1: favorable opinion, so the rest are basically not really clear

853
00:44:42,280 --> 00:44:45,879
Speaker 1: on what's happening. A quarter of the American public only

854
00:44:45,880 --> 00:44:48,520
Speaker 1: a quarter supports directly involving So another way of saying,

855
00:44:48,560 --> 00:44:50,920
Speaker 1: three quarters of the American public doesn't want any direct

856
00:44:51,000 --> 00:44:54,919
Speaker 1: US military involvement in Russia, twice as many people who

857
00:44:54,960 --> 00:44:58,120
Speaker 1: oppose that. And when you compare this, and this is

858
00:44:58,160 --> 00:45:01,520
Speaker 1: the most key to a similar pole conducted in February,

859
00:45:01,880 --> 00:45:05,680
Speaker 1: American sentiment on going to war with Russia has remained unchanged,

860
00:45:05,880 --> 00:45:08,920
Speaker 1: roughly half a posed and less than a quarter supported.

861
00:45:09,080 --> 00:45:12,520
Speaker 1: So you can see though that the hawkish attitudes do

862
00:45:12,640 --> 00:45:16,000
Speaker 1: remain in a quarter or so of the public, but

863
00:45:16,080 --> 00:45:19,520
Speaker 1: the sliding scale of the approval of the Biden administration

864
00:45:19,960 --> 00:45:23,600
Speaker 1: in their handling of the war is continuing to go down,

865
00:45:23,680 --> 00:45:26,960
Speaker 1: and only one third of the country affirmatively supporting that

866
00:45:27,080 --> 00:45:30,239
Speaker 1: given what we see with gas prices and more. And also, look,

867
00:45:30,280 --> 00:45:32,640
Speaker 1: we just have to acknowledge this Ukraine is losing in

868
00:45:32,680 --> 00:45:35,040
Speaker 1: the current iteration of this war. They have not lost,

869
00:45:35,040 --> 00:45:37,200
Speaker 1: they're certainly not out of the game, but they are

870
00:45:37,200 --> 00:45:40,120
Speaker 1: losing the current iteration of what we see there on

871
00:45:40,200 --> 00:45:43,120
Speaker 1: the battlefield and absent direct to US military involvement or

872
00:45:43,239 --> 00:45:46,440
Speaker 1: arming them with some outrageous weapons which would almost certainly

873
00:45:46,440 --> 00:45:49,640
Speaker 1: provoke some sort of confrontation with Russia. This is most

874
00:45:49,760 --> 00:45:52,440
Speaker 1: likely to be the status quo. But as we covered

875
00:45:52,440 --> 00:45:55,640
Speaker 1: in our last show, some ninety percent of Ukrainians left

876
00:45:55,760 --> 00:45:58,400
Speaker 1: in the country, to be clear, left in the country

877
00:45:58,600 --> 00:46:01,640
Speaker 1: do not want to seed even one iota of territory.

878
00:46:01,880 --> 00:46:05,840
Speaker 1: So the hawkashatitudes amongst the Ukrainian public probably you know,

879
00:46:05,960 --> 00:46:08,600
Speaker 1: even more so than the Russian public in terms of

880
00:46:08,600 --> 00:46:13,040
Speaker 1: the people who support this. No real incentive from the

881
00:46:13,080 --> 00:46:18,319
Speaker 1: administration from NATO in terms of getting Zelensky to negotiate,

882
00:46:18,560 --> 00:46:20,319
Speaker 1: So he really isn't a rock and a hard place.

883
00:46:20,360 --> 00:46:22,480
Speaker 1: He's got no domestic support to negotiate, he's got no

884
00:46:22,520 --> 00:46:24,880
Speaker 1: international support to negotiate, and of course, you know, the

885
00:46:24,960 --> 00:46:27,000
Speaker 1: Russian to then this tomorrow too if they wanted to,

886
00:46:27,080 --> 00:46:29,680
Speaker 1: but they're not going to. They're all in at this point,

887
00:46:29,719 --> 00:46:32,000
Speaker 1: and there's no indication that they may even stop once

888
00:46:32,040 --> 00:46:35,239
Speaker 1: they win the eastern parts of the country. You know,

889
00:46:35,360 --> 00:46:40,240
Speaker 1: I'm reminded of the way that our mission in Afghanistan

890
00:46:41,040 --> 00:46:46,400
Speaker 1: changed without ever having any real public discussion or debate

891
00:46:46,560 --> 00:46:49,040
Speaker 1: about what we were doing in the country. And I

892
00:46:49,120 --> 00:46:52,800
Speaker 1: feel like we see the very same thing happening in Ukraine,

893
00:46:52,880 --> 00:46:55,759
Speaker 1: where you know, you have officials who haven't really been

894
00:46:55,800 --> 00:46:59,400
Speaker 1: straight with the public about what exactly we're doing there,

895
00:47:00,200 --> 00:47:03,160
Speaker 1: about how exactly things are going on the ground. We've

896
00:47:03,200 --> 00:47:06,720
Speaker 1: also had reporting that the Ukrainians aren't even really keeping

897
00:47:06,800 --> 00:47:09,839
Speaker 1: us surprised, our top officials surprized of how things are

898
00:47:09,840 --> 00:47:13,439
Speaker 1: going on the ground as well. And so now would

899
00:47:13,480 --> 00:47:17,200
Speaker 1: be a phenomenal time to take a step back, assess

900
00:47:17,239 --> 00:47:20,920
Speaker 1: the landscape accurately, and decide what it is we actually

901
00:47:21,000 --> 00:47:24,160
Speaker 1: want and what we're going to do to achieve it. Instead,

902
00:47:24,560 --> 00:47:28,080
Speaker 1: I think we're going to just sort of continue sleepwalking

903
00:47:28,120 --> 00:47:30,960
Speaker 1: in the same direction, keeping the public in the dark,

904
00:47:32,040 --> 00:47:38,319
Speaker 1: making extraordinary, you know, expenditures, and continuing the escalation in

905
00:47:38,440 --> 00:47:43,319
Speaker 1: terms of our actions and our intelligence providing and what

906
00:47:43,320 --> 00:47:45,879
Speaker 1: we're giving them in terms of military aid. I think

907
00:47:45,920 --> 00:47:49,200
Speaker 1: we'll just continue in that same direction and really not

908
00:47:49,400 --> 00:47:52,440
Speaker 1: ever take a step back to say, what are we

909
00:47:52,560 --> 00:47:55,080
Speaker 1: doing and what does an endgame look like? And that

910
00:47:55,239 --> 00:47:58,400
Speaker 1: is an extremely dangerous game, and so I think the

911
00:47:58,440 --> 00:48:00,600
Speaker 1: public sense is that. I think that's why you see

912
00:48:00,640 --> 00:48:06,200
Speaker 1: the support trailing off for Biden's policy here because people

913
00:48:06,239 --> 00:48:09,799
Speaker 1: are starting to go, all right, when does this end? Is?

914
00:48:09,960 --> 00:48:12,000
Speaker 1: How do we get to some kind of a piece here?

