1 00:00:01,000 --> 00:00:04,120 Speaker 1: Cable news is ripping us apart, dividing the nation, making 2 00:00:04,120 --> 00:00:06,600 Speaker 1: it impossible to function as a society and to know 3 00:00:06,640 --> 00:00:09,400 Speaker 1: what is true and what is false. The good news 4 00:00:09,480 --> 00:00:11,479 Speaker 1: is that they're failing and they know it. That is 5 00:00:11,520 --> 00:00:15,520 Speaker 1: why we're building something new. Be part of creating a new, better, healthier, 6 00:00:15,560 --> 00:00:18,600 Speaker 1: and more trustworthy mainstream by becoming a Breaking Points Premium 7 00:00:18,640 --> 00:00:22,200 Speaker 1: member today at breakingpoints dot com. Your hard earned money 8 00:00:22,239 --> 00:00:24,040 Speaker 1: is going to help us build for the midterms and 9 00:00:24,079 --> 00:00:28,040 Speaker 1: the upcoming presidential election so we can provide unparalleled coverage 10 00:00:28,080 --> 00:00:29,280 Speaker 1: of what is sure to be one of the most 11 00:00:29,320 --> 00:00:33,000 Speaker 1: pivotal moments in American history. So what are you waiting for? 12 00:00:33,200 --> 00:00:38,519 Speaker 1: Go to Breakingpoints dot com to help us out. Two 13 00:00:38,640 --> 00:00:41,080 Speaker 1: articles really caught my eye. I think that the tide 14 00:00:41,159 --> 00:00:43,239 Speaker 1: is really changing in the word way that people talk 15 00:00:43,280 --> 00:00:46,280 Speaker 1: about fentanyl, about drug use and more. First was the 16 00:00:46,360 --> 00:00:49,080 Speaker 1: Wall Street journalists put this on the screen. This was 17 00:00:49,240 --> 00:00:53,320 Speaker 1: a horrifically sad profile crystal of three New Yorkers who 18 00:00:53,479 --> 00:00:56,160 Speaker 1: ordered cocaine from like a text delivery service, like a 19 00:00:56,240 --> 00:01:00,160 Speaker 1: door dash kind of thing, only for earthly wow cocaine apparently. Yeah, Anyway, 20 00:01:00,520 --> 00:01:03,080 Speaker 1: these three New Yorkers, all of them white collar professionals. 21 00:01:03,080 --> 00:01:05,679 Speaker 1: One of them was like a multimillionaire banker who was 22 00:01:05,680 --> 00:01:07,560 Speaker 1: like a twenty six year old lawyer. One of them 23 00:01:07,640 --> 00:01:11,400 Speaker 1: was actually a social worker for New York State. All 24 00:01:11,520 --> 00:01:15,000 Speaker 1: three of them died of a fentanyl overdose. And what's 25 00:01:15,040 --> 00:01:17,679 Speaker 1: really horrific is actually that they show by a text 26 00:01:17,680 --> 00:01:21,200 Speaker 1: messages or obtained that the dealer was texting them being like, 27 00:01:21,319 --> 00:01:24,000 Speaker 1: hey go easy on this one. It's really strong, and 28 00:01:24,120 --> 00:01:26,959 Speaker 1: kept like calling and texting them trying to get an 29 00:01:26,959 --> 00:01:30,520 Speaker 1: answer because I effectively knew. I mean, I don't know 30 00:01:30,520 --> 00:01:32,680 Speaker 1: if he himself spiked it, like he knew at some 31 00:01:32,760 --> 00:01:35,120 Speaker 1: point that something was wrong with it. He's being prosecuted 32 00:01:35,200 --> 00:01:38,280 Speaker 1: right now by the New York State and more. But 33 00:01:38,520 --> 00:01:42,280 Speaker 1: it combined that story with another one that recently came out. 34 00:01:43,040 --> 00:01:46,280 Speaker 1: Matthew Perry put this on the screen. He talks about 35 00:01:46,720 --> 00:01:51,040 Speaker 1: how he has spent over nine million dollars trying to 36 00:01:51,040 --> 00:01:54,360 Speaker 1: get sober. He's part of Alcoholics Anonymous also was a 37 00:01:54,400 --> 00:01:57,840 Speaker 1: cocaine user and has had some serious issues. And I 38 00:01:57,840 --> 00:02:01,640 Speaker 1: think it's just highlighting a conversation and changing it in 39 00:02:01,880 --> 00:02:04,680 Speaker 1: popular discourse that I have not seen in quite some time. 40 00:02:04,760 --> 00:02:06,440 Speaker 1: There probably is a class element that it's you know, 41 00:02:06,480 --> 00:02:08,840 Speaker 1: like oh richer people are dying out. Sure people are 42 00:02:08,840 --> 00:02:12,080 Speaker 1: paying attention, but and this has obviously been a horrific 43 00:02:12,120 --> 00:02:14,359 Speaker 1: crisis now for a decade. I mean that doesn't mean 44 00:02:14,360 --> 00:02:16,320 Speaker 1: though that we shouldn't welcome people waking up to like 45 00:02:16,440 --> 00:02:19,120 Speaker 1: this is really bad. You know, Yes, three people here 46 00:02:19,400 --> 00:02:22,320 Speaker 1: who all died for no reason, right well, and we 47 00:02:22,320 --> 00:02:24,400 Speaker 1: should be clear like with you know, Matthew Perry's a 48 00:02:24,440 --> 00:02:27,360 Speaker 1: different story, obviously spenning up about his struggles with addiction. 49 00:02:28,240 --> 00:02:31,640 Speaker 1: There are no indication that these were people who were addicted. 50 00:02:31,880 --> 00:02:35,880 Speaker 1: You know, they are mostly social drugs, casual social drug use, 51 00:02:35,919 --> 00:02:38,320 Speaker 1: which is something that I don't personally have a problem 52 00:02:38,360 --> 00:02:41,639 Speaker 1: with in the same way that you know, people consume alcohol. 53 00:02:41,639 --> 00:02:43,959 Speaker 1: I mean, to me, this is a perfect case in 54 00:02:44,120 --> 00:02:46,840 Speaker 1: point of why you need some of the interventions doctor 55 00:02:46,880 --> 00:02:49,080 Speaker 1: Carl Hart has talked about. At the very least, there 56 00:02:49,080 --> 00:02:51,800 Speaker 1: should be an ability to test what you have as 57 00:02:51,840 --> 00:02:54,320 Speaker 1: long as it's illegal, so that you know whether or not. 58 00:02:54,520 --> 00:02:58,920 Speaker 1: Is least with ventayl, which is increasingly becoming a huge 59 00:02:58,960 --> 00:03:02,680 Speaker 1: problem and eating to more and more skyrocketing deaths of people. 60 00:03:02,840 --> 00:03:05,080 Speaker 1: I mean, there are some people who are you know, 61 00:03:05,240 --> 00:03:09,840 Speaker 1: hardcore junkies and addicts who actually are seeking out ventanyl, 62 00:03:09,880 --> 00:03:12,400 Speaker 1: But many of the people who are dying intent they 63 00:03:12,400 --> 00:03:15,240 Speaker 1: don't even they don't want ventinyl. They don't know this 64 00:03:15,280 --> 00:03:16,920 Speaker 1: is what they're getting. They don't know this is what 65 00:03:16,960 --> 00:03:21,639 Speaker 1: they're ingesting, and so that creates an incredibly dangerous situation. Obviously, 66 00:03:21,840 --> 00:03:24,560 Speaker 1: my you know, overall view is that should be legal, 67 00:03:24,560 --> 00:03:26,720 Speaker 1: tax and regulated so that you don't end up with 68 00:03:26,760 --> 00:03:29,280 Speaker 1: these sorts of horrific incidents. But I mean, putting all 69 00:03:29,280 --> 00:03:33,079 Speaker 1: of that aside is just an unbelievable tragedy. And it's 70 00:03:33,120 --> 00:03:36,440 Speaker 1: sad that it takes like wealthier people who don't fit 71 00:03:36,520 --> 00:03:41,200 Speaker 1: the typical idea, stereotypical idea of who is dying from 72 00:03:41,840 --> 00:03:44,520 Speaker 1: drug use in order to wake up the Wall Street 73 00:03:44,600 --> 00:03:47,839 Speaker 1: Journal or wake up the population in general. But yeah, 74 00:03:47,880 --> 00:03:50,000 Speaker 1: this is this is just a growing problem. Every year 75 00:03:50,040 --> 00:03:51,520 Speaker 1: we see the numbers go up and up and up. 76 00:03:51,560 --> 00:03:53,120 Speaker 1: We can cry about the class element, and I think 77 00:03:53,160 --> 00:03:55,320 Speaker 1: it is bullshit that people don't care until, you know, 78 00:03:55,360 --> 00:03:57,960 Speaker 1: like rich people die. That being said, I mean, everybody's 79 00:03:57,960 --> 00:04:00,640 Speaker 1: still dying and we should do something about it. That is, 80 00:04:00,840 --> 00:04:03,800 Speaker 1: I mean, more than anything, I just think it's such 81 00:04:03,920 --> 00:04:08,040 Speaker 1: a horrific, slow burning crisis. Recently, one of my favorite actors, 82 00:04:08,360 --> 00:04:11,320 Speaker 1: Michael Williams, died from the wire. He also did a 83 00:04:11,320 --> 00:04:16,000 Speaker 1: longtime sober same thing, like went went back on heroin. 84 00:04:16,200 --> 00:04:20,160 Speaker 1: It was spiked odd killed. I mean, and after like 85 00:04:20,200 --> 00:04:22,960 Speaker 1: twenty years of being sober and he relapsed. All it 86 00:04:22,960 --> 00:04:24,880 Speaker 1: takes is one time and then that was it and 87 00:04:24,920 --> 00:04:27,960 Speaker 1: he's dead. And there's so many people like that who 88 00:04:28,000 --> 00:04:31,000 Speaker 1: just highlight, you know, how bad the crisis is right now. 89 00:04:31,240 --> 00:04:33,400 Speaker 1: I thought it was important that people kind of see 90 00:04:33,400 --> 00:04:35,279 Speaker 1: these stories. I encourage people to go and read this. 91 00:04:35,320 --> 00:04:38,279 Speaker 1: We're talking about like an Iranian immigrant's daughter just like 92 00:04:38,320 --> 00:04:41,640 Speaker 1: graduated from Columbia law school. One of those guys, he 93 00:04:41,800 --> 00:04:44,880 Speaker 1: was like a pregnant wife stressed out, like checked into 94 00:04:44,880 --> 00:04:47,280 Speaker 1: a hotel room just to like relax, I guess and work. 95 00:04:47,520 --> 00:04:50,039 Speaker 1: Same thing died. The other one was a social worker. 96 00:04:50,200 --> 00:04:52,720 Speaker 1: She actually had an eight PM call, which you know, 97 00:04:52,880 --> 00:04:55,760 Speaker 1: she's doing her job, and she was dead like hours later. 98 00:04:56,080 --> 00:04:58,760 Speaker 1: So look, you know, I mean, they're not They're just 99 00:04:58,800 --> 00:05:04,120 Speaker 1: one three of thousands we'll die this year. And it's 100 00:05:04,120 --> 00:05:06,600 Speaker 1: the number one cause of death for people who are 101 00:05:06,680 --> 00:05:09,520 Speaker 1: under the age of sixty five. For supplanting car accidents 102 00:05:09,560 --> 00:05:12,760 Speaker 1: for the first time in modern American history, and really 103 00:05:12,839 --> 00:05:14,919 Speaker 1: nobody talks about it a lot until something like this, 104 00:05:15,120 --> 00:05:16,919 Speaker 1: And a lot of it is the ubiquity of fentanyl, 105 00:05:17,040 --> 00:05:20,800 Speaker 1: which it is authentical, Yeah, which is I mean the 106 00:05:21,000 --> 00:05:25,640 Speaker 1: reason that dealers like fentanyl is because it is so potent. 107 00:05:25,960 --> 00:05:28,159 Speaker 1: That makes it easier to traffic, because you don't have 108 00:05:28,200 --> 00:05:30,479 Speaker 1: to have as much of it very small, very small, 109 00:05:30,760 --> 00:05:33,440 Speaker 1: and so that makes it easier to transport and easier 110 00:05:33,480 --> 00:05:35,760 Speaker 1: to traffic. And that's how it ends up, you know, 111 00:05:36,040 --> 00:05:41,160 Speaker 1: least throughout the illegal drug market. So absolutely a tragedy. 