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 --> 00:00:17,920 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 --> 00:00:37,880 Speaker 1: Go to Breakingpoints dot com to help us out time 13 00:00:37,960 --> 00:00:40,640 Speaker 1: now for our weekly partnership segment with the Lever and 14 00:00:40,720 --> 00:00:43,120 Speaker 1: joining us now is the man himself, David Serota of 15 00:00:43,159 --> 00:00:45,519 Speaker 1: that outlet. Great to see you, sar, Good to see you. 16 00:00:45,560 --> 00:00:47,600 Speaker 1: Thanks for having me of course. So this week, you 17 00:00:47,600 --> 00:00:50,560 Speaker 1: guys are taking a look at the at a potential 18 00:00:50,640 --> 00:00:52,839 Speaker 1: path to end dark money. Let's go and put this 19 00:00:53,000 --> 00:00:55,640 Speaker 1: up on the screen. This is from Andrew Perez says 20 00:00:55,680 --> 00:00:58,920 Speaker 1: how Democrats could actually end dark money. Senate Democrats will 21 00:00:59,000 --> 00:01:02,240 Speaker 1: vote Thursday on a dark money disclosure bill known as 22 00:01:02,280 --> 00:01:05,240 Speaker 1: the Disclosed Act. They should do what's needed to let 23 00:01:05,280 --> 00:01:08,160 Speaker 1: it succeed. So, first of all, just break down for us, David, 24 00:01:08,200 --> 00:01:12,520 Speaker 1: what is actually in this bill. So the key part 25 00:01:12,560 --> 00:01:15,120 Speaker 1: of this bill is to force five OHO one C 26 00:01:15,360 --> 00:01:19,560 Speaker 1: four organizations to disclose their major donors. Five oh one 27 00:01:19,600 --> 00:01:24,959 Speaker 1: C four organizations are technically quote unquote social welfare organizations. 28 00:01:25,800 --> 00:01:28,640 Speaker 1: What they actually are, many of them in practice, are 29 00:01:28,880 --> 00:01:32,080 Speaker 1: dark money groups. They're the groups that spend money in elections, 30 00:01:32,400 --> 00:01:38,160 Speaker 1: anonymous money slamming candidates, supporting candidates. Some of them say, 31 00:01:38,200 --> 00:01:40,360 Speaker 1: you know, go tell this candidate this, Go tell this 32 00:01:40,440 --> 00:01:42,280 Speaker 1: candidate not to do this. But the point is is 33 00:01:42,319 --> 00:01:47,400 Speaker 1: that they are conduits for anonymous money to essentially influence 34 00:01:47,440 --> 00:01:50,960 Speaker 1: and really buy elections. And by the way, not just elections, 35 00:01:50,960 --> 00:01:55,360 Speaker 1: but pushing for legislation, pushing for court appointments and the like. 36 00:01:56,200 --> 00:02:00,640 Speaker 1: We don't know who is actually funding all of these groups, 37 00:02:00,720 --> 00:02:03,000 Speaker 1: even though I think it was in twenty twenty A 38 00:02:03,160 --> 00:02:06,680 Speaker 1: billion dollars of dark money was spent in the twenty 39 00:02:06,720 --> 00:02:11,520 Speaker 1: twenty election. So point is a huge amount of unknown, 40 00:02:11,800 --> 00:02:17,359 Speaker 1: anonymous cash flooding into our elections to buy essentially our democracy. 41 00:02:17,400 --> 00:02:20,120 Speaker 1: That is one of the threats of to our democracy. 42 00:02:20,400 --> 00:02:22,600 Speaker 1: And the bill would simply say the big provision of 43 00:02:22,600 --> 00:02:25,399 Speaker 1: it would simply say, these organizations have to tell us 44 00:02:25,520 --> 00:02:32,360 Speaker 1: who their donors are. And the interesting thing is that 45 00:02:32,680 --> 00:02:36,920 Speaker 1: fifty Democrats in the Senate are officially sponsoring this legislation. 46 00:02:37,560 --> 00:02:41,040 Speaker 1: No Republicans are sponsoring it, and it's just a disclosure bill. 47 00:02:41,880 --> 00:02:44,480 Speaker 1: Yeah what I mean, have you heard any good faith 48 00:02:44,600 --> 00:02:48,200 Speaker 1: arguments against it? Or they just don't really want to 49 00:02:48,240 --> 00:02:52,280 Speaker 1: talk about it at all. Well, the Republicans have been saying, listen, 50 00:02:52,280 --> 00:02:55,640 Speaker 1: we don't usually agree with organizations like the ACLU, but 51 00:02:55,720 --> 00:02:59,040 Speaker 1: on this one we do. And the ACLU, as an example, 52 00:02:59,080 --> 00:03:02,840 Speaker 1: has put forward and argument that five H one C. 53 00:03:02,960 --> 00:03:06,359 Speaker 1: Four organizations should have the right to some level of privacy, 54 00:03:06,400 --> 00:03:09,720 Speaker 1: that donors should have the right to some level of privacy. 55 00:03:10,200 --> 00:03:13,000 Speaker 1: And so the Republicans, if you think they're making a 56 00:03:13,040 --> 00:03:15,320 Speaker 1: good faith argument, I guess if you take them at 57 00:03:15,320 --> 00:03:18,760 Speaker 1: their word, they are saying that, I guess donors should 58 00:03:18,800 --> 00:03:21,960 Speaker 1: have a right to privacy. I mean, my argument would 59 00:03:22,000 --> 00:03:26,640 Speaker 1: be that if you're trying to influence public policy, public elections, 60 00:03:26,680 --> 00:03:29,639 Speaker 1: the public space, and you're doing it at a level 61 00:03:29,760 --> 00:03:34,400 Speaker 1: of millions, if not billions of dollars, the public should 62 00:03:34,400 --> 00:03:37,400 Speaker 1: have a right to know at least who effectively is 63 00:03:37,480 --> 00:03:41,000 Speaker 1: talking to the public in that public square. So here's 64 00:03:41,000 --> 00:03:43,920 Speaker 1: a potentially more difficult question answer, or maybe it's not. 65 00:03:44,040 --> 00:03:47,600 Speaker 1: I don't know. Yes, you have fifty Democratic sponsors on 66 00:03:47,640 --> 00:03:51,320 Speaker 1: this bill, are they actually committed to the underlying principle? 67 00:03:51,400 --> 00:03:54,080 Speaker 1: Because you guys covered that the DNC just had an 68 00:03:54,120 --> 00:03:57,000 Speaker 1: opportunity to ban dark money just from within their own primaries. 69 00:03:57,000 --> 00:03:58,480 Speaker 1: So you're not having this whole like, oh, we don't 70 00:03:58,480 --> 00:04:00,840 Speaker 1: want to unilater or lead disarm against Republicans. You're just 71 00:04:00,920 --> 00:04:04,200 Speaker 1: talking about democratic primaries. They didn't even take it up. 72 00:04:04,680 --> 00:04:08,960 Speaker 1: So if this had an actual chance of really passing 73 00:04:09,000 --> 00:04:11,640 Speaker 1: and it wasn't just like a virtue signaling effort, do 74 00:04:11,680 --> 00:04:14,600 Speaker 1: you think you would still have this level of democratic support. 75 00:04:14,840 --> 00:04:17,240 Speaker 1: That's really hard to know. It's a great question. I 76 00:04:17,279 --> 00:04:19,160 Speaker 1: think one thing we can take away from this is 77 00:04:19,400 --> 00:04:21,880 Speaker 1: if Joe Biden is giving a speech at the White 78 00:04:21,920 --> 00:04:24,599 Speaker 1: House calling on the Senate to pass this, if fifty 79 00:04:24,640 --> 00:04:29,080 Speaker 1: Senate Democrats are officially sponsoring the bill, including Mansion and 80 00:04:29,120 --> 00:04:31,640 Speaker 1: Cinema and the like, what it tells you at least 81 00:04:31,680 --> 00:04:35,360 Speaker 1: is that the party recognizes that the politics around the 82 00:04:35,400 --> 00:04:39,560 Speaker 1: issue of corruption is now salient. That's a good thing. 83 00:04:39,880 --> 00:04:42,040 Speaker 1: What I'm trying to say is that I think if 84 00:04:42,120 --> 00:04:46,360 Speaker 1: Joe Biden has a dark brand and power at all, 85 00:04:46,400 --> 00:04:49,440 Speaker 1: his dark brand and power is to figure out where 86 00:04:49,480 --> 00:04:52,680 Speaker 1: the center of the Democratic Party is and try to 87 00:04:52,720 --> 00:04:55,719 Speaker 1: put himself there. And the center of the Democratic Party 88 00:04:55,760 --> 00:05:01,240 Speaker 1: has clearly now feels the need to acknowledge and portray 89 00:05:01,320 --> 00:05:07,120 Speaker 1: itself as against kind of unregulated money of corrupting our 90 00:05:07,200 --> 00:05:10,599 Speaker 1: democratic process. And that took years to kind of move 91 00:05:10,720 --> 00:05:13,919 Speaker 1: the center there. That's the good news. The bad news 92 00:05:14,360 --> 00:05:17,600 Speaker 1: is what you're talking about, which is they're bringing up 93 00:05:17,640 --> 00:05:20,159 Speaker 1: this bill knowing that they're not going to kill the 94 00:05:20,200 --> 00:05:24,400 Speaker 1: filibuster to allow the bill to actually pass. By the way, 95 00:05:24,400 --> 00:05:26,599 Speaker 1: in the past, when the Democrats had a trifecta in 96 00:05:26,680 --> 00:05:30,400 Speaker 1: twenty ten, they did the same thing. They essentially allowed 97 00:05:30,440 --> 00:05:34,600 Speaker 1: the filibuster to not let this bill, the same kind 98 00:05:34,640 --> 00:05:37,360 Speaker 1: of bill pass. So it does raise the question how 99 00:05:37,440 --> 00:05:40,800 Speaker 1: much of this is theater, how much of the Democratic 100 00:05:40,880 --> 00:05:43,680 Speaker 1: support would be there for the Disclosed Act if they 101 00:05:44,200 --> 00:05:48,920 Speaker 1: actually were serious about doing everything that's necessary to pass it. 102 00:05:48,960 --> 00:05:51,560 Speaker 1: I don't know what those numbers are, but I think 103 00:05:51,600 --> 00:05:54,760 Speaker 1: it's a fair question. Well, and it's become even more 104 00:05:55,000 --> 00:05:57,600 Speaker 1: salient of a question in certain ways because we've seen 105 00:05:57,640 --> 00:06:01,520 Speaker 1: the way that dark money has been incredibly instrumental in 106 00:06:01,760 --> 00:06:07,640 Speaker 1: establishment Democrats keeping their establishment allies so massive amounts of money. Well, 107 00:06:07,640 --> 00:06:09,080 Speaker 1: I'll let you lay it out because you probably know 108 00:06:09,120 --> 00:06:11,800 Speaker 1: the numbers better than I have. But there's really been 109 00:06:11,800 --> 00:06:14,920 Speaker 1: a war on the progressive left of the party, and 110 00:06:15,040 --> 00:06:18,200 Speaker 1: dark money has been an instrumental tool for the powers 111 00:06:18,200 --> 00:06:20,919 Speaker 1: that be to keep their grip. Oh for sure. I 112 00:06:20,920 --> 00:06:23,640 Speaker 1: mean millions and millions of dollars were spent just in 113 00:06:23,680 --> 00:06:27,119 Speaker 1: the last few months through dark money groups in those 114 00:06:27,200 --> 00:06:34,000 Speaker 1: primaries to essentially crush insurgent progressive candidates in their nominating contests. 