915
00:48:12,520 --> 00:48:14,319
Speaker 1: You know, we were kind of told Ukraine was going

916
00:48:14,400 --> 00:48:15,880
Speaker 1: to win and that was going to be that. It

917
00:48:15,920 --> 00:48:19,480
Speaker 1: doesn't look like we're heating in that direction, So what now? Yeah,

918
00:48:19,520 --> 00:48:21,319
Speaker 1: that's right? And look, I mean to be honest, even

919
00:48:21,320 --> 00:48:24,640
Speaker 1: though Afghanistan cost us I think seven hundred billion at

920
00:48:24,680 --> 00:48:27,640
Speaker 1: the end, in Iraq two trillion gas was never five

921
00:48:27,680 --> 00:48:29,960
Speaker 1: dollars a gallon as a result of those invasions. So

922
00:48:30,000 --> 00:48:31,919
Speaker 1: in a way, you know, this invasion and the cost

923
00:48:31,960 --> 00:48:33,880
Speaker 1: of the American people is probably higher, even though we

924
00:48:33,880 --> 00:48:36,200
Speaker 1: did end up paying for that in other ways through

925
00:48:36,239 --> 00:48:39,360
Speaker 1: deficit spending. The immediate pain felt at the pocketbook, at

926
00:48:39,400 --> 00:48:42,440
Speaker 1: the pump and elsewhere is much higher on this conflict.

927
00:48:42,480 --> 00:48:44,000
Speaker 1: And to the Afghan point, I'm going to talk about

928
00:48:44,000 --> 00:48:46,319
Speaker 1: this in my monologue, but let's put this Washington Post

929
00:48:46,400 --> 00:48:49,120
Speaker 1: piece up there on the screen about how as Ukraine

930
00:48:49,120 --> 00:48:52,600
Speaker 1: war bogs down, US assessments face scrutiny. Well, guess what,

931
00:48:52,680 --> 00:48:56,000
Speaker 1: Crystal the Pentagon is no longer telling us how things

932
00:48:56,040 --> 00:48:58,920
Speaker 1: are going for the Ukrainians. They're not giving us assessments

933
00:48:58,960 --> 00:49:01,799
Speaker 1: on how the Ukrainian Mili terry is faring. Now. The

934
00:49:01,840 --> 00:49:04,480
Speaker 1: Pentagon's excuse is, well, we're not going to do the

935
00:49:04,520 --> 00:49:09,000
Speaker 1: Russians battle damage assessments for them. Well, I remember covering

936
00:49:09,000 --> 00:49:12,359
Speaker 1: the Afghan War and hearing the exact same thing. We're

937
00:49:12,400 --> 00:49:15,040
Speaker 1: not going to tell the Taliban how the Afghan national

938
00:49:15,040 --> 00:49:17,399
Speaker 1: security forces are doing? Well? How did that work out

939
00:49:17,400 --> 00:49:20,440
Speaker 1: for us? During the fall of Kabble, the American people

940
00:49:20,480 --> 00:49:23,799
Speaker 1: had no idea how their taxpayer dollars were being used

941
00:49:23,800 --> 00:49:27,040
Speaker 1: to support a foreign military, whether that foreign military was

942
00:49:27,400 --> 00:49:30,719
Speaker 1: capable of doing its job at all. At least to

943
00:49:30,760 --> 00:49:33,680
Speaker 1: this point, the Ukrainian military is much more capable, less

944
00:49:33,719 --> 00:49:37,440
Speaker 1: corrupt ish than what we saw in Afghanistan, which is

945
00:49:37,480 --> 00:49:40,560
Speaker 1: great and you know, obviously I support their cause. However,

946
00:49:40,719 --> 00:49:44,200
Speaker 1: we have no transparency and we are sleepwalking it with

947
00:49:44,320 --> 00:49:47,480
Speaker 1: Biden's as long as it takes attitude the CIA, you know,

948
00:49:47,560 --> 00:49:50,200
Speaker 1: special operations people that we've talked about that which are

949
00:49:50,239 --> 00:49:53,719
Speaker 1: openly acknowledged on the ground, and we have no off

950
00:49:53,840 --> 00:49:57,080
Speaker 1: ramp period in terms of getting away from the global

951
00:49:57,080 --> 00:49:59,359
Speaker 1: disruption that has been wrought upon us. So I think

952
00:49:59,400 --> 00:50:02,680
Speaker 1: Afghanistan and very much is a good example of just

953
00:50:02,760 --> 00:50:05,200
Speaker 1: how long these things can go. How you know, the

954
00:50:05,200 --> 00:50:08,000
Speaker 1: Pentagon can go even if three fourths of the American

955
00:50:08,000 --> 00:50:10,680
Speaker 1: public don't support it. What did we all learn in

956
00:50:10,680 --> 00:50:13,080
Speaker 1: Iraq and Afghanistan? They can go on forever. They can

957
00:50:13,080 --> 00:50:16,480
Speaker 1: invent every policy and you know, fake rhetoric known to

958
00:50:16,560 --> 00:50:18,400
Speaker 1: man in order to convince you that what's going on

959
00:50:18,480 --> 00:50:22,080
Speaker 1: over there is supposedly to your interest, and that is

960
00:50:22,120 --> 00:50:26,120
Speaker 1: not safe for the world when the stakes are this high.

961
00:50:26,200 --> 00:50:28,759
Speaker 1: I think there's another important piece here, which is it's

962
00:50:28,800 --> 00:50:32,640
Speaker 1: important to remember what the status quo was before Russia,

963
00:50:33,280 --> 00:50:36,239
Speaker 1: you know, fully invades and launches this war, which is

964
00:50:36,280 --> 00:50:41,080
Speaker 1: that they held Crimea, and they effectively held some areas

965
00:50:41,120 --> 00:50:44,480
Speaker 1: in Laonsk and Sinnesque in the eastern part of the state.

966
00:50:45,040 --> 00:50:49,440
Speaker 1: So what is our goal, in conjunction with our Ukrainian allies.

967
00:50:49,560 --> 00:50:52,200
Speaker 1: Is it to push the Russians back to where they were?

968
00:50:52,920 --> 00:50:56,600
Speaker 1: Is it to push them out of even those territories

969
00:50:56,600 --> 00:50:59,520
Speaker 1: that they had helped go beyond where the status quo

970
00:50:59,640 --> 00:51:05,239
Speaker 1: was before. These are basic questions, extraordinarily significant repercussions that

971
00:51:05,320 --> 00:51:09,440
Speaker 1: we have absolutely no clarity on whatsoever. The fact that

972
00:51:09,480 --> 00:51:12,200
Speaker 1: we are so deeply engaged in this and it really

973
00:51:12,239 --> 00:51:14,920
Speaker 1: truly is a proxy war. The fact that we are

974
00:51:14,960 --> 00:51:17,759
Speaker 1: so deeply engaged in this and the American people don't

975
00:51:17,800 --> 00:51:23,520
Speaker 1: have basic answers to these questions is really unconscionable and inexcusable.

976
00:51:23,560 --> 00:51:27,080
Speaker 1: And I do blame the media also for their complete

977
00:51:27,160 --> 00:51:31,440
Speaker 1: failure to push administration officials on any of these questions

978
00:51:31,560 --> 00:51:35,000
Speaker 1: or to adequately explain to the American public, you know

979
00:51:35,040 --> 00:51:37,600
Speaker 1: what the costs and consequences and risk and trade offs

980
00:51:37,640 --> 00:51:40,600
Speaker 1: are here. I thought Congressman Conna had a good quote

981
00:51:40,760 --> 00:51:44,160
Speaker 1: in that Washington Post article. He says, look, the applauds

982
00:51:44,160 --> 00:51:47,759
Speaker 1: the administration's objective and stopping Russia from seizing Kiev, but

983
00:51:47,920 --> 00:51:51,279
Speaker 1: the United States cannot resign itself to a quote prolonged,

984
00:51:51,600 --> 00:51:54,640
Speaker 1: never ending conflict that is wreaking havoc on the American

985
00:51:54,680 --> 00:51:58,040
Speaker 1: economy and global economy. He says, I believe we should

986
00:51:58,080 --> 00:52:00,360
Speaker 1: declare victory for the President's efforts and up for a

987
00:52:00,400 --> 00:52:02,719
Speaker 1: sovereign Ukraine. We should say we won the Russians loss.