112 00:05:41,720 --> 00:05:44,440 Speaker 1: No one is, you know, having serious conversation really about 113 00:05:44,560 --> 00:05:47,000 Speaker 1: how to deal with it. Ultimately, they prefer to close 114 00:05:47,040 --> 00:05:49,320 Speaker 1: their eyes oftentimes. And you know, I mean part of 115 00:05:49,360 --> 00:05:51,480 Speaker 1: this is also the spike in deaths of despair. But 116 00:05:51,520 --> 00:05:56,360 Speaker 1: the particular exacerbating factor right now is you know, the continued, 117 00:05:56,440 --> 00:06:00,839 Speaker 1: like widespread misery layered on top of that the introduction 118 00:06:00,960 --> 00:06:03,279 Speaker 1: of ventanyl and you know, things that were never laced 119 00:06:03,279 --> 00:06:06,440 Speaker 1: with ventanyl before now being laced with ventyl in ways 120 00:06:06,440 --> 00:06:09,040 Speaker 1: that people are not at all prepared with. Yeah, absolutely, 121 00:06:09,080 --> 00:06:11,200 Speaker 1: all right, we'll see you guys later. Wanted to share 122 00:06:11,240 --> 00:06:15,279 Speaker 1: with you a tragic workplace death at a UPS facility 123 00:06:15,400 --> 00:06:19,000 Speaker 1: in Louisville, Kentucky. These workers are represented by Team STIRS 124 00:06:19,000 --> 00:06:21,680 Speaker 1: eighty nine. And this is a facility I used to 125 00:06:21,720 --> 00:06:23,960 Speaker 1: live in Louisville, Kentucky. I knew people that worked in 126 00:06:23,960 --> 00:06:27,080 Speaker 1: this place. And it's relevant for a lot of different reasons. 127 00:06:27,120 --> 00:06:29,400 Speaker 1: But first the tragedy was, let's go and put this 128 00:06:29,480 --> 00:06:34,040 Speaker 1: up on the screen. A pregnant worker at this massive 129 00:06:34,120 --> 00:06:39,080 Speaker 1: UPS facility near the airport there committed suicide on the 130 00:06:39,200 --> 00:06:42,960 Speaker 1: job and that has sparked entire conversation with you know, 131 00:06:43,000 --> 00:06:45,520 Speaker 1: the workforce that's there at that facility and other UPS 132 00:06:45,560 --> 00:06:49,719 Speaker 1: workers around the country. Some of the details here are, 133 00:06:49,839 --> 00:06:56,720 Speaker 1: you know, just absolutely heartbreaking. Apparently she had just been fired, 134 00:06:57,320 --> 00:06:59,800 Speaker 1: she was pregnant. Worker said they believe she was in 135 00:06:59,839 --> 00:07:03,040 Speaker 1: her second trimester. She got fired because she fell asleep 136 00:07:03,040 --> 00:07:06,080 Speaker 1: on the job instead of being walked out, because whenever 137 00:07:06,120 --> 00:07:08,080 Speaker 1: a person gets fired, the manager who fires them has 138 00:07:08,080 --> 00:07:10,800 Speaker 1: to walk them off. The property manager didn't do that. 139 00:07:11,360 --> 00:07:13,480 Speaker 1: She said that she has to collect herself in the bathroom. 140 00:07:13,560 --> 00:07:15,440 Speaker 1: He didn't make sure she came out of the bathroom. 141 00:07:15,520 --> 00:07:17,760 Speaker 1: So she was given free reign of the property, and 142 00:07:17,800 --> 00:07:20,600 Speaker 1: she was found dead at the facility later that evening. 143 00:07:21,400 --> 00:07:24,160 Speaker 1: They said she was terminated for falling asleep on the job, 144 00:07:24,200 --> 00:07:26,360 Speaker 1: and then she ends up taking her own life and 145 00:07:26,920 --> 00:07:29,640 Speaker 1: says broader implications. First of all, workplace suicides in the 146 00:07:29,680 --> 00:07:33,440 Speaker 1: US have apparently been on the uptick, risen dramatically in 147 00:07:33,480 --> 00:07:36,680 Speaker 1: recent years, reached a record level in twenty nineteen. That 148 00:07:36,760 --> 00:07:39,600 Speaker 1: was the last year that the Bureau of Labor Statistics 149 00:07:39,920 --> 00:07:44,440 Speaker 1: kept data. This particular death is under investigation by Louisville 150 00:07:44,480 --> 00:07:47,080 Speaker 1: Metro Police and they talked to other workers at the 151 00:07:47,080 --> 00:07:49,600 Speaker 1: facility the Guardian did to get their sense of what 152 00:07:49,640 --> 00:07:52,280 Speaker 1: it's like working there. One worker who spoke to them 153 00:07:52,320 --> 00:07:54,520 Speaker 1: said they weren't surprised something like this had happened at 154 00:07:54,560 --> 00:07:57,640 Speaker 1: the facility. They said workers were under immense pressure, with 155 00:07:57,720 --> 00:07:59,680 Speaker 1: threats of termination for being late, for going to the 156 00:07:59,720 --> 00:08:02,560 Speaker 1: bathroom one too many times, all one under constant surveillance 157 00:08:02,560 --> 00:08:06,400 Speaker 1: and scrutiny. The worker themselves is recovering from their hands 158 00:08:06,400 --> 00:08:10,160 Speaker 1: smashed by heavy packages, they said. Losing fingernails, smashing fingers 159 00:08:10,200 --> 00:08:13,040 Speaker 1: and bruce toes from heavy package loads are common occurrence 160 00:08:13,280 --> 00:08:15,960 Speaker 1: that workers have to work through. Here's the quote they say, 161 00:08:16,000 --> 00:08:18,720 Speaker 1: we're constantly being watched and scrutinize. Everything that we do 162 00:08:18,840 --> 00:08:20,920 Speaker 1: is never good enough. I've walked down to the building 163 00:08:20,920 --> 00:08:25,120 Speaker 1: in tears before because I'm just so physically and mentally exhausted. 164 00:08:25,760 --> 00:08:29,160 Speaker 1: Knowing a few people who work in this industry, this 165 00:08:29,240 --> 00:08:35,280 Speaker 1: is a brutal job, incredibly difficult. And there's another piece 166 00:08:35,320 --> 00:08:38,480 Speaker 1: of this too, which is, as you guys know, Teamsters 167 00:08:38,520 --> 00:08:44,319 Speaker 1: just elected new international leadership, and the reason specifically that 168 00:08:44,600 --> 00:08:47,000 Speaker 1: they really decided they were done with the sort of 169 00:08:47,000 --> 00:08:49,840 Speaker 1: previous regime and the people they had picked to to 170 00:08:49,920 --> 00:08:54,959 Speaker 1: succeed Jimmy hoffa junior, was because they had negotiated a 171 00:08:55,200 --> 00:08:59,320 Speaker 1: really terrible contract with UPS that the workers had actually 172 00:08:59,679 --> 00:09:03,560 Speaker 1: buy majority vote voted down, and the leadership went over 173 00:09:03,600 --> 00:09:06,120 Speaker 1: their heads and said, no, we're going with this anyway, 174 00:09:06,200 --> 00:09:08,480 Speaker 1: with the implication being that they were closer to management 175 00:09:08,480 --> 00:09:10,200 Speaker 1: than they were to the rank and file workers. At 176 00:09:10,200 --> 00:09:13,000 Speaker 1: this point, Well, this contract with UBS is coming up 177 00:09:13,360 --> 00:09:17,440 Speaker 1: very soon, and the new Teamsters International leadership, much more aggressive, 178 00:09:17,520 --> 00:09:20,959 Speaker 1: much more militant, are threatening a potential strike if they're 179 00:09:21,000 --> 00:09:23,760 Speaker 1: not able to get a much better deal for their workers. 180 00:09:23,800 --> 00:09:26,120 Speaker 1: And I think, you know, horrific conditions like this that 181 00:09:26,240 --> 00:09:29,360 Speaker 1: may have led to suicide of one of their workers 182 00:09:29,400 --> 00:09:33,120 Speaker 1: who happened to be pregnant, really underscores the need for 183 00:09:33,400 --> 00:09:37,080 Speaker 1: a much better deal for these workers at UPS, let 184 00:09:37,080 --> 00:09:39,560 Speaker 1: alone the other package delivery services that don't even have 185 00:09:39,720 --> 00:09:42,240 Speaker 1: union representation. I think people really realize how physical of 186 00:09:42,280 --> 00:09:43,520 Speaker 1: a job it is. You have to be able to 187 00:09:43,559 --> 00:09:46,120 Speaker 1: lift up to seventy pounds on a repeated basis, and 188 00:09:46,160 --> 00:09:49,920 Speaker 1: the average driver walks approximately four miles a day, which 189 00:09:49,960 --> 00:09:52,240 Speaker 1: is a lot. I mean if you compare average US 190 00:09:52,280 --> 00:09:54,160 Speaker 1: step count to what they're Yeah, there happened in and 191 00:09:54,160 --> 00:09:57,600 Speaker 1: out of the truck. They're on a very tight time schedule. 192 00:09:57,840 --> 00:10:00,200 Speaker 1: There's a lot of recriminations if you don't, you know, 193 00:10:00,240 --> 00:10:02,440 Speaker 1: deliver the packages and the time that you're supposed to. 194 00:10:04,200 --> 00:10:07,080 Speaker 1: I think it's ups that the drivers don't have air conditioning, 195 00:10:07,120 --> 00:10:09,280 Speaker 1: they don't have sc which we talked about here. Yeah, 196 00:10:09,280 --> 00:10:12,400 Speaker 1: there were a number of worker deaths because in the 197 00:10:12,440 --> 00:10:15,560 Speaker 1: back of those trucks, you know, inside the like metal box, 198 00:10:15,920 --> 00:10:19,240 Speaker 1: they're recording temperatures one twenty degrees one hundred and thirty 199 00:10:19,280 --> 00:10:23,360 Speaker 1: degrees and you're in there doing physical, manual labor in 200 00:10:23,440 --> 00:10:26,760 Speaker 1: the sun with you know, no respite in sight. Yeah, 201 00:10:26,800 --> 00:10:30,440 Speaker 1: it's insane. We cover the video of a worker who 202 00:10:30,760 --> 00:10:33,959 Speaker 1: was clearly suffering from heat exhaustion in Arizona. I think 203 00:10:34,000 --> 00:10:37,120 Speaker 1: it was during the heat of the summer. A ring 204 00:10:37,320 --> 00:10:42,120 Speaker 1: doorbell system captured him just collapsing on the front porch 205 00:10:42,280 --> 00:10:43,880 Speaker 1: and then he still delivers the pack. He gets back 206 00:10:43,880 --> 00:10:46,000 Speaker 1: in his truck and keeps going. So there is a 207 00:10:46,040 --> 00:10:48,200 Speaker 1: lot that is going on here, and I think the 208 00:10:48,200 --> 00:10:52,760 Speaker 1: pandemic really highlighted for people how much this work matters, 209 00:10:52,760 --> 00:10:55,800 Speaker 1: how difficult it is, how truly essential it is to 210 00:10:55,880 --> 00:10:59,280 Speaker 1: the functioning of our economy at this point, right, I agree, 211 00:10:59,360 --> 00:11:01,040 Speaker 1: I mean, I think this is this is what the 212 00:11:01,080 --> 00:11:03,760 Speaker 1: price of Amazon for a lot of people need to realize, Like, 213 00:11:03,840 --> 00:11:06,480 Speaker 1: there are a lot of people who work insane hours, 214 00:11:06,520 --> 00:11:09,760 Speaker 1: insane working conditions to get that to your door. And 215 00:11:09,920 --> 00:11:12,040 Speaker 1: the very least is that those people should be paid 216 00:11:12,040 --> 00:11:14,360 Speaker 1: and compensated fairly, right if they're going to and how 217 00:11:14,400 --> 00:11:18,120 Speaker 1: do decent safe working conditions, which is a lot of 218 00:11:18,160 --> 00:11:20,160 Speaker 1: the problem. You know, the ups drivers like you know, 219 00:11:20,200 --> 00:11:23,000 Speaker 1: they make they can make decent money. But this just 220 00:11:23,080 --> 00:11:26,080 Speaker 1: also shows you the salary is not the only thing 221 00:11:26,400 --> 00:11:29,120 Speaker 1: being able to do the job. Safely and without like 222 00:11:29,280 --> 00:11:32,160 Speaker 1: you know, just like daily emotional abuse is also an 223 00:11:32,160 --> 00:11:35,079 Speaker 1: important factor to consider here as well. So wanted to 224 00:11:35,120 --> 00:11:37,120 Speaker 1: share that sad story with you guys, and we'll have 225 00:11:37,160 --> 00:11:39,160 