115 00:06:34,120 --> 00:06:38,080 Speaker 1: So yes, the Democratic Party has used dark money to 116 00:06:38,320 --> 00:06:41,680 Speaker 1: essentially put the thumb on the scale and select nominees 117 00:06:41,760 --> 00:06:45,520 Speaker 1: in local races that it wants. Point being, there's a big, 118 00:06:45,640 --> 00:06:51,080 Speaker 1: powerful part of the Democratic power elite that likes dark money, 119 00:06:51,080 --> 00:06:54,080 Speaker 1: that actually relies on dark money. Also worth saying that 120 00:06:54,120 --> 00:06:58,200 Speaker 1: in the last election twenty twenty, the Democrats benefited more 121 00:06:58,560 --> 00:07:00,920 Speaker 1: from dark money. At least the dark money sources that 122 00:07:00,960 --> 00:07:03,960 Speaker 1: we know of. Then the Republicans did that there was 123 00:07:04,000 --> 00:07:07,440 Speaker 1: a billion dollars of dark money spending, and most of 124 00:07:07,440 --> 00:07:10,120 Speaker 1: that was there to help Democrats. Now, not to say 125 00:07:10,160 --> 00:07:12,480 Speaker 1: the Republicans weren't helped by their own dark money, but 126 00:07:12,520 --> 00:07:15,000 Speaker 1: the point is that you're absolutely right, and this goes 127 00:07:15,040 --> 00:07:17,760 Speaker 1: back to what you raised before that the Democratic Party 128 00:07:18,160 --> 00:07:22,080 Speaker 1: just recently blocked even having a vote on a resolution 129 00:07:22,200 --> 00:07:25,280 Speaker 1: from some of its own DNC members to simply say 130 00:07:25,400 --> 00:07:28,080 Speaker 1: let's not have dark money in our own primaries. So 131 00:07:28,160 --> 00:07:30,720 Speaker 1: I think this is very, really important. But I come 132 00:07:30,760 --> 00:07:33,240 Speaker 1: back to the idea that there really is good news here. 133 00:07:33,720 --> 00:07:36,040 Speaker 1: The bottom line is if the President of the United 134 00:07:36,120 --> 00:07:38,840 Speaker 1: States feels the need to come out to the public 135 00:07:38,880 --> 00:07:41,280 Speaker 1: and say, look at me, Look how much I am 136 00:07:41,360 --> 00:07:45,040 Speaker 1: against dark money, and I'm demanding the Democratic Senate actually 137 00:07:45,080 --> 00:07:48,000 Speaker 1: past this. Some of it can be seen as theater, 138 00:07:48,360 --> 00:07:51,400 Speaker 1: but it is an acknowledgement that this issue of corruption 139 00:07:51,920 --> 00:07:56,000 Speaker 1: is and polls show this is becoming a huge issue 140 00:07:56,040 --> 00:07:58,800 Speaker 1: among voters. And the only way, ultimately I think we're 141 00:07:58,800 --> 00:08:00,960 Speaker 1: going to get something like the disclob Act is if 142 00:08:01,000 --> 00:08:04,360 Speaker 1: there's enough voters, enough of a critical mass making it 143 00:08:04,400 --> 00:08:07,160 Speaker 1: clear to politicians that this is a kind of line 144 00:08:07,200 --> 00:08:10,080 Speaker 1: in the sand issue, and people want action. Yeah, I 145 00:08:10,080 --> 00:08:12,560 Speaker 1: think that's all well said. And while transparency is and 146 00:08:12,640 --> 00:08:15,840 Speaker 1: obviously all the reforms we want in terms of campaign finance, 147 00:08:16,000 --> 00:08:19,720 Speaker 1: it does give voters a greater understanding of the forces 148 00:08:19,760 --> 00:08:24,640 Speaker 1: that are shaping the vote taking and the way these 149 00:08:24,960 --> 00:08:28,360 Speaker 1: candidates are running campaigns. And that level of transparency enables 150 00:08:28,360 --> 00:08:31,280 Speaker 1: reporters such as yourself to really help expose the game 151 00:08:31,320 --> 00:08:33,520 Speaker 1: of what's actually going on here. And can I make 152 00:08:33,520 --> 00:08:35,960 Speaker 1: one last point on this, because there's one small point 153 00:08:36,000 --> 00:08:39,960 Speaker 1: here also, which is to say that also transparency I 154 00:08:40,000 --> 00:08:43,320 Speaker 1: think can provide some level of deterrent to some of 155 00:08:43,360 --> 00:08:46,520 Speaker 1: the worst dark money behavior. What I'm saying is is 156 00:08:46,559 --> 00:08:49,120 Speaker 1: that part of the reason we've seen such an explosion 157 00:08:49,120 --> 00:08:51,800 Speaker 1: in dark money is because the biggest of big donors 158 00:08:52,200 --> 00:08:55,320 Speaker 1: know they can flood the system with money without having 159 00:08:55,360 --> 00:08:58,120 Speaker 1: to take the kind of public heat, without having to 160 00:08:58,200 --> 00:09:01,160 Speaker 1: face the kind of public scrutiny that they would if 161 00:09:01,200 --> 00:09:04,719 Speaker 1: there were transparency laws on the books. So transparency in 162 00:09:05,400 --> 00:09:07,240 Speaker 1: a way is a way to say, listen, if you 163 00:09:07,280 --> 00:09:09,160 Speaker 1: want to dump money into elections and try to buy 164 00:09:09,200 --> 00:09:12,480 Speaker 1: the political process, you're going to have to actually be 165 00:09:12,640 --> 00:09:15,440 Speaker 1: known to the world that you're doing that, and that 166 00:09:15,480 --> 00:09:17,920 Speaker 1: can be something of a deterrent to some of the 167 00:09:17,920 --> 00:09:21,559 Speaker 1: most egregious behavior here. I think that is a wonderful point. 168 00:09:22,040 --> 00:09:24,960 Speaker 1: The Stock Act that discloses the trades that are being 169 00:09:24,960 --> 00:09:28,240 Speaker 1: made by members has been incredibly powerful tool, both for 170 00:09:28,400 --> 00:09:32,000 Speaker 1: investigative journalists and also for grassroots efforts to try to 171 00:09:32,000 --> 00:09:35,720 Speaker 1: hold these politicians to account and hopefully eventually maybe force 172 00:09:35,800 --> 00:09:38,080 Speaker 1: a change in terms of what members of Congress are 173 00:09:38,080 --> 00:09:41,280 Speaker 1: allowed to do. David, always great to have you. Everybody, 174 00:09:41,320 --> 00:09:43,600 Speaker 1: go and subscribe to Lever if you are able. They 175 00:09:43,640 --> 00:09:46,240 Speaker 1: are doing work that no one else is doing, really 176 00:09:46,240 --> 00:09:49,120 Speaker 1: pushing a people's agenda to get to the root of 177 00:09:49,200 --> 00:09:51,240 Speaker 1: all of this money in politics and corruption. That is 178 00:09:51,240 --> 00:09:54,120 Speaker 1: such an important faith for shaping our politics. Great to 179 00:09:54,120 --> 00:09:56,079 Speaker 1: see you, David. Great to see you. Thanks for having 180 00:09:56,160 --> 00:09:58,440 Speaker 1: me so you guys know, we've been keeping a close 181 00:09:58,480 --> 00:10:01,920 Speaker 1: eye on that Biggs Georgia race, which could again determine 182 00:10:01,960 --> 00:10:04,240 Speaker 1: control of the Senate, could even go to a runoff 183 00:10:04,240 --> 00:10:06,839 Speaker 1: again for control of the Senate, a crazy stuff between 184 00:10:06,880 --> 00:10:10,480 Speaker 1: Herschelwalker and income In Rafael Warnock. Several polls out this 185 00:10:10,559 --> 00:10:13,200 Speaker 1: week have that race as tight as it could possibly be. 186 00:10:13,760 --> 00:10:16,120 Speaker 1: One has Warnock up by a couple, the other has 187 00:10:16,240 --> 00:10:19,440 Speaker 1: Walker up by a couple. A big issue in this race, 188 00:10:19,559 --> 00:10:21,880 Speaker 1: or at least a big point of media discussion, has 189 00:10:21,920 --> 00:10:25,760 Speaker 1: been sort of like negotiations around debating herschel Walker famously 190 00:10:26,000 --> 00:10:29,400 Speaker 1: not how would you put it, Sager not the most eloquent. 191 00:10:29,559 --> 00:10:33,760 Speaker 1: He has a wait, yes, sometimes struggles to put together exactly, 192 00:10:33,960 --> 00:10:36,280 Speaker 1: you know, coherent thoughts and descendances in a way that 193 00:10:36,320 --> 00:10:38,680 Speaker 1: really makes a lot of sense. So he did agree 194 00:10:38,679 --> 00:10:41,600 Speaker 1: to a debate and seems to be kind of downplaying 195 00:10:41,960 --> 00:10:44,520 Speaker 1: how he will ultimately perform at that debate. Let's take 196 00:10:44,520 --> 00:10:46,080 Speaker 1: a list of what he has to say. So Uncle 197 00:10:46,120 --> 00:10:48,800 Speaker 1: Pae and I'm discontra boy. You know, I'm not that smart. 198 00:10:49,080 --> 00:10:51,480 Speaker 1: And he's a preacher. He's a smart man. Wear these 199 00:10:51,600 --> 00:10:53,720 Speaker 1: nice suits. So he going to show up in bass 200 00:10:53,800 --> 00:10:56,160 Speaker 1: me at the debate October to fourteenth, and I'm just 201 00:10:56,240 --> 00:10:58,160 Speaker 1: waiting you all show up, and I'm gonna do my best. 202 00:10:58,480 --> 00:11:01,920 Speaker 1: I will do my best. Wow in a way, I 203 00:11:01,960 --> 00:11:04,320 Speaker 1: appreciate the honesty. But you know, we talked about this 204 00:11:04,360 --> 00:11:06,800 Speaker 1: in Atlanta at our live show. I don't think debates matter. 205 00:11:07,000 --> 00:11:08,960 Speaker 1: I don't think they matter at all the whole like 206 00:11:09,440 --> 00:11:13,560 Speaker 1: fetterman aw thing them, Yeah, be covering that. I love 207 00:11:13,559 --> 00:11:16,560 Speaker 1: the hell and I'm not. There is the American public. 208 00:11:16,679 --> 00:11:19,679 Speaker 1: There is a fast arrays of evidence to tell us 209 00:11:19,840 --> 00:11:24,200 Speaker 1: statistically that presidential debates and especially down ballot debates have 210 00:11:24,720 --> 00:11:29,200 Speaker 1: zero impact on the election almost every single time. And 211 00:11:29,280 --> 00:11:31,160 Speaker 1: every time there's like some fake thing. They're like, so 212 00:11:31,200 --> 00:11:33,120 Speaker 1: and so gets a bump out of the convention, but 213 00:11:33,160 --> 00:11:36,559 Speaker 1: then the second convention happens, and then that person, and 214 00:11:36,640 --> 00:11:39,720 Speaker 1: then three weeks later it's the same thing. You're like, so, 215 00:11:39,880 --> 00:11:42,440 Speaker 1: what is so all these debates listen. I think they're important. 