988
00:52:02,760 --> 00:52:07,160
Speaker 1: They did not achieve their fundamental objective, that maximist initial objective.

989
00:52:07,600 --> 00:52:10,160
Speaker 1: People do not want to see a resigned attitude that

990
00:52:10,239 --> 00:52:12,279
Speaker 1: this is just going to go on. As long as

991
00:52:12,320 --> 00:52:15,399
Speaker 1: it's going to go on, what is the plan on

992
00:52:15,440 --> 00:52:18,760
Speaker 1: the diplomatic front? And you know, a really basic question

993
00:52:18,960 --> 00:52:22,399
Speaker 1: that we have zero answers to. Yeah, well, unfortunately he's

994
00:52:22,400 --> 00:52:24,799
Speaker 1: one out of four hundred and thirty five and the

995
00:52:24,840 --> 00:52:27,400
Speaker 1: four hundred and thirty four are not singing the same tune.

996
00:52:27,440 --> 00:52:30,480
Speaker 1: So as long as that remains the case, we'll be

997
00:52:30,480 --> 00:52:33,080
Speaker 1: talking about it here on this show. And people will

998
00:52:33,080 --> 00:52:34,839
Speaker 1: continue to be poorer and a lot of people are

999
00:52:34,840 --> 00:52:36,879
Speaker 1: going to continue to die. And I hate to put

1000
00:52:36,880 --> 00:52:38,719
Speaker 1: it that way, but I think the stakes are high

1001
00:52:38,800 --> 00:52:41,399
Speaker 1: enough and that people should understand it at home. Let's

1002
00:52:41,400 --> 00:52:43,399
Speaker 1: go ahead and move on to our fun segment here

1003
00:52:44,080 --> 00:52:47,359
Speaker 1: the new Press Secretary Karine Jean Pierre. Things not going

1004
00:52:47,400 --> 00:52:49,920
Speaker 1: so well for her, not just according to us, according

1005
00:52:49,920 --> 00:52:52,160
Speaker 1: to her own colleagues. To throw it up there on

1006
00:52:52,200 --> 00:52:56,400
Speaker 1: the screen, her own colleagues leaking to Politico that she

1007
00:52:56,840 --> 00:53:00,759
Speaker 1: makes them WinCE and cringe. Her answers have baffled reporters,

1008
00:53:01,000 --> 00:53:04,080
Speaker 1: Her White House colleagues can't believe how well she is doing,

1009
00:53:04,160 --> 00:53:07,640
Speaker 1: and she has increasingly found herself sharing the podium with

1010
00:53:07,800 --> 00:53:11,840
Speaker 1: John Kirby over at the Pentagon. The reason why is

1011
00:53:11,840 --> 00:53:15,919
Speaker 1: that John Kirby actually long time spokesperson. He was spokesperson

1012
00:53:16,080 --> 00:53:19,799
Speaker 1: for the Pentagon whenever he was in the military. The

1013
00:53:19,880 --> 00:53:24,799
Speaker 1: State Department hired him under the Obama administration. Then he

1014
00:53:24,880 --> 00:53:27,360
Speaker 1: was brought back as the Pentagon spokesperson. He was on

1015
00:53:27,440 --> 00:53:32,120
Speaker 1: television on CNN for years. She's good propagandists. I guess

1016
00:53:32,160 --> 00:53:34,680
Speaker 1: as they come. He has really learned his chops during

1017
00:53:34,760 --> 00:53:38,600
Speaker 1: the war effort. Well, the Biden administration is basically making

1018
00:53:38,600 --> 00:53:40,840
Speaker 1: it known that she is so bad that they have

1019
00:53:40,960 --> 00:53:43,799
Speaker 1: to bring him to the podium whenever they're talking about

1020
00:53:43,880 --> 00:53:47,000
Speaker 1: very serious matters so that she doesn't screw up matters

1021
00:53:47,000 --> 00:53:51,560
Speaker 1: of international diplomacy whenever she's answering questions. And Crystal, you

1022
00:53:51,600 --> 00:53:53,400
Speaker 1: and I put together a bit of a mash up

1023
00:53:53,440 --> 00:53:56,400
Speaker 1: here for the audience, just if you're the uninitiated, if

1024
00:53:56,400 --> 00:53:58,400
Speaker 1: you don't have to suffer through some of her briefings

1025
00:53:58,440 --> 00:54:01,200
Speaker 1: about just how rocky her little start there at the

1026
00:54:01,200 --> 00:54:04,560
Speaker 1: podium has been. Let's take a lesson. We are calling

1027
00:54:04,600 --> 00:54:07,239
Speaker 1: on them to do the right thing, to be patriots

1028
00:54:07,280 --> 00:54:10,239
Speaker 1: here situation across the country. Yeah, let me see if

1029
00:54:10,280 --> 00:54:15,359
Speaker 1: I have anything new for you on that. I think

1030
00:54:15,400 --> 00:54:18,280
Speaker 1: it's been a couple of days since we have asked

1031
00:54:18,280 --> 00:54:29,680
Speaker 1: be asked that question. Okay, Oh my gosh, he's the

1032
00:54:29,719 --> 00:54:33,319
Speaker 1: president of the United States. You know, I can't even

1033
00:54:33,400 --> 00:54:35,520
Speaker 1: keep up with it. We just got back from New Mexico.

1034
00:54:35,600 --> 00:54:41,360
Speaker 1: We just got back from California. That is that is

1035
00:54:41,719 --> 00:54:44,239
Speaker 1: not a question that we should be even asking. Just

1036
00:54:44,280 --> 00:54:46,920
Speaker 1: look at the work that he does. Oh God, that

1037
00:54:47,000 --> 00:54:50,840
Speaker 1: pause on the binder. That is so bad. And you

1038
00:54:50,880 --> 00:54:53,319
Speaker 1: know just what we were talking about earlier as coot

1039
00:54:53,360 --> 00:54:55,279
Speaker 1: and this is all This is how they find themselves

1040
00:54:55,400 --> 00:54:58,080
Speaker 1: in the same conundrum every time throw this up there,

1041
00:54:58,360 --> 00:55:01,960
Speaker 1: Well what do we have now? Some black communications officials

1042
00:55:02,000 --> 00:55:04,640
Speaker 1: in and outside of the administration feel that White House

1043
00:55:04,719 --> 00:55:07,560
Speaker 1: leadership has set her up to fail by having John Kirby,

1044
00:55:07,600 --> 00:55:09,359
Speaker 1: a white man who was in the running for her job,

1045
00:55:09,560 --> 00:55:12,799
Speaker 1: hovering nearby taking the lead on foreign policy. They can't

1046
00:55:12,880 --> 00:55:15,279
Speaker 1: can her because they made such a big deal about

1047
00:55:15,280 --> 00:55:18,200
Speaker 1: how she was the first black LGBTQ woman to be

1048
00:55:18,280 --> 00:55:20,960
Speaker 1: paid to lie on behalf of the US government. So

1049
00:55:21,160 --> 00:55:23,920
Speaker 1: they're completely in a box. It's like the Kamala trap

1050
00:55:24,200 --> 00:55:26,560
Speaker 1: all over again. And she's terrible at her job, and

1051
00:55:26,600 --> 00:55:28,160
Speaker 1: you know it has nothing to do that. There are

1052
00:55:28,239 --> 00:55:31,920
Speaker 1: many great black propagandists who are out here in Washington.