Speaker 1: more for you later. To me, one of the most 226 00:11:39,200 --> 00:11:41,880 Speaker 1: telling races that we'll be watching on election day is 227 00:11:41,920 --> 00:11:48,280 Speaker 1: Pennsylvania Eights, which encompasses Scranton, Hazleton and northeast Pennsylvania, and 228 00:11:48,360 --> 00:11:51,480 Speaker 1: it pits Matt Cartwright, who's kind of a populist, kind 229 00:11:51,480 --> 00:11:54,920 Speaker 1: of an under the radar populist Democrat who first elected 230 00:11:54,920 --> 00:11:57,880 Speaker 1: in twenty twelve against Jim Bognett. It's a rematch. He 231 00:11:57,960 --> 00:12:02,080 Speaker 1: beat Bognet two years ago, but bog was the first 232 00:12:02,120 --> 00:12:06,320 Speaker 1: House candidate across the country to get Trump's endorsement. He 233 00:12:06,679 --> 00:12:09,960 Speaker 1: served in the Trump administration as an official in the 234 00:12:10,080 --> 00:12:13,920 Speaker 1: xmbank for something like forty six days. Uh, and we 235 00:12:13,960 --> 00:12:16,040 Speaker 1: have it, we have it. There were he was imported 236 00:12:16,080 --> 00:12:19,920 Speaker 1: in the next port supported imported and exported. We had 237 00:12:20,120 --> 00:12:22,120 Speaker 1: just he was just short enough so that he kept 238 00:12:22,120 --> 00:12:25,240 Speaker 1: delaying his financial disclosure and they left and never filed it, 239 00:12:25,280 --> 00:12:27,400 Speaker 1: which came up in a debate. Oh, you actually have 240 00:12:27,480 --> 00:12:30,559 Speaker 1: to disclose your finances at XM. Yes, there you go. 241 00:12:31,440 --> 00:12:33,840 Speaker 1: And so so last week there was a debate. This 242 00:12:33,920 --> 00:12:38,160 Speaker 1: week we have some some exclusive and exclusive ad from 243 00:12:38,320 --> 00:12:42,920 Speaker 1: the Cartwright campaign. This just began airing around northeast Pennsylvania. 244 00:12:43,000 --> 00:12:44,679 Speaker 1: Let's let's roll this because I think it tells you 245 00:12:44,720 --> 00:12:47,160 Speaker 1: a lot about the race. This is a great place 246 00:12:47,200 --> 00:12:49,319 Speaker 1: to raise a family, but in order to do that, 247 00:12:49,600 --> 00:12:52,120 Speaker 1: we need good jobs that can lead to careers. You 248 00:12:52,120 --> 00:12:55,120 Speaker 1: know who understands this, Matt cart Right. That's why he's 249 00:12:55,160 --> 00:12:58,480 Speaker 1: helping to bring a new plan creating thousands of jobs 250 00:12:58,800 --> 00:13:01,480 Speaker 1: in cheaper gas prices. He's working to fix our supply 251 00:13:01,600 --> 00:13:05,280 Speaker 1: chain and bring jobs back from China. He's proven that 252 00:13:05,320 --> 00:13:08,440 Speaker 1: he's not afraid to take on big corporations. Matt is 253 00:13:08,600 --> 00:13:12,120 Speaker 1: not a politician. He's a fighter, and he's fighting for 254 00:13:12,200 --> 00:13:15,400 Speaker 1: people like me. I'm Matt cart Right and I approved this. 255 00:13:15,600 --> 00:13:18,079 Speaker 1: That okay, And for me, that's the kind of ad 256 00:13:18,520 --> 00:13:22,560 Speaker 1: I think populous democrats would love to see all over 257 00:13:22,720 --> 00:13:26,880 Speaker 1: the country. You're you're you're going to go after the corporations. 258 00:13:27,520 --> 00:13:30,240 Speaker 1: You're you're a fighter. You're going to go after the 259 00:13:30,320 --> 00:13:32,920 Speaker 1: big price gouging rich people. You're gonna you're gonna go 260 00:13:32,920 --> 00:13:36,080 Speaker 1: after China. You're gonna bring bring jobs back to the country. 261 00:13:36,120 --> 00:13:41,240 Speaker 1: And he's actually citing very specific uh job plant that 262 00:13:41,280 --> 00:13:43,520 Speaker 1: he's going to bring back, this alternative gas plant that 263 00:13:43,559 --> 00:13:46,080 Speaker 1: he's been a big booster rub for a very long time. 264 00:13:46,559 --> 00:13:48,120 Speaker 1: He's going with the old in the debate. He want 265 00:13:48,160 --> 00:13:51,000 Speaker 1: the old school, like, look, I'm bringing money back, like 266 00:13:51,040 --> 00:13:53,360 Speaker 1: I bring money back to the district. I'm here for 267 00:13:53,440 --> 00:13:56,559 Speaker 1: regular people here. What did you What did you make 268 00:13:56,559 --> 00:13:58,599 Speaker 1: of that ad? If if Democrats across the country a 269 00:13:58,640 --> 00:14:01,880 Speaker 1: running ads like that, how would how you feel about Republicans? 270 00:14:02,240 --> 00:14:04,360 Speaker 1: It reminded me of a conversation we were having earlier, 271 00:14:04,440 --> 00:14:07,600 Speaker 1: and I mentioned the Katie Porter viral videos. We're talking 272 00:14:07,600 --> 00:14:10,840 Speaker 1: about corporate profit margins and inflation and how corporations have 273 00:14:10,960 --> 00:14:13,160 Speaker 1: used by their own admission, I mean, there's polls of 274 00:14:13,400 --> 00:14:16,839 Speaker 1: executives of this, and how they have raised prices on 275 00:14:17,440 --> 00:14:20,720 Speaker 1: goods not because of inflation, but sort of in the 276 00:14:20,760 --> 00:14:25,680 Speaker 1: inflationary environment. Yeah. Absolutely, And I was like, well, why 277 00:14:26,560 --> 00:14:29,480 Speaker 1: why aren't democrats, I mean, we all know political ads 278 00:14:29,520 --> 00:14:34,240 Speaker 1: are mostly lies at best exaggerations. Why aren't democrats even 279 00:14:34,360 --> 00:14:38,200 Speaker 1: exaggerating to get a message that sounds like the Cartwright message? 280 00:14:38,240 --> 00:14:42,480 Speaker 1: And frankly, it's because they cannot say things like that 281 00:14:42,560 --> 00:14:45,080 Speaker 1: they are working on supply chains, they cannot say things 282 00:14:45,120 --> 00:14:47,600 Speaker 1: like they're bringing jobs back from China, because if they 283 00:14:47,640 --> 00:14:50,280 Speaker 1: even try to make those claims, it will blow up 284 00:14:50,360 --> 00:14:52,880 Speaker 1: so hard in their faces because it's that much of 285 00:14:52,920 --> 00:14:55,880 Speaker 1: a lie. They really, truly are so now in bed 286 00:14:55,880 --> 00:14:58,320 Speaker 1: with the Chamber of Commerce and with corporate interests, and 287 00:14:58,360 --> 00:15:00,200 Speaker 1: both parties have always been in bed with cour brig 288 00:15:00,240 --> 00:15:03,120 Speaker 1: interest We know that that's the case. But the Democratic Party, 289 00:15:03,360 --> 00:15:06,880 Speaker 1: even like it is so lacking the ability to even 290 00:15:06,960 --> 00:15:10,400 Speaker 1: exaggerate about their efforts in some of these spaces that 291 00:15:10,440 --> 00:15:14,080 Speaker 1: they can't run on this message even though really it's 292 00:15:14,160 --> 00:15:19,880 Speaker 1: it's where they should be, right and he was because 293 00:15:19,920 --> 00:15:22,720 Speaker 1: he's been kind of a progressive populist in office for 294 00:15:22,760 --> 00:15:24,760 Speaker 1: ten years now, he can, like you said, he can 295 00:15:24,800 --> 00:15:28,160 Speaker 1: actually make that claim some credibility. Tim Ryan has that 296 00:15:28,160 --> 00:15:30,560 Speaker 1: same thing right, And that's why I always thought Tim 297 00:15:30,640 --> 00:15:32,720 Speaker 1: Ryan and JD. Vance, even though was like, oh, Ohio, 298 00:15:32,760 --> 00:15:35,360 Speaker 1: it's going to be pretty easy for Vance. Tim Ryan 299 00:15:35,400 --> 00:15:37,880 Speaker 1: is probably one of the most interesting candidates that Democrats 300 00:15:37,880 --> 00:15:40,720 Speaker 1: can run on a level like that because he sort 301 00:15:40,760 --> 00:15:43,320 Speaker 1: of has these populist bona fides and that like he 302 00:15:43,400 --> 00:15:45,880 Speaker 1: has been in this space for a long time, and 303 00:15:45,920 --> 00:15:49,240 Speaker 1: whether it's political calculus or sincere, he knows where the wind, 304 00:15:49,400 --> 00:15:51,400 Speaker 1: he knew what direction the wind was blowing in, and 305 00:15:51,440 --> 00:15:54,880 Speaker 1: he can talk like that, and it's again helpful, but 306 00:15:55,000 --> 00:15:57,680 Speaker 1: that is a dying breed of Democrat right. And Cartwright 307 00:15:57,800 --> 00:16:01,400 Speaker 1: is a sponsor of Medicare for instance, like you know, 308 00:16:01,720 --> 00:16:03,680 Speaker 1: for a swing district Democrat to be on Medicare for 309 00:16:03,680 --> 00:16:06,840 Speaker 1: all as unusual. He was hit by it by Bognet 310 00:16:06,880 --> 00:16:09,400 Speaker 1: in the debate last week. He responded by saying, yeah, 311 00:16:09,440 --> 00:16:12,040 Speaker 1: I've never shied away from the fact that I think aspirationally, 312 00:16:12,120 --> 00:16:13,880 Speaker 1: that's that's where we need to go. Are we ready? 313 00:16:14,000 --> 00:16:17,000 Speaker 1: Are we ready now? Is it completely sketched out? No? 314 00:16:17,800 --> 00:16:20,920 Speaker 1: And until then, I want to see people's drug prices lowered, 315 00:16:20,920 --> 00:16:23,840 Speaker 1: and I want to see you know, you know, subsidies expanded. 316 00:16:23,880 --> 00:16:25,920 Speaker 1: I want And so then he can he can get 317 00:16:25,960 --> 00:16:27,800 Speaker 1: more purchase for his argument that he wants to make 318 00:16:27,840 --> 00:16:30,920 Speaker 1: healthcare cheaper and more accessible and more affordable for everybody, 319 00:16:30,960 --> 00:16:34,280 Speaker 1: because he's like, look, in the end, I'm for Medicare 320 00:16:34,320 --> 00:16:36,920 Speaker 1: for all now to be fair and balanced. We have 321 00:16:36,920 --> 00:16:39,800 Speaker 1: a Baguet ad to play as well. He has run 322 00:16:40,480 --> 00:16:43,720 Speaker 1: two ads so far in this in this campaign that 323 00:16:43,800 --> 00:16:46,560 Speaker 1: feature him in nineteen ninety three kicking a field goal 324 00:16:46,640 --> 00:16:49,880 Speaker 1: in high school. Here's here's one of them. Jason was 325 00:16:49,920 --> 00:16:54,880 Speaker 1: so fast, Jamie was tough and had great hands. I 326 00:16:54,960 --> 00:16:58,000 Speaker 1: kicked the game winning field a night. We'd never forget 327 00:16:58,760 --> 00:17:02,040 Speaker 1: memories of Northeast Pencil and too often after high school 328 00:17:02,280 --> 00:17:10,240 Speaker 1: people leave and don't return. Biden only made things worse. Inflation, groceries, gas, Today, 329 00:17:10,320 --> 00:17:13,560 Speaker 1: everything costs more. I believe we can have a better future, 330 00:17:14,000 --> 00:17:17,359 Speaker 1: and it starts with changing Washington. I'm Jim Bognett and 331 00:17:17,400 --> 00:17:20,720 Speaker 1: I approved this message. Now to pick up his bio. 332 00:17:20,880 --> 00:17:22,720 Speaker 1: So he did go to Penn State. After Penn State, 333 00:17:22,720 --> 00:17:25,639 Speaker 1: he goes to New York. Worked for a major investment bank. 334 00:17:26,040 --> 00:17:29,160 Speaker 1: Then he worked for Arnold Schwarzenegger. He worked for Mitt Romney, 335 00:17:29,359 --> 00:17:33,280 Speaker 1: worked for John McCain hilarious, and then he worked for 336 00:17:34,280 --> 00:17:38,720 Speaker 1: the Glover Park Group. Oh we did, which represented the 337 00:17:38,760 --> 00:17:41,960 Speaker 1: Saudi represented Saudi Arabia, which came up in the debate 338 00:17:42,000 --> 00:17:44,720 Speaker 1: as well as the story that I reported on represented 339 00:17:44,760 --> 00:17:47,600 Speaker 1: Saudi Arabia when they're lobbying against the nine to eleven families. 