216 00:11:42,480 --> 00:11:44,080 Speaker 1: I think it's good to get people on the record. 217 00:11:44,320 --> 00:11:46,720 Speaker 1: I found the debates very helpful for me to go 218 00:11:46,760 --> 00:11:48,439 Speaker 1: back and look at what Trump was saying in twenty 219 00:11:48,480 --> 00:11:51,360 Speaker 1: sixteen and later. But like, let's just be all honest 220 00:11:51,360 --> 00:11:53,520 Speaker 1: here about like whether it all matters. I sort of 221 00:11:53,520 --> 00:11:56,160 Speaker 1: feel like, I mean, I could buy that maybe the 222 00:11:56,200 --> 00:11:59,480 Speaker 1: presidential debates matter because there's no statistical evidence on that 223 00:11:59,520 --> 00:12:02,600 Speaker 1: either because there's so much media focused on it and whatever. 224 00:12:02,960 --> 00:12:05,960 Speaker 1: But I tend to agree with you. The national mythology 225 00:12:06,160 --> 00:12:09,240 Speaker 1: around televised debates got built up after the like Nixon 226 00:12:09,320 --> 00:12:13,079 Speaker 1: Kennedy today was nineteen sixty and so ever since then, 227 00:12:13,120 --> 00:12:15,000 Speaker 1: I think we just take it as an article of 228 00:12:15,000 --> 00:12:19,360 Speaker 1: faith that these things really really matter. Maybe you could say, 229 00:12:19,480 --> 00:12:22,000 Speaker 1: like in the twenty sixteen Republican primary, which always got 230 00:12:22,040 --> 00:12:24,560 Speaker 1: to say, primary debates actually matter hell of a lot. 231 00:12:24,600 --> 00:12:27,160 Speaker 1: So the primary debates with trum Trump is also a 232 00:12:27,240 --> 00:12:29,839 Speaker 1: unique figure. But at the same time, New Gingridge actually 233 00:12:29,840 --> 00:12:32,320 Speaker 1: got a big bump out of his South Carolina primary. 234 00:12:32,320 --> 00:12:34,280 Speaker 1: I think he won the state of South Carolina. He 235 00:12:34,320 --> 00:12:36,920 Speaker 1: had this great moment like when after John King, I 236 00:12:36,920 --> 00:12:40,120 Speaker 1: forget exactly what he did, and it was I went 237 00:12:40,160 --> 00:12:41,880 Speaker 1: after him because he mentioned his wife. You know, there 238 00:12:41,920 --> 00:12:44,960 Speaker 1: was remember there was that story about how Gingrich while 239 00:12:45,000 --> 00:12:48,360 Speaker 1: his wife was like sick with something in the hospital cancer, 240 00:12:48,840 --> 00:12:50,920 Speaker 1: when asked her for an open marriage and it's like 241 00:12:50,960 --> 00:12:53,880 Speaker 1: broken the press. And King opens the debate with this question. 242 00:12:53,960 --> 00:12:56,640 Speaker 1: He is like, would you like to respond to these allegations? 243 00:12:56,720 --> 00:12:59,679 Speaker 1: And Gingrich was like, no, but I will, and then 244 00:12:59,679 --> 00:13:01,240 Speaker 1: he just I was on a ty rate. Yeah, yeah, 245 00:13:01,320 --> 00:13:06,040 Speaker 1: the corrupt. I mean it was really a preview of 246 00:13:06,080 --> 00:13:09,320 Speaker 1: the way that Trump would you would like roll through 247 00:13:09,320 --> 00:13:11,640 Speaker 1: his debates. Anyway, all this is a long way of saying, 248 00:13:11,640 --> 00:13:14,680 Speaker 1: I also wish the debates mattered because I enjoy watching 249 00:13:14,720 --> 00:13:16,720 Speaker 1: them and I think they're interesting, But I don't actually 250 00:13:16,760 --> 00:13:19,080 Speaker 1: think there's a lot of evidence that debates matter, or 251 00:13:19,160 --> 00:13:24,600 Speaker 1: that candidates refusing to debate matters. Again, something I wish mattered, 252 00:13:24,640 --> 00:13:27,360 Speaker 1: but I don't think actually matters. And then the other 253 00:13:27,400 --> 00:13:30,160 Speaker 1: thing we've been talking about with regards to Walker and Warnock, 254 00:13:30,160 --> 00:13:32,280 Speaker 1: which I think any fair minded person would say, just 255 00:13:32,320 --> 00:13:35,440 Speaker 1: in terms of like candidate quality and like being good 256 00:13:35,520 --> 00:13:38,960 Speaker 1: at being a politician regardless of ideology, Warnock is obviously 257 00:13:39,000 --> 00:13:42,320 Speaker 1: like vastly superior to Walker. I also don't think that 258 00:13:42,440 --> 00:13:44,840 Speaker 1: matters that much, and we see in the polls now, 259 00:13:45,720 --> 00:13:48,760 Speaker 1: so you know, in terms of Walker's comments here, I 260 00:13:48,760 --> 00:13:50,920 Speaker 1: think it's kind of a clever strategy. What he's doing 261 00:13:51,000 --> 00:13:53,200 Speaker 1: is trying to set the bar really low, say like, look, 262 00:13:53,240 --> 00:13:55,440 Speaker 1: I'm not that smart. I'm a country boy. He's fancy 263 00:13:55,440 --> 00:13:57,160 Speaker 1: guy with the suits and he's a preacher, and he's 264 00:13:57,160 --> 00:13:58,320 Speaker 1: going to come in and he's going to make me 265 00:13:58,320 --> 00:14:00,560 Speaker 1: look foolish. And then if he even just you know, 266 00:14:00,800 --> 00:14:04,040 Speaker 1: sort of maintains and doesn't get embarrassed, then that's viewed 267 00:14:04,120 --> 00:14:06,480 Speaker 1: as a win. And we've seen this too in terms 268 00:14:06,520 --> 00:14:09,240 Speaker 1: of the media coverage of how these debates go. Joe 269 00:14:09,240 --> 00:14:12,040 Speaker 1: Biden famously like the bar was set so low for 270 00:14:12,120 --> 00:14:14,040 Speaker 1: that guy and the debates that he didn't just like 271 00:14:14,240 --> 00:14:16,240 Speaker 1: drool on himself and fall over at the media. Was 272 00:14:16,240 --> 00:14:18,679 Speaker 1: like he did. It was amazing. Joe Biden was great. Right, 273 00:14:18,960 --> 00:14:20,960 Speaker 1: I'm not buying the country boy thing, having watched some 274 00:14:20,960 --> 00:14:23,520 Speaker 1: of the videos. If this guy's son, who is genuinely 275 00:14:23,560 --> 00:14:27,560 Speaker 1: one of the most obnoxious jackasses I've ever seen. So 276 00:14:28,000 --> 00:14:30,560 Speaker 1: I'm just saying, your son is like flaunting his wealth 277 00:14:30,600 --> 00:14:33,520 Speaker 1: and all this other stuff, and I'm like, I don't 278 00:14:33,520 --> 00:14:35,160 Speaker 1: think you've been a country boy for a long time. 279 00:14:35,280 --> 00:14:36,520 Speaker 1: I mean, I don't know what his net worth is, 280 00:14:36,520 --> 00:14:38,920 Speaker 1: but I'm gonna guess it's like pretty high. Herschel Walker 281 00:14:39,480 --> 00:14:41,320 Speaker 1: a lot more charming in my opinion than his son. 282 00:14:41,560 --> 00:14:45,040 Speaker 1: Oh absolutely, look again, nothing against it. You know, you 283 00:14:45,080 --> 00:14:47,920 Speaker 1: look at him in a way. Every time I heard 284 00:14:47,960 --> 00:14:49,760 Speaker 1: him spoke, I feel bad for him. And I think 285 00:14:49,800 --> 00:14:51,520 Speaker 1: that because it's like a sympathetic I'm like, man, he's 286 00:14:51,520 --> 00:14:53,200 Speaker 1: got to knocked down. That's kind of how right. I 287 00:14:53,200 --> 00:14:54,960 Speaker 1: feel the same. I'm like, oh, man, like this is 288 00:14:55,120 --> 00:14:57,320 Speaker 1: It's kind of how I feel with Biden, where you know, 289 00:14:58,160 --> 00:14:59,880 Speaker 1: sometimes you're like, just get him out of here, like 290 00:15:00,000 --> 00:15:02,680 Speaker 1: this is so uncomfortable. You just every sentence you're like, 291 00:15:02,760 --> 00:15:06,040 Speaker 1: oh six landing, landing exactly. You know you want you 292 00:15:06,040 --> 00:15:07,480 Speaker 1: don't want people to do it like I want a 293 00:15:07,520 --> 00:15:09,480 Speaker 1: debate policy like all this stuff. But you hear Walker 294 00:15:09,520 --> 00:15:11,280 Speaker 1: speaking like, man, I can't feel kind of bad for you. 295 00:15:11,360 --> 00:15:12,920 Speaker 1: So at the same time, look, he's got a big 296 00:15:13,040 --> 00:15:15,600 Speaker 1: name in Georgia. Easily, you know, pretty easily. When the 297 00:15:15,600 --> 00:15:18,280 Speaker 1: primary Trump is one hundred percent behind him and national 298 00:15:18,280 --> 00:15:21,400 Speaker 1: trends matter more than anything, he very easily could win. Oh, 299 00:15:21,520 --> 00:15:26,640 Speaker 1: I think Georgia probably fifty true coin flip, true coin flip. 300 00:15:26,680 --> 00:15:29,320 Speaker 1: I mean, if I had to pick, we picked in 301 00:15:29,560 --> 00:15:32,080 Speaker 1: when you're down in Georgia, and I actually would give 302 00:15:32,400 --> 00:15:34,640 Speaker 1: the nod to Walker because I just think that the 303 00:15:34,680 --> 00:15:38,440 Speaker 1: economic issues, I just don't think that the candidate quality 304 00:15:38,440 --> 00:15:40,480 Speaker 1: matters all that much. So we'll see, but it really 305 00:15:40,560 --> 00:15:43,120 Speaker 1: is as close to a true toss as it could be. 306 00:15:43,160 --> 00:15:46,400 Speaker 1: Absolutely how it goes, guys. So some more cringe news 307 00:15:46,400 --> 00:15:49,200 Speaker 1: out of Hollywood. There's a major announcement from Showtime. Let's 308 00:15:49,200 --> 00:15:51,720 Speaker 1: put this up there on the screen. They are doing 309 00:15:51,840 --> 00:15:55,280 Speaker 1: a five part docu series, Yes, you heard me correctly, 310 00:15:55,600 --> 00:15:58,720 Speaker 1: on the Lincoln Project. Let me read you the description 311 00:15:58,800 --> 00:16:01,280 Speaker 1: that they released to the Hollywood. It will follow the 312 00:16:01,320 --> 00:16:04,280 Speaker 1: group of former Republican operators and strategists who made it 313 00:16:04,280 --> 00:16:07,200 Speaker 1: their mission to defeat their party sitting President Donald Trump 314 00:16:07,200 --> 00:16:09,800 Speaker 1: in the twenty twenty election. There has never been a 315 00:16:09,840 --> 00:16:12,760 Speaker 1: super pac that captured the imagination of the general public 316 00:16:12,840 --> 00:16:14,800 Speaker 1: like the Lincoln Project. They showed us that you could 317 00:16:14,880 --> 00:16:17,240 Speaker 1: use storytelling in the power of the Internet to punch 318 00:16:17,440 --> 00:16:20,120 Speaker 1: back and that you could fight a bully by bringing 319 00:16:20,160 --> 00:16:25,000 Speaker 1: the fight right to their doorsteps. Released by Fisher Stevens 320 00:16:25,040 --> 00:16:29,040 Speaker 1: and Kareem Ahmer. So, Fisher Stevens, I think I think 321 00:16:29,080 --> 00:16:31,400 Speaker 1: this guy was like in Friends or something like that. Anyway, 322 00:16:31,520 --> 00:16:33,400 Speaker 1: for real, he's like a famous Ish actor. Yeah, this 323 00:16:34,000 --> 00:16:36,640 Speaker 1: guy right here, I don't know anyway, so vaguely recalls 324 00:16:36,640 --> 00:16:40,520 Speaker 1: seeing his face on the television screen. Oh yeah, he's 325 00:16:40,560 --> 00:16:43,560 Speaker 1: in a succession too. That's another reason I knows him. Anyway. 