1053
00:55:31,960 --> 00:55:35,640
Speaker 1: I'm sure they could do a great black LGBTQ plus IA,

1054
00:55:35,680 --> 00:55:38,680
Speaker 1: whatever acronym you guys want. I'm sure I could find

1055
00:55:38,680 --> 00:55:41,280
Speaker 1: some great ones. She is just bad. And yet because

1056
00:55:41,320 --> 00:55:44,160
Speaker 1: they put her in that box and now they are

1057
00:55:44,200 --> 00:55:47,520
Speaker 1: really totally screwed, they can never replace her. She can't

1058
00:55:47,560 --> 00:55:50,480
Speaker 1: be fired so clear, so close into her job, and

1059
00:55:50,520 --> 00:55:53,080
Speaker 1: so we all as an American people just have to suffer.

1060
00:55:53,480 --> 00:55:55,960
Speaker 1: I mean that binder flip and not having the answer.

1061
00:55:56,040 --> 00:55:59,840
Speaker 1: That's just complete rookie status to one of the highest

1062
00:56:00,080 --> 00:56:04,799
Speaker 1: file comspositions in Washington. Yeah, I've got I'm I'm sure

1063
00:56:04,800 --> 00:56:06,680
Speaker 1: you can see this weird sunlight coming out of my face,

1064
00:56:07,560 --> 00:56:13,000
Speaker 1: but I like it. But listen, here's why this matters.

1065
00:56:13,200 --> 00:56:16,640
Speaker 1: Because the Biden administration, one of the things that they

1066
00:56:16,640 --> 00:56:19,759
Speaker 1: were supposed to bring was like the adults back in

1067
00:56:19,760 --> 00:56:22,560
Speaker 1: the room and a level of capability and competence. And

1068
00:56:23,040 --> 00:56:26,080
Speaker 1: it's not an easy job being the paid propagandist for

1069
00:56:26,520 --> 00:56:30,960
Speaker 1: the administration. It's it's actually difficult to be that in

1070
00:56:30,960 --> 00:56:33,440
Speaker 1: that position. And like memorize what the correct lie is

1071
00:56:33,440 --> 00:56:39,360
Speaker 1: at every turn. But they really presented to the American

1072
00:56:39,400 --> 00:56:41,719
Speaker 1: people that the adults would be back in charge, there'd

1073
00:56:41,760 --> 00:56:45,160
Speaker 1: be a high level of competence, competence and this is your,

1074
00:56:45,280 --> 00:56:47,360
Speaker 1: you know, primary person you're putting out to the public,

1075
00:56:47,480 --> 00:56:53,120
Speaker 1: and you know it's not not a great look. All right, Crystal,

1076
00:56:53,200 --> 00:56:56,240
Speaker 1: what are you taking a look at? Well, guys, remember

1077
00:56:56,280 --> 00:57:00,719
Speaker 1: how Mayor p who is now the Secretary Department Transportation.

1078
00:57:00,880 --> 00:57:03,520
Speaker 1: Remember how he was super upset about how the airlines

1079
00:57:03,520 --> 00:57:05,560
Speaker 1: were canceling all these flights and they didn't have proper

1080
00:57:05,600 --> 00:57:09,040
Speaker 1: staffing and set them down for a zoom call to

1081
00:57:09,239 --> 00:57:11,359
Speaker 1: give them the business and tell them he was going

1082
00:57:11,400 --> 00:57:14,000
Speaker 1: to be watching over July fourth weekend and that they

1083
00:57:14,200 --> 00:57:19,800
Speaker 1: better deliver or else he might do something unspecified. And then,

1084
00:57:19,840 --> 00:57:21,960
Speaker 1: of course they immediately, like the very next day, canceled

1085
00:57:21,960 --> 00:57:23,480
Speaker 1: his flight and he had to drive from DC to

1086
00:57:23,520 --> 00:57:27,000
Speaker 1: New York. Well, you might have noticed the July fourth

1087
00:57:27,000 --> 00:57:29,680
Speaker 1: weekend happened. And let's go ahead and put this element

1088
00:57:29,760 --> 00:57:33,440
Speaker 1: up on the screen. There's pete yes told them to

1089
00:57:33,440 --> 00:57:35,440
Speaker 1: step up their game. Let's put the next one up.

1090
00:57:35,640 --> 00:57:40,440
Speaker 1: Holiday travel was a complete and utter disaster over the

1091
00:57:40,520 --> 00:57:44,520
Speaker 1: July fourth weekend, surprise, surprise, you had four hundred and

1092
00:57:44,520 --> 00:57:47,320
Speaker 1: sixty four flights completely canceled. You had more than sixty

1093
00:57:47,360 --> 00:57:50,400
Speaker 1: six hundred delayed. That was just in the first couple

1094
00:57:50,360 --> 00:57:53,080
Speaker 1: of days of the holiday weekend. So the overall numbers

1095
00:57:53,160 --> 00:57:57,560
Speaker 1: might be even worse. So you would think that now

1096
00:57:57,600 --> 00:58:00,440
Speaker 1: that we have the proof, right, he said, Okay, you

1097
00:58:00,440 --> 00:58:03,240
Speaker 1: guys got to deliver on me watching closely, all right,

1098
00:58:03,320 --> 00:58:06,080
Speaker 1: the proof is in. It was a disaster. You even

1099
00:58:06,120 --> 00:58:08,680
Speaker 1: had Delta so desperate to get people off their flights

1100
00:58:08,680 --> 00:58:12,520
Speaker 1: that they offered passengers ten thousand dollars to get off

1101
00:58:12,600 --> 00:58:16,520
Speaker 1: one of their flights. So what is Mayor Pete's response? Man,

1102
00:58:16,560 --> 00:58:19,640
Speaker 1: who is in charge of the department most responsible for

1103
00:58:19,760 --> 00:58:23,920
Speaker 1: holding these airlines to account weird consumer tips put Pete's

1104
00:58:23,920 --> 00:58:27,160
Speaker 1: tweet up on the screen here rather than actually using

1105
00:58:27,160 --> 00:58:30,640
Speaker 1: his power to do something. Instead of giving consumers tips

1106
00:58:30,840 --> 00:58:32,959
Speaker 1: on what to do if their flight is canceled, he says,

1107
00:58:32,960 --> 00:58:36,160
Speaker 1: sometimes an airline will offer you points or miles as compensation,

1108
00:58:36,560 --> 00:58:38,600
Speaker 1: but you're entitled to a cash refund when your flight

1109
00:58:38,680 --> 00:58:41,680
Speaker 1: is canceled. When deciding whether to accept miles, it's helpful

1110
00:58:41,720 --> 00:58:44,960
Speaker 1: to know their value which varies but often is estimated

1111
00:58:45,040 --> 00:58:46,919
Speaker 1: at one to one and a half cents per mile.

1112
00:58:47,000 --> 00:58:49,680
Speaker 1: He then just goes through the whole calculation TAGA that

1113
00:58:49,760 --> 00:58:53,360
Speaker 1: he used to figure out whether he should accept the

1114
00:58:53,400 --> 00:58:57,440
Speaker 1: miles or accept like the cash when his flight was canceled.

1115
00:58:57,720 --> 00:59:00,440
Speaker 1: And I think Sarota had the perfect response to this.