340 00:17:48,080 --> 00:17:51,200 Speaker 1: He said, he had his answer. I didn't know he 341 00:17:51,280 --> 00:17:54,360 Speaker 1: was the senior vice president for communications for Glover park 342 00:17:54,400 --> 00:17:57,280 Speaker 1: Group while they were doing this, And Cartwright pointed out 343 00:17:57,640 --> 00:18:00,720 Speaker 1: in the debate, he's like, they list on their far 344 00:18:00,800 --> 00:18:03,919 Speaker 1: A filings that communications is one of the things that 345 00:18:04,000 --> 00:18:06,560 Speaker 1: they're doing for you. You were the senior communication person. 346 00:18:06,560 --> 00:18:09,679 Speaker 1: They're publicly filing this, telling the whole world that this 347 00:18:09,800 --> 00:18:11,760 Speaker 1: is what glober Parker was doing, but you didn't know 348 00:18:11,800 --> 00:18:14,240 Speaker 1: that they were doing it. But then they told the 349 00:18:14,560 --> 00:18:18,119 Speaker 1: Justice Department that yeah. And then he like he played 350 00:18:18,119 --> 00:18:22,639 Speaker 1: this interesting Trump card where he's like, I think you know, 351 00:18:22,680 --> 00:18:25,080 Speaker 1: he was saying nice things about Trump card, right, was 352 00:18:25,920 --> 00:18:28,159 Speaker 1: some not nice things, but then some also nice. And 353 00:18:28,200 --> 00:18:30,080 Speaker 1: he was like, He's like, I think that you left 354 00:18:30,240 --> 00:18:33,280 Speaker 1: XIM so quickly because you didn't You didn't want to 355 00:18:33,320 --> 00:18:35,400 Speaker 1: file your financial disclosure. You didn't want to tell Trump 356 00:18:35,480 --> 00:18:37,880 Speaker 1: that you were representing the Saudis and going after nine 357 00:18:37,880 --> 00:18:41,760 Speaker 1: to eleven families. I don't think that's true because Trump 358 00:18:41,760 --> 00:18:44,240 Speaker 1: doesn't care. Trump's so in bed with the Saudis, he'd 359 00:18:44,240 --> 00:18:47,440 Speaker 1: be like, okay, good, good for you. But on this ad, 360 00:18:48,000 --> 00:18:51,080 Speaker 1: I think it's a mistake for anybody to remind the 361 00:18:51,080 --> 00:18:52,879 Speaker 1: public that you were the kicker. But what do you 362 00:18:52,880 --> 00:18:55,680 Speaker 1: think so that video that kick is from nineteen ninety 363 00:18:55,720 --> 00:18:59,040 Speaker 1: three video, Yeah, I mean, I was born in nineteen 364 00:18:59,119 --> 00:19:02,600 Speaker 1: ninety three. Gay's bragging about kicking out what a twenty 365 00:19:02,600 --> 00:19:06,159 Speaker 1: five yardfield go in nineteen ninety three, I mean, And 366 00:19:06,280 --> 00:19:08,440 Speaker 1: then and then he follows it with, you know, memories 367 00:19:08,480 --> 00:19:12,280 Speaker 1: of Northeast Pennsylvania, you know too often and after high school. 368 00:19:12,280 --> 00:19:14,720 Speaker 1: It's like, yeah, for you, you left after high school 369 00:19:14,760 --> 00:19:18,000 Speaker 1: and didn't come back until you saw an opportunity to 370 00:19:18,119 --> 00:19:21,720 Speaker 1: leave your Washington you know, corporate executive career to run 371 00:19:21,800 --> 00:19:24,080 Speaker 1: for office as a as a good old boy from 372 00:19:24,200 --> 00:19:28,080 Speaker 1: northeast Pennsylvania. And so playing that greeny footage is a 373 00:19:28,080 --> 00:19:30,480 Speaker 1: way to try to say, hey, like, I'm actually from here. 374 00:19:30,560 --> 00:19:34,920 Speaker 1: I used to be from here by left. So yeah, 375 00:19:34,920 --> 00:19:36,680 Speaker 1: but you're right, there's nothing else in the ad now 376 00:19:36,880 --> 00:19:39,800 Speaker 1: since then, his other ads have have hammered on the wall, 377 00:19:40,000 --> 00:19:42,040 Speaker 1: you know, fentanyl the whole. Well, I was going to say, 378 00:19:42,080 --> 00:19:45,000 Speaker 1: I'm I'm sure running as a Republican in that district 379 00:19:45,119 --> 00:19:48,040 Speaker 1: in a sort of Trump aligning Republican. Trump won that 380 00:19:48,040 --> 00:19:50,840 Speaker 1: district by a lot, right, there's a lot of ammunition 381 00:19:50,960 --> 00:19:53,879 Speaker 1: for legitimate reasons in a district like that, And so 382 00:19:54,160 --> 00:19:55,880 Speaker 1: I don't think. I mean, as long as you're aligned 383 00:19:55,920 --> 00:19:57,959 Speaker 1: with the Republican Party and Donald Trump on a lot 384 00:19:57,960 --> 00:20:01,240 Speaker 1: of those key issues, whether China, which by the way, 385 00:20:01,280 --> 00:20:03,600 Speaker 1: or the border with both people with which people in 386 00:20:03,800 --> 00:20:07,600 Speaker 1: the rust beltsy is connected directly to fentanyl and to 387 00:20:07,720 --> 00:20:10,119 Speaker 1: all of those deaths ravaging their communities. I mean, as 388 00:20:10,160 --> 00:20:11,520 Speaker 1: long as you're aigned with Trump on that, you have 389 00:20:11,600 --> 00:20:14,600 Speaker 1: plenty of ammunition you can run on more than kicking 390 00:20:14,600 --> 00:20:16,679 Speaker 1: the field goal, which that particular ad I thought was 391 00:20:16,880 --> 00:20:20,040 Speaker 1: light on substance, not just by the standards of political ads, 392 00:20:20,040 --> 00:20:22,040 Speaker 1: but just by the standards of like what's really going 393 00:20:22,119 --> 00:20:23,760 Speaker 1: to make this work? You know, you can be the kicker, 394 00:20:23,760 --> 00:20:25,639 Speaker 1: but are you the kicker that's going to secure the border? 395 00:20:26,560 --> 00:20:28,960 Speaker 1: Like so, I thought it was a little a little 396 00:20:29,000 --> 00:20:31,720 Speaker 1: light on the substance, even from grading on the curve 397 00:20:31,960 --> 00:20:35,720 Speaker 1: of politics. But still, I mean, there's plenty to run 398 00:20:35,760 --> 00:20:38,040 Speaker 1: on if you're a Trump trumpe ended republicated the district. 399 00:20:38,040 --> 00:20:40,680 Speaker 1: And that's what Kurtwright obviously knows that because to your point, 400 00:20:40,880 --> 00:20:43,560 Speaker 1: there were some interesting exchanges about abortion and drag Quen 401 00:20:43,600 --> 00:20:46,840 Speaker 1: story Hour and this debate that show, you know, where 402 00:20:46,880 --> 00:20:50,840 Speaker 1: those vulnerabilities for the left door. Yeah, and Bognet kept 403 00:20:50,880 --> 00:20:53,840 Speaker 1: hitting him, calling it the kind of Biden Cartwright agenda 404 00:20:53,920 --> 00:20:56,399 Speaker 1: or the cart right Biden egit it, which is fascinating 405 00:20:56,400 --> 00:21:00,200 Speaker 1: considering that Biden is from Scranton, like that's his whole thing. 406 00:21:00,200 --> 00:21:04,840 Speaker 1: He's the guy from Scranton. Yet yet Bognet clearly thinks 407 00:21:04,840 --> 00:21:08,520 Speaker 1: that tying Cartwright to Biden is the best way to 408 00:21:08,520 --> 00:21:11,920 Speaker 1: beat him. Whereas Cartwright was, you know, it was kind 409 00:21:11,960 --> 00:21:14,920 Speaker 1: of distinguishing himself from Biden throughout the entire thing. You know, 410 00:21:14,960 --> 00:21:16,520 Speaker 1: I vote for him when I agree with him, when 411 00:21:16,520 --> 00:21:21,040 Speaker 1: I don't. He talked about how he's like, I don't 412 00:21:21,040 --> 00:21:24,080 Speaker 1: hate Trump. He's like, in fact, he said he was 413 00:21:24,080 --> 00:21:29,040 Speaker 1: talking to Trump about how it was too difficult to 414 00:21:28,440 --> 00:21:31,960 Speaker 1: h to donate a kidney and that you needed there 415 00:21:32,000 --> 00:21:34,320 Speaker 1: should be reforms around this, and Trump's like, I agree 416 00:21:34,320 --> 00:21:37,920 Speaker 1: with you. And so Cartwright like wrote a bill, a 417 00:21:37,960 --> 00:21:40,600 Speaker 1: bill didn't become law, but Trump then did his bill 418 00:21:40,680 --> 00:21:43,639 Speaker 1: basically as an executive order and invited Cartwright to sign it. 419 00:21:43,640 --> 00:21:45,600 Speaker 1: He's like said, look, I don't hate Trump. I think 420 00:21:45,640 --> 00:21:48,040 Speaker 1: he's terrible on you know, he wasn't willing to like 421 00:21:48,200 --> 00:21:51,320 Speaker 1: he was willing to criticize criticize him. But then yes, 422 00:21:51,400 --> 00:21:54,040 Speaker 1: you had this. You had these really interesting moments where 423 00:21:54,880 --> 00:21:57,240 Speaker 1: Bognet would go back to culture war stuff and he 424 00:21:57,320 --> 00:22:00,880 Speaker 1: kept he would be brought up Dragnet, brought up drag 425 00:22:00,960 --> 00:22:04,280 Speaker 1: Queen's story Hour a couple of times, and Cartwright would say, look, 426 00:22:04,760 --> 00:22:07,840 Speaker 1: this is a Washington lobbying executive. He kept calling him 427 00:22:07,840 --> 00:22:10,159 Speaker 1: a lobbying executive because I guess he cares about the 428 00:22:10,160 --> 00:22:13,600 Speaker 1: fact checkers because he never officially registered to lobby's to lobby, right, 429 00:22:13,640 --> 00:22:16,520 Speaker 1: but because he's doing communications, so he's not lobbying. He's 430 00:22:16,640 --> 00:22:20,719 Speaker 1: just getting Saundi back op eds in different papers. Yeah, right. 431 00:22:20,760 --> 00:22:23,280 Speaker 1: So he would say, look here he is. He's bringing 432 00:22:23,320 --> 00:22:26,080 Speaker 1: up this culture war stuff just to distract you from 433 00:22:26,119 --> 00:22:29,240 Speaker 1: the fact that his biggest donors, and he mentioned the 434 00:22:29,400 --> 00:22:33,440 Speaker 1: guy some Chinese semiconductor multimillionaire had given him one hundred 435 00:22:33,440 --> 00:22:36,119 Speaker 1: and sixty thousand dollars to a superpack, is you know, 436 00:22:36,480 --> 00:22:39,080 Speaker 1: is he wants to distract you from, you know, the 437 00:22:39,119 --> 00:22:42,680 Speaker 1: economic pain that his kind of movement actually wants to 438 00:22:42,760 --> 00:22:45,440 Speaker 1: drive you into. On behalf of millionaires and billionaires, except 439 00:22:45,480 --> 00:22:48,159 Speaker 1: the problem is a lot of establishment Democrats like to 440 00:22:48,240 --> 00:22:52,080 Speaker 1: use culture war issues as a distraction from the pain 441 00:22:52,160 --> 00:22:55,200 Speaker 1: that they are inflicting on people with their policies, and 442 00:22:55,240 --> 00:22:57,840 Speaker 1: so bogene that would would link him to Pelosi constantly, 443 00:22:58,280 --> 00:23:00,960 Speaker 1: and krtwright say, kept saying I'm not I'm not Nancy Pelosi, 444 00:23:01,080 --> 00:23:04,359 Speaker 1: right right, So it's good. So if if this is 445 00:23:04,359 --> 00:23:09,359 Speaker 1: a straight up diverse R election in Pennsylvania's eighth Bolknet 446 00:23:09,440 --> 00:23:11,760 Speaker 1: wins by ten to fifteen points, like it shouldn't even 447 00:23:11,800 --> 00:23:15,080 Speaker 1: be close. So cart Wright's ability to win is going 448 00:23:15,160 --> 00:23:19,280 Speaker 1: to be dependent on his ability to say to Pennsylvania 449 00:23:19,320 --> 00:23:21,959 Speaker 1: voters like, I'm my own person. And he and what 450 00:23:22,000 --> 00:23:23,439 Speaker 1: he said was that he's like, look, I'm willing to 451 00:23:23,440 --> 00:23:27,399 Speaker 1: work with Republicans. You hear this guy, There's absolutely no 452 00:23:27,440 --> 00:23:29,560 Speaker 1: way he's ever going to work with Democrats on anything. 