326 00:16:43,920 --> 00:16:47,000 Speaker 1: The point is is that they are obsessed with these guys, 327 00:16:47,280 --> 00:16:50,560 Speaker 1: and all statistical evidence that we have is that the 328 00:16:50,600 --> 00:16:53,120 Speaker 1: Lincoln Project, which raised somewhat one hundred million dollars or 329 00:16:53,160 --> 00:16:55,920 Speaker 1: so had no impact on the election, and in fact 330 00:16:56,120 --> 00:17:01,000 Speaker 1: had the inverse impact of driving downturnout amongst Democrats or 331 00:17:01,040 --> 00:17:03,680 Speaker 1: convincing Republicans to vote for them. It was a pure 332 00:17:03,960 --> 00:17:08,320 Speaker 1: grift operation, not to mention their own cover up of 333 00:17:08,480 --> 00:17:13,359 Speaker 1: John Weaver, the alleged pedophile and at the very least 334 00:17:13,560 --> 00:17:17,320 Speaker 1: like alleged sexual harasser, who has admitted to this by 335 00:17:17,640 --> 00:17:22,840 Speaker 1: grooming young men and actively was covered up by the organization. 336 00:17:23,200 --> 00:17:27,400 Speaker 1: At the same time, they were all becoming stupendously rich. 337 00:17:27,720 --> 00:17:30,600 Speaker 1: They were taking this super Pac money and then paying 338 00:17:30,640 --> 00:17:35,760 Speaker 1: themselves consulting fees, media projects, and more to have zero impact. Now, 339 00:17:35,840 --> 00:17:37,560 Speaker 1: if you just want to say, like, oh, these guys 340 00:17:37,600 --> 00:17:39,639 Speaker 1: are like a business, Remember they had all their plans 341 00:17:39,640 --> 00:17:42,560 Speaker 1: before the pedophile scandal about to launch a podcast network 342 00:17:42,600 --> 00:17:44,480 Speaker 1: in a media company and all that. If you want 343 00:17:44,520 --> 00:17:45,840 Speaker 1: to say like, hey, like this is what we're doing, 344 00:17:45,880 --> 00:17:47,679 Speaker 1: we're monit like, okay, you know, I think it's gross, 345 00:17:47,720 --> 00:17:52,240 Speaker 1: but whatever. But they're fooling boomers, specifically the MSNBC boomers, 346 00:17:52,400 --> 00:17:55,760 Speaker 1: into thinking that they're changing the election and becoming extremely rich. 347 00:17:55,880 --> 00:17:59,440 Speaker 1: This is the liberal version of the we build the Wall. Yeah, Yeah, 348 00:17:59,560 --> 00:18:04,040 Speaker 1: that's right. It's like a sort of like fancier version 349 00:18:04,200 --> 00:18:06,120 Speaker 1: of that, but it's the same thing. It's the same thing. 350 00:18:06,280 --> 00:18:10,239 Speaker 1: It's taking people's genuine, like political angst anger desire to 351 00:18:10,280 --> 00:18:13,520 Speaker 1: do something and just funneling the money straight into their 352 00:18:13,560 --> 00:18:17,040 Speaker 1: own pockets. That was their innovation was recognizing that they 353 00:18:17,080 --> 00:18:20,320 Speaker 1: could create this content that they frame as it's like 354 00:18:20,359 --> 00:18:22,680 Speaker 1: an ad that's going to do something the elections, which 355 00:18:22,720 --> 00:18:25,760 Speaker 1: it didn't, no impact, no measurable impact. If anything, it 356 00:18:25,840 --> 00:18:28,440 Speaker 1: hurt their own cause. But they could create this ad 357 00:18:28,520 --> 00:18:31,159 Speaker 1: content and convince people that this was the way to 358 00:18:31,200 --> 00:18:34,680 Speaker 1: fight back and funnel millions upon millions of dollars into 359 00:18:34,720 --> 00:18:38,320 Speaker 1: their own pockets. That was their innovation. What's funny is 360 00:18:38,720 --> 00:18:41,600 Speaker 1: when I showed Kyle that tweet with like the thing, 361 00:18:41,640 --> 00:18:42,880 Speaker 1: he was like, Oh, this is going to be good. 362 00:18:43,000 --> 00:18:44,440 Speaker 1: I was like, what are you talking about. He's like, 363 00:18:44,480 --> 00:18:49,479 Speaker 1: it's like an expose, right, and we're no ideography. It's like, 364 00:18:49,840 --> 00:18:54,520 Speaker 1: oh my god, aren't they amazing. I'm actually genuinely surprised, 365 00:18:55,200 --> 00:18:58,640 Speaker 1: given how things went down with John Weaver, that Hollywood 366 00:18:58,640 --> 00:19:01,360 Speaker 1: still wanted to touch. I think what these guys are 367 00:19:01,400 --> 00:19:05,200 Speaker 1: so good at that's their key talent is like ingratiating 368 00:19:05,240 --> 00:19:08,960 Speaker 1: themselves to the donor class or Hollywood elites or media 369 00:19:08,960 --> 00:19:13,000 Speaker 1: elites and convincing them of their own bullshit story that 370 00:19:13,040 --> 00:19:16,280 Speaker 1: they're super relevant and super important and super geniuses and 371 00:19:16,359 --> 00:19:19,280 Speaker 1: media when the reality is like their stuff sucked, it 372 00:19:19,280 --> 00:19:21,920 Speaker 1: didn't work, it didn't land, it was not helpful at all. 373 00:19:21,960 --> 00:19:23,840 Speaker 1: Instead size in millions of dollars that could have gone 374 00:19:23,840 --> 00:19:27,240 Speaker 1: to actually useful projects into their own pockets. Showtime has 375 00:19:27,400 --> 00:19:30,879 Speaker 1: always had horrific political content. They had the Circus and 376 00:19:30,920 --> 00:19:33,040 Speaker 1: they've let that show run for years, which is I mean, 377 00:19:33,520 --> 00:19:35,960 Speaker 1: it's complicated because that those people were always like nice 378 00:19:36,000 --> 00:19:38,439 Speaker 1: to me and the guy who ran it. But I mean, 379 00:19:38,480 --> 00:19:40,240 Speaker 1: I'm just gonna be honest, like this show is terrible, 380 00:19:40,280 --> 00:19:43,960 Speaker 1: and specifically John Hyloman and Alex Wagner, who's now over 381 00:19:43,960 --> 00:19:48,000 Speaker 1: it at MSNBC. I think this has Hyloman all over 382 00:19:48,040 --> 00:19:50,960 Speaker 1: it right, because this guy is also I don't understand 383 00:19:51,119 --> 00:19:53,960 Speaker 1: how anybody sees any talent in him. Look, Game Change 384 00:19:54,000 --> 00:19:56,879 Speaker 1: was awesome, I totally get it, but outside of a 385 00:19:57,119 --> 00:20:00,639 Speaker 1: Morning Joe commentator, like, why is this person raising all 386 00:20:00,640 --> 00:20:02,600 Speaker 1: this money for the recount which has been a totally 387 00:20:02,640 --> 00:20:06,280 Speaker 1: failed media project. The circus keeps getting renewed like time 388 00:20:06,320 --> 00:20:08,720 Speaker 1: of time. I mean, is anybody really watching it, Like 389 00:20:08,760 --> 00:20:11,639 Speaker 1: does it really have like a major impact. I'm gonna 390 00:20:11,640 --> 00:20:14,119 Speaker 1: go ahead and guests know. And this just seems he's also, 391 00:20:14,160 --> 00:20:16,200 Speaker 1: you know, very friendly with these Lincoln projects, folks. I 392 00:20:16,240 --> 00:20:18,159 Speaker 1: would bet you he has something to do with this 393 00:20:18,320 --> 00:20:20,520 Speaker 1: or like, you know, at least it's small. It's a 394 00:20:20,560 --> 00:20:23,439 Speaker 1: little clubby it's a very small club. Yeah, I don't know, 395 00:20:23,440 --> 00:20:25,720 Speaker 1: it's very Showtime is great. They've got some great shows. 396 00:20:25,880 --> 00:20:28,040 Speaker 1: Yellow Jackets. Shout out to Yellow Jackets. We just watched 397 00:20:28,080 --> 00:20:31,960 Speaker 1: a phenomenal documentary about John McEnroe that was Oh yeah, showtime, 398 00:20:32,080 --> 00:20:34,760 Speaker 1: right and Oliver Stones JFK's shout out to them for 399 00:20:34,840 --> 00:20:38,040 Speaker 1: letting the JFK doc be on Showtime. Oh that's right. Yeah, 400 00:20:38,040 --> 00:20:40,159 Speaker 1: if you thought about it, they've got some billions. I 401 00:20:40,240 --> 00:20:43,640 Speaker 1: enjoyed billions a couple. This is a miss. Yeah, this 402 00:20:43,680 --> 00:20:46,600 Speaker 1: is the major l showtime. I'm sorry, yeah, but it 403 00:20:46,720 --> 00:20:48,920 Speaker 1: is true. I mean, it really does also expose the 404 00:20:48,960 --> 00:20:50,880 Speaker 1: live of the meritocracy, Like there are some people who 405 00:20:50,880 --> 00:20:53,880 Speaker 1: are just good at like working that system, getting in 406 00:20:54,440 --> 00:20:57,439 Speaker 1: with the right set of elites and being able to 407 00:20:57,680 --> 00:21:02,000 Speaker 1: market to themselves to those elites, irrespective of their actual 408 00:21:02,080 --> 00:21:04,680 Speaker 1: results in the real world. What was that freaking network 409 00:21:05,080 --> 00:21:07,919 Speaker 1: that had that collapse, that had all that money and 410 00:21:07,960 --> 00:21:10,600 Speaker 1: all that press. Remember, it was like I was like, Oh, 411 00:21:10,640 --> 00:21:13,200 Speaker 1: this is gonna be the You remember what I'm talking about, right, 412 00:21:13,400 --> 00:21:15,880 Speaker 1: They had the YouTube channel, They had all these interviews 413 00:21:15,880 --> 00:21:19,159 Speaker 1: with all these celebrities. It starts with a v or 414 00:21:20,119 --> 00:21:24,520 Speaker 1: Carlos Watson. Yes, that thing, that's it. That's the same 415 00:21:24,600 --> 00:21:28,120 Speaker 1: thing that guy was good at. Was persuading these elites 416 00:21:28,160 --> 00:21:30,159 Speaker 1: that like this was a thing and selling them on 417 00:21:30,200 --> 00:21:32,359 Speaker 1: the story. And so we get all this funning and 418 00:21:32,359 --> 