1116
00:59:00,520 --> 00:59:03,240
Speaker 1: Put this last piece up on the screen. He said, Dude,

1117
00:59:03,280 --> 00:59:06,360
Speaker 1: you are not a travel agent or an airline consultant.

1118
00:59:06,840 --> 00:59:10,760
Speaker 1: You are a regulator. Your job is to use the

1119
00:59:10,800 --> 00:59:13,240
Speaker 1: power you have to crack down on airlines when they

1120
00:59:13,280 --> 00:59:17,840
Speaker 1: abuse consumers, read and start actually doing something. And he

1121
00:59:17,960 --> 00:59:20,040
Speaker 1: links to the article that we've covered in the past

1122
00:59:20,400 --> 00:59:23,840
Speaker 1: that gives, you know, some concrete steps that he could

1123
00:59:23,840 --> 00:59:27,080
Speaker 1: take to try to force these airlines to you know,

1124
00:59:27,160 --> 00:59:30,120
Speaker 1: not fly more, not book more flights than they're actually

1125
00:59:30,160 --> 00:59:34,800
Speaker 1: capable of flying. So Sager, you know, yet another disaster.

1126
00:59:35,080 --> 00:59:38,240
Speaker 1: And really the point here is that there's this complete

1127
00:59:38,720 --> 00:59:42,760
Speaker 1: feigned helplessness on the point on the part of liberals

1128
00:59:42,960 --> 00:59:45,120
Speaker 1: that Pete is very much a part of. Here. Yeah,

1129
00:59:45,160 --> 00:59:46,840
Speaker 1: I'm Michael, what are you? And if you want to

1130
00:59:46,840 --> 00:59:50,200
Speaker 1: hear my reaction to Crystal's monologue, become a Premium subscriber

1131
00:59:50,240 --> 00:59:56,320
Speaker 1: today at Breakingpoints dot Com. All right, Sager, what are

1132
00:59:56,320 --> 00:59:58,320
Speaker 1: you looking at? The thing about Joe Biden that I

1133
00:59:58,360 --> 01:00:01,240
Speaker 1: often cannot believe is that it's I felt that way

1134
01:00:01,280 --> 01:00:02,880
Speaker 1: with Trump the first time I went in the Oval

1135
01:00:02,880 --> 01:00:04,720
Speaker 1: office to interview him. I looked at him and I

1136
01:00:04,840 --> 01:00:07,160
Speaker 1: was like, Wow, that really is the guy from The

1137
01:00:07,200 --> 01:00:10,600
Speaker 1: Apprentice sitting behind the resolute desk. With Biden. I guess

1138
01:00:10,600 --> 01:00:12,960
Speaker 1: it's more believable that he's in there, but it is

1139
01:00:13,040 --> 01:00:15,960
Speaker 1: less believable in the way that he conducts himself. And

1140
01:00:15,960 --> 01:00:18,320
Speaker 1: it's just one of the worst leaders to occupy the

1141
01:00:18,360 --> 01:00:22,200
Speaker 1: office in some time. With Ukraine and on gas specifically,

1142
01:00:22,480 --> 01:00:25,560
Speaker 1: he never ceases to amaze me. And that is exactly

1143
01:00:25,600 --> 01:00:28,200
Speaker 1: what he did while conducting a press conference capping the

1144
01:00:28,240 --> 01:00:30,800
Speaker 1: recent NATO summit when he was asked by a reporter

1145
01:00:31,160 --> 01:00:34,480
Speaker 1: how long should Americans be paying high gas prices at

1146
01:00:34,480 --> 01:00:37,520
Speaker 1: the pump to support Ukraine. Here's what he had to say,

1147
01:00:37,840 --> 01:00:40,560
Speaker 1: and how long is it expect fair to expect American

1148
01:00:40,640 --> 01:00:43,520
Speaker 1: drivers to continue to hit a premium because of this war?

1149
01:00:46,800 --> 01:00:48,960
Speaker 1: The second part of the question was would it bring

1150
01:00:49,040 --> 01:00:52,360
Speaker 1: down the price? Will it bring down prices? And the

1151
01:00:52,400 --> 01:00:54,480
Speaker 1: war has pushed prices up, they could go as high

1152
01:00:54,480 --> 01:00:56,720
Speaker 1: as two hundred dollars a barrel of Some analysts think,

1153
01:00:57,120 --> 01:01:00,400
Speaker 1: how long is it fair to expect American drivers drivers

1154
01:01:00,440 --> 01:01:03,600
Speaker 1: around the world to pay that premium for this war?

1155
01:01:04,400 --> 01:01:07,560
Speaker 1: As long as it takes, so Russia cannot in fact

1156
01:01:08,240 --> 01:01:12,200
Speaker 1: defeat Ukraine and move beyond Ukraine as long as it takes.

1157
01:01:12,440 --> 01:01:14,680
Speaker 1: I've tried very hard not to sound callous on this show.

1158
01:01:14,960 --> 01:01:18,439
Speaker 1: I am genuinely with the Ukrainian people. I hope they win,

1159
01:01:18,720 --> 01:01:21,840
Speaker 1: but I also care a lot more about America. So

1160
01:01:21,920 --> 01:01:24,840
Speaker 1: I once again have to ask how much longer and

1161
01:01:24,880 --> 01:01:28,200
Speaker 1: how much higher should prices go to keep the territorial

1162
01:01:28,240 --> 01:01:32,240
Speaker 1: integrity of the eastern Dunboss region of Ukraine. Notice he

1163
01:01:32,280 --> 01:01:34,720
Speaker 1: doesn't answer the question that way. He says, is as

1164
01:01:34,760 --> 01:01:37,640
Speaker 1: long as it takes, so that Russia cannot defeat Ukraine,

1165
01:01:37,720 --> 01:01:41,000
Speaker 1: but is an outright victory on the battlefield even attainable

1166
01:01:41,000 --> 01:01:44,080
Speaker 1: for either side. That's a great question that I'll answer later.

1167
01:01:44,320 --> 01:01:47,560
Speaker 1: But notice also what Biden's top economic advisor says when

1168
01:01:47,600 --> 01:01:51,000
Speaker 1: even CNN is forced to ask him a somewhat critical question.

1169
01:01:51,320 --> 01:01:54,280
Speaker 1: They say that this could be a long war measured

1170
01:01:54,320 --> 01:01:57,960
Speaker 1: in years, and I think everybody understands why this is happening,

1171
01:01:58,000 --> 01:01:59,880
Speaker 1: but is it sustainable. What do you say to those

1172
01:02:00,040 --> 01:02:03,040
Speaker 1: families who say, listen, we can't afford to pay four

1173
01:02:03,080 --> 01:02:05,880
Speaker 1: to eighty five a gallon four months, if not years,

1174
01:02:05,920 --> 01:02:09,800
Speaker 1: This is just not sustainable. Well, what you heard from

1175
01:02:09,800 --> 01:02:13,000
Speaker 1: the President today was a clear articulation of the stakes.