453 00:23:29,800 --> 00:23:33,439 Speaker 1: H And so I don't. We'll see, we'll see if that, 454 00:23:34,080 --> 00:23:36,000 Speaker 1: We'll see if that resonates or not. It's going to 455 00:23:36,040 --> 00:23:37,840 Speaker 1: be it's going to be a very tough race, very 456 00:23:37,840 --> 00:23:40,840 Speaker 1: tough race uphill climb in a Trump district or district 457 00:23:40,840 --> 00:23:44,280 Speaker 1: that he won pretty handily for for any Democrat in 458 00:23:44,280 --> 00:23:46,439 Speaker 1: this environment. So I probably would put my money on 459 00:23:46,480 --> 00:23:51,480 Speaker 1: bog Net, but he's lost before. Yeah, if right, if if, 460 00:23:51,280 --> 00:23:55,119 Speaker 1: If you're gambling, he's probably favored in this environment. But 461 00:23:56,560 --> 00:23:57,920 Speaker 1: you know, it's all going to come down to turn 462 00:23:57,960 --> 00:23:59,439 Speaker 1: out as they say. It's right, And it's such an 463 00:23:59,480 --> 00:24:01,439 Speaker 1: interesting right And I'm glad that you pointed docs. I 464 00:24:01,440 --> 00:24:04,359 Speaker 1: hadn't been following it very closely, just to see how 465 00:24:05,160 --> 00:24:08,400 Speaker 1: smarter Democrats are actually able to run their races. It's 466 00:24:08,400 --> 00:24:10,440 Speaker 1: always fun to w and he's he's like the vice 467 00:24:10,520 --> 00:24:13,680 Speaker 1: chair of the Democratic Caucus for communications, but nobody talks 468 00:24:13,720 --> 00:24:17,040 Speaker 1: like him, so I don't know, I don't know what's that. 469 00:24:18,040 --> 00:24:21,119 Speaker 1: So he's failing that job. Well, well it's a pretty 470 00:24:21,119 --> 00:24:25,720 Speaker 1: tough job, right now. Yeah, all right, Well, interesting race 471 00:24:25,720 --> 00:24:31,120 Speaker 1: and definitely one we'll continue watching. All right. We're excited 472 00:24:31,160 --> 00:24:34,280 Speaker 1: now to be joined once again by David Serota. David, welcome, 473 00:24:34,280 --> 00:24:36,680 Speaker 1: Thank you so much for joining us, Thanks for having me. 474 00:24:37,080 --> 00:24:39,240 Speaker 1: All right, So you recently did a mid term breakdown 475 00:24:39,240 --> 00:24:43,080 Speaker 1: on lever Time, your podcast over at lever with Chris Hayes, 476 00:24:43,400 --> 00:24:45,320 Speaker 1: and I think both of us we were talking before 477 00:24:45,640 --> 00:24:48,919 Speaker 1: wed the segment. Are interested to hear if there were 478 00:24:48,920 --> 00:24:52,960 Speaker 1: any interesting or or just like maybe fresh takeaways that 479 00:24:53,359 --> 00:24:58,200 Speaker 1: Chris Hayes has as he's looking at some of these races. Sure. 480 00:24:58,240 --> 00:24:59,720 Speaker 1: I mean, one thing that he said was that I 481 00:24:59,760 --> 00:25:03,360 Speaker 1: asked and the question, you know, why have Democrats kind 482 00:25:03,359 --> 00:25:08,480 Speaker 1: of avoided or been silent on economic issues? And I 483 00:25:08,480 --> 00:25:10,920 Speaker 1: think he made a good point, you know, because look, 484 00:25:11,000 --> 00:25:15,320 Speaker 1: I'm somebody who's always been like, the Democrats need to 485 00:25:15,320 --> 00:25:20,119 Speaker 1: be making an economic case, whether the economy's decent or terrible, 486 00:25:20,160 --> 00:25:22,280 Speaker 1: and the economy right now is rough. And he said, 487 00:25:22,400 --> 00:25:23,760 Speaker 1: I think he made a good point that you know, 488 00:25:23,960 --> 00:25:27,520 Speaker 1: I think that the Democrats had a big advantage on 489 00:25:27,600 --> 00:25:31,040 Speaker 1: abortion than the Dobbs issue came, and political parties have 490 00:25:31,160 --> 00:25:37,560 Speaker 1: kind of an inherent desire, an inherent inkling, to try 491 00:25:37,600 --> 00:25:40,880 Speaker 1: to focus on the issues where polls already show they 492 00:25:40,920 --> 00:25:47,080 Speaker 1: have an advantage. Of course, the danger is that no 493 00:25:47,119 --> 00:25:49,320 Speaker 1: matter what issue you may have an advantage on, it 494 00:25:49,359 --> 00:25:52,080 Speaker 1: may not necessarily match up with what voters think the 495 00:25:52,119 --> 00:25:55,000 Speaker 1: election is actually about. And in the middle of an 496 00:25:55,000 --> 00:26:00,600 Speaker 1: inflation crisis, the election is inherently going to be about inflation. 497 00:26:00,720 --> 00:26:02,639 Speaker 1: And he made the point, which I also thought was 498 00:26:02,640 --> 00:26:05,040 Speaker 1: a good point, was that, look, obviously the Republicans have 499 00:26:05,080 --> 00:26:07,440 Speaker 1: an easier time of making an economic argument, to the 500 00:26:07,480 --> 00:26:09,720 Speaker 1: point where you know, there was like that tweet that 501 00:26:09,760 --> 00:26:12,119 Speaker 1: went around of Todd Young, the Senator from Indiana. It 502 00:26:12,200 --> 00:26:15,560 Speaker 1: was just like Todd Young in front of a gas 503 00:26:15,600 --> 00:26:17,560 Speaker 1: pump and that was it, Like that was the only thing, 504 00:26:17,720 --> 00:26:20,919 Speaker 1: just like like you're just pumping gas and like the 505 00:26:20,920 --> 00:26:25,160 Speaker 1: price sucks, and that's it, right, and so and Chris 506 00:26:25,200 --> 00:26:27,639 Speaker 1: made that point that like, you know, all the Republicans 507 00:26:27,640 --> 00:26:29,680 Speaker 1: have to do is just show a picture of that, right, 508 00:26:30,480 --> 00:26:32,640 Speaker 1: And so I would agree that it is a more 509 00:26:32,800 --> 00:26:36,000 Speaker 1: complicated or at least a two step argument that the 510 00:26:36,000 --> 00:26:40,800 Speaker 1: Democrats have to be making on inflation. But what's unbelievable 511 00:26:41,280 --> 00:26:43,520 Speaker 1: is that the Democratic Party doesn't get a lot of 512 00:26:43,560 --> 00:26:47,120 Speaker 1: fossil fuel money. Fossil fuel, the fossil fuel industry that's 513 00:26:47,160 --> 00:26:51,560 Speaker 1: reporting record profits is fueling inflation. There is a compelling 514 00:26:51,720 --> 00:26:54,919 Speaker 1: argument that the Democratic Party could be making about the 515 00:26:54,960 --> 00:26:59,960 Speaker 1: Republicans defending their big oil donors from stuff like price 516 00:27:00,080 --> 00:27:02,879 Speaker 1: scouging legislation that the House passed. And I know, Ryan 517 00:27:03,160 --> 00:27:06,200 Speaker 1: the Intercept had reported that the Democrats, the d Triple 518 00:27:06,280 --> 00:27:10,280 Speaker 1: C had come up with some ads making that inflation case, 519 00:27:10,440 --> 00:27:15,040 Speaker 1: but those ads were never broadly aired as a campaign message, 520 00:27:16,160 --> 00:27:19,960 Speaker 1: and I think Andy Kim ran one, Matt Cartwright ran one, 521 00:27:20,560 --> 00:27:24,320 Speaker 1: but Pat Ryan did some corporate power stuff, and yes, 522 00:27:24,520 --> 00:27:26,639 Speaker 1: and the d Triples tested a bunch of this stuff. 523 00:27:27,280 --> 00:27:31,360 Speaker 1: The tests came back like this works as you would expect. 524 00:27:31,560 --> 00:27:33,400 Speaker 1: But right, but we're not seeing a ton of it. 525 00:27:34,480 --> 00:27:38,480 Speaker 1: There's a real pining among you know, kind of the 526 00:27:38,520 --> 00:27:42,679 Speaker 1: suburban democratic vote to say that democracy is on the 527 00:27:42,720 --> 00:27:47,840 Speaker 1: ballot this time and summerly recently. I was the first 528 00:27:47,840 --> 00:27:50,439 Speaker 1: candidate that I've seen connect it to an economic message, 529 00:27:50,440 --> 00:27:54,040 Speaker 1: and I thought she did it extremely well. Run this 530 00:27:54,080 --> 00:27:58,920 Speaker 1: by you. Basically, her tweet was something like democracies on 531 00:27:58,960 --> 00:28:04,600 Speaker 1: the ballot and said that Republicans want an oligarchy that 532 00:28:04,680 --> 00:28:07,960 Speaker 1: will prevent the government from cracking down on price gougers. 533 00:28:09,640 --> 00:28:11,879 Speaker 1: That makes I mean, that makes total that makes total sense. 534 00:28:12,840 --> 00:28:16,520 Speaker 1: I think she's absolutely right. I think it's not like 535 00:28:16,560 --> 00:28:20,520 Speaker 1: the Republicans are offering a kind of any kind of 536 00:28:20,520 --> 00:28:24,600 Speaker 1: coherent economic message, any kind of anti oligarchy message, any 537 00:28:24,680 --> 00:28:28,720 Speaker 1: kind of critique of corporate profits hearing which we know 538 00:28:28,880 --> 00:28:32,520 Speaker 1: is at least in part, if not the in majority, 539 00:28:32,560 --> 00:28:36,440 Speaker 1: fueling the inflation crisis. So it's not like the Republicans 540 00:28:36,480 --> 00:28:40,560 Speaker 1: are offering up a coherent plan, but they are in 541 00:28:41,240 --> 00:28:44,240 Speaker 1: the minority in terms of Congress, and so they're trying 542 00:28:44,280 --> 00:28:47,160 Speaker 1: to make it a referendum on the overall problem. I 543 00:28:47,240 --> 00:28:50,240 Speaker 1: just don't see what their solution is. But I go 544 00:28:50,320 --> 00:28:52,720 Speaker 1: back to the Democrats, and I think it's a fair question, 545 00:28:53,040 --> 00:28:56,480 Speaker 1: which is why have the Democrats focused so much on 546 00:28:56,640 --> 00:29:01,040 Speaker 1: things like January sixth, things like voting I mean, to 547 00:29:01,080 --> 00:29:02,719 Speaker 1: be clear, and Chris and I talked about this on 548 00:29:02,760 --> 00:29:07,000 Speaker 1: our podcast. To be clear, those are important issues. And 549 00:29:07,040 --> 00:29:09,160 Speaker 1: I asked Chris, and this is kind of kind of interesting, 550 00:29:09,200 --> 00:29:12,400 Speaker 1: I said, does part of it have to do with 551 00:29:12,520 --> 00:29:16,840 Speaker 1: the kind of niche ification of the media audiences that 552 00:29:17,160 --> 00:29:20,920 Speaker 1: there's always going to be inherently a small and by small, 553 00:29:20,960 --> 00:29:22,520 Speaker 1: I mean it can be a million people, a million 554 00:29:22,520 --> 00:29:24,480 Speaker 1: and a half people in a country of three hundred million. 555 00:29:24,840 --> 00:29:29,120 Speaker 1: Is there's going to be an animated audience of a million, 556 00:29:29,160 --> 00:29:32,160 Speaker 1: million and a half two million people on MSNBC every 557 00:29:32,240 --> 00:29:36,000 Speaker 1: night that's interested in the January sixth hearing, interested in 558 00:29:36,680 --> 00:29:40,240 Speaker 1: the voting rights and the threat to democracy stuff. It's 559 00:29:40,560 --> 00:29:44,280 Speaker 1: it's compelling to them. And so the sort of corporate 560 00:29:44,320 --> 00:29:49,480 Speaker 1: media world focuses intently on them, even though polls consistently 561 00:29:49,560 --> 00:29:52,800 Speaker 1: show it's only about seven percent of the population say 562 00:29:52,840 --> 00:29:55,880 Speaker 1: that's the most important issue. And he made an interesting point, 563 00:29:56,000 --> 00:30:00,360 Speaker 1: which was that listen, it's easier in the in the 564 00:30:00,480 --> 00:30:04,600 Speaker 1: competition for attention, it's easier to make the January six 565 00:30:04,840 --> 00:30:11,080 Speaker 1: riot images, the January sixth dramatic hearing, make that compelling 566 00:30:11,240 --> 00:30:15,400 Speaker 1: on television. Then arguably it is easy to make you know, 567 00:30:15,480 --> 00:30:21,400 Speaker 1: a macroeconomic problem like inflation compelling on television. And so 568 00:30:21,520 --> 00:30:25,960 Speaker 1: ultimately you get a discourse that's focusing on these I mean, 569 00:30:25,960 --> 00:30:28,400 Speaker 1: it's kind of the cat video version of politics, right. 