00:21:35,240 Speaker 1: all this credibility and all these media write ups and 419 00:21:35,280 --> 00:21:38,359 Speaker 1: all of this. There was nothing there. No one wanted 420 00:21:38,400 --> 00:21:41,080 Speaker 1: it at all. This to me is a very similar 421 00:21:41,119 --> 00:21:44,960 Speaker 1: phenomenon to the Ozy phenomenon. I totally agree with you. Yeah, wow, 422 00:21:46,840 --> 00:21:52,159 Speaker 1: what a story for America. Indeed, all right, guys, some 423 00:21:52,280 --> 00:21:55,480 Speaker 1: big and I know, exciting news for our audience. Let's 424 00:21:55,480 --> 00:21:59,000 Speaker 1: go and put this up on the screen. The Clinton 425 00:21:59,240 --> 00:22:03,359 Speaker 1: Global and Initiative is back, Bill, Hillary and Chelsea returned 426 00:22:03,400 --> 00:22:06,479 Speaker 1: to center stage their own after going dark during Hillary 427 00:22:06,520 --> 00:22:11,760 Speaker 1: Clinton's twenty sixteen presidential campaign. The Clinton Global Initiative is back, 428 00:22:11,880 --> 00:22:15,159 Speaker 1: and you knew Saga that the moment they felt like 429 00:22:15,200 --> 00:22:16,719 Speaker 1: they might be able to get away with it, they 430 00:22:16,760 --> 00:22:20,160 Speaker 1: would bring back their big confab. This is I really 431 00:22:20,160 --> 00:22:22,760 Speaker 1: think for Hillary and maybe even more so for Bill, 432 00:22:22,840 --> 00:22:25,119 Speaker 1: like their big aspiration is just to be sort of 433 00:22:25,200 --> 00:22:28,320 Speaker 1: leaders of this cadre of global elite, and this was 434 00:22:28,320 --> 00:22:30,399 Speaker 1: their CONVENI. They loved that they could bring all these 435 00:22:30,480 --> 00:22:33,040 Speaker 1: people in from around the world who would sort of 436 00:22:33,080 --> 00:22:35,600 Speaker 1: bend the need to them and all of this. But 437 00:22:35,880 --> 00:22:39,439 Speaker 1: they had this line in the New York Times article 438 00:22:39,520 --> 00:22:41,320 Speaker 1: that I thought actually put it pretty well. They said, 439 00:22:41,359 --> 00:22:44,080 Speaker 1: in many ways, the early days of CGI were the 440 00:22:44,200 --> 00:22:48,639 Speaker 1: high water mark of the philanthro capitalism era, when trust 441 00:22:48,800 --> 00:22:52,639 Speaker 1: in the wealthy and celebrities to save the world ran high. 442 00:22:53,119 --> 00:22:57,800 Speaker 1: In turn, many significant organizations modeled themselves after the Clintons endeavor. 443 00:22:58,080 --> 00:23:01,400 Speaker 1: It really does feel like a back to a time 444 00:23:01,480 --> 00:23:04,600 Speaker 1: period when people could have deluded themselves into thinking Hillary 445 00:23:04,600 --> 00:23:07,399 Speaker 1: Clinton could give all these speeches on Wall Street to 446 00:23:07,440 --> 00:23:10,400 Speaker 1: Goldman Sachs and then go ahead and like present herself 447 00:23:10,440 --> 00:23:13,520 Speaker 1: as you know, a friend to the working class. That 448 00:23:13,560 --> 00:23:16,679 Speaker 1: bubble has very much been burst. And this just feels like, 449 00:23:17,359 --> 00:23:19,720 Speaker 1: you know, it just feels like such an anachronism to 450 00:23:19,720 --> 00:23:21,720 Speaker 1: go back to that time. I completely agree. Yeah, I 451 00:23:21,760 --> 00:23:24,119 Speaker 1: mean the CGI was it was crazy too. You know. 452 00:23:24,119 --> 00:23:25,840 Speaker 1: I wrote to a lot of stuff back in twenty 453 00:23:25,920 --> 00:23:29,439 Speaker 1: fifteen about the CGI and the Clinton Foundation, and I 454 00:23:29,440 --> 00:23:31,399 Speaker 1: mean the cutouts that they were using for their political 455 00:23:31,480 --> 00:23:34,560 Speaker 1: career was insane. Like my personal favorite was the Moroccan 456 00:23:34,640 --> 00:23:38,040 Speaker 1: king who literally admitted he was only donating to the 457 00:23:38,040 --> 00:23:40,520 Speaker 1: Clinton Foundation so he could get a meeting with Hillary 458 00:23:40,760 --> 00:23:43,160 Speaker 1: because he knew that she would probably be the next president. 459 00:23:43,280 --> 00:23:45,680 Speaker 1: I mean that was almost it was like direct, It 460 00:23:45,840 --> 00:23:49,359 Speaker 1: was sort of part and parcel of the whole idea 461 00:23:49,520 --> 00:23:53,399 Speaker 1: was like that their star power and their potential political 462 00:23:53,440 --> 00:23:56,840 Speaker 1: power was what caused all these people to gather and 463 00:23:56,920 --> 00:23:59,360 Speaker 1: do you know that they can then use for their 464 00:23:59,440 --> 00:24:03,760 Speaker 1: van commitment and travel and like all the other family commitments. 465 00:24:03,800 --> 00:24:06,040 Speaker 1: You know, it's like all this stuff. It remains like 466 00:24:06,080 --> 00:24:09,600 Speaker 1: one of the more like outwardly corrupt enterprises that was 467 00:24:09,840 --> 00:24:11,480 Speaker 1: at the front of American politics. And of course I 468 00:24:11,560 --> 00:24:14,520 Speaker 1: bring it back. I do think though that, like you said, 469 00:24:14,520 --> 00:24:16,840 Speaker 1: in the context of today, it just reads like a 470 00:24:16,840 --> 00:24:20,000 Speaker 1: total grift, whereas at that time, I mean I'm not 471 00:24:20,040 --> 00:24:21,879 Speaker 1: going to say most of us knew it was a grift, 472 00:24:21,920 --> 00:24:25,480 Speaker 1: but I guess it was just more socially accepted to do, so, yeah, 473 00:24:25,560 --> 00:24:29,000 Speaker 1: it was. I mean it had all those like girl 474 00:24:29,080 --> 00:24:33,880 Speaker 1: Boss leaning feminism elements to it as well. They call 475 00:24:33,920 --> 00:24:36,320 Speaker 1: it here. They call it a Davos on the Hudset event, 476 00:24:36,359 --> 00:24:38,399 Speaker 1: which I think is kind of perfect. It's another one 477 00:24:38,440 --> 00:24:40,679 Speaker 1: of these places where rich people can sort of like 478 00:24:41,240 --> 00:24:44,199 Speaker 1: make themselves feel good, Yeah, feel like they're part of 479 00:24:44,200 --> 00:24:47,639 Speaker 1: the solution rather than, you know, really clearly part of 480 00:24:47,680 --> 00:24:52,600 Speaker 1: the problem. They mentioned here too. I mean, basically, you 481 00:24:52,720 --> 00:24:56,959 Speaker 1: had this hiatus because of the questions around it and 482 00:24:57,000 --> 00:24:59,560 Speaker 1: because of Hillary's campaign, and this is sort of, I guess, 483 00:24:59,600 --> 00:25:01,280 Speaker 1: the first moment where they felt like they might be 484 00:25:01,320 --> 00:25:03,440 Speaker 1: able to get away with it. But the price of 485 00:25:03,480 --> 00:25:06,639 Speaker 1: admission has been cut in half. So it gives you 486 00:25:06,680 --> 00:25:09,560 Speaker 1: a sense of, you know, even they don't think that 487 00:25:09,640 --> 00:25:12,280 Speaker 1: they can really restore it to its former glory and 488 00:25:12,320 --> 00:25:15,120 Speaker 1: grandeur because that moment has just more than a pass 489 00:25:15,160 --> 00:25:18,359 Speaker 1: for them. Very true, hilarious moment on the internet yesterday. 490 00:25:18,440 --> 00:25:20,760 Speaker 1: Let's put this up there on the screen. Tweet from 491 00:25:20,840 --> 00:25:23,679 Speaker 1: Southwest Airlines for those who are just listening. We teamed 492 00:25:23,760 --> 00:25:26,520 Speaker 1: up with Guitar Center to surprise a flight full of 493 00:25:26,560 --> 00:25:30,280 Speaker 1: customers flying out of Long Beach with a ukulele and 494 00:25:30,359 --> 00:25:34,120 Speaker 1: a lesson. By the time they arrived in Honolulu, they 495 00:25:34,280 --> 00:25:39,040 Speaker 1: were pros. Attached is a photo of an entire plane, 496 00:25:39,800 --> 00:25:45,520 Speaker 1: all with their own individual ukuleles. Now this prompted a 497 00:25:45,560 --> 00:25:51,439 Speaker 1: significant discussion online and pushback, and I am among the 498 00:25:51,680 --> 00:25:54,639 Speaker 1: thousands of people who said they would rather have jumped 499 00:25:54,640 --> 00:25:57,560 Speaker 1: out of the plane and be stuck. Oh imagine being 500 00:25:57,600 --> 00:26:00,359 Speaker 1: stuck in a metal tube over the Pacific Ocean with 501 00:26:00,480 --> 00:26:02,600 Speaker 1: hundreds of people. First of all, you're on Southwest Airlines, 502 00:26:02,640 --> 00:26:06,560 Speaker 1: so things are already not going so well. Uh then no, listen, 503 00:26:06,640 --> 00:26:08,760 Speaker 1: The no seating thing drives me inside. I like it, 504 00:26:08,800 --> 00:26:11,600 Speaker 1: but I'm a fan, all right, very controversial, are so? 505 00:26:11,800 --> 00:26:14,040 Speaker 1: First of all, you're on the You're on a plane 506 00:26:14,080 --> 00:26:17,119 Speaker 1: in the year twenty twenty two, already generally and uncomfortable. 507 00:26:17,119 --> 00:26:19,240 Speaker 1: It's true, thank you, Okay, let's put it that one. 508 00:26:19,720 --> 00:26:24,399 Speaker 1: Then too, somebody hands everybody in ukulele, which they have 509 00:26:24,600 --> 00:26:29,440 Speaker 1: never played before. Can you imagine the strumming? Now Southwest 510 00:26:29,520 --> 00:26:33,280 Speaker 1: claims that they everyone put them away after twenty minutes. 