1176
01:02:13,080 --> 01:02:15,360
Speaker 1: This is about the future of the liberal world order,

1177
01:02:15,400 --> 01:02:18,280
Speaker 1: and we have to stand firm future of the liberal

1178
01:02:18,320 --> 01:02:21,960
Speaker 1: world order. Notice they just keep reaching for grand strategic

1179
01:02:22,000 --> 01:02:25,000
Speaker 1: principles to justify their idiocy, because if they have to

1180
01:02:25,120 --> 01:02:28,320
Speaker 1: justify the details, the American people would continue to turn

1181
01:02:28,360 --> 01:02:30,920
Speaker 1: on them in an instant. At the beginning of this war,

1182
01:02:31,080 --> 01:02:33,680
Speaker 1: when it appeared that literally a Russian annexation of the

1183
01:02:33,840 --> 01:02:37,400
Speaker 1: entire country of Ukraine was on the table, sure Americans

1184
01:02:37,400 --> 01:02:39,360
Speaker 1: stepped up. They said, yeah, I am willing to help

1185
01:02:39,440 --> 01:02:41,560
Speaker 1: Ukraine and pay a lot to do that. But now

1186
01:02:41,640 --> 01:02:43,880
Speaker 1: the Ukrainians have pushed them back and the Russians have

1187
01:02:43,920 --> 01:02:46,200
Speaker 1: committed to a war of attrition strategy in the east.

1188
01:02:46,480 --> 01:02:48,960
Speaker 1: The Ukrainians are doing the best they can, but any

1189
01:02:49,040 --> 01:02:51,840
Speaker 1: honest assessment tells us that the Russians are taking strategic

1190
01:02:51,880 --> 01:02:54,120
Speaker 1: town after town in the East, and that by this

1191
01:02:54,240 --> 01:02:57,400
Speaker 1: honest measure, that the Ukrainians are losing, so how much longer,

1192
01:02:57,600 --> 01:03:00,320
Speaker 1: how many more towns in the long contested East are

1193
01:03:00,360 --> 01:03:03,120
Speaker 1: worth the economic pain of the entire West and the

1194
01:03:03,120 --> 01:03:05,680
Speaker 1: destruction of the global supply chain and the sparking of

1195
01:03:05,680 --> 01:03:08,479
Speaker 1: a global food crisis. When you frame things that way,

1196
01:03:08,600 --> 01:03:11,720
Speaker 1: you get different answers, don't you. In fact, people in

1197
01:03:11,880 --> 01:03:15,160
Speaker 1: Washington are quietly whispering the truth behind closed doors that

1198
01:03:15,200 --> 01:03:17,360
Speaker 1: the public pronouncements by the White House about how well

1199
01:03:17,400 --> 01:03:20,919
Speaker 1: the Ukrainians are doing are flat wrong. The Pentagon, in fact,

1200
01:03:20,920 --> 01:03:24,920
Speaker 1: has quietly stopped publishing assessments about how many Ukrainian soldiers

1201
01:03:24,960 --> 01:03:27,760
Speaker 1: have been killed to cover up any conjecture about how

1202
01:03:27,800 --> 01:03:29,800
Speaker 1: the war of attrition is taking a toll on them.

1203
01:03:30,040 --> 01:03:32,960
Speaker 1: Their excuse for this and their secrecy about what America

1204
01:03:33,000 --> 01:03:35,240
Speaker 1: is sending to Ukraine and why they're doing this, is

1205
01:03:35,240 --> 01:03:37,720
Speaker 1: that they claim by publishing that information they would be

1206
01:03:37,800 --> 01:03:40,280
Speaker 1: helping the Russians, so that why it needs to stay

1207
01:03:40,320 --> 01:03:43,440
Speaker 1: secret forever. First of all, the Russians are on the

1208
01:03:43,440 --> 01:03:46,320
Speaker 1: ground there. I'm pretty sure they know how well the

1209
01:03:46,400 --> 01:03:49,440
Speaker 1: Ukrainians are doing, since they're the ones who are fighting them. Second,

1210
01:03:50,000 --> 01:03:53,560
Speaker 1: and sounds pretty convenient for zero transparency. Ever, I watched

1211
01:03:53,640 --> 01:03:56,640
Speaker 1: this whole story play out in Afghanistan over my entire career.

1212
01:03:56,880 --> 01:03:59,400
Speaker 1: Every time the Pentagon wanted to hide how badly we

1213
01:03:59,400 --> 01:04:02,439
Speaker 1: were losing, they would classify the figures. If you asked why,

1214
01:04:02,480 --> 01:04:05,000
Speaker 1: it was because publishing the data would help the Taliban.

1215
01:04:05,400 --> 01:04:08,720
Speaker 1: History repeats itself again, this time just a lot faster.

1216
01:04:09,000 --> 01:04:11,120
Speaker 1: When the fall of Cobbled happened, there was a lot

1217
01:04:11,160 --> 01:04:13,640
Speaker 1: of big talk about how surprised everyone was. If you're

1218
01:04:13,640 --> 01:04:16,040
Speaker 1: paying attention to the small stuff, it was no surprise

1219
01:04:16,200 --> 01:04:19,160
Speaker 1: at all. Now, I hope the Ukrainian military cause is

1220
01:04:19,240 --> 01:04:21,840
Speaker 1: much better run than the Afghan national security forces. But

1221
01:04:21,880 --> 01:04:24,280
Speaker 1: the real question is, how do you even know? Should

1222
01:04:24,320 --> 01:04:26,560
Speaker 1: we accept the same platitudes that they fed us during

1223
01:04:26,600 --> 01:04:29,320
Speaker 1: that war right now? The more they keep us in

1224
01:04:29,360 --> 01:04:31,720
Speaker 1: the dark, the less say that we get. If this

1225
01:04:31,840 --> 01:04:34,040
Speaker 1: is about the big stuff, like sticking it to Putin,

1226
01:04:34,280 --> 01:04:37,480
Speaker 1: then the MSNBC allies with more Ukrainian and gay pride

1227
01:04:37,520 --> 01:04:40,480
Speaker 1: flags outside their houses that American flags will go right

1228
01:04:40,520 --> 01:04:42,840
Speaker 1: along the rest of us can protest, but we're going

1229
01:04:42,880 --> 01:04:45,080
Speaker 1: to shut up as long as so called putin lovers

1230
01:04:45,280 --> 01:04:48,240
Speaker 1: or captured by Russians for asking basic questions with what

1231
01:04:48,280 --> 01:04:51,280
Speaker 1: they'll accuse us for. The longer this thing drags on,

1232
01:04:51,720 --> 01:04:54,280
Speaker 1: the more stupid schemes that the administration can try to

1233
01:04:54,320 --> 01:04:56,480
Speaker 1: come up with to play act trying to lower the

1234
01:04:56,480 --> 01:04:59,160
Speaker 1: price of gas without actually doing it. And the latest

1235
01:04:59,160 --> 01:05:02,320
Speaker 1: one is especially withthetic for the presidential account, who's please

1236
01:05:02,560 --> 01:05:06,000
Speaker 1: asking gas companies to lower prices? Because yeah, that's how

1237
01:05:06,000 --> 01:05:08,800
Speaker 1: it works. That's what they're going to keep up day

1238
01:05:08,880 --> 01:05:11,520
Speaker 1: after day and month after month. As the territories in

1239
01:05:11,560 --> 01:05:14,000
Speaker 1: the eastern part of Ukraine get passed back and forth

1240
01:05:14,040 --> 01:05:16,160
Speaker 1: and blood is spilt, you will still be paying and

1241
01:05:16,200 --> 01:05:20,960
Speaker 1: they'll still keep repeating the same old bs. I again

1242
01:05:21,000 --> 01:05:23,920
Speaker 1: want to state I understand that if you're a Ukrainian

1243
01:05:24,160 --> 01:05:26,760
Speaker 1: or you're deeply sympathetic to that cause, that this can

1244
01:05:26,800 --> 01:05:29,840
Speaker 1: sound callous, but perhaps a little bit of cold, hard

1245
01:05:29,880 --> 01:05:33,120
Speaker 1: reality is necessary right now to cut through the lies

1246
01:05:33,120 --> 01:05:35,400
Speaker 1: that our leaders and the media continue to tell us

1247
01:05:36,000 --> 01:05:39,480
Speaker 1: keeping well meaning Americans in line. You're not a putin stooge.