570 00:30:29,320 --> 00:30:31,960 Speaker 1: You get a discourse that's focused on these very flashy 571 00:30:32,080 --> 00:30:37,080 Speaker 1: attention gravity kind of soundbites and images, and a discourse 572 00:30:37,280 --> 00:30:41,880 Speaker 1: that's not talking about the actual number one issue that 573 00:30:41,960 --> 00:30:44,000 Speaker 1: people say is the most important issue to them in 574 00:30:44,000 --> 00:30:47,880 Speaker 1: the election. Right, and then it sort of teaches, incorrectly 575 00:30:48,040 --> 00:30:51,280 Speaker 1: Democrats that people who think that people are their condition 576 00:30:51,400 --> 00:30:53,920 Speaker 1: to believe that people care about what Stephen Colbert is 577 00:30:53,960 --> 00:30:57,440 Speaker 1: talking about, or you know, because the show is really successful, 578 00:30:57,480 --> 00:31:00,840 Speaker 1: when in fact it's really a niche. And abortion I 579 00:31:00,880 --> 00:31:03,840 Speaker 1: think is probably similar to that we've seen a lot 580 00:31:03,880 --> 00:31:05,680 Speaker 1: of a focus on abortion. That doesn't mean it's not 581 00:31:05,680 --> 00:31:09,000 Speaker 1: important to voters. It just means that there are a 582 00:31:09,080 --> 00:31:12,760 Speaker 1: lot of priorities. And to the point just lastly that 583 00:31:12,840 --> 00:31:15,360 Speaker 1: Ryan made about summer Lea, it's kind of interesting to 584 00:31:15,400 --> 00:31:17,160 Speaker 1: me and David, I'm curious what your thoughts are on 585 00:31:17,200 --> 00:31:21,000 Speaker 1: this that she's saying. You know, Republicans want this oligarchy, 586 00:31:21,400 --> 00:31:24,200 Speaker 1: and I feel like the reason Democrats aren't making that 587 00:31:24,520 --> 00:31:28,920 Speaker 1: argument is because Democrats also want the oligarchy, I think, 588 00:31:29,240 --> 00:31:31,080 Speaker 1: and DEVI She hints at that, I found the tweet, 589 00:31:31,160 --> 00:31:33,920 Speaker 1: so let me read it to you. She hints at that. 590 00:31:33,960 --> 00:31:36,600 Speaker 1: At the end, she says, let's be clear about inflation. 591 00:31:36,800 --> 00:31:39,520 Speaker 1: Republicans want to end democracy so they can give their 592 00:31:39,560 --> 00:31:42,120 Speaker 1: billionaire corporate donors the power to jack up prices as 593 00:31:42,160 --> 00:31:45,680 Speaker 1: high as they wish. If Democrats keep Congress, we have 594 00:31:45,760 --> 00:31:48,280 Speaker 1: to take on big corporations and bring down prices for 595 00:31:48,320 --> 00:31:51,120 Speaker 1: working people. That last line seems to be an acknowledgment 596 00:31:51,160 --> 00:31:53,160 Speaker 1: that one reason her line isn't going to land as 597 00:31:53,160 --> 00:31:55,600 Speaker 1: well as it might otherwise is that the audience is 598 00:31:55,600 --> 00:31:58,480 Speaker 1: going to be like, Okay, yeah, that's probably one reason 599 00:31:58,560 --> 00:32:01,520 Speaker 1: they'd like an oligarchy, But they don't have it necessarily yet, 600 00:32:01,560 --> 00:32:05,040 Speaker 1: and you're still not taking on corporate power. A really 601 00:32:05,080 --> 00:32:08,800 Speaker 1: good point. Look, I think there's an underlying, unstated truth here, 602 00:32:08,840 --> 00:32:11,840 Speaker 1: which is that when the democratic leadership looks at all 603 00:32:11,880 --> 00:32:14,880 Speaker 1: of the issues that can focus on, it tends to, 604 00:32:15,240 --> 00:32:18,520 Speaker 1: over and over again prioritize the issues that do not 605 00:32:18,640 --> 00:32:23,840 Speaker 1: offend their donor class. So reproductive rights and abortion important issue, 606 00:32:24,080 --> 00:32:28,080 Speaker 1: voting rights important issue, January sixth, the riot, etc. Etc. 607 00:32:28,400 --> 00:32:31,640 Speaker 1: Important issue. And also they have the benefit of not 608 00:32:31,840 --> 00:32:36,240 Speaker 1: offending corporate power. So the democratic leadership is more likely 609 00:32:36,320 --> 00:32:39,280 Speaker 1: to want to focus on those because it doesn't offend 610 00:32:39,440 --> 00:32:43,479 Speaker 1: the big money interests that are giving the democratic leadership money. 611 00:32:43,720 --> 00:32:46,120 Speaker 1: The problem is is that if you also need a 612 00:32:46,160 --> 00:32:49,360 Speaker 1: compelling economic message in the middle of an inflation crisis, 613 00:32:49,640 --> 00:32:53,440 Speaker 1: a message that identifies the bad guys, the villains, some 614 00:32:53,520 --> 00:32:55,880 Speaker 1: of those bad guys, some of those villains are the 615 00:32:55,960 --> 00:32:59,120 Speaker 1: people giving you money, the people who don't want you 616 00:32:59,280 --> 00:33:04,040 Speaker 1: to make those issues salient in the election. So it's 617 00:33:04,160 --> 00:33:08,720 Speaker 1: very difficult to make an economic argument about the problems 618 00:33:08,800 --> 00:33:11,640 Speaker 1: that are being created and make that argument to voters 619 00:33:12,200 --> 00:33:16,560 Speaker 1: without offending the donors who are the ones creating those problems. 620 00:33:16,680 --> 00:33:18,720 Speaker 1: So you end up with an election happening in the 621 00:33:18,720 --> 00:33:22,000 Speaker 1: middle of an economic crisis where the Democrats just aren't 622 00:33:22,080 --> 00:33:24,000 Speaker 1: talking very much. As we put it at the lever 623 00:33:24,640 --> 00:33:27,720 Speaker 1: it is sort of in deference to the donors. In 624 00:33:27,760 --> 00:33:32,479 Speaker 1: other words, they have gone silent out of respect or 625 00:33:32,560 --> 00:33:36,280 Speaker 1: obedience to their donors. They're caught between the economy and 626 00:33:36,320 --> 00:33:39,960 Speaker 1: their donors, and politically, at least in the polls, that 627 00:33:40,000 --> 00:33:42,800 Speaker 1: looks like a very dangerous bet. And they're in this 628 00:33:42,880 --> 00:33:46,120 Speaker 1: weird catch twenty two where you'll consultants will tell candidates 629 00:33:46,480 --> 00:33:49,200 Speaker 1: we can't message on that in thirty seconds because democracts. 630 00:33:49,280 --> 00:33:51,640 Speaker 1: It's not going to land, because voters don't trust Democrats 631 00:33:51,640 --> 00:33:57,120 Speaker 1: on the economy. Voters do trust the Democrats on healthcare, 632 00:33:57,400 --> 00:34:01,640 Speaker 1: on abortion rights, on to my democracy protection those things, 633 00:34:01,920 --> 00:34:04,880 Speaker 1: but we can't message on that, and so they to 634 00:34:04,920 --> 00:34:09,400 Speaker 1: add that. I think on the Democratic side, as opposed 635 00:34:09,400 --> 00:34:12,879 Speaker 1: to the Republican side, the democratic consulting class has done 636 00:34:12,920 --> 00:34:16,160 Speaker 1: a terrible job of envisioning how to move the polls. 637 00:34:16,440 --> 00:34:20,520 Speaker 1: The Republican consulting class often are focused on how to 638 00:34:20,600 --> 00:34:23,839 Speaker 1: move the polls, not just on the issues visa vis 639 00:34:23,880 --> 00:34:26,160 Speaker 1: the parties, but how to move the salience of the 640 00:34:26,239 --> 00:34:31,960 Speaker 1: issues in voters' minds. One example, the crime issue. Crime 641 00:34:32,080 --> 00:34:36,160 Speaker 1: is somewhat up in some places, not hugely, it's still 642 00:34:36,160 --> 00:34:39,799 Speaker 1: below where it has been in the past. The Republicans 643 00:34:39,800 --> 00:34:42,960 Speaker 1: have focused intently on crime and have made it in 644 00:34:43,040 --> 00:34:46,680 Speaker 1: voter's mind the whole issue salience that I think crime 645 00:34:46,760 --> 00:34:48,480 Speaker 1: is now number two in the polls in terms of 646 00:34:48,480 --> 00:34:51,360 Speaker 1: the most important issue. And you have to say that 647 00:34:51,840 --> 00:34:55,800 Speaker 1: part of the reason of that is not necessarily only 648 00:34:56,160 --> 00:35:00,239 Speaker 1: the reality of the situation, but the Republicans' success in 649 00:35:00,360 --> 00:35:03,640 Speaker 1: focusing on it and putting it in voter's mind as 650 00:35:03,719 --> 00:35:08,600 Speaker 1: a political issue as a voting issue in the selection. Yeah, 651 00:35:08,640 --> 00:35:12,000 Speaker 1: and if the shore on the other foot, Democrats never 652 00:35:12,040 --> 00:35:13,680 Speaker 1: would have been able to pull that off because they 653 00:35:13,680 --> 00:35:17,399 Speaker 1: would have had so many people inside their coalition doing 654 00:35:17,440 --> 00:35:21,120 Speaker 1: the well actually is in fact checks. I mean, think 655 00:35:21,120 --> 00:35:24,680 Speaker 1: about this cynical consultant being like, no, this works well 656 00:35:24,719 --> 00:35:27,520 Speaker 1: actually though, I mean, listen, listen, think about it this way. 657 00:35:27,800 --> 00:35:30,200 Speaker 1: If Donald Trump was still president and there was an 658 00:35:30,239 --> 00:35:33,600 Speaker 1: inflation crisis, we all know that Donald Trump would find 659 00:35:33,600 --> 00:35:37,160 Speaker 1: a way to be campaigning against inflation and to be 660 00:35:37,200 --> 00:35:41,160 Speaker 1: blaming inflation on the Democrats. The Democrats are in power, 661 00:35:41,800 --> 00:35:44,320 Speaker 1: and they can't find a way to make a compelling 662 00:35:44,480 --> 00:35:48,000 Speaker 1: argument naming villains about inflation. But we know that Trump 663 00:35:48,040 --> 00:35:50,720 Speaker 1: would be and I'm not saying Trump's diagnosis would be correct. 664 00:35:51,040 --> 00:35:53,680 Speaker 1: I'm just saying he would find a way. And the 665 00:35:53,719 --> 00:35:57,040 Speaker 1: fact that the Democrats can't or refuse to find a 666 00:35:57,080 --> 00:35:59,920 Speaker 1: similar way, I think speaks to the kind of lack 667 00:36:00,160 --> 00:36:03,160 Speaker 1: of imagination, lack of creativity, and kind of political failure 668 00:36:03,560 --> 00:36:07,759 Speaker 1: of the thinking of the democratic consulting class. Yeah. I 669 00:36:07,800 --> 00:36:09,880 Speaker 1: was thinking as we were talking about that the messaging 670 00:36:10,040 --> 00:36:13,520 Speaker 1: on abortion over the course of the summer and how 671 00:36:13,560 --> 00:36:16,200 Speaker 1: that sort of shifted, and there's just a it's really 672 00:36:16,280 --> 00:36:18,879 Speaker 1: hard to disentangle some of these variables because Democrats put 673 00:36:18,920 --> 00:36:22,560 Speaker 1: millions into these ads. But then the economy, I mean 674 00:36:22,840 --> 00:36:25,280 Speaker 1: it sort of gas prices go up, then gas prices 675 00:36:25,280 --> 00:36:27,799 Speaker 1: go down, but now they're back up again, and the 676 00:36:27,840 --> 00:36:31,640 Speaker 1: outlook isn't so rosy. So it's been a really bad 677 00:36:31,640 --> 00:36:35,200 Speaker 1: messaging cycle for Democrats just across the board, one hundred percent. 