511 00:26:33,520 --> 00:26:36,080 Speaker 1: You know, there's one guy on there who is sitting 512 00:26:36,119 --> 00:26:38,560 Speaker 1: in own stop and there ain't no noise canceling headphone 513 00:26:38,600 --> 00:26:42,119 Speaker 1: in the world that's drowning out three one hundred and 514 00:26:42,280 --> 00:26:46,240 Speaker 1: fifty three hundred and fifty ukulele. So I don't know 515 00:26:46,240 --> 00:26:48,120 Speaker 1: why I thought this is the funniest thing that's happened 516 00:26:48,160 --> 00:26:50,560 Speaker 1: on the Internet in a long time. Just the unanimity 517 00:26:50,600 --> 00:26:54,040 Speaker 1: of people being like this is literal like fresh hell, 518 00:26:54,480 --> 00:26:57,960 Speaker 1: I would rather have snakes on the plane. I can 519 00:26:58,400 --> 00:27:03,080 Speaker 1: get these ukulelese off this plate. Well. I liked looking 520 00:27:03,119 --> 00:27:04,960 Speaker 1: at the picture that they shared. Is there are a 521 00:27:04,960 --> 00:27:08,280 Speaker 1: lot of people who are like, yeah right, people who 522 00:27:08,320 --> 00:27:12,760 Speaker 1: have like a death stare because they totally this dude 523 00:27:12,760 --> 00:27:15,200 Speaker 1: in the hat is like, kill me, man, just put 524 00:27:15,200 --> 00:27:16,840 Speaker 1: a bullet in my head. There's some people who like 525 00:27:16,880 --> 00:27:19,280 Speaker 1: have their headphones on are clearly trying to just like 526 00:27:19,359 --> 00:27:21,199 Speaker 1: pretend none of this has happening. That would be me, 527 00:27:21,359 --> 00:27:24,199 Speaker 1: for the record, I just feel like handle this, man. 528 00:27:24,240 --> 00:27:26,400 Speaker 1: I also thought about, Okay, even then, once you get 529 00:27:26,400 --> 00:27:29,520 Speaker 1: to Hawaii, now you have all your luggage and you 530 00:27:29,600 --> 00:27:33,399 Speaker 1: got to carry freaking ukuleles to or feel bad about 531 00:27:33,440 --> 00:27:37,600 Speaker 1: just like trashing this ukules. That's another question. Are they 532 00:27:37,640 --> 00:27:39,480 Speaker 1: going to charge you for the extra bag? You really 533 00:27:39,600 --> 00:27:41,400 Speaker 1: you think that? What about on your next flight whenever 534 00:27:41,400 --> 00:27:45,159 Speaker 1: you're coming home? Yeah, what about ukuleles? Now you're going 535 00:27:45,200 --> 00:27:47,280 Speaker 1: to make me gate check my bag because you made 536 00:27:47,280 --> 00:27:49,280 Speaker 1: me a ukulele. I'm just making things up. I don't 537 00:27:49,359 --> 00:27:52,399 Speaker 1: I don't know about you. I feel bad even if 538 00:27:52,440 --> 00:27:54,960 Speaker 1: it's something that like I genuinely don't want, I would 539 00:27:54,960 --> 00:27:57,880 Speaker 1: feel bad just like away a perfectly good ukulele. I'd 540 00:27:57,880 --> 00:28:00,679 Speaker 1: feel totally guilty about that, totally. So now you've created 541 00:28:00,680 --> 00:28:05,919 Speaker 1: me with like a moral quandary and a mass inconvenience, 542 00:28:06,160 --> 00:28:08,320 Speaker 1: and my ears are bleeding from the sounds of three 543 00:28:08,400 --> 00:28:11,720 Speaker 1: hundred passengers. Oh they're going on vacation. The last thing 544 00:28:11,760 --> 00:28:14,360 Speaker 1: I want when I'm going to vacation is hearing some 545 00:28:14,359 --> 00:28:17,560 Speaker 1: some body playing OK. And then did you think of 546 00:28:17,560 --> 00:28:21,240 Speaker 1: this single? Southwest? A lot of people, a lot of families, 547 00:28:21,280 --> 00:28:25,199 Speaker 1: fly Southwest. So you've got a bunch of kids, toddlers 548 00:28:25,400 --> 00:28:28,399 Speaker 1: playing with the ukulele, trying to hit people with it, like, 549 00:28:28,640 --> 00:28:31,520 Speaker 1: oh great, forget it, forget its parents, and nightmare too, 550 00:28:31,600 --> 00:28:35,199 Speaker 1: because take that thing away from a kid. Oh forget it. 551 00:28:35,320 --> 00:28:37,800 Speaker 1: They're a freak out. They're going to freak out. My 552 00:28:38,720 --> 00:28:40,520 Speaker 1: did you, guys, did you have to learn recorder when 553 00:28:40,520 --> 00:28:43,880 Speaker 1: you were a kid. Did you really know this is 554 00:28:43,880 --> 00:28:46,960 Speaker 1: a like passage in Marga at least coming up when 555 00:28:47,000 --> 00:28:50,200 Speaker 1: I did. And they are literally engineered to make the 556 00:28:50,240 --> 00:28:54,720 Speaker 1: worst possible noise. But I'm sort of sentimentally attached to 557 00:28:54,760 --> 00:28:56,840 Speaker 1: the recorder that I have had since I was in 558 00:28:56,920 --> 00:28:59,280 Speaker 1: fourth grade because it was passed down through my family 559 00:28:59,800 --> 00:29:01,920 Speaker 1: as my name on it and little letters. So I 560 00:29:01,920 --> 00:29:04,200 Speaker 1: don't want to throw it away but my kids, So 561 00:29:04,280 --> 00:29:05,960 Speaker 1: I'll hide it from my kids, but they'll every once 562 00:29:05,960 --> 00:29:08,360 Speaker 1: in a while they'll find it and just it's the 563 00:29:08,400 --> 00:29:10,920 Speaker 1: most god awful sound in the universe. So I just 564 00:29:11,000 --> 00:29:13,840 Speaker 1: imagine like that across the whole place times a million. Anyway, 565 00:29:14,000 --> 00:29:16,240 Speaker 1: someone commented they were like, we asked for two inches 566 00:29:16,280 --> 00:29:18,680 Speaker 1: more leg spaces to be treated like human beings, and 567 00:29:18,800 --> 00:29:22,280 Speaker 1: all we got was eucle I don't know why if 568 00:29:22,320 --> 00:29:23,960 Speaker 1: I was so funny I did. I thought you guys 569 00:29:24,040 --> 00:29:28,680 Speaker 1: might appreciate it. Hey there, my name is James Lee. 570 00:29:28,680 --> 00:29:31,280 Speaker 1: Welcome to another segment of fifty one forty nine on 571 00:29:31,400 --> 00:29:34,440 Speaker 1: Breaking Points, where we dive into different topics at the 572 00:29:34,480 --> 00:29:38,000 Speaker 1: intersection of business, politics, and society. And today we're going 573 00:29:38,080 --> 00:29:41,680 Speaker 1: to talk about a new company called Flow, touted as 574 00:29:41,760 --> 00:29:46,040 Speaker 1: Silicon Valley's answer to America's housing problem. Now, I want 575 00:29:46,080 --> 00:29:49,240 Speaker 1: to start today's discussion with actually a clip from Sager 576 00:29:49,320 --> 00:29:53,800 Speaker 1: and Marshall's Realignment podcast with guest Mark Andresen, co founder 577 00:29:53,840 --> 00:29:57,040 Speaker 1: of Andres and Horowitz, a twenty eight billion dollar Silicon 578 00:29:57,120 --> 00:30:00,640 Speaker 1: Valley venture capital firm, where they discuss the American Dream. 579 00:30:01,000 --> 00:30:04,040 Speaker 1: He'll be a central character in today's segment. Yeah. So, look, 580 00:30:04,080 --> 00:30:06,760 Speaker 1: I think the American Dream, at its core, I think 581 00:30:06,760 --> 00:30:09,320 Speaker 1: it's quite it's quite straightforward idea. And in fact, you 582 00:30:09,360 --> 00:30:11,040 Speaker 1: might not even say it's an American dream. You might 583 00:30:11,040 --> 00:30:13,200 Speaker 1: say it's a universal dream, right, And I don't know 584 00:30:13,240 --> 00:30:14,280 Speaker 1: if this makes me. I don't know if this is 585 00:30:14,280 --> 00:30:16,120 Speaker 1: a right wing view or left wing view or Marxist 586 00:30:16,160 --> 00:30:17,840 Speaker 1: materialists or what it is, but I think it's actually 587 00:30:17,840 --> 00:30:21,840 Speaker 1: pretty straightforward. Which is basically, it's the ability to basically 588 00:30:21,880 --> 00:30:25,600 Speaker 1: provide for a family. And it's the ability to provide 589 00:30:25,600 --> 00:30:28,680 Speaker 1: for a family in particular in three dimensions that people 590 00:30:28,720 --> 00:30:30,840 Speaker 1: care a lot about and that are very very important 591 00:30:30,960 --> 00:30:33,000 Speaker 1: to families. One is housing, to be able to have 592 00:30:33,040 --> 00:30:37,200 Speaker 1: a good house right in a good place. Second is education, 593 00:30:37,800 --> 00:30:39,720 Speaker 1: to be able to basically have your kids be able 594 00:30:39,720 --> 00:30:42,560 Speaker 1: to have a higher level of education and greater opportunities 595 00:30:42,560 --> 00:30:46,440 Speaker 1: than you yourself had. And then third is healthcare, you know, 596 00:30:46,480 --> 00:30:47,720 Speaker 1: to be able to actually get you know, have you 597 00:30:47,760 --> 00:30:49,200 Speaker 1: and your kids and your family get taken care of 598 00:30:49,280 --> 00:30:51,400 Speaker 1: when they get sick. And the problem that we have 599 00:30:51,640 --> 00:30:53,360 Speaker 1: is that you know, I just named like if you 600 00:30:53,360 --> 00:30:56,160 Speaker 1: asked me to rank order like the three like industries 601 00:30:56,280 --> 00:30:58,520 Speaker 1: in the America that are like the most like screwed 602 00:30:58,560 --> 00:31:00,800 Speaker 1: up and dysfunctional and where everything is going in the 603 00:31:00,800 --> 00:31:04,120 Speaker 1: wrong direction. It's housing, it's education, and his healthcare? All right, 604 00:31:04,160 --> 00:31:07,320 Speaker 1: a few points to dissect a mister, andreason I think 605 00:31:07,400 --> 00:31:12,440 Speaker 1: correctly and succinctly define the things most people desired life, housing, education, 606 00:31:12,560 --> 00:31:16,480 Speaker 1: and healthcare. We're obviously focusing on housing today. And b 607 00:31:16,680 --> 00:31:19,800 Speaker 1: I also think he correctly diagnosed the cause of America's 608 00:31:19,840 --> 00:31:23,000 Speaker 1: housing crisis, which is a simple supply and demand problem. 609 00:31:23,040 --> 00:31:25,600 Speaker 1: We aren't building enough houses to keep up with demand. 610 00:31:26,160 --> 00:31:30,239 Speaker 1: And the reality is that despite any market downturns in 611 00:31:30,400 --> 00:31:33,880 Speaker 1: certain over leveraged regions due to recent interest rate rises 612 00:31:34,200 --> 00:31:37,400 Speaker 1: on average, there just isn't enough housing to go around, 613 00:31:37,520 --> 00:31:41,320 Speaker 1: especially in those high demand areas with the most job opportunities, 614 00:31:41,720 --> 00:31:45,680 Speaker 1: and really the only solution is to build, and mister Injreason, 615 00:31:45,680 --> 00:31:48,200 Speaker 1: I think agrees. In twenty twenty, he wrote a skating 616 00:31:48,280 --> 00:31:51,200 Speaker 1: blog post titled It's Time to Build, in which he 617 00:31:51,280 --> 00:31:54,360 Speaker 1: blamed the public sector for failing to address challenges facing 618 00:31:54,360 --> 00:31:58,720 Speaker 1: the country, including housing, writing quote, demonstrate that the public 619 00:31:58,800 --> 00:32:02,200 Speaker 1: sector can build better high hospitals, better schools, better transportation, 620 00:32:02,360 --> 00:32:05,880 Speaker 1: better cities, better housing. Stop trying to protect the old, 621 00:32:05,960 --> 00:32:09,480 Speaker 1: the entrench the irrelevant. Commit the public sector fully to 622 00:32:09,560 --> 00:32:12,920 Speaker 1: the future. Milton Friedman once said that the great public 623 00:32:12,920 --> 00:32:16,320 Speaker 1: sector mistake is to judge policies and programs by their 624 00:32:16,320 --> 00:32:19,840 Speaker 1: intentions rather than their results. Instead of taking that as 625 00:32:19,880 --> 00:32:23,240 Speaker 1: an insult, take it as a challenge, build new things 626 00:32:23,280 --> 00:32:26,600 Speaker 1: and show the results. So he's kind of challenging the 627 00:32:26,600 --> 00:32:29,280 Speaker 1: public sector to step up to the plate and tackle 628 00:32:29,320 --> 00:32:33,040 Speaker 1: these monumental issues facing our society. But I think he's 629 00:32:33,200 --> 00:32:36,000 Speaker 1: also implying that the private sector can do a much 630 00:32:36,040 --> 00:32:39,880 Speaker 1: better job, which brings us to flow. All the money 631 00:32:39,920 --> 00:32:43,760 Speaker 1: flowing into Adam Newman's new company flow the former we 632 00:32:43,880 --> 00:32:46,800 Speaker 1: work CEO and co founder, receiving a three hundred and 633 00:32:46,800 --> 00:32:50,680 Speaker 1: fifty million dollar check from venture capital firm and Dreesen Horowitz. 