1248
01:05:39,480 --> 01:05:41,600
Speaker 1: If you are asking how much longer you can take this,

1249
01:05:41,920 --> 01:05:45,000
Speaker 1: You're just a normal person trying to live your life.

1250
01:05:45,120 --> 01:05:48,320
Speaker 1: You're not wrong to be disgusted with our president, this administration,

1251
01:05:48,440 --> 01:05:51,280
Speaker 1: our media, or politics in general right now, because almost

1252
01:05:51,320 --> 01:05:53,920
Speaker 1: none of it is oriented towards both creating a good

1253
01:05:53,960 --> 01:05:56,960
Speaker 1: outcome for the world or even a good outcome for

1254
01:05:57,080 --> 01:06:00,320
Speaker 1: you at home. Ultimately, that is first and four foremost

1255
01:06:00,440 --> 01:06:03,120
Speaker 1: job the president of the United States, and with Biden,

1256
01:06:03,320 --> 01:06:06,920
Speaker 1: he is failing on almost every single level. And if

1257
01:06:06,960 --> 01:06:09,760
Speaker 1: you want to hear my reaction to Cyber's monologue, become

1258
01:06:09,800 --> 01:06:15,640
Speaker 1: a premium subscriber today at Breakingpoints dot Com. Joining us

1259
01:06:15,640 --> 01:06:18,360
Speaker 1: now is Nico Luciani. He's the director of Corporate Power

1260
01:06:18,440 --> 01:06:20,800
Speaker 1: over at the Roosevelt Institute. Nico, welcome to the show.

1261
01:06:20,800 --> 01:06:23,520
Speaker 1: We really appreciate it. Great to be here. Thanks for

1262
01:06:23,600 --> 01:06:26,240
Speaker 1: having me absolutely so. You guys wrote an interesting new report.

1263
01:06:26,280 --> 01:06:29,120
Speaker 1: Let's put us up there on the screen about inflation,

1264
01:06:29,280 --> 01:06:32,280
Speaker 1: about corporate power that we've been looking at and paying

1265
01:06:32,280 --> 01:06:34,760
Speaker 1: a lot of attention here to on the show. So

1266
01:06:34,800 --> 01:06:37,840
Speaker 1: why don't you break us down for the audience. What

1267
01:06:38,080 --> 01:06:40,800
Speaker 1: is driving a lot of the inflation in their lives?

1268
01:06:40,880 --> 01:06:44,680
Speaker 1: How are corporations responding to this moment? And is it fair?

1269
01:06:44,720 --> 01:06:48,040
Speaker 1: You know, are they taking advantage of everybody? Yeah, well,

1270
01:06:48,080 --> 01:06:49,920
Speaker 1: we tried to step back a little bit from the

1271
01:06:50,040 --> 01:06:52,240
Speaker 1: very live debates we've been having as a country on

1272
01:06:52,240 --> 01:06:55,720
Speaker 1: your show about the causes of inflation and therefore the

1273
01:06:55,760 --> 01:07:00,000
Speaker 1: politic responses, and we wanted to see from a somewhat

1274
01:07:00,040 --> 01:07:04,080
Speaker 1: of a different data source whether we could sess out

1275
01:07:04,240 --> 01:07:06,840
Speaker 1: whether it's a demand story, you know, too much money,

1276
01:07:06,920 --> 01:07:09,680
Speaker 1: whether it's a supply story to few goods and services,

1277
01:07:10,000 --> 01:07:13,439
Speaker 1: or is there a layer here of companies actually taking

1278
01:07:13,440 --> 01:07:17,480
Speaker 1: advantage of the moment to be able to increase their profits.

1279
01:07:17,840 --> 01:07:21,160
Speaker 1: And so we looked not at sort of macroeconomic variables

1280
01:07:21,160 --> 01:07:24,040
Speaker 1: for this particular piece, but actually at the income and

1281
01:07:24,080 --> 01:07:29,000
Speaker 1: cash flow statements of companies across the US economy. We

1282
01:07:29,000 --> 01:07:31,200
Speaker 1: looked from nineteen fifty five all the way up to

1283
01:07:31,720 --> 01:07:34,360
Speaker 1: twenty twenty one when we had the latest data in

1284
01:07:34,400 --> 01:07:37,480
Speaker 1: twenty twenty one, we pulled in almost four thousand companies

1285
01:07:38,280 --> 01:07:40,800
Speaker 1: income and cash flow statements, and in that we wanted

1286
01:07:40,800 --> 01:07:43,760
Speaker 1: to look at this really crucial indicator, which is markups.

1287
01:07:43,800 --> 01:07:47,360
Speaker 1: That is, what's the difference between a company's price essentially

1288
01:07:47,400 --> 01:07:50,760
Speaker 1: and their marginal costs. With the sort of thought there,

1289
01:07:51,000 --> 01:07:56,120
Speaker 1: if companies' costs are stabilizing and their prices continue to

1290
01:07:56,160 --> 01:07:59,080
Speaker 1: go up, then that company has some sort of power

1291
01:07:59,080 --> 01:08:00,560
Speaker 1: in the market that allows them to do that. Right,

1292
01:08:00,600 --> 01:08:04,360
Speaker 1: if it was a competitive market, then prices and marginal

1293
01:08:04,400 --> 01:08:09,280
Speaker 1: costs would essentially be the same. What we found, actually,

1294
01:08:09,320 --> 01:08:12,080
Speaker 1: to our surprise, was, you know, we've seen an increase

1295
01:08:12,120 --> 01:08:16,160
Speaker 1: in markups since around nineteen eighty, and that's the sort

1296
01:08:16,200 --> 01:08:18,720
Speaker 1: of a trend that's been long going, but we saw

1297
01:08:18,760 --> 01:08:22,559
Speaker 1: in twenty twenty one really this sharp increase, almost like

1298
01:08:22,560 --> 01:08:27,200
Speaker 1: a singularity line, sharp upward increase in markups. At this

1299
01:08:27,240 --> 01:08:30,519
Speaker 1: point in twenty twenty one, companies across the US are,

1300
01:08:30,960 --> 01:08:34,639
Speaker 1: on an aggregate, on an average, are increasing their price

1301
01:08:34,680 --> 01:08:38,479
Speaker 1: about seventy six percent higher than their marginal cost. That

1302
01:08:38,520 --> 01:08:41,120
Speaker 1: tells us that these companies are not just price takers

1303
01:08:41,200 --> 01:08:43,280
Speaker 1: waiting for the market to determine what the prices are,

1304
01:08:43,320 --> 01:08:46,640
Speaker 1: but they're active price makers in setting the price on

1305
01:08:46,720 --> 01:08:50,360
Speaker 1: the market. And then yeah, yeah, we can dig in

1306
01:08:50,360 --> 01:08:53,360
Speaker 1: a little bit more into the details in a second. Sure, yeah,

1307
01:08:53,400 --> 01:08:56,080
Speaker 1: I mean I think what's interesting to me about that, though,

1308
01:08:56,240 --> 01:08:58,559
Speaker 1: is that twenty twenty one, I don't think there's any

1309
01:08:59,360 --> 01:09:03,240
Speaker 1: there's no basically that corporations were taking advantage of monopoly

1310
01:09:03,320 --> 01:09:06,400
Speaker 1: power in order to set prices where they wanted what

1311
01:09:06,520 --> 01:09:08,760
Speaker 1: about the current data, because we're also trying to get

1312
01:09:08,800 --> 01:09:12,000
Speaker 1: our minds around what's happening right now at this moment.