678 00:36:35,280 --> 00:36:38,560 Speaker 1: I mean, they just and last thing we should say 679 00:36:38,600 --> 00:36:42,000 Speaker 1: on this is that I think if they were ever banking, 680 00:36:42,040 --> 00:36:45,680 Speaker 1: that the economy would go away as an important issue 681 00:36:45,719 --> 00:36:48,120 Speaker 1: in the election. That's just like a lack of paying 682 00:36:48,160 --> 00:36:51,240 Speaker 1: attention to the history of elections. I mean to be clear, 683 00:36:51,680 --> 00:36:56,200 Speaker 1: it's the economy stupid was a mantra that they made up, 684 00:36:56,360 --> 00:37:00,279 Speaker 1: like that's their mantra. So it's completely bizarre be in 685 00:37:00,320 --> 00:37:04,600 Speaker 1: an election situation where they have effectively discarded their own 686 00:37:04,680 --> 00:37:09,760 Speaker 1: famous mantra. Well, the podcast is called Lever Time. David Serota, 687 00:37:10,440 --> 00:37:12,440 Speaker 1: founder of the Lever, thanks so much for joining us. 688 00:37:13,120 --> 00:37:16,160 Speaker 1: Thanks to both of you. Hi, I'm Matt Stoler, author 689 00:37:16,200 --> 00:37:19,640 Speaker 1: of monopoly focused newsletter Big and an anti trust policy analyst. 690 00:37:19,680 --> 00:37:21,560 Speaker 1: I have a great segment for you today on this 691 00:37:21,680 --> 00:37:25,440 Speaker 1: Big Breakdown. It's about the billionaires who control food, particularly 692 00:37:25,480 --> 00:37:28,760 Speaker 1: where you shop for food. It's not a sad story, though, 693 00:37:28,880 --> 00:37:31,480 Speaker 1: it's a story about a battle that's not over and 694 00:37:31,560 --> 00:37:34,880 Speaker 1: one in which we the people had a surprisingly positive 695 00:37:34,920 --> 00:37:38,720 Speaker 1: turn of events this week. So let's start at the beginning. 696 00:37:39,160 --> 00:37:42,640 Speaker 1: A few weeks ago, supermarket chain Kroger announced it would 697 00:37:42,680 --> 00:37:46,600 Speaker 1: be buying Albertson's for twenty four billion dollars. Albertson's is 698 00:37:46,640 --> 00:37:49,720 Speaker 1: also a large supermarket chain, so it's the largest grocery 699 00:37:49,760 --> 00:37:55,560 Speaker 1: acquisition in US history. This made some serious news It 700 00:37:55,680 --> 00:37:58,920 Speaker 1: was all over the Wall Street journals, CNBC, The Economist, 701 00:37:58,960 --> 00:38:03,680 Speaker 1: basically the money publications, but also a whole host of politicians. 702 00:38:04,080 --> 00:38:07,520 Speaker 1: Left wingers like Senator Elizabeth Warren and Senator Bernie Sanders, 703 00:38:07,840 --> 00:38:11,640 Speaker 1: but also conservative senators like Utah Republican Senator Mike Lee 704 00:38:11,840 --> 00:38:15,680 Speaker 1: were skeptical. So why did this merger generate so much 705 00:38:15,719 --> 00:38:21,120 Speaker 1: fear and anxiety? Well, Kroger and Albertson's are both already monsters. 706 00:38:21,440 --> 00:38:23,840 Speaker 1: The combined firm when the two merge, or if the 707 00:38:23,840 --> 00:38:27,040 Speaker 1: two merge would employ over seven hundred thousand people, have 708 00:38:27,120 --> 00:38:29,920 Speaker 1: over two hundred billion dollars of revenue and more than 709 00:38:30,000 --> 00:38:33,840 Speaker 1: forty thousand private label products. It would own and operate 710 00:38:34,080 --> 00:38:39,640 Speaker 1: brands such as Safeway, Ralph Smith, Harris Teeter, Dylan's, fred Meyer, Vaughn's, King's, Hagen, 711 00:38:39,680 --> 00:38:44,680 Speaker 1: Tom Thumbstar Market, and Shaws, among others, and the combined 712 00:38:44,680 --> 00:38:47,759 Speaker 1: supermarket would probably end up closing or selling about six 713 00:38:47,880 --> 00:38:51,560 Speaker 1: hundred and fifty stores, leaving a lot of places about 714 00:38:51,560 --> 00:38:55,400 Speaker 1: a grocery store. The Kroger Albertson deal would also be 715 00:38:55,480 --> 00:38:58,560 Speaker 1: the capstone to a broader trend. Over the last thirty years, 716 00:38:58,680 --> 00:39:03,719 Speaker 1: supermarket chains have solidated the nearly one trillion dollar grocery industry. 717 00:39:04,040 --> 00:39:07,080 Speaker 1: Groceries are not just a big business, but a critical one. 718 00:39:07,160 --> 00:39:09,800 Speaker 1: Everyone's got to eat, and whether we eat healthy food 719 00:39:10,239 --> 00:39:12,840 Speaker 1: or not is in many ways up to the dominant 720 00:39:12,880 --> 00:39:15,160 Speaker 1: firms in the industry and what they choose to sell 721 00:39:15,520 --> 00:39:18,480 Speaker 1: and not sell. Okay, here's a chart from the Department 722 00:39:18,520 --> 00:39:22,040 Speaker 1: of Agricultures showing the broad centralizing trend. And though industry 723 00:39:22,040 --> 00:39:26,360 Speaker 1: wide mergers are common, the USDA explicitly called out Kroger 724 00:39:26,840 --> 00:39:31,280 Speaker 1: for its acquisitiveness. Also, I want to give a shout 725 00:39:31,280 --> 00:39:35,000 Speaker 1: out to Canadian watchers of breaking points. Canada is highly 726 00:39:35,040 --> 00:39:38,120 Speaker 1: concentrated in the grocery sector as well. I'm talking about America. 727 00:39:38,160 --> 00:39:42,040 Speaker 1: But the same problem is there. Okay, So would this 728 00:39:42,120 --> 00:39:46,839 Speaker 1: combination of Kroger and Albertson's create a monopoly? I mean, 729 00:39:46,920 --> 00:39:49,600 Speaker 1: Walmart is the biggest supermarket in the country, so it's 730 00:39:49,640 --> 00:39:53,759 Speaker 1: not like the new firm would lack competition or is it. Well, 731 00:39:53,760 --> 00:39:56,560 Speaker 1: it depends on how you look at the industry. See, 732 00:39:56,600 --> 00:39:59,920 Speaker 1: there are three markets roughly in which supermarket chains operate. 733 00:40:00,360 --> 00:40:04,200 Speaker 1: The first is at a national level, supermarkets buy from 734 00:40:04,360 --> 00:40:09,719 Speaker 1: consumer package good companies, meat packers, food processors, basically all 735 00:40:09,719 --> 00:40:12,239 Speaker 1: the stuff you need to run a large supermarket chain. 736 00:40:12,320 --> 00:40:15,160 Speaker 1: So that's one market. The second is at a local level, 737 00:40:15,440 --> 00:40:18,120 Speaker 1: consumers shop where they live. If there are two stores 738 00:40:18,120 --> 00:40:21,280 Speaker 1: in a city, there are only two competitors in that city. 739 00:40:21,320 --> 00:40:23,879 Speaker 1: Even if there are stores in other states. It's not 740 00:40:23,960 --> 00:40:27,280 Speaker 1: like somebody in Boston is going to drive to Seattle 741 00:40:27,360 --> 00:40:30,160 Speaker 1: to shop for groceries. So even though there could be 742 00:40:30,760 --> 00:40:34,600 Speaker 1: competitors firms with different market share nationally, it doesn't necessarily 743 00:40:34,680 --> 00:40:39,279 Speaker 1: make them competitors. Now the third market is for supermarket 744 00:40:39,360 --> 00:40:43,680 Speaker 1: and warehouse workers, and this too is local. People work 745 00:40:43,800 --> 00:40:47,600 Speaker 1: where they live. Now, all of these different markets will 746 00:40:47,640 --> 00:40:51,560 Speaker 1: come into play in analyzing this merger. There's been tremendous 747 00:40:51,560 --> 00:40:55,080 Speaker 1: concentration on both a national and local level already, as 748 00:40:55,200 --> 00:40:58,920 Speaker 1: Errol Schweitzer at Forbes noted in an excellent piece published 749 00:40:58,960 --> 00:41:02,640 Speaker 1: immediately after that deal came out. Quote, there are already 750 00:41:02,719 --> 00:41:05,759 Speaker 1: thirty percent fewer grocery stores than a few decades ago, 751 00:41:05,840 --> 00:41:08,719 Speaker 1: and most major metropolitan areas, with the exception of New 752 00:41:08,800 --> 00:41:12,000 Speaker 1: York City, are heavily concentrated among just a handful of 753 00:41:12,080 --> 00:41:16,040 Speaker 1: grocery chains. So the concentration is new, and that means 754 00:41:16,040 --> 00:41:18,920 Speaker 1: that large chains not only secure better prices for goods 755 00:41:18,920 --> 00:41:22,440 Speaker 1: than their smaller counterparts, but can also increase prices faster 756 00:41:22,520 --> 00:41:26,080 Speaker 1: than costs, which can contribute to inflation. And that's actually 757 00:41:26,120 --> 00:41:29,480 Speaker 1: one reason Senator Elizabeth Warren opposed the deal. Could look 758 00:41:29,480 --> 00:41:33,720 Speaker 1: at this tweet right here. Okay, Suppliers, consumers, and workers 759 00:41:33,800 --> 00:41:36,919 Speaker 1: will all feel the pressure from Kroger Albertson's, and since 760 00:41:36,960 --> 00:41:41,560 Speaker 1: suppliers food processors and what not buy from farmers, farmers 761 00:41:41,600 --> 00:41:45,120 Speaker 1: will feel it too, at least indirectly. So it's hard 762 00:41:45,160 --> 00:41:47,200 Speaker 1: for me as an anti trust analyst, and I think 763 00:41:47,280 --> 00:41:49,960 Speaker 1: us as consumers and workers and citizens, to see an 764 00:41:50,080 --> 00:41:52,600 Speaker 1: upside to the combination. So let's go through some of 765 00:41:52,640 --> 00:41:55,239 Speaker 1: the problems. Specifically, they're going to be layofs in white 766 00:41:55,239 --> 00:41:58,400 Speaker 1: collar jobs. There always are with these large mergers. Kroger 767 00:41:58,680 --> 00:42:01,719 Speaker 1: Albertsons will have more bargain power over suppliers as it'll 768 00:42:01,719 --> 00:42:05,520 Speaker 1: have more than five thousand stores and can quote more easily, 769 00:42:05,600 --> 00:42:09,000 Speaker 1: set payment terms, negotiate shelf space and assortment, extract better 770 00:42:09,040 --> 00:42:13,640 Speaker 1: costs and greater trade allowances for promotions, coup hunting, add 771 00:42:13,719 --> 00:42:18,680 Speaker 1: placement and slotting fees. So they'll just control the grocery 772 00:42:18,719 --> 00:42:21,279 Speaker 1: shelves of a large chunk of America, and they can 773 00:42:21,360 --> 00:42:23,799 Speaker 1: use that to manipulate prices and suppliers in all sorts 774 00:42:23,800 --> 00:42:27,759 Speaker 1: of ways. Okay. Deals like this concentrate grocery shelves with 775 00:42:27,840 --> 00:42:31,640 Speaker 1: the goods of certain dominant foods in package food categories, 776 00:42:31,880 --> 00:42:35,759 Speaker 1: which centralizes industrial agricultural supply chains. It leads to less 777 00:42:35,760 --> 00:42:40,239 Speaker 1: seasonal foods, maybe less fresh foods. Finally, Kroger and Albertsons 778 00:42:40,239 --> 00:42:43,200 Speaker 1: are combining their data hoards, since of course they both 779 00:42:43,239 --> 00:42:46,640 Speaker 1: surveil their customers. Everything is a big tech deal when 780 00:42:46,640 --> 00:42:49,919 Speaker 1: it comes to using data at scale for targeted advertising, 781 00:42:50,200 --> 00:42:54,240 Speaker 1: and this deal between Kroger and Albertson's is no exception. Okay, 782 00:42:54,239 --> 00:42:57,320 Speaker 1: So what's the rationale for the deal? What are Kroger 783 00:42:57,360 --> 00:43:01,480 Speaker 1: Albertsons saying? Well, their logic is that it rests on 784 00:43:01,480 --> 00:43:04,319 Speaker 1: the idea that supermarkets are a business with what are 785 00:43:04,360 --> 00:43:06,759 Speaker 1: called economies of scale, which means the bigger you are, 786 00:43:06,800 --> 00:43:10,320 Speaker 1: the more operationally efficient you are. Kroger it out Albertson's. 787 00:43:10,320 --> 00:43:12,239 Speaker 1: The combined firm will save a bunch of money because 788 00:43:12,239 --> 00:43:14,239 Speaker 1: they'll just do things better because they're so big, and 789 00:43:14,280 --> 00:43:16,799 Speaker 1: they will then use this savings to lower prices for 790 00:43:16,960 --> 00:43:20,240 Speaker 1: consumers on food, which is important in an inflationary environment. 