634 00:32:50,720 --> 00:32:52,320 Speaker 1: It's the largest check the firm has ever written in 635 00:32:52,360 --> 00:32:54,640 Speaker 1: a funding round, according to The New York Times, that 636 00:32:54,680 --> 00:32:59,360 Speaker 1: brings Flow to a billion dollar valuation. Pre launch the 637 00:32:59,400 --> 00:33:03,480 Speaker 1: business to disrupt the residential real estate market by creating 638 00:33:03,760 --> 00:33:07,720 Speaker 1: a product consistent with service and community features, although exact 639 00:33:07,760 --> 00:33:10,480 Speaker 1: details are not known. Andreson Horowitz was an early investor 640 00:33:10,480 --> 00:33:13,720 Speaker 1: in names like Facebook and Airbnb, and co founder Mark Andresen, 641 00:33:14,120 --> 00:33:16,840 Speaker 1: writing in a blog post today, quote, we think it 642 00:33:16,920 --> 00:33:19,720 Speaker 1: is natural that for his first venture since We Work, 643 00:33:19,760 --> 00:33:22,760 Speaker 1: Adam returns to the theme of connecting people through transforming 644 00:33:22,800 --> 00:33:26,560 Speaker 1: their physical spaces and building communities where people spend the 645 00:33:26,560 --> 00:33:30,360 Speaker 1: most time they're homes. Okay, there's a few interesting storylines 646 00:33:30,360 --> 00:33:34,440 Speaker 1: here to address. One, Adam Newman, the disgrace founder and 647 00:33:34,520 --> 00:33:38,480 Speaker 1: former CEO of We Work, is back. And Two, why 648 00:33:38,520 --> 00:33:42,800 Speaker 1: did mister Andrewsen make such a huge investment three hundred 649 00:33:42,800 --> 00:33:45,800 Speaker 1: and fifty million dollars, the largest in his firm's history 650 00:33:45,920 --> 00:33:49,280 Speaker 1: in Flow? What is the business model and could it 651 00:33:49,360 --> 00:33:53,720 Speaker 1: actually contribute to solving America's housing problem. Mister Andrews And, 652 00:33:53,800 --> 00:33:56,880 Speaker 1: in a blog post announcing his firm's investment Inflow, wrote 653 00:33:56,880 --> 00:34:00,200 Speaker 1: the following quote, Shelter is one of our most most 654 00:34:00,280 --> 00:34:03,280 Speaker 1: basic needs in a world where limited access to home 655 00:34:03,320 --> 00:34:07,200 Speaker 1: ownership continues to be a driving force behind inequality and anxiety. 656 00:34:07,600 --> 00:34:11,719 Speaker 1: Giving renters a sense of security, community and genuine ownership 657 00:34:11,960 --> 00:34:15,480 Speaker 1: has transformative power for our society. When you care for 658 00:34:15,560 --> 00:34:17,759 Speaker 1: people at their home and provide them with a sense 659 00:34:17,800 --> 00:34:20,960 Speaker 1: of physical and financial security, you empower them to do 660 00:34:21,000 --> 00:34:24,279 Speaker 1: more and build things. Solving this problem is key to 661 00:34:24,400 --> 00:34:28,160 Speaker 1: increasing opportunity for everyone. Once again, he's not wrong. I 662 00:34:28,200 --> 00:34:32,280 Speaker 1: think his diagnosis is correct. So what exactly is Flow 663 00:34:32,520 --> 00:34:36,840 Speaker 1: and how is it going to address the issues of accessibility, affordability, 664 00:34:36,880 --> 00:34:39,879 Speaker 1: and ownership. What was once one of the world's most 665 00:34:39,920 --> 00:34:44,600 Speaker 1: valuable startups, adored by investors worldwide, We Work famously came 666 00:34:44,680 --> 00:34:47,719 Speaker 1: crashing down. One man at the center of the downfall 667 00:34:47,880 --> 00:34:50,919 Speaker 1: was Adam Newman, the founder of the coworking space, who 668 00:34:50,960 --> 00:34:53,719 Speaker 1: was later forced out of the business after once announcing 669 00:34:53,760 --> 00:34:57,480 Speaker 1: that he'd be the world's first trillionaire. His latest venture 670 00:34:57,560 --> 00:35:00,560 Speaker 1: sees him shift to residential real estate. Rents in the 671 00:35:00,640 --> 00:35:03,759 Speaker 1: US are rising fast up fourteen percent in the last 672 00:35:03,800 --> 00:35:07,280 Speaker 1: twelve months alone, and with house prices continuing to soar, 673 00:35:07,440 --> 00:35:11,040 Speaker 1: Joe Blogs is being forced into rented accommodation. So what 674 00:35:11,360 --> 00:35:13,719 Speaker 1: is Flow? That is what you're here to find out 675 00:35:13,719 --> 00:35:17,240 Speaker 1: about after all, Well, at the moment there's little detail. 676 00:35:17,520 --> 00:35:20,520 Speaker 1: The homepage for the website simply says Flow will arrive 677 00:35:20,560 --> 00:35:23,520 Speaker 1: in twenty twenty three. What we do know, however, is 678 00:35:23,560 --> 00:35:26,400 Speaker 1: that since leaving We Work, Newman has been building a 679 00:35:26,440 --> 00:35:31,319 Speaker 1: substantial real estate portfolio which includes four thousand affordable apartments 680 00:35:31,360 --> 00:35:35,960 Speaker 1: across areas such as Fort Lauderdale, Miami, and Nashville, among others, 681 00:35:36,040 --> 00:35:39,480 Speaker 1: collectively worth over a billion dollars. So this has been 682 00:35:39,520 --> 00:35:41,680 Speaker 1: in the pipeline for a while. Think back to the 683 00:35:41,680 --> 00:35:44,440 Speaker 1: We Work days in twenty sixteen, when We Live a 684 00:35:44,640 --> 00:35:48,440 Speaker 1: university halls for single sociable people was being thought up. 685 00:35:48,960 --> 00:35:51,320 Speaker 1: Instead of saying business units in work, we have missions 686 00:35:51,400 --> 00:35:53,080 Speaker 1: or our first mission was created in the world where 687 00:35:53,080 --> 00:35:55,120 Speaker 1: people make it life. Those before we work, we live 688 00:35:55,440 --> 00:35:58,160 Speaker 1: is helping you live and not just exist. Back then, 689 00:35:58,200 --> 00:36:00,279 Speaker 1: it was described as a new way of living, like 690 00:36:00,320 --> 00:36:03,840 Speaker 1: a private club that anyone can join, whilst others suggested 691 00:36:03,880 --> 00:36:06,640 Speaker 1: it was more of a hipster commune, a college life 692 00:36:06,840 --> 00:36:10,400 Speaker 1: for grown ups. Flow sounds similar, with affordable apartments that 693 00:36:10,520 --> 00:36:13,600 Speaker 1: also offers a community feel that could improve the lack 694 00:36:13,680 --> 00:36:17,160 Speaker 1: of social interactions in what has become a more remote world. 695 00:36:17,440 --> 00:36:20,680 Speaker 1: Beyond this, there's also been leaks through LinkedIn messaging that 696 00:36:20,719 --> 00:36:24,560 Speaker 1: suggests Newman is also building a proprietary payment system with 697 00:36:24,640 --> 00:36:28,239 Speaker 1: a tokenized reward program and crypto payment methods, which is 698 00:36:28,320 --> 00:36:30,879 Speaker 1: bound to be linked to Flow. If these rumors do 699 00:36:30,960 --> 00:36:33,239 Speaker 1: come true, it can be argued then that this is 700 00:36:33,239 --> 00:36:36,520 Speaker 1: a revolutionary project within real estate, thought up to break 701 00:36:36,560 --> 00:36:40,320 Speaker 1: down barriers and disrupt the residential market. So to define 702 00:36:40,360 --> 00:36:43,200 Speaker 1: Flow at this stage, we'd say it's a transformational real 703 00:36:43,280 --> 00:36:48,040 Speaker 1: estate project focused on community driven residential dwellings where renters 704 00:36:48,080 --> 00:36:51,280 Speaker 1: can slowly build equity, or according to the Wall Street Journal, 705 00:36:51,600 --> 00:36:55,920 Speaker 1: it's a widely recognized apartment brand stocked with amenities. Are 706 00:36:55,920 --> 00:36:58,200 Speaker 1: you convinced. I'm not going to go too much into 707 00:36:58,280 --> 00:37:00,759 Speaker 1: mister Newman and his Shenanigan's out we work. There are 708 00:37:00,840 --> 00:37:04,440 Speaker 1: numerous articles, documentaries, and even a dramatized series to do that, 709 00:37:04,880 --> 00:37:07,719 Speaker 1: but I think it's clear that with this new real 710 00:37:07,840 --> 00:37:12,040 Speaker 1: estate company, Flow, the playbook is very similar. Take something 711 00:37:12,080 --> 00:37:16,120 Speaker 1: that's rather mundane, in this case residential real estate, and 712 00:37:16,520 --> 00:37:20,799 Speaker 1: envelop it with utopian language about community and connection, while 713 00:37:20,840 --> 00:37:25,080 Speaker 1: peppering and trendy buzzwords like innovation, blockchain, and web three 714 00:37:25,160 --> 00:37:29,120 Speaker 1: in order to justify an astronomical evaluation. But I'm not 715 00:37:29,160 --> 00:37:31,799 Speaker 1: sure if it's going to solve anything. Quoting an article 716 00:37:31,840 --> 00:37:35,600 Speaker 1: from Business Insider, the core problem facing renters is not 717 00:37:35,719 --> 00:37:38,960 Speaker 1: the lack of branded living. It's the high prices caused 718 00:37:39,000 --> 00:37:41,960 Speaker 1: by a lack of supply, poor tenant protections, and the 719 00:37:41,960 --> 00:37:45,720 Speaker 1: financialization of the housing sector. There's little reason to believe 720 00:37:45,760 --> 00:37:48,799 Speaker 1: Flow is seeking to take on these problems. Instead of 721 00:37:48,840 --> 00:37:51,640 Speaker 1: trying to build more housing, the company is taking over 722 00:37:51,800 --> 00:37:55,160 Speaker 1: existing apartment buildings and attempting to create a premium brand 723 00:37:55,200 --> 00:37:58,680 Speaker 1: to appeal to tech workers and other well paid professional workers. 