1313
01:09:12,080 --> 01:09:16,000
Speaker 1: What do you think, nego Well, I mean, unfortunately, the

1314
01:09:16,160 --> 01:09:18,479
Speaker 1: firm level data is looking backwards like a lot of

1315
01:09:18,560 --> 01:09:22,599
Speaker 1: data unfortunately, and so we don't know for sure there's

1316
01:09:22,640 --> 01:09:28,040
Speaker 1: some new this St. Lewis fedor San Francisco FED that

1317
01:09:28,120 --> 01:09:29,800
Speaker 1: came out with a paper that was looking at more

1318
01:09:29,800 --> 01:09:34,559
Speaker 1: at twenty twenty two data, and that particular piece says,

1319
01:09:34,640 --> 01:09:39,160
Speaker 1: you know, pretty unambiguously, fifty percent of the increase in

1320
01:09:39,160 --> 01:09:42,519
Speaker 1: inflation in their mind is due to supply factors, right,

1321
01:09:43,520 --> 01:09:46,200
Speaker 1: whether that's supply chains, not enough workers in the workforce,

1322
01:09:46,360 --> 01:09:49,439
Speaker 1: other issues, not the demand effect factors that seem to

1323
01:09:49,439 --> 01:09:53,040
Speaker 1: be driving the FED today. I mean, if you look

1324
01:09:53,080 --> 01:09:56,120
Speaker 1: at the market power side, we've had thirty years, right

1325
01:09:56,160 --> 01:10:00,840
Speaker 1: of companies increasing their market share in particular industry, and

1326
01:10:02,160 --> 01:10:06,400
Speaker 1: thirty forty years of the shareholder primacy model, where companies

1327
01:10:06,439 --> 01:10:09,519
Speaker 1: are looking to hit their earnings expectations on a quarterly

1328
01:10:09,560 --> 01:10:12,599
Speaker 1: to quarterly basis and then setting backwards with their pricing

1329
01:10:12,600 --> 01:10:16,759
Speaker 1: strategies would be based on that profit expectation. And so

1330
01:10:17,120 --> 01:10:21,040
Speaker 1: when we hit the pandemic that those trends continued and exacerbated.

1331
01:10:21,120 --> 01:10:23,519
Speaker 1: So to me, while we don't have the exact data

1332
01:10:23,520 --> 01:10:26,160
Speaker 1: for twenty twenty two in markups, I would be surprised

1333
01:10:26,200 --> 01:10:27,800
Speaker 1: if there's going to be much of a change just

1334
01:10:27,840 --> 01:10:32,040
Speaker 1: because we're talking about three or four decades of structural

1335
01:10:32,080 --> 01:10:34,639
Speaker 1: changes in our economy that have allowed this to happen. Yeah,

1336
01:10:34,640 --> 01:10:36,760
Speaker 1: so let's go let's do a dig deeper. Then. So,

1337
01:10:36,840 --> 01:10:39,720
Speaker 1: if we're talking about structural problem like this, a lot

1338
01:10:39,760 --> 01:10:41,519
Speaker 1: of it comes down to monopoly power. It's not just

1339
01:10:41,640 --> 01:10:45,240
Speaker 1: the advantage but the structure itself. What are the underlying

1340
01:10:45,280 --> 01:10:49,519
Speaker 1: remedies that make sense in or do something about this? Yeah, well,

1341
01:10:49,560 --> 01:10:52,360
Speaker 1: I think what we've found in this is that there

1342
01:10:52,479 --> 01:10:57,000
Speaker 1: is these markups have changed over time, They've responded to

1343
01:10:57,000 --> 01:11:01,639
Speaker 1: policy signals, and so they can be decreased. Whereas many

1344
01:11:01,680 --> 01:11:04,960
Speaker 1: would argue there's not much we can do through FED

1345
01:11:05,040 --> 01:11:08,400
Speaker 1: policy which won't have really damaging effects. When it comes

1346
01:11:08,479 --> 01:11:12,400
Speaker 1: to managing or dampening corporate profits and corporate markups, that's

1347
01:11:12,400 --> 01:11:15,280
Speaker 1: something we can do. We have tried and true mechanisms

1348
01:11:15,280 --> 01:11:20,200
Speaker 1: for that. Whether that's really assertive anti trust enforcement, some

1349
01:11:20,280 --> 01:11:23,160
Speaker 1: of that is happening. You could go even more. There

1350
01:11:23,240 --> 01:11:27,120
Speaker 1: is a lot of discussion recently of resuscitating some of

1351
01:11:27,160 --> 01:11:31,640
Speaker 1: the ideas of the Franklin dell Or Roosevelt and administration

1352
01:11:32,280 --> 01:11:38,160
Speaker 1: around a World War Two style excess profits tax where essentially,

1353
01:11:38,640 --> 01:11:41,879
Speaker 1: over a certain amount of profits you deem it excess

1354
01:11:41,960 --> 01:11:44,519
Speaker 1: and that gets taxed away. So it would it would

1355
01:11:44,560 --> 01:11:47,479
Speaker 1: really reduce pretty sharply the incentive or the interest of

1356
01:11:47,520 --> 01:11:50,759
Speaker 1: companies to have profits over a certain amount and therefore

1357
01:11:50,880 --> 01:11:54,200
Speaker 1: to price over a certain amount. That's another another example

1358
01:11:54,520 --> 01:11:57,120
Speaker 1: of you know, if we can think outside the box,

1359
01:11:57,400 --> 01:12:01,280
Speaker 1: there are policy tools to decrease those markups. Really interesting. Well, look,

1360
01:12:01,320 --> 01:12:02,720
Speaker 1: I think everybody should go and take a look at

1361
01:12:02,720 --> 01:12:04,280
Speaker 1: the report. I think the data that you guys lay

1362
01:12:04,280 --> 01:12:07,080
Speaker 1: out is very compelling and I appreciate breaking it down

1363
01:12:07,120 --> 01:12:11,280
Speaker 1: for us. Thank you very much, Nigo, thanks so much, absolutely, Man,

1364
01:12:11,920 --> 01:12:13,840
Speaker 1: thank you guys so much for watching. We really appreciate it.

1365
01:12:13,880 --> 01:12:16,200
Speaker 1: Crystal is sick, but she'll be back here on Thursday

1366
01:12:16,240 --> 01:12:18,640
Speaker 1: hopefully and she'll be feeling better. Just a reminder, if

1367
01:12:18,640 --> 01:12:20,599
Speaker 1: you can go ahead and buy tickets to that event,

1368
01:12:20,640 --> 01:12:22,800
Speaker 1: we'll have links down in the description for all our videos.

1369
01:12:22,840 --> 01:12:25,000
Speaker 1: If you're not a previous subscriber, what are you waiting for?

1370
01:12:25,120 --> 01:12:27,200
Speaker 1: They bought more than half the tickets before the things

1371
01:12:27,200 --> 01:12:28,840
Speaker 1: even went on sales, So if you want pre sale

1372
01:12:28,880 --> 01:12:32,200
Speaker 1: access and awesome just the ability in order to support

1373
01:12:32,360 --> 01:12:34,320
Speaker 1: our work here at the show, we deeply appreciate it

1374
01:12:34,360 --> 01:12:46,160
Speaker 1: and we will see you all on Thursday,