791 00:43:20,800 --> 00:43:23,319 Speaker 1: In any local region where the new firm would have 792 00:43:23,360 --> 00:43:26,320 Speaker 1: too much of the market, right where the only stores 793 00:43:26,320 --> 00:43:29,960 Speaker 1: are Albertsons and Kroger, that would create a regional monopoly. 794 00:43:30,000 --> 00:43:33,000 Speaker 1: What they're saying is, oh, we'll simply sell our stores 795 00:43:33,080 --> 00:43:36,320 Speaker 1: in what's called a divestment. And the firm is committed 796 00:43:36,360 --> 00:43:38,800 Speaker 1: to spinning off up to six hundred and fifty stores 797 00:43:38,800 --> 00:43:41,720 Speaker 1: into a smaller firm, and they're saying, well, we'll create 798 00:43:41,760 --> 00:43:44,520 Speaker 1: a new and vibrant competitor. So not only are we 799 00:43:44,600 --> 00:43:49,320 Speaker 1: going to not reduce competition, we're going to create more competition. Okay, 800 00:43:50,000 --> 00:43:53,759 Speaker 1: the logic here is crazy. If there were true economies 801 00:43:53,760 --> 00:43:57,319 Speaker 1: of scale at work, then spinning off competitive stores into 802 00:43:57,360 --> 00:44:01,480 Speaker 1: a smaller firm would inherently fail. And this is indeed 803 00:44:01,520 --> 00:44:04,920 Speaker 1: what we've seen in the past in what was perhaps 804 00:44:05,000 --> 00:44:10,160 Speaker 1: the all time most embarrassing merger approval plus divestment by 805 00:44:10,200 --> 00:44:15,200 Speaker 1: the Federal Trade Commission under the Obama administration. It also 806 00:44:15,239 --> 00:44:19,160 Speaker 1: took place in the supermarket business, and it also involved Albertson's. 807 00:44:19,360 --> 00:44:23,560 Speaker 1: So in twenty fourteen, Albertsons bought Safeway for nine billion dollars. 808 00:44:24,320 --> 00:44:26,960 Speaker 1: It sold one hundred and forty six stores a divestment 809 00:44:27,640 --> 00:44:31,279 Speaker 1: to a regional grocer to allay regulatory fears it would 810 00:44:31,320 --> 00:44:35,920 Speaker 1: have a monopoly in any particular region. A few months later, 811 00:44:36,560 --> 00:44:39,879 Speaker 1: the firm it sold those stores to filed for bankruptcy, 812 00:44:40,360 --> 00:44:44,680 Speaker 1: blaming the deal with Albertson's. They said that Albertsons sabotaged 813 00:44:44,680 --> 00:44:46,920 Speaker 1: the stores before they sold them to it, but really 814 00:44:46,920 --> 00:44:50,440 Speaker 1: doesn't matter. It was a complete disaster. And the kicker 815 00:44:50,920 --> 00:44:57,000 Speaker 1: is that Albertson's then bought those stores back. Okay, so 816 00:44:57,560 --> 00:45:02,120 Speaker 1: let's get back to the Albertons Kroger merger. To ti enforcers, 817 00:45:02,360 --> 00:45:04,720 Speaker 1: I don't think are going to fall for the banana 818 00:45:04,760 --> 00:45:08,520 Speaker 1: and the tailpipe trick again. And frankly, this merger can 819 00:45:08,560 --> 00:45:12,480 Speaker 1: be blocked in court, and I expect that antitrust enforcers 820 00:45:12,520 --> 00:45:16,719 Speaker 1: will bring a merger challenge. But what worries me is 821 00:45:16,800 --> 00:45:19,600 Speaker 1: not the merger trial, which will take place over the 822 00:45:19,600 --> 00:45:22,880 Speaker 1: next few years as they investigate and file a complaint 823 00:45:22,960 --> 00:45:25,920 Speaker 1: and do all the depositions. It's actually something different. It's 824 00:45:25,960 --> 00:45:29,160 Speaker 1: the financial engineering that's taking place up front. See here's 825 00:45:29,840 --> 00:45:34,359 Speaker 1: the trick about this deal. Albertsons isn't just owned by 826 00:45:34,360 --> 00:45:38,320 Speaker 1: public shareholders. It's owned in part by large private equity 827 00:45:38,360 --> 00:45:42,800 Speaker 1: firms controlled by billionaires. These are Cerebras Capital and Apollo. 828 00:45:43,960 --> 00:45:46,640 Speaker 1: Both of these are giant private equity firms, and they 829 00:45:46,680 --> 00:45:51,520 Speaker 1: want cash now. Two weeks after the shareholder vote, on 830 00:45:51,560 --> 00:45:56,320 Speaker 1: October twenty second, shareholders will take up to four billion 831 00:45:56,400 --> 00:46:01,279 Speaker 1: dollars from Albertsons ina quote unquote special dividend. This is 832 00:46:01,320 --> 00:46:05,080 Speaker 1: a standard private equity move to shift cash from a 833 00:46:05,120 --> 00:46:10,440 Speaker 1: portfolio company to themselves, and in this case, that dividend 834 00:46:10,640 --> 00:46:14,880 Speaker 1: will remove pretty much all the cash, receivables and working 835 00:46:14,960 --> 00:46:17,799 Speaker 1: capital that Albertsons has in its treasury and that it 836 00:46:17,960 --> 00:46:22,960 Speaker 1: uses to run its business. Once this payout happens, Albertsons 837 00:46:23,000 --> 00:46:26,759 Speaker 1: will immediately begin getting weaker. And this is before the 838 00:46:26,800 --> 00:46:30,000 Speaker 1: merger trial starts. It's before the merger investigation even begins. 839 00:46:31,200 --> 00:46:35,600 Speaker 1: Over time, Albertson's executives will claim to the judge, maybe 840 00:46:35,600 --> 00:46:37,279 Speaker 1: in a year when it starts or something like that, 841 00:46:37,520 --> 00:46:40,240 Speaker 1: that it must be allowed to merge, that only Kroger's 842 00:46:40,280 --> 00:46:43,520 Speaker 1: acquisition can save it, and that's because it's been weakened. 843 00:46:43,560 --> 00:46:47,160 Speaker 1: But it's been weakened because of the merger deal and 844 00:46:47,200 --> 00:46:50,000 Speaker 1: the special dividend. So this is a bit like a 845 00:46:50,040 --> 00:46:53,800 Speaker 1: private equity firm blood letting someone after buying the person 846 00:46:54,239 --> 00:46:57,160 Speaker 1: a life insurance policy that the private equity firm then 847 00:46:57,320 --> 00:47:02,759 Speaker 1: gets to collect. It's not a great setive system. It's 848 00:47:02,760 --> 00:47:06,640 Speaker 1: frankly arson. Now, normally this kind of arson would go 849 00:47:06,719 --> 00:47:11,240 Speaker 1: without any challenge whatsoever. Fortunately, and honestly, to my surprise, 850 00:47:11,880 --> 00:47:15,520 Speaker 1: antitrust enforcers have noticed not only the merger but also 851 00:47:15,560 --> 00:47:20,040 Speaker 1: the special dividend. On Wednesday seventh, state attorneys general Republicans 852 00:47:20,160 --> 00:47:23,120 Speaker 1: and Democrats sent a letter to the CEOs of both 853 00:47:23,320 --> 00:47:28,000 Speaker 1: Kroger and Albertson's asking them to postpone the special dividend. 854 00:47:28,480 --> 00:47:33,200 Speaker 1: Here's DC Attorney General car Racine on CNBC saying that 855 00:47:33,239 --> 00:47:35,839 Speaker 1: they are willing to file for an injunction if the 856 00:47:35,880 --> 00:47:39,759 Speaker 1: two CEOs refuse to delay the payout. But just from 857 00:47:39,760 --> 00:47:43,400 Speaker 1: a legal perspective, could you sue to block payment of 858 00:47:43,440 --> 00:47:45,640 Speaker 1: the special dividend? Is that something you could seek from 859 00:47:45,680 --> 00:47:48,120 Speaker 1: a judge in advance of a transaction like that? Are 860 00:47:48,120 --> 00:47:54,040 Speaker 1: there examples of situations historically where attorney generals or parts 861 00:47:54,080 --> 00:47:56,560 Speaker 1: of government have done such a thing. I don't want 862 00:47:56,560 --> 00:48:00,960 Speaker 1: to speak specifically about the particular matter. I can tell 863 00:48:01,000 --> 00:48:05,359 Speaker 1: you that state attorneys general routinely go into court and 864 00:48:05,440 --> 00:48:10,360 Speaker 1: seek injunctive relief. Seeking such in this case would result 865 00:48:10,400 --> 00:48:14,160 Speaker 1: in the stopping of the dividend payment. So yes, that 866 00:48:14,239 --> 00:48:17,160 Speaker 1: option is on the table. You saw what he said there, 867 00:48:17,480 --> 00:48:20,480 Speaker 1: and that is a big deal. Now, stopping a merger 868 00:48:20,520 --> 00:48:23,600 Speaker 1: is one thing, but telling a private equity firm that 869 00:48:23,640 --> 00:48:26,320 Speaker 1: they are not allowed to loot a portfolio firm with 870 00:48:26,360 --> 00:48:29,000 Speaker 1: a special dividend is something I haven't seen in a 871 00:48:29,040 --> 00:48:32,800 Speaker 1: merger case before. I don't know if these enforcers will succeed, 872 00:48:33,280 --> 00:48:36,160 Speaker 1: but I do know that if you don't try, you 873 00:48:36,200 --> 00:48:39,680 Speaker 1: can't win. So why are they doing this? Well? In 874 00:48:39,680 --> 00:48:41,960 Speaker 1: my view, these enforcers are acting in the public interest 875 00:48:42,000 --> 00:48:45,000 Speaker 1: for two reasons. One, they know what's the right thing 876 00:48:45,040 --> 00:48:48,080 Speaker 1: to do. Believe it or not, public servants do want 877 00:48:48,120 --> 00:48:51,799 Speaker 1: to do the right thing often. But two, they are 878 00:48:51,840 --> 00:48:56,200 Speaker 1: empowered to do it because you are paying attention and 879 00:48:56,280 --> 00:49:00,600 Speaker 1: they know that as well. It's easy to have zero 880 00:49:00,680 --> 00:49:06,279 Speaker 1: faith in government, but frankly it's foolish. Government isn't good 881 00:49:06,320 --> 00:49:09,239 Speaker 1: or bad, it just is. And in many ways, how 882 00:49:09,280 --> 00:49:12,440 Speaker 1: the government acts and how much we let Wall Street 883 00:49:12,520 --> 00:49:16,080 Speaker 1: get away with looting is up to us. So thanks 884 00:49:16,120 --> 00:49:19,440 Speaker 1: for paying attention because it really does matter and we 885 00:49:19,520 --> 00:49:23,040 Speaker 1: can see why in this case, and thanks for watching 886 00:49:23,120 --> 00:49:26,239 Speaker 1: this big breakdown on the breaking Points channel. If you'd 887 00:49:26,280 --> 00:49:29,040 Speaker 1: like to know more about big business, the law, and 888 00:49:29,040 --> 00:49:32,040 Speaker 1: how our economy really works, you can sign up below 889 00:49:32,200 --> 00:49:35,600 Speaker 1: for my market power focused newsletter Big in the description. 890 00:49:35,920 --> 00:49:38,000 Speaker 1: Thanks and have a good one.