724 00:37:59,160 --> 00:38:01,840 Speaker 1: Right when we start to peel back the onion layers, 725 00:38:01,840 --> 00:38:03,840 Speaker 1: it's hard for me to see how Flow is a 726 00:38:03,920 --> 00:38:07,840 Speaker 1: legitimate solution to America's housing problem. Even their claim about 727 00:38:07,920 --> 00:38:12,279 Speaker 1: providing a path to home ownership is somewhat dubious. The 728 00:38:12,320 --> 00:38:14,920 Speaker 1: New York Times recently described rent to own homes as 729 00:38:14,960 --> 00:38:18,600 Speaker 1: a win win for landlords and a risk for struggling tenants. 730 00:38:18,680 --> 00:38:22,400 Speaker 1: As these deals are oftentimes risky they lack consumer protections, 731 00:38:22,440 --> 00:38:25,400 Speaker 1: it may not be enforceable in some states, with most 732 00:38:25,400 --> 00:38:28,840 Speaker 1: tenants walking away with nothing, having sunk money for rent 733 00:38:29,160 --> 00:38:31,840 Speaker 1: and repairs into homes they had once hoped to own. 734 00:38:32,440 --> 00:38:36,319 Speaker 1: Like we covered before, mister Andresen talks about this asymmetric 735 00:38:36,360 --> 00:38:40,320 Speaker 1: access to housing, the lack of supply, along with Wall 736 00:38:40,320 --> 00:38:44,960 Speaker 1: Street and other institutional investors outbidding regular families. Yet the 737 00:38:45,040 --> 00:38:48,960 Speaker 1: company he's investing in and touting as a solution has 738 00:38:49,000 --> 00:38:52,560 Speaker 1: been buying up thousands of multi unit housing complexes all 739 00:38:52,600 --> 00:38:56,440 Speaker 1: over the country. They're not building anything, They're not adding 740 00:38:56,480 --> 00:38:59,719 Speaker 1: to the supply of housing. In fact, Andresen himself has 741 00:39:00,120 --> 00:39:03,120 Speaker 1: only oppose the building of new multi unit complexes in 742 00:39:03,160 --> 00:39:05,839 Speaker 1: his own community. This is from The New York Post 743 00:39:05,920 --> 00:39:09,560 Speaker 1: andres in fifty one and his wife, the philanthropists Laura 744 00:39:09,600 --> 00:39:13,720 Speaker 1: Aragala Andresen, recently submitted public comments to the Atherton Town 745 00:39:13,800 --> 00:39:16,560 Speaker 1: Council denouncing a plant to green light the construction of 746 00:39:16,600 --> 00:39:19,600 Speaker 1: around one hundred and thirty multi family properties in the area. 747 00:39:19,640 --> 00:39:23,719 Speaker 1: According to The Atlantic Quote subject line all caps immensely 748 00:39:23,800 --> 00:39:28,960 Speaker 1: against multifamily development. The email from the andreasons to the council, read, 749 00:39:29,280 --> 00:39:32,040 Speaker 1: I am writing this letter to communicate our once again, 750 00:39:32,120 --> 00:39:35,480 Speaker 1: All Caps immense objection to the creation of multi family 751 00:39:35,560 --> 00:39:40,560 Speaker 1: overlay zones in Atherton. Please all Caps again immediately remove 752 00:39:40,719 --> 00:39:44,399 Speaker 1: all multifamily overlay zoning projects from the housing element, which 753 00:39:44,400 --> 00:39:46,960 Speaker 1: will be submitted to the state in July. The couple wrote, 754 00:39:47,520 --> 00:39:52,320 Speaker 1: they will big all Caps massively decrease our home values, 755 00:39:52,440 --> 00:39:55,480 Speaker 1: the quality of life of ourselves and our neighbors, and 756 00:39:55,920 --> 00:40:00,000 Speaker 1: all Caps once again immensely increase the noise, pollution, and traffic. 757 00:40:00,640 --> 00:40:02,799 Speaker 1: And there it is the quiet part out loud. This 758 00:40:02,920 --> 00:40:05,080 Speaker 1: is one of the most important points I want to 759 00:40:05,080 --> 00:40:08,000 Speaker 1: get across in this segment, and that point is that 760 00:40:08,280 --> 00:40:13,440 Speaker 1: Mark Andresen Adam Newman others like them almost always correctly 761 00:40:13,480 --> 00:40:17,520 Speaker 1: identify the problem, but they are incapable of actually solving it, 762 00:40:17,600 --> 00:40:21,440 Speaker 1: even though they purport to want to, because the incentive structure, 763 00:40:21,520 --> 00:40:25,239 Speaker 1: both from a personal and business standpoint, cannot allow them 764 00:40:25,239 --> 00:40:27,520 Speaker 1: to do so. On a personal level, they hold a 765 00:40:27,640 --> 00:40:31,800 Speaker 1: common nimby not in my backyard type attitude. I want 766 00:40:31,840 --> 00:40:34,480 Speaker 1: my neighborhood to stay the same. I don't want more 767 00:40:34,520 --> 00:40:37,120 Speaker 1: people moving here, and I certainly don't want the value 768 00:40:37,120 --> 00:40:39,879 Speaker 1: of my home to be impacted. Thus, even though they 769 00:40:39,960 --> 00:40:44,239 Speaker 1: know more housing is the answer, they can't bring themselves 770 00:40:44,280 --> 00:40:48,040 Speaker 1: to support such policies that can actually fix housing in America. 771 00:40:48,640 --> 00:40:52,440 Speaker 1: From a business perspective, profit seeking firms just aren't designed 772 00:40:52,480 --> 00:40:56,760 Speaker 1: to solve tragedy of the commons problems and reason and Newman. 773 00:40:56,880 --> 00:40:59,520 Speaker 1: They talk a lot about new technologies and efficiencies, but 774 00:40:59,640 --> 00:41:04,560 Speaker 1: those are entirely self serving considerations. Casey Berman, founder and 775 00:41:04,640 --> 00:41:07,520 Speaker 1: managing partner at a prop tech venture capital firm called 776 00:41:07,600 --> 00:41:11,640 Speaker 1: Camber Creek, admitted recently quote, I struggle with the theory 777 00:41:11,680 --> 00:41:14,799 Speaker 1: that you can use technology to make things cheaper. The 778 00:41:14,880 --> 00:41:17,640 Speaker 1: cost of the building is the cost of the building. 779 00:41:17,960 --> 00:41:21,600 Speaker 1: When you reduce operating costs, how likely can you change 780 00:41:21,640 --> 00:41:25,080 Speaker 1: the affordability of the asset you change the profit of 781 00:41:25,120 --> 00:41:28,480 Speaker 1: the owner. I think that's pretty accurate, don't you. I mean, 782 00:41:28,680 --> 00:41:31,320 Speaker 1: I don't make predictions that often, but I will venture 783 00:41:31,400 --> 00:41:34,000 Speaker 1: to say that mister Newman will make a lot of 784 00:41:34,080 --> 00:41:37,640 Speaker 1: money from Flow, and I also predict that mister Andresen's 785 00:41:37,680 --> 00:41:41,439 Speaker 1: investment in Flow will result in generous returns. Even though 786 00:41:41,719 --> 00:41:44,640 Speaker 1: there's a lot of people actually out there skeptical about 787 00:41:44,680 --> 00:41:48,960 Speaker 1: the financial outlook of flow. I think we often forget 788 00:41:49,040 --> 00:41:52,239 Speaker 1: that newman walked away from We Work a very rich man, 789 00:41:52,520 --> 00:41:55,840 Speaker 1: and initial investors, the ones who invested prior to the 790 00:41:55,920 --> 00:42:00,640 Speaker 1: later bloated valuations, also profited quite handsomely from We Work, 791 00:42:00,960 --> 00:42:04,360 Speaker 1: And that's fine, because it's their job to deliver those 792 00:42:04,520 --> 00:42:07,600 Speaker 1: kinds of returns. My point is, I think America has 793 00:42:07,800 --> 00:42:12,799 Speaker 1: too long idolized the successful entrepreneur harnessing the power of 794 00:42:12,920 --> 00:42:17,480 Speaker 1: capital and business to solve problems. Sometimes they do solve problems. 795 00:42:17,520 --> 00:42:21,120 Speaker 1: I'm here broadcasting to you this message because someone thought 796 00:42:21,120 --> 00:42:23,640 Speaker 1: it was a good idea to use the Internet to 797 00:42:24,000 --> 00:42:27,560 Speaker 1: broadcast yourself. But what I am saying is that if 798 00:42:27,560 --> 00:42:31,200 Speaker 1: we truly care about solving the housing crisis, the solution 799 00:42:31,520 --> 00:42:34,640 Speaker 1: cannot be just to turn to venture capital and other 800 00:42:34,680 --> 00:42:38,360 Speaker 1: private sector businesses who do nothing more than to exploit 801 00:42:38,560 --> 00:42:43,440 Speaker 1: real problems plaguing Americans and use it as marketing material, 802 00:42:43,520 --> 00:42:48,000 Speaker 1: for branding and for storytelling to ultimately just create value 803 00:42:48,040 --> 00:42:52,640 Speaker 1: for themselves. If we truly care about increasing access to 804 00:42:52,760 --> 00:42:56,960 Speaker 1: housing for everybody, we have to actually support and pass 805 00:42:57,080 --> 00:43:00,600 Speaker 1: legislation that addresses the core of that problem, such as 806 00:43:01,200 --> 00:43:05,280 Speaker 1: approving more multi unit zonings. So we can build more housing, 807 00:43:05,480 --> 00:43:09,359 Speaker 1: protecting the rights of tenants, and fighting back against the 808 00:43:09,400 --> 00:43:13,480 Speaker 1: corporate takeover of America's housing market. That's it for me today. 809 00:43:13,840 --> 00:43:15,800 Speaker 1: Thank you for listening. I hope you found this segment 810 00:43:15,840 --> 00:43:18,960 Speaker 1: about flow to be helpful and informative. If you enjoyed 811 00:43:19,000 --> 00:43:21,879 Speaker 1: this segment, I would definitely encourage you to check out 812 00:43:21,920 --> 00:43:25,400 Speaker 1: my channel fifty one forty nine with James Lee on YouTube, 813 00:43:25,480 --> 00:43:28,680 Speaker 1: where I make videos on topics related to business, politics, 814 00:43:28,680 --> 00:43:31,160 Speaker 1: and society. The link will be in the description below. 815 00:43:31,680 --> 00:43:33,600 Speaker 1: Thank you so much for tuning into breaking Points, and 816 00:43:33,600 --> 00:43:35,720 Speaker 1: as always, I appreciate your time today.